Origin Materials(ORGN) - 2024 Q4 - Annual Results

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].