PyroGenesis Announces Second Quarter 2025 Results

MONTREAL, Aug. 06, 2025 (GLOBE NEWSWIRE) — PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX:PYR) (OTCQX:PYRGF) (FRA:8PY1), a high-tech company that designs, develops, manufactures and commercializes all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, today announces its financial and operating results for the second quarter ended June 30, 2025.

“This quarter marked significant milestones that advanced our strategic objectives,” said P. Peter Pascali, President and CEO of PyroGenesis Inc. “We made meaningful progress toward the commercialization of our fumed silica reactor process and achieved approved supplier status with one of the world’s leading aerospace companies for our ‘coarse cut’ Ti64 titanium metal powder, produced using our cutting-edge NexGen^™ plasma atomization system.”

“Although we achieved solid operational progress this quarter, our financial performance was affected by delayed project starts, leading to lower-than-expected revenue. Given that our revenue recognition—based on the percent-of-completion method—is often influenced by customer timelines, we remain focused on what we can control: driving continued cost optimization to operate more efficiently, accelerating innovation to enhance the power and cost-effectiveness of our plasma torches and gas cleaning and conversion technologies, and expanding our global outreach to engage a broader range of customers across both the high- and low-ends of the addressable market.”

Mr. Pascali continued, “In recent years, several global market leaders have signaled a clear intention to tackle decarbonization by exploring our plasma technology as a high temperature heat source for industrial processes. This week’s announcement of a plasma torch sale to Constellium—one of the world’s largest aluminum transformation and recycling companies—marks the start of that important project’s implementation phase and reflects our growing momentum in the aluminum sector. As we’ve long maintained, the energy transition movement will extend into other hard-to-abate industries. The growing number of confirmed projects and active discussions within the steel, cement, plastics, glass, and chemical industries as highlighted in our outlook underscores this accelerating shift and provides continued confidence for our company in the road ahead.”

KEY Q2 2025 FINANCIAL HIGHLIGHTS

• Revenue of $3 million, down 23.6% vs. Q2 2024
• Gross margin improved to 56%, a 27-point (93%) improvement year-over-year
• Revenue (Order) Backlog of $51.1 million of signed and/or awarded contracts as at August 6^th, 2025, of which 83% is in U.S. dollars
• Net loss of $2.9 million
• Modified EBITDA loss of $2.1 million

Q2 2025 PRODUCTION AND SALES HIGHLIGHTS

The Company operates primarily within three business verticals that align with economic drivers that are key to global heavy industry:

1. Energy Transition & Emission Reduction:

• fuel switching, utilizing the Company’s electric-powered plasma torches and biogas upgrading technology to help heavy industry reduce fossil fuel use and greenhouse gas emissions,

2. Commodity Security & Optimization:

• recovery of viable metals, and optimization of production methods/processes geared to increase output, maximize raw material usage, and improve the availability of critical minerals,

3. Waste Remediation:

• safe destruction of hazardous materials, and the recovery and valorization of underlying substances such as chemicals and minerals.

The information below represents highlights from the past quarter for each of the Company’s main business verticals.

Energy Transition & Emission Reduction

• Post quarter-end, in July [news release dated July 15, 2025], the Company announced that its subsidiary, Pyro Green-Gas Inc., had completed the previously announced $9.3 million coke-oven gas valorization (via purification, desulphurization, and heavy hydrocarbon removal) and hydrogen production project for Tata Steel, one of the world’s largest diversified steel producers. As outlined in a news release dated May 3, 2023, Pyro Green-Gas was contracted to supply (i) coke-oven gas purification solutions and (ii) hydrogen production processes, to extract hydrogen and other toxic gases from the blast furnace process, then separate, clean, and process the gases to render hydrogen to a 99.999% purity level. With the announcement, the project has been completed, and the systems developed by Pyro Green-Gas are in continuous 24 hr./day operation at the Tata steel facility in Kalinganagar India. The newly reformed hydrogen produced by the system is being reused by other applications at the facility, improving production efficiency and environmental outcomes.

