MONTREAL, May 13, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. ("PyroGenesis") (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company that designs, develops, manufactures and commercializes all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, provides the following update on the Fumed Silica Reactor project, which the company has been engaged to develop by ...

Core Viewpoint - Syensqo has revised its segment reporting structure to better align with its strategic focus, particularly in light of its intention to divest from the Oil & Gas and Aroma Performance business units [1][2]. Group 1: Segment Reporting Changes - The new segment reporting structure will include four reportable segments: Materials, Performance & Care, Other Solutions, and Corporate & Business Services, effective from Q1 2025 [2][4]. - The previously reported financial information for fiscal year 2024 has been recast to reflect these new segments, although this change does not impact the previously reported consolidated financial statements [2][3]. Group 2: Segment Descriptions - The Materials segment will continue to consist of Specialty Polymers and Composite Materials, focusing on high-performance polymers and composite technologies for sustainable mobility applications [4]. - Performance & Care, previously known as Consumer & Resources, will now include Novecare and Technology Solutions, emphasizing sustainability and enhanced performance in various applications [4]. - Other Solutions will combine Aroma Performance and Oil & Gas, with Aroma Performance being a leader in synthetic and natural vanillin production and Oil & Gas providing tailored solutions for the upstream oilfield sector [4]. - Corporate & Business Services will encompass corporate functions and other business services, including research & innovation and new business development [4].

Financial Data and Key Metrics Changes - Net sales from continuing operations totaled $24.7 million, down from $28 million in Q1 2024, reflecting broader market softness [4] - Adjusted EBITDA from continuing operations improved significantly, swinging from a loss of $2.7 million in the prior year to a positive $843,000 this quarter, a $3.5 million turnaround [5][21] - Gross profit nearly doubled to $4.8 million, or 19.3% of sales, compared to $2.3 million, or 8.3% last year, an expansion of over 1,100 basis points [17] Business Line Data and Key Metrics Changes - Tubular Segments generated $6.9 million in revenue, down slightly year over year, but gross margin increased from 12.3% to 24.8%, with adjusted EBITDA rising nearly five times to $1.3 million [6] - Specialty Chemicals segment revenue declined year over year to $17.8 million, but gross profit increased by $2.1 million, rising from $1.6 million to $3.7 million, a 131% improvement, with gross margin expanding from 7.6% to 21% [10] Market Data and Key Metrics Changes - Approximately 95% of revenue is supported by domestically sourced raw materials, providing a competitive advantage as tariffs loom [7] - Average daily trading volume increased to roughly 63,000 shares in Q1 2025, a 60% lift compared to Q1 2024, indicating growing market interest [14] Company Strategy and Development Direction - The company is focused on strategic repositioning, actively choosing to exit low-margin business in favor of higher value, technically demanding business [16] - The goal for the Specialty Chemicals segment is to grow from $80 million a year to $120 million by 2030, with growth expected to start in the second half of 2025 [34] Management's Comments on Operating Environment and Future Outlook - Management noted that while there has been some improvement in Q1, demand remains soft, and stabilization activities are still ongoing [30] - The company is committed to capital preservation and disciplined execution while evaluating capital deployment options post-divestiture [22] Other Important Information - The company ended the quarter with $14.3 million in cash and no debt before the divestiture of Bristol assets for $45 million, providing significant flexibility [22] - The company repurchased approximately 17,000 shares at an average price of $12.73, reinforcing confidence in intrinsic value and long-term fundamentals [22] Q&A Session Summary Question: Is the ornamental stainless domestic manufacturer a more attractive target now? - Management indicated that while there are additional looks due to tariffs, demand remains incredibly soft and has not materially changed [30] Question: Will guidance be provided for 2025? - Management stated that it is too premature to provide guidance as stabilization activities are still ongoing [32][33] Question: Is the growth plan for chemicals to reach $120 million by 2030? - Management confirmed that growth is expected to start in the second half of the year, leading to a more compelling top line in 2026 [34] Question: Can this growth be achieved with existing capacity and minimal CapEx? - Management affirmed that organic growth can be achieved with current capacity and a reasonable CapEx assumption of $1 to $3 million per year [37] Question: Is the stock still considered undervalued? - Management expressed a personal opinion that the stock is indeed undervalued at current levels [39]

