Financial Data and Key Metrics Changes - The company expects to realize revenue of $50 million to $70 million in 2026 and $150 million to $210 million in 2027, reflecting a delay in commercial scale PET cap revenue generation by one to three quarters [9][19] - The company ended the quarter with $83 million in cash, cash equivalents, and marketable securities, indicating a strong balance sheet [20] Business Line Data and Key Metrics Changes - The company is commercializing its PET cap solution, which addresses a $65 billion cap closures market, with over 20 companies qualifying or preparing for qualification [6][13] - The qualification process for PET caps is taking longer than expected, with a typical journey now projected to take one to two years [10][12] Market Data and Key Metrics Changes - The company is facing challenges due to global manufacturing supply chain disruptions caused by tariffs and protectionist trade policies [13][14] - The company is diversifying its manufacturing footprint to minimize tariff exposure and ensure supply meets demand in different regions [17] Company Strategy and Development Direction - The company is focused on enabling the transition to sustainable materials and is committed to overcoming qualification challenges to bring PET caps to market [22][60] - The company is investing in supply chain preparedness and proactive inventory strategies to limit disruptions [15][16] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about customer interest, with over 65 new inquiries in the last six weeks, and believes qualification challenges will be overcome [22][60] - The company is confident in its ability to achieve run rate positive adjusted EBITDA by the end of 2026, with a focus on scaling production [19][20] Other Important Information - The company has signed a strategic customer agreement with a major packaging company for the development of large format PET closures [6] - The company is exploring additional technology improvements to increase line throughput [18] Q&A Session All Questions and Answers Question: Why is your revenue declining further? - The company is operating OriginOne intermittently to supply customers with samples and develop internal process knowledge, turning down the operating rate to allocate cash more prudently [28] Question: Are there any specific issues faced in product qualification? - The qualification process has shown variability among customers, requiring iterative changes to meet performance standards [30][32] Question: Can you provide an update on EBITDA breakeven and higher CapEx due to tariffs? - The company has factored in a 10% tariff on equipment and does not expect it to materially impact the return on invested capital or the ability to stand up the planned lines [34] Question: What details can you provide on new caps available in Q3? - The new caps expected to be H-91 caps have been specified, but details on the specific region will be shared once they are in the market [35] Question: Any update on the sales process for the 83-acre lot in Geismar? - The company has sold 35 of the 80 acres and remains optimistic about the remaining portion [38] Question: What is the status of the $100 million MOU? - The MOU is still in place and will convert into a contract once the first lot of product is shipped post-qualification [51] Question: When will revenue realization begin? - Revenue ramp is expected to begin in mid-2026, with customers qualifying within one to three quarters [53][54] Question: How does the company plan to fund growth? - The company is engaged with multiple equipment lenders for financing and is also sourcing corporate debt to cover any balance needed [56][58] Question: What should investors be excited about in the future? - The company is excited about the strong demand for its caps, with significant customer interest and new agreements in the pipeline [60][61]