PyroGenesis Canada Inc (TSE:PYR)
TSX:PYR
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PyroGenesis Canada
(TSX:PYR)
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Rating:47Neutral
Price Target:
C$0.44
â–²(36.88% Upside)
Action:ReiteratedDate:04/04/26
The score is held down primarily by weak financial performance (large ongoing losses, cash burn, and negative equity). Technicals provide some offset with a modestly improving longer-term trend and neutral momentum, while valuation remains constrained by losses and the earnings call points to a mixed setup (strong backlog but weaker near-term execution and margins).
Positive Factors
Backlog Visibility
A $51.6M backlog provides multi-year revenue visibility and supports predictable execution of projects over the next three years. This order book helps smooth revenue volatility, underpins near-term utilization of engineering and fabrication capacity, and strengthens commercial credibility with industrial customers.
Negative Factors
Negative Equity
Negative shareholders’ equity (~-$10.4M in 2025) signals chronic capital erosion and raises solvency concerns. It restricts financial flexibility for bidding, borrowing, or absorbing project delays, increases refinancing and dilution risk, and may limit the firm’s ability to support larger commercial engagements.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog Visibility
A $51.6M backlog provides multi-year revenue visibility and supports predictable execution of projects over the next three years. This order book helps smooth revenue volatility, underpins near-term utilization of engineering and fabrication capacity, and strengthens commercial credibility with industrial customers.
Read all positive factors
PyroGenesis Canada (PYR) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$91.94M
Dividend YieldN/A
Average Volume (3M)239.86K
Price to Earnings (P/E)―
Beta (1Y)0.29
Revenue Growth-6.83%
EPS Growth46.97%
CountryCA
Employees107
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)-0.03
Shares Outstanding206,611,420
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
PyroGenesis Canada Inc. designs, develops, manufactures, and commercializes plasma processes and systems in Canada and internationally. It offers DROSRITE, a process for enhancing metal recovery from dross without any hazardous by-products, target...
How the Company Makes Money
PyroGenesis makes money primarily by (1) selling plasma-based equipment and turnkey systems, (2) performing engineering services tied to system design, customization, and integration, (3) generating project and milestone-based revenue from develop...
PyroGenesis Canada Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 18, 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
22
Negative
Balance Sheet
18
Very Negative
Cash Flow
15
Very Negative
| Breakdown | Dec 2025 | 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
Neutral
0.32
Price Trends
0.45
Negative
0.35
Positive
0.34
Positive
Market Momentum
<0.01
Positive
38.38
Neutral
11.05
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:PYR, the sentiment is Neutral. The current price of 0.32 is below the 20-day moving average (MA) of 0.56, below the 50-day MA of 0.45, and below the 200-day MA of 0.34, indicating a neutral trend. The MACD of <0.01 indicates Positive momentum. The RSI at 38.38 is Neutral, neither overbought nor oversold. The STOCH value of 11.05 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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$21.17M | 15.29 | 3.19% | ― | 0.38% | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
47 Neutral | C$91.94M | -4.02 | 161.82% | ― | -6.83% | 46.97% | |
45 Neutral | C$35.33M | -1.79 | ― | ― | 46.49% | 42.37% | |
43 Neutral | C$58.45M | -4.20 | -2067.79% | ― | -48.39% | 9.17% | |
43 Neutral | C$32.05M | -9.73 | -5.73% | ― | 69.04% | 80.18% | |
42 Neutral | C$15.01M | -10.71 | -2.57% | ― | -1.50% | -180.73% |
* Industrials Sector Average
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PyroGenesis Canada Corporate Events
Business Operations and StrategyFinancial Disclosures
PyroGenesis Posts 2025 Loss but Builds Backlog as Plasma and Materials Businesses Advance
Negative
Mar 31, 2026
PyroGenesis reported weaker fourth-quarter and full-year 2025 results, with Q4 revenue down 21% year over year to $3.3 million, a sharp decline in gross margin to 17%, and a net loss of $5.2 million, while full-year revenue fell nearly 20% to $12....
Business Operations and StrategyPrivate Placements and Financing
PyroGenesis Raises $1.97 Million in Oversubscribed Private Placement
Positive
Mar 26, 2026
PyroGenesis Inc. has closed an oversubscribed non-brokered private placement, raising gross proceeds of $1,973,450 through the sale of 3,654,537 units at $0.54 each, with each unit comprising one common share and one-half of a warrant exercisable ...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Commissions First Southern Hemisphere SPARC Refrigerant Destruction Plant in New Zealand
Positive
Mar 23, 2026
PyroGenesis’ plasma-based SPARC system has been officially commissioned at New Zealand’s new National Refrigerant Destruction Facility, the first of its kind in the Southern Hemisphere, under a contract valued at about $6 million. The ...
