Project will test the use of plasma in the recovery of critical minerals from end-of-life batteriesMONTREAL, Dec. 11, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), the leader in ultra-high temperature processes and engineering innovation, and a plasma-based technology provider to heavy industry & defense, announces today the recent signing of a contract with a company engaged in large-scale battery recycling, for the testing of high-temperature plasma durin ...

Core Insights - PyroGenesis Inc. has signed a half-tonne contract with a Global Aerospace Leader for titanium metal powder, marking the first order since achieving approved supplier status after a multi-year certification process [1][4] Company Highlights - The contract involves the supply of "coarse" cut Ti64 powder (particle size: 45-150µm) produced by PyroGenesis' NexGen™ plasma atomization process, which will be shipped shortly [2][3] - The contract value remains confidential for competitive reasons, but it signifies a strategic partnership with a major player in the aerospace industry [2][4] - The NexGen™ system is a patented upgrade to the plasma atomization process, enhancing efficiency in metal powder production and reducing costs for customers, thereby reinforcing the company's competitive advantage [4][8] Industry Context - The global 3D printing market for titanium powder is projected to grow from $214 million in 2023 to $1.4 billion by 2032, indicating significant market potential for titanium products [7] - Titanium is classified as a critical mineral by both Canada and the U.S., and is utilized across various industries including aerospace, defense, and electric vehicles due to its high strength-to-weight ratio and corrosion resistance [11]

Core Viewpoint - PyroGenesis Inc. has successfully closed a non-brokered private placement, raising a total of $5,226,083 through the sale of 14,185,969 units, which includes two unit groups [1][4]. Group 1: Private Placement Details - The private placement consisted of two unit groups, with the first group selling 5,555,556 units at a price of $0.63 per unit, generating gross proceeds of $3,500,000 [2]. - The second tranche of the second unit group issued 4,520,414 units at a price of $0.20 per unit, resulting in gross proceeds of $904,083, in addition to the first tranche of 4,110,000 units that raised $822,000 [3]. - In total, the two unit groups accounted for 14,185,969 units sold for gross proceeds of $5,226,083 [4]. Group 2: Use of Proceeds and Regulatory Approval - The proceeds from the private placement will be utilized for working capital and general corporate purposes [5]. - The private placement has received conditional approval from the TSX, pending final approval and customary closing conditions [5]. Group 3: Unit Group Structure - Each unit in the first group consists of one common share and one warrant, priced at $0.63, with the warrant allowing the purchase of a common share at $0.28 for 48 months [8]. - Each unit in the second group consists of one common share and one warrant, priced at $0.20, with the warrant allowing the purchase of a common share at $0.40 for 24 months [8].

Core Insights - PyroGenesis Inc. reported its Q3 2025 financial results, highlighting a revenue of $3.25 million, a decrease of 18.7% compared to Q3 2024, and a net loss of $2.25 million, indicating ongoing challenges in project execution and market conditions [4][35][39] Financial Performance - Revenue for Q3 2025 was $3.25 million, down from $4.0 million in Q3 2024, with a nine-month revenue of $9.2 million compared to $11.4 million in the same period last year [4][9] - Gross margin decreased to 24% in Q3 2025 from 42% in Q3 2024, attributed to higher direct material and subcontracting costs [15][18] - The company reported a revenue backlog of $51.6 million as of November 11, 2025, with 81% in U.S. dollars, expected to be recognized over the next three years [11][39] Operational Highlights - A $1.2 million contract was secured with a European cement industry customer for a plasma torch system, showcasing the company's expansion into new sectors [2][4] - Significant advancements were made in the fumed silica reactor project, tripling material surface area performance from Q2 to Q3, moving closer to commercial readiness [2][4] - The company is focused on innovation and adapting its market strategy to changing dynamics, emphasizing the importance of its three business verticals [2][39] Cost Management - Cost of sales increased to $2.5 million in Q3 2025, driven by higher subcontracting and direct material costs, although employee compensation decreased due to lower headcount [13][14] - Selling, General and Administrative (SG&A) expenses decreased to $2.6 million in Q3 2025 from $5.0 million in Q3 2024, primarily due to a reduction in expected credit loss and bad debt [22][23] Strategic Outlook - The company is not providing specific revenue or net income guidance for 2025 but remains optimistic about the demand for its technologies in heavy industries and defense sectors [39][42] - PyroGenesis aims to enhance its sales and marketing efforts in line with the growth curve for industrial change related to energy transition and greenhouse gas reduction [57][60] - The company continues to monitor macroeconomic conditions and their potential impact on operations, emphasizing the need for its solutions amid increasing demand and regulatory pressures [58][59]

