PyroGenesis Canada Inc.
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About the company
PyroGenesis Canada Inc. , based in Montreal, Canada, is a global innovator in developing, manufacturing, and commercializing advanced plasma processes and solutions. The company's diverse portfolio includes DROSRITE, an eco-friendly process for significantly enhancing metal recovery from dross without producing any hazardous by-products.
- CEO
- Photis Peter Pascali Jr.
- IPO
- 2011
- Employees
- 88
- HQ
- Montreal, QC, CA
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- Market Cap
- $34.27M
- P/E
- -4.28
- PEG
- 0.16
- P/S
- 2.98
- P/B
- -11.02
- EV/EBITDA
- -5.52
- Div Yield
- 0.00%
- Gross Margin
- 23.96%
- Op Margin
- -64.46%
- Net Margin
- -61.36%
- ROE
- 112.32%
- ROIC
- 896.24%
Latest fiscal year · YoY change
- Revenue
- $12.57M-19.7%
- Gross Profit
- $3.80M+34.9%
- Op Income
- $-12,754,720
- Net Income
- $-14,758,682-218.2%
- EPS
- $-0.08-212.5%
- OCF Growth
- -284.0%
- FCF Growth
- -247.7%
- 52W High
- $0.53
- 52W Low
- $0.12
- 50D MA
- $0.15
- 200D MA
- $0.23
- Beta
- 1.23
- RSI (14)
- 55
- Avg Volume
- 43.58K
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
PyroGenesis reported a 47% year-over-year revenue increase in Q2, with improving operating leverage and a $40 million backlog, but quarter-to-quarter results remain tied to project timing.· August 7, 2026
- Q2 revenue was $4.4 million, up 47% year over year; first-half revenue was $9.3 million, up over 55%.
- Gross margin was 32% in Q2 and year to date, in line with management’s expectations.
- Backlog was $40 million as of August 6, down from $43.1 million in Q1, and is expected to be recognized over about the next 3 years.
- SG&A fell to $3.1 million in Q2, down 14% year over year, supporting better operating leverage.
- Management highlighted progress across Spark, Torch Systems, DROSRITE, and U.S. Navy programs, plus new materials and waste-processing project activity.
Revenue for Q2 was $4.4 million, up from $3.0 million in Q2 2025, and first-half revenue was $9.3 million versus $6.0 million last year, an increase of over 55%. Gross profit was $1.4 million in Q2 versus $1.7 million last year, with gross margin at 32% for Q2 and year to date. Comprehensive loss improved to $1.1 million from $3.1 million in Q2 2025, and first-half comprehensive loss improved to $2.2 million from $7.5 million. EBITDA improved to a loss of $600 thousand from a loss of $3.6 million, while modified EBITDA improved to a loss of $500 thousand from a loss of $2.1 million. Backlog was $40 million as of August 6, with 88% denominated in U.S. dollars and expected to be recognized over approximately the next 3 years. Management did not provide explicit next-quarter or full-year revenue guidance, but said it is focused on executing backlog, advancing commercial opportunities, and carrying momentum into Q3.
The CEO commentary emphasized momentum across a diversified technology portfolio and said the company has removed millions of dollars from its recurring cost base over recent years. Management framed the quarter as a continuation of a strong start to 2026, noting the second quarter was the best since 2022 and that the company had already surpassed revenue for the first three quarters of 2025. The tone was optimistic but measured, with repeated references to execution, operational efficiency, and further cost-streamlining opportunities.
The CFO said the first half of 2026 showed both operational and financial progress, with revenue up 55% and SG&A down 27% versus the prior year. He broke down the revenue growth by platform: Spark up $700 thousand, Torch Systems up $400 thousand, DROSRITE up $500 thousand, and U.S. Navy development and support up $300 thousand, partly offset by lower biogas upgrading and pollution control revenue. He said gross margin was 32% in Q2 and year to date, SG&A was $3.1 million in Q2 and $5.4 million for the first half, and the company posted lower losses across comprehensive loss, EBITDA, and modified EBITDA. He also noted backlog of $40 million, 88% in U.S. dollars, expected to be recognized over about 3 years, and said finance costs were in line with expectations after the absence of a $1 million one-time finance income recognized in 2025.
This was a prepared remarks call with no analyst Q&A. Management proactively addressed likely investor concerns by stressing that revenue will continue to fluctuate based on project milestones, fabrication, delivery, commissioning, and percentage-of-completion accounting. They also explained that the Q2 margin comparison was affected by a one-time subcontracting adjustment in the prior year and that the current period did not include a similar benefit.
The positive case is that PyroGenesis is showing clear top-line acceleration, with revenue up 47% in Q2 and over 55% in the first half, while losses and SG&A are moving the other way. Management highlighted multiple contributors to growth across different business lines, plus a $40 million backlog that should support future revenue recognition. The company also cited new commercial activity in titanium powder, carbon products, and waste-processing applications.
The main risks are that revenue remains highly dependent on project timing and milestone-based recognition, so quarterly results can swing materially. Backlog declined from $43.1 million to $40 million, and management did not provide explicit forward revenue guidance, which leaves visibility limited. Some growth areas still depend on client testing, regulatory/trade approvals, and ongoing project execution before larger volumes or commercialization are confirmed.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 62.9%
- Shares Outstanding
- 225.46M
- Float Shares
- 141.78M
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Generate PYRGF report →PyroGenesis Announces Titanium Powder Contract with a DoD and NASA-Supported U.S. Applied Research Facility
globenewswire.com · Aug 20
PyroGenesis Announces $1.4 Million Contract to Supply Two Plasma Torches to European Mining, Metallurgy & Materials Entity
globenewswire.com · Aug 19
PyroGenesis Provides Corporate Update on Fumed Silica Business Line
globenewswire.com · Aug 17
PyroGenesis Announces Second Quarter 2026 Results: Revenue of $4.4 Million, Up 47% Year-Over-Year for Best Q2 Since 2022
globenewswire.com · Aug 6
PyroGenesis Schedules 2026 Second Quarter Financial Results and Business Update Conference Call
globenewswire.com · Jul 31
PyroGenesis Reports Voting Results From 2026 Meeting of Shareholders
globenewswire.com · Jun 23
PyroGenesis Delivers New Technology to Convert Contaminated Biomass to Syngas
globenewswire.com · Jun 17
P. Peter Pascali Updates Early Warning Report
globenewswire.com · Jun 8
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