Financial Performance - Origin Materials reported Q4 2024 revenue of $9.2 million, down from $13.1 million in the prior-year period, with full-year revenue of $31.3 million compared to $28.8 million in 2023[7]. - Total revenues for the year ended December 31, 2024, increased to $31,282,000, up 8.6% from $28,805,000 in 2023[27]. - The net loss for Q4 2024 was $13.5 million, compared to a net loss of $10.4 million in the prior-year period, with a full-year net loss of $83.7 million[10]. - Net loss for the year ended December 31, 2024, was $83,697,000, compared to a net income of $23,798,000 in 2023[27]. - The company reported a total comprehensive loss of $94,474,000 for the year ended December 31, 2024, compared to a comprehensive income of $33,819,000 in 2023[27]. Operating Expenses - Operating expenses for Q4 2024 were $16.2 million, a decrease of $3.6 million from $19.8 million in the prior-year period[8]. - Operating expenses for the year ended December 31, 2024, totaled $85,281,000, an increase of 41.8% from $60,096,000 in 2023[27]. - Adjusted EBITDA loss for Q4 2024 was $11.1 million, compared to a loss of $11.0 million in the prior-year period[11]. - Research and development expenses for the year ended December 31, 2024, were $18,554,000, a decrease of 13.1% from $21,351,000 in 2023[27]. Cash and Assets - The company has over $102.9 million in cash, cash equivalents, and marketable securities as of December 31, 2024[7]. - Cash and cash equivalents decreased to $56,307,000 as of December 31, 2024, down 25.4% from $75,502,000 in 2023[29]. - Total assets decreased to $378,027,000 as of December 31, 2024, down 18.1% from $461,834,000 in 2023[26]. - Cash flows used in operating activities for the year ended December 31, 2024, were $50,830,000, an improvement from $60,355,000 in 2023[29]. Future Projections - The company expects to achieve full-year 2026 revenue of $110 million to $140 million, separate from potential licensing revenue[3]. - Origin anticipates becoming EBITDA positive on a run-rate basis by the end of 2026, updated from the first half of 2026[3]. - The company is on track to have eight CapFormer lines operational by the end of 2025, with three new lines nearing completion[2]. Production and Technology - Origin has commenced commercial production of its first PET cap manufacturing line, expected to produce hundreds of millions of caps annually[5]. - Origin's patent portfolio now includes over 70 issued patents, enhancing its technology advantage in the market[9]. - The company recognized an impairment of assets totaling $15,246,000 for the year ended December 31, 2024[27]. Shareholder Information - The weighted-average common shares outstanding for the year ended December 31, 2024, were 143,192,630, compared to 139,718,385 in 2023[27].

Core Insights - Origen Resources Inc. has reported high-grade gold results from its Wishbone Project, with a notable sample returning 165 g/t gold [2][3] - The company plans to prioritize exploration of a newly expanded gold anomaly during the 2025 field season [3][6] Sampling Results - A total of 37 samples were collected, with 11 samples returning greater than 1 ppm gold and 26 samples greater than 0.1 ppm gold [5] - Soil sampling south of the Windy target area outlined a gold anomaly extending over 1.5 kilometers, with sample results ranging from <0.05 to 1.18 ppm gold [6] Project Details - The Wishbone Project is 100% owned by Origen and spans 3,941 hectares in the Golden Triangle of British Columbia [8] - The project includes 11 target areas with high-grade gold-silver quartz-carbonate and volcanogenic massive sulphide mineralization [8] Future Plans - The company aims to utilize geophysics and mapping to identify the hard rock source of high-grade boulders found at the base of the Central Glacier [8] - CEO Gary Schellenberg expressed confidence in the potential of the project, anticipating an exciting field season in 2025 [7]

