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Edge20 Mar 2026
Tetra Pak: The Shape of Innovation
The story of Tetra Pak, the Rausing family, and how a paper tetrahedron gave rise to a company that now delivers almost 180 billion packages a year.
Pyrogenesis Canada
Pyrogenesis Canada (PYR) investor relations material
Pyrogenesis Canada Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary31 Mar, 2026
Executive summary
Q4 2025 revenue was CAD 3.3 million (USD 3.3 million), down 21% year-over-year; full-year revenue was CAD 12.57 million (USD 12.57 million), a 19.6% decrease from 2024.
Gross margin for Q4 was 17% (vs. 41% prior year); full-year margin was 30.2%, down from 34% in 2024.
Backlog stands at CAD 47.8 million (USD 47.8 million) as of March 31, 2026, with 84% in US dollars, providing visibility for the next 24-36 months.
Comprehensive loss for Q4 was CAD 4.9 million (USD 5.2 million), compared to income of CAD 0.1 million (USD 0.1 million) in Q4 2024; full-year loss increased by CAD 8.1 million year-over-year, with full-year net loss at USD 14.8 million, up from USD 6.7 million in 2024.
Significant operational progress in plasma torch technology, with major efficiency gains and new contracts in cement, aluminum, and battery recycling sectors.
Financial highlights
DROSRITE sales declined by CAD 1.9 million (USD 1.9 million) in Q4 and CAD 2.7 million for the year due to project timing and fewer milestone completions.
TORCH-related sales increased by CAD 1.8 million (USD 1.8 million) in Q4, reflecting late-stage fabrication and shipment progress.
Biogas upgrading and pollution control sales rose by CAD 1.8 million (USD 1.8 million) annually, driven by large-scale project commissioning.
SG&A expenses for 2025 were CAD 15.7 million (USD 15.7 million), with Q4 at CAD 5.8 million (USD 5.8 million); cost savings of nearly CAD 2 million year-over-year after adjusting for a prior credit loss reversal.
Modified EBITDA loss was USD 3.8 million in Q4 2025 and USD 9.8 million for the full year.
Outlook and guidance
Management remains focused on converting technological advances into improved financial performance in 2026 and maintaining flexibility amid macroeconomic uncertainty.
No specific revenue or net income guidance for 2026 due to early-stage market adoption.
Backlog and diversification across business verticals support long-term growth and sales resilience.
Ongoing cost optimization and client-funded R&D projects are expected to continue, with $2 million in recurring annual savings identified in 2025.
Multiple near-term and mid-term milestones anticipated across energy transition, materials production, and waste processing business lines.
Drivers for the Q4 gross margin decline to 17%
Commercial outlook for off-cut titanium powder
Update on the PACWADS chemical weapons pursuit
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Latest events from Pyrogenesis Canada
- Q2 revenue up 29.6% YoY, net income CAD 1.4M, backlog at CAD 29.8M.PYR
Q2 20242 Feb 2026 - Q3 revenue up 9% to CAD 4M, gross margin 42%, and record CAD 54.9M backlog.PYRQ3 202415 Jan 2026
- Q4 revenue up 40%, net income positive, and backlog at $54.4M on new contracts and cost savings.PYRQ4 202425 Dec 2025
- Margins and backlog improved despite lower revenue, with key contracts driving future growth.PYRQ1 202525 Nov 2025
- Gross margin rose to 56% despite revenue drop, with strong backlog and new project wins.PYRQ2 202523 Nov 2025
- Q3 revenue dropped 18.7%, but a $51.6M backlog and new contracts support future growth.PYRQ3 202517 Nov 2025
Next Pyrogenesis Canada earnings date
Q1 202613 May, 2026
Pyrogenesis Canada
Next Pyrogenesis Canada earnings date
Q1 202613 May, 2026
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