[8-K] PureCycle Technologies, Inc. Reports Material Event
Rhea-AI Filing Summary
PureCycle Technologies reported strong volume growth but continued losses for Q1 2026. Revenue rose to $4.1 million from $1.6 million a year earlier, marking a fifth consecutive quarter of sequential revenue growth, as Ironton production reached a record 8.4 million pounds with 10 million pounds of feedstock processed.
The company posted a net loss of $33.4 million and Adjusted EBITDA of negative $30.9 million, driven by higher production-related costs during its ramp-up phase. Total liquidity was $131 million, down from $182 million at the end of Q4 2025, but management highlights multiple funding levers, including a $200 million undrawn credit facility and approximately $273 million of potential warrant proceeds. Large-scale expansion projects in Thailand and Belgium remain on track, supported by an expected $250 million Thailand investment and a €40 million European Innovation Fund grant for Belgium.
Positive
- None.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
Adjusted EBITDA financial
warrant liability financial
revenue bonds financial
mechanical completion technical
European Innovation Fund regulatory
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 6, 2026, the Company issued a press release, attached hereto as Exhibit 99.1 and incorporated herein by reference, announcing the Company’s financial results for the first quarter ended March 31, 2026, and certain other information.
The information contained in Item 7.01 concerning the presentation to Company’s investors is hereby incorporated into this Item 2.02 by reference.
Item 7.01 Regulation FD Disclosure.
The slide presentation attached hereto as Exhibit 99.2, and incorporated herein by reference, will be presented to certain investors of the Company on May 6, 2026 and may be used by the Company in various other presentations to investors.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Set forth below is a list of Exhibits included as part of this Current Report.
Exhibit Number |
Description of Exhibit |
99.1 |
Press Release by PureCycle Technologies, Inc., dated May 6, 2026 |
99.2 |
PureCycle Technologies, Inc. Presentation to Investors |
104 |
The cover page from this Current Report on Form 8-K, formatted as Inline XBRL |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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PureCycle Technologies, Inc. |
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Date: |
May 6, 2026 |
By: |
/s/ Brad Kalter |
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Brad Kalter, General Counsel, Chief Compliance Officer and Corporate Secretary |
Exhibit 99.1
PureCycle Technologies Reports First Quarter
2026 Results
ORLANDO, FLA., – May 6, 2026 – PureCycle Technologies, Inc. (Nasdaq: PCT) (“PureCycle” or the “Company”), a U.S.-based company revolutionizing plastic recycling, today announced results for the first quarter ending March 31, 2026.
First Quarter 2026 Highlights
Operations
Commercial
Macro Environment
Growth
Finance
Management Commentary
“Our commercial ramp remains on track for 2026. We achieved our internal sales plan in Q1, our fifth consecutive quarter of sequential revenue growth, and we’re seeing tangible momentum as our commercial pipeline converts into contracted demand,” said Dustin Olson, Chief Executive Officer of PureCycle Technologies. “Against a backdrop of improving macro tailwinds, we believe we’re entering a phase where execution and scale should increasingly differentiate our platform.”
Olson continued, “The current global petrochemical supply disruption is reinforcing the relative strength of our model. Virgin polypropylene prices have risen significantly more than our feedstock costs, which have seen only modest movement. This is narrowing the cost premium of recycled content versus virgin and accelerating customer urgency around securing supply.”
“This quarter we introduced a set of metrics that enable investors to more clearly evaluate our business and track our progress over time, said Donald Carpenter,” Chief Financial Officer of PureCycle Technologies. “This disclosure represents an important first step, and we intend to continuously refine and evaluate it as our financial performance evolves and matures.”
Financial Update
Financial Results
Net loss for Q1 2026 was $(33.4) million compared to net income of $8.8 million in Q1 2025. Adjusted EBITDA for Q1 2026 was $(30.9) million, compared to $(25.5) million in Q1 2025 primarily related to higher production-related costs due to the continued ramp-up in production that has occurred during 2026. Adjusted EBITDA is EBITDA adjusted for items affecting
comparability. See the reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA that is provided at the end of this press release.
Cash and Liquidity
PureCycle ended Q1 with total liquidity of $131 million, which includes approximately $90 million in cash and cash equivalents, approximately $31 million of excess cash invested in marketable securities, and approximately $10 million in restricted cash, compared to total liquidity of approximately $182 million at the end of Q4 2025.
