PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX: PYR)
(NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred
to as the “Company” or “PyroGenesis”), that designs, develops,
manufactures and commercializes advanced plasma processes and
sustainable solutions which are geared to reduce greenhouse gases
(GHG), is pleased to announce today its financial and operational
results for the first quarter ended March 31st, 2022.
“We are happy to be announcing our Q1 2022
financial results. We have posted quarterly revenues of $4.2MM,”
said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “Our
backlog remains very large, above $41MM, and despite gross reported
revenue being impacted this quarter slightly by accounting
procedures related to international logistical and shipping
challenges, our factories continue to produce at a rapid rate, both
against the backlog and in anticipation for new business throughout
the year.
Perhaps even more exciting, our new business
development efforts have grown dramatically, with a pipeline of
pitched projects within the aluminum business line alone now over
several hundred million dollars.
2022 continues to build on the foundation set by
the previous two years. With the successful execution and delivery
of the backlog of signed contracts, the benefit of the biogas
upgrading projects from Pyro Green-Gas, and exploding interest
across seemingly every aspect of the aluminum industry, 2022 is
scaling up to be another great year for the company.
The board and I see continued production and
sales success in the months ahead; as our iron ore pelletization
torches enter into on-site client install and testing, 3D powder
qualification with the global aerospace company moves to the finish
line, and some of our potential aluminum projects in negotiations
reach a signing point, we expect the backlog to race past the $50MM
mark and beyond,” concluded Mr. Pascali.
Q1 2022 results reflect the following
highlights:
- Revenues of $4,206,762,
- Gross margin profit of $1,051,723 or 25% of revenue,
- Cash, cash equivalents and publicly traded shares at March 31,
2022 of $18.5MM
- Backlog of signed and/or awarded contracts of $41.2MM
- Milestone new market entry sales, including for the destruction
of polyfluoroalkyl substances
OUTLOOK
With 2021 having achieved many important
accomplishments and milestones, 2022 has begun by maintaining the
accelerated business momentum of the previous two years.
Despite the continuing challenges of the global
marketplace due to Covid, plus new challenges resulting from
conflict in Ukraine, as well as energy supply shortages in Europe
and China impacting both the cost and output of aluminum and steel,
opportunities for PyroGenesis continue to expand across the board.
Led by unprecedented awareness of the Company’s capabilities across
the aluminum industry after the successful commissioning of its
DROSRITETM metal recovery systems at a leading Middle Eastern
primary aluminum producer; along with the discovery, pursuit, and
active engagement of new market prospects both upstream and
downstream from the Company’s DROSRITETM systems; and major new
developments within primary, secondary (recycled) and tertiary
(manufacturers’ in-house casting facilities) aluminum producers who
are engaging the Company in a variety of discussions and
negotiations regarding metal recovery, furnace retro-fitting, and
comprehensive fuel-switching initiatives. These factors, bolstered
by the quickening global push towards fossil fuel reduction at both
industry and government levels that further showcases the
PyroGenesis advantage, allows management to expect that tailwinds
into an already strong pipeline will continue throughout 2022 and
beyond.
Overall Strategy
Continuing to build on its strategy to offer
technology solutions that provide benefits from greenhouse gas
(“GHG”) emissions reduction,
While we had previously considered our strategy
to be timely, as many governments are stimulating their respective
economies by promoting and funding both environmental technologies
and infrastructure projects; and after 2021 proved an even greater
affirmation of this approach as major industries and organizations
targeted by the Company not only recommitted to their targets, but
in some cases raised them significantly, 2022 has brought about
more circumstances that highlight how technology solutions like
those from PyroGenesis will be in even greater demand.
In particular, the conflict in Ukraine has
showed once again how geopolitical influences will continue to
impact the supply of metals that are already under extraordinary
market demand. As the war in the Ukraine drove supply chain issues
and additional sanctions on Russia, aluminum spot-prices spiked as
high as 60% year over year in March 2022 – up to $3,487 a tonne, a
30-year high – on worries about supply reductions from aluminum
powerhouse Rusal.
