PyroGenesis Q3 2026 Revenue Falls 5% to $3.07 Million as Net Loss Widens to $3.2 Million

PyroGenesis Inc. reported third-quarter 2026 revenue of $3.07 million, down 5% from a year earlier, and a net loss of $3.2 million, according to GlobeNewswire. The Montreal-based plasma torch and reactor systems maker said its revenue backlog stood at $39.9 million as of November 12, 2026.

PyroGenesis Q3 Revenue and Backlog Details

Revenue for the quarter ended September 30, 2026, was $3.07 million, compared with $3.2 million in the third quarter of 2025. Gross margin was 35%, and the modified EBITDA loss was $1.5 million versus a loss of $1.9 million a year earlier. The net loss of $3.2 million compared with a loss of $2.2 million in the same period a year ago.

Nine-month revenue was $12.4 million, up from $9.2 million in the same period of 2025. PyroGenesis said the nine-month total was its best since 2022 and already matched full-year revenues for two of the past three years.

"Q3 was an important quarter for the company," said P. Peter Pascali, President and CEO. "We put the finishing touches on several key initiatives to bring them across the finish line, we brought new clients into the fold, and we drove recurring business."

Of the $39.9 million backlog, 85% is in U.S. dollars. The company said revenue from signed and awarded contracts is expected to be recognized over a maximum period of approximately three years.

HPQ Polvere Stake and New Contracts

In September 2026, PyroGenesis completed the acquisition of a 50% ownership interest in HPQ Silica Polvere Inc., the rights-holder of the fumed silica reactor technology. The stake was converted from a 10% annual royalty on HSPI sales that PyroGenesis had held since 2021. PyroGenesis retains an exclusive arrangement to be the sole equipment supplier for any commercialization of the reactor.

In August 2026, the company announced a $1.4 million contract to supply two plasma torches, 300 kW and 40 kW, to a European research institute focused on non-ferrous metallurgy and critical minerals. It also announced titanium powder contracts with a U.S. applied research facility supported by the Department of Defense and NASA, and with a U.S.-based additive manufacturing original equipment manufacturer.

In September 2026, subsidiary Pyro Green-Gas received the Final Acceptance Certificate for a coke-oven gas cleaning system built for Tata Steel, transferring responsibility for future operation of the system to the client.

PyroGenesis Funding and Earlier Orders

PyroGenesis designs and manufactures plasma torches and integrated reactor systems for heavy industry, defense and environmental clients, according to akta.pro company records. The same records show a bought deal financing of CAD$4.26 million plus a concurrent CAD$2.0 million CEO private placement in June 2026, totaling approximately CAD$6.26 million.

The records also list a $4.4 million second-quarter 2026 revenue figure, a 47% increase year-over-year, and $9.3 million in first-half 2026 revenue, up 55% year-over-year.

Titanium Orders Before the Quarter

On August 19, 2026, Financial Post reported PyroGenesis secured a $1.4 million contract to supply two plasma torches to an unnamed European mining, metallurgy and materials entity. On August 24, 2026, Stock Titan reported the company's first commercial contract with a U.S.-based original equipment manufacturer to supply coarse cut titanium powder produced via its NexGen plasma atomization process. On August 26, 2026, Stock Titan reported a second contract with a U.S. applied research facility supported by the Department of Defense and NASA, for coarse cut Ti64 titanium powder.

What Comes Next for PyroGenesis

PyroGenesis said in October 2026 that it received $2.3 million (US$1,628,772) under its existing $25+ million Drosrite contract with Radian Oil and Gas Services Company. The company said backlog revenue will be recognized as it satisfies performance obligations under long-term contracts.