Operations spending of approximately $8.8 million per month in Q1 was within the $8–9 million per month expectations. There have been no changes made to the ongoing expectations. Q2 will include the Ironton Facility turnaround, which is tracking below budget, and such costs will remain separate from the operations spending rate.
Project Spend
First quarter project spend totaled approximately $14 million, below the $19–20 million quarterly expectations primarily due to timing. Fiscal year 2026 project spend expectations of $39–45 million are unchanged and the majority remains discretionary. Professional services spending on project development activities ran below quarterly expectations, primarily due to timing of engineering milestones, which we expect to partially catch up through the remainder of the year.
Capital Structure
The Company’s $200 million revolving credit facility remains undrawn and available through September 2027.
On April 16, 2026, the Company received consent from certain of its warrant holders to extend the public and private warrants to March 17, 2027 and reduce the redemption trigger price to $14.38 per share, consistent with the Series A warrants. Total potential warrant proceeds of approximately $273 million are now available through March 2027.
Equipment financing payments will step down during the second half of 2026, as existing lease agreements reach their scheduled maturities, reducing monthly capital costs.
The Company has approximately $75 million in revenue bonds available to monetize as market conditions allow.
The Company believes its available capital resources — including approximately $273 million in potential warrant proceeds, $75 million in available revenue bonds, the undrawn $200 million credit facility, and ongoing project financing efforts — provide multiple paths to address its capital needs.
Carpenter continued, “We are actively progressing our Thailand project financing and are encouraged by the alignment we are seeing as we work on finalizing the terms and conditions. We will provide updates as appropriate."
First Quarter 2026 Conference Call Details
Date: May 6, 2026
Time: 5:00 p.m. ET
Participant Link: PureCycle Technologies First Quarter 2026 Corporate Update
For participants interested in a listen-only webcast, please access the conference call using the above link. For a calendar reminder, please click HERE.
The conference call will have a live Q&A session. For analyst participants who would like to ask management a question after prepared remarks, please click HERE. You will receive a number and a unique access pin.
Following prepared remarks, management will try to answer investor questions submitted in advance. To submit a question, please send an e-mail to investorquestion@purecycle.com.
The corporate update will be available for replay by clicking HERE or through the Company’s website at www.purecycle.com. A replay of the conference call will be available after 8:00 p.m. Eastern Time until July 6, 2026.
PureCycle Contact
Christian Bruey
cbruey@purecycle.com
Investor Relations Contact
Eric DeNatale
edenatale@purecycle.com
About PureCycle Technologies
PureCycle Technologies LLC., a subsidiary of PureCycle Technologies, Inc., holds a global license for the only patented dissolution recycling technology, developed by The Procter & Gamble Company (P&G), that is designed to transform polypropylene plastic waste (designated as #5 plastic) into a continuously renewable resource. The unique purification process removes color, odor, and other impurities from #5 plastic waste resulting in our PureFive® resin that can be recycled and reused multiple times, changing our relationship with plastic. www.purecycle.com
Forward Looking Statements
This press release contains forward-looking statements, including statements about the continued execution of PureCycle’s business plan, PureCycle expected financial expenditures, future cash needs and availability of liquidity and the expected timing of significant construction milestones for PureCycle’s planned future facilities. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or PureCycle’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking.