The conflict also more fully exposed the
vulnerability of aluminum producers to power availability and
energy price uncertainty, as current energy supply challenges being
experienced by European and Asian metal producers were exacerbated
during the war.
All of these factors show that with global metal
demand only growing (anticipated to grow by 80% by 2050), and
industry carbon-reduction targets not yet on track to meet their
goals, producers must find ways to improve their efficiency, and
increase their yield of high-quality metal from current production
– all while lowering their carbon footprint. PyroGenesis’ range of
technology solutions provide just such an opportunity, with the
Company’s DROSRITETM systems providing industry-leading dross
recovery rates of high-quality aluminum, inline and on-site, with a
lower operating expenses and lower carbon footprint than all
competing technologies; meanwhile, the Company’s mainstay plasma
torch offering provides another technology-driven solution for
metal producers looking to reduce their reliance on a volatile
natural gas supply chain (or any fossil fuel, for that matter)
within any aspect of their operations that require metal melting or
heating.
These same or similar pressures are affecting
the global steelmaking industry, into which the Company has already
sold initial torches for final pre-order trials; the Company
expects similar positive outcomes as a result of these additional
pressures.
For clarity, as stated many times, most of
PyroGenesis’ product lines do not depend on environmental
incentives (tax credits GHG certificates, environmental subsidies,
etc.) to be economically viable; with the increased commitments by
industry to carbon reduction, it is anticipated that the Company’s
growth drivers will expand, and shareholders will see increased
value.
The Company is not immune to the negative impact
that COVID-19 and other external factors brought on businesses,
specifically related to the work force and, more importantly, the
supply chain. However, Management believes that the Company is
better situated than most, and through various mitigation measures
these challenges continue to be dealt with in an effective manner.
The Company expects even greater improvements as the impact of
COVID-19 and other external factors continues to recede after Q2
2022.
Organic Growth
Organic growth will be spurred on by (i) the
natural growth of our existing offerings, which continue to be
accelerated given our strong balance sheet (ii) leveraging off our
insider “Golden Ticket” advantage that because of, for example, the
fact that the inline, hot dross-enabled DROSRITETM system in
installed inside a customer’s facility (vs. the legacy cold-dross
Rotary Salt Furnace approach that is installed off-site), this
allows us to see first-hand some of the additional and peripheral
needs of our customers, and (iii) exploring new ways scientifically
(and corresponding markets laterally) to provide unique solutions
and value that helps industries deal with some of the most pressing
environmental, engineering, and energy problems.
A “Golden Ticket” provides the opportunity to
either, (i) cross sell other products or, ideally, (ii) identify
new areas of concern that can be addressed uniquely by
PyroGenesis.
Over the past several years, PyroGenesis has
successfully positioned each of its business lines for rapid growth
by strategically partnering with multi-billion-dollar entities.
These entities have identified PyroGenesis’ offerings to be unique,
in demand, and of such a commercial nature as to warrant such
unique relationships. We expect that these relationships are now
positioned to transition into significant revenue streams.
Aluminum Industry Process
Improvement
As mentioned in previous reports, momentum with
PyroGenesis’ Aluminum Industry strategy and offering continues to
not just bear fruit, but to explode in opportunity in several
different directions.
In 2021, the Company concluded a joint venture
and a license agreement with an existing and proven technology
provider. The technology is geared to uniquely handle the residues
resulting from the processing of dross in the aluminum industry. We
had previously announced our intention to secure this technology
and would not only make our traditional DROSRITE™ offering more
appealing but could also be offered as a stand-alone product. We
believe that valorizing the residues and producing high end
products will further define us as the go-to company for all dross
related processing. This is a prime example of our “Coffee &
Donuts” strategy in play. The joint venture will only relate to the
new technology and, as such, PyroGenesis will not have to vet in
any assets or IP (specifically not the DROSRITE™ technology).
Overall, the Company is now one of the largest
and certainly the fastest growing dross recovery solutions in the
world, with 11 large DROSRITE™ systems in use or slated for
delivery to markets around the world, and three more LOI’s. The
Company also continues to increase the price and the efficiency of
its systems, and is pitching several more contracts as of the
writing of this document.
