Origin Materials Inc · Q1 2022 earnings

Briefing

Increased contracted offtake agreements and capacity reservations, origin 1 construction timeline on track with budget increase, and origin 2 unchanged.

Origin Materials reported strong customer demand and increased contracted offtake agreements and capacity reservations to $7.4 billion. The Origin 1 construction timeline is on track, but the capital budget increased by $15 to $20 million. The Origin 2 construction timeline, budget, and financing are unchanged. The company maintains its 2022 Adjusted EBITDA forecast loss of $36 million and updates its capital expenditure outlook to up to $175 million.

• Total signed offtake agreements and capacity reservations increased to $7.4 billion, up from $5.6 billion in February 2022.
• New partnerships were established with LVMH Moët Hennessy Louis Vuitton and Mitsubishi Chemical Holdings Group.
• Origin 1 construction is on track for mechanical completion by the end of 2022, but the capital budget is expected to increase by $15 million to $20 million.
• The previously disclosed Origin 2 capital budget and construction timeline are unchanged.

Headline financials

Revenue & EPS history

The Company is maintaining Adjusted EBITDA and updating capital spending for fiscal year 2022 resulting from an increase in the capital budget of Origin 1.