08:39 AM EDT, 10/10/2024 (MT Newswires) -- PyroGenesis Canada ( PYRGF ) on Thursday said it has received a purchase order of US$741,000 (C$1 million) for after-sales component production, from the U,S. Navy's shipbuilder, Newport News Shipbuilding.

The components are to be produced and delivered by March next year.

The components produced under this agreement will be used on the USS Gerald R. Ford class aircraft carriers, the largest and most technologically advanced warships in the world, Pyrogenesis said.

"The agreement announced today reaffirms our expanding impact in the overall defense industry, while also highlighting the recurring revenue stream resulting from system sales, which we have alluded to in the past. We consider after-sales production and support a growing, and increasingly important, business line. We anticipate that such revenue streams will form a greater proportion of our overall revenues as more and larger plasma-based systems come online," said President and CEO Peter Pascali.