PyroGenesis Announces First Quarter 2025 Results

Core Insights - PyroGenesis Inc. reported its financial and operational results for Q1 2025, highlighting a revenue of $3 million, a 14% decrease compared to Q1 2024, but an improvement in gross margin to 27% from 21.7% in the previous year [7][17][25]. Financial Highlights - Revenue for Q1 2025 was $3 million, down from $3.5 million in Q1 2024 [7][17]. - Gross margin improved to 27%, a 5.3-point increase from the previous year's 21.7% [7][25]. - Net loss for Q1 2025 was $4.26 million, slightly better than the loss of $4.4 million in Q1 2024 [7][37]. - Revenue backlog as of May 13, 2025, stood at $52 million, with 88% in U.S. dollars [7][19]. Operational Highlights - The company is focused on cost optimization, targeting an additional $3 to $5 million in recurring savings for 2025, building on over $3 million in savings achieved in 2024 [3][58]. - The company operates in three main business verticals: Energy Transition & Emission Reduction, Commodity Security & Optimization, and Waste Remediation [6][8]. Business Developments - Significant contracts include a $2.5 million agreement with a major environmental services company for gas flaring components and a $2.4 million contract with Norsk Hydro for plasma torches in aluminum production [10][12]. - The company is advancing in the production of fumed silica and has successfully produced the first batch from its pilot plant [82][83]. - Ongoing discussions for potential contracts in waste remediation and plasma-based glass valorization are in the final negotiation stages, with estimated values of $2 million and $2-3 million respectively [85][87][88]. Strategic Outlook - The company is well-positioned for future growth due to a strong project backlog and ongoing collaborations in energy transition initiatives [2][41]. - The focus on electrification and carbon reduction aligns with broader industry trends and government support for environmental technologies [44][46]. - The company aims to enhance its market presence by attracting influential customers across various industries, including aluminum, steelmaking, and chemicals [47][56].