Core Viewpoint - 3M has reached an agreement to resolve all legacy claims related to the Chambers Works site in New Jersey, including PFAS-related claims from the State of New Jersey, which is subject to court approval [1][5][6] Group 1: Agreement Details - The settlement allows 3M to focus on strategic priorities and reduces risk and uncertainty regarding legacy issues [2][3] - The agreement acknowledges 3M's proactive measures in ceasing PFAS manufacturing, which other companies have not taken [2][4] - The settlement includes a pre-tax present value commitment of approximately $210 million for the Chambers Works litigation and $75 million for future statewide claims starting in 2030 [9][10] Group 2: Financial Implications - 3M expects to record a pre-tax charge of approximately $285 million in Q2 2025, which will be reflected in its financial results [7] - The payment structure of the agreement is designed to provide predictable cash flow over 25 years, aligning with other company obligations [7][9] Group 3: Historical Context - The Chambers Works site has a history of contamination issues, with 3M having supplied PFAS to DuPont at the site until 2001 [4][5] - The agreement resolves not only the legacy claims but also broader statewide PFAS claims, providing finality without further litigation [5][6]

Core Insights - Aspen Aerogels reported revenue of $78.72 million for Q1 2025, a year-over-year decline of 16.7% and below the Zacks Consensus Estimate of $82.94 million, resulting in a surprise of -5.08% [1] - The company posted an EPS of -$0.06, compared to $0.01 a year ago, with an EPS surprise of +14.29% against a consensus estimate of -$0.07 [1] Revenue Breakdown - Energy Industrial segment revenue was $29.80 million, below the two-analyst average estimate of $36.16 million, reflecting a year-over-year increase of 2.4% [4] - Thermal Barrier segment revenue was $48.90 million, exceeding the average estimate of $45.23 million, but showing a significant year-over-year decline of 25.2% [4] Profitability Metrics - Gross profit for the Thermal Barrier segment was $11.12 million, lower than the average estimate of $14.98 million [4] - Gross profit for the Energy Industrial segment was $11.69 million, compared to the average estimate of $13.19 million [4] Stock Performance - Aspen Aerogels' shares have returned -15.5% over the past month, contrasting with the Zacks S&P 500 composite's increase of +13.7% [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Financial Data and Key Metrics Changes - Total revenues for Q1 2025 were $440.8 million, a 12% decrease from $500.2 million a year ago [12] - Overall gross margin decreased by 2.7 percentage points to 28.4% [12] - Adjusted EBITDA for the quarter was $54 million, down from $64 million last year [12] - Net income for the quarter was $32.8 million, compared to $41.4 million a year ago [12] - GAAP earnings per share were $1.31, down from $1.65 a year ago [12] Business Line Data and Key Metrics Changes - **Performance Chemicals**: Revenues were $168.4 million, up 5% from $160.8 million last year, with operating income of $19.8 million, down 6% [13] - **Fuel Specialties**: Revenues were £170.3 million, down 4% from £176.9 million, but operating income increased by 10% to $36.9 million [14] - **Oilfield Services**: Revenues were $102.1 million, a 37% decrease from $162.5 million, with operating income down 76% to $4.1 million [15] Market Data and Key Metrics Changes - Performance Chemicals experienced a volume growth of 5% but faced a negative currency impact of 3% [13] - Fuel Specialties faced a 2% adverse price mix and a negative currency impact of 2% [14] - Oilfield Services saw no sales in Latin America, impacting overall performance [15] Company Strategy and Development Direction - The company remains focused on delivering full-year operating income growth and margin improvement despite near-term challenges [7] - There is a commitment to security of supply, innovation, and world-class customer service [17] - The company is positioned for growth and margin expansion as market conditions recover, with a strong debt-free balance sheet allowing for flexibility in capital deployment [18] Management's Comments on Operating Environment and Future Outlook - Management noted that market conditions are extremely volatile, which may hinder the 2025 target for sequential improvement in operating income [7] - There is cautious optimism regarding customer behavior and inventory management in the Performance Chemicals segment [6][36] - The company expects to see some stabilization in oilfield services as crude prices remain steady [63] Other Important Information - Cash from operating activities was $28.3 million before capital expenditures of $15.5 million [16] - The company bought back 34,100 shares at a cost of $3.3 million and had $299.8 million in cash and cash equivalents with no debt [16][19] - The Board approved a 10% increase in the semiannual dividend to $0.84 per share [19] Q&A Session Summary Question: Impact of tariffs on input costs and exports - Management indicated that they are monitoring the situation and have flexible supply chains to manage potential impacts [25][30] Question: Trends in Performance Chemicals and margin trajectory - Management noted that