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GlobeNewswire·

PyroGenesis Announces Second Quarter 2026 Results: Revenue of $4.4 Million, Up 47% Year-Over-Year for Best Q2 Since 2022

PYRGF
  • First-half 2026 revenue of $9.3 million surpassed the first nine months of 2025 revenue.
  • Q2 2026 revenue reached $4.4 million, representing a 47% year-over-year increase.
  • The company reported a net loss of $1.1 million for Q2 2026, a significant improvement from the $2.9 million loss in the same period of 2025.
  • Modified EBITDA loss narrowed to $0.5 million in Q2 2026 compared to a $2.1 million loss in Q2 2025.
  • Gross margin for Q2 2026 was 32%, down from 56% in the prior year period due to higher subcontracting costs.
  • The revenue backlog stood at $40.0 million as of August 6, 2026, with 88% denominated in US dollars.
  • Two new titanium powder supply agreements were announced in Q2, including a deal with an Asian materials company for electronics applications.
  • Successful production of battery-grade carbon black & hydrogen was achieved using a proprietary plasma torch system without secondary feedstocks.
  • The company also successfully produced battery-grade graphite from carbon black using a two-step plasma process, securing royalty rights on future sales.
  • A new technology for converting contaminated biomass to syngas was delivered to client Innofibre for a $14 million pilot facility.
  • The company acquired its Turcot Manufacturing Facility in Montreal for $3.1 million following an out-of-court settlement.
  • Equity financing activities in Q2 included a bought deal raising $4.26 million & a CEO private placement raising $2.0 million.
  • SG&A expenses decreased by $0.5 million in Q2 2026 compared to the prior year, driven by lower employee compensation.
  • Revenue growth was primarily driven by increases in SPARC™, torch-related sales, DROSRITE™, & U.S. Navy system support activities.
  • The company did not provide specific revenue or net income guidance for 2026 due to the early stage of market adoption.
  • A 20 MW plasma torch contract for an aeronautics & defense client is in the engineering phase with an estimated 3-year duration.
  • Discussions are ongoing for a joint venture to build a commercial-scale fumed silica plant with HPQ Silicon Inc.