– Origin 1 Initiated Start-Up, In-Line with
Prior Guidance –
– FDCA Mass Production Moves Forward to Origin
2, Rather Than Origin 3 as Initially Planned, Due to Strong
Commercialization Progress and Higher-Margin Opportunities –
– Origin 2 Outlook Updated; Phased Construction
Plan Reduces Risk on Path to Profitability, with Phase 1 Start-Up
Expected in Late 2026 to 2027, Phase 2 Start-Up Expected in 2028
–
– Origin to Supply Para-Xylene for Bio-PET to
Customers Prior to 2030 Primarily Through Collaborations with
Strategic Partners –
– Maintains 2023 Revenue and Adjusted EBITDA
Outlook, Customer Demand Exceeds $10 Billion –
Origin Materials, Inc. (“Origin,” “Origin Materials,” or the
“Company”) (Nasdaq: ORGN, ORGNW), the world’s leading carbon
negative materials company with a mission to enable the world’s
transition to sustainable materials, today announced financial
results for its second quarter ended June 30, 2023.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20230809375994/en/
“In the second quarter, the Origin team continued to execute on
our mission to enable the world’s transition to sustainable
materials. In June, we announced that Origin 1, the world’s first
commercial-scale plant to produce Origin’s intermediates – CMF,
HTC, and oils and extractives – had initiated start-up. This is a
major milestone in the deployment of our core technology platform,
and we look forward to delivering materials to our customers and
strategic partners. Since Origin became publicly traded in 2021, we
have witnessed profound market shifts, presenting both
opportunities and challenges. The greatest opportunity has been the
commercialization of FDCA. Indeed, today we are pleased to announce
that we are updating the product slate at our second commercial
plant, Origin 2, to focus on the production of FDCA, for which we
have seen much greater demand than anticipated, as we indicated in
February. While we initially expected Origin 2 to primarily focus
on para-xylene (‘pX’) production for bio-PET, we have made
significant progress in FDCA product development and
commercialization and we now plan to bring FDCA forward to Origin
2, rather than at our third planned commercial plant, Origin 3, as
initially reported in 2021. FDCA is a highly strategic focus for
our platform, as its applications tend to offer performance
advantages, higher margins, and thus higher value uplift for our
platform intermediate, CMF. Today we also face new challenges. As
we first indicated in May 2022, we are facing a higher-cost capital
project environment than in early 2021, when we announced the
initial plan for Origin 2. As such, we are revising the plant’s
outlook and introducing a phased approach to construction. We
expect that adapting in this manner to the high-cost environment
will reduce project risk as we move forward on the path to
profitability, with Phase 1 start-up projected for late 2026 to
2027 and Phase 2 start-up projected for 2028. We remain confident
in our ability to execute as we operate Origin 1, scale and develop
our technology platform, and pursue our global licensing strategy.
In addition, we were excited to announce new strategic partnerships
and initiatives with Sustainea Bioglycols, Terphane, Proman, and
Husky Technologies, many of which represent strong positive
momentum for FDCA commercialization. We also announced a
breakthrough in recycling with Origin’s ‘all PET’ cap and bottle
solutions, designed to make containers more sustainable. Finally,
we strengthened our Board with the appointment of Jim Stephanou, a
world-class director who brings decades of relevant experience and
a proven track record of leading manufacturing and technology
initiatives for global companies. Looking ahead, with Origin 1
initiating start-up, we are thrilled to enter this new phase of our
journey in bringing our ‘net zero’-enabling materials to the
world,” said Rich Riley, Co-Chief Executive Officer of Origin.
Key Company Second Quarter and Recent Business
Highlights
Origin Materials reported quarterly revenue of $6.9 million
generated by joint development agreements and the Company’s supply
chain activation program, with total signed offtake agreements and
capacity reservations in excess of $10 billion. The Company also
implemented new and expanded partnerships and customer
relationships, including:
- Partnership with Sustainea Bioglycols, a joint venture between
Braskem (NYSE: BAK) and Sojitz Corporation, centered on advanced
bio-based materials produced using Origin’s technology platform and
Sustainea’s bio-based glycol products and market expertise. As part
of the partnership, Sustainea signed two multi-year capacity
reservation agreements to purchase renewable chemicals from Origin
Materials, including bio-based PTA and bio-based FDCA.
