PureCycle Technologies (PCT) Q4 2024 earnings summary

Executive summary

• Achieved significant commercial and operational progress, including first major purchase order from Drake Extrusion and launch of the Run It Back product line with Churchill Container.

• Expanded customer trials across multiple segments, with over 29 active trials and more than 20 additional trials in the pipeline, supported by a growing commercial team.

• Amended license agreement with Procter & Gamble, securing North American exclusivity and expanding global opportunities.

• Achieved operational milestones at Ironton, including nearly 70% onstream time in December and feed rates up to 12,500 lbs/hr.

• Positioned for global expansion with vertically integrated strategy, new facility launches, and ongoing investments in growth projects.

Financial highlights

• Ended Q4 with just under $16 million in unrestricted cash and $25.8 million in restricted cash; raised $33 million in February 2025 from key investors.

• Q4 cash expenses totaled $68 million, including $36 million for growth project equipment; adjusted cash expense was $27 million.

• Ongoing monthly cash burn now in the $9–9.5 million range after bringing Denver online.

• Holds $118 million in revenue bonds expected to be sold in 2025 to further enhance liquidity.

• Major cash uses included $9.3 million for Ironton operations, $41.4 million for growth projects, and $5 million for SOPA Revenue Bond interest.

Outlook and guidance

• Confident in ability to sell out Ironton capacity in the near term, driven by strong customer demand and successful trials.

• Expecting third-party certification for 7.2 million lbs of inventory by end of Q1, unlocking additional sales.

• Augusta project remains on track, with site preparation underway and improved financing prospects due to Ironton’s success.

• Final qualification for initial applications with P&G brands expected in Q2 2025, with first production anticipated in Q2 or Q3 2025.

• Anticipate improved bond pricing and continued production improvements as operational and commercial performance strengthens.