PyroGenesis announces revenue up nearly 35% in first quarter 2024

May 15, 2024

PyroGenesis Canada Inc., Montreal, Quebec, Canada, has announced its financial and operational results for the first quarter ended March 31, 2024. The company recorded revenue of $3.5 million, up 34.5% year-over-year compared to Q1 2023.

“Q1 continues to confirm our contention that we have successfully rebounded off the low revenue mark of Q1 2023 and that our cost controls and project optimisation efforts are having the impact we expected,” said P Peter Pascali, President and CEO of PyroGenesis. “We now have 4 straight quarters comfortably exceeding that three-year low point, with this recent quarter being 34% clear. As we stated in our last earnings call, we had anticipated the upward revenue momentum of the last few quarters to continue, and while we remain cautious, we are every encouraged that the overall trend continues to be positive and upward.”

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“I am pleased with this quarter,” stated Pascali. “We achieved some notable milestones, both in terms of (i) existing projects such as the fumed silica reactor project on behalf of our client HPQ Silicon, and (ii) with regard to new market entry, as evidenced by new contracts signed, and advance negotiations underway, with several clients in industries as diverse as green cement to steelmaking to aerospace manufacturing. The company’s flagship technologies are now being assessed, tested, or in use across a much wider array of major heavy industry categories, in more primary jurisdictions globally, than even we once thought possible. In so many ways, we are just getting started.”

Pascali added, “We have more work to do as we continue our optimisation efforts, but this is a good start, and with our backlog of projects holding strong above $28 million, and our sales pipeline growing, we become better positioned with each passing quarter to succeed in our stated goal of becoming a leader in heavy industry decarbonisation technology solutions.”

The gross margin for Q1, 2024 was $0.8 million or 22% of revenue compared to a gross margin of $0.5 million or 20% of revenue for Q1 2023. This increase in gross margin was mainly attributable to the increase in spare parts sales which yield high profit margins by the added benefits from a vast in-house inventory of over 1000 unique items and approximately 40,000 parts, allowing the company to avoid long lead times on parts, which ultimately, enables the Company to process additional orders in a shorter period of time.

The full report is here.

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