- Partnership with Terphane, a global leader in specialty PET
polyester films (“BOPET”), to produce sustainable, high-performance
bio-polymer films. As part of the partnership, Terphane signed a
multi-year capacity reservation agreement to purchase the advanced
bio-polymer PEF for use in film applications, including food and
beverage packaging and high-value industrial applications.
- Partnership with Proman, a global leader in natural gas-derived
products and one of the world’s largest producers of methanol,
centered on low-carbon biofuel production utilizing Origin’s
technology platform and Proman’s worldwide fuels capabilities and
expertise. As part of the partnership, Proman and Origin Materials
signed an agreement to explore the production and global
distribution of low-carbon biofuels.
Additional second quarter and recent business highlights
include:
- Origin Materials Announces Startup of Origin 1, World’s First
Commercial CMF Plant. New fundamental chemical building block, CMF,
is expected to be available at commercial scale for the first time.
Plant is designed to scale-up and deploy Company’s core technology
platform, with a focus on funded joint development programs and
qualifying materials for higher value applications.
- Origin Materials and Husky Achieve Commercialization Milestone
for Advanced Packaging. Recyclable PET polymer incorporating FDCA
was successfully processed into preforms using Husky’s
commercial-scale injection molding equipment and subsequently
bottles. Origin’s novel hybrid polymer “PET/F” is expected to
deliver enhanced performance compared with traditional PET and have
up to 100% bio content.
- Origin Materials Creates Sustainable PET Bottle Caps, Enabling
“All PET Mono-Material” Bottle and Cap Solutions, a Breakthrough in
Recycling and Circularity. Origin’s patent-pending PET caps and
tamper-resistant closures can be cost-competitively produced using
recycled PET or bio-based PET. This “mono-material” makes “100%
recycled PET” possible from cap to bottle and improves
recyclability, because it is all one material, without the need for
recyclers to separate caps from bottles. PET offers better oxygen
and CO2 barrier than HDPE and PP, common cap materials.
- Origin Materials Announces Appointment of Jim Stephanou to
Board of Directors. Mr. Stephanou’s more than three decades of
manufacturing, operations, and engineering experience enhances
Board expertise.
Origin 2 Financing and Construction Update
For Origin 2, the Company is updating its previously disclosed
capital budget and construction timeline. During the second
quarter, Origin completed detailed assessments with its engineering
partners and updated its capital project plan based on the results.
Significant market shifts have presented both opportunities and
challenges. Factors influencing the updated plan include:
- Significantly higher than anticipated demand for higher-margin
products including FDCA, PEF, and liquid biofuels.
- Increased cost of labor, materials, process inputs, metallurgy
(e.g., steel) due to volatile global materials markets, requiring
engineering re-work.
- Inflation and higher interest rates.
- Higher costs due to COVID-related supply chain constraints and
additional value engineering requirements that have extended
project timelines.
The Company now expects Origin 2 to be completed in two phases,
with Phase 1 estimated to be completed in late 2026 to 2027, and
Phase 2 estimated to be completed in 2028, compared with our
initial expectation for a mid-2025 completion. During Phase 1, the
Company expects to achieve profitability from its oils and
extractives stream. From this stream, Origin plans to produce a
drop-in biofuel with potential applications including marine fuel
and heat and power generation. Potential product benefits include
improved energy density compared with existing renewable
alternatives and the sustainability benefits of increased
bio-content – value propositions expected to be in high demand
given, among other things, the decarbonization goals set out by the
International Maritime Organization, a body of the United Nations.
Phase 2 will expand production to include the mass production of
platform chemicals CMF and HTC. Phasing the plant is intended to
enhance overall efficiency while improving short-term and long-term
economics.
