{"id":68052,"date":"2019-07-29T12:51:51","date_gmt":"2019-07-29T04:51:51","guid":{"rendered":"http:\/\/facfox.com\/news\/aerospace\/pyrogenesis-releases-q1-2019-financial-statement.3dm"},"modified":"2019-07-29T12:51:51","modified_gmt":"2019-07-29T04:51:51","slug":"pyrogenesis-releases-q1-2019-financial-statement","status":"publish","type":"post","link":"https:\/\/facfox.com\/news\/pyrogenesis-releases-q1-2019-financial-statement\/","title":{"rendered":"PyroGenesis releases Q1 2019 financial statement"},"content":{"rendered":"<div id=\"dpsp-content-top\" class=\"dpsp-content-wrapper dpsp-shape-rectangular dpsp-size-medium dpsp-has-spacing dpsp-has-buttons-count dpsp-show-on-mobile dpsp-button-style-1\">\n<ul class=\"dpsp-networks-btns-wrapper dpsp-networks-btns-content dpsp-networks-btns-share dpsp-column-auto\">\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<li><span class=\"dpsp-network-icon\"><\/span><span class=\"dpsp-network-label-wrapper\"><\/span><\/li>\n<\/ul>\n<\/div>\n<p><span style=\"font-weight: 400;\">PyroGenesis<\/span><span style=\"font-weight: 400;\">, a Montreal-based 3D printing metal powder specialist and plasma torch manufacturer, has released its Q1 2019 financial results. The total revenue of the company in Q1 2019 stands at $736,443, a <\/span><span style=\"font-weight: 400;\">64% <\/span><span style=\"font-weight: 400;\">decline compared to the same period in 2018 which was $2 million. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Explaining the downturn P. Peter Pascali, President and CEO of PyroGenesis, said, \u201cI may be repeating myself, but it is imperative that I remind readers the importance of putting Q1 2019 results in the context of previous strategic decisions made in 2018 which are still impacting results.\u201d <\/span><\/p>\n<figure id=\"attachment_109703\" style=\"width: 500px\" class=\"wp-caption aligncenter\"><img fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-109703 size-full\" src=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/03\/Metallic-Object-made-with-PyroGenesis-Powders.jpg\" alt=\"3D printed object made using PyroGenesis' plasma atomized powders. Photo via PyroGenesis.\" width=\"500\" height=\"375\" srcset=\"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/03\/Metallic-Object-made-with-PyroGenesis-Powders.jpg 500w, https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/03\/Metallic-Object-made-with-PyroGenesis-Powders-200x150.jpg 200w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><figcaption class=\"wp-caption-text\">3D printed object made using PyroGenesis&#8217; plasma atomized powders. Photo via PyroGenesis.<\/figcaption><\/figure>\n<p><b>Expenditures and net loss<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Pyrogenesis reports the cost of sales and services together. The company\u2019 financial report for Q1 2019, shows a 52.44% decline in cost of sales and services from $1.4 million to $644,285 in Q1 2019. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Revenue at PyroGenesis is primarily generated from the sale of plasma torches and <\/span><span style=\"font-weight: 400;\">PUREVAP<\/span><span style=\"font-weight: 400;\">, a proprietary method of manufacturing metallurgical grade silicon from quartz, a mineral composed of silicon and oxygen. A significant proportion of the revenues also came from services related to the <\/span><span style=\"font-weight: 400;\">Plasma Arc Waste Destruction Systems<\/span><span style=\"font-weight: 400;\"> (PAWDS) sold to the <\/span><span style=\"font-weight: 400;\">U.S Navy<\/span><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">With an eye on long-term strategy, PyroGenesis has increased spending on research and development from $52,498 in Q1 2018 to $95,774 in Q1 2019, an increase of <\/span><span style=\"font-weight: 400;\">82%<\/span><span style=\"font-weight: 400;\">. Other expenses include selling, general and administrative expenditures of $1.3 million in Q1 2019 compared $1.4 in the same period in 2018. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Overall, PyroGenesis\u2019 net loss and comprehensive loss were $878,923 in Q1 2019, compared to $1 million in Q1 2018.<\/span><\/p>\n<style type=\"text\/css\"><!--td {border: 1px solid #ccc;}br {mso-data-placement:same-cell;}--><\/style>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\">\n<colgroup>\n<col width=\"241\" \/>\n<col width=\"100\" \/>\n<col width=\"100\" \/>\n<col width=\"100\" \/>\n<col width=\"100\" \/><\/colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Expenditures&quot;}\"><strong>Expenditures<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Q1 2019 ($)&quot;}\"><strong>Q1 2019 ($)<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Q1 2018 ($)&quot;}\"><strong>Q1 2018 ($)<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Variance $ millions&quot;}\"><strong>Variance $ millions<\/strong><\/td>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;%&quot;}\"><strong>%<\/strong><\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Cost of sales and services&quot;}\">Cost of sales and