NASDAQ$PCT
PureCycle Technologies Inc · Q3 2022 earnings
Q3 2022 earnings · · Investor relations
Briefing
PureCycle reported a delay in mechanical completion of the Ironton facility, closed offtake agreements representing 111% of nameplate capacity for Augusta lines 1 and 2, and finalized a Joint Venture Agreement with SK geo centric.
PureCycle Technologies announced a delay in the mechanical completion of its Ironton facility to Q1 2023 due to equipment delivery delays. The company finalized a joint venture with SK geo centric for a facility in South Korea. Offtake agreements for Augusta lines 1 and 2 reached 111% of capacity. They are evaluating financing options to fund the Augusta project and East Coast PreP facilities.
- Ironton facility mechanical completion and pellet production expected in Q1 2023.
- Offtake agreements for Augusta lines 1 and 2 are at 111% of nameplate capacity.
- Joint Venture Agreement finalized with SK geo centric for a purification facility in Ulsan, South Korea.
- Financing targeted to fund Augusta lines 1 and 2 and three East Coast PreP facilities.
Headline financials
Revenue & EPS history
PureCycle · Revenue · Quarterly
$4.13M
Forward guidance
PureCycle anticipates mechanical completion, startup, and full commissioning of Augusta lines 1 and 2 to be in the second half of 2024, with construction activities in Ulsan, South Korea commencing in the second half of 2023, and production ramp-up currently anticipated in the second half of 2025. They expect their three PreP facilities to be fully operational in advance of the completion of Augusta purification lines 1 and 2.
Tailwinds
- Ironton facility targeting mechanical completion and pellet production in Q1 2023.
- Augusta lines 1 and 2 are currently 111% contracted through multi-year offtake agreements and commitments.
- Expect three PreP facilities to be fully operational in advance of Augusta purification lines 1 and 2.
- Construction activities to commence in Ulsan, South Korea in the second half of 2023.
- Working diligently to have financial flexibility and the needed commitments by year-end.
Headwinds
- Timing of mechanical completion and pellet production at Ironton facility has been pushed back a few weeks due to unexpected delays in equipment delivery.
- Market conditions remain challenging and have created uncertainty as to the timing of the currently anticipated project financing for the Augusta Facility.
- AEDA may terminate the MOU should the Company fail to obtain financing by December 31, 2022.
- Experienced a more challenging financing market than originally anticipated when initiating fund raising efforts in June.
- Received a notice from a single feedstock supplier and offtake customer of the Ironton Facility, seeking to terminate the feedstock and offtake agreements.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q3 2022
+2.6%
Avg return
Earnings day
+3.2%
Avg return
5 days after
+11.4%
Avg return
30 days after
54%
13 / 24 earnings
Positive
+44.1%
Q4 2022
Best reaction
-22.3%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -0.4% | +29.2% | +63.7% | |
| Q4 2025 | -22.3% | -23.6% | -35.0% | |
| Q3 2025 | +9.9% | -0.1% | -3.3% | |
| Q2 2025 | +0.2% | +9.9% | +8.4% | |
| Q1 2025 | +15.1% | +20.9% | +50.6% | |
| Q4 2024 | -2.6% | -3.7% | -25.9% | |
| Q3 2024 | -10.5% | -5.2% | -1.3% | |
| Q1 2024 | -7.7% | -6.4% | +5.2% | |
| Q4 2023 | -17.1% | -15.1% | -6.0% | |
| Q3 2023 | -9.9% | -18.4% | +12.8% | |
| Q2 2023 | -5.0% | +3.5% | -21.8% | |
| Q1 2023 | +4.6% | -5.1% | +8.9% | |
| Q4 2022 | +44.1% | +21.8% | +32.2% | |
| Q3 2022 | -11.2% | -14.0% | -20.0% | |
| Q2 2022 | +14.7% | +15.4% | +9.7% | |
| Q1 2022 | +30.3% | +36.9% | +41.2% | |
| Q4 2021 | +11.6% | +8.4% | -5.2% | |
| Q3 2021 | -19.9% | -11.1% | -9.2% | |
| Q3 2020 | -19.9% | -11.1% | -9.2% | |
| Q2 2021 | +1.1% | -11.6% | -12.2% | |
| Q2 2020 | +1.1% | -11.6% | -12.2% | |
| Q1 2021 | +18.4% | +22.6% | +67.3% | |
| Q4 2020 | +18.4% | +22.6% | +67.3% | |
| Q1 2020 | +18.4% | +22.6% | +67.3% | |
| Q4 2019 | — | — | — |
Discussion
Share your read of this quarter. Sign-in carries your eToro identity.
Join the conversation
Sign in with eToro to post your read of this quarter and vote on others'.
Sign in with eToro