11:50 AM EDT, 04/02/2024 (MT Newswires) -- PyroGenesis Canada ( PYRGF ) reported overnight Monday fourth-quarter 2023 revenue of C$3.0 million, down from C$3.3 million in the year-ago quarter. As of April 1, revenue expected to be recognized in the future related to backlog of signed and/or awarded contracts is C$28.8 million.

Fourth-quarter 2023 comprehensive loss was C$9.8 million, narrowing from a loss of C$10.8 million in the year-ago quarter.

Cost of sales and services fell to C$2.3 million from C$2.8 million in the year-ago quarter.

"2023 was an interesting year for PyroGenesis, as we dealt with many of the issues associated with the growth and adoption of clean technology in a cautious economic environment," chief executive Peter Pascali said in a release.

Pascali said the company navigated cash management challenges amid higher costs associated with commercializing its technologies and continued inflationary pressures on material and labor costs, among others.

"While many of these efforts did not yield large contracts or system sales during the year, we cannot underestimate the impact these engagements have had and are having," Pascali said. "In a few short years we have moved front-of-mind to many current and potential heavy industry customers who sought us out as they made their initial steps on their decarbonization journey."

The company is not providing specific revenue or net income (loss) guidance for 2024 in view of the early stage of market adoption of its core lines of business.

PyroGenesis, develops advanced plasma processes and solutions geared to reduce greenhouse gases and address environmental pollutants.

The company's shares were last seen down C$0.005 to C$0.42 on the Toronto Stock Exchange.

Price: 0.41, Change: -0.02, Percent Change: -3.53