Origin Materials, Inc. Reports Operating and Financial Results for Fourth Quarter and Full Year 2025
Key Terms
convertible debt facility financial
equipment financing financial
non-binding term sheet financial
Adjusted EBITDA financial
non-GAAP financial
impairment of assets financial
Commentary from John Bissell, Origin CEO:
"Last year was a challenging one for Origin that also brought meaningful progress. Our commercialization journey has taken longer than we initially anticipated, which has had a negative impact on our stock price. However, this month we delivered the latest iteration of Origin PET caps to multiple world-class beverage brands – with approximately thirty key prospects in our pipeline receiving and evaluating our latest design. The new cap design incorporates feedback from household-name beverage brands. Origin’s internal testing of these caps demonstrates marked improvement in seal performance and impact resistance in a single design, meeting industry benchmarks for pressurized water applications on key test metrics, such as ball impact and heated stress testing. Customer qualification processes for these new caps are now underway, and we anticipate related customer announcements, pending the completion of successful qualifications, with timelines varying depending on customer requirements."
"To strengthen our financial position, in November 2025 we announced a convertible debt facility with an initial tranche of
"Despite challenging business conditions and customer adoption timelines longer than we initially anticipated, our prospective customers remain interested and engaged. These companies consume billions of caps per year and the latest cap designs, reflecting modifications which our customers requested, are now in their hands undergoing testing. For those new to Origin, our technology platform produces what we believe are the only commercially scalable PET bottlecaps, as opposed to the HDPE and polypropylene caps which today dominate the over
Company Fourth Quarter and Recent Business Highlights
- Our strategic review with RBC Capital Markets, announced in our Q2 2025 earnings release, is progressing well with productive engagement from potential counterparties. We are intensifying our focus on potential strategic arrangements that we believe could help accelerate value creation from our technology for the benefit of our shareholders.
- Financing. We continue to actively source equipment financing and are currently engaged with multiple prospects. In addition, in connection with our strategic review process, we are in discussion with multiple parties and capital infusions are within the scope of those discussions. Overall, we believe our path to maximizing shareholder value will be a combination of successful new capital sourcing, monetization of current assets, and continued cost containment measures, and we look forward sharing updates as appropriate.
- Prospective customers are actively engaged in qualifying Origin PET caps. During Q1 2026, Origin delivered PET caps suitable for pressurized water applications to multiple marquee global beverage brands, with approximately thirty customers receiving and evaluating our latest cap iteration, to continue acceptance testing.
-
In August 2025, the first products with Origin PET caps went onto store shelves in
California , a milestone for PET cap market acceptance. - Developed distribution network for PET caps. In March 2026, Origin announced HP Embalagens as strategic distributor for sustainable PET bottlecaps. HP Embalagens is a major Brazilian packaging company serving world-renowned brands such as Nestlé, Ferrero Rocher, Natura, and Johnson & Johnson. The relationship complements Origin’s strategic partnerships with Berlin Packaging and Matrix Bottling Group, announced in August 2025 and February 2026, respectively, and supports Origin’s ability to access markets and distribute PET caps globally.
- For PET cap production capacity, Origin’s CapFormer line build-out in 2026 entails six lines, already fully procured and projected to be installed by end of year.
- Updated guidance. Because of the additional time we have spent and anticipate spending on design iteration and customer qualification, reflective of customer feedback received in the past quarter, and because of our increased understanding of the bespoke design requirements of key market players, we no longer project achieving Adjusted EBITDA run-rate breakeven prior to 2028, updated from our previous projection of 2027. Further, this update reflects what we expect will be a more gradual commercialization process, likely characterized by multiple smaller product launches in series, rather than a single launch consuming all of Origin’s PET cap production.
- This is the first time in decades a truly new pressurized cap has been introduced into this beverage space and, while Origin has already overcome substantial technical obstacles, we expect to continue customer-driven product qualification and optimization on the way to adoption.
- Acquisition of premium water customers is expected to continue throughout 2026.
Results for Fourth Quarter and Full Year 2025
Cash, cash equivalents, and marketable securities were
The net accounts receivable balance of
Additionally, as of December 31, 2025, the Company had
As of December 31, 2025, the Company had
Revenue for the fourth quarter was
Revenue for the full year was
Operating expenses for the fourth quarter were
Full year 2025 operating expenses were
Net loss was
Adjusted EBITDA loss was
Shares outstanding as of December 31, 2025 were 5.2 million, adjusted for the one-for-thirty reverse stock split effected in March 2026.