The forward-looking statements are based on the current expectations of PureCycle’s management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in each of PureCycle’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and PureCycle’s Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCT’s ability to obtain funding for our operations, future capital requirements and future growth, and
to continue as a going concern; PCT’s ability to meet, continue to meet, and comply on an ongoing basis with, the numerous regulatory requirements applicable to its PureFive® resin both generally and in food-grade applications and, more broadly, the operations and construction of PCT’s facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT’s strategies and future financial performance, including future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and PCT’s ability to invest in growth initiatives, which could be impacted by significant changes to tariffs on foreign imports; the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos (as defined below), following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner, or at all; PCT’s ability to meet, and to continue to meet, the requirements imposed upon us and our subsidiaries by the funding for its operations, including the funding for the Ironton Facility and the Planned Facilities (as defined below); PCT’s ability to minimize or eliminate the many hazards and operational risks at its manufacturing facilities that can result in potential injury to individuals, disrupt PCT’s business, including interruptions or disruptions in operations at PCT’s facilities, and subject PCT to liability and increased costs; PCT’s ability to complete the necessary funding with respect to, and complete the construction of, the new polypropylene recycling facility in Thailand (the "Thailand Facility"), PCT’s first commercial-scale European plant located in Antwerp, Belgium (the "Belgium Facility"), and the purification facility to be built in Augusta, Georgia (the "Augusta Facility" and, together with the Thailand Facility and the Belgium Facility, the “Planned Facilities”) in a timely and cost-effective manner; PCT’s ability to procure, sort and process polypropylene plastic waste at our planned plastic waste prep facilities; PCT’s ability to maintain exclusivity under The Procter & Gamble Company license; the implementation, market acceptance and success of PCT’s business model and growth strategy, which includes PCT’s ability to bring a total of one billion pounds of installed polypropylene recycling capability online by 2030, and PCT’s ability to meet related construction, regulatory, and financing requirements; the ability to negotiate multi-year offtake agreements at appropriate margins to fund ongoing operations; the possibility that PCT may be adversely affected or potentially impacted by economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts (such as tariffs); changes in the prices and availability of materials (such as steel and other materials needed for the construction of future Feed PreP and purification facilities), including those changes caused by inflation, tariffs and supply chain conditions, such as increased transportation costs and global conflicts, and our ability to obtain such materials in a timely and cost-effective manner; the ability to source feedstock with a high polypropylene content at a reasonable cost and the temporary spike in prices due to global conflicts such as the current conflict in the Middle East; the development of direct competitors in the recycled polypropylene segment that could impact the demand for PCT’s products; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party; geopolitical risk and changes in applicable laws or regulations; changes in the prices and availability of labor (including labor shortages), turnover in employees, and increases in employee-related costs; any business disruptions due to political or economic instability, pandemics, or armed hostilities (including the ongoing conflicts between Russia and Ukraine and various parties in the Middle East); and operational risks associated with the ability to operate the Ironton Facility and the Planned Facilities, as and when operative, at nameplate capacity.
PCT undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law.
Should one or more of these risks or uncertainties materialize or should any of the assumptions
made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events.
– financial tables attached –
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME
(Unaudited)
(in thousands, except per share data) |
Q1 2026 |
Q1 2025 |
Revenues |
$4,127 |
$1,580 |
Operating expenses |
|
|
Cost of operations |
31,394 |
24,002 |
Research and development |
1,555 |
1,552 |
Selling, general and administrative |
12,973 |
13,747 |
Total operating costs and expenses |
45,922 |
39,301 |
Operating loss |
(41,795) |
(37,721) |
Other expense/(income) |
|
|
Interest expense |
15,382 |
15,064 |
Interest income |
(1,382) |
(379) |
Change in fair value of warrants |
(22,997) |
(56,669) |
Other expense/(income), net |
643 |
(4,569) |
Total other income |
(8,354) |
(46,553) |
Net (loss)/income |
$(33,441) |
$8,832 |
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|
|
(Loss)/earnings per share |
|
|
Basic |
$(0.21) |
$0.05 |
Diluted |
$(0.21) |
$0.05 |
Weighted average common shares |
|
|
Basic |
180,478 |
177,308 |
Diluted |
180,478 |
178,506 |
