PyroGenesis Announces Q2 2017 Results

PyroGenesis (TSXV:PYR) has announced its financial results for the second quarter ended June 30, 2017.
As quoted in the press release:

Q2-2017 results reflected the following highlights:

• Revenues increased 165% to $2.17MM in Q2-2017, over $0.82MM posted in Q2-2016;
• Gross profit before amortization of intangible assets increased to 48% in Q2-2017, from – 9% over the same period in 2016. (Gross profit after amortization of intangible assets increased to 48% in Q2-2017 from -33.6% over the same period in 2016);
• Most importantly, Q2-2017 was profitable on an EBITDA (Mod.) basis. Q2-2017 posted an EBITDA (Mod.) of $12.2K versus a Q2-2016 EBITA (Mod.) loss of $876K;
• Over $13.5MM in contracts were signed, and work begun on, since June 30, 2016 which, taken in context of historic revenues (2016: $5.2MM; 2015: $6.2MM; 2014: $5.8MM) is quite significant. Backlog of signed contracts as of the date of this writing is $7.64MM.

At yearend 2016, we described the preceding twelve months as being a pivotal year for PyroGenesis as the Company shifted its focus away from being a fabricator of plasma-based systems that produced unique titanium powders, in favour of becoming a producer of metal powders for the Additive Manufacturing Industry (the “Industry”). Given their unique properties (pure, small, spherical, and uniform; which make them flow like water), these powders are greatly sought after in the Industry, particularly 3D printing. Given this strategic shift, together with the backlog of signed contracts from our non-additive manufacturing business (“Core/Traditional Lines of Business”) of over $13MM since June 30, 2016, we projected that 2017 was shaping up to be a break out year for PyroGenesis, and Q1 and Q2-2017 have not been disappointing.

Click here to read the full press release.