Origin Materials, Inc. announced its financial results for the fourth quarter and full year ended December 31, 2024. Fourth-quarter revenue was $9.2 million, compared to $13.1 million in the prior-year period, while full-year 2024 revenue increased to $31.3 million from $28.8 million in 2023.
The company reported a net loss of $13.5 million for Q4 2024 and $83.7 million for the full year 2024, compared to a net income of $23.8 million in the prior year, primarily due to increased operating expenses and changes in fair value of liabilities. Adjusted EBITDA loss for Q4 was $11.1 million, and for the full year was $48.4 million.
Origin Materials updated its revenue expectation for 2026 to $110 million to $140 million and now projects to achieve run-rate Adjusted EBITDA positive results by the end of 2026, a revision from the previous expectation of the first half of 2026. This delay is primarily attributed to a delayed start to Line 1 commercial production.
The company confirmed it is on track to have eight CapFormer lines online by the end of 2025 and is arranging debt financing to ramp manufacturing capacity, anticipating no additional equity capital will be required. Commercial production of the first CapFormer line commenced in February 2025, with caps being tested by major brands and beverage products with Origin caps expected on shelves in Q3 2025 or potentially late Q2 2025.
Origin Materials highlighted that the payback period for the average CapFormer line, excluding extruders, is anticipated to be less than 18 months. The company also noted strong indicative demand that significantly exceeds its fulfillment capability for several years to come.
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