Financial Data and Key Metrics Changes - The company ended Q3 2024 with $113 million in cash, cash equivalents, and marketable securities, a decrease of $45 million from December 31, 2023, which is within the cash burn guidance range of $55 million to $65 million [31] - Q3 2024 revenue was $8.2 million, up from $7.1 million in the prior year quarter, aligning with the annual revenue guidance of $25 million to $35 million [32] Business Line Data and Key Metrics Changes - The caps and closures business is expected to generate initial revenue in Q1 2025, with significant gross profit generation projected to begin in 2025 [12][33] - The company plans to bring eight or more CapFormer Systems into production by the end of 2025, which could enable positive EBITDA [17][18] Market Data and Key Metrics Changes - The caps and closures market is valued at $65 billion, with the company positioned to address the need for fully circular, mono-material packaging solutions [28] - Customer demand remains strong, with multiple prospective customers representing consumption of over 100 billion caps per year [11][22] Company Strategy and Development Direction - The company is focused on scaling production capabilities for its caps and closures business, with plans to add more CapFormer Systems to meet market demand [24] - The commercialization plan for caps and closures is on track, with commercial production expected to begin in Q4 2024 [12][28] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive EBITDA on a run rate basis in the first half of 2026, driven by the caps and closures business [8][33] - The company is reallocating resources towards the caps opportunity, which reflects a strategic shift in focus [47] Other Important Information - The company is progressing multiple patents to protect its proprietary processes and products [27] - R&D efforts are underway to enhance the throughput of CapFormer Systems and develop new formats and features [25] Q&A Session Summary Question: Details on the $100 million customer MOU and revenue ramp - The $100 million MOU covers an initial two-year term, with expectations for a significant ramp in year two, though precise figures were not provided [36] Question: Discussions on Origin 2 and potential Asian facility - The company is considering an Asian brownfield facility for Origin 2 but has not provided specific details on discussions or timelines [39] Question: Interest in licensing technology to prospective customers - There has been interest in licensing the technology, and the company is open to exploring various options while focusing on its production capabilities [45] Question: Operating rate of the Sarnia plant and market interest - The operating rate at the Sarnia plant has been lower recently due to resource reallocation towards caps, but interest in CMF and HTC remains consistent [47] Question: Future plans for the furanics platform and OM1 - The company remains excited about the furanics technology and plans to leverage learnings from OM1 once the caps business is established [56] Question: Upcoming developments before the next earnings call - The company anticipates shipping equipment to Reed City and starting cap production, along with potential announcements of new customers [60]

Business Overview - Origin Materials is targeting the $65 billion and growing caps and closures market with disruptive packaging innovation[7] - The company's PET caps enable whole-container rPET recycling, eliminating the need to separate caps from bottles[9] - Origin Materials has a first signed MOU for billions of PET caps, expected to generate >$100 million in initial 2-year term[12, 15] - The company's PET caps are expected to be commercially available starting Q4 2024, with additional product launches planned[20] Manufacturing and Commercial Progress - Commercial production is on track to begin during 4Q2024, with revenue to begin ramp-up during 1Q2025[14] - The company achieved over 98% manufacturing efficiency in a Factory Acceptance Test[15, 17] - Origin Materials is targeting at least 8 CapFormer Systems online by the end of 2025, producing between 8 and 12 billion caps per year when fully operational[15] Financial Guidance - Origin Materials reaffirms fiscal year 2024 revenue guidance of $25 to $35 million[26] - The company expects 2024 net cash burn to be between $55 and $65 million[26]