During the quarter, the Company announced on
February 2, receipt of a $4M purchase order for the first of three
10-ton DROSRITETM systems from an existing client, which followed
the receipt of a letter of intent (LOI) from the existing client on
June 07, 2021.
Steel Industry Process
Improvement
With steelmaking being one of the most
carbon-emission intensive industries in the world, estimated to be
responsible for between 7 to 12 per cent of all global fossil fuel
and greenhouse gas emissions, that industry continues to be under
intense pressure, including huge financial penalties, to find
emission reductions.
This pressure on the steel-making industry
allows PyroGenesis to expect demand for its upstream, iron ore
pelletization solution to increase significantly, as steelmakers
look to all aspects of the production lifecycle for carbon
reduction opportunities.
Serious consideration is being given to
replacing large numbers of the fossil fuel burners in iron ore
pelletization with PyroGenesis’ proprietary and patented plasma
torches. To date, everything is proceeding as expected. Initial
discussions with potential customers have evolved into confirmation
stages, computer simulations, business case development, and
initial torch orders for in-factory testing with two of the largest
steelmaking and mining companies in the world. As these torches are
tested in live settings over the coming months, the company expects
a resulting roll-out program to replace many, if not all, fossil
fuel burners with PyroGenesis’ plasma torches in the customers’
iron ore pelletization furnaces – a technology process for which
PyroGenesis, as the patent holder, commands a significant
competitive advantage.
During the quarter, the company announced on
January 27 the scheduling of a factory acceptance test (FAT) for
plasma torches for its “client A”, a multi-billion dollar
international producer of iron ore. Subsequently, on February 8,
the Company announced the completion of said FAT, and further
announced that the torch system would be shipped to the Client’s
facility, with scheduled arrival on or about the end of Q2
2022.
On February 1, the Company provided a cost
estimate for 36 plasma torches to that same Client A. The estimate
was accordingly provided, at an estimated value of $95-115 million.
The range is an estimate due to certain uncertainties which will be
more clearly defined in due course.
PyroGenesis expects that the previously
mentioned government initiatives, geared to stimulating their
respective economies by promoting and funding environmental
technologies and infrastructure projects, will only serve to
increase interest in PyroGenesis’ plasma torch offerings to other
companies in this space. While potential clients seeking government
support for large initiatives may draw out the onset of large
contracts, the sheer number of potential customers, and the fact
that the Company will engage with many of them in different stages
at different times, will help to ensure a long, overlapping
pipeline of potential projects.
In addition, PyroGenesis is proactively
targeting other industries which are experiencing significant
pressure to reduce GHGs, and which utilize fossil fuel burners as
well, such as the cement, aluminum, and automotive industries.
Plasma Torches for Emerging / Niche Markets
Separately, the Company also offers plasma
torches to emerging / niche markets where there is a high
probability of on-going sales from successful implementation.
One such example is when, during the quarter, on
February 7, the Company announced that it had signed a $273,000
contract with a European research centre, to manufacture and
deliver a 50Kw methane plasma torch, which will be used by the
client to develop a process to convert hydrocarbons, including
methane (a greenhouse gas), into useful chemicals such as olefins
(e.g. ethylene, propylene, etc.), thereby significantly reducing
GHGs.
For each new market, the Company will also
benefit from providing proprietary spare parts and service, which
generates significant recurring revenue, thus complementing the
Company’s long-term strategy to build a recurring revenue
model.
Additive Manufacturing (Metal Powders
for 3D Printing)
With respect to additive manufacturing, we
continue to expect to see significant year over year improvements
in our 3D metal powders offering as our NexGen™ facility, which
incorporates all the previously disclosed benefits (increased
production rates and lower capital & operating expenditures),
is now officially on-line and operational.
Of note, a major tier-one global aerospace
company has already entered into an agreement with the Company to
formally qualify its powder, at considerable expense to the global
aerospace company, with a view towards having the Company become a
supplier.
