https://finance.yahoo.com/news/pyrogenesis-announces-q3-2021-results-023000891.html

PyroGenesis Announces Q3 2021 Results: Revenues $9.3MM; Gross Margin 43.5%; Current Backlog of Signed and/or Awarded Contracts $44.9MM

MONTREAL, Nov. 15, 2021 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (NASDAQ: PYR) (TSX: PYR) (FRA: 8PY), a high-tech Company (hereinafter referred to as the “Company” or “PyroGenesis”), that designs, develops, manufactures and commercializes advanced plasma processes and sustainable solutions to reduce greenhouse gases (“GHG”), is pleased to announce today its financial and operational results for the third quarter ended September 30, 2021.

“We are proud to announce our Q3 2021 financials which now include the results of our recent acquisition, Pyro Green-Gas, (formerly known as AirScience Technologies Inc.). Revenues for the quarter are a historic $9.3MM as compared to $8.1MM in Q3 2020. Of note, this is the fifth quarter in a row that PyroGenesis has posted more revenues for the quarter than full year 2019 revenues. It is also the third consecutive quarter of increased revenues compared to the previous quarter. This represents the successful execution on our strategy, the processing on our backlog of signed contracts as well as the benefit from our recent acquisition,” said Mr. P. Peter Pascali, CEO and Chair of PyroGenesis. “This has resulted in a gross margin of 43.5% and net income from operations of $623K. Backlog from signed and/or awarded contracts is at a historically high level of $44.9MM which, given recent margins, bodes well for the near term. We fully expect this trend to continue.”

Q3 2021 results reflect the following highlights:

• Revenues of $9,317,926, an increase of 14% from $8,149,427 in Q3 2020,

• Revenues of $3,712,000 from the recent acquisition of Pyro Green-Gas,

• Entering the Renewable Natural Gas market via acquisition, and establishing a presence in India and Italy,

• Third consecutive quarter of revenue growth, $6,264,503, $8,280,572 & $9,317,926,

• Gross margin profit of $4,052,531 or 43.5% of revenue,

• Net income and comprehensive income of $623,664,

• EBITDA of $968,667 and Adjusted EBITDA of $1,641,861 for Q3, 2021,

• Cash and cash equivalents at September 30, 2021 of $15,781,528 (December 31, 2020 - $18,104,899),

• Backlog of signed and/or awarded contracts of $44.9MM,