RE:Guidance for Q3 2021 PyroGenesis Provides Guidance for Q3 2021 11/03/2021 07:00 AM ET
MONTREAL, Nov 03, 2021 (GLOBE NEWSWIRE via COMTEX News Network) -- PyroGenesis Canada Inc. (https://pyrogenesis.com) (TSX: PYR) (NASDAQ: PYR) (FRA: 8PY), a high-tech company (hereinafter referred to as the "Company" or "PyroGenesis"), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases (GHG), is pleased to provide guidance for the third quarter ended September 30, 2021.
Based on financial information to date, and subject to any closing adjustments, PyroGenesis expects revenue for the third quarter 2021 to be at least $8 million, resulting in total revenue for the nine months ended September 30, 2021 of at least $22 million, compared to $8.1 million (Q3 2020) and $11 million (nine months ended September 30, 2020).
The Company also expects to report a positive net income for the third quarter of 2021 as well as positive earnings per share for the same period.
Q3 2021 revenue guidance and actual results (2020 & 2021) are summarized in the following table:
Actual 2020 Actual 2021 Guidance 2021 Revenue Q1 $736,000 $6.3MM - Q2 $2.1MM $8.3MM - Q3 $8.1MM TBD > $8MM Nine months ended September 30 $11MM TBD > $22MM YE $17.78MM TBD -
"It is difficult for a company like ours to provide an early indication/guidance given the methodology relating to the accounting for our revenue; namely percentage of completion accounting. As one might expect, delays associated with supply chain issues complicates further this process. Nevertheless, we are happy to be providing today, a first glimpse of our third quarter financial results," said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. "We are proud to give guidance that essentially reflects record nine-month revenue and positive net income for the quarter. We also expect to post a backlog of signed contracts that will be very close to, if not at, a historical high level. Hope this helps."
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