Our vision today is to leverage off of our plasma expertise and introduce plasma-based solutions in support of the global movement to reduce the world’s carbon footprint. Our significant achievements over the recent past have demonstrated our progress in realizing this vision by establishing commercial businesses with significant long-term growth opportunities in this space.

HOW WE DO IT?

Plasma, as the fourth state of matter, possesses transformative properties. Before PyroGenesis, plasma was a process looking for an application. It was traditionally very expensive. Over the years, PyroGenesis has harnessed the many advantages of plasma and developed economic processes which are now challenging the status quo.

With what we believe to have one of the largest concentrations of plasma expertise under one roof, we are leading the world in the application of plasma to transformlutionary processes which specifically target clients who wish to significantly reduce GHG emissions and do so in a manner that is economically attractive.

Our offerings are all geared to helping the environment by:

• Replacing dirty fossil fuel burners with PyroGenesis’ proprietary clean plasma torches
• Recovering valuable metal from waste streams
• Enabling the Additive Manufacturing Industry with innovative powders/ powder production method
• Destroying/Converting waste using plasma-based waste systems
• Repurposing waste streams destined for landfills
• Generating renewable natural gas.

The story behind our recent successes is beginning to be reflected in our financial performance. 2020 revenues increased by nearly 270% year-over-year to $17.8 million, generating net income from operations (before share-based compensation) of $2.9 million. That momentum continued into the first quarter of 2021 with revenues of $6.3 million as compared to revenues in the same period last year of $0.70 Million or a 900% increase quarter over quarter. Our backlog of signed contracts increased to over $25 million (at most recent reporting) from $7 million in the recent past.

The Company continues to explore multiple early-stage derivative opportunities that, we are confident, will generate additional shareholder value in the future. Examples of this include (i) the two innovative plasma-based processes we provide HPQ Silicon Resources Inc. (HPQ), which will permit the low-cost manufacturing of High Purity Silicon Metal, spherical Nano-powders, and Nanowires, as well as (ii) the anticipated addition to our offerings of a technology which could repurpose Drosrite™ residues to a higher value commodity product.

The Company continues to explore multiple early-stage derivative opportunities that, we are confident, will generate additional shareholder value in the future. Examples of this include (i) the two innovative plasma-based processes we provide HPQ Silicon Resources Inc. (HPQ), which will permit the low-cost manufacturing of High Purity Silicon Metal, spherical Nano-powders, and Nanowires, as well as (ii) the anticipated addition to our offerings of a technology which could repurpose Drosrite™ residues to a higher value commodity product.

We are also pursuing acquisition opportunities that: (i) result from the Company’s Golden Ticket advantage and/or (ii) those that could uniquely benefit from the Company’s engineering advantage and/or international relationships. We remain well capitalized, with essentially no debt, to execute on these opportunities.

Recently, we signed a binding letter of Intent to acquire AirScience Technologies Inc. (AST), which further expands PyroGenesis’ GHG reduction portfolio by adding solutions in biogas upgrading, as well as air pollution controls. This is timely as biogas production in North America seems to be on the verge of explosive growth, and AST provides a channel for PyroGenesis to capitalize on this dynamic market.

As we execute on significant growth opportunities, the Company is focused on building visibility beyond the Canadian capital markets and, to this end, we listed on Nasdaq earlier this year. In the short time we have been listed on the NASDAQ we have seen increased interest from, not only investors, but clients and suppliers alike.

Looking forward, PyroGenesis has never been better positioned to execute on all its organic growth strategies, as well as to actively pursue growth through synergistic acquisitions.

In the near-term, our offerings are well aligned with the world-wide movement by governments to promote and funding environmental technologies and infrastructure projects as part of economic stimulus efforts in the wake of the COVID-19 pandemic.

Longer term, we expect that our unique valuation proposition, rooted in innovative, proprietary GHG reduction solutions, will increasingly resonate with potential clients globally as they are increasingly under pressure to operate in a sustainable and environmentally friendly manner, while adhering to their profitability goals. I would like to thank all those who played an important role in enabling us to get to where we are today. That would include, but not be limited to, our Board of Directors, our employees, our investors, our suppliers, and our customers.

Thank you.

P. Peter Pascali
President, Chief Executive Officer