PyroGenesis Inc (TSX:PYR)

Q2 2026 PyroGenesis Inc Earnings Call Transcript

Aug 7, 2026 / 02:00 PM GMT

Release Date Price: C$0.205 (+10.81%)

Transcript

Key Points

Positve

Revenue for Q2 2026 increased 47% year-over-year to $4.4 million, marking the best second quarter since 2022.
First-half 2026 revenue grew 55% year-over-year to $9.3 million, already surpassing the total for the first nine months of 2025.
SG&A expenses decreased 27% year-over-year in the first half, demonstrating improved operating leverage.
Backlog remains strong at $40 million, with 88% in U.S. dollars, providing multi-year revenue visibility.
The company achieved successful production of battery-grade carbon black and graphite, expanding its technology portfolio.
New titanium powder supply agreement with an Asian materials company opens potential for multiple tons per year in sales.
Comprehensive loss improved by $5.3 million in the first half of 2026 compared to the prior year.
EBITDA loss narrowed significantly, improving by over $6 million in the first half of 2026.
R&D expenses were reduced by 57% in the quarter, while investment tax credits increased.
The company is exploring a potential joint venture for Middle East distribution, indicating expansion opportunities.

Negative

Gross margin remained flat at 32%, with no improvement despite revenue growth.
Backlog declined from $43.1 million to $40 million, indicating a slowdown in new orders.
Net finance expenses turned to a loss of $0.3 million in Q2 2026, compared to income of $0.8 million in Q2 2025.
Revenue from biogas upgrading and pollution control systems decreased due to project timing.
The company still reported a comprehensive loss of $1.1 million in Q2 2026, though improved.
SG&A expenses increased in certain areas, including professional fees, travel, and share-based compensation.
The company faces ongoing margin pressure from rising input costs, especially copper and aluminum.
Supply chain disruptions, including threats to the Suez Canal and Strait of Hormuz, pose risks to operations.
The company's revenue recognition model leads to irregular quarterly results, which may concern investors.
The company is still not profitable, with a modified EBITDA loss of $0.5 million in Q2 2026.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PYR.TO - PyroGenesis Inc
Q2 2026 PyroGenesis Inc Earnings Call
Aug 07, 2026 / 02:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by.

Welcome to the Pyrogenesis second quarter 2026 business update conference call.

At this time, all participants are in a listen-only mode.

Please be advised that today's conference is being recorded, I would now like to hand the conference over to your first speaker today, Steve McCormick, Vice President of Corporate Affairs.

You may begin.

Thank you, operator, and good morning to everyone.

I'm Steve McCormick, Vice President of corporate affairs for Pyrogenesis, and thank you for joining Pyrogenesis 2026.

Second quarter of financial results and business update conference call.

On the call with me today is Mr.

Andre

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