Pyrogenesis Canada Inc - PYR STOCK NEWS

PyroGenesis Canada has received a Letter of Intent from an existing client for three 10-ton DROSRITE™ systems, with the contract valued between $10-15 million. This expansion is driven by the client's need to process an additional 30 tons of dross due to increased aluminum processing capacity. Currently, PyroGenesis operates eleven DROSRITE™ systems, and anticipates a recurring revenue stream of over $4 million annually from spare parts once all systems are active.

PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) has received a request for a cost estimate for thirty-six plasma torches from a major iron ore producer, aimed at reducing greenhouse gas emissions by substituting fossil fuel burners. The company holds a patent for this replacement technology, which offers a significant market opportunity, with an estimated value exceeding $10 billion considering the global pellet production. Management mentions the potential to drastically cut CO₂ emissions, aligning with environmental sustainability goals.

PyroGenesis Canada Inc. announces key leadership changes, including the appointment of Ms. Nannette Ramsey as an independent director and Mr. Ben Simo as Chief Financial Officer (CFO). Ms. Ramsey, with extensive manufacturing experience, is expected to provide valuable insights as the company grows. Mr. Simo, a finance veteran with over 20 years in the industry, will oversee the finance/accounting departments. Additionally, Raymond Chabot Grant Thornton LLP has been appointed as the new auditor, replacing KPMG LLP, effective May 21, 2021. The changes aim to align the company's financial strategy with its long-term goals.

PyroGenesis Canada Inc. (TSX: PYR, NASDAQ: PYR) has secured a $700,000 grant from Sustainable Development Technology Canada (SDTC) to develop a novel process for transforming quartz into fumed silica using a plasma reactor. This environmentally-friendly process aims to reduce hazardous waste and greenhouse gas emissions by approximately 90% compared to traditional methods. The collaboration with HPQ Silicon Resources will involve building and operating a pilot system over two years to test the feasibility of continuous fumed silica production and conduct a techno-economic feasibility study.

PyroGenesis Canada announced the shipment of its first commercial samples of plasma-atomized titanium powder to a confidential client in the aerospace industry. This milestone follows a previous press release and highlights the company's NexGen™ powder production line's capabilities. The NexGen™ line is designed to fulfill increasing demand for metal powders and is believed to be a low-cost producer in its category. The company anticipates further commercial orders as it builds relationships with key sectors such as aerospace, biomedical, and automotive.

PyroGenesis Canada Inc. reported strong Q1 2021 results, achieving $6.26 million in revenues, a 771% increase from Q1 2020, and net income of $3.71 million. The company's cash balance rose to $26.27 million, with total assets at $87.34 million. The backlog of signed contracts reached $26 million. Despite a slight decrease in gross margin to 34.2%, the company remains optimistic about growth opportunities, particularly through new contracts and product innovations in plasma technology. The outlook emphasizes organic growth and potential mergers and acquisitions.

PyroGenesis Canada Inc. announced it will release its Q1 2021 results on May 17, 2021, before market opening. In conjunction, the company confirmed the installation of approximately $1MM in advanced plasma torch production equipment at its new Montreal facility. This upgrade aims to enhance production efficiency, reducing manufacturing time for certain components from 4 hours to just 15 minutes, which could lower costs and improve delivery times, potentially increasing profitability.

On May 12, 2021, PyroGenesis Canada Inc. announced successful completion of powder test runs for its Additive Manufacturing (AM) NexGen™ powder production line, finishing ahead of schedule. This new production line is believed to be a low-cost leader in its class, allowing the company to process previously unfeasible materials. Management is optimistic about imminent client orders, though cautioning against expecting immediate large-scale orders. The next steps involve securing long-term contracts for recurring revenue, particularly from top aerospace firms.

On April 28, 2021, PyroGenesis Canada Inc. (PYR) issued a statement addressing shareholder concerns following a report perceived as a short seller attack. CEO P. Peter Pascali refuted the report's claims, labeling them as false and misleading. He emphasized the company's commitment to legal action against manipulation while reaffirming PyroGenesis's strong position in the market, backed by reputable audits from KPMG. Pascali holds a significant ownership stake (48%-52%) in the company and reassures stakeholders of their commitment to building value with established industry clients.