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|
Other comprehensive (loss)/income |
|
|
Cumulative translation adjustment |
$(254) |
$(94) |
Unrealized loss on debt securities available for sale |
(16) |
— |
Total comprehensive (loss)/income |
$(33,711) |
$8,738 |
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except per share data) |
March 31, 2026 |
December 31, 2025 |
ASSETS |
|
|
CURRENT ASSETS |
|
|
Cash and cash equivalents |
$90,213 |
$156,694 |
Debt securities available for sale |
30,882 |
13,631 |
Restricted cash – current |
508 |
1,984 |
Accounts receivable, net |
3,825 |
2,007 |
Inventory |
12,335 |
13,824 |
Prepaid expenses and other current assets |
8,619 |
9,877 |
Total current assets |
146,382 |
198,017 |
NONCURRENT ASSETS |
|
|
Restricted cash – noncurrent |
9,395 |
9,356 |
Operating lease right-of-use assets |
66,937 |
54,226 |
Property, plant and equipment, net |
660,269 |
657,752 |
Prepaid expenses and other noncurrent assets |
3,024 |
3,315 |
TOTAL ASSETS |
$886,007 |
$922,666 |
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|
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LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY |
|
|
CURRENT LIABILITIES |
|
|
Accounts payable |
$12,837 |
$9,247 |
Accrued expenses and other current liabilities |
42,357 |
42,815 |
Accrued interest |
6,041 |
7,805 |
Current portion of warrant liability |
13,327 |
13,682 |
Current portion of long-term debt |
3,426 |
6,446 |
Current portion of related party bonds payable |
7,570 |
7,570 |
Total current liabilities |
85,558 |
87,565 |
NONCURRENT LIABILITIES |
|
|
Deferred revenue |
5,000 |
5,000 |
Long-term debt, less current portion |
265,386 |
263,355 |
Related party bonds payable, less current portion |
87,886 |
86,343 |
Warrant liability, less current portion |
22,507 |
45,149 |
Operating lease right-of-use liabilities |
64,635 |
52,350 |
Series A Preferred Stock liability |
33,308 |
29,606 |
Other noncurrent liabilities |
4,299 |
2,710 |
TOTAL LIABILITIES |
568,579 |
572,078 |
|
|
|
MEZZANINE EQUITY |
|
|
Series B Convertible Perpetual Preferred Stock |
310,004 |
304,701 |
STOCKHOLDERS’ EQUITY |
|
|
Common Stock |
181 |
180 |
Additional paid-in capital |
857,200 |
861,953 |
Accumulated other comprehensive loss |
(575) |
(305) |
Accumulated deficit |
(849,382) |
(815,941) |
TOTAL STOCKHOLDERS’ EQUITY |
7,424 |
45,887 |
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY |
$886,007 |
$922,666 |
PureCycle Technologies, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands) |
Q1 2026 |
Q1 2025 |
Cash flows from operating activities |
|
|
Net (loss)/income |
$(33,441) |
$8,832 |
Adjustments to reconcile net (loss)/income to net cash used in operating activities |
|
|
Equity-based compensation |
2,544 |
3,354 |
Change in fair value of warrants |
(22,997) |
(56,669) |
Change in fair value of put option |
1,563 |
(3,146) |
Depreciation expense |
7,379 |
7,350 |
Amortization of debt issuance costs and debt discounts |
6,572 |
3,727 |
Operating lease amortization expense |
1,169 |
1,119 |
Changes in operating assets and liabilities |
|
|
Accounts receivable, net |
(1,818) |
(1,494) |
Inventory |
1,489 |
(660) |
Prepaid expenses and other current assets |
701 |
1,936 |
Prepaid expenses and other noncurrent assets |
291 |
(13) |
Accounts payable |
(2,280) |
(6,846) |
Accrued expenses and other current liabilities |
(2,218) |
4,014 |
Accrued interest |
(689) |
531 |
Operating lease right-of-use liabilities |
(919) |
(903) |
Net cash used in operating activities |
(42,654) |
(38,868) |
Cash flows from investing activities |
|
|
Purchase of property, plant and equipment |
(3,432) |
(15,004) |
Purchase of debt securities, available for sale |
(31,668) |
— |
Sale and maturity of debt securities, available for sale |
14,450 |
— |
Net cash used in investing activities |
(20,650) |
(15,004) |
Cash flows from financing activities |
|
|
Proceeds from issuance of Common Stock |
— |
33,152 |
Proceeds from issuance of revenue bonds to third parties |
— |
16,368 |
Proceeds from exercise and issuance of warrants |
230 |
5,400 |
Payments on equipment financing |
(1,136) |
— |
Payments to repurchase shares |
(2,223) |
(1,697) |
Other financing activities |
(1,485) |
(3,400) |
Net cash (used in)/provided by financing activities |
(4,614) |
49,823 |
Net decrease in cash and restricted cash |
(67,918) |
(4,049) |
Cash and cash equivalents and restricted cash, beginning of period |
168,034 |
41,511 |
Cash and cash equivalents and restricted cash, end of period |
$100,116 |
$37,462 |
|
|
|
Reconciliation of cash and restricted cash |
|
|
Cash and cash equivalents |
$90,213 |
$22,482 |
Restricted cash – current |
508 |
5,761 |
Restricted cash – noncurrent |
9,395 |
9,219 |
Total cash and cash equivalents and restricted cash |
$100,116 |
$37,462 |
Information Regarding Non-GAAP Financial Measures
The Company uses certain financial measures that are not calculated in accordance with generally accepted accounting principles in the U.S. (“GAAP”) to supplement its financial statements. These non-GAAP financial measures provide additional information to investors to facilitate comparisons of past and present operating results, identify trends in our underlying operating performance, and offer greater transparency on how the Company evaluates its business activities. These measures are integral to the Company’s process for budgeting, managing operations, making strategic decisions and evaluating its performance.
