PyroGenesis: Q3 2026 revenue $3.07 million, net loss widens to $3.2 million

what happened

PyroGenesis Inc., a Montreal-based developer of plasma and ultra-high temperature systems, published its third-quarter 2026 results on November 12, according to GlobeNewswire. Revenue came to $3.07 million, five percent below a year earlier, while gross margin stood at 35%. The net loss widened to $3.2 million from $2.2 million, though the modified EBITDA loss narrowed to $1.5 million from $1.9 million.

Chief executive P. Peter Pascali pointed to the completed purchase of the remaining 50% stake in HPQ Polvere, which secures the company's rights to its fumed silica reactor technology. Nine-month revenue was the strongest since 2022, and the backlog reached $39.9 million as of November 12, with 85% denominated in U.S. dollars.

Operationally, the company received final acceptance for a coke-oven gas and hydrogen extraction system built for Tata Steel, closing the one-year liability period and handing operation to the client. It also announced three new titanium powder customers, two of which have already placed repeat orders, plus a new plasma torch client in Europe.

why it matters

For investors this is a small industrial technology company, so the report matters mainly for the pace of contract conversion rather than for broad markets. Quarterly revenue fell and the net loss grew, while the backlog stayed near $40 million, making it key to watch how quickly new orders turn into sales.

tags

instruments