The Company continues to make progress developing new products
and applications related to the design of Origin 2, including FDCA,
PEF, PET/F, and liquid biofuels derived from our oils and
extractives stream. Origin 2 production will focus primarily on
FDCA, rather than pX for bio-PET as planned in early 2021. Apart
from potential Origin 2 production, Origin plans to supply bio-pX
to customers primarily through collaborations with strategic
partners. Origin has been in active discussions with multiple
strategic partners interested in licensing or co-developing low
carbon bio-pX plants using Origin’s technology, both in the U.S.
and across the globe, most of which are large, well-capitalized
industrial producers of petro-PTA, PET, and other downstream
products.
The capital budget for Phase 1 of Origin 2 is expected to be up
to $400 million while the capital budget for Phase 2 is projected
to be up to $1.2 billion. This compares to the original $1.07
billion aggregate capital budget estimate originally provided in
February 2021. The Company is exploring multiple opportunities to
finance Origin 2 including a combination of existing cash,
previously indicated traditional project financing, federal and
state government programs, licensing agreements, and strategic
partnerships. The Company expects capital expenditure of up to $50
million for 2024, with the majority of Origin 2 capital spend to
occur following the project's final investment decision (“FID”) in
2025.
In January, Origin announced that the Louisiana State Bond
Commission unanimously passed a resolution granting its final
approval of the issuance of up to $1.5 billion of tax-exempt bonds
to support construction and commissioning of Origin 2. This amount
is inclusive of and builds on the strong foundation of the
previously announced expected $400 million in Private Activity Bond
(“PAB”) volume cap allocation. Bank of America has been engaged by
Origin to underwrite the bonds and market them to investors. We
continue to believe the debt financing of Origin 2 could be
achieved using entirely tax-exempt bonds.
Origin continues to work with leading financial institutions on
other forms of traditional private financing and federal loan
programs, including through the United States Department of
Agriculture and Department of Energy, and to pursue other local,
state, and federal incentives programs to optimize the financing of
Origin 2. These include certain 2021 Infrastructure Investment and
Jobs Act and 2022 Inflation Reduction Act provisions, including the
Department of Energy's Advanced Industrial Facilities Deployment
Program, or AIFD, and the Section 48C Advanced Manufacturing Tax
Credit. Finally, given Origin's ongoing global technology licensing
effort and an active governmental affairs team, the Company
anticipates strategic partnerships as well as state and federal
incentives programs will play a meaningful role in the financing of
Origin 2.
Results for Second Quarter 2023
Cash, cash equivalents and marketable securities were $217.7
million as of June 30, 2023.
Revenue for the second quarter was $6.9 million compared to zero
in the prior-year period.
Operating expenses for the second quarter were $14.4 million
compared to $8.7 million in the prior-year period.
Net loss was $6.3 million for the second quarter compared to net
income of $46.9 million in the prior-year period.
Adjusted EBITDA loss was $11.7 million for the second quarter
compared to a loss of $6.9 million in the prior-year period.
Shares outstanding as of June 30, 2023 were 143.5 million
including 4.5 million shares that are subject to forfeiture based
on share price performance targets previously disclosed in our
filings.
Full Year 2023 Outlook
Based on current business conditions, business trends and other
factors, the Company is maintaining the following guidance for
revenue and Adjusted EBITDA for fiscal year 2023:
- Revenue of $40 million to $60 million
- Adjusted EBITDA loss of $50 million to $60 million
For a reconciliation of a non-GAAP figure to the applicable GAAP
figure, please see the table captioned ‘Reconciliation of GAAP and
Non-GAAP Results' set forth at the end of this press release. 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
August 9, 2023, 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 second 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 two 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 10022002. The
replay will be available until 11:59 p.m. Eastern Time on August
16, 2023.
About Origin Materials, Inc.
Headquartered in West Sacramento, Origin Materials is the
world's leading carbon negative materials company. Origin’s mission
is to enable the world’s transition to sustainable materials. For
over a decade, Origin has developed a platform for turning the
carbon found in inexpensive, plentiful, non-food biomass such as
sustainable wood residues into useful materials while capturing
carbon in the process. Origin’s patented technology platform can
help revolutionize the production of a wide range of end products,
including clothing, textiles, plastics, packaging, car parts,
tires, carpeting, toys, fuels, and more with a ~$1 trillion
addressable market. In addition, Origin’s technology platform is
expected to provide stable pricing largely decoupled from the
petroleum supply chain, which is exposed to more volatility than
supply chains based on sustainable wood residues. Origin’s patented
drop-in core technology, economics and carbon impact are supported
by a growing list of major global customers and investors. For more
information, visit www.originmaterials.com.
