MONTREAL, May 14, 2024 (GLOBE NEWSWIRE) — PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY), a high-tech company (the Company or PyroGenesis) that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions which are geared to reduce greenhouse gases (GHG) and address environmental pollutants, is pleased to announce its financial and operational results for the first quarter ended March 31st, 2024.
Q1 continues to confirm our contention that we have successfully rebounded off the low revenue mark of Q1 2023 and that our cost controls and project optimization efforts are having the impact we expected, said P. Peter Pascali, President and CEO of PyroGenesis. We now have 4 straight quarters comfortably exceeding that three-year low point, with this recent quarter being 34% clear. As we stated in our last earnings call, we had anticipated the upward revenue momentum of the last few quarters to continue, and while we remain cautious, we are every encouraged that the overall trend continues to be positive and upward.
I am pleased with this quarter, said Mr. Pascali. We achieved some notable milestones, both in terms of (i) existing projects such as the fumed silica reactor project on behalf of our client HPQ Silicon, and (ii) with regard to new market entry, as evidenced by new contracts signed, and advance negotiations underway, with several clients in industries as diverse as green cement to steelmaking to aerospace manufacturing. The company’s flagship technologies are now being assessed, tested, or in use across a much wider array of major heavy industry categories, in more primary jurisdictions globally, than even we once thought possible. In so many ways, we are just getting started.
remove ads
.
Mr. Pascali added, We have more work to do as we continue our optimization efforts, but this is a good start, and with our backlog of projects holding strong above $28 million, and our sales pipeline growing, we become better positioned with each passing quarter to succeed in our stated goal of becoming a leader in heavy industry decarbonization technology solutions.
KEY Q1 2024 FINANCIAL HIGHLIGHTS
- Revenue of $3.5 million, up 34.5% year-over-year vs. Q1 2023
- Revenue was up 16.2% vs. Q4 2023
- 3rd best Q1 revenue in Company’s history
- Backlog of signed and/or awarded contracts of $28.1 million as at May…
Click Here to Read the Full Original Article at All News…
