Pyrogenesis Canada (PYR) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue was CAD 3.3 million (USD 3.3 million), down 21% year-over-year; full-year revenue was CAD 12.57 million (USD 12.57 million), a 19.6% decrease from 2024.

• Gross margin for Q4 was 17% (vs. 41% prior year); full-year margin was 30.2%, down from 34% in 2024.

• Backlog stands at CAD 47.8 million (USD 47.8 million) as of March 31, 2026, with 84% in US dollars, providing visibility for the next 24-36 months.

• Comprehensive loss for Q4 was CAD 4.9 million (USD 5.2 million), compared to income of CAD 0.1 million (USD 0.1 million) in Q4 2024; full-year loss increased by CAD 8.1 million year-over-year, with full-year net loss at USD 14.8 million, up from USD 6.7 million in 2024.

• Significant operational progress in plasma torch technology, with major efficiency gains and new contracts in cement, aluminum, and battery recycling sectors.

Financial highlights

• DROSRITE sales declined by CAD 1.9 million (USD 1.9 million) in Q4 and CAD 2.7 million for the year due to project timing and fewer milestone completions.

• TORCH-related sales increased by CAD 1.8 million (USD 1.8 million) in Q4, reflecting late-stage fabrication and shipment progress.

• Biogas upgrading and pollution control sales rose by CAD 1.8 million (USD 1.8 million) annually, driven by large-scale project commissioning.

• SG&A expenses for 2025 were CAD 15.7 million (USD 15.7 million), with Q4 at CAD 5.8 million (USD 5.8 million); cost savings of nearly CAD 2 million year-over-year after adjusting for a prior credit loss reversal.

• Modified EBITDA loss was USD 3.8 million in Q4 2025 and USD 9.8 million for the full year.

Outlook and guidance

• Management remains focused on converting technological advances into improved financial performance in 2026 and maintaining flexibility amid macroeconomic uncertainty.

• No specific revenue or net income guidance for 2026 due to early-stage market adoption.

• Backlog and diversification across business verticals support long-term growth and sales resilience.

• Ongoing cost optimization and client-funded R&D projects are expected to continue, with $2 million in recurring annual savings identified in 2025.

• Multiple near-term and mid-term milestones anticipated across energy transition, materials production, and waste processing business lines.