**UNITED      STATES**

**SECURITIES      AND EXCHANGE COMMISSION**

**Washington,      DC 20549**

**FORM      10-QSB**

| ARKANSAS(State                or Other Jurisdiction ofIncorporation                or Organization) | 71-00659511(IRS                Employer Identification No.) |
|-----------------------------------------------------------------------------------------------------|-------------------------------------------------------------|

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**THERMOENERGY      CORPORATON**

**INDEX      **

| ** **              | ** ** | ** **                           | ** ** | ** **                                                                                                                                               | ** ** | **Page****No.** |
|-------------------------|------------|--------------------------------------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|------------|-----------------|
| Part                I.  |       | Financial                Information |
|                    |       | Item                1.               |       | Financial                Statements                                                                                                                      |       |            |
|                    |       |                                 |       | Balance                Sheets as of September 30,, 2006 (Unaudited) and December 31,                2005                                            |       | 4               |
|                    |       |                                 |       | Statements                of Operations for the nine months and three months ended September                30,                2006 and 2005 (Unaudited) |       | 5               |
|                    |       |                                 |       | Statement                of Changes in Stockholders’ Equity (Deficit) for the nine months ended                September 30, 2006                  |       | 6               |
|                    |       |                                 |       | Statements                of Cash Flows for the nine months ended September 30, 2006 and 2005                (Unaudited)                                 |       | 7               |
|                    |       |                                 |       | Notes                to Financial Statements (Unaudited)                                                                                                 |       | 8          |
|                    |       | Item                2.               |       | Management's                Discussion and Analysis or Plan of Operation                                                                                 |       | 9          |
|                    |       | Item                3.               |       | Controls                and Procedures                                                                                                                   |       |            |
| Part                II. |       | Other                Information     |
|                    |       | Item                1.               |       | Legal                Proceedings                                                                                                                         |       | 12              |
|                    |       | Item                2.               |       | Unregistered                Sales of Equity Securities and Use of Proceeds                                                                               |       | 13              |
|                    |       | Item                3.               |       | Defaults                Upon Senior Securities                                                                                                           |       | 13              |
|                    |       | Item                4.               |       | Submission                of Matters to a Vote of Security Holders                                                                                       |       | 13              |
|                    |       | Item                5.               |       | Other                Information                                                                                                                         |       | 13              |
|                    |       | Item                6.               |       | Exhibits                and Reports on Form 8-K                                                                                                          |       | 14              |
| Signature               |       | 14                                   |

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**THERMOENERGY        CORPORATION**

