PyroGenesis reports revenue decline

PyroGenesis Canada has reported Q2 2022 revenues of US$5,847,180, a 29% decrease compared with revenues of US$8,280,572 in Q2 2021.

Revenue for the six months of 2022 were US$10,053,943, down 31% from figures of US $14,545,075 in the same period of 2021.

“The company […] has felt the repercussions of macro-economic headwinds that have affected the planning, logistics, and spending of its customers and of its sales pipeline targets,” a press release said. “These conditions have weighed, at times heavily, on both the company’s top and bottom lines, with potential or planned sales being impacted by customer resourcing, staffing, and purchasing delays, and with continued governmental and logistical issues preventing other customers from finalizing contract negotiations or taking delivery of their fully completed orders.

“What was anticipated to be a major growth first half, has adjusted to be more of a modest stage-setting for the second half of the year and into 2023.”