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PyroGenesis Inc. (PYR-T) reported a Q4 that failed to meet expectations, CEO P. Peter Pascali said, with revenue declining compared to the year prior and a mounting net loss weighing down the Montreal-based company.
In its latest quarter and year-end results for 2025, it announced Q4 revenue of $3.3 million, down 21 per cent year-over-year. Net loss amounted to $5.2 million in Q4, compared to $145,320 in net income the year prior.
Pressures from geopolitics, tariffs, supply chains and energy supplies last year fuelled uncertainty in heavy industry and various markets, Pascali said, affecting PyroGenesis.
The company develops plasma technologies for heavy industry and defence applications, which are designed to be a lower-carbon alternative to traditional equipment.
Though its financial performance in 2025 was disappointing, the company will focus 2026 on “converting our technological progress into improved financial performance,” Pascali continued, “while maintaining the flexibility needed to continue navigating a challenging macroeconomic landscape.”
PyroGenesis reports weaker 2025
PyroGenesis attributed the year-over-year decline in Q4 revenue to factors such as decreasing sales of Drosrite, an aluminum and zinc dross recovery system, and biogas upgrading and pollution controls-related sales. Though there were increases in revenue from some streams, the biggest being plasma torch-related products and services.
The financial struggles in Q4 were seen throughout 2025. PyroGenesis recorded revenue of $12.6 million for year-end 2025, almost 20 per cent less than all of 2024 which ended at $15.7 million.
The hit to revenue was attributed to the time-sensitive nature of project milestones and on-site activities across PyroGenesis’s product lines.
A net loss of $14.8 million was reported for full-year 2025, more than double the net loss of $6.7 million in 2024.
As of March 30, revenue expected to be recognized in the future related to backlog of signed and awarded contracts stood at $47.8 million.
PyroGenesis’s upcoming developments
Revenue growth in PyroGenesis’s torch systems, SPARC product and biogas projects provide visibility into its deliveries and milestones for 2026, the company said.
For the near future up to the next three months, PyroGenesis previewed anticipated developments such as its discussions with a large aluminum company for the potential purchase of a five-megawatt plasma torch and talks with a European global leader in mineral production for the cement industry,
In the next three to six months, the company anticipates progress on developments such as the use of plasma torches for metal manufacturing, production of syngas and carbon black, and titanium metal powders.
In the long-term of six months and beyond, PyroGenesis foresees discussions with a European steel construction conglomerate; several potential customers interested in its technology for producing silicon, nano-silicon and silica; and with an operator of a large North American hazardous waste facility for hazardous materials processing.
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