Origin Materials, Inc. Reports Operating and Financial Results for Fourth Quarter and Full Year 2023
- Origin Materials achieves a pathway to profitability without requiring additional equity capital.
- 2024 cash burn reduced to $55-65 million with significant gross profit expected in 2025.
- Introduces an asset-light strategy to scale biomass conversion technology with strategic partners.
- Strong commercialization progress in the caps and closures business with expected revenue generation in the next 12 months.
- Company's circular PET caps and closures are expected to transform the packaging industry and improve sustainability.
- Successful completion of third manufacturing development run for caps production.
- Revenue for the fourth quarter and full year 2023 were $13.1 million and $28.8 million, respectively.
- Net loss of $10.4 million for the fourth quarter and net income of $23.8 million for full year 2023.
- Shares outstanding as of December 31, 2023, were 145.7 million.
- 2024 revenue guidance of $25-35 million with a net cash burn between $55-65 million.
- None.
Insights
The announcement by Origin Materials outlines a strategic shift towards an asset light strategy and a focus on its all-PET caps and closures business. This pivot is significant as it indicates a move away from heavy capital expenditure towards a model that is less reliant on large-scale manufacturing facilities. The expected reduction in cash burn to between $55 million and $65 million in 2024 and the anticipation of significant gross profit generation beginning in 2025, suggests a positive trajectory towards financial stability.
From a market perspective, the caps and closures market, valued at over $65 billion, offers a substantial opportunity for growth and market penetration. Origin's emphasis on sustainability and circularity with PET caps and closures could cater to the increasing consumer and regulatory demand for eco-friendly packaging solutions. The company's ability to produce these caps cost-competitively with any type of PET, including 100% recycled PET, may provide a competitive edge and align with global sustainability trends.
Origin Materials' financial results and forward-looking statements reveal a strategic focus on reducing cash burn and achieving profitability without the need for additional equity capital. The shift to an asset light strategy in scaling biomass conversion technology, coupled with strategic partnerships, is aimed at reducing capital expenditure and mitigating risks associated with construction and scale-up. This approach may enhance shareholder value by preserving cash and potentially improving return on investment.
Investors should note the company's reported revenue for the fiscal year, which marks a shift from zero in the prior year, indicating initial commercial success. However, the increase in operating expenses and reported net loss for the fourth quarter compared to net income in the prior year period warrants consideration of the company's cost management and revenue growth sustainability. The guidance for 2024, with revenue expected between $25 million and $35 million, provides a framework for evaluating the company's performance against its strategic initiatives.
Origin Materials' strategic focus on caps and closures made from PET aligns with broader industry trends favoring sustainable and recyclable materials. The company's commitment to an asset light strategy and partnerships for scaling biomass conversion technology could be seen as a response to the macroeconomic challenges posed by inflation and supply chain disruptions.
The company's innovation in creating caps that are lighter, improve product shelf life and are designed for circularity addresses key sustainability concerns in the packaging industry. The ability to produce caps that are compatible with 100% recycled PET could be particularly impactful, as it supports the circular economy and reduces reliance on virgin plastics.
As sustainability becomes increasingly important to consumers, investors and regulators, Origin Materials' business model and products may benefit from the growing demand for eco-friendly solutions. Their approach to commercialization, which includes extensive diligence and alignment with leading CPG companies, suggests a strategic alignment with industry needs and consumer expectations.