Non-GAAP Financial Information
To supplement the Company’s financial results presented in
accordance with generally accepted accounting principles in the
United States ("U.S. GAAP"), the Company also uses non-GAAP
financial measures, including Adjusted EBITDA, as supplemental
measures to review and assess the Company’s operating performance.
Adjusted EBITDA is defined as net income or loss adjusted for (i)
stock-based compensation expense, (ii) depreciation and
amortization, (iii) interest income, (iv) interest expense, (v)
change in fair value of derivative, (vi) change in fair value of
warrants liability, (vii) change in fair value of earnout
liability, and (viii) other (income) expenses, net. 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 U.S. GAAP and
are not presented in accordance with U.S. GAAP. These non-GAAP
financial measures have limitations as analytical tools, and when
assessing the Company’s operating performance, investors should not
consider them in isolation. In addition, calculations of this
non-GAAP financial information may be different from calculations
used by other companies, and therefore comparability may be
limited.
The Company mitigates these limitations by reconciling the
non-GAAP financial measures to the most comparable U.S. GAAP
performance measures, all of which should be considered when
evaluating our performance.
The Company is unable to reconcile forward-looking Adjusted
EBITDA information provided in this press release to net income,
the most closely comparable U.S. GAAP financial measure, without
unreasonable efforts. The Company is currently unable to predict
with a reasonable degree of certainty the type and extent of
certain items expected to impact net income in the future but not
expected to impact forward-looking Adjusted EBITDA. These include,
among other things, stock-based compensation expense, depreciation
and amortization, interest income, and interest expense, which are
inherently unpredictable. The Company currently expects to continue
to exclude these items in future disclosures of any forward-looking
Adjusted EBITDA and may also exclude other items that may arise.
Information related to these items, which is unavailable at this
time, could have a significant impact on the Company’s U.S. GAAP
net income.
For more information on this non-GAAP financial measure, please
see the table captioned “Reconciliation of GAAP and Non-GAAP
Results” set forth at the end of this press release.
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, estimated total addressable market,
anticipated synergies from partnerships, access to financing
sources, budget and timelines for Origin 2, ability to de-risk path
to profitability, anticipated timing to profitability, anticipated
benefits of and demand for our potential products and platform,
higher margin opportunity for FDCA, benefits of updating the
product slate at Origin 2, ability to convert capacity reservations
and offtake agreements into revenue, commercial and operating
plans, product development plans and announcements of such plans,
anticipated growth and projected financial information and ability
to realize the anticipated benefits of any partnerships discussed
in the press release. 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 Ukraine, the impact of
severe weather events, and other global health or economic crises;
changes in customer demand; and those factors discussed in the
Quarterly Report on Form 10-Q filed with the U.S. Securities and
Exchange Commission (“SEC”) on August 9, 2023, under the heading
“Risk Factors,” and other documents Origin Materials has filed, or
will file, with the SEC. If any of these risks materialize or our
assumptions prove incorrect, actual results could differ materially
from the results implied by these forward-looking statements. There
may be additional risks that Origin Materials presently does not
know, or that Origin Materials currently believes are immaterial,
that could also cause actual results to differ from those contained
in the forward-looking statements. In addition, forward-looking
statements reflect Origin Materials’ expectations, plans, or
forecasts of future events and views as of the date of this press
release. Origin Materials anticipates that subsequent events and
developments will cause its assessments to change. However, while
Origin Materials may elect to update these forward-looking
statements at some point in the future, Origin Materials
specifically disclaims any obligation to do so. These
forward-looking statements should not be relied upon as
representing Origin Materials’ assessments of any date subsequent
to the date of this press release. Accordingly, undue reliance
should not be placed upon the forward-looking statements.