The Company’s primary non-GAAP financial measures are EBITDA and Adjusted EBITDA. The Company defines EBITDA as net income before interest expense, interest income, taxes and depreciation and amortization. Adjusted EBITDA is defined as EBITDA further adjusted to exclude certain non-cash items and other items that are not indicative of the Company’s core operating activities. These may include equity-based compensation expense and changes in the fair value of warrants and put options, and other financial items. The Company believes Adjusted EBITDA is valuable for investors and analysts as it provides additional insight into the Company’s operational performance, excluding the impacts of certain financing, investing, and other non-operational activities. This measure helps in comparing the Company’s current operating results with prior periods and with those of other companies in the Company’s industry. It is also used internally for allocating resources efficiently, assessing strategic decisions, and evaluating the performance of the Company’s management team.
There are limitations to Adjusted EBITDA, including its exclusion of cash expenditures, future requirements for capital expenditures and contractual commitments, and changes in the Company’s cash requirements for working capital needs. Adjusted EBITDA also omits significant interest expense and related cash requirements for interest and payments. While depreciation and amortization are non-cash charges, the associated assets will often need to be replaced in the future, and Adjusted EBITDA does not reflect the cash required for such replacements. Additionally, Adjusted EBITDA does not account for income or other taxes or necessary cash tax payments.
Investors should use caution when comparing the Company’s non-GAAP measure to similar metrics used by other companies, as definitions can vary. Neither EBITDA nor Adjusted EBITDA should be considered in isolation or as a substitute for GAAP financial measures. In presenting EBITDA and Adjusted EBITDA, the Company aims to provide investors with an additional tool for assessing the operational performance of the Company’s business. It serves as a useful complement to the Company’s GAAP results, offering a more comprehensive understanding of the Company’s financial health and operational efficiencies. The table at the end of the press release provides a reconciliation from Net Income (Loss) to Adjusted EBITDA for the specified periods.
The following table reconciles GAAP net (loss)/income to Adjusted EBITDA (in millions):
|
Q1 2026 |
Q1 2025 |
Net (loss)/income |
($33.4) |
$8.8 |
Plus: Interest expense |
15.4 |
15.1 |
Less: Interest income |
(1.4) |
(0.4) |
Plus: Income taxes |
- |
- |
Plus: Depreciation and amortization |
7.4 |
7.4 |
Adjustments: |
|
|
Plus: Equity-based compensation |
2.5 |
3.4 |
Less: Change in fair value of warrants |
(23.0) |
(56.7) |
Plus/(Less): Change in fair value of put option |
1.6 |
(3.1) |
Adjusted EBITDA |
($30.9) |
($25.5) |
Key Performance Indicators
|
Q1 2026 |
Q4 2025 |
Q1 2025 |
Consolidated |
|
|
|
Revenue ($MM) |
$4.1 |
$2.7 |
$1.6 |
Monthly Ops. Spending ($MM) |
$8.8 |
$8.2 |
$8.3 |
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Ironton Purification |
|
|
|
PureFive® Production (MM lbs) |
8.4 |
7.5 |
4.3 |
Other Production (MM lbs) |
1.3 |
1.0 |
0.6 |
Feedstock Processed (MM lbs) |
10.0 |
8.6 |
5.1 |
Other Production includes Co-product 1, Co-product 2, and additional saleable volumes, net of material reprocessed back into the production stream. Represents recovered material intended for sale as commercial markets develop.