– Announces Pathway to Profitability Led by Caps & Closures, No Additional Equity Capital Required –
– 2024 Cash Burn Reduced to Between
– Introduces Asset Light Strategy to Scale Biomass Conversion Technology With Strategic Partners –
“For Origin, 2023 was a watershed year, which included the commencement of production at Origin 1, a key milestone in proving the scalability of our biomass conversion technology,” said Rich Riley, Co-Chief Executive Officer of Origin. “Furthermore, we made great progress on initiatives that significantly de-risk the business on the path to profitability. Indeed, today we are pleased to announce that, owing to the strong momentum of these initiatives, we now have a path to profitability entirely independent of the scale-up of our biomass conversion technology and related manufacturing plant construction. These initiatives are led by our all-PET caps and closures business, a highly differentiated solution for the over
“Notwithstanding the industry-wide capital construction project setbacks experienced over the past few years due to inflation, higher interest rates, and supply-chain shocks, the demand for our biomass conversion technology remains strong,” said John Bissell, Co-Chief Executive Officer and Co-Founder of Origin. “As such, I am particularly proud of our team’s innovation agility in accelerating caps and closures to become our primary path to profitability, which allows us greater flexibility to implement our asset light strategy. We are bringing cost-effective recycling circularity to a greater than
Company Fourth Quarter and Recent Business Highlights
-
Origin has a pathway to profitability with no additional equity capital required, through businesses independent of its biomass-based manufacturing plant operations and timelines. The Company continues to rigorously conserve cash, prioritizing revenue-generating projects with the greatest contribution to near-term cash and seizing opportunities to defer research expenses or other programs targeting longer-term results. Expected cash burn for 2024 has reduced to between
$55 million $65 million -
Caps and closures business is advancing rapidly. Origin’s all-PET caps and closures business, announced in August 2023 after being quietly developed for several years as a natural outgrowth of Origin's mission and its polymer expertise and platform development capability, continues to make excellent commercialization progress. We are positioned to be first to market with a commercially scalable PET cap. We anticipate our solution to be transformative for packaging by designing for recycling circularity and improving packaging performance. Our solution improves recyclability, enables lightweighting, and can extend product shelf-life while addressing a greater than
$65 billion 100% recycled PET” possible from cap to container. PET performs better than HDPE and PP, incumbent cap materials, offering improved oxygen and CO2 barrier which can improve product shelf life and reduce plastic waste by enabling lighter products. We successfully completed our third manufacturing development run on production-scale equipment producing thousands of caps per hour. Our initial product passed third-party tests validating that performance meets or exceeds industry standards and we have conducted preliminary consumer testing. Our partners have conducted extensive diligence and demonstrated strong organizational alignment across procurement, R&D, marketing, and sustainability to move forward with Origin’s solution, and we are now at the letter of intent phase with multiple leading CPG companies that collectively consume tens of billions of caps per year. - Other near-term revenue-generating technologies are in development. Like our all-PET caps and closures, these new applications enabled by Origin technologies are not dependent on Origin 1 or Origin 2 for production and sale but capable of using materials produced from these plants. These applications leverage Origin’s chemical expertise, depth of application knowledge, and intellectual property, with further details to be provided as development progresses.
-
Our Board of Directors continues to evolve. Karen
Richardson has served as Chairman of the Board for three years, and as her term concludes we thank her for her exemplary service, having supported the Company as we have advanced our technology platform, started up Origin 1, built a world-class board of industry experts, and enhanced senior leadership with the recruitment of Matt Plavan as CFO. Today we announced Karen Richardson’s retirement from the Board, effective March 1. Concurrently, Tony Tripeny, our current Audit Committee Chair, will succeed Karen as Chairman of the Board. Tony has served on the board since May 1, 2023, and brings over three decades of significant operational, strategy, and M&A experience. During Tony’s 36-year career with Corning, a global leading innovator in materials science with more than$10 billion dollars
Biomass to intermediates platform technology updates include:
-
Origin 1, the Company’s first plant, is demonstrating Origin’s biomass conversion technology as expected. The plant, located in
Sarnia, Ontario, Canada , is first and foremost an asset used to support Origin market development, including customer materials testing and formulation in preparation for Origin 2 scale-up. During this early stage of plant operations, we are using cornstarch for our feedstock to produce CMF and HTC. This allows us to focus initially on chemistry and unit operations, consistent with standard industry practice when establishing new technology processes. We expect to introduce wood handling in the months ahead. We are pleased to report that the biomass conversion technology continues to perform as expected as we learn, debug, and establish our supply chain. Strategic partners remain interested and engaged as we collaborate in market development activities. -
For Origin 2, the Company’s second manufacturing plant, we are pursuing an asset light strategy in support of technology scale up. Inflationary pressures and global supply chain shocks during 2023 significantly increased major capital project costs across multiple industries, including financing costs, building materials, labor, and manufacturing equipment, and these increases were reflected in the revised front-end engineering design for the first phase of Origin 2, which the Company received during 4Q 2023. In the face of these industry-wide headwinds, and our expectation that industry-wide large capital project execution costs will continue to be inflated for some time, today we are announcing that we intend to commercialize and scale our biomass conversion technology in partnership with other major companies, with potential strategic partners providing a substantial portion of the construction capital. Doing so is expected to optimize scale-up synergies, significantly reduce project execution risk, and to defray costs. Timelines, economic forecasts, and plant phasing with respect to separating oils and extractives for biofuel production will depend on the partner and the deal structure, which can explore a range of scenarios and locations including
Geismar, Louisiana as well asAsia brownfield scenarios, with updates to be provided as we finalize those partnerships. Despite near-term macroeconomic challenges, to which the Company is adapting through less capital-intensive revenue generating initiatives, customer demand remains strong, as reflected by our total offtake agreements and capacity reservations in excess of$10 billion
Results for Fourth Quarter and Full Year 2023
Cash, cash equivalents and marketable securities were
Revenue for the fourth quarter and full year were
Operating expenses for the fourth quarter were
Full year 2023 operating expenses were
Net loss was
Adjusted EBITDA loss was
Shares outstanding as of December 31, 2023 were 145.7 million including 4.5 million shares that are subject to forfeiture based on share price performance targets previously disclosed in our filings.
