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PyroGenesis Canada
(TSX:PYR)
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Rating:41Neutral
Price Target:
C$0.18
▼(-43.44% Downside)
Action:Reiterated
Date:06/16/26
The score is primarily held down by weak financial performance—persistent heavy losses, negative equity, and continued cash burn—indicating elevated financial risk. Technicals add further pressure with a clear downtrend (below major moving averages and negative MACD). Valuation contributes only modestly due to a negative P/E and no dividend yield data.
Positive Factors
Gross Margin Stability
A consistent ~30% gross margin provides durable unit economics for PyroGenesis' engineered products. Stable gross margins support long-term profitability potential as revenue scales and indicate pricing power or cost control in core plasma equipment manufacturing.
Negative Factors
Negative Shareholders' Equity
A persistent negative equity position materially reduces financial flexibility and increases dilution and refinancing risk. It constrains the company’s ability to access debt/equity on favorable terms and makes long-term funding and strategic investments more difficult.
Read all positive and negative factors
Positive Factors
Negative Factors
Gross Margin Stability
A consistent ~30% gross margin provides durable unit economics for PyroGenesis' engineered products. Stable gross margins support long-term profitability potential as revenue scales and indicate pricing power or cost control in core plasma equipment manufacturing.
Read all positive factors
PyroGenesis Canada (PYR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$46.41M
Dividend YieldN/A
Average Volume (3M)239.86K
Price to Earnings (P/E)―
Beta (1Y)0.16
Revenue Growth-4.59%
EPS Growth-68.97%
CountryCA
Employees88
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.06
Shares Outstanding244,284,060
10 Day Avg. Volume169,938
30 Day Avg. Volume239,860
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 makes money primarily by selling engineered plasma systems and associated services under customer contracts. Key revenue streams include: (1) Product and system sales: designing, fabricating, and delivering plasma torches, plasma proce...
PyroGenesis Canada Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with strong backlog and significant project completions and advancements, particularly in the fumed silica reactor and Tata Steel project. However, this is counterbalanced by a notable decline in revenue and gross margin, along with specific challenges in torch sales and titanium metal powders.Positive Updates
Strong Backlog
PyroGenesis' backlog stands at $51.6 million, indicating a strong order book with future revenues expected to be recognized over the next three years.
Negative Updates
Revenue Decrease
The company recorded revenue of $3.25 million for Q3 2025, a decrease of 18.7% year-over-year.
Read all updates
Q3-2025 Updates
Positive
Negative
Strong Backlog
PyroGenesis' backlog stands at $51.6 million, indicating a strong order book with future revenues expected to be recognized over the next three years.
Read all positive updates
Company Guidance
During the PyroGenesis Third Quarter 2025 Business Update Conference Call, the company provided various financial metrics and insights into its performance and strategic direction. The company reported revenues of $3.25 million for Q3 2025, marking an 18.7% decrease year-over-year. The gross margin for the quarter was 24%, compared to 42% the previous year, although the nine-month margin improved to 35% from 31% in 2024. The company's backlog stood at $51.6 million, indicating a strong future revenue outlook. In terms of industry-specific margins, aluminum sector margins were at 10.4%, aerospace and defense at 11.6%, iron and steel at 25%, and both metal mining and industrial machinery at 38%. PyroGenesis highlighted its focus on innovation across its three business verticals: energy transition, materials production, and waste processing, with notable contracts in plasma torch technology and fumed silica production. The call also addressed the company's strategic efforts and responses to investor queries, emphasizing its ongoing commitment to leveraging its expertise in ultra-high temperature processes to drive growth.PyroGenesis Canada Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
14
Very Negative
Cash Flow
12
Very Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 12.57M | 15.65M | 12.35M | 19.01M | 31.07M |
| Gross Profit | 3.80M | 5.30M | 3.44M | 8.14M | 12.43M |
| EBITDA | -11.68M | -5.99M | -25.57M | -29.55M | -36.80M |
| Net Income | -14.76M | -6.67M | -28.50M | -32.17M | -38.43M |
Balance Sheet | |||||
| Total Assets | 17.29M | 29.20M | 28.44M | 47.67M | 69.77M |
| Cash, Cash Equivalents and Short-Term Investments | 1.09M | 2.98M | 1.80M | 3.45M | 12.20M |
| Total Debt | 6.65M | 9.01M | 9.20M | 6.92M | 5.51M |
| Total Liabilities | 27.71M | 32.66M | 31.26M | 30.80M | 29.00M |
| Stockholders Equity | -10.43M | -3.46M | -2.83M | 16.87M | 40.77M |
Cash Flow | |||||
| Free Cash Flow | -10.36M | -2.45M | -12.12M | -11.82M | -19.86M |
| Operating Cash Flow | -10.09M | -2.10M | -12.05M | -11.13M | -18.11M |
| Investing Cash Flow | 2.56M | 1.66M | 3.05M | -368.18K | 2.72M |
| Financing Cash Flow | 5.65M | 1.52M | 7.37M | 2.64M | 9.47M |
PyroGenesis Canada Technical Analysis
Negative
0.32
Price Trends
0.27
Negative
0.38
Negative
0.32
Negative
Market Momentum
-0.02
Negative
35.04
Neutral
4.76
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 0.32 is above the 20-day moving average (MA) of 0.21, above the 50-day MA of 0.27, and below the 200-day MA of 0.32, indicating a bearish trend. The MACD of -0.02 indicates Negative momentum. The RSI at 35.04 is Neutral, neither overbought nor oversold. The STOCH value of 4.76 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | C$24.13M | 8.76 | 3.19% | ― | 7.21% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | C$14.07M | -16.21 | -2.57% | ― | -8.43% | -233.47% | |
45 Neutral | C$25.52M | -9.64 | -5.73% | ― | 5.39% | -2136.36% | |
44 Neutral | C$58.45M | -5.90 | 6908.84% | ― | -79.89% | 25.57% | |
42 Neutral | C$33.96M | -2.16 | ― | ― | 203.10% | 61.70% | |
41 Neutral | C$46.41M | -3.20 | 117.66% | ― | -4.59% | -68.97% |
* Industrials Sector Average
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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.