services<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:644285}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\">644,285<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1354696}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\">1,354,696<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-710411}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\" data-sheets-formula=\"=R[0]C[-2]-R[0]C[-1]\">-710,411<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.5244062136449801}\" data-sheets-numberformat=\"[null,3,&quot;0.00%&quot;,1]\" data-sheets-formula=\"=(R[0]C[-3]-R[0]C[-2])\/R[0]C[-2]\">-52.44%<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Research and development&quot;}\">Research and development<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:95774}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\">95,774<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:52498}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\">52,498<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:43276}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\" data-sheets-formula=\"=R[0]C[-2]-R[0]C[-1]\">43,276<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:0.8243361651872452}\" data-sheets-numberformat=\"[null,3,&quot;0.00%&quot;,1]\" data-sheets-formula=\"=(R[0]C[-3]-R[0]C[-2])\/R[0]C[-2]\">82.43%<\/td>\n<\/tr>\n<tr>\n<td data-sheets-value=\"{&quot;1&quot;:2,&quot;2&quot;:&quot;Net loss and comprehensive loss&quot;}\">Net loss and comprehensive loss<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:878923}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\">878,923<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:1028795}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\">1,028,795<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-149872}\" data-sheets-numberformat=\"[null,2,&quot;#,##0&quot;,1]\" data-sheets-formula=\"=R[0]C[-2]-R[0]C[-1]\">-149,872<\/td>\n<td data-sheets-value=\"{&quot;1&quot;:3,&quot;3&quot;:-0.14567722432554592}\" data-sheets-numberformat=\"[null,3,&quot;0.00%&quot;,1]\" data-sheets-formula=\"=(R[0]C[-3]-R[0]C[-2])\/R[0]C[-2]\">-14.57%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p><b>Way ahead<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Moving forward, PyroGenesis has emphasized the <\/span><span style=\"font-weight: 400;\">importance of strategic partnerships<\/span><span style=\"font-weight: 400;\"> in 2019, which includes strengthening relationships with the U.S Navy and <\/span><span style=\"font-weight: 400;\">Aubert &amp; Duval<\/span><span style=\"font-weight: 400;\">, an additive manufacturing metal powder supplier. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Furthermore, this year PyroGenesis\u2019 <\/span><span style=\"font-weight: 400;\">Board of Directors also approved the necessary steps for establishing <\/span><span style=\"font-weight: 400;\">PyroGenesis Additive<\/span><span style=\"font-weight: 400;\">, a spin-off company that will produce metal powders for the 3D printing industry. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pascali concluded, \u201cRecent results have been significantly affected by management\u2019s decision in 2018 to pursue strategic partnerships at the expense of revenues [&#8230;] As I have said in the past, 2018 was the year in which the Company successfully positioned itself with unique and strategic partnerships, geared to effectively accelerate commercialization, and we are benefiting from these efforts. Again, we believe that these financials should be viewed in this context.\u201d<\/span><\/p>\n<p><i><span style=\"font-weight: 400;\">For more financial news subscribe to our <\/span><\/i><i><span style=\"font-weight: 400;\">3D printing newsletter<\/span><\/i><i><span style=\"font-weight: 400;\">, and join us on <\/span><\/i><i><span style=\"font-weight: 400;\">Facebook <\/span><\/i><i><span style=\"font-weight: 400;\">and <\/span><\/i><i><span style=\"font-weight: 400;\">Twitter<\/span><\/i><i><span style=\"font-weight: 400;\">. To browse jobs in manufacturing, visit our<\/span><\/i><i><span style=\"font-weight: 400;\"> <a href=\"\/service\/3d-printing\"> Jobs<\/span><\/i><i><span style=\"font-weight: 400;\"> page. <\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Featured image shows Inside the crucible of PyroGenesis&#8217; plasma atomization process for metal powders. Photo via PyroGenesis on Twitter.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PyroGenesis, a Montreal-based 3D printing metal powder specialist and plasma torch manufacturer, has released its Q1 2019 financial results. The total revenue of the company in Q1 2019 stands at $736,443, a 64% decline compared to the same period in 2018 which was $2 million. Explaining the downturn P. Peter Pascali, President and CEO of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":182335,"comment_status":"open","ping_status":"close","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"fifu_image_url":"https:\/\/3dprintingindustry.com\/wp-content\/uploads\/2017\/03\/Metallic-Object-made-with-PyroGenesis-Powders.jpg","fifu_image_alt":"","footnotes":""},"categories":[53],"tags":[169,170],"class_list":["post-68052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aerospace","tag-3dprint","tag-3dprinting"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>PyroGenesis releases Q1 2019 financial statement - FacFox News<\/title>\n<meta name=\"description\" content=\"PyroGenesis, a Montreal-based 3D printing metal powder specialist and plasma torch manufacturer, has released its Q1 2019 financial results. 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