Origin Materials, Inc. announced its third-quarter 2024 financial results, reporting revenue of $8.2 million, an increase from $7.1 million in the prior-year period. The company's net loss for the quarter was $36.8 million, compared to a net income of $30.9 million in the prior-year period, primarily due to a $15.2 million non-cash impairment charge related to the Geismar, Louisiana site.
A significant operational milestone was achieved with the successful Factory Acceptance Test (FAT) of the first CapFormer System, demonstrating over 98% manufacturing efficiency. This test was attended by multiple prospective customers whose total cap consumption exceeds 100 billion caps per year, indicating strong market interest.
The company confirmed that commercial production for its PET caps is on track to begin by year-end 2024, with revenue expected to start ramping up in the first quarter of 2025. Origin Materials also reaffirmed its expectation to achieve run-rate Adjusted EBITDA positive by the first half of 2026 and stated that no additional equity capital would be required to fund its plans.
Origin Materials plans to bring eight or more CapFormer Systems into production by the end of 2025. The company also maintained its full-year 2024 revenue and net cash burn guidance, while noting that its Origin 1 biomass conversion plant is operating 'on demand' with reduced staffing to manage cash burn.
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