**Balance        Sheet**

|                                                                                                                                                                                                                       |   | **September                  30, 2006** |        | **December                  31, 2005** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------|-------------|----------------------------------------|--------|
|                                                                                                                                                                                                                       |   | **(Unaudited)**                         |        |                                   |   |
| **Assets**                                                                                                                                                                                                                 |   |                                    |        |                                   |   |   |   |
| Current                  Assets:                                                                                                                                                                                           |   |                                    |        |                                   |   |   |   |
| Cash                                                                                                                                                                                                                       |   | $                                       | 1,117,853   |                                   | $      | 4,325,801 |   |
| Accounts                  Receivable                                                                                                                                                                                       |   |                                    | 697,502     |                                   |   | 310,467 |   |
| Other                  Current Assets                                                                                                                                                                                      |   |                                    | 359,609     |                                   |   | 118,450 |   |
| Total                  Current Assets                                                                                                                                                                                      |   |                                    | 2,174,964   |                                   |   | 4,754,718 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Property                  and Equipment, at cost:                                                                                                                                                                          |   |                                    |        |                                   |   |   |   |
| Equipment,                  Furniture and Fixtures                                                                                                                                                                         |   |                                    | 145,704     |                                   |   | 108,622 |   |
| Less                  Accumulated Depreciation                                                                                                                                                                             |   |                                    | (36,466     | )                                      |   | (19,809 | ) |
| Total                  Fixed Assets                                                                                                                                                                                        |   |                                    | 109,238     |                                   |   | 88,813 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Other                  Assets:                                                                                                                                                                                             |   |                                    |        |                                   |   |   |   |
| Mobile                  ARP Unit No. One                                                                                                                                                                                   |   |                                    | 150,020     |                                   |   | - |   |
| Prepaid                  Insurance                                                                                                                                                                                         |   |                                    | 108,332     |                                   |   | - |   |
| Total                  Other Assets                                                                                                                                                                                        |   |                                    | 258,352     |                                   |   | - |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Total                  Assets                                                                                                                                                                                              |   | $                                       | 2,542,554   |                                   | $      | 4,843,531 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| **Liabilities                  and Stockholders' Equity (Deficit)**                                                                                                                                                        |   |                                    |        |                                   |   |   |   |
| **Liabilities**                                                                                                                                                                                                            |   |                                    |        |                                   |   |   |   |
| Current                  Liabilities:                                                                                                                                                                                      |   |                                    |        |                                   |   |   |   |
| Accounts                  Payable                                                                                                                                                                                          |   | $                                       | 257,143     |                                   | $      | 318,272 |   |
| Total                  Current Liabilities                                                                                                                                                                                 |   |                                    | 257,143     |                                   |   | 318,272 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Long                  Term Liabilities:                                                                                                                                                                                    |   |                                    |        |                                   |   |   |   |
| Deferred                  Comp Retirement Plan for Officer                                                                                                                                                                 |   |                                    | 310,000     |                                   |   | 350,000 |   |
| Total                  Long Term Liabilities                                                                                                                                                                               |   |                                    | 310,000     |                                   |   | 350,000 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Total                  Liabilities                                                                                                                                                                                         |   |                                    | 567,143     |                                   |   | 668,272 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| **Equity**                                                                                                                                                                                                                 |   |                                    |        |                                   |   |   |   |
| Stockholders'                  Equity (Deficit):                                                                                                                                                                           |   |                                    |        |                                   |   |   |   |
| Preferred                  stock, $1 par value:authorized - 10,000,000 shares; issued:2006                  -                  6,198,671 shares; 2005 - 6,198,671; outstanding:2006 and 2005 -                  6,198,671  |   |                                    | 6,198,671   |                                   |   | 6,198,671 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Common                  Stock, $.001 par value; authorized - 75,000,000 shares; issued:2006                  and                  2005 - 23,220,612 shares; outstanding:2006 and 2005 - 23,136,815                  shares |   |                                    | 23,221      |                                   |   | 23,221 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Additional                  paid-in Capital                                                                                                                                                                                |   |                                    | 29,678,227  |                                   |   | 29,130,717 |   |
| Accumulated                  Deficit                                                                                                                                                                                       |   |                                    | (33,924,707 | )                                      |   | (31,177,350 | ) |
| Total                  Equity                                                                                                                                                                                              |   |                                    | 1,975,472   |                                   |   | 4,175,259 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |
| Total                  Liabilities and Stockholders' Equity                                                                                                                                                                |   | $                                       | 2,542,554   |                                   | $      | 4,843,531 |   |
|                                                                                                                                                                                                                       |   |                                    |        |                                   |   |   |   |

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**THERMOENERGY        CORPORATION**

