Origin Materials(US:ORGN)2022-02-28 22:52Business Highlights - Origin 2 site was selected in Geismar, Louisiana, pending finalization of economic incentives[8] - Offtake and capacity reservation agreements now exceed $56 billion[8] - Mitsui & Co, Ltd announced a strategic partnership to industrialize advanced carbon negative materials and signed a multi-year capacity reservation agreement[8] - Minafin Group began a strategic partnership with Origin to industrialize high-value specialty materials[8] - Customer demand has more than quintupled to $56 billion since February announcement to go public[11] Construction Progress - Origin 1 remains on schedule for completion by the end of 2022[8, 27] - Origin 2 remains on schedule to be operational by mid-2025[8, 20] - The ENCON evaporator module system for Origin 1 was placed and bolted three months ahead of schedule[8, 23, 25] - Origin 2 site in Geismar, Louisiana, is expected to convert an estimated 1 million dry metric tons of sustainable wood residues each year into carbon-negative materials[30] Financials - Approximately $100 million of excess cash is available beyond the capital budget for Origin 1 and 2, for unforeseen contingencies[8, 53] - Q4 2021 Adjusted EBITDA loss was $66 million compared to a loss of $38 million in the prior-year period; Full year 2021 adjusted EBITDA loss was $20 million[56] - Net income was $52 million for the fourth quarter compared to a net loss of $235 million in the prior year period; Full year 2021 net income was $421 million[56] - Adjusted EBITDA loss forecast for 2022 is up to $36 million[57] - Capital spending is expected to be up to $155 million in 2022[57]