11:48 AM EST, 02/12/2025 (MT Newswires) -- (Updates shares.)

PyroGenesis ( PYRGF ) on Wednesday provided guidance for the fourth quarter and full year ended Dec. 31.

The company expects to post revenue of at least $4 million in the fourth quarter, resulting in total 2024 revenue of at least $15 million.

That compares with $3.03 million in the year-ago quarter and $12.3 million in 2023.

"Assuming the guidance provided, Q4 2024 will be the best quarterly revenue posted since Q3 2022 and continues the upswing in revenues we have witnessed over the past two years," said chief executive Peter Pascali.

"This momentum, which we have been tracking and communicating to our readers, since our revenue low of Q1 2023, continues to provide evidence that our long-term strategy is paying off."

Backlog to date, assuming $4 million in revenue for the fourth quarter, currently sits at $58 million.

"Combined with our revenue backlog of signed contracts in excess of $58 million, and major energy transition trials with industry leaders underway, we are confident that 2025 will maintain this trend," Pascali said.

The company will release fourth-quarter and full-year earnings on or before March 31.

PyroGenesis ( PYRGF ) shares were last seen down $0.02 to $0.58 on the Toronto Stock Exchange.

Price: 0.58, Change: -0.02, Percent Change: -3.33