**Statements        of Operations**

|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |
|--------------------------------------------------------------------------|--------|------------------------------------------------------|-------------|-------------------------------------------------------|--------|------------|--------|--------|-------------|
|                                                                     |   | **Nine                  Months Ended September 30,** |        | **Three                  Months Ended September 30,** |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |
|                                                                     |   | **2006**                                             |        | **2005**                                              |   | 2006       |   | 2005   |        |
|                                                                     |   | **(Unaudited)**                                      |        | **(Unaudited)**                                       |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |
| Operating                  Revenue:                                      |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Water                  Group Revenue                                     |   | $                                                    | -           |                                                  | $      | 97,871     |   | $      | -           |   | $ | 97,571 |   |
| ThermoEnergy                  Power Systems Revenue                      |   |                                                 | 807,723     |                                                  |   | 1          |   |   | 396,897     |   |   | 1 |   |
| Total                  Operating Revenue                                 |   |                                                 | 807,723     |                                                  |   | 97,872     |   |   | 396,897     |   |   | 97,572 |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Operating                  Expenses:                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| General                  and Administrative                              |   |                                                 | 3,205,438   |                                                  |   | 2,446,638  |   |   | 847,049     |   |   | 1,410,808 |   |
| Payments                  under Licenses                                 |   |                                                 | 30,000      |                                                  |   | 105,219    |   |   | 10,000      |   |   | 85,219 |   |
| Travel                  and Entertainment                                |   |                                                 | 381,403     |                                                  |   | 162,052    |   |   | 110,091     |   |   | 76,998 |   |
| Total                  Operating Expenses                                |   |                                                 | 3,616,841   |                                                  |   | 2,713,909  |   |   | 967,140     |   |   | 1,573,025 |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Loss                  from Operations                                    |   |                                                 | (2,809,118  | )                                                     |   | (2,616,037 | )      |   | (570,243    | ) |   | (1,475,453 | ) |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Other                  Income (Expense):                                 |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Interest                  Income                                         |   |                                                 | 61,761      |                                                  |   | 12,691     |   |   | 8,322       |   |   | 5,092 |   |
| Other                                                                    |   |                                                 | -           |                                                  |   | 77         |   |   | -           |   |   | - |   |
| Total                  Other Income (Expense)                            |   |                                                 | 61,761      |                                                  |   | 12,768     |   |   | 8,322       |   |   | 5,092 |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Net                  Loss                                                |   | $                                                    | (2,747,357  | )                                                     | $      | (2,603,269 | )      | $      | (561,921    | ) | $ | (1,470,361 | ) |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |
| Basic                  and Diluted per Common Share loss from Operations |   |                                                 | (0.12  | )                                                | $      | (0.11      | )      |   | (0.02  | ) | $ | (0.06 | ) |
| Net                  Loss                                                |   |                                                 | (0.12  | )                                                | $      | (0.10      | )      |   | (0.02  | )  | $ | (0.05 | ) |
|                                                                     |   |                                                 |        |                                                  |   |       |   |   |        |   |   |   |   |

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**THERMOENERGY        CORPORATION**

