Financial Data and Key Metrics Changes - The company successfully raised $300 million in capital, significantly bolstering its liquidity position, ending the quarter with $298 million in cash, including $284 million of unrestricted cash [33] - Operational and corporate spending was around $39 million, slightly higher than the previous quarter's $37 million, with expectations for operational spending to remain similar while growth capital spending is anticipated to increase gradually [33] Business Line Data and Key Metrics Changes - The company reported a strong quarter with on-stream times approaching 90% in both April and May, and 65 consecutive days of pellet production [12][29] - The company has 17 customer applications in post-trial discussions, with a focus on converting these trials into sales in the second half of the year [18][19] Market Data and Key Metrics Changes - The serviceable addressable market of the sales funnel is currently estimated at £4.8 billion, which is a fraction of the £200 billion global market [20] - The company is experiencing strong demand indications from customers, suggesting that sales will continue to ramp up leading into 2026 [13][27] Company Strategy and Development Direction - The company is focusing on global growth plans, particularly in Thailand, which is expected to provide high returns on invested capital and direct access to Southeast Asia [14][15] - The company aims to achieve roughly 1 billion pounds of installed capacity by 2029, with a projected run rate EBITDA of approximately $600 million [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the operational reliability improvements at the Ironton facility and the momentum in commercial trials, which supports the belief that demand for recycled polypropylene exceeds supply capabilities [13][14] - The company anticipates a commercial ramp in both Q3 and Q4, with expectations to exit Q3 at a revenue level of $4 million per month and to reach corporate EBITDA breakeven by late Q4 or early Q1 [95][96] Other Important Information - The company has signed a major commercial agreement with Emerald for approximately 5 million pounds of purified resin, which is expected to convert into revenue in Q3 [10][24] - The company earned GreenCircle's recycled content certification for nearly 30 grades of PureCycle resin, verifying that over 90% of its feed comes from qualified post-consumer recycled feedstocks [26] Q&A Session Summary Question: Can you provide more detail on the growth plans and progress since the last update? - Management highlighted three growth projects: Thailand, Antwerp, and Gen two facilities, emphasizing the readiness of sites and the operational support from Ironton [37][38] Question: Can you elaborate on the 17 applications that are post-trial and the likelihood of success? - Management indicated that the technology is working, with customers moving into further discussions, and emphasized the flexibility to operate in various market segments [48][50] Question: How is the company thinking about customer diversification and production allocation? - Management stated that customers who move fastest will have priority, and there will be opportunities across various segments to maintain good margins [80][82] Question: What are the anticipated challenges in scaling to a 300 million plus pound facility? - Management noted that the experience gained from Ironton will improve the reliability of future facilities, and the team is confident in scaling operations effectively [84][86] Question: What does the ramp look like for the second half of the year? - Management confirmed that Q3 is expected to show higher revenue than Q2, with a goal to exit Q3 at $4 million per month in revenue [92][93]