Pyrogenesis Canada (PYR) investor relations material

Executive summary

• Q2 2025 revenue was $3.0M, down 23.6% year-over-year due to delayed project starts and client scheduling challenges.

• Gross margin rose to 56%, up from 29% in Q2 2024, benefiting from high-margin project phases and favorable sales mix.

• Achieved key milestones in fumed silica reactor commercialization and Boeing supplier approval for titanium powder.

• Strategic focus remains on cost optimization, innovation, and expanding the customer base across heavy industry sectors.

• Notable contract wins and project completions in energy transition, commodity security, and waste remediation.

Financial highlights

• Q2 2025 revenue of $3.0M, down $900K or 23.6% year-over-year; year-to-date revenue was $6.0M, down $1.4M.

• Gross profit for Q2 was $1.7M (56% margin); year-to-date gross profit was $2.5M (41% margin).

• Net comprehensive loss was $3.1M for Q2 and $7.5M year-to-date; EBITDA loss was $3.6M for Q2 and $7.3M year-to-date.

• Modified EBITDA loss: $2.1M for Q2, $5.1M year-to-date (excludes fair value and share-based comp).

• Backlog stands at $51.1M as of August 6, 2025, with 83% in USD.

Outlook and guidance

• Management expects revenue to improve as project stages advance and more milestones are reached.

• No specific revenue or net income guidance for 2025 due to early market adoption stage.

• Ongoing cost optimization program targeting $3-5M in annual savings.

• Anticipates continued variability in quarterly revenue due to macroeconomic and industry factors.

• Multiple near- and mid-term project milestones expected across energy transition, commodity security, and waste remediation.