Origin Materials(US:ORGN)2022-05-10 16:31Business Highlights - Offtake and capacity reservation agreements reached $74 billion[8] - LVMH Moët Hennessy Louis Vuitton formed a strategic partnership with Origin to bring carbon-negative materials to the perfumes and cosmetics industry[8] - Mitsubishi Chemical Holdings Group began a strategic partnership with Origin to develop advanced carbon-negative materials for tires[8] - Customer demand has increased more than sevenfold to $74 billion since February 2021[10] Origin 1 Construction and Budget - Origin 1 remains on schedule for mechanical completion by the end of 2022[8, 26] - The total capital budget for Origin 1 is now expected to be in the range of $125 million to $130 million, up from the original budget of $110 million[8] - The additional capital budget will be fully funded from the Company's cash on hand[8, 26] Origin 2 and Financing - The previously disclosed Origin 2 capital budget and construction timeline are unchanged[8, 28] - Pending state and local incentives worth more than $100 million and a Private Activity Bond ("PAB") allocation of $400 million will help Origin 2 financing[53] - The $400 million PAB allocation from the State of Louisiana provides a strong foundation for the financing of Origin 2[53] Financial Performance and Outlook - Q1 2022 Adjusted EBITDA loss was $65 million compared to a loss of $46 million in the prior-year period[56] - Net income was $73 million for the first quarter compared to a net loss of $536 million in the prior year period[56] - Adjusted EBITDA loss forecast of up to $36 million, consistent with prior outlook[56] - Capital spending is expected to be up to $175 million[56]