For a reconciliation of non-GAAP figures to the applicable GAAP figures, please see the table captioned ‘Reconciliation of GAAP and Non-GAAP Results' set forth at the end of this press release.
Full Year 2024 Outlook
Based on current business conditions, business trends and other factors, the Company is providing the following guidance for 2024 revenue and net cash burn:
-
Revenue of
$25 million $35 million -
Net cash burn between
$55 million $65 million
These expectations do not consider, or give effect to, among other things, unforeseen events, including changes in global economic conditions.
Webcast and Conference Call Information
Company management will host a webcast and conference call on February 29, 2024, at 5:00 p.m. Eastern Time, to discuss the Company's financial results.
Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s fourth quarter update presentation by logging onto the Investor Relations section of the Company's website at https://investors.originmaterials.com/.
The conference call can be accessed live over the phone by dialing 1-855-327-6837 (domestic) or +1-631-891-4304 (international). A telephonic replay will be available approximately three hours after the call by dialing 1-844-512-2921, or for international callers, +1-412-317-6671. The conference ID for the live call and pin number for the replay is 10022946. The replay will be available until 11:59 p.m. Eastern Time on March 7, 2024.
About Origin Materials, Inc.
Origin is the world's leading carbon negative materials company with a mission to enable the world’s transition to sustainable materials. Our innovative technologies include all-PET caps and closures that bring recycling circularity and enhanced performance to a
Non-GAAP Financial Information
To supplement the Company’s financial results presented in accordance with generally accepted accounting principles in
The Company believes that these non-GAAP financial measures provide useful information about the Company’s operating results, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.
Non-GAAP financial measures are not defined under
The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable
For more information on Adjusted EBITDA, please see the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release.
The Company is unable to reconcile forward-looking net cash burn information provided in this press release to the increase or decrease in cash, cash equivalents, and restricted cash, the most closely comparable
Cautionary Note on Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Origin Materials’ business strategy, anticipated 2024 revenue generation and cash burn, de-risked path to profitability, ability to obtain project capital from partners, continued interest from and engagement with partners with respect to Origin 1, strength of customer demand, any benefits associated with Board position changes, performance benefits, revenue potential, and anticipated profitability of caps and closures, near-term revenue potential of initiatives other than caps and closures and their independence from Origin 1 and Origin 2 production timelines, anticipated meaningfulness of gross profits and timelines to achieving those gross profits, estimated total addressable market, anticipated synergies from partnerships, anticipated benefits of and demand for our potential products, biomass conversion technology and platform, ability to convert capacity reservations and offtake agreements into revenue, commercial and operating plans, product development plans and announcements of such plans, and anticipated growth and projected financial information. