Origin Materials(ORGN)2024-08-14 20:02PET Cap Production and Partnerships - The company signed a customer MOU for over $100 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 $25 million to $35 million and net cash burn guidance between $55 million and $65 million[11] - The company's Q2 2024 net loss was $19.5 million, compared to $6.5 million in the prior-year period[9] - The company's Q2 2024 adjusted EBITDA loss was $12.9 million, compared to $11.7 million in the prior-year period[9] - Total revenues for the six months ended June 30, 2024, were $13.858 million, compared to $8.602 million in the same period in 2023[24] - Net loss for the six months ended June 30, 2024, was $33.412 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 $33.41 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 $25.81 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 $132.1 million as of June 30, 2024[7] - Cash and cash equivalents decreased to $55.684 million as of June 30, 2024, from $75.502 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 $2.50 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 $2.46 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 $10.471 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 $16.275 million in the same period in 2023[24] - Total liabilities increased to $40.344 million as of June 30, 2024, from $39.327 million as of December 31, 2023[23] - Total stockholders' equity decreased to $390.638 million as of June 30, 2024, from $422.507 million as of December 31, 2023[23] - Stock-based compensation for the six months ended June 30, 2024 was $5.32 million, compared to $4.65 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 $635,000 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 $35.63 million in the same period in 2023[25] - Interest income for the six months ended June 30, 2024 was $3.70 million, compared to $5.44 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 $4.62 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 $20.38 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 $461.834 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]