Origin Materials(US:ORGN)2024-11-16 05:54Business Overview - Origin Materials is targeting the $65 billion and growing caps and closures market with disruptive packaging innovation[7] - The company's PET caps enable whole-container rPET recycling, eliminating the need to separate caps from bottles[9] - Origin Materials has a first signed MOU for billions of PET caps, expected to generate >$100 million in initial 2-year term[12, 15] - The company's PET caps are expected to be commercially available starting Q4 2024, with additional product launches planned[20] Manufacturing and Commercial Progress - Commercial production is on track to begin during 4Q2024, with revenue to begin ramp-up during 1Q2025[14] - The company achieved over 98% manufacturing efficiency in a Factory Acceptance Test[15, 17] - Origin Materials is targeting at least 8 CapFormer Systems online by the end of 2025, producing between 8 and 12 billion caps per year when fully operational[15] Financial Guidance - Origin Materials reaffirms fiscal year 2024 revenue guidance of $25 to $35 million[26] - The company expects 2024 net cash burn to be between $55 and $65 million[26]