Revenue and ProjectionsFollowup on the revenue, with an attempt to have a logical discussion and understand what the Mariner report Delesio posted about.
So , let's look at what the data has been :
Revenue Data (Updated with 9 months of 2024) Pyrogenesis
Year Revenue (in millions)
9M 2024 $11.43
2023 $12.30
2022 $19.00
2021 $31.07
2020 $17.78
2019 $4.80
2018 $5.00
2017 $7.20
2016 $5.20
2015 $6.20
2014 $5.80
To me, the revenues, pre 2020 are modest median/average 5.8/5.88, and 2020-2023 19/20
The excitement of 2021 with the jump to 31 million was not sustained.
but then dropped 2022: $19.00 million (-38.8% YoY) and
2023: $12.30 million (-35.3% YoY)
Mariner indicated the company guidance was:
“October 2014 – “Once this process is fully commercialized, potential revenues are in the hundreds of millions of dollars.”
March 2015 – “PyroGenesis Announces Signing of an Exclusive Marketing License Agreement for $500,000 Plus Commitment for Six (6) 50 TPD Waste Treatment Systems Totaling Over $120 million”
September 2019 – “We fully expect that this will be the first of many systems ordered by the Client who will benefit, upon reaching a certain milestone, from a limited territorial exclusivity. This contract, together with signed backlog, recently announced contract award, and the imminent US Navy contract for $13.5M, portends to a backlog of over $40M, which must be addressed within the next 18 months, come September. This does not include the $35M of backlog in subsequent years. It is a very exciting time for the Company.”
and as Mariner noted
What we have here are claims that imply tens of millions, if not hundreds of millions, in revenue from 2014 onward, and a 2019 claim that would imply revenue in excess of $40MM through 2020.”
Source:seekingalpha.com
As I see it, that spike in revenues created the share spike, but what we see after a peak in 2021 at $31.07 million, revenue has steadily declined:
2022: $19.00 million (-38.8% YoY)
2023: $12.30 million (-35.3% YoY)
9M 2024: $11.43 million so final to be determined but on trend for slight increase over 2023 and on par with 2022, but still a decline from the peak
And so here we sit-revenue declined, not to regain the levels before or the growth trajectory.
Not to mention, the company is not profitable.
No matter how big the torch-the profit ghasnt been there
Fwiw, my view only, for entertainment, not to invest, just for education