###
First Quarter 2026 Corporate Update May 6, 2026 Exhibit 99.2
Forward-Looking Statements This presentation contains forward-looking statements, including statements about the continued execution of PureCycle’s business plan, the expected results of tests and trials, the expected timing of commercial sales, and planned future updates. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements generally relate to future events or PureCycle’s future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are often identified by future or conditional words such as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of PureCycle’s management and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this press release. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section entitled “Risk Factors” in each of PureCycle’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and PureCycle’s Quarterly Reports on Form 10-Q for various quarterly periods, those discussed and identified in other public filings made with the Securities and Exchange Commission by PureCycle and the following: PCTs’ ability to obtain funding for our operations, future capital requirements and future growth, and to continue as a going concern; PCT’s ability to meet, continue to meet, and comply on an ongoing basis with, the numerous regulatory requirements applicable to our PureFive® resin (as defined below) both generally and in food-grade applications and, more broadly, the operations of our facilities (including in the United States, Europe, Asia and other future international locations); expectations and changes regarding PCT’s strategies and future financial performance, including future business plans, expansion plans or objectives, prospective performance and opportunities and competitors, revenues, products and services, pricing, operating expenses, market trends, liquidity, cash flows and uses of cash, capital expenditures, and our ability to invest in growth initiatives, which could be impacted by significant changes to tariffs on foreign imports; the ability of PCT’s first commercial-scale recycling facility in Lawrence County, Ohio (the “Ironton Facility”) to be appropriately certified by Leidos (as defined below), following certain performance and other tests, and commence full-scale commercial operations in a timely and cost-effective manner, or at all; PCT’s ability to meet, and to continue to meet, the requirements imposed upon us and our subsidiaries by the funding for our operations, including the funding for the Ironton Facility and the Planned Facilities (as defined below); PCT’s ability to minimize or eliminate the many hazards and operational risks at our manufacturing facilities that can result in potential injury to individuals, disrupt our business, including interruptions or disruptions in operations at our facilities, and subject us to liability and increased costs; PCT’s ability to complete the necessary funding with respect to, and complete the construction of, the new polypropylene recycling facility in Thailand (the "Thailand Facility"), our first commercial-scale European plant located in Antwerp, Belgium (the "Belgium Facility"), and the purification facility to be built in Augusta, Georgia (the "Augusta Facility" and, together with the Thailand Facility and the Belgium Facility, the “Planned Facilities”) in a timely and cost-effective manner; PCT’s ability to procure, sort and process polypropylene plastic waste at our planned plastic waste prep facilities; PCT’s ability to maintain exclusivity under The Procter & Gamble Company license; the implementation, market acceptance and success of PCT’s business model and growth strategy, which includes our ability to bring a total of one billion pounds of installed polypropylene recycling capability online by 2030, and our ability to meet related construction, regulatory, and financing requirements; the ability to negotiate multi-year offtake agreements at appropriate margins to fund ongoing operations; the possibility that PCT may be adversely affected or potentially impacted by economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts (such as tariffs); changes in the prices and availability of materials (such as steel and other materials needed for the construction of future Feed PreP and purification facilities), including those changes caused by inflation, tariffs and supply chain conditions, such as increased transportation costs and global conflicts, and our ability to obtain such materials in a timely and cost-effective manner; the ability to source feedstock with a high polypropylene content at a reasonable cost, and the temporary spike in prices due to global conflicts such as the current conflict in the Middle East; the development of direct competitors in the recycled polypropylene segment that could impact the demand for PCT’s products; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party; geopolitical risk and changes in applicable laws or regulations; changes in the prices and availability of labor (including labor shortages), turnover in employees, and increases in employee-related costs; any business disruptions due to political or economic instability, pandemics, or armed hostilities (including the ongoing conflict between Russia and Ukraine and instability in the Middle East); and operational risks associated with the ability to operate the Ironton Facility and the Planned Facilities, as and when operative, at nameplate capacity. PCT undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Should one or more of these risks or uncertainties materialize or should any of the assumptions made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events.