ORIGIN MATERIALS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(In thousands, except share and per share
data)
June 30, 2023
(Unaudited)
December 31,
2022
ASSETS
Current assets
Cash and cash equivalents
$
65,523
$
107,858
Restricted cash
490
490
Marketable securities
152,170
215,464
Accounts receivable
7,280
—
Other receivables
6,815
4,346
Inventory
346
—
Derivative asset
160
—
Prepaid expenses and other current
assets
3,268
3,341
Total current assets
236,052
331,499
Property, plant, and equipment, net
220,807
154,183
Operating lease right-of-use asset
2,479
2,779
Intangible assets, net
142
160
Other long-term assets
17,224
5,079
Total assets
$
476,704
$
493,700
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current liabilities
Accounts payable
$
6,755
$
10,384
Accrued expenses
4,355
8,414
Operating lease liability, current
611
619
Other liabilities, current
397
51
Derivative liability
9
344
Total current liabilities
12,127
19,812
Earnout liability
22,386
42,533
Canadian Government Research and
Development Program liability
7,345
7,185
Assumed common stock warrants
liability
26,249
30,872
Notes payable
5,189
5,847
Operating lease liability
1,962
2,249
Other liabilities, long-term
8,943
8,297
Total liabilities
$
84,201
$
116,795
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value,
10,000,000 shares authorized; no shares issued and outstanding as
of June 30, 2023 and December 31, 2022
—
—
Common stock, $0.0001 par value,
1,000,000,000 shares authorized; 143,498,724 and 143,034,225,
issued and outstanding as of June 30, 2023 and December 31, 2022,
respectively (including 4,500,000 Sponsor Vesting Shares)
14
14
Additional paid-in capital
377,059
371,072
Retained earnings
25,077
21,772
Accumulated other comprehensive loss
(9,647)
(15,953)
Total stockholders’ equity
392,503
376,905
Total liabilities and stockholders’
equity
$
476,704
$
493,700
ORIGIN MATERIALS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three months ended
June 30,
Six months ended
June 30,
(In thousands, except share and per share
data)
2023
2022
2023
2022
Revenues
$
6,898
$
—
$
8,602
$
—
Cost of revenues (exclusive of
depreciation and amortization shown separately below)
6,814
—
7,774
—
Operating expenses
Research and development
5,396
2,649
10,471
4,985
General and administrative
8,619
5,864
16,275
10,935
Depreciation and amortization
347
160
635
308
Total operating expenses
14,362
8,673
27,381
16,228
Loss from operations
(14,278)
(8,673)
(26,553)
(16,228)
Other income (expenses)
Interest income
2,426
1,936
5,440
3,768
Interest expenses
(2)
—
(2)
—
Gain (loss) in fair value of
derivatives
(266)
1,430
494
596
Gain (loss) in fair value of warrants
liability
(2,143)
18,803
4,623
17,029
Gain in fair value of earnout
liability
7,508
33,188
20,380
48,414
Other income (expenses), net
420
247
(948)
698
Total other income, net
7,943
55,604
29,987
70,505
Net income (loss) before income tax
expenses
(6,335)
46,931
3,434
54,277
Income tax expenses
(129)
—
(129)
—
Net income (loss)
$
(6,464)
$
46,931
$
3,305
$
54,277
Other comprehensive income (loss)
Unrealized gain (loss) on marketable
securities, net of tax
$
1,504
$
(4,805)
$
2,914
$
(9,380)
Foreign currency translation adjustment,
net of tax
3,272
(1,693)
3,392
(808)
Total comprehensive income (loss)
$
(1,688)
$
40,433
$
9,611
$
44,089
Net income (loss) per share, basic
$
(0.05)
$
0.34
$
0.02
$
0.40
Net income (loss) per share, diluted
$
(0.05)
$
0.33
$
0.02
$
0.38
Weighted-average common shares
outstanding, basic
139,265,248
137,141,655
139,154,557
136,985,440
Weighted-average common shares
outstanding, diluted
139,265,248
142,195,637
143,039,435
142,078,752
ORIGIN MATERIALS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
June 30,
(in thousands)
2023
2022
Cash flows from operating
activities
Net income
$
3,305
$
54,277