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of the management of Origin Materials and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Origin Materials. These forward-looking statements are subject to a number of risks and uncertainties, including that Origin Materials may be unable to successfully commercialize its products; the effects of competition on Origin Materials’ business; the uncertainty of the projected financial information with respect to Origin; disruptions and other impacts to Origin’s business as a result of Russia’s military intervention in
ORIGIN MATERIALS, INC. CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands, except share and per share data) |
December 31, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
75,502 |
|
|
$ |
107,858 |
|
Restricted cash |
|
— |
|
|
|
490 |
|
Marketable securities |
|
82,761 |
|
|
|
215,464 |
|
Accounts receivable and unbilled receivable, net |
|
16,128 |
|
|
|
— |
|
Other receivables |
|
3,449 |
|
|
|
4,346 |
|
Inventory |
|
912 |
|
|
|
— |
|
Prepaid expenses and other current assets |
|
8,360 |
|
|
|
3,341 |
|
Total current assets |
|
187,112 |
|
|
|
331,499 |
|
Property, plant, and equipment, net |
|
243,118 |
|
|
|
154,183 |
|
Operating lease right-of-use asset |
|
4,468 |
|
|
|
2,779 |
|
Intangible assets, net |
|
121 |
|
|
|
160 |
|
Deferred tax assets |
|
1,261 |
|
|
|
— |
|
Other long-term assets |
|
25,754 |
|
|
|
5,079 |
|
Total assets |
$ |
461,834 |
|
|
$ |
493,700 |
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
1,858 |
|
|
$ |
10,384 |
|
Accrued expenses |
|
7,689 |
|
|
|
8,414 |
|
Operating lease liabilities, current |
|
367 |
|
|
|
619 |
|
Notes payable, short-term |
|
1,730 |
|
|
|
— |
|
Other liabilities, current |
|
918 |
|
|
|
51 |
|
Derivative liability |
|
300 |
|
|
|
344 |
|
Total current liabilities |
|
12,862 |
|
|
|
19,812 |
|
|
|
|
|
||||
Earnout liability |
|
1,783 |
|
|
|
42,533 |
|
Canadian Government Research and Development Program liability |
|
7,348 |
|
|
|
7,185 |
|
Common stock warrants liability |
|
1,341 |
|
|
|
30,872 |
|
Notes payable, long-term |
|
3,459 |
|
|
|
5,847 |
|
Operating lease liabilities |
|
4,207 |
|
|
|
2,249 |
|
Other liabilities, long-term |
|
8,327 |
|
|
|
8,297 |
|
Total liabilities |
$ |
39,327 |
|
|
$ |
116,795 |
|
|
|
|
|
||||
STOCKHOLDERS’ EQUITY |
|
|
|
||||
Preferred stock, |
|
— |
|
|
|
— |
|
Common stock, |
|
15 |
|
|
|
14 |
|
Additional paid-in capital |
|
382,854 |
|
|
|
371,072 |
|
Retained earnings |
|
45,570 |
|
|
|
21,772 |
|
Accumulated other comprehensive loss |
|
(5,932 |
) |
|
|
(15,953 |
) |
Total stockholders’ equity |
|
422,507 |
|
|
|
376,905 |
|
Total liabilities and stockholders’ equity |
$ |
461,834 |
|
|
$ |
493,700 |
|
ORIGIN MATERIALS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(In thousands, except share and per share data) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Products |
|
$ |
9,667 |
|
|
$ |
— |
|
|
$ |
23,896 |
|
|
$ |
— |
|
Services |
|
|
3,396 |
|
|
|
— |
|
|
|
4,909 |
|
|
|
— |
|
Total revenues |
|
|
13,063 |
|
|
|
— |
|
|
|
28,805 |
|
|
|
— |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
9,477 |