There are additional major top tier aerospace
companies and OEMs, in both Europe and North America, eagerly
awaiting powders from this new state-of-the-art production line,
and we are currently in the process of supplying sample powders to
them for analysis.
The Company expects that such developments will
continue and will translate into significant improvements in
contributions to revenue by this segment in the mid-long term.
HPQ/PUREVAP™
With respect to HPQ, the goal is to continue to
expand our role as HPQ’s technology provider for the game changing
family of silicon processes which we are developing exclusively for
HPQ and its wholly owned subsidiaries HPQ Nano Silicon Powders Inc.
and HPQ Silica Polvere Inc., namely:
- The PUREVAP™ “Quartz Reduction
Reactors” (QRR), an innovative process (patent pending), which
should permit the one step transformation of lower purity quartz
(SiO2) than any traditional processes can handle into a silicon
(Si) of a higher purity level (2N-4N) that can be produced by any
traditional smelter, at reduced costs, energy input, and carbon
footprint. The unique capabilities of this process could position
HPQ as a leading provider of the specialised silicon material
needed to propagate its considerable renewable energy potential;
and
- The PUREVAP™ Nano Silicon Reactor
(NSiR), which, if successful, could position itself as a new
proprietary low-cost process that can transform the silicon (Si)
made by the PUREVAP™ QRR into the nano-silicon materials (spherical
silicon powders and silicon nanowires) sought after by energy
storage, batteries, electric vehicle manufactures and clean
hydrogen sectors participants. The aim of the ongoing work is to
position HPQ NANO as the first to market with a commercial scale
low-cost nanoparticle production system.
- A new plasma-based process that
could convert Silica (Quartz, SiO2) into fumed silica (Pyrogenic
Silica) in one step. This new process could be a low-cost and
environmentally friendly option that combines HPQ Silicon High
Purity Quartz initiatives with PyroGenesis’ industry leading
know-how in the development of commercial plasma processes. It is
envisioned that the process will eliminate harmful chemicals
presently generated by traditional methods. This new process could
revolutionize the manufacturing of fumed silica, while repatriating
production back to North America.
Government participation in a $5.3MM funding of
the fumed silica project confirms our expectation that 2022 should
be a year in which significant developments occur on all these
fronts.
Land Based Units/Environmental
The Company did not previously aggressively
target the Company’s land-based/environmental solutions during the
period where the Company’s other offerings, such as in steelmaking
and aluminum industry process improvement, were accelerating.
However, during 2021, interest in the Company’s
capabilities in this arena was renewed. Besides the interest in
niche torch applications mentioned above (ex. medical waste),
PyroGenesis’ plasma-based solutions have generated interest in
processing a waste stream that has recently been classified as
hazardous. Management believes that, in a current bidding process,
its solution is the technology of choice. If successful, this will
represent a significant positioning of PyroGenesis plasma-based
solutions not only for this specific product line but, when taken
in conjunction with the historic success with its offering on US
Aircraft carriers, the land based/environmental segment in
general.
Growth through Synergistic Mergers and
Acquisitions
As previously disclosed, the Company is
conservatively considering synergistic merger and acquisition
strategies to augment its growth, and the Company has been very
actively involved in pursuing several opportunities to support this
strategy. In so doing, the focus has been on private companies
exclusively which (i) primarily leverage the Company’s Golden
Ticket advantage, or (ii) could uniquely benefit from the Company’s
engineering advantage and/or international relationships.
During 2021, the Company acquired AirScience
Technologies Inc. (“AST”), a company with experience in biogas
upgrading. PyroGenesis believes that AST’s experience in biogas
upgrading, combined with PyroGenesis’ engineering and
multidisciplinary skills, as well as its proven record of meeting
the exacting demands of multibillion-dollar companies and the US
military, positions the combination well to address the
opportunities arising from this growing need to generate renewable
natural gas.
The acquisition of AST also provides potential
synergies with PyroGenesis’ land-based waste destruction offerings
which, if successful, will significantly increase their value to
the market. AST’s technology complements PyroGenesis’ existing
offerings and further strengthens PyroGenesis’ position as an
emerging leader in GHG solutions for sustainable long-term
growth.
