PyroGenesis Announces 2019 Results 193 0 Kommentare Revenues of $4.8MM; Gross Margin of 27%; Current Backlog $30.27MM

MONTREAL, June 15, 2020 (GLOBE NEWSWIRE) -- PyroGenesis Canada Inc. (http://pyrogenesis.com) (TSX-V: PYR) (OTCQB: PYRNF) (FRA: 8PY), a high-tech company, (the "Company", the “Corporation” or "PyroGenesis") that designs, develops, manufactures and commercializes plasma atomized metal powder, plasma waste-to-energy systems and plasma torch systems, is pleased to announce today its financial and operational results for the fourth quarter and the fiscal year ended December 31, 2019.

“The irony of issuing these 2019 financials knowing full well what has transpired since December 31^st, 2019 has not been lost on the writer, as I hope it will not be lost on the reader as well. These statements definitely do not represent the current state of affairs at the Company, specifics of which can be gleamed from press releases issued by the Company in 2020.” said P. Peter Pascali, CEO of PyroGenesis Canada Inc. “To date, in 2020 we have not only received significant payments under existing contracts, but have retired the $3MM convertible debenture in full, bought back approximately 1.2 million shares, increased our investment in HPQ, and further benefited from early conversions of warrants maturing in 2021 of over $2MM. Of note, as of December 31^st, 2019 we have approximately $10MM of in-the-money warrants and options expiring in 2020 and 2021 alone. The Company also has over $50MM in tax loss carryforwards (roughly evenly distributed between federal and provincial tax regimes) which is not reflected as an asset on the balance sheet. Given recent events, and the structuring that took place in 2019, the Company is undeniably well positioned to execute on, and build upon, the backlog of signed contracts which currently stands in excess of $30MM. With the eagerly anticipated US Navy contract in hand backlog of signed contracts will be in excess of $40MM. 2020 has the potential to be a barn burner by almost any yardstick.”

2019 was a year in which PyroGenesis posted:

Backlog of signed contracts as of the date of this writing is $30.27MM;
Revenues of $4,813,978, a decrease of 4% from $5,030,116 year over year;
Gross margin of 27% an increase of 5% from 22.1% year over year;
Increase of $197,157 in capitalized patents;
An Adjusted EBITDA loss of $4.5MM compared to an adjusted EBITDA loss of $6.2MM year over year;
Cash on hand on December 31, 2019 was $34K (December 31, 2018: $645K);