Core Insights - PyroGenesis Inc. reported its Q3 2025 financial results, highlighting a decrease in revenue and gross margin, while emphasizing ongoing innovation and strategic partnerships in various sectors [1][2][5]. Financial Highlights - Revenue for Q3 2025 was $3.25 million, down 18.7% compared to Q3 2024, with a gross margin of 24%, down from 42% in the same period last year [5][10]. - The company recorded a net loss of $2.25 million and a modified EBITDA loss of $1.89 million [5][10]. - As of November 11, 2025, the revenue backlog stood at $51.6 million, with 81% in U.S. dollars [5][12]. Production and Sales Highlights - A $1.2 million contract was secured with a European cement industry customer for a plasma torch system [5][10]. - The fumed silica reactor project with HPQ Silicon Inc. achieved a threefold increase in material surface area performance from Q2 to Q3 2025, indicating progress towards commercial readiness [2][4]. - The company also announced a contract with Constellium for plasma torch technology in aluminum remelting, marking the launch of Phase 2 of their collaboration [5][10]. Cost of Sales and Gross Profit - Cost of sales totaled $2.5 million in Q3 2025, an increase from $2.3 million in Q3 2024, primarily due to higher subcontracting costs [14][15]. - Gross profit for Q3 2025 was $0.8 million, representing 24% of revenue, a decline from $1.7 million or 42% of revenue in Q3 2024 [16][20]. Selling, General and Administrative Expenses - SG&A expenses decreased to $2.6 million in Q3 2025 from $5.0 million in Q3 2024, largely due to a reduction in expected credit loss and bad debt [23][24]. - Employee compensation and professional fees also saw declines, reflecting cost control measures [23][24]. Research and Development Costs - R&D costs for Q3 2025 were $0.2 million, consistent with Q3 2024, while nine-month R&D costs increased to $0.9 million, up by $0.2 million compared to the prior year [27][28]. Strategic Investments and Market Outlook - The company experienced a loss of $2.1 million in the fair market value of strategic investments during the nine-month period ended September 30, 2025, compared to a loss of $0.2 million in the same period in 2024 [35]. - The company is focused on expanding its market strategy to adapt to changing dynamics and enhance its innovation-first approach [2][42]. Business Line Developments - The company is engaged in various projects, including plasma torch tests in aluminum remelting and calcination processes, indicating a strong pipeline of potential contracts [69][72]. - Ongoing discussions with major industry players for the use of plasma technology in various applications highlight the growing interest in the company's solutions [71][74].

Core Viewpoint - PyroGenesis Inc. will host a conference call on November 12, 2025, to discuss its financial results for Q3 2025 and provide updates on company progress and developments [1] Group 1: Company Overview - PyroGenesis is a leader in ultra-high temperature processes and plasma-based technology, serving heavy industry and defense sectors [1][3] - The company has over 30 years of experience in plasma technology, providing advanced engineering solutions for various challenges in energy, propulsion, emissions, and materials development [3] - PyroGenesis operates from its headquarters in Montreal and has local manufacturing facilities, with a workforce of engineers, scientists, and technicians focused on innovation and commercialization [3] Group 2: Financial Communication - The conference call will take place at 11:00 AM Eastern Time, and participants must pre-register to access the call [2] - A live webcast will be available for both English and French users, with recordings accessible on the company's Investor Relations website following the call [2]

Core Points - PyroGenesis Inc. has completed the first tranche of the Second Unit Group of a non-brokered private placement, issuing 4,110,000 units at a price of $0.20 per unit, resulting in gross proceeds of approximately $822,000 [1][3] - Each unit consists of one common share and one common share purchase warrant, with the warrant allowing the purchase of one common share at $0.40 for 24 months [1] - The first tranche of the First Unit Group was previously closed, selling 5,555,556 units at $0.63 per unit, generating approximately $3,500,000 [2] - Proceeds from the private placement will be used for working capital and general corporate purposes [3] Group 1 - The second unit group was slightly oversubscribed, and both unit groups remain open with expected closure next week [3] - The private placement has been conditionally approved by the TSX, pending final approval and customary closing conditions [3] Group 2 - PyroGenesis leverages 30 years of plasma technology leadership to provide advanced engineering solutions across various industries, including energy, aerospace, and defense [5] - The company is ISO 9001:2015 and AS9100D certified, maintaining ISO certification since 1997 [5] - PyroGenesis' shares are traded on multiple stock exchanges, including TSX, OTCQX, and Frankfurt [5]

