Pyr.To
PyroGenesis Canada Inc. (PYR.TO) develops and commercializes plasma atomization technology for the production of metal powders used in additive manufacturing and other industrial applications.
Business. PyroGenesis Canada Inc. (PYR.TO) develops and commercializes plasma atomization technology for the production of metal powders used in additive manufacturing and other industrial applications.
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- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
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Composite-score breakdown
Synthesis
PyroGenesis Canada Inc. (PYR.TO) develops and commercializes plasma atomization technology for the production of metal powders used in additive manufacturing and other industrial applications.
The company's capital structure is highly leveraged, with total liabilities of CAD 27.7 million and total equity of CAD -10.4 million, resulting in a negative debt-to-equity ratio of -0.64. Liquidity is constrained, as evidenced by a current ratio of 0.41, indicating that the company's current assets are insufficient to cover its current liabilities. The company's valuation metrics are also concerning, with a negative EV/EBITDA of -5.84 and a market cap of CAD 61.98 million, which is significantly lower than its enterprise value.
Profitability is a major concern, with the company reporting a net loss of CAD 14.76 million and an operating loss of CAD 11.75 million in the latest period. Return on equity is a low 1.42%, and return on assets is negative at -0.85%, indicating poor asset utilization and capital efficiency. These metrics are well below the industry median for profitability and returns, suggesting that the company is underperforming relative to its peers.
The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification in the latest financial data. This lack of diversification increases the company's exposure to sector-specific risks and limits its ability to offset losses in one area with gains in another.
Growth trajectory is negative, with the company reporting a net loss and declining cash flows. The company's operating cash flow is negative at CAD -10.09 million, and free cash flow is also negative at CAD -12.95 million. These trends suggest that the company is not generating sufficient cash to fund operations or invest in growth.
Risk factors include liquidity constraints and a high debt burden. The company's negative net cash position after subtracting total debt is a red flag for liquidity risk. While dilution risk is currently assessed as low, the company's negative equity position and high leverage increase the potential for future dilution through debt financing or equity issuance. The company has not disclosed any recent adjustments to its valuation metrics, but the negative equity and high leverage suggest that further adjustments may be necessary.
Recent events include the filing of financial statements that highlight the company's ongoing losses and liquidity challenges. No recent earnings call transcripts or other disclosures have been provided that would indicate a turnaround in the company's financial performance.
- The company is operating at a significant loss, with a net loss of CAD 14.76 million and an operating loss of CAD 11.75 million.
- Liquidity is a major concern, with a current ratio of 0.41 and negative net cash after subtracting total debt.
- Profitability metrics are poor, with a return on equity of 1.42% and a negative return on assets of -0.85%.
- The company's capital structure is highly leveraged, with a negative debt-to-equity ratio of -0.64.
- Growth is not evident, with negative operating and free cash flows indicating a lack of cash generation.
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- Net cash is negative after subtracting total debt.
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- PYR.TO Market data — financials · 2026-05-29
Ownership & reference
Leadership
- Photis Peter PascaliPresident, Chief Executive Officer, Director