22:58:06 EDT Tue 04 Oct 2022
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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 170,416,955
Close 2021-11-02 C$ 4.74
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PyroGenesis expects Q3 revenue of at least $8M

2021-11-03 10:23 ET - News Release

Mr. Peter Pascali reports


PyroGenesis Canada Inc. has provided guidance for the third quarter ended Sept. 30, 2021.

Based on financial information to date, and subject to any closing adjustments, PyroGenesis expects revenue for the third quarter 2021 to be at least $8-million, resulting in total revenue for the nine months ended Sept. 30, 2021, of at least $22-million, compared with $8.1-million (Q3 2020) and $11-million (nine months ended Sept. 30, 2020).

The company also expects to report a positive net income for the third quarter of 2021 as well as positive earnings per share for the same period. Q3 2021 revenue guidance and actual results (2020 and 2021) are summarized in the attached table.

"It is difficult for a company like ours to provide an early indication/guidance given the methodology relating to the accounting for our revenue; namely percentage of completion accounting. As one might expect, delays associated with supply chain issues complicates further this process. Nevertheless, we are happy to be providing today, a first glimpse of our third quarter financial results," said P. Peter Pascali, chief executive officer and chair of PyroGenesis. "We are proud to give guidance that essentially reflects record nine-month revenue and positive net income for the quarter. We also expect to post a backlog of signed contracts that will be very close to, if not at, a historical high level. Hope this helps."

About PyroGenesis Canada Inc.

PyroGenesis Canada, a high-tech company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce GHG (greenhouse gases), and are economically attractive alternatives to conventional dirty processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion-dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800-square-metre and 2,940-square-metre manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO (International Organization for Standardization) 9001:2015 and AS9100D certified, having been ISO certified since 1997.

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