trends are influenced by customer inventory management and a mix of volume and pricing pressures [34][39] Question: Cost actions in the oilfield business - Cost initiatives include asset consolidation, personnel adjustments, and efficiency improvements [42] Question: Earnings cadence for the rest of the year - Management expects Q2 to be lower sequentially but anticipates improvement in the latter half of the year [44][48] Question: Stability of Fuel Specialties business - Management expressed confidence in the stability of the Fuel Specialties business despite external pressures [54] Question: R&D efforts and customer collaborations - There has been no change in customer collaboration or R&D efforts, with some projects potentially accelerating [72][73] Question: Capital deployment and share buyback strategy - The company plans to be opportunistic with share buybacks while maintaining flexibility for growth and M&A [84]

Financial Performance Overview - Q1 2025 consolidated revenue decreased by 12 percent[12] - Q1 2025 gross margin decreased by 2.7 percentage points[12] - Q1 2025 operating income decreased by 16 percent[12] - Q1 2025 adjusted EBITDA decreased by 16 percent[12] - Q1 2025 adjusted EPS was $1.42[12] - The company has $299.8 million in net cash[6, 28] Segment Performance - Performance Chemicals revenue increased by 5 percent, with volumes up 5 percent and price/mix up 3 percent; operating income decreased by 6 percent[15] - Fuel Specialties revenue decreased by 4 percent, but operating income increased by 10 percent; gross margin increased by 1.4 percentage points[16, 18] - Oilfield Services revenue decreased by 37 percent, with operating income down 76 percent; gross margin decreased by 6.9 percentage points[19, 21] Corporate & Balance Sheet - Corporate costs decreased due to lower performance-related remuneration[25] - The effective tax rate was 26.1 percent[25] - Operating cash inflow was $28.3 million, with capital expenditures of $15.5 million[28]

Core Insights - Innospec Inc. reported a balanced quarter with strong growth in Fuel Specialties offsetting declines in Performance Chemicals and Oilfield Services [2][8][10] - The company generated $28.3 million in cash from operations, leading to a net cash position of $299.8 million [2][5][14] - A 10% increase in the semi-annual dividend to $0.84 per share was announced, along with a $50 million share buyback program [3][14] Financial Performance - Total revenues for Q1 2025 were $440.8 million, down 12% from $500.2 million in Q1 2024 [4][21] - Net income for the quarter was $32.8 million, or $1.31 per diluted share, compared to $41.4 million, or $1.65 per diluted share, in the same period last year [4][21] - Adjusted EBITDA for the quarter was $54.0 million, down from $64.0 million a year ago [5][25] Segment Analysis - Performance Chemicals generated revenues of $168.4 million, a 5% increase year-over-year, but operating income decreased by 6% to $19.8 million [10][23] - Fuel Specialties reported revenues of $170.3 million, down 4% from the previous year, but operating income increased by 10% to $36.9 million [11][23] - Oilfield Services revenues fell 37% to $102.1 million, with operating income declining 76% to $4.1 million [12][23] Market Outlook - The company anticipates that uncertainty surrounding tariff policies will delay recovery in Performance Chemicals and Oilfield Services, while Fuel Specialties is expected to remain stable [8][13] - Despite current market conditions, the company is focused on growth and margin improvement across all business segments [10][14]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 improved to $65 million, up $20 million year-over-year, driven by restructuring actions, improved business mix, and a polycarbonate licensing agreement [6][12][18] - Free cash flow was negative $119 million in Q1, with expectations for breakeven in Q2 and positive cash flow in the second half of 2025 [12][13][18] Business Line Data and Key Metrics Changes - Volume in recycled content products grew by 33% year-over-year, and consumer electronics applications saw a 43% increase [8][9] - PMMA resin volumes in Asia more than doubled, while case volumes grew by 3% in a flat demand environment [8] - Latex Binders adjusted EBITDA remained similar to the prior year despite lower volumes, primarily due to improved sales mix and cost savings initiatives [11] - Polymer Solutions adjusted EBITDA was above the prior year, aided by $26 million in polycarbonate licensing income, despite a 15% decline in segment volumes [12] Market Data and Key Metrics Changes - In China, specialized products delivered 50% volume growth year-over-year, driven by sustainable solutions for consumer electronics [9] - The North American benzene price drop impacted Amsty's performance, leading to a $10 million negative impact in Q1 due to timing issues and low volumes [29][30] Company Strategy and Development Direction - The company is focused on geographic expansion, material replacement, process change, and sustainability to drive growth in specialized technologies [7][18] - The strategic partnership with Deepak Chemtech is viewed as mutually beneficial, with projects on track to deliver expected results [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertain