Quarterly Revenue of $4.22 Million, Up 40% Year-Over-Year.Quarterly Net Income of $145,320.Full Year Revenue of $15.7 Million, Up 27% Year-Over-Year.Backlog of $54.4 Million, with 87% in U.S. Dollars.
increased output demand.Regarding the outstanding receivable under the Company’s existing $25 million+ Drosrite™ contract, and as previously announced, PyroGenesis had agreed to a strategic extension of the payment plan, by the customer and its end-customer, geared to better align the pressures on the end-user’s operating cash flows created by increased business opportunities.The Company previously noted in an earlier Outlook that it was in advanced discussions with one of the world’s largest producers of metal products to design and develop a plasma-based solution for use in improving precision in the manufacturing process. Upon receiving a purchase order, the Company conducted first round tests during Q4 2024 and Q1 2025 using a low wattage plasma torch. Next steps are to conduct tests using progressively larger torches during Q2 and Q3 2025. A long-term potential project has an approximate value of $10 million.The Company previously noted in an earlier Outlook that it was in advanced negotiations (with a long term >6-month target) with a global leader in glass recycling, to investigate plasma as part of the customer’s energy transition initiatives. This project has advanced sooner than originally anticipated. Contracts are being finalized with the potential for the project to proceed now expected in the near term. The project is related to the spheronization of recycled glass using plasma.The Company has been working on aluminum remelting furnace solutions using plasma for use by secondary aluminum producers or any manufacturer of aluminum components that uses recycled or scrap aluminum. With gas-fired furnaces responsible for much of the scope 1 emissions of secondary aluminum production, aluminum companies have been searching for solutions that can help in the decarbonization efforts of aluminum remelting and cast houses.The Company previously noted in an earlier Outlook that it was in negotiations with a large global manufacturer of energy equipment to co-venture with PyroGenesis on the electrification of third-party furnaces. Post-quarter end [news release dated March 11, 2025], this co-venture was announced between PyroGenesis and the Power Conversion division of GE Vernova.The Company previously noted in an earlier Outlook that it was part of a tendered bid process for the testing of plasma within an aluminum cast house of a leading global aluminum company, and that it had advanced past the preliminary tender phase to the full tender proposal phase, submitting its full proposal in August 2024, with the final client decision expected in the near- to mid-term.The Company has started, and will continue in the near term, live furnace tests of plasma as a process heat source in melting and holding furnaces with major aluminum companies, while also being in advanced discussions with other companies yet to be named for similar live furnace tests. Due to the nature of these tests and the increasing number of similar tests, the Company may choose not to announce every test session it engages in.As mentioned in previous Outlooks, the commissioning of the plasma torch systems – for use in the pelletization furnaces of a client previously identified as Client B – was underway, with the Company’s engineers onsite at Client B’s iron ore facility. The commissioning process includes installation, start-up, and site acceptance testing (SAT). The Company previously announced that it had shipped four 1 MW plasma torch systems for use in Client B’s iron ore pelletization furnaces, for trials toward potentially replacing fossil-fuel burners with plasma torches in Client B’s furnaces.Client C, a global market-leading client who the Company previously identified as one “who is not only a significant player in the iron ore pelletization industry but is also a major player in the steel industry”, has been working with PyroGenesis over the past few years on various potential initiatives related to using plasma for decarbonization. PyroGenesis was previously awarded official supplier status to Client C as part of an impending initiative that was subsequently announced during Q4 2024 [news release dated November 19, 2024], for a contract to assess the applicability of PyroGenesis’ fully electric plasma torches for use in part of the customer’s electric arc furnace (EAF) steelmaking and casting process. The initial project is currently underway with a near-term Q2 2025 expected completion date.The Company previously noted in earlier Outlooks that it had (i) cleared the final requirement to becoming an approved supplier of its titanium metal powder to a global aerospace original equipment manufacturer [press release dated June 5, 2024], and (ii) the formal certification process for adding the Company to the approved supplier list had begun and was expected to be completed in the near term.During Q4, the Company conducted on-site trials of the Company’s Drosrite furnace system for the processing of aluminum dross, at the facilities of European aluminum manufacturers. Additionally, representatives from potential new customers conducted on-site visits at an existing PyroGenesis customer’s factory, where a Drosrite system has been successfully operating for several years. Data from the various tests and site visits are currently being analyzed to help determine next steps towards the possible purchase of Drosrite systems.As mentioned in previous Outlooks, the Company is in discussions with a European company for the Company’s Plasma Resource Recovery System, for use in the pyrolysis of plastics. This potential project has progressed to final negotiations with an expected outcome in the near term.The Company previously noted in an earlier Outlook that it was is in negotiations (with a mid-term 3-6 month outlook) with a large US-based distributor of refrigerants and specialty gases, regarding PyroGenesis’ SPARC system for the safe destruction of hazardous end-of-life refrigerants such as CFCs, HCFCs, and HFCs, with a potential contract amount of approximately $2-3 million. The discussions continue and are expected to be concluded in the near term.The Company is in final negotiations with an entity in Canada, for a plasma-based furnace for use in the melting and valorization of recycled glass, with an estimated contract value of ~$2 million. This potential client