|
|
|
— |
|
|
|
23,591 |
|
|
|
— |
|
Operating expenses |
|
|
|
|
|
|
|
|
||||||||
Research and development |
|
|
5,953 |
|
|
|
5,424 |
|
|
|
21,351 |
|
|
|
14,141 |
|
General and administrative |
|
|
11,474 |
|
|
|
7,326 |
|
|
|
35,382 |
|
|
|
24,095 |
|
Depreciation and amortization |
|
|
2,342 |
|
|
|
223 |
|
|
|
3,363 |
|
|
|
711 |
|
Total operating expenses |
|
|
19,769 |
|
|
|
12,973 |
|
|
|
60,096 |
|
|
|
38,947 |
|
Loss from operations |
|
|
(16,183 |
) |
|
|
(12,973 |
) |
|
|
(54,882 |
) |
|
|
(38,947 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
|
1,995 |
|
|
|
2,748 |
|
|
|
6,303 |
|
|
|
8,825 |
|
Interest expenses |
|
|
(131 |
) |
|
|
— |
|
|
|
(131 |
) |
|
|
— |
|
Gain (loss) in fair value of derivatives |
|
|
(551 |
) |
|
|
(2,168 |
) |
|
|
69 |
|
|
|
(443 |
) |
Gain in fair value of common stock warrants liability |
|
|
2,093 |
|
|
|
6,378 |
|
|
|
29,531 |
|
|
|
21,988 |
|
Gain in fair value of earnout liability |
|
|
1,846 |
|
|
|
21,876 |
|
|
|
40,983 |
|
|
|
85,437 |
|
Other income, net |
|
|
(817 |
) |
|
|
132 |
|
|
|
838 |
|
|
|
1,709 |
|
Total other income, net |
|
|
4,435 |
|
|
|
28,966 |
|
|
|
77,593 |
|
|
|
117,516 |
|
Income before income tax benefits |
|
|
(11,748 |
) |
|
|
15,993 |
|
|
|
22,711 |
|
|
|
78,569 |
|
Income tax benefits |
|
|
1,310 |
|
|
|
— |
|
|
|
1,087 |
|
|
|
— |
|
Net income (loss) |
|
$ |
(10,438 |
) |
|
$ |
15,993 |
|
|
$ |
23,798 |
|
|
$ |
78,569 |
|
Other comprehensive income (loss) |
|
|
|
|
|
|
|
|
||||||||
Unrealized gain (loss) on marketable securities, net of tax |
|
$ |
1,848 |
|
|
$ |
2,769 |
|
|
$ |
6,355 |
|
|
$ |
(8,014 |
) |
Foreign currency translation adjustment, net of tax |
|
|
4,450 |
|
|
|
1,373 |
|
|
|
3,666 |
|
|
|
(6,688 |
) |
Total other comprehensive income (loss) |
|
|
6,298 |
|
|
|
4,142 |
|
|
|
10,021 |
|
|
|
(14,702 |
) |
Total comprehensive income |
|
$ |
(4,140 |
) |
|
$ |
20,135 |
|
|
$ |
33,819 |
|
|
$ |
63,867 |
|
Net income (loss) per share, basic |
|
$ |
(0.07 |
) |
|
$ |
0.12 |
|
|
$ |
0.17 |
|
|
$ |
0.57 |
|
Net income (loss) per share, diluted |
|
$ |
(0.07 |
) |
|
$ |
0.11 |
|
|
$ |
0.17 |
|
|
$ |
0.55 |
|
Weighted-average common shares outstanding, basic |
|
|
140,739,995 |
|
|
|
138,347,960 |
|
|
|
139,718,385 |
|
|
|
137,563,877 |
|
Weighted-average common shares outstanding, diluted |
|
|
140,739,995 |
|
|
|
142,267,273 |
|
|
|
142,658,423 |
|
|
|
142,146,767 |
|
ORIGIN MATERIALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||
|
Year Ended December 31, |
||||||
(in thousands) |
2023 |
|
2022 |
||||
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
23,798 |
|
|
$ |
78,569 |
|
Adjustments to reconcile net income to net cash used in operating activities: |
|
|
|
||||
Depreciation and amortization |
|
3,363 |
|
|
|
711 |
|
Amortization on right-of-use asset |
|
615 |
|
|
|
582 |
|
Stock-based compensation |
|
9,400 |
|
|
|
7,235 |
|
Realized gain on marketable securities |
|
(1,018 |
) |
|
|
— |
|
Amortization of premium and discount of marketable securities, net |
|
3,750 |
|
|
|
— |
|
Change in fair value of derivative |
|
(69 |
) |
|
|
443 |
|
Change in fair value of common stock warrants liability |
|
(29,531 |
) |
|
|
(21,988 |
) |
Change in fair value of earnout liability |
|
(40,983 |
) |
|
|
(85,437 |
) |
Deferred tax benefits |
|
(1,246 |
) |
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
||||
Accounts and other receivables |
