- Q1 production hit a record 8.4 million pounds of product with approximately 10 million pounds of feedstock throughput.
- PureFive resin (polypropylene) passed qualification for two P&G applications; first pellet delivery slated Q2 2026 and the second expected in H2 2026.
- Thailand facility: mechanical completion targeted by end‑2027 with groundbreaking in H2 2026 and ~ $250M investment; Belgium facility: permits expected near year‑end 2026, construction Q1 2027, mechanical completion by end‑2028 and a finalized €40M grant.
- Q1 net loss $(33.4)M, liquidity ~$131M, potential warrant proceeds ~$273M, undrawn $200M credit facility, and FY2026 project spend guidance of $39–45M.
Operations
Record quarter: 8.4 million pounds of product and ~10 million pounds of feedstock throughput; on-site compounding mechanically complete in April to produce PureFive Choice resin for PP film and thermoform; Ironton turnaround finished ahead of schedule and under budget with inventory built to maintain shipments.
Commercial
Fifth consecutive quarter of sequential revenue growth; reaffirmed contracted demand ramps of 40–50M lbs beginning Q2/Q3 and 20–25M lbs beginning Q3/Q4; PureFive resin qualified for two P&G applications with first pellet delivery slated Q2 2026 and the second expected in H2 2026; joint quality study reported highest CosPaTox purity rating; New Jersey recycled‑content application under review with NJDEP.
Macro & Growth
Global petrochemical disruption pushed virgin polypropylene prices higher than recycled feedstock, improving recycled‑content pricing and co‑product dynamics; Thailand facility on track for mechanical completion by end‑2027 with groundbreaking in H2 2026 and an expected ~ $250M investment; Belgium facility permits expected near year‑end 2026, construction Q1 2027 and mechanical completion by end‑2028, with a finalized €40M grant; Gen‑2 design work ongoing.
Financials
Q1 net loss $(33.4)M and Adjusted EBITDA $(30.9)M; total liquidity ~$131M (≈$90M cash, $31M marketable securities, $10M restricted); operations spend ≈$8.8M/month; Q1 project spend ~$14M with FY2026 project guidance $39–45M; $200M revolver undrawn; public/private warrants extended to March 17, 2027 with potential proceeds ≈$273M; ~$75M revenue bonds available; equipment finance payments to step down in H2 2026.
