PureCycle Technologies Q3 2026 results: branded ramps, Ironton output up, Thailand permit
- Branded programs in shipment/PO/negotiation/final qualification expected to reach ~45–55 million lb/year, approaching 40–50% utilization.
- Ironton produced 5.2 million lb of PureFive resin in Q3 (up 14% sequentially); operational issues limited output in Q3 but were resolved.
- Total liquidity $193 million at quarter-end plus an undrawn $200 million revolver extended to September 30, 2028, for $393 million available.
- Rayong, Thailand construction permit issued; total project cost estimated near $250 million with >$85 million invested and financing terms under negotiation.
Commercial
Railcar shipments to a large customer for hot lids began in October for a ~7–8 million lb/yr program. P&G Downy and Tide caps are on shelves and first Tide deliveries occurred in October; Vicks ZzzQuil lids are in commercial production. Resin shipments to a global cosmetics company are expected in Q4 for shampoo closures with 100% recycled content, and a global personal care company has approved a white grade for deodorant sticks. New Jersey’s extension of its food-contact exemption shifted ~15 food-contact programs (~50 million lb/yr once fully ramped) into 2027 or later, prompting a sales focus on non-food applications. Two quick-service-restaurant cold-cup programs are qualified but moved to 2027.
Operations
Ironton produced 5.2 million lb of PureFive in Q3 (vs. 4.5M in Q2); Q3 operational issues limited production and were resolved. On-site compounding moved to 24/7 with more than 20 in-house grades. A long-term feedstock agreement with WM covers up to 25 million lb/yr of PP bales over three years beginning November 2026.
Finance and cost actions
Q3 revenue was $2.3 million. Net income was $6.9 million, which included a $58.6 million non-cash gain on warrant fair-value change; Adjusted EBITDA was $(28.0) million, an improvement of $0.6 million year over year. Total liquidity was $193 million (cash, marketable securities, restricted cash) plus an undrawn $200 million revolver, extended to September 30, 2028, for $393 million available. Monthly operations spending was $7.8 million in Q3 (excluding ~$2.7 million/month of materials). Project spend in Q3 was $13.0 million (YTD $47.6M), with expected Q4 project spend ~ $4 million and full-year ~ $51 million. New cost-reduction measures begin in Q4 2026 and Q1 2027.
Growth and governance
The Rayong construction permit was issued and final project financing terms are under negotiation; total Rayong project cost remains around $250 million and the company has invested over $85 million to date. Fernando Musa was appointed Executive Chairman of the Board effective November 3, 2026, to support commercial and finance execution.
Source: PureCycle