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- **$15M Financing Secured**: Initial tranche of convertible debt, with up to $90M available for production scale-up.
- **Revenue Growth Path**: 2026 targets of $20-30M revenue, EBITDA breakeven by 2027.
- **Customer Momentum**: Berlin Packaging order marks first commercial sale, with >50% water customers also targeting CSDs.
- **Tech Advancements**: Successful stress testing and impact resistance trials, positioning PET caps for premium applications.
- **Strategic Clarity**: Litigation resolved, strategic review underway to explore growth opportunities.

**【Management Opening Remarks】**
- Origin issued its Q3 2025 press release and presentation, available on the Investor Relations website.
- Forward-looking statements are subject to risks and uncertainties, with no obligation to update.
- Non-GAAP financial measures were discussed, alongside GAAP results.

**【CEO Commentary】**
- Secured $15M initial convertible debt financing, with potential for up to $90M total funding.
- CapFormer production capacity build-out on track, with Lines 1-6 expected to complete FAT by end-2025.
- Berlin Packaging placed first order, reflecting strong customer pipeline momentum.
- Technological advancements in impact resistance and stress testing demonstrate PET cap leadership.

**【CFO Financial Commentary】**
- 2026 revenue guidance maintained at $20-30M, with EBITDA breakeven expected in 2027.
- Litigation settlement fully covered by insurance, resolving shareholder lawsuits.
- Strategic review with RBC Capital Markets progressing, exploring potential transactions.
- Convertible debt flexibility allows for cash or equity servicing, optimizing capital structure.

**【Q&A Highlights】**
- Q3 cash burn of $15M, with 50-50 split between OpEx and CapEx; similar guidance for 2026.
- Lines 2 and 4 startup expected to generate customer-qualified product by Q1 2026.
- Berlin Packaging order reflects initial customer validation, with potential for broader distribution.
- Strategic focus on PET cap adoption in water and CSD markets, driven by sustainability trends.

Origin Materials, Inc. (ORGN) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ORGN

ORGN fundamentals

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