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PureCycle Technologies, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that PureCycle has not yet achieved significant continuous operational volumes or revenue generation from its Ironton Facility. The company is currently focused on customer sampling and qualifications.
Operating costs for the nine-month period increased primarily due to higher depreciation expenses related to assets supporting operations, attributed to the Ironton Facility being placed in service.
Research and development expenses remained relatively stable compared to the previous year.
Selling, general, and administrative expenses increased, driven by higher legal and professional consulting fees and insurance costs.
Interest expense rose due to additional financing and the cessation of interest capitalization on the Revenue Bonds.
Interest income decreased as a result of the liquidation of the available-for-sale investment portfolio.
The company reported a change in fair value of warrants, with increased expenses attributed to changes in the underlying price of PureCycle’s common stock.
A loss on debt extinguishment was recorded related to the purchase of the majority of the outstanding Revenue Bonds.
PureCycle's liquidity position includes $83.7 million in cash and cash equivalents and $10.0 million in restricted cash. The company also has a $200.0 million revolving credit facility that remains unused.
PureCycle is addressing mechanical challenges at its Ironton Facility and is focused on operational enhancements to correct production issues.
The company continues to pursue project financing for its Augusta Facility and is limiting expenses and adjusting timelines in light of market conditions.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the PureCycle Technologies Inc. quarterly 10-Q report dated November 15, 2024. To report an error, please email earnings@qz.com.