Company Overview - PyroGenesis Inc. is a high-tech company specializing in advanced all-electric plasma processes and sustainable solutions aimed at supporting heavy industry in energy transition, emission reduction, commodity security, and waste remediation [1][6] - The company has developed proprietary, patented plasma technologies that are being adopted by major industry players across four significant markets: iron ore pelletization, aluminum, waste management, and additive manufacturing [6] Recent Developments - PyroGenesis has signed a contract worth US$871,000 (CAD$1,198,000) with a European cement industry customer for the supply of a plasma torch system for a calcination furnace [1] - The delivery of the plasma torch system is targeted for Q1 2026 [2] Industry Context - The cement industry is facing a critical need to transition to lower-emission energy sources, as it accounts for approximately 7% of total GHG emissions and up to 9% of human-caused CO2 emissions globally [9] - About 40% of emissions in cement production stem from fossil fuel combustion required for the calcination process, which is a significant contributor to the industry's overall carbon footprint [3][9] - The Global Cement and Concrete Association aims for a 20% reduction in CO2 emissions per metric ton of cement and a 25% reduction per cubic meter of concrete by 2030, with a goal of complete decarbonization by 2050 [9] Strategic Impact - The integration of PyroGenesis' plasma torches into calcination furnaces is expected to support the cement industry's goals of reducing GHG emissions and producing cleaner, "greener" cement [2][4] - The transition to plasma-based heating offers a scalable, emission-free, and more efficient alternative to traditional fossil fuel-based heating methods, aligning with broader energy transition and decarbonization efforts across multiple heavy industries [9]

Core Insights - PyroGenesis Inc. reported its Q2 2025 financial and operational results, highlighting significant milestones in its strategic objectives, including advancements in the commercialization of its fumed silica reactor process and achieving approved supplier status with a leading aerospace company for titanium metal powder [2][3][5]. Financial Highlights - Revenue for Q2 2025 was $3 million, a decrease of 23.6% compared to Q2 2024, with a net loss of $2.9 million and a modified EBITDA loss of $2.1 million [5][12][37]. - Gross margin improved to 56%, reflecting a 27-point (93%) year-over-year increase, driven by a favorable sales mix and operational efficiencies [5][17]. - The revenue backlog as of August 6, 2025, stood at $51.1 million, with 83% in U.S. dollars, indicating future revenue recognition potential [5][14]. Production and Sales Highlights - The company operates in three main business verticals: Energy Transition & Emission Reduction, Commodity Security & Optimization, and Waste Remediation, each contributing to its strategic goals [4][5]. - Significant projects included a $9.3 million coke-oven gas valorization project completed for Tata Steel, enhancing production efficiency and environmental outcomes [6]. - A contract worth approximately $600,000 was signed for developing a solution to address plastic waste in Europe, expanding the company's relationship with a major environmental services client [8]. Strategic Developments - The company is focused on cost optimization and innovation to enhance the efficiency of its plasma technologies, with ongoing discussions in various hard-to-abate industries such as steel, cement, and chemicals [2][5][41]. - The recent sale of a plasma torch to Constellium marks a significant step in the company's momentum within the aluminum sector, reflecting the growing interest in its technology for decarbonization efforts [2][5]. Research and Development - R&D costs for Q2 2025 were $0.4 million, an increase attributed to higher materials and equipment costs for prototype development [26][27]. - The company is engaged in multiple testing and development projects, including plasma-based solutions for glass recycling and metal manufacturing, indicating a strong pipeline for future commercialization [70][72]. Market Outlook - The company anticipates continued growth opportunities as heavy industries increasingly commit to electrification and carbon reduction initiatives, supported by favorable government policies [44][46]. - The strategic focus on a diversified technology ecosystem positions the company to address the evolving needs of various industries facing regulatory and operational challenges [45][56].