PCT Highlights Operations Record 8.4MM pounds of production Ironton turnaround completed ahead of schedule and tracking below budget; targeting higher reliability, production rates, and product quality On-site compounding mechanically complete in April Commercial Fifth consecutive quarter of sequential revenue growth Continued progress in the application pipeline and branded conversions; multiple branded customer shipments expected to begin in Q2 PureFive® resin passed qualification for first P&G application and slated for first pellet delivery in Q2; PureFive® resin passed qualification for second application and expected to ship in 2H 2026 Branded sales pipeline continues to build; currently engaged in various stages with 180 opportunities Growth Thailand Facility currently on track for mechanical completion by end of 2027 Thailand project financing actively progressing toward final terms and conditions Finalized documentation for the €40MM grant from the European Innovation Fund(1) Finance Monthly operations spending of $8.8MM, within $8–9MM expectations Public and private warrants expiration date extended to March 17, 2027, with redemption trigger price reduced to $14.38 per share, consistent with the Series A warrants Overview Operations Commercial Growth Finance (1) Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Climate, Infrastructure and Environment Executive Agency (CINEA). Neither the European Union nor the granting authority can be held responsible for them.
Production Records Continue at Ironton Quarterly rPP Production (MM lbs) Q1 2026 Key Highlights Produced 8.4MM pounds in Q1 2026 Approximately 10MM pounds of feedstock input processed Turnaround began April 10, as planned, and was scheduled for 30 days. The mechanical work completed 6 days early and restart has been initiated ahead of schedule Turnaround incorporates improvement projects derived from prior rate tests; over 170 total jobs completed targeting capacity, reliability, and quality improvements On-site Phase 2 compounding mechanically complete in April; operational commissioning scheduled for May and June – target production of PP film, thermoform and high-impact applications Approximately 1.7MM pounds compounded through third-party facilities in Q1 Overview Operations Commercial Growth Finance
Macro Environment Favorable for Recycled Content PCT Positioning PureCycle feedstock is domestic waste polypropylene from 15+ US suppliers Feedstock volume availability has not been directly impacted by global petrochemical disruptions While feedstock costs have risen, virgin PP prices have moved higher, accelerating the urgency for customers to find alternative supply options Regulatory tailwinds: mandatory recycled content requirements in NJ, CA, and the EU Macro environment is driving customer urgency to convert Key Market Data Global petrochemical supply disruption has increased both virgin resin and recycled feedstock costs Virgin polyolefin prices have moved higher; #5 feedstock bales have moved up at a lesser degree Rising virgin resin prices are also expected to improve co-product pricing dynamics Overview Operations Commercial Growth Finance
Commercial Momentum Building Results Forward Outlook On track with prior guidance Revenue: $4.1MM in Q1, fifth consecutive quarter of sequential growth Pipeline: 180 active opportunities (up from 170+ at year-end, ~100 a year ago) Converted eight new customers across multiple product categories during Q1 Branded pricing tracking above internal targets with numerous starts in Q2 2026 commercial ramp remains on track driven by: Q1 results achieved expectations Continued pipeline conversion Increased visibility into customer qualification timelines Reaffirming 40-50MM lbs. of demand beginning to ramp in Q2/Q3; 20-25MM lbs. of demand beginning to ramp in Q3/Q4 Internal commercial infrastructure improving — qualification process and supply chain movements are becoming more routine Overview Operations Commercial Growth Finance Commercial momentum is building; Increased confidence in 2026 revenue framework
P&G: Progress Across Multiple Brands Tide Detergent Caps on select bottles: PureFive® resin passed qualification Expect to ship resin in PCT Q2 2026 for commercial production Vicks Zzzquil PURE Zzzs child-proof lids PureFive® resin passed qualification Expect to ship resin in 2H 2026 Overview Operations Commercial Growth Finance Additional applications continue to be qualified
