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Sep 30, 2023
PureCycle Q3 2023 Earnings Report
Announced corporate update for the third quarter ending September 30, 2023.
Key Takeaways
PureCycle Technologies announced a corporate update for Q3 2023, highlighting progress in Ironton operations, first commercial shipments of UPR resin, and a $250 million capital raise. Challenges remain in achieving continuous operations at Ironton, but improvements are expected following a November outage. A Limited Waiver agreement was negotiated with Ironton Bondholders to extend milestone completion dates.
Processed 409k lbs of feed through purification and sent first commercial shipments of Ultra-Pure Recycled (“UPR”) resin for Formerra and Milliken.
Ironton operations continue to improve daily with onstream performance increasing across core process operation; key challenge has been to maintain pelletization due to a mechanical leak that will be permanently repaired in November.
Raised $250 million gross proceeds through the issuance of 7.25% Green Convertible Senior Notes due 2030
Negotiated an agreement in principle for a Limited Waiver and Second Supplemental Indenture with Ironton Bondholders to extend remaining milestone completion dates by three months in exchange for $50 million in cash collateral.
Forward Guidance
Management remains committed to achieving PureCycle’s next bondholder milestone of producing 4.45 million pounds of UPR resin in a month by December 31, 2023.
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