Our objective is to strengthen AST’s operations
and quality control systems, over the course of the next 12-15
months, while at the same time increasing the backlog of signed
contracts and successfully delivering on existing contracts thus
positioning AST as a significant and credible player in the
marketplace. Once established, we will evaluate our options to
accelerate the rollout of these solutions.
Additional Opportunities - Plasma Torches:
Within the Plasma Torch line of business, the
Company continues to consider options to leverage its plasma
expertise and continue to review torch technologies that could
complement existing offerings, leverage off their unique
relationships, or explore new opportunities. In early stage
discussion across many sectors and many potential customers, no
additional details are available at this time.
CONCLUSION
In conclusion, PyroGenesis sees 2022 as a
platform from which decades of exponential growth will stem.
The Company plans to take advantage of its
unique position in its main business offerings to accelerate
growth, with a particular emphasis on offerings geared to
aggressively reducing GHG emissions and the world’s carbon
footprint, while finding and offering solutions to pressing
environmental, engineering, and energy challenges.
Financial Summary
Revenues
PyroGenesis recorded revenue of $4,206,762 in
the first quarter of 2022 (“Q1, 2022”), representing a decrease of
33% compared with $6,264,503 recorded in the first quarter of 2021
(“Q1, 2021”).
Revenues recorded in the first quarter of 2022
were generated from:
(i) |
DROSRITE™ related sales of $900,079 (2021 Q1 - $2,740,725) |
(ii) |
PUREVAP™ related sales of
$441,605 (2021 Q1 - $625,086) |
(iii) |
torch related sales of $1,041,709
(2021 Q1 - $195,221) |
(iv) |
development and support related
to systems supplied to the U.S. Navy of $745,260 (2021 Q1 -
$2,586,021) |
(v) |
Biogas upgrading and pollution
controls of $990,045 (2021 Q1 - $Nil) |
(vi) |
other sales and services of
$88,064 (2021 - $117,450) |
Cost of Sales and Services and Gross
Margins
Cost of sales and services before amortization
of intangible assets was $2,936,280 in Q1 2022, representing a
decrease of 29% compared with $4,114,713 in Q1 2021, primarily due
to a decrease in direct materials and manufacturing overhead of
$1,784,445, offset by the increase of $606,659 in employee
compensation, subcontracting, and foreign exchange charge on
materials.
In Q1 2022, employee compensation,
subcontracting, and foreign exchange charge on materials increased
to $1,695,707 (Q1 2021 - $1,089,048). The gross margin for Q1 2022
was $1,051,723 or 25% of revenue compared to a gross margin of
$2,143,010 or 34.2% of revenue for Q1 2021. As a result of the type
of contracts being executed, the nature of the project activity, as
well as the composition of the cost of sales and services, as the
mix between labour, materials and subcontracts may be significantly
different. In addition, due to the nature of these long-term
contracts, the Company has not necessarily passed on to the
customer, the increased cost of sales which was attributable to
inflation, if any.
Investment tax credits related to qualifying
projects from the provincial government were $10,498 (2021 -
$26,649). The Company also recorded for the three months ended
March 31, 2022, $1,829 (2021 - $1,183) of the investment tax
credits against cost of sales and services, $1,168 (2021 - $17,967)
against research and development expenses and $7,500 (2021 -
$7,500) against selling general and administrative expenses.
The amortization of intangible assets of
$218,759 in Q1 2022 compared to $6,780 for Q1 2021 relates mainly
to the intangible assets in connection with the Pyro Green-Gas
acquisition, patents and deferred development costs. These expenses
are non-cash items and will be amortized over the duration of their
expected lives.
Selling, General and Administrative
Expenses
Included within Selling, General and
Administrative expenses (“SG&A”) are costs associated with
corporate administration, business development, project proposals,
operations administration, investor relations and employee
training.
