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This article first appeared on GuruFocus.

• Revenue: $3.25 million for Q3 2025, a decrease of 18.7% year over year.

• Gross Margin: 24% for the quarter, down from 42% a year previous; 35% on a nine-month basis compared to 31% in the previous year.

• Backlog: $51.6 million, indicating strong future revenue potential.

• Net Comprehensive Loss: $2.5 million for Q3 2025, an improvement from a $3.9 million loss in 2024.

• EBITDA and Modified EBITDA: Improved by $1.1 million compared to the previous year.

• Operating Expenses (SG&A): $2.6 million for Q3 2025, with year-to-date expenses down by $2.6 million after adjustments.

• Net R&D Expenses: $0.2 million for Q3 2025, comparable to the previous year.

• Financial Costs: $245,000 for the quarter, within expectations.

Release Date: November 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

• PyroGenesis Inc (PYRGF) reported a strong backlog of $51.6 million, indicating a robust pipeline of future revenue.

• The company has made significant progress in its fumed silica reactor pilot plant, moving closer to commercialization with improved quality and consistency of the material.

• PyroGenesis Inc (PYRGF) secured a $1.2 million contract with a European cement industry customer for a plasma torch system, highlighting its expansion into new markets.

• The company completed a $9.3 million coke oven gas valorization and hydrogen production project for Tata Steel, showcasing its capability in large-scale industrial projects.

• PyroGenesis Inc (PYRGF) has diversified its business strategy into three verticals: energy transition, materials production, and waste processing, which helps mitigate risks and capture opportunities across different sectors.

• Revenue for Q3 2025 decreased by 18.7% year over year, with a decline in torch sales due to reduced project activity.

• Gross margin for the quarter fell to 24% from 42% a year ago, impacted by higher material costs and reliance on external subcontractors.

• The company reported a comprehensive loss of $2.5 million for the quarter, although this was an improvement from the previous year’s loss.

• There was a decrease in system supply revenue to the US Navy, contributing to the overall decline in year-to-date revenue.

• The titanium metal powders business line has not seen significant news or progress, with the fine cut powder still in the certification path.

Q: What is the status of the super high temperature torches, specifically the 4.5 megawatts and 20-megawatt torch projects? A: The 4.5-megawatt plasma torch project is progressing well, with engineering and fabrication completed and assembly underway. Delivery and testing at the client’s facility are expected in early 2026. The 20-megawatt torch project, announced over a year ago, is also advancing and is currently in the engineering and electrical design phase. This project represents a significant leap in power and performance for the industry. – Photis Pascali, President and CEO