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Revenue: $3.25 million for Q3 2025, a decrease of 18.7% year over year.

Gross Margin: 24% for the quarter, down from 42% a year previous; 35% on a nine-month basis compared to 31% in the previous year.

Backlog: $51.6 million, indicating strong future revenue potential.

Net Comprehensive Loss: $2.5 million for Q3 2025, an improvement from a $3.9 million loss in 2024.

EBITDA and Modified EBITDA: Improved by $1.1 million compared to the previous year.

Operating Expenses (SG&A): $2.6 million for Q3 2025, with year-to-date expenses down by $2.6 million after adjustments.

Net R&D Expenses: $0.2 million for Q3 2025, comparable to the previous year.

Financial Costs: $245,000 for the quarter, within expectations.

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Release Date: November 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

PyroGenesis Inc (PYRGF) reported a strong backlog of $51.6 million, indicating a robust pipeline of future revenue.

The company has made significant progress in its fumed silica reactor pilot plant, moving closer to commercialization with improved quality and consistency of the material.

PyroGenesis Inc (PYRGF) secured a $1.2 million contract with a European cement industry customer for a plasma torch system, highlighting its expansion into new markets.

The company completed a $9.3 million coke oven gas valorization and hydrogen production project for Tata Steel, showcasing its capability in large-scale industrial projects.

PyroGenesis Inc (PYRGF) has diversified its business strategy into three verticals: energy transition, materials production, and waste processing, which helps mitigate risks and capture opportunities across different sectors.

Revenue for Q3 2025 decreased by 18.7% year over year, with a decline in torch sales due to reduced project activity.

Gross margin for the quarter fell to 24% from 42% a year ago, impacted by higher material costs and reliance on external subcontractors.

The company reported a comprehensive loss of $2.5 million for the quarter, although this was an improvement from the previous year's loss.

There was a decrease in system supply revenue to the US Navy, contributing to the overall decline in year-to-date revenue.

The titanium metal powders business line has not seen significant news or progress, with the fine cut powder still in the certification path.

Q: What is the status of the super high temperature torches, specifically the 4.5 megawatts and 20-megawatt torch projects? A: The 4.5-megawatt plasma torch project is progressing well, with engineering and fabrication completed and assembly underway. Delivery and testing at the client's facility are expected in early 2026. The 20-megawatt torch project, announced over a year ago, is also advancing and is currently in the engineering and electrical design phase. This project represents a significant leap in power and performance for the industry. - Photis Pascali, President and CEO

Q: Can you provide an update on the hazardous refrigerant destruction system sold to New Zealand? A: The SPARC system, sold to a New Zealand organization for the destruction of hazardous refrigerants, is nearing completion. The facility to house the system is under construction, and final assembly and commissioning are underway. The goal is to process the first batch of hazardous refrigerants by the end of 2025. - Photis Pascali, President and CEO

Q: What is the current status of the titanium metal powders business line, and what about the certification for the fine cut powder? A: There has been significant activity in the titanium metal powders business, and we expect to announce developments soon. The fine cut powder is still in the certification process due to changes in technical specifications by the customer. However, demand for coarse cut powder has increased, balancing the demand for both types. We recently received a request for quote from a major aerospace customer and hope to announce further details soon. - Photis Pascali, President and CEO

Q: How is the energy transition movement progressing, particularly in the mining and iron ore sectors? A: The iron ore sector is volatile, affecting capital expenditures. However, opportunities in aluminum and cement industries have surpassed those in iron ore due to more processes that can utilize plasma. We have significant contracts with major aluminum companies and see potential in the cement industry. The multi-legged stool approach of PyroGenesis allows us to balance opportunities across different sectors. - Photis Pascali, President and CEO

Q: Why is PyroGenesis highlighting the defense sector alongside heavy industry, and what are the prospects in this area? A: Interest from the defense and military sectors has increased significantly, justifying its identification as a target market. Opportunities include waste destruction, high-temperature propulsion, and titanium metal powders. We recently signed a teaming agreement with a major defense contractor for chemical weapons destruction systems, indicating strong potential in this sector. - Photis Pascali, President and CEO

For the complete transcript of the earnings call, please refer to the full earnings call transcript.