- PyroGenesis Canada Inc (PYR) has released fiscal results for Q1 2022 reporting revenue of $4.2 million
- PyroGenesis is a tech company working on greenhouse gas reduction technologies
- Revenue is down roughly $2 million from the same time last year
- It had $18.5 million in cash, cash equivalents, and publicly traded shares at the end of Q1
- $41.2 million in contracts have been signed
- PyroGenesis Canada Inc (PYR) is up 0.43 per cent trading at $2.33 per share as of 12:18 p.m.
PyroGenesis Canada Inc (PYR) has released fiscal results for Q1 2022 reporting revenue of $4.2 million.
PyroGenesis is a tech company developing, manufacturing, and commercializing advanced plasma processes and sustainable solutions meant to reduce greenhouse gases.
The company reported it had a gross margin profit of $1.05 million, contributed 25 per cent to the revenue. Its revenue is down roughly $2 million dollars compared year-over-year.
However, its comprehensive loss for the quarter was reported to cost 210 per cent less compared to the same time last year.
It also stated that as of the end of the quarter is had $18.5 million in cash, cash equivalents, and publicly traded shares. So far this year PyroGenesis has secured $41.2 million in contracts.
PyroGenesis plans on continuing focussing its business strategy on greenhouse gas emission reduction technologies. The company believes with the world’s current political and environmental climate it will see a greater demand for its solutions.
On top of which, PyroGenesis’ products lines do not depend on any government incentives to be successful.
The company plans further expansion with HPQ Silicon and the PUREVAPTMQuartz Reduction Reactors and Nano Silicon Reactor. These technologies help assist with energy sources by extracting high-purity silicon at a lower cost. The silicon materials are used for energy storage, batteries, and electric vehicle manufacturers
PUREVAPTM was the second largest contributing factor to the quarterly revenue, next to the company’s DROSITETM technology.
PyroGenesis Canada Inc (PYR) is up 0.43 per cent trading at $2.33 per share as of 12:18 p.m.