|
(15,230 |
) |
|
|
(1,734 |
) |
Inventory |
|
(912 |
) |
|
|
— |
|
Prepaid expenses and other current assets |
|
(4,994 |
) |
|
|
432 |
|
Other long-term assets |
|
(12,761 |
) |
|
|
(5,017 |
) |
Accounts payable |
|
909 |
|
|
|
26 |
|
Accrued expenses |
|
4,985 |
|
|
|
485 |
|
Operating lease liability |
|
(534 |
) |
|
|
(572 |
) |
Other liabilities, current |
|
65 |
|
|
|
(329 |
) |
Other liabilities, long-term |
|
38 |
|
|
|
502 |
|
Net cash used in operating activities |
|
(60,355 |
) |
|
|
(26,092 |
) |
Cash flows from investing activities |
|
|
|
||||
License prepayment within other long-term assets |
|
(7,913 |
) |
|
|
— |
|
Purchases of property, plant, and equipment |
|
(102,188 |
) |
|
|
(83,691 |
) |
Purchases of marketable securities |
|
(3,626,305 |
) |
|
|
(3,823,407 |
) |
Sales of marketable securities |
|
3,605,216 |
|
|
|
3,815,859 |
|
Maturities of marketable securities |
|
157,422 |
|
|
|
180,331 |
|
Capitalized interest on plant construction |
|
— |
|
|
|
(245 |
) |
Net cash provided by investing activities |
|
26,232 |
|
|
|
88,847 |
|
Cash flows from financing activities |
|
|
|
||||
Proceeds from Canadian Government Research and Development Program |
|
— |
|
|
|
849 |
|
Proceeds from exercise of stock options |
|
146 |
|
|
|
399 |
|
Net cash provided by financing activities |
|
146 |
|
|
|
1,248 |
|
Effects of foreign exchange rate changes on the balance of cash and cash equivalents, and restricted cash held in foreign currencies |
|
1,131 |
|
|
|
(2,782 |
) |
Net (decrease) increase in cash and cash equivalents, and restricted cash |
|
(32,846 |
) |
|
|
61,221 |
|
Cash and cash equivalents, and restricted cash, beginning of the period |
|
108,348 |
|
|
|
47,127 |
|
Cash and cash equivalents, and restricted cash, end of the period |
$ |
75,502 |
|
|
$ |
108,348 |
|
Origin Materials, Inc. Reconciliation of GAAP and Non-GAAP Results |
||||||||||||||||
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
||||||||||||
(in thousands) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Net income (loss) |
|
$ |
(10,438 |
) |
|
$ |
15,993 |
|
|
$ |
23,798 |
|
|
$ |
78,569 |
|
Stock based compensation (1) |
|
|
2,369 |
|
|
|
3,516 |
|
|
|
9,400 |
|
|
|
7,235 |
|
Depreciation and amortization |
|
|
2,342 |
|
|
|
223 |
|
|
|
3,363 |
|
|
|
711 |
|
Interest income |
|
|
(1,995 |
) |
|
|
(2,748 |
) |
|
|
(6,303 |
) |
|
|
(8,825 |
) |
Interest expenses |
|
|
131 |
|
|
|
— |
|
|
|
131 |
|
|
|
— |
|
(Gain) loss in fair value of derivatives |
|
|
551 |
|
|
|
2,168 |
|
|
|
(69 |
) |
|
|
443 |
|
Gain in fair value of common stock warrants liability |
|
|
(2,093 |
) |
|
|
(6,378 |
) |
|
|
(29,531 |
) |
|
|
(21,988 |
) |
Gain in fair value of earnout liability |
|
|
(1,846 |
) |
|
|
(21,876 |
) |
|
|
(40,983 |
) |
|
|
(85,437 |
) |
(Other income) loss, net |
|
|
817 |
|
|
|
(132 |
) |
|
|
(838 |
) |
|
|
(1,709 |
) |
Income tax benefits |
|
|
(1,310 |
) |
|
|
— |
|
|
|
(1,087 |
) |
|
|
— |
|
Cash severance (1) |
|
|
484 |
|
|
|
— |
|
|
|
484 |
|
|
|
— |
|
Adjusted EBITDA |
|
$ |
(10,988 |
) |
|
$ |
(9,234 |
) |
|
$ |
(41,635 |
) |
|
$ |
(31,001 |
) |
(1) The total workforce reduction charge of |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240229224662/en/
Origin Materials
Investors:
ir@originmaterials.com
Media:
media@originmaterials.com
Source: Origin Materials, Inc.
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