PyroGenesis Announces 2017 Results

The EBITDA loss in 2017 was $5,558,640 compared with an EBITDA loss of $4,935,997 for 2016, representing an increase of 13% year-over-year. The decrease in the EBITDA loss in 2017 compared with 2016 includes amounts written-off of $2,754,438 in 2016.

Adjusted EBITDA loss in 2017 was $1,583,984 compared with an Adjusted EBITDA loss of $1,815,534 for 2016. The decrease of $231,550 in the Adjusted EBITDA loss in 2017 is attributable to the decreased comprehensive loss of $777,916, a decrease of $15,468 in depreciation on property and equipment, a decrease of $1,396,675 in amortization of intangible assets, an increase in finance charges of $11,584, an increase in cost of other non-cash items, specifically share-based payments of $392,988, an increase in a settlement of a claim related to the long-term debt of $3,215,643 a decrease in write-off of inventories of $994,015 and a decrease in write-off of costs and profits in excess of billings on uncompleted contracts of $1,760,423.

The Modified EBITDA loss in 2017 was $1,445,784 compared with a Modified EBITDA loss of $1,846,234 for 2016, representing a decrease of 22%. The decrease in the Modified EBITDA loss in 2017 is attributable to the decrease as mentioned above in the Adjusted EBITDA and a decrease in change of fair value of investments of $168,900.

Liquidity and Capital Resources

The Company has incurred, in the last several years, operating losses and negative cash flows from operations, resulting in an accumulated deficit of $43,200,708 and a negative working capital of $9,403,370 as at December 31, 2017 (December 31, 2016 - $37,026,405 and $2,079,353 respectively). Furthermore, as at December 31, 2017, the Company’s current liabilities and expected level of expenses for the next twelve months exceed cash on hand of $622,846 (December 31, 2016 - $385,257). The Company has relied upon external financings to fund its operations in the past, primarily through the issuance of equity, debt, and convertible debentures, as well as from investment tax credits.

About PyroGenesis Canada Inc.

PyroGenesis Canada Inc. is the world leader in the design, development, manufacture and commercialization of advanced plasma processes. We provide engineering and manufacturing expertise, cutting-edge contract research, as well as turnkey process equipment packages to the defense, metallurgical, mining, advanced materials (including 3D printing), oil & gas, and environmental industries. With a team of experienced engineers, scientists and technicians working out of our Montreal office and our 3,800 m2 manufacturing facility, PyroGenesis maintains its competitive advantage by remaining at the forefront of technology development and commercialization. Our core competencies allow PyroGenesis to lead the way in providing innovative plasma torches, plasma waste processes, high-temperature metallurgical processes, and engineering services to the global marketplace. Our operations are ISO 9001:2008 certified, and have been since 1997. PyroGenesis is a publicly-traded Canadian Corporation on the TSX Venture Exchange (Ticker Symbol: PYR) and on the OTCQB Marketplace. For more information, please visit

This press release contains certain forward-looking statements, including, without limitation, statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process" and other similar expressions which constitute "forward- looking information" within the meaning of applicable securities laws. Forward-looking statements reflect the Corporation's current expectation and assumptions, and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory approval process. Such statements reflect the current views of the Corporation with respect to future events and are subject to certain risks and uncertainties and other risks detailed from time-to-time in the Corporation's ongoing filings with the securities regulatory authorities, which filings can be found at, or at Actual results, events, and performance may differ materially. Readers are cautioned not to place undue reliance on these forward-looking statements. The Corporation undertakes no obligation to publicly update or revise any forward- looking statements either as a result of new information, future events or otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) nor the OTCQB accepts responsibility for the adequacy or accuracy of this press release.

SOURCE PyroGenesis Canada Inc.

For further information please contact: Rodayna Kafal, VP, Investor Relations and Strategic Business Development, Phone: (514) 937-0002, E-mail:  


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