Financial Performance - Total revenues for Q3 2024 were $8,202,000, an increase of 15% compared to $7,140,000 in Q3 2023[7] - Product revenues for the nine months ended September 30, 2024, reached $22,057,000, up from $14,229,000 in the same period last year, representing a 55% increase[7] - The company reported a net loss of $36,763,000 for Q3 2024, compared to a net income of $30,931,000 in Q3 2023[7] - Operating expenses for Q3 2024 totaled $32,466,000, significantly higher than $12,946,000 in Q3 2023, reflecting a 150% increase[7] - For the nine months ended September 30, 2024, the net loss was $70,175, a significant decrease from a net income of $34,236 for the same period in 2023[10] - The company reported a net income of $30,931 for the quarter ending June 30, 2023, compared to a net loss of $6,464 for the previous quarter[8] - The net loss for Q3 2024 was $36,763,000, compared to a net income of $30,931,000 in Q3 2023[7] - The net loss for the nine months ended September 30, 2024, was $70.175 million, compared to a net income of $34.236 million for the same period in 2023[10] Cash and Assets - Cash and cash equivalents decreased to $56,396,000 as of September 30, 2024, down from $75,502,000 at the end of 2023[6] - Total assets decreased to $399,555,000 as of September 30, 2024, compared to $461,834,000 at the end of 2023[6] - The company’s accumulated deficit increased to $(24,605,000) as of September 30, 2024, from $45,570,000 at the end of 2023[6] - The total stockholders' equity decreased to $358,856,000 as of September 30, 2024, down from $422,507,000 at the end of 2023[6] - The company reported cash and cash equivalents of $56.4 million as of September 30, 2024, down from $75.5 million as of December 31, 2023[18] - As of September 30, 2024, accounts receivable totaled $18.649 million, with a provision for credit losses of $730,000, resulting in net accounts receivable of $17.919 million[25] - The total fair value of financial assets was $97.09 million, with cash equivalents at $40.08 million and marketable securities at $56.99 million[55] Expenses and Impairments - Research and development expenses for the nine months ended September 30, 2024, were $15,338,000, slightly down from $15,398,000 in the same period last year[7] - The company reported an impairment of assets amounting to $15,170,000 in Q3 2024[7] - The company recorded an impairment loss of $12.3 million related to capitalized costs for the Origin 2 project, which were deemed not recoverable as of September 30, 2024[33] - Depreciation and amortization expense for the nine months ended September 30, 2024, totaled $7.9 million, compared to $1.0 million for the same period in 2023[65] Stock and Equity - The weighted-average common shares outstanding for Q3 2024 were 143,387,618, compared to 139,806,045 in Q3 2023[7] - The Company has a total of 24,149,960 Public Warrants and 11,326,667 Private Placement Warrants outstanding as of September 30, 2024, with an exercise price of $11.50 per share[34] - The Company has not declared common stock dividends and does not anticipate declaring any in the foreseeable future[43] - The Company has potential dilutive securities totaling 25 million earnout shares that were excluded from the diluted net loss per share calculation due to performance conditions not being met[95] - The Company recorded a total workforce reduction charge of $0.6 million in September 2024, which included $0.5 million in cash expenditures for employee separation costs[86] Business Operations and Developments - Origin Materials achieved mechanical completion of its first furanics manufacturing plant in Ontario, Canada, which is currently operating on demand with reduced staffing[11] - The company announced its PET caps and closures business in August 2023, with mass production partnerships established in Europe and North America[11] - The first PET closure manufacturing system successfully completed its Factory Acceptance Test in September 2024[11] - The company is exploring various plant designs and potential sites for scaling up biomass conversion technology, with timelines depending on partner agreements[11] - The company maintains an allowance for credit losses based on historical loss patterns and evaluates potential risks associated with accounts receivable[17] Legal and Regulatory Matters - The Company is facing legal proceedings related to a securities class action complaint filed by shareholders, alleging violations of federal securities laws[92] Tax and Accounting - The Company recorded an income tax provision of $0.2 million and $0.4 million during the three and nine months ended September 30, 2024, respectively[87] - The Company has a full valuation allowance on its net deferred tax assets in the U.S. due to operating losses since inception[87] - The Company does not expect the adoption of new accounting guidance to have a material impact on its consolidated financial statements, aside from additional disclosures[52]

