PyroGenesis Provides Response to Impact of U.S. Tariffs
The company continues to expect to be relatively unaffected by U.S. tariffs.
MONTREAL, March 04, 2025 (GLOBE NEWSWIRE) -- PyroGenesis Inc. (“PyroGenesis”) (http://pyrogenesis.com) (TSX: PYR) (OTCQX: PYRGF) (FRA: 8PY1), a high-tech company that designs, develops, manufactures and commercializes all-electric plasma processes and sustainable solutions to support heavy industry in their energy transition, emission reduction, commodity security, and waste remediation efforts, provides the following comments in response to investor questions about the impact from the recently announced tariffs between the U.S. and Canada, specifically with regards to potential U.S. tariffs imposed on Canadian products.
Further to our press release dated February 4, 2025, management is of the continued opinion that the imposition of tariffs will have little to no direct negative impact on PyroGenesis’ bottom line. Notably, PyroGenesis manufactures and assembles many of its key systems outside of Canada, including its Drosrite™ aluminum metal dross recovery systems, which are manufactured in the U.S. Most of the components used in other PyroGenesis’ systems are manufactured outside of Canada in non-tariff-targeted countries.
Moreover, outside of clients in the U.S. defense sector, the bulk of PyroGenesis’ current and prospective clients are located outside of the United States, specifically in Europe, Canada, and the Middle East.
It is important to note that the majority of the company’s contracts are denominated in US dollars or EUROs, as many international clients conduct business in these currencies. Specifically, the backlog noted in our press release dated February 12, 2025, of $58M, is comprised of contracts by currency exposure as follows:
USD$: 84% of total backlog
EUROs: 4% of total backlog
CAD$: 12% of total backlog
PyroGenesis provides a number of technology solutions across a three-vertical solution ecosystem that aligns with economic drivers that are key to global heavy industry. The three verticals are Commodity Security & Optimization, Energy Transition and Emission Reduction, and Waste Remediation.
About PyroGenesis Inc.
PyroGenesis, a high-tech company, is a proud leader in the design, development, manufacture and commercialization of advanced plasma processes and sustainable solutions which reduce greenhouse gases (GHG) and are economically attractive alternatives to conventional “dirty” processes. PyroGenesis has created proprietary, patented and advanced plasma technologies that are being vetted and adopted by multiple multibillion dollar industry leaders in four massive markets: iron ore pelletization, aluminum, waste management, and additive manufacturing. With a team of experienced engineers, scientists and technicians working out of its Montreal office, and its 3,800 m2 and 2,940 m2 manufacturing facilities, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. The operations are ISO 9001:2015 and AS9100D certified, having been ISO certified since 1997. PyroGenesis’ shares are publicly traded on the TSX in Canada (TSX: PYR), the OTCQX in the US (OTCQX: PYRGF), and the Frankfurt Stock Exchange in Germany (FRA: 8PY1).
Cautionary and Forward-Looking Statements
This press release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of applicable securities laws. In some cases, but not necessarily in all cases, forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “targets”, “expects” or “does not expect”, “is expected”, “an opportunity exists”, “is positioned”, “estimates”, “intends”, “assumes”, “anticipates” or “does not anticipate” or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might”, “will” or “will be taken”, “occur” or “be achieved”. In addition, any statements that refer to expectations, projections or other characterizations of future events or circumstances contain forward-looking statements. Forward-looking statements are not historical facts, nor guarantees or assurances of future performance but instead represent management’s current beliefs, expectations, estimates and projections regarding future events and operating performance.
Forward-looking statements are necessarily based on a number of opinions, assumptions and estimates that, while considered reasonable by PyroGenesis as of the date of this release, are subject to inherent uncertainties, risks and changes in circumstances that may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ, possibly materially, from those indicated by the forward-looking statements include, but are not limited to, the risk factors identified under “Risk Factors” in PyroGenesis’ latest annual information form, and in other periodic filings that it has made and may make in the future with the securities commissions or similar regulatory authorities, all of which are available under PyroGenesis’ profile on SEDAR+ at www.sedarplus.ca. These factors are not intended to represent a complete list of the factors that could affect PyroGenesis. However, such risk factors should be considered carefully. There can be no assurance that such estimates and assumptions will prove to be correct. You should not place undue reliance on forward-looking statements, which speak only as of the date of this release. PyroGenesis undertakes no obligation to publicly update or revise any forward-looking statement, except as required by applicable securities laws.
Neither the Toronto Stock Exchange, its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) nor the OTCQX Best Market accepts responsibility for the adequacy or accuracy of this press release.
For further information please contact:
Rodayna Kafal, Vice President, IR/Comms. and Strategic BD
E-mail: ir@pyrogenesis.com
http://www.pyrogenesis.com
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