PureCycle Tech - CW26 | 10-Q: FY2025 Q2 Revenue: USD 1.65 M

Revenue: As of FY2025 Q2, the actual value is USD 1.65 M.

EPS: As of FY2025 Q2, the actual value is USD -0.81.

Segment Revenue

• Revenues: $1.7 million for the three months ended June 30, 2025, and $3.2 million for the six months ended June 30, 2025.

Operational Metrics

• Cost of Operations: $30.0 million for the three months ended June 30, 2025, compared to $22.2 million for the same period in 2024. For the six months ended June 30, 2025, cost of operations was $53.3 million, compared to $43.4 million for the same period in 2024.
• Research and Development Expenses: $1.4 million for the three months ended June 30, 2025, compared to $1.6 million for the same period in 2024. For the six months ended June 30, 2025, research and development expenses were $2.9 million, compared to $3.4 million for the same period in 2024.
• Selling, General and Administrative Expenses: $15.9 million for the three months ended June 30, 2025, compared to $16.1 million for the same period in 2024. For the six months ended June 30, 2025, selling, general and administrative expenses were $30.3 million, compared to $32.1 million for the same period in 2024.
• Operating Loss: $45.6 million for the three months ended June 30, 2025, compared to $39.9 million for the same period in 2024. For the six months ended June 30, 2025, operating loss was $83.3 million, compared to $78.9 million for the same period in 2024.
• Net Loss: $144.2 million for the three months ended June 30, 2025, compared to $48.2 million for the same period in 2024. For the six months ended June 30, 2025, net loss was $135.4 million, compared to $133.8 million for the same period in 2024.

Cash Flow

• Net Cash Used in Operating Activities: $75.6 million for the six months ended June 30, 2025, compared to $79.6 million for the same period in 2024.
• Net Cash (Used in)/Provided by Investing Activities: - $23.6 million for the six months ended June 30, 2025, compared to $23.9 million for the same period in 2024.
• Net Cash Provided by/(Used in) Financing Activities: $355.6 million for the six months ended June 30, 2025, compared to - $223.3 million for the same period in 2024.

Unique Metrics

• Change in Fair Value of Warrants: $82.3 million for the three months ended June 30, 2025, compared to - $4.3 million for the same period in 2024. For the six months ended June 30, 2025, change in fair value of warrants was $25.6 million, compared to $9.6 million for the same period in 2024.
• Loss on Debt Extinguishment: $0 for the three months ended June 30, 2025, compared to $0 for the same period in 2024. For the six months ended June 30, 2025, loss on debt extinguishment was $0, compared to $21.2 million for the same period in 2024.

Future Outlook and Strategy

Core Business Focus

• Thailand Facility: Construction of a 130.0 million pound polypropylene recycling facility in Rayong, Thailand, expected to begin in the second half of 2025 and become operational in mid-2027.
• Antwerp, Belgium Facility: Construction of a 130.0 million pound polypropylene recycling facility, expected to receive required permits in 2026 and become operational in 2028.
• Augusta, Georgia Facility: Construction of a 300.0 million pound multi-line purification facility, with construction expected to begin in mid-2026 and the first purification line operational in 2029.

Non-Core Business

• FDA LNO Submission: Received an additional FDA LNO in July 2025, expanding process conditions for PureFive™ resin production, allowing for greater flexibility and reduced energy usage in the purification process.

Priority

• Revenue Growth: The Company is in various stages of customer application trials, which is anticipated to generate revenue growth in future periods.
• Operational Efficiency: The Company is focusing on improving operational efficiency and reducing production costs through the construction of new facilities and the expansion of process conditions for PureFive™ resin production.