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Pyrogenesis Canada
Pyrogenesis Canada (PYR) investor relations material
Pyrogenesis Canada Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Q3 2025 revenue was $3.25 million, down 18.7% year-over-year, with gross margin at 24% versus 42% a year ago; nine-month margin improved to 35% from 31% in 2024.
Net loss for Q3 was $2.25 million, with a modified EBITDA loss of $1.89 million; comprehensive loss improved to $2.5 million from $3.9 million in 2024.
Backlog remains strong at $51.6 million, with over 80% in U.S. dollars, expected to be recognized over the next three years.
The company continues to focus on energy transition, materials production, and waste processing, with notable contract wins and project progress in each.
Significant progress in fumed silica reactor performance, tripling material surface area and achieving commercial-grade quality.
Financial highlights
Torch sales declined by $0.6 million, while biogas upgrading revenue increased by $0.3 million in Q3.
Year-to-date revenue was $9.3 million, down $2.2 million from 2024, mainly due to lower torch and U.S. Navy system sales.
Gross profit for Q3 was $0.8 million (24% margin), down from $1.7 million (42%) in Q3 2024; year-to-date gross profit was $3.2 million.
SG&A expenses decreased due to lower headcount, professional fees, and insurance, falling to $2.6 million from $5.0 million.
Cash at September 30, 2025, was $0.1 million, with a net working capital deficiency of $15.3 million.
Outlook and guidance
Management expects revenue to improve as project stages advance and more milestones are reached.
The company is focused on cost optimization, targeting $3–$5 million in annual savings for 2025, and expects continued momentum in backlog conversion.
Q4 is expected to benefit from recent financing, with a strong finish to the year anticipated.
No specific revenue or net income guidance for 2025 due to early-stage market adoption.
Near-term milestones include payments on major receivables, new contracts in cement, aluminum, and waste processing, and further commercialization of fumed silica and titanium powder.
20MW plasma torch: commercialization timeline?
Defense sector: chemical weapons destruction status?
Fumed Silica Reactor: commercialization approach?
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Latest summaries
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Next Pyrogenesis Canada earnings date
Q4 202531 Mar, 2026
Pyrogenesis Canada
Next Pyrogenesis Canada earnings date
Q4 202531 Mar, 2026
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Frequently asked questions
PyroGenesis Canada Inc. is a high-tech company that specializes in the design, development, manufacture, and commercialization of advanced plasma processes and sustainable solutions aimed at reducing greenhouse gases and offering economically attractive alternatives to conventional processes. The company's advanced plasma technologies, which have been adopted by industry leaders across four markets: iron ore pelletization, aluminum, waste management, and additive manufacturing, including 3D printing. The company is headquartered in Montreal, Canada, and its shares are listed on the Toronto Stock Exchange.
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