Just days after breaking onto the TSX, industrial tech developer PyroGenesis (PYR) has dropped a promising third quarter report.
A recent investor favourite, PyroGenesis has had an impressive year both on and off the market, as its plasma torch business continues to build up momentum.
That gathering energy has translated to the company’s financials, with third quarter revenue almost quadrupling to around C$8.1 million, when compared to last year’s same period. Comprehensive income was similarly impressive, reaching $15.3 million, compared to less than $1 million in the previous corresponding three months.
P. Peter Pascali, CEO and Chair of PyroGenesis called the results “simply historical”. He went on say that the impressive financials reflect the successful processing of the backlog of previously announced signed contracts.
Much of the company’s recent success is down to its application of its plasma torch technology to reduce emissions in the iron ore pellet manufacturing process.
The new revenue stream has led to a bumper 2020 for PyroGenesis shares, which began the year on the TSX Venture Exchange at just 48 cents per share, before making it onto the TSX proper, to now be valued at just under $4 apiece.
Looking forward, PyroGenesis plans to double down on the iron ore segment of the business, while also approaching similar sectors that could benefit from the company’s technology.
With that in mind, the company’s current order backlog sits at around $36 million, following its recent deal with an undisclosed iron ore producer,
In trading today, PyroGenesis is up 4.56 per cent and is trading for $3.90 per share at 12:24pm EST.