PureCycle Technologies Q2 2026 results and commercial ramp

Commercial highlights

Revenue was $4.5 million, up approximately 173% year‑over‑year, and the company reported a sixth consecutive quarter of sequential growth. First P&G commercial resin deliveries began, with select Downy detergent caps in commercial production; select Tide caps are scheduled for retail production in Q3 and Vicks ZzzQuil PURE Zzzs child‑resistant lids are targeted for Q4 2026. Six new commercial partnerships were announced and seven new customer conversions occurred during the quarter. Regulatory tailwinds include New Jersey DEP approval of PureFive® as post‑consumer recycled content, New Jersey’s food‑contact exemption expiring January 2027 (recycled‑content requirement rising to 20%), California SB54 in effect, and APR certification for PureFive®.

Operations

PureFive® production in Q2 was 4.5 million pounds, reduced as planned for a turnaround that completed ahead of schedule and below budget. The outage executed more than 170 reliability and rate projects and materially improved the CP2 system and mechanical seals. On‑site compounding was commissioned in April, producing approximately 2.0 million pounds at Ironton and about 28 sample lots; current compounding runs 24/5 with plans to expand to 24/7 in Q4. ISO 9001:2015 certification was achieved in May and feedstock supply for Ironton is secured.

Financials and capital

Net loss for Q2 2026 was $142.2 million versus $144.2 million in Q2 2025; operating loss improved to $41.3 million from $45.6 million. Adjusted EBITDA was $(31.7) million, noting $7.8 million of lower non‑cash add‑backs year‑over‑year. Total liquidity at quarter‑end was $236.9 million (including $165.2M cash); June concurrent offerings of convertible notes and common stock produced net proceeds of approximately $432.0 million, a portion of which repurchased $216.0 million principal of 7.25% notes. Q2 project spend was $20.9 million and fiscal‑year 2026 project spend guidance was raised to $45–50 million.

Growth and outlook

The Thailand facility is expected to be operational in 2028 with groundbreaking in 2H 2026 and an estimated total project cost near $250 million; Thailand BOI approval and Fast Pass were received and project financing targeted to close by year‑end. Belgium facility permits are expected by 1H 2027. The company said Q3 shipments of compounded product have been made to major converters for QSR cold cup trials and that branded sales volumes should build through H2 as compounding scales and regulation‑driven demand converts; Ironton breakeven remains a second‑half 2026 goal.