- We believe that PYR has a history of not meeting revenue targets given to investors, transactions with parties it was related to or invested in, and other conflicts of interest.
- Dating back to 2014/2015, PYR guided investors to hundreds of millions in revenue, only to average ~$7MM annually through 2020.
- It took PYR over a year to disclose in filings that its "client" was a company owned and controlled by a PYR employee who is the son of PYR's CEO.
- In 2020, PYR recognized $2.4MM in revenue (13% of 2020 revenues) from HPQ Silicon just after investing $2.4MM in HPQ itself.
- These and other issues combined with internal control deficiencies lead us to question PYR's financials, and we assign a $0.74 price target to the stock.
For further details see:
PyroGenesis: Business, Governance, And Internal Controls Present Significant Risk (Price Target: $0.74)