Financial Performance - Origin Materials reported quarterly revenue of $8.2 million for Q3 2024, an increase from $7.1 million in the prior-year period[4]. - The net loss for Q3 2024 was $36.8 million, compared to a net income of $30.9 million in the prior-year period, largely due to non-cash gains in the previous year[9]. - Adjusted EBITDA loss for Q3 2024 was $12.0 million, an increase from $9.5 million in the prior-year period, primarily due to higher general and administrative expenses[11]. - Total revenues for the three months ended September 30, 2024, were $8,202,000, an increase from $7,140,000 in the same period of 2023, representing a growth of approximately 14.9%[27]. - Product revenues increased to $8,202,000 for the three months ended September 30, 2024, compared to $6,358,000 in the prior year, reflecting a growth of about 29%[27]. - The company reported a net loss of $36,763,000 for the three months ended September 30, 2024, compared to a net income of $30,931,000 in the same period of 2023[27]. - Net loss for the nine months ended September 30, 2024, was $70,175 thousand, compared to a net income of $34,236 thousand for the same period in 2023[28]. - Adjusted EBITDA for the nine months ended September 30, 2024, was $(37,767) thousand, compared to $(30,870) thousand for the same period in 2023[29]. Cash and Assets - Cash, cash equivalents, and marketable securities totaled $113.4 million as of September 30, 2024[7]. - Total current assets decreased to $141,393,000 as of September 30, 2024, down from $187,112,000 at the end of 2023, a decline of approximately 24.4%[26]. - The company’s cash and cash equivalents decreased to $56,396,000 as of September 30, 2024, down from $75,502,000 at the end of 2023, a reduction of approximately 25.3%[26]. - Cash and cash equivalents at the end of the period were $56,396 thousand, down from $66,106 thousand at the end of September 30, 2023[28]. Operating Expenses - Operating expenses surged to $32,466,000 for the three months ended September 30, 2024, compared to $12,946,000 in the prior year, marking an increase of approximately 150%[27]. - Research and development expenses were $5,127,000 for the three months ended September 30, 2024, compared to $4,927,000 in the same period of 2023, indicating a rise of about 4%[27]. - The company reported an impairment of assets amounting to $15,170,000 for the three months ended September 30, 2024[27]. - Impairment of assets recorded for the nine months ended September 30, 2024, amounted to $15,170 thousand, with no impairment reported in the prior year[29]. Future Outlook - The company maintains its 2024 revenue guidance of $25 million to $35 million and net cash burn guidance of $55 million to $65 million[13]. - Origin plans to have eight or more CapFormer Systems operational by the end of 2025, which is anticipated to meet the strong market demand for PET caps[3]. - The company is focusing on its caps and closures business to achieve profitability while operating its biomass conversion plant on a reduced scale to manage cash burn[6]. Product Development - The company achieved over 98% manufacturing efficiency during the Factory Acceptance Test of its first CapFormer System, which is expected to enable positive EBITDA by the first half of 2026[2][3]. - Origin's PET caps are currently being tested by multiple prospective customers with a total cap consumption exceeding 100 billion caps per year[2]. - Origin's CapFormer System represents a breakthrough in recycling circularity and packaging performance within a ~$65 billion market[16]. Market Activity - Net cash used in operating activities for the nine months ended September 30, 2024, was $45,123 thousand, slightly improved from $46,447 thousand in the prior year[28]. - Net cash provided by investing activities for the nine months ended September 30, 2024, was $19,458 thousand, compared to $4,450 thousand in the same period of 2023[28]. - The company reported a realized loss on marketable securities of $359 thousand for the nine months ended September 30, 2024, compared to a gain of $(1,706) thousand in the prior year[28]. - The company recorded a change in fair value of common stock warrants liability of $2,913 thousand for the nine months ended September 30, 2024, compared to a loss of $(27,438) thousand in the same period of 2023[28].

Group 1 - Origen Resources Inc. has signed a letter agreement with Equity Metals Corporation to earn a 100% interest in the Arlington Property located in British Columbia [1] - The Arlington Agreement requires Equity to make cash payments totaling $130,000, incur exploration expenditures of $250,000, and issue shares valued at $200,000 within specified timeframes [2] - Origen will retain a 2% net smelter royalty, with Equity having the option to purchase 1% of this royalty for $1,000,000 [3] Group 2 - The option agreement with Nickelex Resource Corporation for the Arlington Property has been mutually terminated [4]

Group 1: Financial Performance - Origin Materials reported a second-quarter loss per share of $0.14, missing the consensus loss estimate of $0.12, with sales of $7.03 million falling short of the expected $7.78 million [1] - The company's shares surged by 26.4%, reaching $1.39 [4] Group 2: Strategic Developments - Origin Materials secured a 2-year MOU for PET closure production, projected to generate over $100 million in revenue starting in early 2025, with significant increases anticipated in 2026 [1] - Analyst Steve Byrne upgraded the company to a Buy rating and raised the price target to $3.00 from $1.35, citing a positive outlook on the company's biomass conversion technology [2] Group 3: Future Profitability and Technology Potential - The ramp-up in PET closures has advanced the EBITDA breakeven estimate to 2027 from 2029, with potential for profitability as early as 2026 due to ongoing discussions for further contracts and licenses [2] - Significant long-term potential exists in the technology to convert cellulosic materials into Chloromethyl furfural (CMF) and Hydrothermal carbon (HTC), with CMF capable of producing functionally superior products like polyethylene furanoate (PEF) [3] - Projected licensing income is estimated at $10 million in 2027, increasing to $20 million in 2028 [4]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-39378 __________________________ ORIGIN MATERIALS, INC. (Exact name of registrant as specified in its charter) _________________ ...

Origin Materials, Inc. Reports Operating and Financial Results for First Quarter 2024 – Reaffirms Pathway to Profitability Led by Caps & Closures, No Additional Equity Capital Required – – Accelerates the Procurement of Multiple Additional High-Throughput Caps and Closures Production Lines – – Completes Successful Capping Trial on Commercial Bottle Line Applying Origin Recycled PET Caps to Thousands of Filled Containers – – Maintains 2024 Revenue and Net Cash Burn Guidance – WEST SACRAMENTO, CA., May 14, 20 ...