PyroGenesis revenue falls in 2025 amid technical progress
PyroGenesis Inc, Montreal, Canada, has reported its financial and operational results for the fourth quarter and full year ending December 31, 2025. For Q4 2025, revenue of $3.3 million was down 21% year-on-year, with a net loss of $5.2 million. Full-year revenue reached $12.6 million, down from $15.7 million in 2024, with a net loss of $14.8 million.
The company states that, despite challenging geopolitical and economic conditions, it made progress in developing and commercialising its plasma-based technologies. While financial performance fell short of expectations, PyroGenesis reports a focus on converting technical advancements into revenue growth in 2026.
“Our multi-legged stool approach continues to bear fruit as it helps build sales resilience and guard against continued flux in the operational environment,” explained P Peter Pascali, president and CEO. “This type of diversification allows us to continue to invest in the strategic initiatives that position us for long-term growth. At a technology level, this is starting to show important dividends.”
During 2025, the company reported improvements in plasma torch performance, including reduced energy consumption compared to conventional systems. Trials indicated energy savings of up to 45% versus diesel burners and up to 80% versus natural gas systems. Additional furnace trials with industrial partners reportedly demonstrated reduced energy use, shorter cycle times, and lower dross generation, while maintaining metal quality.
PyroGenesis also expanded into new application areas, including battery recycling, radioactive waste treatment, and plastic waste processing. The company signed agreements with aluminium producers Norsk Hydro and Constellium for furnace trials.
In materials production, PyroGenesis reported increased adoption of its titanium powders for Additive Manufacturing, including orders across multiple particle size ranges. The company also highlighted progress in its fumed silica reactor project, which has advanced to pilot-scale production.
The company reported an order backlog of $47.8 million as of March 31, 2026.
“We have not achieved all of our financial targets for 2025,” concluded Pascali. “Having said that, I firmly believe that as we continue to innovate and as more results are revealed from client projects in the field, our revenue will catch up to our technical progress. 2025 gave us the confidence to proclaim that it is now just a matter of time. We are a small company doing exciting, groundbreaking work with extremely credible partners, and we continue to make inroads with some of the largest companies across global heavy industry.”
