PyroGenesis Canada Inc. (TSX:PYR) has reported record fourth-quarter and full-year 2021 revenue, supported by strong organic growth and the recent acquisition of Pyro Green-Gas.
The company said revenue totaled $7.2 million for the three months to December 31, 2021, resulting in full-year revenue of $31.1 million, a 75% increase from 2020’s $17.8 million. Pyro Green-Gas, formerly known as AirScience Technologies, contributed revenues of $6.8 million.
Commenting on the revenue performance, CEO and chair P. Peter Pascali said: “This is representative of our successful advancement and delivery of the backlog of signed contracts, and the benefit of the biogas upgrading projects from Pyro Green-Gas. The board and I see the record success of 2021 as both a validation of 2020s breakout results and a new, stronger platform from which years of continued high growth will stem."
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The company noted that its gross margin profit reached $12.4 million, or 40% of revenue. Additionally, it ended the year with its second-highest ever cash and cash equivalents of $12.2 million following capital expenditures of $1.5 million, a year-over-year increase of 114%.
Its backlog of signed and/or awarded contracts also reached an all-time high of $47.7 million.
“PyroGenesis completed 2021 having achieved many important accomplishments and milestones,” the company concluded.
“Most importantly, we maintained the accelerated business momentum of the past 18 months despite the challenges of the global marketplace due to coronavirus (COVID-19), and even introduced new markets and opportunities to provide a broader, stronger platform for 2022 and beyond.”
PyroGenesis designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions that reduce greenhouse gases. Its technology is suited for iron ore pelletization, aluminum, waste management, and additive manufacturing.
Contact the author at stephen.gunnion@proactiveinvestors.com