Origin Materials, Inc. Reports Operating and Financial Results for Fourth Quarter and Full Year 2024

Launch of PET Bottle Caps: Origin Materials has successfully launched its first PET bottle caps for noncarbonated water, marking a significant milestone in the packaging industry and aiming to capture a share of the $7 billion caps market while expanding into the broader $65 billion closures packaging market.

Revised Financial Outlook: The company revised its revenue guidance downward for 2026 and 2027 due to production delays and tariff impacts, pushing its adjusted EBITDA breakeven target from 2026 to 2027, while expressing optimism about future growth through strategic partnerships and product commercialization.

Origin Materials Launches PET Bottlecaps: Origin Materials has announced the launch of its first commercially viable PET bottlecaps, now available on store shelves, marking a significant milestone in sustainable packaging. The company is also focusing on expanding its manufacturing capacity and exploring strategic collaborations to meet growing demand.

Financial Performance and Strategic Review: In its second quarter report, Origin Materials revised its revenue guidance downwards due to production delays and updated its EBITDA expectations. The company is conducting a strategic review to enhance manufacturing capabilities and capture value in the $65 billion closures market.

Company Growth and Production Plans: Origin Materials, Inc. is on track to have eight CapFormer lines operational by the end of 2025, with an expected revenue of $110M to $140M in 2026. The company has commenced commercial production of its first fully recyclable PET caps and anticipates significant customer demand.

Financial Performance and Projections: For the fourth quarter of 2024, Origin reported a revenue of $9.2 million and a net loss of $13.5 million, while projecting to achieve EBITDA positive results by the end of 2026. The company is securing debt financing to support manufacturing capacity without needing additional equity capital.

New Product Features: Origin Materials has introduced PET caps with new features, including knurling for improved grip, produced using their proprietary CapFormer System in Germany. These caps are designed for compatibility with the PCO 1881 standard and will undergo commercial qualification.

Expansion Plans: The CapFormer System is set to be shipped to Reed City, Michigan, for installation, with further cap production expected to begin in early 2025. Origin is actively pursuing customer qualifications and has secured a term sheet for over $100 million in PET caps over two years.

Origin CapFormer System Launch: Origin Materials has introduced the Origin CapFormer System, the first commercial-scale manufacturing system for PET caps and closures, achieving over 98% manufacturing efficiency during its Factory Acceptance Test.

Impact on Sustainable Packaging: This innovative system is expected to revolutionize packaging by enabling 100% container-to-container recycling of PET, addressing a $65 billion market and paving the way for diverse applications in beverages, food packaging, and medical products.