Commodity Security & Optimization

• In May [news release dated May 15, 2025], the Company announced that during the latest phase of system testing of the Fumed Silica Reactor (the “FSR”) pilot plant, material was successfully produced, and then collected, from the product recovery unit, known as the “baghouse”. The material, assumed to be fumed silica, was sent to a 3^rd party laboratory for analysis. PyroGenesis has been engaged to develop the FSR by HPQ Silica Polvere Inc., a subsidiary of HPQ. If the 3^rd party lab analysis is successful, this would confirm (i) underlying assumptions that the PyroGenesis process can produce material for collection from within the baghouse of the system, (ii) that what has formed is what was expected, and (iii) that any impurities that are observed were not only anticipated but are also in a state that was expected and which can be removed.
• In May [news release dated May 21, 2025], the Company announced that the independent analysis of the material produced during the previously announced testing of the FSR was in fact fumed silica. The analysis further confirmed that any impurities observed were not only anticipated, but were in a state that was expected and which can be removed, and that the amount produced was greater than anticipated and as such bodes well for the ultimate economics of the project.
• In May [news release dated May 28, 2025], the Company announced it could confirm that it had received accelerated requests for samples of fumed silica produced by the FSR, from multiple potential clients. It was announced that samples would be shipped within ten days. These shipments were taking place prior to further refinement or optimization of the material and reflect a growing interest from industry in PyroGenesis’ innovative plasma-based process for producing fumed silica directly from quartz.
• In June [news release dated June 12, 2025], the Company announced it had received notice from a leading global supplier of fumed silica that the material samples recently delivered to them, which were produced by the FSR, successfully passed the client’s test protocols for being confirmed as fumed silica.
• In May [news release dated May 29, 2025], the Company announced it had achieved approved supplier status with Boeing, for titanium metal powder produced by PyroGenesis’ NexGen plasma atomization process. The Company also stated that all technical requirements for titanium coarse metal powder have been met by PyroGenesis NexGen plasma atomized powder for Boeing. With this approved supplier status, PyroGenesis’ Ti64 “coarse” metal powder with a particle size that is within the range of 53-150µm (microns) has been qualified for use and added to Boeing’s qualified list of metal powders available for use in additive manufacturing.

Waste Remediation

• Post quarter-end, in July [news release dated July 2, 2025], the Company announced it had signed a contract for €379,000 (approximately $600,000) with one of the world’s largest integrated environmental services companies, expanding PyroGenesis’ relationship with this client to include developing a solution for the plastic waste problem in Europe. The client, whose name is being withheld for competitive, and confidentiality reasons, operates more than 100 waste treatment sites and facilities across Europe. This announcement is the third project announced with this client. The first project announced on January 27, 2025, was for the design and delivery of components related to ‘flaring’ that provide for the safe and environmentally friendly incineration of emissions that occur during renewable natural gas production. The second project, announced February 18, 2025, is for the engineering, design, fabrication, and delivery of condensate pots that will be strategically placed within a biogas production infrastructure to collect and separate water from the biogas.

Q2 2025 FINANCIAL HIGHLIGHTS

• In May [news release dated May 5, 2025], the Company announced the completion of a non-brokered private placement consisting of a loan (the “Loan”) in the amount of up to $5,750,000 with P. Peter Pascali (the “Lender”) who as the President and CEO of PyroGenesis, is a related party. The Loan may be advanced in up to three tranches, at such times and in such amounts as shall be mutually agreed upon by PyroGenesis and the Lender, provided that the final tranche shall be advanced no later than June 16, 2025.
• Subsequently in May [news release dated May 12, 2025], the Company announced it successfully closed the first tranche of the previously announced non-brokered loan with P. Peter Pascali (the “Lender”). Under this first tranche, PyroGenesis received $2,385,000.
• In May [news release dated May 13, 2025], the Company announced 2025 Q1 results: quarterly revenue of $3 million, down 14% year-over-year; quarterly net loss of $4.26 million; backlog of $52 million, gross margin of 27%, a 5.3 point (24%) improvement year over year.
• In June [news release dated June 9, 2025], the Company announced that up to 1,581,250 common share purchase warrants (the “Warrants”) will be amended. The Warrants, which have an exercise price of $1.20, were to expire on July 22, 2025. Commencing on June 25, 2025, the expiration date of the Warrants held by holders wishing to participate in this proposal will be extended until November 18, 2025. The warrant certificates will also be amended to reflect the changes in PyroGenesis’ corporate name and address, which occurred after the Warrants were initially issued. All other terms of the Warrants remained unchanged.

FINANCIAL SUMMARY

1. Revenues

PyroGenesis recorded revenue of $3.0 million in the second quarter of 2025 (“Q2, 2025”), representing a decrease of $0.9 million compared with $3.9 million recorded in the second quarter of 2024 (“Q2, 2024”). Revenue for the six-month period ended June 30, 2025, was $6.0 million, a decrease of $1.4 million over revenue of $7.4 million in the same period of 2024.

Revenues recorded in the three and six-months ended June 30, 2025, were generated primarily from: