PureCycle Technologies (PCT) Q1 2026 earnings summary

Executive summary

• Achieved record Q1 2026 production of 8.4 million pounds at the Ironton facility, processing 10 million pounds of feedstock, with turnaround completed ahead of schedule and under budget.

• Revenue for Q1 2026 increased to $4.1 million from $1.6 million year-over-year, marking the fifth consecutive quarter of sequential growth and reflecting growing market acceptance.

• Commercial momentum continues with 180 active pipeline opportunities and eight new customer conversions in Q1, with branded applications ramping and first shipments to Procter & Gamble and others expected in Q2 and 2H 2026.

• Expansion plans are underway in Thailand, Belgium, and Augusta, Georgia, supported by a €40 million grant for the Belgium facility.

• Coffee lids, cold lids, food trays, and meat trays are commercializing, with significant QSR and restaurant chain interest.

Financial highlights

• Q1 2026 net loss was $33.4 million, compared to net income of $8.8 million in Q1 2025, driven by higher operating costs and changes in warrant valuations.

• Adjusted EBITDA for Q1 2026 was $(30.9) million, compared to $(25.5) million in Q1 2025, mainly due to higher project development and production-related costs.

• Total liquidity at quarter-end was $131 million, including cash, marketable securities, and restricted cash.

• Monthly operational spending was $8.8 million, within the $8-9 million guidance.

• Project spend for Q1 was $14 million, with full-year project spend guidance at $39-45 million.

Outlook and guidance

• Demand ramp of 40-50 million pounds expected in Q2/Q3 and 20-25 million pounds in Q3/Q4 2026, with commercial ramp confidence reaffirmed.

• Pipeline stands at 180 active opportunities, up from 170 at year-end and 100 a year ago.

• Thailand facility on track for mechanical completion by end of 2027; Belgium facility permits expected by year-end 2026, with construction to begin in Q1 2027.

• Fiscal year 2026 project spend expectations remain at $39-45 million.

• Long-term operational performance depends on ramping up Ironton and successful commercialization of new plants.