**Statement        of Changes in Stockholders' Equity (Deficit)**

**Period        Ended December 31, 2005 and the Nine Months Ended September 30, 2006        (Unaudited)**

|                                                                                                                                                                                                                                                                             |   | **Common                  Stock** |   | **Series                  A Convertible Preferred Stock** |   | **Additional                  Paid-in Capital** |   | **Accumulated                  Deficit** |       | **Total** |   |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|-----------------------------------------------------------|--------|-------------------------------------------------|--------|------------------------------------------|------------|-----------|--------|
| Balance                  (Deficit), January 1, 2005                                                                                                                                                                                                                              |   | $                                 | 22,692 |                                                      | $      | -                                               |   | $                                        | 22,046,714 |      | $      | (25,940,526 | ) | $ | (3,871,120 | ) |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Issuance                  of stock for accounts payable balances (534,177 shares at a price                  of $1.32                  per share)                                                                                                                                |   |                              | 534    |                                                      |   | -                                               |   |                                     | 704,580    |      |   | - |   |   | 705,114 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Settlement                  of Deferred Compensation Retirement Plan of Officer                                                                                                                                                                                                  |   |                              | -      |                                                      |   | -                                               |   |                                     | 2,707,750  |      |   | - |   |   | 2,707,750 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Issuance                  of Series A Convertible Preferred Stock and Warrants ("units")                  July 2005,                  net of issuance costs of $452,619 (6,198,571 shares and 2,798,400                  Warrants                  at a price of $1.20 per unit) |   |                              | -      |                                                      |   | 6,198,671                                       |   |                                     | 787,115    |      |   | - |   |   | 6,985,786 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Issuance                  of stock for Officer bonus (25,000 shares at a price of $1.40 per                  share)                                                                                                                                                              |   |                              | 25     |                                                      |   | -                                               |   |                                     | 34,975     |      |   | - |   |   | 35,000 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Acquired                  and cancelled stock from shareholder, August 2005 (141,383 shares                  at a                  price of $0.89 per share)                                                                                                                     |   |                              | (141   | )                                                         |   | -                                               |   |                                     | (125,690   | )         |   | - |   |   | (125,831 | ) |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Issuance                  of stock in partial retirement of deferred compensation, September                  2005                  (110,544 shares at a price of $1.29 per share)                                                                                               |   |                              | 111    |                                                      |   | -                                               |   |                                     | 142,491    |      |   | - |   |   | 142,602 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Warrant                  issued for services                                                                                                                                                                                                                                     |   |                              | -      |                                                      |   | -                                               |   |                                     | 1,775,245  |      |   | - |   |   | 1,775,245 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Warrant                  price adjustment - private placement units                                                                                                                                                                                                              |   |                              | -      |                                                      |   | -                                               |   |                                     | 261,803    |      |   | - |   |   | 261,803 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Reduction                  in balance of deferred compensation by issuing Stock Options, September                  2005                                                                                                                                                         |   |                              | -      |                                                      |   | -                                               |   |                                     | 795,734    |      |   | - |   |   | 795,734 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                                                                                                                        |   |                              | -      |                                                      |   | -                                               |   |                                     | -          |      |   | (5,236,824 | ) |   | (5,236,824 | ) |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Balance,                  December 31, 2005                                                                                                                                                                                                                                      |   | $                                 | 23,221 |                                                      | $      | 6,198,671                                       |   | $                                        | 29,130,717 |      | $      | (31,177,350 | ) | $ | 4,175,259 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Share-based                  compensation expense - grant of options on January 19, 2006 for                  545,000                  shares at $0.94 per share                                                                                                                 |   |                              |   |                                                      |   |                                            |   |                                     | 298,333    |      |   |   |   |   | 298,333 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Warrants                  issued for services                                                                                                                                                                                                                                    |   |                              |   |                                                      |   |                                            |   |                                     | 249,237    |      |   |   |   |   | 249,237 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |
| Net                  Loss                                                                                                                                                                                                                                                        |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   | (2,747,357 | ) |   | (2,747,357 | ) |
| Balance,                  September 30, 2006                                                                                                                                                                                                                                     |   | $                                 | 23,221 |                                                      | $      | 6,198,671                                       |   | $                                        | 29,678,287 |      | $      | (33,924,707 | ) | $ | 1,975,472 |   |
|                                                                                                                                                                                                                                                                             |   |                              |   |                                                      |   |                                            |   |                                     |       |      |   |   |   |   |   |   |

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**THERMOENERGY        CORPORATION**

**Statements        of Cash Flows**

|                                                                      |   |                                                   |       |            |   |
|---------------------------------------------------------------------------|--------|--------------------------------------------------------|------------|-----------------|--------|
|                                                                      |   | **Nine                    Months Ended September 30,** |       |
|                                                                      |   | **2006**                                               |       | **2005**        |   |
|                                                                      |   | **(Unaudited)**                                        |       | **(Unaudited)** |   |
|                                                                      |   |                                                   |       |            |   |
| Operating                    Activities:                                  |   |                                                   |       |            |   |
| Net                    Loss                                               |   | $                                                      | (2,747,357 | )               | $      | (2,603,569 | ) |
| Items                    not requiring (providing) cash:                  |   |                                                   |       |            |   |   |   |
| Depreciation                                                              |   |                                                   | 16,687     |            |   | - |   |
| Expense                    of options issued to officers and directors    |   |                                                   | 298,333    |            |   | - |   |
| Expense                    of warrants vesting during the period          |   |                                                   | 249,237    |            |   | - |   |
| Expenses                    funded by Common Stock issuance               |   |                                                   |       |            |   | 882,182 |   |
| Changes                    in:                                            |   |                                                   |       |            |   |   |   |
| Advances                    to officers                                   |   |                                                   | -          |            |   | (212,654 | ) |
| Accounts                    Receivable                                    |   |                                                   | (387,035   | )               |   | - |   |
| Other                    Receivables                                      |   |                                                   | (241,159   | )               |   | 115,107 |   |
| Accounts                    Payable                                       |   |                                                   | (61,129    | )               |   | (359,153 | ) |
| Accrued                    Expenses                                       |   |                                                   | (72        | )               |   | 215,246 |   |
| Deferred                    Compensation                                  |   |                                                   | -          |            |   | (471,309 | ) |
| Deferred                    Compensation Retirement Plan                  |   |                                                   | (40,000    | )               |   | 30,000 |   |
| Net                    cash used in operating activities                  |   | $                                                      | (2,912,495 | )               | $      | (2,404,150 | ) |
|                                                                      |   |                                                   |       |            |   |   |   |
| Investing                    Activities:                                  |   |                                                   |       |            |   |   |   |
| Purchase                    of fixed assets                               |   |                                                   | (187,102   | )               |   | (34,453 | ) |
| Prepaid                    expenses and advances                          |   |                                                   | (108,322   | )               |   | - |   |
| Net                    cash provided by investing activities              |   |                                                   | (295,424   | )               |   | (34,453 | ) |
|                                                                      |   |                                                   |       |            |   |   |   |
| Financing                    Activities:                                  |   |                                                   |       |            |   |   |   |
| Proceeds                    from notes payable and advances from Officers |   |                                                   | -          |            |   | 328,428 |   |
| Proceeds                    from issuance of Preferred Stock              |   |                                                   | -          |            |   | 7,438,405 |   |
| Payments                    on Bridge Loan                                |   |                                                   | -          |            |   | (100,000 | ) |
| Proceeds                    from Bridge Loan                              |   |                                                   | -          |            |   | 100,000 |   |
| Net                    cash provided by financing activities              |   | $                                                      | -          |            | $      | 7,766,833 |   |
|                                                                      |   |                                                   |       |            |   |   |   |
| Increase                    (decrease) in cash                            |   | $                                                      | (3,207,919 | )               | $      | 5,328,230 |   |
| Cash,                    beginning of period                              |   |                                                   | 4,325,801  |            |   | 364,337 |   |
| Cash,                    end of period                                    |   | $                                                      | 1,117,882  |            | $      | 5,692,567 |   |

