Oops Correction: Navy Carrier Contracts Already Done!!! Correction DD: Only Milestone & Future Delivery AR Pending - Probably part of *Backlog...
* note: Pyro Backlog consists of Client Request Specified Future Delivery Dates Per Agreed Contracts ! - 4th Qtr & '23 EOY Report clarifying long-term deliveries vs. short term in Latest Release
The USS John F. Kennedy is scheduled for delivery to the US Navy in June 2024. Of note, PyroGenesis has already delivered the PAWDS system for this ship.
The payment announced today of approximately $1 million CAD (USD$729,000) is as a result of various inspection and support milestones having been reached with respect to the dual ship order for the USS Enterprise and USS Doris Miller, which the Company is currently under contract for.
PyroGenesis has been contracted for a total of four systems, one for each of four aircraft carriers. Two have been delivered (USS Gerald R. Ford and USS John F. Kennedy), and two are currently under order (the USS Enterprise and USS Doris Miller).
-->> https://www.globenewswire.com/en/news-release/2022/10/26/2541657/0/en/PyroGenesis-Plasma-Arc-Waste-Destruction-System-PAWDS-Heads-to-Sea-as-US-Navy-s-New-13-Billion-Aircraft-Carrier-the-Most-Technologically-Advanced-Ship-Ever-Built-Sets-Sail-on-Maide.html
Backlog Clarification::
As of April 1, 2024, revenue expected to be recognized in the future related to backlog of signed and/or awarded contracts is $28.8 million. Revenue will be recognized as the Company satisfies its performance obligations under long-term contracts, which are expected to occur over a maximum period of approximately 3 years