PyroGenesis Canada Inc. (TSX:PYR, OTCQX:PYRGF) has reported another quarter of positive revenue growth driven by the deployment of material and components received, after-sales support of previously delivered projects, and overall progression against its project backlog during the period.
The company, which is developing and commercializing advanced plasma processes, said its first quarter revenue was up 34.5% from the year-ago quarter and 16.2% sequentially at $3.5 million.
It narrowed its comprehensive loss to $4.4 million from $6.2 million in Q1 2023 attributed to an increase in product and service-related revenue and decreased selling, general and administrative, share-based, and research and development expenses.
The company’s backlog of signed or awarded contracts totalled $28.1 million.
P Peter Pascali, PyroGenesis CEO, said that the company’s cost controls and project optimization efforts are having the impact they expected as the company has rebounded off the low revenue mark of the first quarter of 2023.
“We now have four straight quarters comfortably exceeding that three-year low point, with this recent quarter being 34% clear,” Pascali said.
“We have more work to do as we continue our optimization efforts, but this is a good start, and with our backlog of projects holding strong above $28 million, and our sales pipeline growing, we become better positioned with each passing quarter to succeed in our stated goal of becoming a leader in heavy industry decarbonization technology solutions.”
The CEO also highlighted several notable milestones achieved during the quarter across its existing projects, such as its fumed silica reactor project on behalf of client HPQ Silicon and regarding new market entry, with new contracts signed with clients in a range of industries from green cement to steelmaking and aerospace manufacturing.
“The company’s flagship technologies are now being assessed, tested, or in use across a much wider array of major heavy industry categories, in more primary jurisdictions globally, than even we once thought possible. In so many ways, we are just getting started,” Pascali said.