PyroGenesis Canada Inc. (TSX: PYR) shared on Monday evening its financial results for Q2 2021, highlighting revenue of $8.3 million. This is an increase from Q2 2020’s revenue of $2.1 million.
Breaking down the topline revenue figure, the company’s Drosrite technology contributed $1.6 million, Purevap generated $3.9 million sales, torch-related sales amounted to $0.6 million, support services related to PAWDS-Marine systems for US Navy added $2.1 million, and other sales and services notched additional $0.04 million.
The quarterly operating expenses amounting to $7.4 million led to an operating loss of $2.4 million, down from last year’s $0.4 million operating loss. On the other hand, the company shared that it generated net income from operations amounting to $0.9 million if the $3.3 million share-based compensation expense would be excluded since this is “a non-cash item in which options vest principally over a four-year period”.
However, a net decrease in fair value adjustment of strategic investments amounting to $17.9 million contributed to a bottom-line figure of $20.4 million net loss for the quarter. This is a decline from last year’s net income of $5.2 million and translates to $0.11 loss per diluted share.
Adjusting for the fair value adjustment, the company reported a financial performance indicator called modified EBITDA with an amount of $1.1 million gain compared to last year’s loss of $0.3 million.
The company’s cash position ended at $18.1 million from a starting balance of $26.3 million. Current assets at quarter’s end carry a balance of $37.9 million while current liabilities came in at $9.5 million.
PyroGenesis Canada last traded at $4.71 on the TSX.
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