PureCycle Technologies Inc · Q3 2023 earnings

Briefing

Announced corporate update for the third quarter ending September 30, 2023.

PureCycle Technologies announced a corporate update for Q3 2023, highlighting progress in Ironton operations, first commercial shipments of UPR resin, and a $250 million capital raise. Challenges remain in achieving continuous operations at Ironton, but improvements are expected following a November outage. A Limited Waiver agreement was negotiated with Ironton Bondholders to extend milestone completion dates.

• Processed 409k lbs of feed through purification and sent first commercial shipments of Ultra-Pure Recycled (“UPR”) resin for Formerra and Milliken.
• Ironton operations continue to improve daily with onstream performance increasing across core process operation; key challenge has been to maintain pelletization due to a mechanical leak that will be permanently repaired in November.
• Raised $250 million gross proceeds through the issuance of 7.25% Green Convertible Senior Notes due 2030
• Negotiated an agreement in principle for a Limited Waiver and Second Supplemental Indenture with Ironton Bondholders to extend remaining milestone completion dates by three months in exchange for $50 million in cash collateral.

Headline financials

Revenue & EPS history

Management remains committed to achieving PureCycle’s next bondholder milestone of producing 4.45 million pounds of UPR resin in a month by December 31, 2023.