First-quarter revenues for PyroGenesis (PYR) rose to almost $6.3 million, a 771 per cent increase year-over-year.
The company is well-positioned to execute its organic growth strategies for 2021 and to actively pursue growth through mergers and acquisitions.
Other financial highlights from the first quarter include:
- Net earnings and comprehensive income of $3,712,903, an increase of $5,469,931;
- Gross profit margin of $2,143,010, a 701 per cent increase compared to $267,414 in Q1 2020;
- Backlog of signed contracts of $26 million;
- Cash and cash equivalents of $26,274,344 as of March 31, 2021 compared to $18,104,899 at the end of the previous quarter;
- Total assets of $87,339,065 as of March 31 compared to $74,531,378 at the end of the previous quarter;
- Gross margin of 34.2 per cent, a three per cent decrease year-over-year;
- Shareholders’ equity of $72,122,309 as of March 31 compared to $59,423,106 at the end of the previous quarter; and
- Basic earnings per share (EPS) of $0.02 for Q1 2021 as compared to $0.01 in Q1 2020.
P. Peter Pascali, CEO and chair of PyroGenesis, commented on the results.
“The statistic I find most revealing in terms of what we have done in the past 12 months, and where we may be going,” he remarked, “is the fact that we posted 40% more revenues in this quarter alone than we did for the entire year in 2019, a year that saw us post a net loss of over $9 million. We believe that the company has never been better positioned and is well placed to build upon this trend for the foreseeable future.”
PyroGenesis expects to see significant growth in many of its operations throughout 2021, including its additive manufacturing, plasma torches, and the PUREVAP nano silicon reactor from the company’s partner HPQ.
The company also plans to improve its DROSRITE technology through a joint venture with a proven technology provider.
PyroGenesis is a leader in the design, development, manufacture and commercialization of advanced plasma processes and products.
PyroGenesis is down 0.78 per cent on the day, trading at $5.08 per share as of 9:43 am ET.