business conditions and highlighted the positive impact of restructuring actions [18][19] - The company withdrew its full-year guidance due to increased economic and geopolitical uncertainty, providing only Q2 adjusted EBITDA guidance of $55 million to $70 million [17][18] Other Important Information - Over 95% of product sales are produced within the region they are sold, minimizing direct tariff impacts [14] - The company is exploring additional licensing deals related to recycling technologies, indicating potential future growth avenues [40] Q&A Session Summary Question: Volume patterns and sustainability - Management noted no pre-buying ahead of tariffs and indicated that Q1 demand has continued into Q2 [22] Question: Free cash flow guidance for Q2 - Management expressed confidence in achieving breakeven free cash flow, citing working capital management and collected licensing income [23][24] Question: Impact of styrene closures - Management stated no significant negative impact on business due to styrene closures, as they are no longer a styrene producer in Europe [25] Question: Amsty performance and sale process - Management confirmed ongoing commitment to market Amsty and maximize asset value, with expectations for improved performance in Q2 [28][31] Question: Battery binders opportunity - Management highlighted investments in anode binders for lithium-ion batteries, indicating growth potential in both grid storage and automotive applications [32][35] Question: Full-year cash flow outlook - Management provided insights on cash outflows and the need for $370 million EBITDA to achieve breakeven cash flow for the year [38] Question: Future licensing opportunities - Management acknowledged interest in recycling technologies and potential for future licensing deals [40]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q1 2025 improved to $65 million, up $20 million year-over-year, driven by restructuring actions, improved business mix, and a polycarbonate licensing agreement [6][10][12] - Free cash flow was negative $119 million in Q1, influenced by $25 million related to refinancing and a typical seasonal working capital outflow of $84 million [11][12] Business Line Data and Key Metrics Changes - Volume in recycled content products grew by 33% year-over-year, and consumer electronics applications saw a 43% increase [7] - PMMA resin volumes in Asia more than doubled, while case volumes grew by 3% despite flat demand [7] - Latex Binders adjusted EBITDA remained similar to the prior year despite lower volumes, primarily due to improved sales mix and cost savings initiatives [10] - Polymer Solutions adjusted EBITDA was above the prior year, supported by $26 million in polycarbonate licensing income [10] Market Data and Key Metrics Changes - In China, specialized PMMA products contributed to a 50% volume growth year-over-year [9] - Demand for paper and board applications in China weakened significantly due to tariff announcements, impacting overall performance [10][54] Company Strategy and Development Direction - The company is focused on geographic expansion, material replacement, process change, and sustainability to drive growth in specialized technologies [7] - The strategic partnership with Deepak Chemtech is viewed as a significant opportunity for growth in India [7] - The company is committed to higher growth and higher margin business segments, particularly in specialty and sustainable offerings [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating uncertain business conditions and highlighted the impact of restructuring actions on performance [16] - The company withdrew its full-year guidance due to increased economic and geopolitical uncertainty, providing only a Q2 adjusted EBITDA outlook of $55 million to $70 million [16] Other Important Information - The company anticipates little direct impact from proposed tariffs, as over 95% of product sales are produced within the region where they are sold [13] - The company is exploring additional licensing opportunities related to recycling technologies [41] Q&A Session Summary Question: Volume patterns ahead of tariffs - Management noted no evidence of pre-buying to beat tariffs, with Q1 demand continuing into Q2 [21] Question: Free cash flow guidance for Q2 - Management expressed confidence in achieving breakeven free cash flow in Q2, supported by working capital management [22] Question: Impact of styrene closures - Management indicated no significant negative impact from styrene closures, as the company is no longer a styrene producer in Europe [24] Question: Amsty performance and sale process - Management confirmed ongoing commitment to market Amsty and maximize asset value, with expectations for improved performance in Q2 [28][31] Question: Battery binders opportunity - Management highlighted investments in anode binders for lithium-ion batteries, indicating a growing business with a unique global footprint [34] Question: Full-year cash flow outlook - Management provided insights on cash outflows and indicated that working capital actions could offset any EBITDA deterioration [39] Question: Additional licensing deals - Management confirmed interest in recycling technologies and potential future licensing opportunities [41]