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PyroGenesis Canada
(TSX:PYR)
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Rating:50Neutral
Price Target:
C$0.21
▲(2.50% Upside)
Action:Reiterated
Date:08/10/26
The score is held back primarily by weak financial performance (large ongoing losses, negative equity, and persistent cash burn). Offsetting this, the earnings call indicates meaningful operational improvement (strong revenue growth, cost reductions, and narrowing losses) and a sizable backlog. Technicals are neutral-to-soft (below key longer-term moving averages), and valuation metrics offer limited support due to negative earnings and no dividend.
Positive Factors
Multi-year Backlog & Revenue Visibility
A $40M backlog spread over roughly three years provides durable revenue visibility for capital-intensive systems, improving planning and execution. High USD weighting (88%) reduces FX risk for most cashflows and supports multi-period resource allocation and supplier commitments.
Negative Factors
Negative Shareholders' Equity
Negative equity reflects cumulative losses and constrains financial flexibility. It can limit access to traditional financing, increase borrowing costs, and weaken counterparty confidence, which is critical for executing multi-year capital projects and scaling manufacturing operations.
Read all positive and negative factors
Positive Factors
Negative Factors
Multi-year Backlog & Revenue Visibility
A $40M backlog spread over roughly three years provides durable revenue visibility for capital-intensive systems, improving planning and execution. High USD weighting (88%) reduces FX risk for most cashflows and supports multi-period resource allocation and supplier commitments.
Read all positive factors
PyroGenesis Canada (PYR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$45.27M
Dividend YieldN/A
Average Volume (3M)295.45K
Price to Earnings (P/E)―
Beta (1Y)0.26
Revenue Growth11.62%
EPS Growth16.81%
CountryCA
Employees88
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.05
Shares Outstanding226,363,330
10 Day Avg. Volume212,856
30 Day Avg. Volume295,447
Financial Highlights & Ratios
PEG Ratio-0.04
Price to Book (P/B)-5.69
Price to Sales (P/S)4.72
P/FCF Ratio-5.73
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
PyroGenesis Canada Business Overview & Revenue Model
Company Description
Montréal-based PyroGenesis Canada Inc. is an international pioneer in the development, manufacturing, and commercialization of advanced plasma processes and systems. Their portfolio includes several proprietary technologies: DROSRITE efficiently r...
How the Company Makes Money
PyroGenesis primarily generates revenue by selling engineered plasma-based equipment and related services. Key revenue streams include: (1) Product and system sales: revenue from the design, manufacture, and delivery of plasma torches and integrat...
PyroGenesis Canada Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Positive
The call presents a largely positive operational and financial trajectory: strong top-line growth (+47% Q2, +55% YTD), meaningful reductions in SG&A (14% Q2, 27% YTD) and substantial improvements in comprehensive loss and EBITDA metrics. The company also reported multiple strategic technology milestones and commercial agreements that support future growth. Offsetting items include a modest decline in backlog quarter-over-quarter, ongoing negative net finance results compared with a one-time prior-year finance gain, lower contributions from certain product lines due to timing, and continued exposure to revenue irregularity and industry-wide margin pressures. On balance, the improvements in revenue, cost control, and operating performance outweigh the remaining risks and one-off comparisons.Positive Updates
Strong Quarterly Revenue Growth
Revenue for Q2 2026 was $4.4M, up 47% year-over-year from $3.0M in Q2 2025. This was the company's best Q2 since 2022 and the second-best quarter overall since Q3 2022.
Negative Updates
Backlog Decline Quarter-over-Quarter
Backlog decreased modestly from $43.1M at Q1 to $40.0M as projects progressed, indicating some near-term recognition but less remaining contracted revenue than at the prior quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Quarterly Revenue Growth
Revenue for Q2 2026 was $4.4M, up 47% year-over-year from $3.0M in Q2 2025. This was the company's best Q2 since 2022 and the second-best quarter overall since Q3 2022.
