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Sep 30, 2024
Origin Materials Q3 2024 Earnings Report
Achieved a milestone with the successful Factory Acceptance Test of the first CapFormer System, and reaffirmed the expectation of run-rate EBITDA positive in the first half of 2026.
Key Takeaways
Origin Materials reported $8.2 million in revenue for Q3 2024, driven by the supply chain activation program. The company highlighted the successful Factory Acceptance Test of its first CapFormer System and reaffirmed its expectation of achieving run-rate EBITDA positive in the first half of 2026. They are targeting eight or more CapFormer Systems online by the end of 2025.
Completed Factory Acceptance Test for the 1st PET Cap Manufacturing System, remaining on track for production timing.
The test was attended by multiple prospective customers, representing over 100 billion in annual caps consumption.
Targeting eight or more CapFormer Systems online by the end of 2025, which is expected to be sufficient to enable positive EBITDA.
Reaffirmed the expectation of run-rate EBITDA positive in the first half of 2026, with no additional equity capital required.
Forward Guidance
Origin Materials is maintaining its full year 2024 revenue guidance of $25 million to $35 million and net cash burn guidance of $55 million to $65 million.
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