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Origin Materials Inc. (ORGN+3.31%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing includes financial statements for the year, reporting total revenues of $31.3 million, up from $28.8 million in the previous year. The increase in revenue is primarily attributed to the company's supply chain activation program.
Cost of revenues for the year was $30.9 million, compared to $23.6 million in the prior year, reflecting an increase due to purchases associated with the supply chain activation program.
Research and development expenses decreased to $18.6 million from $21.4 million, while general and administrative expenses increased to $40.8 million from $35.4 million. The increase in general and administrative expenses was primarily driven by operational costs related to Origin 1.
The company recorded an impairment charge of $15.2 million related to the capitalized costs specific to the Louisiana site for Origin 2 and a write-down of other current assets.
The company reported a net loss of $83.7 million for the year, compared to a net income of $23.8 million in the previous year. The loss was largely due to changes in the fair value of liabilities and increased operating expenses.
Origin Materials has cash and cash equivalents of $56.3 million as of December 31, 2024, down from $75.5 million at the end of the previous year. The decrease is attributed to cash used in operating activities.
The filing details various financial agreements, including notes payable and prepayment agreements with legacy stockholders and customers.
Origin Materials continues to focus on its PET closures business and furanics technology, with plans to scale up production and expand into new product types and packaging markets.
The company acknowledges its dependence on securing additional project financing and government incentives to meet its financial projections and growth strategy.
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. annual 10-K report dated March 13, 2025. To report an error, please email earnings@qz.com.