PureCycle Technologies (NasdaqCM:PCT) FY Conference March 23, 2026 12:00 PM ET Company ParticipantsDustin Olson - CEOConference Call ParticipantsGerry Sweeney - Managing Director and Senior Research AnalystGerry SweeneyGood morning, everyone. Gerry Sweeney with Roth Capital. Thanks for joining us today for a fireside chat with PureCycle. This morning we have Dustin Olson, CEO, and Eric DeNatale, IR and Finance. I want to thank you guys for making the trip out here for our conference. Just wanted to jump rig ...

Core Insights - The company has made significant operational progress, particularly at its Denver facility, which processed 14 million pounds of feedstock, a 44% increase compared to the previous quarter, and 35% above its prior quarterly high [1][4][7] - PureCycle Technologies reported $2.7 million in revenue for Q4, marking the fourth consecutive quarter of sequential revenue growth, with a pipeline of over 170 active projects [6][12][13] - The company is advancing its international expansion plans, with projects in Thailand and Antwerp progressing as scheduled [5][17][18] Operational Updates - Denver's feedstock processing increased by 44% compared to Q3, while the Ironton plant set a quarterly production record of 7.5 million pounds [1][7] - The company has successfully added a third shift at the Denver facility and is now sourcing from over 15 feed suppliers, reducing procurement costs by $0.06 per pound over the last year [1][4] - Ironton is expected to undergo a planned maintenance outage between mid-April and mid-May, which historically has improved reliability and production quality [8] Financial Performance - The company is managing a cash burn of $8–9 million per month while extending warrants and repaying high-cost debt to maintain financial flexibility [5][21] - PureCycle repaid $20.3 million of high-cost equipment finance debt and $9.8 million of principal on Ironton bonds during the quarter [22] - The revenue goal remains to reach breakeven at Ironton and then at the corporate level, with core operating costs in line with prior guidance [21] Expansion Plans - The Rayong project in Thailand is on track, with an application submitted to the Board of Investment, targeting an eight-year 100% tax holiday [5][17] - The Antwerp project is also progressing, with permits expected in the second half of 2026 and construction scheduled to begin in early 2027 [18] - The company is focused on local financing for the Thailand project and has made progress on the Antwerp project, including a EUR 40 million grant [22] Regulatory and Commercial Developments - PureCycle's material is accepted in several states and regions, but regulatory delays in New Jersey could postpone 15–30 million pounds of near-term conversions [6][15][16] - The company has shifted focus to applications not requiring New Jersey approval and has added an additional 20–25 million pounds of demand at full ramp [16] - The company has begun monetizing co-products, with prices ranging from $0.25 to $0.03 per pound [14]