PureCycle Technologies(US:PCT)2025-02-28 00:49Commercial Highlights - PureCycle secured its first meaningful purchase order in fiber with Drake Extrusion in January[6] - The first commercial product line has been launched with Churchill Container[6] - More than 20 customer application trials are in various stages of progress with positive results[6] - P&G granted exclusivity for North America and extended exclusivity periods for all other regions[6] - The company has expanded its commercial team with key strategic hires[6] - Drake's facility in Virginia consumes 60-70 million lbs of PP annually[16] - Churchill Container has a market opportunity of 50k-100k lbs of volume[18] - Active trials represent a potential of 250-500 million lbs of resin sale[20] Operational Highlights - PureCycle exceeded 125 klbs/hr feed rates (88% of nameplate)[6] - Reliability, onstream, and quality metrics continue to improve quarter over quarter[6] - Ironton produced 36 million lbs of resin, a portion of which helped create 4 million lbs of compounded material in Q4[25] - The company recently reached a new rate record of 125 klbs/hr[25] - The company secured 5 million lbs of monthly compounding capacity at favorable unit economic rates[25] Financial Highlights - PureCycle raised $33 million from private placement in February[6, 29] - Unrestricted cash decreased from $837 million on Sept 30, 2024 to $157 million on Dec 31, 2024, a change of $(680) million[26] - Restricted cash increased from $100 million on Sept 30, 2024 to $258 million on Dec 31, 2024, an increase of $158 million[26]