is currently assembling funds from a consortium of international contributors, across government and private entities. The amount secured will determine a potential start and/or the scope of the project, with a current timeline for final decision estimated as near-term.The Company is in negotiations with a Middle Eastern customer regarding PyroGenesis’ SPARC system for the safe destruction of hazardous end-of-life refrigerants such as CFCs, HCFCs, and HFCs. The customer has access to a very large existing stockpile of these hazardous materials. Discussions continue as a possible co-venture, whereby PyroGenesis would receive revenue on a profit-sharing basis. PyroGenesis is currently doing due diligence on key elements related to the potential business model.The Company previously noted in an earlier Outlook, that the Company’s client HPQ Polvere (a wholly owned subsidiary of HPQ Silicon Inc.), had announced the successful completion of commissioning of the Fumed Silica Reactor (FSR) pilot plant that PyroGenesis has been designing, engineering, and constructing to convert quartz into fumed silica in a single and eco-friendly step. At that time, the pilot plant had commenced pre-commercial production tests of fumed silica.The Company is in discussions with a European entity for the sale of a plasma torch system and/or plasma reactor system, which the customer would utilize in their production of carbon black and hydrogen for use in batteries and graphite production.The Company is in various stages of discussions with aluminum manufacturers to purchase Drosrite aluminum dross processing systems, including with two Middle Eastern aluminum companies for the purchase of multiple 5,000+ tonnes per year Drosrite furnaces. In addition, multiple European and American aluminum manufacturers are considering systems of various capacities.The Company is in discussions several companies in both North America and Europe regarding the potential sale of multiple tonnes of titanium metal powder, across both “coarse” and “fine” powder cuts.PozPyro is a cement additive material produced by PyroGenesis’ as a collaboration with its client Progressive Planet. The proprietary plasma process converts widely available, high-grade crystalline silica into amorphous silica that can be used to enhance the strength of concrete as a replacement for fly ash which is in diminishing supply. Previous announcements [news release dated May 2, 2024] showed compressive strength tests for PozPyro of up to 99.5% above standards for similar material such as fly ash, while surpassing even the full-strength value of the Portland Cement control by up to 49.67%. A potential contract for a future pilot plant has an estimated value of $15-20 million.The Company is in discussions at quotation stage with several different potential customers who have expressed interest in PyroGenesis’ advances methods for producing silicon, nano-silicon, and silica. The customers include:
–  a major global automaker (whose interest lies primarily in nano-silicon for EV batteries) who is considering a lab-scale production system (approximate value of $500,000) with a long-term potential pilot plant with an estimated contract value of $10-15 million.
–  a US battery manufacturer considering a lab-scale production system for anode material (approximate value of $500,000)
–  a raw material supplier to the construction materials industry who is considering a lab-scale production system (approximate value of $150,000) with a long-term potential pilot plant with an estimated contract value of $10-15 million.The Company is in early-stage discussions with an Asian commodity producer to use plasma to transform waste into a variety of in-demand silica compounds.The Company is in early-stage discussions with an operator of a large North American hazardous waste facility for the sale of a plasma torch system. The facility destroys a variety of hazardous waste, including PFAS “forever chemicals”, currently using an incineration process.As noted above, the Company is a party to a framework master agreement with EarthGrid, which included the payment to the Company of a non-refundable downpayment for $667,000. Negotiations of a first substantial statement of work are ongoing and remain positive but depend in large part on the client’s ability to secure funding in a timely manner. The client now anticipates proceeding with the purchase of a single plasma torch system in the near to mid term, followed by one or more larger orders in subsequent quarters, dependent upon the client’s financing. While there is no guarantee this statement of work or additional ones will be completed, if successful the Company foresees the potential for a multi-phase, multi-year partnership with the client that may result in materially significant additional plasma torch orders over the next few years. EarthGrid continues to have challenges raising capital sufficient to make purchases under this agreement.The Company previously announced the signing of a 2-stage contract for a land-based plasma waste-to-energy system with a European consortium. The first stage consists of a conceptual and preliminary design phase for approximately $2 million, which commenced in Q3 and was scheduled to last no more than one year. The design of the Plasma Waste-to-Energy System is based on the Company’s Plasma Resource Recovery System (PRRS), a waste-to-energy technology that eliminates toxic compounds while transforming waste into reusable products such as syngas and chemicals such as methanol. This project is currently on hold as the client lost its first stage financing. The client is looking for alternate funds. Until such time as those funds have been secured and the project restarted, $2 million has been removed from the Company’s reported backlog.The Company has been in discussions over several years with a European entity, to act as a potential supplier of plasma torches for the entity’s waste-to-energy initiative; the entity has at times, listed PyroGenesis as their torch supplier in various publications online. This entity has recently announced having entered into an agreement with a German multi-Billion-dollar leading technology company to accelerate green energy transition through waste-to-energy technology. The entity announced that it aims to establish 300 plants producing 1 million tons of hydrogen over the next several years.Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
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(GlobeNewsWire)