For a reconciliation of non-GAAP figures to the applicable GAAP figures, please see the table captioned ‘Reconciliation of GAAP and Non-GAAP Results' set forth at the end of this press release. We have not reconciled our guidance for non-GAAP run-rate Adjusted EBITDA to GAAP due to the uncertainty and potential variability of reconciling items such as stock-based compensation. As a result, a reconciliation is not available without unreasonable effort and we are unable to address the probable significance of the unavailable information.
Webcast and Conference Call Information
Company management will host a webcast and conference call on March 27, 2026, at 5:00 p.m. Eastern Time, to discuss the Company's financial results.
Interested investors and other parties can listen to a webcast of the live conference call by logging onto the Investor Relations section of the Company's website at https://investors.originmaterials.com/.
The conference call can be accessed live over the phone by dialing +1-844-676-8020 (domestic) or +1-412-634-6957 (international). A telephonic replay will be available approximately three hours after the call by dialing 1-844-512-2921, or for international callers, +1-412-317-6671. The conference ID for the live call and pin number for the replay is 10206659. The replay will be available until 11:59 p.m. Eastern Time on April 10, 2026.
About Origin Materials, Inc.
Origin is a technology company with a mission to enable the world’s transition to sustainable materials. Our innovations include PET caps and closures that bring recycling circularity and enhanced performance to a
Non-GAAP Financial Information
To supplement the Company’s financial results presented in accordance with generally accepted accounting principles in
The Company believes that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about our operating profitability adjusted for certain non-cash items, non-routine items that the Company does not expect to continue at the same level in the future, as well as other items that are not core to the Company’s operations. Further, the Company believes Adjusted EBITDA provides a meaningful measure of operating profitability because the Company uses it for evaluating the Company’s business performance, making budgeting decisions, and comparing performance against that of other peer companies using similar measures.
Non-GAAP financial measures are not defined under
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
For more information on Adjusted EBITDA, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “project,” “potential,” “seem,” “seek,” “target,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin’s ability to continue to fund its planned operations into the third quarter of 2026 and ability to extend its planned operations beyond the third quarter of 2026; Origin’s business strategy, commercial, operating, and product development plans and announcements of such plans, anticipated customer demand, the impact of tariffs on our business, revenue potential, the projection that Origin will achieve breakeven run-rate Adjusted EBITDA results in 2028, pace and anticipated timing of bringing Origin’s CapFormer lines online and anticipated revenue generated from such systems, the impact of anticipated improvements to Origin’s CapFormer lines, ability of Origin’s products to complete customer qualification on time or at all, anticipated timing of commercializing Origin’s products and delivering those products to customers, estimated total addressable market, anticipated benefits of and demand for Origin’s potential products, ability to convert potential customer interest into revenue, expectations about Origin’s future financing arrangements, including Origin’s ability to enter into financing arrangements on favorable terms, the outcome of Origin’s evaluation of strategic alternatives and the ability of such