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PyroGenesis Canada Inc
Symbol PYR
Shares Issued 170,419,455
Close 2021-11-15 C$ 5.40
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PyroGenesis earns $623,664 in Q3

2021-11-15 22:35 ET - News Release

Mr. P. Peter Pascali reports

PYROGENESIS ANNOUNCES Q3 2021 RESULTS: REVENUES $9.3MM; GROSS MARGIN 43.5%; CURRENT BACKLOG OF SIGNED AND/OR AWARDED CONTRACTS $44.9MM

PyroGenesis Canada Inc. has released its financial and operational results for the third quarter ended Sept. 30, 2021.

"We are proud to announce our Q3 2021 financials, which now include the results of our recent acquisition, Pyro Green-Gas (formerly known as AirScience Technologies Inc.). Revenues for the quarter are a historic $9.3-million as compared to $8.1-million in Q3 2020. Of note, this is the fifth quarter in a row that PyroGenesis has posted more revenues for the quarter than full-year 2019 revenues. It is also the third consecutive quarter of increased revenues compared to the previous quarter. This represents the successful execution on our strategy, the processing on our backlog of signed contracts, as well as the benefit from our recent acquisition," said P. Peter Pascali, chief executive officer and chair of PyroGenesis. "This has resulted in a gross margin of 43.5 per cent and net income from operations of $623,000. Backlog from signed and/or awarded contracts is at a historically high level of $44.9-million, which, given recent margins, bodes well for the near term. We fully expect this trend to continue."

Q3 2021 results reflect the following highlights:

  • Revenues of $9,317,926, an increase of 14 per cent from $8,149,427 in Q3 2020;
  • Revenues of $3,712,000 from the recent acquisition of Pyro Green-Gas;
  • Entering the renewable natural gas market through acquisition, and establishing a presence in India and Italy;
  • Third consecutive quarter of revenue growth, $6,264,503, $8,280,572 and $9,317,926;
  • Gross margin profit of $4,052,531 or 43.5 per cent of revenue;
  • Net income and comprehensive income of $623,664;
  • EBITDA (earnings before interest, taxes, depreciation and amortization) of $968,667 and adjusted EBITDA of $1,641,861 for Q3 2021;
  • Cash and cash equivalents at Sept. 30, 2021, of $15,781,528 (Dec. 31, 2020: $18,104,899);
  • Backlog of signed and/or awarded contracts of $44.9-million.

Outlook

PyroGenesis continues to be well positioned, with a clean balance sheet and positive net earnings for the three-month period ended Sept. 30, 2021. It plans to execute on all the organic growth strategies and benefit from the recent acquisition of Pyro Green-Gas, as well as to continue actively pursuing growth through synergistic mergers and acquisitions.

The company has recently focused its offerings to highlight its greenhouse gas emission reduction benefits, which have been enhanced by Pyro Green-Gas offerings. Most of PyroGenesis's product lines do not depend on environmental incentives (such as tax credits, GHG certificates and environmental subsidies) to be economically viable.

The company considers this strategy to be timely as many governments are stimulating their respective economies by promoting and funding both environmental technologies and infrastructure projects. As such, although management expects that this will be a tailwind into an already strong pipeline (which would further increase revenues and add directly to shareholder value), there may be some delays before the full effect is recognized as companies will likely take additional time to submit the necessary government paperwork to qualify for such incentives.

The company is not immune to the negative impact that COVID-19 brought on businesses, specifically related to the work force and, more importantly, the supply chain. Management believes that the company is better situated than most and is doing everything to mitigate these challenges. It does not expect any improvements from the impact of COVID-19 before second quarter 2022.

About PyroGenesis Canada Inc.

PyroGenesis, a high-technology company, is a leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions, which reduce 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 9001:2015 and AS9100D certified, having been ISO certified since 1997.

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