PyroGenesis Income Statement

Financials in millions CAD. Fiscal year is January - December.

Millions CAD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	13.47	15.65	12.35	19.01	31.07	17.78
Revenue Growth (YoY)	-6.83%	26.79%	-35.07%	-38.80%	74.79%	269.24%
Cost of Revenue	8.48	10.35	8.9	10.87	18.55	7.59
Gross Profit	4.99	5.3	3.44	8.14	12.52	10.18
Selling, General & Admin	11.16	11	28.3	29.03	27.14	12.84
Research & Development	1.01	0.79	2.21	2.32	2.54	-0.58
Operating Expenses	12.17	11.79	30.52	31.34	29.67	12.26
Operating Income	-7.18	-6.49	-27.07	-23.2	-17.15	-2.08
Interest Expense	-0.97	-1.06	-0.69	-0.41	-0.52	-0.47
Interest & Investment Income	0.09	0.09	0.15	0.12	0.13	-
Other Non Operating Income (Expenses)	-0.23	-0.17	1.87	-0.09	-0.02	-0.06
EBT Excluding Unusual Items	-8.29	-7.62	-25.75	-23.58	-17.56	-2.6
Merger & Restructuring Charges	-	-	-	-	-0.1	-
Impairment of Goodwill	-	-	-2.66	-	-	-
Gain (Loss) on Sale of Investments	-2.11	-0.23	-0.31	-8.34	-21.43	44.63
Asset Writedown	-	-	-	-	-0.09	-
Legal Settlements	-	1.18	-	-	-	-
Other Unusual Items	1.11	-	-	-0.17	-	0.78
Pretax Income	-9.29	-6.67	-28.73	-32.09	-39.17	42.8
Income Tax Expense	-	-	-0.22	0.08	-0.74	1.03
Net Income	-9.29	-6.67	-28.5	-32.17	-38.43	41.77
Net Income to Common	-9.29	-6.67	-28.5	-32.17	-38.43	41.77
Shares Outstanding (Basic)	183	181	178	171	167	148
Shares Outstanding (Diluted)	183	181	178	171	167	158
Shares Change (YoY)	1.88%	1.78%	4.03%	2.58%	5.27%	15.23%
EPS (Basic)	-0.05	-0.04	-0.16	-0.19	-0.23	0.28
EPS (Diluted)	-0.05	-0.04	-0.16	-0.19	-0.23	0.27
Free Cash Flow	-2.96	-2.45	-12.12	-11.52	-19.62	-1.52
Free Cash Flow Per Share	-0.02	-0.01	-0.07	-0.07	-0.12	-0.01
Gross Margin	37.04%	33.86%	27.88%	42.83%	40.29%	57.29%
Operating Margin	-53.33%	-41.46%	-219.32%	-122.02%	-55.22%	-11.68%
Profit Margin	-68.98%	-42.64%	-230.89%	-169.18%	-123.70%	234.98%
Free Cash Flow Margin	-21.98%	-15.66%	-98.20%	-60.61%	-63.14%	-8.54%
EBITDA	-6.76	-6	-25.57	-21.73	-16.43	-2
EBITDA Margin	-50.18%	-38.35%	-207.15%	-114.31%	-52.90%	-11.27%
D&A For EBITDA	0.42	0.49	1.5	1.47	0.72	0.07
EBIT	-7.18	-6.49	-27.07	-23.2	-17.15	-2.08
EBIT Margin	-53.33%	-41.46%	-219.32%	-122.02%	-55.22%	-11.68%
Effective Tax Rate	-	-	-	-	-	2.41%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.