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Origin Materials, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total revenues to $8,202,000 from $7,140,000 in the same quarter the previous year. This increase is attributed to the company's supply chain activation program.
Cost of revenues for the quarter was $8,141,000, representing a slight increase from $6,340,000 in the same quarter of the previous year. The increase is primarily due to the purchases associated with the company's supply chain activation program.
The company reported a loss from operations of $32,405,000 for the quarter, compared to a loss of $12,146,000 in the previous year, with the decline attributed to increased operating expenses.
Operating expenses increased to $32,466,000 from $12,946,000, driven by higher general and administrative expenses and impairment of assets.
Net loss for the quarter was $36,763,000, compared to a net income of $30,931,000 in the previous year. The loss is primarily due to changes in the fair value of common stock warrants liability and earnout liability.
Cash used in operating activities was $45,123,000, while cash provided by investing and financing activities was $19,458,000 and $3,549,000, respectively.
Origin Materials had cash and cash equivalents of $56,396,000 as of September 30, 2024. The company acknowledges the need for substantial additional project financing and government incentives to meet future obligations.
The filing also details various financial agreements, including notes payable and Canadian Government Research and Development Program liability.
Origin Materials does not anticipate cash dividend payments to common stockholders in the near future.
The company identified risks related to its reliance on a limited number of customers and suppliers, as well as the potential impact of unfavorable economic conditions.
Origin Materials continues to focus on developing its PET caps and closures business and scaling its biomass conversion technology.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Origin Materials Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.