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Origin Materials(ORGN) - 2024 Q4 - Annual Results
ORGNOrigin Materials(ORGN)2025-03-13 20:02

Financial Performance - Origin Materials reported Q4 2024 revenue of 9.2million,downfrom9.2 million, down from 13.1 million in the prior-year period, with full-year revenue of 31.3millioncomparedto31.3 million compared to 28.8 million in 2023[7]. - Total revenues for the year ended December 31, 2024, increased to 31,282,000,up8.631,282,000, up 8.6% from 28,805,000 in 2023[27]. - The net loss for Q4 2024 was 13.5million,comparedtoanetlossof13.5 million, compared to a net loss of 10.4 million in the prior-year period, with a full-year net loss of 83.7million[10].−NetlossfortheyearendedDecember31,2024,was83.7 million[10]. - Net loss for the year ended December 31, 2024, was 83,697,000, compared to a net income of 23,798,000in2023[27].−Thecompanyreportedatotalcomprehensivelossof23,798,000 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 33,819,000in2023[27].OperatingExpenses−OperatingexpensesforQ42024were33,819,000 in 2023[27]. Operating Expenses - Operating expenses for Q4 2024 were 16.2 million, a decrease of 3.6millionfrom3.6 million from 19.8 million in the prior-year period[8]. - Operating expenses for the year ended December 31, 2024, totaled 85,281,000,anincreaseof41.885,281,000, an increase of 41.8% from 60,096,000 in 2023[27]. - Adjusted EBITDA loss for Q4 2024 was 11.1million,comparedtoalossof11.1 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,adecreaseof13.118,554,000, a decrease of 13.1% from 21,351,000 in 2023[27]. Cash and Assets - The company has over 102.9millionincash,cashequivalents,andmarketablesecuritiesasofDecember31,2024[7].−Cashandcashequivalentsdecreasedto102.9 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 75,502,000in2023[29].−Totalassetsdecreasedto75,502,000 in 2023[29]. - Total assets decreased to 378,027,000 as of December 31, 2024, down 18.1% from 461,834,000in2023[26].−CashflowsusedinoperatingactivitiesfortheyearendedDecember31,2024,were461,834,000 in 2023[26]. - Cash flows used in operating activities for the year ended December 31, 2024, were 50,830,000, an improvement from 60,355,000in2023[29].FutureProjections−Thecompanyexpectstoachievefull−year2026revenueof60,355,000 in 2023[29]. Future Projections - The company expects to achieve full-year 2026 revenue of 110 million to 140million,separatefrompotentiallicensingrevenue[3].−OriginanticipatesbecomingEBITDApositiveonarun−ratebasisbytheendof2026,updatedfromthefirsthalfof2026[3].−ThecompanyisontracktohaveeightCapFormerlinesoperationalbytheendof2025,withthreenewlinesnearingcompletion[2].ProductionandTechnology−OriginhascommencedcommercialproductionofitsfirstPETcapmanufacturingline,expectedtoproducehundredsofmillionsofcapsannually[5].−Origin′spatentportfolionowincludesover70issuedpatents,enhancingitstechnologyadvantageinthemarket[9].−Thecompanyrecognizedanimpairmentofassetstotaling140 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].