Pyrogenesis Canada (PYR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached CAD 4.4 million, up 47% year-over-year, marking the best Q2 since 2022 and the second-best quarter overall since Q3 2022.

• First half 2026 revenue totaled CAD 9.3 million, a 55% increase over the same period in 2025, already surpassing the first nine months of 2025.

• Backlog stands at CAD 40 million as of August 6, 2026, with 88% in US dollars, supporting strong revenue visibility.

• Comprehensive loss improved to CAD 1.1 million in Q2 2026 from CAD 3.1 million in Q2 2025; first half loss improved by CAD 5.3 million year-over-year.

• Operational efficiency, cost savings, and strong execution across diversified technology platforms drove financial improvements.

Financial highlights

• Q2 2026 revenue: CAD 4.4 million (up CAD 1.4 million from Q2 2025).

• Gross margin for Q2 and year-to-date 2026 was 32%, in line with expectations and industry benchmarks.

• SG&A expenses for Q2 2026 were CAD 3.1 million, down 14% year-over-year; first half SG&A down 27%.

• EBITDA loss improved to CAD 0.6 million in Q2 2026 from CAD 3.6 million in Q2 2025; modified EBITDA loss improved to CAD 0.5 million from CAD 2.1 million.

• Net working capital deficiency of CAD 7.1 million and cash balance of CAD 1.3 million at quarter-end.

Outlook and guidance

• Backlog expected to be recognized over the next three years, supporting long-term revenue visibility.

• Management remains focused on executing backlog, advancing commercial opportunities, and maintaining cost discipline.

• Revenue and margin performance expected to fluctuate due to project timing and milestone-based revenue recognition.

• No specific revenue or net income guidance for 2026 due to early market adoption stage.

• Anticipates solid performance in the second half of 2026, with multiple near-term contract announcements expected.