Business Operations and StrategyFinancial Disclosures
PyroGenesis Sets March 31 Call for 2025 Results and Business Update
Neutral
Mar 23, 2026
PyroGenesis Inc. has scheduled a conference call on March 31, 2026, to discuss its fourth-quarter and full-year 2025 financial results and to provide a business update on recent progress and developments. The event will be accessible via pre-regis...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Plasma Torches Show Major Efficiency Gains in Aluminum Furnace Trials
Positive
Mar 19, 2026
PyroGenesis has reported that live furnace trials with Rio Tinto and Alcoa show its patented plasma torches can significantly improve aluminum casthouse furnace performance versus natural gas burners. The data, presented at the TMS annual conferen...
Business Operations and StrategyPrivate Placements and Financing
PyroGenesis Private Placement Oversubscribed, Upsizing to Up to $1.9 Million
Positive
Mar 11, 2026
PyroGenesis Inc. has reported that its recently launched non-brokered private placement has been oversubscribed, prompting the company to stop accepting further participation requests as it moves to close the financing within about ten days, subje...
Private Placements and Financing
PyroGenesis to Raise Up to $1 Million in Insider-Backed Private Placement
Positive
Mar 9, 2026
PyroGenesis Inc. plans to raise up to $1 million through a non-brokered private placement of up to 1,851,852 units at $0.54 each, with each unit comprising one common share and half a warrant exercisable at $0.70 for 36 months. The placement, whic...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Ships First Factory-Scale Plasma Torch System to Constellium for Aluminum Furnace Electrification
Positive
Mar 6, 2026
PyroGenesis has completed manufacturing of a plasma torch system ordered by Constellium, one of the world’s largest aluminum transformation and recycling companies, and has begun shipping components to a European casthouse facility. The syst...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Plasma Passes Key Test in Major Battery Recycling Project
Positive
Feb 26, 2026
PyroGenesis has completed a successful primary testing campaign of its high-temperature plasma technology with a leading large-scale battery recycler, confirming the viability of using plasma to superheat materials for recovering cathode and anode...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Wins First Titanium Powder Order From European Aerospace Research Group
Positive
Feb 23, 2026
PyroGenesis Inc. has secured its first titanium metal powder order from a European scientific aerospace research organization, marking the company’s initial contract with this client and its first sale of titanium powder in the 45-106 micron...
Business Operations and StrategyPrivate Placements and FinancingProduct-Related Announcements
PyroGenesis Gains Lab Validation for Fumed Silica, Paving Way for Joint Venture Plant
Positive
Feb 19, 2026
PyroGenesis has secured third-party verification from a U.S.-based independent lab that its pilot fumed silica reactor produces material meeting a key characteristic required for a proposed joint venture, marking a critical technical milestone. Th...
Business Operations and StrategyPrivate Placements and Financing
PyroGenesis Moves Toward Joint Venture to Build US$20 Million Fumed Silica Plant
Positive
Feb 12, 2026
PyroGenesis has announced that client HPQ Silicon, through HPQ Silica Polvere, and an unnamed industrial partner have signed a non-binding memorandum of understanding to form a joint venture to operate a 1,000 tonne-per-year fumed silica plant. Un...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Wins Independent Validation for Commercial-Grade Fumed Silica Production
Positive
Feb 3, 2026
PyroGenesis has received additional independent verification that its fumed silica produced by its fumed silica reactor pilot plant meets the commercial “150” grade standard, with both specific surface area and viscosity matching estab...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Hits Commercial-Grade Milestone With Fumed Silica Reactor
Positive
Feb 3, 2026
PyroGenesis has received further independent verification that its fumed silica reactor pilot plant is producing commercial-grade fumed silica at the key 150 m²/g surface area benchmark, with the required viscosity confirmed by multiple labor...
Business Operations and StrategyProduct-Related Announcements
PyroGenesis Delivers Record 4.5 MW Plasma Torch to Major U.S. Aeronautics and Defense Client
Positive
Jan 27, 2026
PyroGenesis has successfully delivered a 4.5 MW plasma torch system, including peripherals, to a U.S. aeronautics and defense customer that acts as a key prime contractor and innovation hub for the U.S. government and related industries. The rough...
Business Operations and Strategy
PyroGenesis Secures Second Titanium Powder Order Under U.S. Supply Deal
Positive
Jan 22, 2026
PyroGenesis has received a second order for one tonne of titanium powder under its powder supply agreement with a U.S. minerals and metal technology company, following an initial 3.5-tonne order in late 2025. Produced via the company’s NexGe...
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.