MONTREAL, May 07, 2026 (GLOBE NEWSWIRE) - PyroGenesis Inc. ("PyroGenesis" or the "Company") (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a leader in ultra-high temperature processes and engineering innovation, today announced its financial and operational results for the first quarter ended March 31, 2026. The Company reported a remarkable revenue of $4.9 million, reflecting an impressive 63% increase year-over-year, marking the second strongest first quarter in its history.
Revenue Surge Reflects Resilient Business Model
The significant revenue Growth in Q1 2026 underscores the resilience of PyroGenesis's business model amidst varying market and geopolitical conditions. P. Peter Pascali, President and CEO, stated, "PyroGenesis closed the first quarter with a 63 percent year-over-year revenue increase, delivering the second strongest first quarter in our history." He attributed this success to the Company's diversified product and technology portfolio, which generated revenue from various project types and phases throughout the quarter. Learn more on Investopedia.
The operational streamlining efforts made by the Company contributed to the completion of several major projects, directly influencing the revenue spike. Pascali noted that while revenues can fluctuate based on project phases and client timelines, the strong start to 2026 is promising from both operational and financial perspectives.
Strategic Partnerships and New Initiatives
In addition to the excellent financial results, PyroGenesis announced key activities during Q1 that could further solidify its market position. The Company entered into a supply agreement with a U.S. client for its titanium powder, which reflects growing demand for their innovative products. Furthermore, PyroGenesis signed an agreement with a U.S. defense contractor to jointly pursue contracts focused on chemical weapon destruction in Syria, highlighting the Company's commitment to Addressing critical global challenges.
Moreover, the Company made significant strides in its fumed silica production system. Independent verification confirmed that key commercial product grade levels have been met, paving the way for potential customer agreements. This demonstrates PyroGenesis's ongoing commitment to innovation and industry leadership.
Innovative Technologies Enhance Operational Efficiency
PyroGenesis's advancements go beyond financial results. The Company conducted a live furnace trial with clients Rio Tinto and Alcoa, which showcased the efficiency of its plasma torches. The trial confirmed that these torches deliver substantial reductions in energy costs compared to traditional natural gas burners used in aluminum casthouse furnaces.
This groundbreaking study revealed that the plasma technology not only improves thermal performance but also leads to significant energy savings, reduced melting times, and minimized dross generation-all while maintaining high metal quality. Pascali commented on the importance of this development, saying, "Overall, Q1 was a very solid quarter for the company across execution, new developments, and continued innovation."
Financial Overview: Key Metrics from Q1 2026
Looking at the financial metrics from Q1 2026, PyroGenesis reported a gross margin of 32%, which reflects a five-point improvement from 27% in the same quarter last year. Despite the revenue increase, the Company reported a net loss of $1.0 million, a significant reduction compared to a loss of $4.26 million in Q1 2025. The modified EBITDA loss also improved to $358,856, down from $2.96 million in the previous year.
As of May 7, 2026, PyroGenesis boasts a robust revenue backlog of $43.1 million, with 86% of this amount denominated in U.S. dollars. This backlog indicates a strong pipeline of signed and awarded contracts that could contribute to ongoing revenue growth in the coming quarters.
Overall, the first quarter of 2026 has positioned PyroGenesis favorably for continued success. The Company's ability to adapt and innovate in a challenging market environment sets a strong foundation for future growth.
As PyroGenesis continues to refine its operational processes and expand its product offerings, stakeholders will be keenly watching how these developments translate into sustained financial performance and strategic growth in the months ahead.
Originally reported by Financialcontent. View original.