strategic alternatives to enhance shareholder value, access to manufacturing capacity, marketing and distribution capabilities, or strategic capital, or address the gap between indicated product demand and production capacity, anticipated growth and projected financial information. From time to time, the Company discloses approximate levels of customer demand based on information received from current and potential customers as to amounts of product they wish to purchase at a certain price over a certain term in the future. The Company does not discount such indications of customer demand by the likelihood of their conversion to actual revenue or the time until such conversion. Some customers may overstate the amount of product they wish to purchase and one should not assume that demand figures disclosed by the Company will necessarily translate into comparable levels of revenue. The forward-looking statements are based on various assumptions, whether or not identified in this press release, and on the current plans, objectives, estimates, expectations, and intentions of the management of Origin and are not predictions of actual performance and inherently involve significant risks and uncertainties. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin. These forward-looking statements are subject to a number of risks and uncertainties including, but not limited to, the fact that Origin may be unable to successfully commercialize its products; the effects of competition, tariffs, and other trade restrictions on Origin’s business; the uncertainty of the projected financial information with respect to Origin, particularly given the rapidly changing tariff landscape; disruptions and other impacts to Origin’s business. Other factors that could adversely affect the Company’s operations include those discussed in Origin’s Annual Report on Form 10-K to be filed with the
ORIGIN MATERIALS, INC. |
|||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
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(In thousands, except share and per share data) |
December 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
32,923 |
|
|
$ |
56,307 |
|
Marketable securities |
|
20,545 |
|
|
|
46,613 |
|
Accounts receivable net of allowance for credit losses of |
|
13,049 |
|
|
|
19,179 |
|
Other receivables |
|
2,101 |
|
|
|
2,526 |
|
Inventory |
|
684 |
|
|
|
866 |
|
Prepaid expenses and other current assets |
|
2,448 |
|
|
|
2,401 |
|
Land held for sale |
|
9,126 |
|
|
|
11,282 |
|
Total current assets |
|
80,876 |
|
|
|
139,174 |
|
Property, plant, and equipment, net |
|
72,852 |
|
|
|
203,919 |
|
Operating lease right-of-use asset |
|
3,149 |
|
|
|
3,735 |
|
Intangible assets, net |
|
32 |
|
|
|
73 |
|
Deferred tax assets |
|
— |
|
|
|
621 |
|
Other long-term assets |
|
751 |
|
|
|
30,505 |
|
Total assets |
$ |
157,660 |
|
|
$ |
378,027 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
3,568 |
|
|
$ |
2,921 |
|
Accrued expenses |
|
4,947 |
|
|
|
2,779 |
|
Operating lease liabilities, current |
|
306 |
|
|
|
323 |
|
Notes payable, short-term |
|
4,511 |
|
|
|
3,772 |
|
Convertible notes, net of issuance costs |
|
14,970 |
|
|
|
— |
|
Other liabilities, current |
|
231 |
|
|
|
2,754 |
|
Total current liabilities |
|
28,533 |
|
|
|
12,549 |
|
Earnout liability |
|
24 |
|
|
|
2,486 |
|
Canadian Government Research and Development Program liability |
|
16,776 |
|
|
|
14,399 |
|
Common stock warrants liability |
|
167 |
|
|
|
4,566 |
|
Notes payable, long-term |
|
4,386 |
|
|
|
1,730 |
|
Operating lease liabilities |
|
3,533 |
|
|
|
3,858 |
|
Other liabilities, long-term |
|
30 |
|
|
|
74 |
|
Total liabilities |
|
53,449 |
|
|
|
39,662 |
|
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
15 |
|
|
|
15 |
|
Additional paid-in capital |
|
402,378 |
|
|
|
393,186 |
|
Accumulated deficit |
|
(287,825 |
) |
|
|
(38,127 |
) |
Accumulated other comprehensive loss |
