PyroGenesis Canada Inc has reported revenue of US$1,902,748 in Q3 2016, an increase of 40% over the same period in 2015.
Gross margins before amortization of intangible assets increased to 64.2% over the same period in 2015, while adjusted EBITDA increased 138% to US$253,574. Over US$11.5 million in contracts have been signed by the company since 30 June 2016. Revenues for the nine first months of fiscal 2016 were US$3,738,590, a decrease of 7% over revenues of US$4,013,221 reported during the same period in 2015.
‘Operations for the periods under review reflect a significant improvement over the first half of the year which saw the company transition from selling systems that make powders for additive manufacturing to actually making and selling these same powders,’ the company said in a press release. ‘The first six months of 2016, and as such the nine months under review here, were negatively impacted by this decision as work stopped on a previously announced contract to deliver powder producing systems for approximately US$10 million, and as such significant pressure was placed on revenues and margins during this period. The strategic decision to produce powders for additive manufacturing (3D printing) was made once it was demonstrated to the board that the revenues and profits from selling powders from one system alone, far exceeded, on an annual basis, the onetime profit from selling 10 systems, and as such the company announced on 26 October 2015, the strategy to move into this potentially lucrative market of producing powders for the additive manufacturing industry (3D printing).’
Pyrogenesis said that its focus for 2017 would continue to be to generate an improved mix of short and longer term projects that will, in turn, facilitate operational and financial planning.
This story is reprinted from material from Pyrogenesis, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.