PyroGenesis Canada Inc., based in Montreal, Quebec, has reported that its revenues decreased 47% in the second quarter 2016, compared to the same period in the previous year. The company stated that revenue had been negatively impacted in the short term by the decision to stop working on the previously announced contract to deliver an additional nine plasma atomisation systems to an Asian customer for approximately $10M.
Revenues for the first six months of fiscal 2016 were $1,835,842, a decrease of 31% over revenues reported during the same period in 2015.
The strategy to move into a potentially lucrative market of producing titanium powders for the Additive Manufacturing industry was announced in October 2015. The decision was made when improvements to the company’s plasma atomisation systems demonstrated that the revenues and profits from selling powders from one system alone far exceeded the one-time profit from selling an additional nine atomisation systems.
Until this decision was made, PyroGenesis had been a fabricator of plasma-based systems. The company’s management expects to commence supplying titanium metal powders in 2017.