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PyroGenesis Announces Fourth Quarter and Full Year 2025 Results

PYRGF
  • PyroGenesis Inc. reported Q4 2025 revenue of $3.3 million (down 21% vs Q4 2024) & full-year 2025 revenue of $12.57 million (down 19.6% vs FY 2024).
  • The Company posted a Q4 2025 net loss of $5.22 million & a full-year 2025 net loss of $14.8 million, with gross margins falling to 17% in Q4 & 30.2% for the full year.
  • As of March 31, 2026, the revenue backlog totaled $47.8 million, with 84% denominated in U.S. dollars.
  • CEO P. Peter Pascali noted that while 2025 financial targets were not met, technological progress in plasma torches is expected to drive future revenue growth.
  • Field tests with Rio Tinto & Alcoa demonstrated plasma torches achieving 35% energy reduction, 20-27% cycle time reduction, & 40-50% lower hydrogen content in metal.
  • New market entry contracts were signed in radioactive waste, lithium battery recycling, & plastic waste management during 2025.
  • Major contracts were secured with Norsk Hydro ASA & Constellium for live furnace tests using PyroGenesis' plasma torches.
  • The Materials Production business unit expanded with titanium powder orders from a global aerospace leader, a contract manufacturer, & a U.S. minerals company.
  • The fumed silica reactor pilot plant became operational in 2025, producing material that meets commercial grade standards.
  • A non-brokered private placement in October 2025 raised approximately $5 million, with CEO P. Peter Pascali subscribing to the majority of the first tranche.
  • In January 2026, the Company announced an agreement with a U.S. defense partner to jointly pursue contracts for the safe destruction of chemical weapons in Syria using PACWADS technology.
  • Q4 2025 SG&A expenses rose to $5.8 million due to a $3.4 million unfavorable variance in bad debt recoveries & increased patent-related professional fees.
  • The Company reported no bank debt as of December 31, 2025, & maintains a cash position of $1.1 million.
  • The conflict in Iran beginning in February 2026 has caused global supply chain disruptions & inflationary pressures, though the Company reports no direct client impacts yet.
  • PyroGenesis is not providing specific revenue or net income guidance for 2026 due to the early stage of market adoption for its core technologies.