PYROGENESIS INC - PYRGF STOCK NEWS

PyroGenesis has successfully completed a $2.25 million contract for the delivery and operation of its plasma torch system to destroy PFAS 'forever chemicals'. The project, funded by the U.S. Department of Defense, has already treated over 300 tonnes of PFAS-contaminated materials at full capacity using a 1MW plasma torch system. The technology addresses a significant environmental and health concern, targeting a global PFAS remediation market estimated at $250 billion, with the U.S. portion valued at approximately $200 billion. PFAS are synthetic chemicals found in various consumer and industrial products, linked to health issues including increased cancer risk and immune system effects.

PyroGenesis has received a US$2 million (CA$2.8 million) payment under its existing CA$25+ million Drosrite™ contract with Radian Oil and Gas Services Company. The payment aligns with a revised schedule to accommodate the end-client's cash flow needs. This contract includes seven Drosrite™ aluminum dross recovery systems, with three already operational at the Ma’aden aluminum plant in Saudi Arabia and four more ready for delivery. PyroGenesis' Drosrite™ systems are part of its broader strategy to enhance metal recovery and optimize production processes, contributing to global heavy industry solutions.

PyroGenesis provides analysis on the potential impact of the upcoming U.S. administration change. The company expects positive economic effects from campaign promises including lower corporate taxation, reduced regulatory burdens, and energy sector expansion. PyroGenesis believes its position in aluminum and titanium industries, along with the growing demand for lightweight metals and grid infrastructure, will remain strong regardless of policy changes.

The company anticipates minimal impact from potential Paris Accord withdrawal or Inflation Reduction Act changes, citing factors such as continued energy transition momentum, rising metal demand, and geographic diversification. PyroGenesis highlights its strength in providing electricity-based technology solutions for industrial applications, particularly benefiting from global grid expansion and nuclear power resurgence.

PyroGenesis has signed a contract with one of the world's top three steelmakers to evaluate the use of their electric plasma torches in electric arc furnace (EAF) steelmaking. The unnamed client, previously referred to as Client C, has granted PyroGenesis official supplier status. The project, scheduled for Q4 2024, will last 60-90 days and aims to support the client's energy-transition goals. The initiative focuses on implementing plasma technology in the post-EAF process, which already offers 75% lower CO2 emissions compared to traditional blast furnace methods. This development aligns with PyroGenesis' Energy Transition & Emissions Reduction vertical, targeting industrial decarbonization.

PyroGenesis Inc., a company specializing in plasma processes and sustainable solutions for reducing greenhouse gases, has announced its corporate name change from PyroGenesis Canada Inc. to PyroGenesis Inc. (French version: PyroGènese Inc.). The change reflects the company's international presence across 21 countries but involves no restructuring or control changes. Trading symbols remain unchanged (TSX: PYR, OTCQX: PYRGF).

Additionally, the company has relocated its headquarters to 1100 René-Lévesque Boulevard West in downtown Montreal, moving from its 30-year location in Griffintown to accommodate growth and provide better accessibility.

PyroGenesis reported Q3 2024 financial results with revenue of $4 million, up 9% year-over-year, marking the third consecutive quarter of growth. The company achieved a record backlog of $54.9 million and a gross margin of 42%, showing a 13-point improvement from Q2. Notable highlights include a $27 million contract for a 20MW plasma torch system and over $3 million in recurring annual cost savings. The company reported an EPS loss of $0.02 and a net loss of $3.9 million, improving 38% compared to the previous year. PyroGenesis also announced its corporate name change from PyroGenesis Canada Inc. to PyroGenesis Inc. and relocated its headquarters to downtown Montreal.

PyroGenesis Canada announces its Q3 2024 financial results conference call scheduled for November 7, 2024, at 12:00 PM ET. The company also provided an update on its warrant repricing initiative announced on July 3, 2024. Out of 4,107,850 warrants eligible for repricing at $0.75 per share, 1,457,500 have been exercised, generating proceeds of $1,093,125. The remaining 2,390,350 warrants consist of 1,710,350 expiring March 7, 2025, and 680,000 expiring July 21, 2025.

PyroGenesis Canada Inc. has signed a $27 million contract for a 20MW plasma torch system with an existing U.S. client in the defense and aerospace sector. This landmark 3-year project increases PyroGenesis' backlog by approximately 90% to over $55 million, an all-time high for the company. The client, who previously ordered a 4.5MW plasma torch system, regularly serves as a prime contractor for the U.S. government.

The 20MW plasma torch is believed to be one of the most powerful commercially produced, positioning PyroGenesis for expansion into industries requiring higher power level technology. This contract highlights PyroGenesis' role in addressing challenging high-temperature needs in aerospace, defense, and heavy industries, aligning with global energy transition measures and emissions reduction efforts.

PyroGenesis Canada Inc. (TSX: PYR) (OTCQX: PYRGF) has received a US$741,000 purchase order from Newport News Shipbuilding for after-sales component production. These components, to be delivered by March 2025, are for the USS Gerald R. Ford class aircraft carriers equipped with PyroGenesis' Plasma Arc Waste Destruction Systems (PAWDS).

The order highlights the company's growing impact in the defense industry and its recurring revenue stream from system sales and support. PyroGenesis has contracts for PAWDS systems on multiple Ford-class carriers, including the USS John F. Kennedy (deploying in 2025), USS Enterprise (launch scheduled for 2029), and USS Doris Miller (following in 2032).

This agreement is part of PyroGenesis' Waste Remediation tier, focusing on safe destruction of hazardous materials and recovery of valuable substances.