Remember when Pyrogenesis announced a $2 million payment from Drosrite in May 2023?
Approximately $10.7 million remains to be paid under the contract, which management views as a stepping stone to increasing its presence in the Middle East.
PyroGenesis’ subsidiary Drosrite International was contracted by Radian Oil and Gas Services Company for 7 Drosrite systems. The first three systems are in full commercial operation at the Ma’aden plant in Ras Al-Khair, a joint venture corporation with Alcoa recognized as the largest and most efficient vertically integrated aluminum complex in the world.
The company has manufactured the remaining four systems, which are ready for deployment subject to a renewed payment schedule.
“We trust that this payment will allay any concerns that some may have had with respect to the collectability of this receivable,” said P. Peter Pascali, CEO and President of PyroGenesis. “The payment announced today was made in accordance with a continuously revised payment schedule geared to better align [with] the pressures on the end-client’s operating cash flows created by increased business opportunities.”
It seems to me that the continously revised payment schedule is geared to better align with PyroGenesis cash needs.
The payments have all been very well timed.