Revenues as expected, nothing impressive just yet. However, if we look at this R&D company with R&D metrics in mind, there is plenty jam packed into the outlook section detailing progress. Serious progress seems to be made on engaging with large clients, they just all move slow as snails. Replacing oil legacy tech is no quick feat.
- New mention of a large torch contract for unmentioned client in a different industry. Potentially manifesting soon with a client who has a need for many torches, slated for Q1 2024 if it manifests.
- Fumed silica reactor slated for Q2 2024 plant commission.
- Saudi still owes lots of money to PYR, but the company insists they allowed the client a modified payment schedule that is for the benefit of both the company and the client
- Aerospace Powder qualifications are ongoing and expected to end soon. They now include coarse powder as well
- Client B (Rio Tinto) finished repairing the damage caused by rainstorms and is scheduled to wrap up Site Acceptance Testing by the end of year, optimistically.
- New mention of Client A (Vale) progress: Client A informed the company they will continue to trial plasma at their own pace, still interested. Probably waiting for Rio Tinto to do all the hard work of validating the tech first
- Company is confident the truth will come to light regarding AMF proceedings, and at the most exposes the company to potential $550k fine, in a maximum risk scenario.
- Not including previously mentioned projects does not mean they are at risk, but there is nothing materially new to discuss so they were ommited.
Not bad for R&D progress. Research always takes more time than you anticipate. COVID didnt help. Looks like they are heading the right way.
