Origin Materials (ORGN) investor relations material

Executive summary

• First commercially viable PET bottle caps launched and now available on store shelves, marking a major milestone for sustainable packaging and the industry.

• Announced Berlin Packaging as the first publicly named customer, expanding distribution and market reach.

• Strategic review initiated with RBC Capital Markets to accelerate value capture, address production-demand gaps, and explore business combinations, asset sales, and financing.

• Refined market segmentation to prioritize high-value cap segments, focusing immediate sales on the $7B flat water market, with future expansion planned for CSD and other segments.

• PET cap production commenced in early 2025, with product qualification and scaling supply underway to enable commercial revenue in 2026.

Financial highlights

• Q2 2025 revenue was $5.8M, down from $7.0M year-over-year; six-month revenue was $11.2M, down 19% year-over-year due to planned supply chain program reduction.

• Net loss for Q2 2025 was $12.7M, improved from $19.5M in Q2 2024; six-month net loss was $39.2M, up from $33.4M year-over-year.

• Adjusted EBITDA loss for Q2 2025 was $9.9M, compared to $12.9M in the prior-year period; six-month Adjusted EBITDA was $(20.9)M.

• Cash, cash equivalents, and marketable securities totaled $69.4M as of June 30, 2025.

• Impairment charge of $16.6M recorded in 2025 related to the termination of a take-or-pay agreement.

Outlook and guidance

• Revenue guidance for 2026 revised to $20M–$30M (down from $50M–$70M); 2027 guidance now $100M–$200M (down from $150M–$210M), reflecting manufacturing delays.

• Adjusted EBITDA run rate breakeven pushed from 2026 into 2027 due to production delays.

• Management is seeking additional financing and strategic partnerships to fund operations and growth.

• Strategic review may further impact guidance depending on outcomes.

• The company expects continued net losses and negative cash flows from operations for the foreseeable future.