PyroGenesis Canada Inc. (OTCQB:PYRNF) has released its earnings report for the second quarter on Tuesday.
For the period, the company had a 47% year-over-year decline in revenue to $818,990 from $1.53 million. Year-to-date (YTD), PyroGenesis Canada has reported a 31% year-over-year decline in revenue to $1.84 million from $2.65 million.
Cost of sales and services had amounted to $744,927, which is down 38% year-over-year from $1.21 million. Meanwhile, Selling, General, and Administrative (SG&A) expenses had come in at $999,500, down by 10% year-over-year from $1.11 million.
The company had a net loss of $1.35 million, which is up 4% year-over-year from $1.30 million. Operating loss and adjusted operating loss had also jumped 4% year-over-year to $801,894 and $766,029 from $768,193 and $734,512, respectively.
Balance Sheet Update
Last month, PyroGenesis Canada bad completed a share for debt transaction, settling outstanding debt through the unloading of 2.06 million common shares at $.20 each. Moreover, it had recently fulfilled a private placement offering, selling 6.13 million units at $0.19 each. Each unit consists of a single common share and ½ of common share purchase warrant.
PyroGenesis Canada ended the period with a total of $58,512 in cash and cash equivalents, which is down from the $767,368 in cash and cash equivalents reported during the fourth quarter; and $1.81 million in negative working capital, which is comparable to the $165,095 in positive working capital posted during the fourth quarter.
Moving forward, PyroGenesis Canada aims to minimize its dependence on long-cycle projects. The company will focus on building a strategic portfolio of volume-driven products. It believes that it is well-positioned to execute such strategies given its industry expertise and its unique collaborations with leading academic institutions. Moreover, PyroGenesis Canada is also focusing on recurring revenue opportunities to become more substantially profitable. Some of these stable revenue streams include the Plasma Atomization System, and the royalties generated from refined metals sales and from the waste stream recovery of valuable metals.
HERITAGE PRINTING NPV (OTCMKTS:HAGE) Edging Higher
HERITAGE PRINTING NPV (OTCMKTS:HAGE) continues to edge higher in the market thanks to the robust growth being experienced in the 3D printing industry. The stock is trading at highs of $0.585 a share having rallied by more than 30% since the start of the year. However, it is still way off, its 52-week high of $3.50 a share.
Investors taking note of the exponential growth in the industry has all but continued to bolster the company’s sentiments on the street. In a bid to take advantage of the growth in the industry, Heritage Printing has reiterated plans to focus more on the development and commercialization of 3D printers.
Initial estimates indicate that the 3D printing industry could grow to highs of $35 billion in annual revenues by 2020. By accruing a substantial amount of market share HERITAGE PRINTING NPV (OTCMKTS:HAGE) hopes to take a big piece of the pie as more people and firms continue to embrace 3D printing.