PureCycle Technologies (PCT) Q2 2026 earnings summary

Executive summary

• Revenue for Q2 2026 reached $4.5 million, marking the sixth consecutive quarter of sequential growth and a 173% year-over-year increase, driven by increased customer adoption, production ramp-up, and regulatory tailwinds.

• Completed a major turnaround at the Ironton facility ahead of schedule and below budget, improving reliability, throughput, and production consistency.

• First commercial resin deliveries to P&G began, with additional branded products and seven new customer conversions expanding reach across multiple sectors.

• Regulatory approval in New Jersey and California accelerated customer qualification and commercial ramp, especially in QSR and food service markets.

• Liquidity strengthened to $236.9 million at quarter-end, supporting ongoing operations and expansion plans.

Financial highlights

• Net loss for Q2 2026 was $142.2 million, a slight improvement from $144.2 million in Q2 2025; operating loss improved to $41.3 million from $45.6 million year-over-year.

• Adjusted EBITDA was $(31.7) million, reflecting lower non-cash add-backs rather than operational decline.

• Monthly core operations spending declined 8% year-over-year to $8.3 million.

• Cash, restricted cash, and marketable securities totaled $236.9 million as of June 30, 2026.

• Revenue for the quarter was $4.5 million, up from $1.7 million in Q2 2025.

Outlook and guidance

• Branded sales volumes and production are expected to accelerate in the second half as regulatory deadlines approach and customer qualifications convert to volume.

• Ironton breakeven remains a target for the second half of 2026.

• Thailand facility groundbreaking is expected in 2H 2026, with operations targeted for 2028; project financing is progressing with financial close targeted by year-end.

• Fiscal year 2026 project spend is expected to be $45–$50 million, mainly for Antwerp and Thailand projects.

• Liquidity is projected to be sufficient for at least the next 12 months, with additional capital raises possible for long-term growth.