PCTTW · PureCycle Technologies, Inc.

PureCycle Technologies reported Q1 2026 results with record quarterly production of 8.4 million pounds and approximately 10 million pounds of feedstock throughput, both new records. Revenue reached $4.1 million, marking the fifth consecutive quarter of sequential growth. However, net loss widened to $33.4 million from net income of $8.8 million in Q1 2025, primarily due to higher production-related costs from the continued ramp-up. Adjusted EBITDA was -$30.9 million versus -$25.5 million in the prior year. The Ironton Facility turnaround was completed ahead of schedule and under budget, incorporating improvement projects targeting higher reliability and production rates. On-site compounding is mechanically complete, targeting production of PureFive Choice resin for film and thermoform applications. Commercially, PureFive resin passed qualification for two Procter & Gamble applications, with first pellet delivery expected in Q2 2026 and second shipment in 2H 2026. The company reaffirmed its demand outlook of 40-50 million pounds beginning to ramp in Q2/Q3 and 20-25 million pounds in Q3/Q4. Management noted a favorable macro environment as virgin resin prices have risen more than feedstock costs, improving the pricing dynamics for recycled content. Total liquidity stood at $131 million, including $90 million cash, $31 million in marketable securities, and $10 million restricted cash. The $200 million revolving credit facility remains undrawn. The company also extended warrant expiration to March 2027 and reduced the redemption trigger price to $14.38 per share, with potential warrant proceeds of approximately $273 million.