Q2 2024 Pyrogenesis Canada Inc Earnings Call Transcript
Key Points
- Revenue for Q2 2024 increased by 29% year-over-year, reaching $3.9 million.
- Gross margin improved to 30% in Q2 2024, up from 21.7% in Q1 2024.
- Backlog increased to $29.8 million, indicating strong future revenue potential.
- Significant contracts were secured, including a $2 million design phase for a waste-to-energy system in Europe with a potential value of $120-$160 million.
- Successful collection of a significant past-due receivable from a client in Saudi Arabia, improving cash flow and financial stability.
- Revenue related to system supply to the U.S. Navy decreased by $0.6 million due to the current stage of the project.
- Gross profit percentage decreased from 37% in Q2 2023 to 29% in Q2 2024, mainly due to increased direct material costs.
- Sales related to biogas upgrading and pollution controls decreased by $0.4 million compared to the previous year.
- Research and development expenses decreased, potentially impacting future innovation.
- The company realized a loss from the sale of HPQ shares, impacting overall financial performance.
Welcome everyone to the Second Quarter 2020 for Business Update Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question, simply press the star followed by the number one on your telephone keypad. If you would like to withdraw your question, press the star one. Again. At this time, I'd like to turn the conference over to Steve McCormick of Biora Genesis. Please go ahead.
Thank you, operator. Good morning. I'm Steve McCormick, Vice President of Corporate Affairs for fibrogenesis. Thank you for joining pathogenesis 2024 Second Quarter Financial Results and Business Update Conference Call. On the call with us today are Mr. P. Peter past Kelly, President and CEO of pathogenesis, and Mr. Andre Manila, the Company's Chief Financial Officer.
The Company issued a news release on Tuesday, August sixth, 2024 containing the financial results and
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