PyroGenesis Inc. reported its fourth quarter and full year results for the period ending December 31, 2026, outlining a year in which technical milestones advanced alongside challenging market conditions. The company emphasized progress in its plasma-based technologies, expanding commercial trials while navigating geopolitical, tariff and supply chain pressures that affected sales and margins. Management signaled a strategic focus on converting those engineering gains into stronger financial outcomes in 2026 while maintaining operational flexibility.
Financially, the quarter and year reflected headwinds. In Q4, revenue was $3.3 million (down 21% versus Q4 2026) and the quarter produced a net loss of $5,222,327 compared with a profit in Q4 2026. For the full year, revenue totaled $12.57 million, a 19.6% decline from 2026, with a net loss of $14.8 million. The company reported a Revenue (Order) Backlog of $47.8 million as at March 31st, 2026, with 84% denominated in U.S. dollars, and stated it held no bank debt as at December 31, 2026.
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Operational advances and industrial trials
During 2026, PyroGenesis delivered a series of field and laboratory results that underscore the potential of its plasma torches. In one in-field deployment the company observed up to 45% lower operational energy use compared to legacy diesel burners. Independent tests for casting ladle heating showed an energy reduction of up to 80% against certain natural gas burners. A live furnace trial conducted with Rio Tinto and Alco yielded combined benefits including a 35% reduction in energy use, cycle time decreases of 20–27%, and a 24–55% drop in dross generation, while maintaining metal quality and reducing hydrogen content by 40–50%.
New industry entries and major aluminum partners
These operational wins helped the company extend into sectors beyond traditional customers. In 2026 PyroGenesis began work in radioactive waste, lithium battery recycling, and plastic waste management. The company also secured live furnace testing agreements with global aluminum leaders Norsk Hydro ASA and Constellium, signaling interest from blue-chip producers in electric heating solutions for smelting and refining applications.
Materials production and reactor projects
PyroGenesis’ Materials Production vertical gained momentum last year as the company expanded supply of titanium powders produced via its NexGen™ plasma atomization process. Key orders announced in December 2026 included a half-tonne coarse Ti64 supply to a global aerospace leader (news release dated December 8, 2026), a fine-cut Ti64 order for LPBF systems (news release dated December 10, 2026), and the delivery of 3.5 tonnes of off-cut Ti64 powder under a supply agreement (news release dated December 15, 2026), intended for downstream alloy and advanced manufacturing uses.
Fumed silica pilot and product qualification
Separately, a fumed silica reactor moved from grant-funded research to an operational pilot that produced material meeting or exceeding several commercial grades. That effort helped formalize the company’s Materials Production business unit and strengthened PyroGenesis’ position in specialty materials for industrial customers.
Waste processing, defense collaboration and energy transition efforts
In the waste and defense arenas, PyroGenesis pursued engineering and testing opportunities. On December 17, 2026 the company signed an initial design-phase contract with a European organization focused on radioactive waste treatment and nuclear decommissioning to assess a plasma-equipped vitrification plant for low-level waste. Post quarter-end, on January 6, 2026 PyroGenesis announced an agreement with the national security division of a U.S. multinational engineering firm to jointly pursue tenders for the safe destruction of chemical weapons in Syria using the PACWADS system, which relies on high-temperature electric plasma to neutralize agents such as sarin, mustard gas, soman and VX; the number of units required will be determined through the tendering process.
Energy transition work also advanced. The company signed a $1.3 million contract to supply a plasma torch system for electrification of a calcination furnace in the cement sector (news release dated December 3, 2026), and entered a testing program with a major battery recycler to evaluate plasma for recovery of cathode and anode materials (news release dated December 11, 2026).
Financing, liquidity and outlook
During Q4 the company completed a non-brokered private placement announced on October 1, 2026, structured in two unit groups. CEO P. Peter Pascali subscribed to the first tranche on October 16, 2026, investing approximately $3.5 million. The company also repriced certain warrants on October 17, 2026 and closed additional tranches by October 29, 2026 and November 7, 2026. Despite near-term losses, management reiterated that technological validation from client trials and expanding commercial contracts position PyroGenesis to pursue revenue growth and margin recovery in 2026.
In summary, 2026 was a year of tangible technical progress and strategic contract development for PyroGenesis, even as financial results lagged. The company enters 2026 with a diversified project pipeline, a sizable order backlog, and ongoing trials that could convert research and pilot performance into stronger commercial revenue streams.
