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Origin Materials(ORGN) - 2024 Q2 - Quarterly Results
ORGNOrigin Materials(ORGN)2024-08-14 20:02

PET Cap Production and Partnerships - The company signed a customer MOU for over 100millionofPETcaps,withrevenueexpectedtobegininearly2025andrampupsignificantlyin2026[1][2][4]−Thecompanyproducedover1,000,000PETcapstodateandvalidatedQA/QCindicatorsforstablecapweightanddimensions[2][4][5]−ThecompanyreaffirmedPETcapcommercialproductionisontracktobegininQ42024,withrevenueramp−upstartinginQ12025[1][2][4]−ThecompanyannouncedEuropeanandNorthAmericanPETcapmassproductionpartnershipswithBachmannGroupandReedCityGroup,respectively[3][5]−ThecompanyunveiledengineeringanddesigninnovationsfortetheredPETcaps,theworld′sfirsttetheredcapsmadewithPET[5]FinancialPerformanceandGuidance−ThecompanyreportedQ22024revenueof100 million of PET caps, with revenue expected to begin in early 2025 and ramp up significantly in 2026[1][2][4] - The company produced over 1,000,000 PET caps to date and validated QA/QC indicators for stable cap weight and dimensions[2][4][5] - The company reaffirmed PET cap commercial production is on track to begin in Q4 2024, with revenue ramp-up starting in Q1 2025[1][2][4] - The company announced European and North American PET cap mass production partnerships with Bachmann Group and Reed City Group, respectively[3][5] - The company unveiled engineering and design innovations for tethered PET caps, the world's first tethered caps made with PET[5] Financial Performance and Guidance - The company reported Q2 2024 revenue of 7.0 million, driven by its supply chain activation program[4][7] - The company maintains 2024 revenue guidance of 25millionto25 million to 35 million and net cash burn guidance between 55millionand55 million and 65 million[11] - The company's Q2 2024 net loss was 19.5million,comparedto19.5 million, compared to 6.5 million in the prior-year period[9] - The company's Q2 2024 adjusted EBITDA loss was 12.9million,comparedto12.9 million, compared to 11.7 million in the prior-year period[9] - Total revenues for the six months ended June 30, 2024, were 13.858million,comparedto13.858 million, compared to 8.602 million in the same period in 2023[24] - Net loss for the six months ended June 30, 2024, was 33.412million,comparedtoanetincomeof33.412 million, compared to a net income of 3.305 million in the same period in 2023[24] - Net loss for the six months ended June 30, 2024 was 33.41million,comparedtoanetincomeof33.41 million, compared to a net income of 3.31 million in the same period in 2023[25] - Adjusted EBITDA for the six months ended June 30, 2024 was a loss of 25.81million,comparedtoalossof25.81 million, compared to a loss of 21.40 million in the same period in 2023[26] Cash and Marketable Securities - The company's cash, cash equivalents, and marketable securities totaled 132.1millionasofJune30,2024[7]−Cashandcashequivalentsdecreasedto132.1 million as of June 30, 2024[7] - Cash and cash equivalents decreased to 55.684 million as of June 30, 2024, from 75.502millionasofDecember31,2023[23]−PurchasesofmarketablesecuritiesforthesixmonthsendedJune30,2024were75.502 million as of December 31, 2023[23] - Purchases of marketable securities for the six months ended June 30, 2024 were 826.68 million, compared to 2.50billioninthesameperiodin2023[25]−SalesofmarketablesecuritiesforthesixmonthsendedJune30,2024were2.50 billion in the same period in 2023[25] - Sales of marketable securities for the six months ended June 30, 2024 were 805.29 million, compared to 2.46billioninthesameperiodin2023[25]ExpensesandLiabilities−ResearchanddevelopmentexpensesforthesixmonthsendedJune30,2024,were2.46 billion in the same period in 2023[25] Expenses and Liabilities - Research and development expenses for the six months ended June 30, 2024, were 10.211 million, compared to 10.471millioninthesameperiodin2023[24]−Generalandadministrativeexpensesincreasedto10.471 million in the same period in 2023[24] - General and administrative expenses increased to 21.264 million for the six months ended June 30, 2024, from 16.275millioninthesameperiodin2023[24]−Totalliabilitiesincreasedto16.275 million in the same period in 2023[24] - Total liabilities increased to 40.344 million as of June 30, 2024, from 39.327millionasofDecember31,2023[23]−Totalstockholders′equitydecreasedto39.327 million as of December 31, 2023[23] - Total stockholders' equity decreased to 390.638 million as of June 30, 2024, from 422.507millionasofDecember31,2023[23]−Stock−basedcompensationforthesixmonthsendedJune30,2024was422.507 million as of December 31, 2023[23] - Stock-based compensation for the six months ended June 30, 2024 was 5.32 million, compared to 4.65millioninthesameperiodin2023[26]−DepreciationandamortizationforthesixmonthsendedJune30,2024was4.65 million in the same period in 2023[26] - Depreciation and amortization for the six months ended June 30, 2024 was 5.12 million, compared to 635,000inthesameperiodin2023[26]OperatingActivitiesandFairValueAdjustments−NetcashusedinoperatingactivitiesforthesixmonthsendedJune30,2024was635,000 in the same period in 2023[26] Operating Activities and Fair Value Adjustments - Net cash used in operating activities for the six months ended June 30, 2024 was 31.70 million, compared to 35.63millioninthesameperiodin2023[25]−InterestincomeforthesixmonthsendedJune30,2024was35.63 million in the same period in 2023[25] - Interest income for the six months ended June 30, 2024 was 3.70 million, compared to 5.44millioninthesameperiodin2023[26]−Loss(gain)infairvalueofcommonstockwarrantsliabilityforthesixmonthsendedJune30,2024wasagainof5.44 million in the same period in 2023[26] - Loss (gain) in fair value of common stock warrants liability for the six months ended June 30, 2024 was a gain of 628,000, compared to a loss of 4.62millioninthesameperiodin2023[26]−Loss(gain)infairvalueofearnoutliabilityforthesixmonthsendedJune30,2024wasagainof4.62 million in the same period in 2023[26] - Loss (gain) in fair value of earnout liability for the six months ended June 30, 2024 was a gain of 540,000, compared to a loss of 20.38millioninthesameperiodin2023[26]AssetsandShareMetrics−Totalassetsdecreasedto20.38 million in the same period in 2023[26] Assets and Share Metrics - Total assets decreased to 430.982 million as of June 30, 2024, from 461.834millionasofDecember31,2023[23]−Netlosspershare,diluted,forthesixmonthsendedJune30,2024,was461.834 million as of December 31, 2023[23] - Net loss per share, diluted, for the six months ended June 30, 2024, was 0.23, compared to earnings per share of $0.02 in the same period in 2023[24] - Weighted-average common shares outstanding, diluted, for the six months ended June 30, 2024, were 142,398,476, compared to 143,039,435 in the same period in 2023[24]