Coffee Lids Commercial with Global Converter Plastic Ingenuity is one of the largest custom thermoformers in North America Global company with eight locations across the world Produce packaging for the food, healthcare and retail industries Coffee lids available with 25-100% PureFive® resin Sustainable lids recently marketed at SPC Impact conference in Nashville Roughly 50 billion coffee cups consumed annually in the US (~250-300 billion globally) Trials completed on additional food packaging application “We’re committed to helping our customers reach their sustainability goals without trade-offs. By integrating PureFive® resin, we're able to offer a coffee lid solution with recycled content that meets the same high standards our customers rely on.” -Zach Muscato Plastic Ingenuity Director of Sustainability and Innovation Overview Operations Commercial Growth Finance
Regulations Increasing Interest in PureFive® NJ recycled content application is in review; positive discussions continue to progress with all levels of NJ government NJ resolution would open a phased ramp of 25–50MM pounds of incremental demand as customers progress through qualification and prepare for 2027 regulation changes NJ recycled content requirement increases to 20% in 2027; food-contact exemption expires January 2027 With APR Certification, PureFive® resin qualifies as recycled content in California under SB54 CA SB54 requirements: 10% source reduction by 2027, 20% by 2030, 25% by 2032 PureCycle is an advantaged, large-scale supplier for food-grade recycled PP Overview Operations Commercial Growth Finance
Project Updates Ironton Turnaround Mechanically complete six days ahead of schedule, with costs tracking below budget Improvement projects targeting higher reliability and production rates Facility restart is in progress this week; approximately 1 week ahead of schedule Thailand On track for 2027 mechanical completion Groundbreaking expected the second half of 2026 Total investment currently estimated at $250MM Thailand project financing actively progressing toward final terms and conditions Belgium Permits expected near year-end 2026 Construction expected Q1 2027 Mechanical completion by end of 2028 Preliminary cost estimates are in line with prior disclosure (~$350MM) €40MM European Innovation Fund grant finalized(1) Gen-2 design work continues to progress with initial estimates remaining encouraging Overview Operations Commercial Growth Finance (1) Funded by the European Union. Views and opinions expressed are however those of the author(s) only and do not necessarily reflect those of the European Union or the European Climate, Infrastructure and Environment Executive Agency (CINEA). Neither the European Union nor the granting authority can be held responsible for them.
Q1 2026 Financial Results Overview Operations Commercial Growth Finance Adjusted EBITDA Reconciliation (in millions) Q1 2026 Q1 2025 Net Income (Loss) ($33.4) $8.8 Plus: Interest expense $15.4 $15.1 Less: Interest income ($1.4) ($0.4) Plus: Depreciation and amortization $7.4 $7.4 Adjustments: Plus: Equity-based compensation $2.5 $3.4 Plus/(Less): Change in fair value of warrants ($23.0) ($56.7) Plus/(Less): Change in fair value of put option $1.6 ($3.1) Adjusted EBITDA ($30.9) ($25.5) Key Performance Indicators Q1 2026 Q4 2025 Q1 2025 Consolidated Revenue ($MM) $4.1 $2.7 $1.6 Monthly Ops. Spending ($MM) $8.8 $8.2 $8.3 Ironton Purification PureFive Production (MM lbs) 8.4 7.5 4.3 Other Production (MM lbs) 1.3 1.0 0.6 Feedstock Processed (MM lbs) 10.0 8.6 5.1 Beginning with Q1 2026, PureCycle is presenting operational and financial Key Performance Indicators alongside the Adjusted EBITDA reconciliation to provide greater insight into operational and financial trends. These metrics may evolve as the business scales. Other Production includes Co-product 1, Co-product 2, and additional saleable volumes, net of material reprocessed back into the production stream, representing recovered material intended for sale as commercial markets develop.
Q1 2026 Capital Usage & Liquidity Overview Operations Commercial Growth Finance Notes Monthly operations spending of $8.8MM, within $8–9MM expectations (Note: Q1 total of $27.4MM includes $1.3MM annual incentive compensation payout) Debt service of $11.0MM = convertible bond interest + equipment financing Project spend of $13.7MM ran below quarterly expectations, primarily due to timing Outlook FY 2026 project spend is expected to remain $39–45MM, but includes discretionary items Q2 turnaround spend (tracking below budget) Q2 debt service: SOPA bond payment of $9.3M on June 1 ($3.7M principal and $5.6M interest) plus equipment finance Financing $200MM credit facility undrawn, available through September 2027 Warrants extended to March 2027 at $14.38 trigger, representing $273MM potential proceeds Equipment financing payments step down in the second half of 2026 as leases mature $75MM in revenue bonds available to monetize Q4 Total Cash $181.7 Operations Cost (incl. Denver & Feedstock) (12.7) Corporate Expenses (14.7) Total Ongoing Ops. Spend (27.4) Cash from Customers 2.3 Project Related Spend (13.7) Debt Service (11.0) Working Capital & Other (0.9) Q1 Total Cash $131.0
First Quarter 2026 Corporate Update May 6, 2026