Canada's PyroGenesis Q2 revenue rises, net loss narrows

PyroGenesis

07/08/2026 02:12

Overview
Canada plasma tech firm's Q2 revenue rose 47% yr/yr to C$4.4 mln
Net loss for Q2 narrowed to C$1.1 mln from C$2.9 mln a year ago
Gross margin declined to 32% from 56% due to higher subcontracting and overhead costs

Outlook
Company expects a solid second half of 2026, citing momentum and robust backlog
PyroGenesis has a backlog of $40 mln, to be recognized over up to 3 years
Company sees significant long-term opportunities in metal powder as industry adoption grows

Result Drivers
PROJECT MILESTONES - Co said Q2 revenue growth was mainly driven by progression of contracts through project milestones across DROSRITE™, torch systems, SPARC™, and U.S. Navy support
HIGHER SUBCONTRACTING COSTS - Co said gross margin declined due to increased subcontracting and manufacturing overhead costs during project execution
COST CONTROL MEASURES - Co said SG&A expenses fell due to lower employee compensation and continued cost control measures

Company press release: ID:nGNX6DsMht

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Revenue
 
C$4.42 mln
 
Q2 Gross Margin
 
32.00%
 

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)