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PyroGenesis Announces First Quarter 2026 Results: Revenue of $4.9 Million, Up 63% Year-Over-Year for Best Quarter Since 2022

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  • PyroGenesis reported Q1 2026 revenue of $4.9 million, a 63% increase year-over-year, marking the second highest quarterly revenue in company history.
  • Gross margin improved to 32% from 27% in Q1 2025, while net loss narrowed to $1.0 million compared to $4.26 million in the prior year.
  • The company's revenue backlog stood at $43.1 million as of May 7, 2026, with 86% of the value denominated in U.S. dollars.
  • Major project advancements included the delivery of a 4.5 MW plasma torch to a U.S. defense client, completion of a system for Constellium, and successful live furnace trials with Rio Tinto and Alcoa confirming energy savings.
  • PyroGenesis announced a supply agreement with a U.S. client for titanium powder and a partnership with a U.S. defense contractor to pursue chemical weapon destruction contracts in Syria.
  • Independent verification confirmed that the company's fumed silica met commercial grade benchmarks, leading to negotiations for a joint venture to build a 1,000 tonne per year production plant with HPQ Silicon Inc.
  • Post-quarter-end in April, the company secured a titanium powder supply contract with an Asian materials company serving the electronics market, with potential for multiple tonnes of annual sales.
  • A non-brokered private placement closed in March, raising $1,973,450 from the sale of 3,654,537 units at $0.54 per unit, including warrants.
  • The company appointed Jean Mayer as Vice-President, Legal Affairs and Corporate Secretary, effective April 28, 2026.
  • Revenue growth was primarily driven by increased sales in torch-related products ($1.6 million increase) and SPARC refrigerant destruction systems ($1.3 million increase), offset by declines in PUREVAP and biogas segments.
  • SG&A expenses decreased by $1.5 million to $2.2 million, largely due to a $0.9 million recovery in expected credit losses compared to an expense in the prior year.
  • The company confirmed successful testing of its plasma technology for lithium battery material recovery with a North American battery recycler, with potential future purchases of multiple 5 MW torch systems.
  • No specific revenue or net income guidance was provided for 2026 due to the early stage of market adoption for core business lines.
  • The company stated it has no direct operations or customer relationships in Russia, Belarus, Ukraine, or Iran, though it monitors regional conflicts affecting projects in Poland and Saudi Arabia.