Read all positive updates
Company Guidance
Management cautioned that revenue will remain lumpy due to percentage-of-completion accounting and project timing but said momentum is being carried into Q3, citing Q2 revenue of $4.4M (+47% YoY) and H1 revenue of $9.3M (+55% YoY); backlog stood at $40.0M (down from $43.1M in Q1, 88% denominated in USD) and is expected to be recognized over roughly the next three years. They confirmed gross margin at 32% (Q2 gross profit $1.4M; H1 $3.0M), highlighted Q2 cost discipline with SG&A of $3.1M (‑14% YoY; ~25% or ~$1.0M reduction in cash fixed costs) and H1 SG&A $5.4M (‑27%), net R&D $100k in Q2 ($300k H1), net finance expense $300k in Q2 ($500k H1), comprehensive loss improving to $1.1M in Q2 and $2.2M year‑to‑date, EBITDA loss narrowing to $0.6M Q2/$1.1M H1 and modified EBITDA to $0.5M Q2/$0.8M H1; key revenue drivers were Spark (+$0.7M), Torch Systems (+$0.4M), DROSRITE (+$0.5M) and U.S. Navy work (+$0.3M) offset by lower biogas/upgrading projects, and management reiterated focus on backlog execution, advancing commercial opportunities and continued cost management.PyroGenesis Canada Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
14
Very Negative
Cash Flow
12
Very Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.87M | 12.57M | 15.65M | 12.35M | 19.01M | 31.07M |
| Gross Profit | 3.80M | 3.80M | 5.30M | 3.44M | 8.14M | 12.43M |
| EBITDA | -8.87M | -11.68M | -5.99M | -25.57M | -29.55M | -36.80M |
| Net Income | -9.74M | -14.76M | -6.67M | -28.50M | -32.17M | -38.43M |
Balance Sheet | ||||||
| Total Assets | 16.16M | 17.29M | 29.20M | 28.44M | 47.67M | 69.77M |
| Cash, Cash Equivalents and Short-Term Investments | 1.31M | 1.09M | 2.98M | 1.80M | 3.45M | 12.20M |
| Total Debt | 2.92M | 6.65M | 9.01M | 9.20M | 6.92M | 5.51M |
| Total Liabilities | 20.21M | 27.71M | 32.66M | 31.26M | 30.80M | 29.00M |
| Stockholders Equity | -4.05M | -10.43M | -3.46M | -2.83M | 16.87M | 40.77M |
Cash Flow | ||||||
| Free Cash Flow | -12.03M | -10.36M | -2.45M | -12.12M | -11.82M | -19.86M |
| Operating Cash Flow | -11.93M | -10.09M | -2.10M | -12.05M | -11.13M | -18.11M |
| Investing Cash Flow | 1.04M | 2.56M | 1.66M | 3.05M | -368.18K | 2.72M |
| Financing Cash Flow | 10.97M | 5.65M | 1.52M | 7.37M | 2.64M | 9.47M |
PyroGenesis Canada Technical Analysis
Negative
0.20
Price Trends
0.20
Negative
0.26
Negative
0.31
Negative
Market Momentum
<0.01
Positive
47.43
Neutral
10.56
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PYR, the sentiment is Negative. The current price of 0.2 is below the 20-day moving average (MA) of 0.21, below the 50-day MA of 0.20, and below the 200-day MA of 0.31, indicating a bearish trend. The MACD of <0.01 indicates Positive momentum. The RSI at 47.43 is Neutral, neither overbought nor oversold. The STOCH value of 10.56 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:PYR.
PyroGenesis Canada Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | C$27.15M | 8.65 | 6.20% | 4.04% | 7.21% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
50 Neutral | C$45.27M | -4.07 | 112.32% | ― | 11.62% | 16.81% | |
49 Neutral | C$26.71M | -14.33 | -16.94% | ― | 9.31% | -124.29% | |
47 Neutral | C$13.40M | -15.29 | -5.66% | ― | -8.43% | -233.47% | |
42 Neutral | C$53.37M | -5.44 | 718.52% | ― | -57.68% | 24.90% | |
42 Neutral | C$33.63M | -2.67 | -138.91% | ― | 374.59% | 74.40% |
* Industrials Sector Average
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PyroGenesis Canada Corporate Events
Business Operations and StrategyFinancial Disclosures
PyroGenesis Delivers 47% Q2 Revenue Surge and Expands Titanium Powder Business
Positive
Aug 7, 2026
PyroGenesis reported second-quarter 2026 revenue of $4.4 million, a 47% increase year-over-year and its strongest Q2 since 2022, with first-half revenue already exceeding the first nine months of 2025. The company improved margins, narrowed its ne...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.