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**THERMOENERGY      CORPORATION**

**NOTES      TO FINANCIAL STATEMENTS **

**(Unaudited)      September 30, 2006**

**NOTE      1: BASIS OF PRESENTATION**

**NOTE      2: LOSS PER COMMON SHARE**

**NOTE      3: MANAGEMENT’S CONSIDERATION OF GOING CONCERN MATTERS**

**NOTE 4: LITIGATION**

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**Item      2. Management’s Discussion and Analysis or Plan of      Operation.**

*Forward-Looking      Statements*

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*General*

*Plan      of Operation *

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* Current      Cash Requirements; Need for Additional Funds *

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*Research      and Development During the Next 12 Months *

**PART      II -- OTHER INFORMATION**

**Item      1. Legal Proceedings.**

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**Item      2. Unregistered Sales of Equity Securities and Use of      Proceeds**

**Item      3. Defaults Upon Senior Securities.**

**Item      4. Submission of Matters to a Vote of Security Holders.**

**Item      5. Other Information.**

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**Item      6. Exhibits.**

|                           |   |                                                                                                        |   |                          |
|--------------------------------|--------|-------------------------------------------------------------------------------------------------------------|--------|-------------------------------|
| **Exhibit                No.** |   | **Exhibit                Description**                                                                      |   | **Location**                  |
| 31.1                           |   | Certification                of C.E.O. pursuant to Rule 13a-14(a)                                           |   | Filed                herewith |
| 31.2                           |   | Certification                of C.F.O. pursuant to Rule 13a-14(a)                                           |   | Filed                herewith |
| 32.1                           |   | Certification                of C.E.O. pursuant to Rule 13a-14(b) and 18 U.S.C. Section                1350 |   | Filed                herewith |
| 32.2                           |   | Certification                of C.F.O. pursuant to Rule 13a-14(b) and 18 U.S.C. Section                1350 |   | Filed                herewith |

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**SIGNATURE**

|                                         |                                                                                           |                                           |
|----------------------------------------------|------------------------------------------------------------------------------------------------|------------------------------------------------|
| Date:                November 21, 2006  |                THERMOENERGY                CORPORATION                                    |
|                                    |                                                                                      |                                      |
|                                         |                                                                                           | /s/ Dennis              C.              Cossey |
|                                         | Dennis                C. Cossey, Chairman,Chief                Executive Officer and Secretary |
|                                         |                                                                                           |

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