PyroGenesis Ends 2021 With $31.1 Million In Revenue, $38.4 Million Net Loss

PyroGenesis Canada Inc. (TSX: PYR) shared on Thursday evening its financial results for Q4 and full-year 2021, highlighting revenue of $8.3 million. This is an increase from 2020’s revenue of $17.8 million.

Breaking down the topline revenue figure, the company’s Drosrite technology contributed $7.9 million, Purevap generated $6.1 million sales, torch-related sales amounted to $2.1 million, support services related to PAWDS-Marine systems for US Navy added $7.5 million, and other sales and services notched additional $0.6 million. The recent acquisition of Pyro Green-Gas also added revenue from biogas upgrading & pollution controls at $6.8 million.

Gross margin for the year dropped to 40% coming from 58% in 2020. While this may have resulted from the difference in the profitability of projects, the firm said that the cost of sales and services “are in line with management’s expectations.”

The annual operating expenses amounting to $29.8 million led to an operating loss of $17.3 million, down from last year’s $1.3 million operating loss. Further, a net decrease in fair value adjustment of strategic investments amounting to $21.4 million contributed to a bottom-line figure of a $38.4 million net loss for the year. This is a decline from last year’s net income of $41.8 million.

Adjusted EBITDA for the year ended at a loss of $27.6 million compared to last year’s gain of $48.1 million. The decrease in the firm’s financial bottom line is mainly attributed to an increase in operating expenses and share-based expense, and the decrease in changes in fair market value.

The company’s cash and cash equivalents position ended at $12.2 million from a starting balance of $18.1 million. Current assets at year’s end carry a balance of $38.8 million while current liabilities came in at $24.8 million.

In February 2022, the firm announced its planned buyback program to repurchase 7.5 million common shares or 4.4% of its float.

PyroGenesis Canada last traded at $3.13 on the TSX.

Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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