Wow seeking alpha.. with this PYR news hpq could be in.. Trouble...
HPQ might need to look for another company to team with.
https://seekingalpha.com/article/4421674-pyrogenesis-business-governance-and-internal-controls-present-significant-risk-price-target
some highlighs...
Summary
- We believe that PYR has a history of not meeting revenue targets given to investors, transactions with parties it was related to or invested in, and other conflicts of interest.
- Dating back to 2014/2015, PYR guided investors to hundreds of millions in revenue, only to average ~$7MM annually through 2020.
- It took PYR over a year to disclose in filings that its "client" was a company owned and controlled by a PYR employee who is the son of PYR's CEO.
- In 2020, PYR recognized $2.4MM in revenue (13% of 2020 revenues) from HPQ Silicon just after investing $2.4MM in HPQ itself.
- These and other issues combined with internal control deficiencies
We believe that PyroGenesis
(NASDAQ:PYR) has management, related party, governance, and internal control issues that make it a poor investment. In our report, we show that while PYR guided investors to hundreds of millions of dollars in revenue, it
has averaged just $7MM annually since 2014. Further, we believe that this revenue, particularly what was booked in 2020, is suspect due to related party issues - first, that a "client" turned out to be an entity owned and controlled by a PYR employee and son of the CEO, and second, another revenue stream came from an entity of which PYR owns ~12%.
THERE is way more on the link... but dam...
This is not good for HPQ and maybe they should buy out pyr's interest or something.
It's not a good look and this is going to be hard to spin. But I am sure DeveolpC will try.