PyroGenesis Reports Q3 2026 Revenue of $3.07M, Backlog at $39.9M
The Montreal plasma-technology company says nine-month revenue is its best since 2022 and a net loss widened to $3.2 million.
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PyroGenesis Inc., the Montreal-based plasma technology company listed on the TSX, reported third-quarter 2026 revenue of $3.07 million, down 5 per cent from the same quarter of 2025. Its net loss widened to $3.2 million, compared with $2.2 million a year earlier, while its modified EBITDA loss narrowed to $1.5 million from $1.9 million.
The company said its nine-month revenue is its best since 2022. It reported a gross margin of 35 per cent and a revenue backlog of $39.9 million in signed or awarded contracts as of November 12, 2026, of which 85 per cent is denominated in U.S. dollars.
President and CEO P. Peter Pascali said the quarter included the completion of the acquisition of the 50 per cent stake in HPQ Polvere, which gives the company full long-term rights to its fumed silica reactor technology. The company also announced final acceptance certification on a coke-oven gas and hydrogen extraction system for a steelmaker in India, ending a one-year operational liability period.
In new business, PyroGenesis announced three new titanium powder clients, two of which have already placed follow-up orders, plus a plasma torch client in Europe. In August the company announced a $1.4 million contract to supply two plasma torch systems, rated 300 kW and 40 kW, to a European research institute focused on non-ferrous metallurgy and critical minerals.
