PyroGenesis Canada Inc. (TSX:PYR, NASDAQ:PYR) has announced its financial results for the third quarter ended September 30, 2023, recording its second straight quarter of growth.
The recovery from the three-year quarterly low it saw in 1Q followed improvements across industrial supply chains and customer bottlenecks, the company said.
“While we can’t guarantee that these early signs of sector-wide recovery will continue at the same pace, our quarterly revenues are steadily increasing from the early year low,” PyroGenesis CEO and president P. Peter Pascali commented in a statement.
“Combined with renewed strong demand in traditionally slower business lines such as waste destruction where we have signed contracts for six separate projects so far this year, and the increasing interest in plasma torch applications of 2MW power and higher, we have confidence around continued momentum.”
Financial highlights for the quarter included new project sales of over $6.5 million.
It reported revenue of $3.7 million — down 35% year over year but up 21% from 2Q 2023 and 42% higher than 1Q 2023 — and a margin of 30%.
It posted a loss of $0.03 per share for the quarter.
As of November 9, 2023, PyroGenesis said it had a backlog of signed and/or awarded contracts of $35 million.
Among its operational highlights, the company noted a contract for $4.13 million for a 4.5MW plasma torch system with an aeronautics and defense industry client who is a prime contractor for the US government.
In September, the company announced receipt of an order from a global aerospace firm for its coarse-cut titanium metal powder, produced by its NexGen plasma atomization system, which is designed for use in industrial 3D printing and additive manufacturing.
Also in September, it announced receipt of a $2.25 million plasma torch contract from a US corporation geared to destroy perfluoroalkyl and polyfluoroalkyl substances (PFAS) on behalf of a large operator of public water systems.
“As always, we maintain our emphasis on developing low carbon-footprint technology solutions that we believe will take hold with leading global industrial companies during a period of major paradigm shift, namely in Energy Transition & Emissions Reduction, Commodity Security & Optimization, and Waste Remediation,” added Pascali.
The full results statement can be read here.
Contact the author at stephen.gunnion@proactiveinvestors.com