PyroGenesis Canada Inc, Montreal, Quebec, Canada, has shared its operational, productional and financial results for the first quarter of 2023. The company recorded revenue of $2.6 million in Q1, representing a decrease of $1.6 million when compared with $4.2 million it recorded in Q1 2022. The gross margin for the period was $0.5 million, just over 20% of revenue, compared to a gross margin of $1.1 million, or 25% of revenue, for Q1 2022.
“Our backlog of signed and/or awarded contracts remains strong, at $30.6 million. Our belief in both our strategy and our technology has never been stronger, and the expanding interest from customers throughout the world and in fast-moving industries speaks not just to our potential, but to our immediate future,” stated P Pascali, CEO and President of PyroGenesis.
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The company marked the concurrent negotiations that are reportedly underway with various companies for commercial orders on PyroGenesis’ metal powders as one of its highlights within this quarter. The potential orders are reportedly expected to be in excess of $1 million.
“Our recent relationship with the New Zealand Trust for the Destruction of Synthetic Refrigerants – who have made PyroGenesis’ SPARC™ waste destruction system central to their efforts to safely reduce greenhouse gas emissions throughout New Zealand – and the rapidly developing interest within the Additive Manufacturing industry for our metal powders, as noted in our Outlook, are to us the ultimate expressions of this belief,” added Pascali.
PyroGenesis also noted the approval and acceptance of all findings and recommendations made by a leading aerospace company for its NexGen metal powder facility as an additional highlight. This allowed the company to move onto the final step in the two-year qualification process. The next stage requires PyroGenesis to provide sample titanium metal for verification and confirmation of their chemical and mechanical properties.
“The industrial world is changing, and while our quarterly revenues may fluctuate in this continued period of inflationary and logistical pressures, our customer-ready solutions will only gain more visibility as heavy industry races to meet decarbonization goals or maintain a competitive advantage,” Pascali conluded.