PyroGenesis Canada

PYR.TO

Industrial - Machinery · Industrials

Price

C$0.20

-0.01 (-4.76%)

Market Cap

C$45.1M

Exchange

Toronto Stock Exchange

Winston Score

–

No score yet — Winston is napping.

We couldn’t gather enough financial data to score this stock reliably.

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Share count rising — dilution

+18.6% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 166.6M (2021) → 197.7M (2025)

Winston Score History

The full picture

PyroGenesis Canada is a small industrial technology company based in Montreal that designs and builds plasma-based systems. Plasma is an extremely hot, electrically charged gas that can be used to destroy waste, produce metal powders, and replace fossil fuels in industrial furnaces. Its main customers are defense contractors, metal manufacturers, and industrial companies looking to cut emissions.

The company earns revenue by selling custom-engineered equipment and providing related services and contracts, though it also pursues royalty and licensing arrangements. It operates primarily in Canada but sells systems to clients in North America, Europe, and Asia. PyroGenesis holds patents on several of its plasma technologies, which gives it some protection from direct competition. However, the company is currently unprofitable with a deeply negative operating margin, meaning it spends far more than it earns, and its key risk is whether it can scale revenue fast enough to reach sustainable profitability before needing to raise additional capital.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+47.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+66.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

C$872,148/ year

↑ Rising (+11% vs prior year)

6.9% of revenue

1.7x the sector average (4%)

R&D investment increasing — building for the future

Insider Activity

37.1%ownership

↓ Declining

Insider ownership declining — could be dilution or selling

Cash Runway

~1 months

C$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Short runway — potential dilution ahead through share issuance

Revenue accelerating

PyroGenesis Canada grew revenue 47% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

26.5%

Modest — 26.5% gross margin

Profit after running costs

Operating Margin

-49.8%

Losing money on operations — -49.8%

Return on the money invested

ROCE

N/A

—

Data not available

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Growth

Sales growth

Sales YoY

+11.6%

Steady sales growth (+11.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-75.8%

Burning cash (-75.8%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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