Origin Materials (ORGN) investor relations material

Executive summary

• Significant progress in PET cap commercialization, with new designs delivered to about thirty prospects and internal testing showing improved performance and industry benchmark compliance.

• First PET caps reached store shelves in California in August 2025, marking a milestone for market acceptance.

• Strategic focus shifted solely to caps and closures, ceasing investment in the Furanics platform and reducing headcount.

• Strategic review ongoing, exploring financing, asset sales, technology licensing, and potential business combinations.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $53.5 million as of December 31, 2025.

• Q4 2025 revenue was $3.0 million, down from $9.2 million year-over-year due to winding down the supply chain activation program.

• Full year 2025 revenue was $18.9 million, down from $31.3 million in 2024.

• Q4 net loss was $194.1 million, mainly due to a $165.9 million non-cash asset impairment.

• Net accounts receivable at year-end was $13 million, expected to be collected as supply chain program winds down.

Outlook and guidance

• Adjusted EBITDA run rate breakeven now projected for 2028, delayed from previous 2027 guidance due to extended customer qualification and gradual commercialization.

• Existing cash expected to fund operations into Q3 2026, with urgent need for new financing or cost reductions.

• Commercialization expected to proceed via multiple smaller launches rather than a single large rollout.