|
(10,357 |
) |
|
|
(16,709 |
) |
Total stockholders’ equity |
|
104,211 |
|
|
|
338,365 |
|
Total liabilities and stockholders’ equity |
$ |
157,660 |
|
|
$ |
378,027 |
|
ORIGIN MATERIALS, INC. |
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(In thousands, except share and per share data) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Revenues: |
|
|
|
|
|
|
|
||||||||
Products |
$ |
3,022 |
|
|
$ |
9,222 |
|
|
$ |
18,922 |
|
|
$ |
31,279 |
|
Services |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Total revenues |
|
3,022 |
|
|
|
9,222 |
|
|
|
18,922 |
|
|
|
31,282 |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
2,933 |
|
|
|
9,210 |
|
|
|
18,381 |
|
|
|
30,864 |
|
Operating expenses: |
|
|
|
|
|
|
|
||||||||
Research and development |
|
3,842 |
|
|
|
3,216 |
|
|
|
13,749 |
|
|
|
18,554 |
|
General and administrative |
|
9,158 |
|
|
|
10,155 |
|
|
|
39,074 |
|
|
|
40,766 |
|
Depreciation and amortization |
|
2,843 |
|
|
|
2,769 |
|
|
|
11,175 |
|
|
|
10,715 |
|
Impairment of assets |
|
178,816 |
|
|
|
76 |
|
|
|
195,636 |
|
|
|
15,246 |
|
Total operating expenses |
|
194,659 |
|
|
|
16,216 |
|
|
|
259,634 |
|
|
|
85,281 |
|
Loss from operations |
|
(194,570 |
) |
|
|
(16,204 |
) |
|
|
(259,093 |
) |
|
|
(84,863 |
) |
Other income (expenses): |
|
|
|
|
|
|
|
||||||||
Investment income |
|
806 |
|
|
|
1,336 |
|
|
|
4,014 |
|
|
|
6,783 |
|
Interest expenses |
|
(17 |
) |
|
|
(58 |
) |
|
|
(123 |
) |
|
|
(371 |
) |
Gain (loss) in fair value of derivatives |
|
— |
|
|
|
53 |
|
|
|
(15 |
) |
|
|
290 |
|
Gain (loss) in fair value of common stock warrants liability |
|
351 |
|
|
|
(312 |
) |
|
|
4,399 |
|
|
|
(3,225 |
) |
Gain (loss) in fair value of earnout liability |
|
— |
|
|
|
1,698 |
|
|
|
2,462 |
|
|
|
(703 |
) |
Gain in fair value of convertible notes |
|
5 |
|
|
|
— |
|
|
|
5 |
|
|
|
— |
|
Other (expenses) income, net |
|
(339 |
) |
|
|
231 |
|
|
|
(726 |
) |
|
|
(939 |
) |
Total other income, net |
|
806 |
|
|
|
2,948 |
|
|
|
10,016 |
|
|
|
1,835 |
|
Loss before income tax provision |
|
(193,764 |
) |
|
|
(13,256 |
) |
|
|
(249,077 |
) |
|
|
(83,028 |
) |
Income tax provision |
|
(364 |
) |
|
|
(266 |
) |
|
|
(621 |
) |
|
|
(669 |
) |
Net loss |
|
(194,128 |
) |
|
|
(13,522 |
) |
|
|
(249,698 |
) |
|
|
(83,697 |
) |
Other comprehensive income (loss): |
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on marketable securities |
|
(15 |
) |
|
|
(13 |
) |
|
|
679 |
|
|
|
2,197 |
|
Foreign currency translation adjustment |
|
1,242 |
|
|
|
(9,267 |
) |
|
|
5,673 |
|
|
|
(12,974 |
) |
Total other comprehensive income (loss) |
|
1,227 |
|
|
|
(9,280 |
) |
|
|
6,352 |
|
|
|
(10,777 |
) |
Total comprehensive loss |
$ |
(192,901 |
) |
|
$ |
(22,802 |
) |
|
$ |
(243,346 |
) |
|
$ |
(94,474 |
) |
Net loss per share, basic |
$ |
(38.54 |
) |
|
$ |
(2.82 |
) |
|
$ |
(50.55 |
) |
|
$ |
(17.54 |
) |
Net loss per share, diluted |
$ |
(38.54 |
) |
|
$ |
(2.82 |
) |
|
$ |
(50.55 |
) |
|
$ |
(17.54 |
) |
Weighted-average common shares outstanding, basic |
|
5,036,571 |
|
|
|
4,801,886 |
|
|
|
4,939,958 |
|
|
|
4,773,088 |
|
Weighted-average common shares outstanding, diluted |
|
5,036,571 |
|
|
|
4,801,886 |
|
|
|
4,939,958 |
|
|
|
4,773,088 |
|
| ORIGIN MATERIALS, INC. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
(Unaudited) |
|||||||
|
Year Ended December 31, |
||||||
(in thousands) |
|
2025 |
|
|
|
2024 |
|
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(249,698 |
) |
|
$ |
(83,697 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
11,175 |
|
|
|
10,715 |
|
Provision for credit losses |
|
744 |
|
|
|
1,230 |
|
Stock-based compensation |
|
8,914 |
|
|
|
10,080 |
|
Loss on reserves |
|
— |
|
|
|
639 |
|
Impairment of assets |
|
195,636 |
|
|
|
15,246 |
|
Realized loss on marketable securities |
|
228 |
|
|
|
946 |
|
Amortization of premium and discount of marketable securities, net |
|
(139 |
) |
|
|
(190 |
