Origin Materials(US:ORGN)2025-11-13 21:11Financial Performance - Revenue for Q3 2025 was $4.7 million, down from $8.2 million in the prior-year period, attributed to a planned reduction in the supply chain activation program[14] - Net loss for Q3 2025 was $16.4 million, an improvement from a net loss of $36.8 million in the prior-year period[17] - Adjusted EBITDA loss was $11.6 million for Q3 2025, compared to a loss of $12.0 million in the prior-year period[17] - Total revenues for Q3 2025 were $4,657,000, a decrease of 43% compared to $8,202,000 in Q3 2024[33] - Net loss for Q3 2025 was $16,382,000, compared to a net loss of $36,763,000 in Q3 2024, representing a 55% improvement[33] - The company reported a total comprehensive loss of $18,580,000 for Q3 2025, compared to a total comprehensive loss of $34,245,000 in Q3 2024[33] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(32,557,000), an improvement from $(37,767,000) in the same period of 2024, indicating a 13.3% reduction in losses[38] Operating Expenses - Operating expenses decreased to $17.1 million from $32.5 million in the prior-year period, primarily due to a $15.0 million reduction in non-cash impairment of assets[15][16] - Operating expenses for the nine months ended September 30, 2025, were $64,975,000, a decrease of 6% compared to $69,065,000 for the same period in 2024[33] - Research and development expenses for Q3 2025 were $3,328,000, down from $5,127,000 in Q3 2024, a decrease of 35%[33] - Stock-based compensation for the nine months ended September 30, 2025, totaled $6,814,000, down from $7,776,000 in 2024, a reduction of 12.4%[38] - Other expenses, net, for the nine months ended September 30, 2025, were $387,000, down from $1,170,000 in 2024, indicating a 66.9% decrease[38] Cash and Assets - Cash and cash equivalents decreased to $34,061,000 as of September 30, 2025, down from $56,307,000 at the end of 2024, a decline of 40%[32] - Total assets decreased to $327,345,000 as of September 30, 2025, down from $378,027,000 at the end of 2024, a reduction of 13%[32] - The company had $20,279,000 in marketable securities as of September 30, 2025, down from $46,613,000 at the end of 2024, a decline of 57%[32] Financing Activities - The company executed a secured convertible debt facility with an initial close of $15 million and the capacity to raise up to $90 million[7] - A non-binding term sheet for an additional $20 million in equipment financing was signed, bringing total CapFormer equipment financing to approximately $30 million[4] Future Guidance and Strategy - The company maintains revenue guidance of $20 million to $30 million for 2026 and $100 million to $200 million for 2027[10] - The CapFormer deployment schedule is on track, with completion of Factory Acceptance Testing through Line 6 expected by the end of 2025[9] - Berlin Packaging placed its first order for PET caps, marking a significant customer milestone[11] - The company is focusing on a "water first" go-to-market strategy, targeting the $65 billion global closures market[9] Impairment and Other Financial Metrics - Impairment of assets in Q3 2025 was $210,000, significantly lower than $15,170,000 in Q3 2024, reflecting a 98.6% decrease[38] - Interest expenses decreased to $27,000 in Q3 2025 from $86,000 in Q3 2024, a decline of 68.6%[38] - Income tax provision for Q3 2025 was $78,000, compared to $231,000 in Q3 2024, a reduction of 66.2%[38] - Depreciation and amortization expenses for the nine months ended September 30, 2025, were $8,332,000, an increase from $7,946,000 in 2024, reflecting a 4.9% rise[38] - Investment income for the nine months ended September 30, 2025, was $(3,208,000), an improvement from $(5,447,000) in 2024, indicating a 41.0% reduction in losses[38]