PyroGenesis Canada (
TSX: V.PYR,
Forum) celebrated today when the company announced its Q3 2015 financial results noting a quarterly revenue of $1.4 million, an increase of 12% from $1.2 million reported in the matching 2014 quarter.
According to the
news release, the company’s recorded revenue of $4.0 million for the nine-month period didn’t move from the prior year’s filing, however excluding extraordinary revenue of $0.6 million filed during the first nine months of 2014, the nine-month revenue for 2015 shows an increase of 19%.
There was a comprehensive loss for the quarter of $1.27 million compared to a comprehensive loss of $995,695 in Q3 2014 as well as a comprehensive loss for the first nine months of 2015 of $3.84 million as opposed to a loss of $2.58 million filed the prior year, representing an increase of 49%. This increase was attributed to such things as a one-time benefit of $620,000 in 2014 in respect of the termination of a project due to a customer’s breach of contract, which increased revenue at 100% gross margin; a reduction in gross margin, an increase in SG&A expenses and an increase in financing charges.
The company also reported an order backlog as of November 25, 2015 of $16.0 million which the company expects to record as revenue prior to the end of 2016. The release went on to note that based on the backlog, together with the pipeline of prospective new projects, cash flows from operations are expected to be positive in the near future.
PyroGenesis Canada was in the news recently
when the Montreal, Quebec-based company announced a private placement two weeks ago.
Shares were down 6.52% on minimal trading to $0.215 per share.
Currently there are 84.8m outstanding shares with a market cap of $18.2 million.
FULL DISCLOSURE: PyroGenesis Canada is a Stockhouse Publishing client.