) |
Change in fair value of derivative |
|
15 |
|
|
|
(290 |
) |
Change in fair value of common stock warrants liability |
|
(4,399 |
) |
|
|
3,225 |
|
Change in fair value of earnout liability |
|
(2,462 |
) |
|
|
703 |
|
Change in fair value of convertible notes |
|
(5 | ) |
|
|
— |
|
Deferred tax provision |
|
621 |
|
|
|
640 |
|
Other non-cash expenses |
|
783 |
|
|
|
518 |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts receivable net and other receivables |
|
5,810 |
|
|
|
(3,359 |
) |
Inventory |
|
182 |
|
|
|
46 |
|
Prepaid expenses and other current assets |
|
(272 |
) |
|
|
2,397 |
|
Other long-term assets |
|
213 |
|
|
|
(4,750 |
) |
Accounts payable |
|
(1,160 |
) |
|
|
373 |
|
Accrued expenses |
|
1,529 |
|
|
|
(3,590 |
) |
Operating lease liabilities |
|
(311 |
) |
|
|
(350 |
) |
Other liabilities, current |
|
(154 |
) |
|
|
(1,362 |
) |
Other liabilities, long-term |
|
(43 |
) |
|
|
— |
|
Net cash used in operating activities |
|
(32,793 |
) |
|
|
(50,830 |
) |
Cash flows from investing activities |
|
|
|
||||
Purchases of property, plant, and equipment |
|
(30,207 |
) |
|
|
(8,953 |
) |
Proceeds from land held for sale |
|
2,117 |
|
|
|
— |
|
Proceeds from sale of property, plant, and equipment |
|
341 |
|
|
|
— |
|
Purchases of marketable securities |
|
(1,067,964 |
) |
|
|
(1,817,317 |
) |
Sales of marketable securities |
|
1,077,050 |
|
|
|
1,751,508 |
|
Maturities of marketable securities |
|
17,595 |
|
|
|
103,321 |
|
Net cash (used in) provided by investing activities |
|
(1,068 |
) |
|
|
28,559 |
|
Cash flows from financing activities |
|
|
|
||||
Payment of notes payable and other liabilities |
|
(6,272 |
) |
|
|
(4,793 |
) |
Proceeds from convertible notes |
|
15,000 |
|
|
|
— |
|
Proceeds from Canadian Government Research and Development Program |
|
1,678 |
|
|
|
8,097 |
|
Proceeds from exercise of stock options |
|
253 |
|
|
|
252 |
|
Net cash provided by financing activities |
|
10,659 |
|
|
|
3,556 |
|
Effects of foreign exchange rate changes on the balance of cash and cash equivalents held in foreign currencies |
|
(182 |
) |
|
|
(480 |
) |
Net decrease in cash and cash equivalents |
|
(23,384 |
) |
|
|
(19,195 |
) |
Cash and cash equivalents beginning of the period |
|
56,307 |
|
|
|
75,502 |
|
Cash and cash equivalents end of the period |
$ |
32,923 |
|
|
$ |
56,307 |
|
Origin Materials, Inc. |
|||||||||||||||
Reconciliation of GAAP and Non-GAAP Results |
|||||||||||||||
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
|
2025 |
|
|
|
2024 |
|
|
|
2025 |
|
|
|
2024 |
|
Net loss |
$ |
(194,128 |
) |
|
$ |
(13,522 |
) |
|
$ |
(249,698 |
) |
|
$ |
(83,697 |
) |
Stock-based compensation |
|
2,100 |
|
|
|
2,369 |
|
|
|
8,914 |
|
|
|
10,080 |
|
Depreciation and amortization |
|
2,843 |
|
|
|
2,769 |
|
|
|
11,175 |
|
|
|
10,715 |
|
Impairment of assets |
|
178,816 |
|
|
|
76 |
|
|
|
195,636 |
|
|
|
15,246 |
|
Investment income |
|
(806 |
) |
|
|
(1,336 |
) |
|
|
(4,014 |
) |
|
|
(6,783 |
) |
Interest expenses |
|
17 |
|
|
|
58 |
|
|
|
123 |
|
|
|
371 |
|
(Gain) loss in fair value of derivatives |
|
— |
|
|
|
(53 |
) |
|
|
15 |
|
|
|
(290 |
) |
(Gain) loss in fair value of common stock warrants liability |
|
(351 |
) |
|
|
312 |
|
|
|
(4,399 |
) |
|
|
3,225 |
|
(Gain) loss in fair value of earnout liability |
|
— |
|
|
|
(1,698 |
) |
|
|
(2,462 |
) |
|
|
703 |
|
Gain in fair value of convertible notes |
|
(5 |
) |
|
|
— |
|
|
|
(5 | ) |
|
|
— |
|
Other expenses (income), net |
|
339 |
|
|
|
(231 |
) |
|
|
726 |
|
|
|
939 |
|
Income tax provision |
|
364 |
|
|
|
266 |
|
|
|
621 |
|
|
|
669 |
|
Cash severance |
|
— |
|
|
|
484 |
|
|
|
— |
|
|
|
455 |
|
Adjusted EBITDA |
$ |
(10,811 |
) |
|
$ |
(10,507 |
) |
|
$ |
(43,368 |
) |
|
$ |
(48,367 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20260327172429/en/
Origin Materials
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Source: Origin Materials, Inc.