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PyroGenesis Canada (PYR) AI Stock Analysis
PyroGenesis Canada
(TSX:PYR)
The overall score is held down primarily by very weak underlying financial health—persistent losses, negative cash flow, negative equity, and a shrinking asset base—indicating elevated solvency and funding risk despite some recent operational improvement. Earnings call developments, including strong revenue growth, stable gross margins, cost discipline, and a sizable backlog, support a more constructive trajectory but have not yet resolved the structural unprofitability. Technical indicators show an improving price trend with moderate positive momentum and low volatility, but this strength is secondary to the fundamental risks. Valuation remains unattractive given negative earnings and no dividend, limiting upside until the company can demonstrate a clear path to sustainable profitability and cash generation.
PyroGenesis Canada (PYR) vs. iShares MSCI Canada ETF (EWC)
- Market Cap
- CAD 45.27M
- Dividend Yield
- ―
- Average Volume (3M)
- 296.47K
- Price to Earnings (P/E)
- -4.1
- Beta (1Y)
- 0.25
- Revenue Growth
- 11.62%
- EPS Growth
- 16.81%
- Country
- Canada
- Employees
- 88
- Sector
- Industrials
- Sector Strength
- 63
- Industry
- Industrial - Machinery
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 reco...
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 integrated...
PyroGenesis Canada Earnings Call Summary
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.
Q2-2026 Updates
Positive Updates
Negative 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
Financial performance is very weak, with chronic net losses, deeply negative profit and operating margins, negative operating and free cash flow, and a deteriorated balance sheet characterized by negative equity and a shrinking asset base; modest revenue growth and still-positive gross margins offer only limited offset to the high financial risk.
Income Statement
18Very NegativeBalance Sheet
12Very NegativeCash Flow
20Very 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 | -9.23M | -11.68M | -5.08M | -24.87M | -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
Price Trends
Market Momentum
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 0.20 is below the 20-day moving average (MA) of 0.23, below the 50-day MA of 0.22, and below the 200-day MA of 0.31, indicating a bearish trend. The MACD of -0.01 indicates Positive momentum. The RSI at 42.20 is Neutral, neither overbought nor oversold. The STOCH value of 15.74 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
Overall Rating
TSE:REKO64.8Neutral- TSE:PYR48.9Neutral
TSE:TLA47Neutral
TSE:ENW46Neutral
TSE:DYA43Neutral
TSE:NXH42Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| TSE:REKO | 65Neutral | CAD 27.42M | 8.71 | 6.20% | 4.00% | 7.21% | ― |
| Sector * | 63Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
| TSE:PYR | 49Neutral | CAD 45.27M | -4.07 | 112.32% | ― | 11.62% | 16.81% |
| TSE:TLA | 47Neutral | CAD 12.59M | -14.37 | -5.66% | ― | -8.43% | -233.47% |
| TSE:ENW | 46Neutral | CAD 22.56M | -11.46 | -16.94% | ― | 9.31% | -124.29% |
| TSE:DYA | 43Neutral | CAD 49.81M | -5.05 | 718.52% | ― | -57.68% | 24.90% |
| TSE:NXH | 42Neutral | CAD 27.18M | -2.88 | -138.91% | ― | 374.59% | 74.40% |
* Industrials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| TSE:PYR | PyroGenesis Canada | 0.20 | -0.03 | -13.04% | |
| TSE:DYA | dynaCERT Inc | 0.10 | -0.03 | -24.62% | |
| TSE:ENW | Enwave Corp | 0.19 | -0.16 | -45.71% | |
| TSE:REKO | Reko International | 5.00 | 1.27 | 34.05% | |
| TSE:TLA | Titan Logix | 0.47 | -0.06 | -11.32% | |
| TSE:NXH | Next Hydrogen Solutions Inc | 0.40 | -0.20 | -33.33% |
PyroGenesis Canada Corporate Events
PyroGenesis Wins First Plasma Torch Deal in Carbon-Free Agritech Push
PositivePyroGenesis has secured an initial contract to supply a 40 kW plasma torch system to a privately held U.S. agritech firm that is developing carbon-free production processes for critical agricultural materials. The deal, which includes a 60% downpayme...