Adjustments to reconcile net income to net
cash from operating activities:
Depreciation and amortization
635
308
Amortization on right-of-use asset
301
281
Stock-based compensation
4,651
2,573
Realized loss of marketable securities
706
—
Amortization premium of marketable
securities
285
—
Change in fair value of derivatives
(494)
(596)
Change in fair value of common stock
warrants liability
(4,623)
(17,029)
Change in fair value of earnout
liability
(20,380)
(48,414)
Change in fair value of incremental
acquisition fee accrual
—
(150)
Changes in operating assets and
liabilities:
Receivables
(9,748)
(377)
Inventory
(346)
—
Prepaid expenses and other current
assets
72
1,038
Other long-term assets
(12,144)
—
Accounts payable
2,111
2,157
Accrued expenses
49
2,476
Operating lease liability
(354)
(193)
Other liabilities, current
347
489
Other liabilities, long-term
(7)
128
Net cash used in operating
activities
(35,634)
(3,032)
Cash flows from investing
activities
Purchases of property, plant, and
equipment, net of grants
(72,284)
(25,045)
Purchases of marketable securities
(2,499,506)
(1,655,200)
Sales of marketable securities
2,462,950
1,647,787
Maturities of marketable securities
101,792
71,168
Capitalized interest on plant
construction
—
(47)
Net cash (used in) provided by
investing activities
(7,048)
38,663
Cash flows from financing
activities
Proceeds from exercise of stock
options
55
268
Net cash provided by financing
activities
55
268
Effects of foreign exchange rate changes
on the balance of cash and cash equivalents, and restricted cash
held in foreign currencies
292
(3,480)
Net (decrease) increase in cash and
cash equivalents, and restricted cash
(42,335)
32,419
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
$
66,013
$
79,546
Origin Materials, Inc.
Reconciliation of GAAP and Non-GAAP
Results
We believe that the presentation of Adjusted Earnings before
Interest, Taxes, Depreciation, and Amortization (Adjusted EBITDA)
is appropriate to provide additional information to investors about
our operating profitability adjusted for certain non-cash items,
non-routine items that we do not expect to continue at the same
level in the future, as well as other items that are not core to
our operations. Further, we believe Adjusted EBITDA provides a
meaningful measure of operating profitability because we use it for
evaluating our business performance, making budgeting decisions,
and comparing our performance against that of other peer companies
using similar measures.
We define Adjusted EBITDA as net income or loss adjusted for (i)
stock-based compensation expense, (ii) depreciation and
amortization, (iii) interest income, (iv) interest expense, (v)
change in fair value of derivative, (vi) change in fair value of
warrants liability, (vii) change in fair value of earnout
liability, and (viii) other (income) expenses, net.
Three months ended
June 30,
Six months
ended
June 30,
(in thousands)
2023
2022
2023
2022
Net income (loss)
$
(6,464)
$
46,931
$
3,305
$
54,277
Stock based compensation
2,405
1,656
4,651
2,573
Depreciation and amortization
347
160
635
308
Interest income
(2,426)
(1,936)
(5,440)
(3,768)
Interest expense
2
—
2
—
(Gain) loss in fair value of
derivatives
266
(1,430)
(494)
(596)
(Gain) loss in fair value of warrants
liability
2,143
(18,803)
(4,623)
(17,029)
Gain in fair value of earnout
liability
(7,508)
(33,188)
(20,380)
(48,414)
Other (income) expenses, net
(420)
(247)
948
(698)
Adjusted EBITDA
$
(11,655)
$
(6,857)
$
(21,396)
$
(13,347)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230809375994/en/
Origin Materials Investors: ir@originmaterials.com Media:
media@originmaterials.com
Origin Materials (NASDAQ:ORGNW)
Gráfico Histórico do Ativo
De Mai 2024 até Jun 2024
Origin Materials (NASDAQ:ORGNW)
Gráfico Histórico do Ativo
De Jun 2023 até Jun 2024