First Quarter 2025 Earnings Call Enabling the world's transition to sustainable materials May 15, 2025 ( ) COMPANY OVERVIEW FORWARD LOOKING STATEMENTS AND DISCLAIMERS FORWARD-LOOKING STATEMENTS. This presentation and the accompanying oral presentation have been prepared by Origin Materials, Inc. ("Origin") for informational purposes only and not for any other purpose. Certain statements included in this presentation that are not historical facts are forward-looking statements for purposes of the safe harbor ...

Financial Data and Key Metrics Changes - The company ended the year with $103 million in cash, cash equivalents, and securities, down from $158 million at the end of 2023, indicating a cash burn of $55 million, which is at the low end of the guidance range for 2024 of $55 million to $65 million [27][49]. - Fourth quarter revenue was $9.2 million compared to $13.1 million in the prior year quarter, while annual revenue for 2024 was $31.3 million, within the guidance of $25 million to $35 million [27][28]. - Operating expenses for the fourth quarter were $16.2 million, down from $19.8 million in the prior year, while full-year operating expenses increased to $85.3 million from $60.1 million, largely due to a non-cash impairment charge and higher depreciation [27][28]. Business Line Data and Key Metrics Changes - The company has begun commercial production from its first CAPFORMer line, which is expected to produce tens of millions of caps monthly, with plans to have eight CAPFORMer lines operational by the end of 2025 [10][21]. - The CAP business is expected to have aggregate gross margins in the mid-double digits range, with a payback period for the average line expected to be less than 18 months [22][23]. Market Data and Key Metrics Changes - The caps market is valued at $65 billion, with strong demand anticipated to grow, as multiple customers have signed MOUs to purchase caps [7][16]. - The company is currently the only commercial producer of PET caps in the market, allowing it to price its products based on the unique value they offer [18]. Company Strategy and Development Direction - The company aims to build a scalable platform capable of accommodating hundreds of cap lines over time, targeting a significant share of the $65 billion caps and closures market [31]. - The strategy includes expanding manufacturing relationships to ensure redundancy and additional capacity, as well as exploring licensing partnerships to scale up PET cap supply [20]. Management's Comments on Operating Environment and Future Outlook - Management acknowledges the macroeconomic environment has changed but believes the fundamentals of the business remain strong, with significant undervaluation of the stock [79]. - The company expects to achieve EBITDA positive results on a run rate basis by the end of 2026, updated from earlier guidance of the first half of 2026 [26]. Other Important Information - The company has over 70 issued patents and numerous pending applications, enhancing its technology advantage and creating a defensible market position [29]. - The CAPFORMer technology allows for flexibility and rapid retrofitting, enabling the company to respond quickly to customer demand and introduce new product formats [15]. Q&A Session All Questions and Answers Question: Can you confirm the qualification process timeline for customers? - Qualification involves sending caps to customers for testing on their capping and filling systems, which requires large sample sizes for evaluation. The process duration varies based on customer size and volume expectations [40][41]. Question: What is the status of the $100 million MOU? - The initiation date for purchases under the MOU is expected to be delayed due to slower ramp-up of Line One, but the two-year term remains intact, with production rates expected to increase significantly in the second year [46][47]. Question: What is the minimum cash level and cash burn forecast for 2025? - While the minimum cash balance has not been disclosed, the company aims to maintain at least a year to eighteen months of run rate on the balance sheet, with a cash burn of approximately $48 million expected for 2025 [49][50]. Question: What issues were encountered with Line One? - The delay in Line One was due to customer feedback necessitating the addition of knurling features, which impacted the qualification timeline for subsequent lines [64][66]. Question: How does the company achieve strong margins without operating its own extruders? - The decision to initially source extruders externally was made to expedite revenue generation. The company plans to vertically integrate over time while still achieving margins without immediate extruder operation [70][71].