Origin Materials Q1 2024 Earnings Report
Key Takeaways
Origin Materials reported a revenue increase driven by its supply chain activation program and joint development agreements, alongside significant progress in commercializing its PET caps and closures business. The company reaffirmed its 2024 revenue and net cash burn guidance, highlighting a pathway to profitability led by the caps and closures sector.
Revenue increased to $6.8 million, driven by supply chain activation and joint development agreements.
Accelerated procurement of multiple additional high-throughput caps and closures production lines.
Completed a successful capping trial on a commercial bottle line using Origin recycled PET caps.
Maintained 2024 revenue guidance of $25 million to $35 million and net cash burn guidance of $55 million to $65 million.
Origin Materials
Origin Materials
Forward Guidance
Origin Materials is maintaining its revenue guidance of $25 million to $35 million and net cash burn guidance of $55 million to $65 million for the full year 2024.
Positive Outlook
- Strong progress on pathway to profitability, led by PET caps and closures business
- Accelerating the procurement of multiple additional high-throughput caps and closures production lines
- Completed successful capping trial on commercial bottle line applying Origin Recycled PET caps
- Converting sustainable wood residues at Origin 1 into versatile intermediates
- Customer demand remains strong
Challenges Ahead
- Unforeseen events, including changes in global economic conditions, could impact the guidance
- Relies on assumptions that may not materialize
- Macroeconomic challenges
- Net loss of $13.9 million for the first quarter
- Adjusted EBITDA loss was $12.9 million for the first quarter