SG&A expenses for Q1 2022 excluding the
costs associated with share-based compensation (a non-cash item in
which options vest principally over a four-year period), were
$3,942,738 representing an increase of 41% compared with $2,803,095
reported for Q1 2021.
The increase in SG&A expenses in Q1 2022
over the same period in 2021 is mainly attributable to the net
effect of:
(i) |
an increase of 37% in employee compensation due primarily to
additional head count, |
(ii) |
a decrease of 33% for professional fees, primarily due to a
decrease in accounting fees, legal fees, and listing fees. |
(iii) |
an increase of 47% in office and general expenses, is due to an
increase in stationary and office and computer related
expenses, |
(iv) |
travel costs increased by 267%, due to an increase in travel
abroad, |
(v) |
depreciation on property and equipment increased by 87% due to
higher amounts of property and equipment being depreciated, |
(vi) |
depreciation on right of use assets increased by 63% due to higher
amounts of right of use assets being depreciated, |
(vii) |
Investment tax credits were the same year to year, |
(viii) |
government grants increased by 100% due to higher levels of
activities supported by such grants, |
(ix) |
other expenses increased by 317%, primarily due to an increase in
insurance. |
Separately, share based payments increased by
81% in Q1 2022 over the same period in 2021 as a result of the
stock options granted in 2020, 2021 and 2022. This was directly
impacted by the vesting structure of the stock option plan with
options vesting between 10% and 100% on the grant date requiring an
immediate recognition of that cost.
Research and Development (“R&D”)
Costs
The Company incurred $482,432 of R&D costs,
net of government grants, on internal projects in Q1 2022, an
increase of 69% as compared with $286,307 in Q1 2021. The increase
in Q1 2022 is primarily related to an increase in employee
compensation, materials and equipment and other expenses and a
decrease in investment tax credits and government grants
recognized.
In addition to internally funded R&D
projects, the Company also incurred R&D expenditures during the
execution of client funded projects. These expenses are eligible
for Scientific Research and experimental Development (“SR&ED”)
tax credits. SR&ED tax credits on client funded projects are
applied against cost of sales and services (see “Cost of Sales”
above).
Financial Expenses
Finance expenses for Q1 2022 totaled $183,900 as
compared with $53,087 for Q1 2021, representing an increase of 246%
year-over-year. The increase in finance expenses in Q1 2022, is
primarily attributable to higher interest and accretion due on the
business combination.
Strategic Investments
The adjustment to fair market value of strategic
investments for Q1 2022 resulted in a gain of $1,176,755 compared
to a gain in the amount of $5,634,722 in Q1 2021. The decrease is
primarily attributable to the decreased market share value of
common shares and warrants owned by the Company of HPQ Silicon
Resources Inc.
Comprehensive (Loss) Income
The comprehensive loss for Q1 2022 of $4,069,119
compared to an income of $3,712,903, in Q1 2021, represents a
decrease of 210% year-over-year. The decrease in income of
$7,782,022 in the comprehensive loss in Q1 2022 is primarily
attributable to the factors described above, which have been
summarized as follows:
(i) |
a decrease in product and service-related revenue of $2,057,741
arising in Q1 2022, |
(ii) |
a decrease in cost of sales and services of $966,454, primarily due
to a decrease in direct materials and manufacturing overhead &
other, and an increase in employee compensation, subcontracting,
foreign exchange charge on materials, investment tax credits, and
amortization of intangible assets, |
(iii) |
an increase in SG&A expenses of $1,139,643 arising in Q1 2022
primarily due to an increase in employee compensation, professional
fees, office and general, travel, depreciation in property and
equipment, depreciation ROU assets, government grants, other
expenses and share based expenses, |
(iv) |
an increase in R&D expenses of $196,126 primarily due to an
increase in subcontracting, material and equipment and other
expenses, |
(v) |
an increase in financial expenses of $130,813 in Q1 2022 primarily
due to interest on lease liabilities, interest accretion on balance
due on business combination and other interest expenses, |
(vi) |
a decrease in fair value adjustment of strategic investments of
$4,588,780 in Q1 2022. |
EBITDA
The EBITDA in Q1 2022 was a $3,300,693 loss
compared with an EBITDA gain of $3,950,881 for Q1 2021,
representing a decrease of 184% year-over-year. The $7,251,574
decrease in the EBITDA loss in Q1 2022 compared with Q1 2021 is due
to the decrease in comprehensive loss of $7,782,023, an increase in
depreciation on property and equipment of $66,673, an increase in
depreciation ROU assets of $64,430, an increase in amortization of
intangible assets of $211,979, an increase in financial expenses of
$130,812, and an increase in income taxes of $56,553.