PyroGenesis Wins Third Titanium Powder Order as NexGen Additive Materials Gain Traction
PositivePyroGenesis has secured a third titanium powder contract from a recurring U.S.-based OEM customer serving the additive manufacturing, defense, and aerospace sectors, underscoring growing commercial traction for its NexGen plasma atomization technolog...
PyroGenesis Sets Up Dubai Subsidiary to Drive Middle East and Asia Growth
PositivePyroGenesis has established a wholly owned subsidiary in Dubai, PyroGenesis Global FZCO, to serve as a regional hub for the Middle East and Asian markets. The move aims to strengthen the company’s presence in one of the fastest-growing industri...
PyroGenesis Completes Saudi Drosrite Contract Payment as Seven Systems Go Fully Operational
PositivePyroGenesis has received a US$1.63 million payment under its more than $25 million Drosrite™ contract with Saudi-based Radian Oil and Gas Services, completing payment under the original agreement. The company had extended the payment schedule t...
PyroGenesis Completes Full Drosrite Rollout at World’s Largest Aluminum Complex
PositivePyroGenesis has completed the deployment of seven Drosrite™ aluminum dross recovery systems at Radian Oil and Gas Services’ new plant in Saudi Arabia, part of the world’s largest integrated aluminum production complex. The project i...
PyroGenesis Installs 4.5 MW Plasma Torch at U.S. Defense Aeronautics Facility
PositivePyroGenesis has completed installation of a 4.5 MW plasma torch system at a U.S. defense and aeronautics research facility, with the equipment now in final commissioning to validate performance specifications. The system will be used in an extreme-te...
PyroGenesis Takes 50% Stake in HPQ Silica Unit to Drive Fumed Silica Commercialization
PositivePyroGenesis has converted its existing royalty interest into a 50% ownership stake in HPQ Silica Polvere Inc., the rights-holder for its proprietary Fumed Silica Reactor technology, while retaining exclusive status as the supplier of equipment for an...
PyroGenesis Secures Final Acceptance from Tata Steel for Large-Scale Hydrogen Project
PositivePyroGenesis’ Pyro Green-Gas unit has received a Final Acceptance Certificate from Tata Steel for a major coke-oven gas purification and hydrogen production project at one of the steelmaker’s largest facilities. The certification confirms...
PyroGenesis Wins Second Titanium Powder Order From U.S. Additive OEM
PositivePyroGenesis has secured a second titanium powder contract in a week from a U.S.-based original equipment manufacturer serving the additive manufacturing market. The US$73,700 order covers Ti64 coarse-cut titanium powder produced via the company’...
PyroGenesis Wins Second Titanium Powder Deal with DoD-Backed U.S. Research Client
PositivePyroGenesis has secured a second titanium powder supply contract within a month from a major U.S. applied research facility backed by the Department of Defense and NASA, underscoring the firm’s growing traction in aerospace and defense additive...
PyroGenesis Wins First Titanium Powder Contract With U.S. Additive OEM
PositivePyroGenesis has secured a first commercial contract to supply coarse titanium powder to a U.S.-based original equipment manufacturer serving the additive manufacturing sector, following successful testing of sample batches. The order, made up of Ti64...
PyroGenesis Wins $1.4 Million Plasma Torch Deal With European Metallurgy Research Institute
PositivePyroGenesis Inc., a Montreal-based specialist in ultra-high temperature plasma technologies for heavy industry and defense, supplies advanced plasma torch systems and recycling solutions to global customers in metals, aerospace, utilities, environmen...
PyroGenesis Advances Fumed Silica Reactor Deals as Pilot Hits Commercial Grades
PositivePyroGenesis is advancing its fumed silica business line after commissioning a pilot plant in 2025 that successfully produced multiple commercial-grade products using its plasma-based Fumed Silica Reactor. The technology, developed for HPQ Silica Polv...
PyroGenesis Delivers 47% Q2 Revenue Surge and Expands Titanium Powder Business
PositivePyroGenesis 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 net l...
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.
Date of analysis: Oct 01, 2026