Everyone here has an axe to grindwith management...
Here's what they told you in the Q1 release two years ago: MONTREAL, May 16, 2022 (GLOBE NEWSWIRE) PyroGenesis Announces Q1 2022 Results: Revenues $4.2MM; Gross Margin 25%; Current Backlog of Signed and/or Awarded Contracts $41.2MM
"....
“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 m
- 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
"our factories"?
"several hundred million"?
"race past 50 million and beyond"?
Here we are, two years later, and Q1 numbers are iminent
What we do know as of today is that revenues in Q4 were $3 million
Revenues have plummeted. In 2021 were $31.07 million, in 2022 they were $19.01 million, and in 2023 they were $12.3 million
The company had $1.8 million in cash left on December 31st, and a working capital DEFICIT of $7 million. This compares with $12.2 million in cash and POSITIVE working capital of $14.01 million two years ago
Backlog has gone from $41.2 million two years ago to "our strong backlog of almost $29 million" today. ( "racing past $50 million and beyond )
Never mind year over year comparisons, in Q1 2022 the company reported revenues of $4.2 million
Two years later, I expect they'll report revenues well under $3 million,
We'll know in less than a month
in 21 trading days