PyroGenesis Canada Inc. (TSX: PYR) shared on Thursday evening its financial results for Q4 and full-year 2021, highlighting revenue of $8.3 million. This is an increase from 2020’s revenue of $17.8 million.
Breaking down the topline revenue figure, the company’s Drosrite technology contributed $7.9 million, Purevap generated $6.1 million sales, torch-related sales amounted to $2.1 million, support services related to PAWDS-Marine systems for US Navy added $7.5 million, and other sales and services notched additional $0.6 million. The recent acquisition of Pyro Green-Gas also added revenue from biogas upgrading & pollution controls at $6.8 million.
Gross margin for the year dropped to 40% coming from 58% in 2020. While this may have resulted from the difference in the profitability of projects, the firm said that the cost of sales and services “are in line with management’s expectations.”
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The annual operating expenses amounting to $29.8 million led to an operating loss of $17.3 million, down from last year’s $1.3 million operating loss. Further, a net decrease in fair value adjustment of strategic investments amounting to $21.4 million contributed to a bottom-line figure of a $38.4 million net loss for the year. This is a decline from last year’s net income of $41.8 million.
Adjusted EBITDA for the year ended at a loss of $27.6 million compared to last year’s gain of $48.1 million. The decrease in the firm’s financial bottom line is mainly attributed to an increase in operating expenses and share-based expense, and the decrease in changes in fair market value.
The company’s cash and cash equivalents position ended at $12.2 million from a starting balance of $18.1 million. Current assets at year’s end carry a balance of $38.8 million while current liabilities came in at $24.8 million.
In February 2022, the firm announced its planned buyback program to repurchase 7.5 million common shares or 4.4% of its float.
PyroGenesis Canada last traded at $3.13 on the TSX.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
