PyroGenesis Canada Inc. (TSX: PYR) shared on late Monday its financial results for Q2 2022, highlighting a quarterly revenue of $5.8 million. This is a decrease from Q2 2021’s revenue of $8.3 million.
Breaking down the topline revenue figure, the company’s Drosrite technology contributed $0.4 million, Purevap generated $0.7 million sales, torch-related sales amounted to $1.6 million, support services related to PAWDS-Marine systems for US Navy added $0.6 million, and other sales and services notched additional $0.4 million. The acquired Pyro Green-Gas added the most revenue, earning from biogas upgrading & pollution controls at $2.2 million.
Gross margin for the quarter dropped to 42.7% coming from 59.6% in the year-ago period. The quarterly operating expenses amounted to $7.9 million–higher than the revenue–leading to an operating loss of $5.4 million, down from last year’s $2.4 million operating loss.
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Further, a net decrease in fair value adjustment of strategic investments amounting to $7.5 million contributed to a bottom-line figure of a $13.0 million net loss for the quarter. This is an increase from last year’s net loss of $20.4 million. The loss translates to $0.08 per share.
Adjusted EBITDA for the quarter ended at a loss of $10.7 million compared to last year’s loss of $16.8 million.
Following the earnings release, the company’s shares dropped by as much as 14% when the market opened.
The company’s cash and cash equivalents position ended at $1.3 million from a starting balance of $6.6 million at the beginning of the quarter. Current assets at quarter’s end carry a balance of $30.2 million while current liabilities came in at $22.4 million.
In May 2022, the firm announced the completion of a 100kg titanium powder commercial order.
PyroGenesis Canada last traded at $2.01 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.