Adjusted EBITDA loss in Q1 2022 was $1,631,063
compared with an Adjusted EBITDA gain of $4,873,221 for Q1 2021.
The decrease of $6,504,284 in the Adjusted EBITDA loss in Q1 2022
is attributable to a decrease in EBITDA loss of $7,251,574, and by
an increase of $747,289 in share-based payments.
The Modified EBITDA loss in Q1 2022 was
$2,807,818 compared with a Modified EBITDA loss of $761,501 for Q1
2021, representing a decrease of 269%. The increase of $2,046,319
in the Modified EBITDA loss in Q1 2022 is attributable to the
decrease as mentioned above in the Adjusted EBITDA of $6,504,284
and a decrease in the change of fair value of strategic investments
of $4,457,967.
Liquidity
As at March 31,2022, the Company has cash and
cash equivalents of $6,612,624. In addition, the accounts payable
and accrued liabilities of $9,378,832 are payable within 12 months.
The Company expects that its cash position will be able to finance
its operations for the foreseeable future
About PyroGenesis Canada
Inc.
PyroGenesis Canada Inc., a high-tech company, is
a leader in the design, development, manufacture and
commercialization of advanced plasma processes and sustainable
solutions which reduce greenhouse gases (GHG), and are economically
attractive alternatives to conventional “dirty” processes.
PyroGenesis has created proprietary, patented and advanced plasma
technologies that are being vetted and adopted by multiple
multibillion dollar industry leaders in four massive markets: iron
ore pelletization, aluminum, waste management, and additive
manufacturing. With a team of experienced engineers, scientists and
technicians working out of its Montreal office, and its 3,800 m2
and 2,940 m2 manufacturing facilities, PyroGenesis maintains its
competitive advantage by remaining at the forefront of technology
development and commercialization. The operations are ISO 9001:2015
and AS9100D certified, having been ISO certified since 1997. For
more information, please visit: www.pyrogenesis.com.
This press release contains certain
forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate",
"continue", "anticipate", "intend", "expect", "in the process" and
other similar expressions which constitute "forward- looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Corporation's current
expectation and assumptions and are subject to a number of risks
and uncertainties that could cause actual results to differ
materially from those anticipated. These forward-looking statements
involve risks and uncertainties including, but not limited to, our
expectations regarding the acceptance of our products by the
market, our strategy to develop new products and enhance the
capabilities of existing products, our strategy with respect to
research and development, the impact of competitive products and
pricing, new product development, and uncertainties related to the
regulatory approval process. Such statements reflect the current
views of the Corporation with respect to future events and are
subject to certain risks and uncertainties and other risks detailed
from time-to-time in the Corporation's ongoing filings with the
securities regulatory authorities, which filings can be found at
www.sedar.com, or at www.sec.gov. Actual results, events, and
performance may differ materially. Readers are cautioned not to
place undue reliance on these forward-looking statements. The
Corporation undertakes no obligation to publicly update or revise
any forward- looking statements either as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Neither the Toronto Stock Exchange, its
Regulation Services Provider (as that term is defined in the
policies of the Toronto Stock Exchange) nor the NASDAQ Stock
Market, LLC accepts responsibility for the adequacy or accuracy of
this press release.
SOURCE PyroGenesis Canada Inc.
For further information please contact: Rodayna
Kafal, Vice President, IR/Comms. and Strategic BDPhone: (514)
937-0002, E-mail: ir@pyrogenesis.com RELATED LINK:
http://www.pyrogenesis.com/
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