Origin Materials Q4 2023 Earnings Report
Key Takeaways
Origin Materials reported Q4 2023 results, highlighting a pathway to profitability independent of biomass conversion technology scale-up, led by their caps and closures business. They announced a reduced 2024 cash burn of $55 million to $65 million and expect significant gross profit generation beginning in 2025. The company is also pursuing an asset-light strategy for biomass conversion technology scale-up with strategic partners.
Origin has a pathway to profitability with no additional equity capital required, through businesses independent of its biomass-based manufacturing plant operations and timelines.
Expected cash burn for 2024 has reduced to between $55 million and $65 million, with meaningful gross profit generation anticipated to begin in 2025, primarily due to the strong commercialization progress of Origin’s caps and closures business.
Caps and closures business is advancing rapidly and is positioned to be first to market with a commercially scalable PET cap.
For Origin 2, the Company is pursuing an asset light strategy in support of technology scale up.
Origin Materials
Origin Materials
Forward Guidance
The Company is providing the following guidance for 2024 revenue and net cash burn: •Revenue of $25 million to $35 million. •Net cash burn between $55 million and $65 million.