Origin Materials reports Q3 EPS (26c) vs 22c last year

Reports Q3 revenue $8.2M vs $7.1M last year. “This quarter we achieved a milestone on our journey to profitability: the successful Factory Acceptance Test of our first CapFormer System,” said Rich Riley, Co-Chief Executive Officer of Origin. “Our proprietary system for manufacturing what we believe to be the world’s first and only commercially viable PET caps performed well – demonstrating over 98% manufacturing efficiency during the acceptance test. Our successful test was attended by multiple prospective customers with total cap consumption in excess of 100 billion caps per year. We are on track for commercial production by year end, at which time we will continue to engage in customer qualification as we scale our caps output. Revenue is on track to begin ramping up in the first quarter of 2025. Customer momentum is strong: Alongside our announced $100 million MOU, our PET caps are in the hands of multiple prospective customers engaged in testing and qualification, offering a strong pipeline of potential buyers who can purchase billions of caps as our systems come online throughout next year and beyond.”