PureCycle Technologies Reports Third Quarter 2026 Results
Key Highlights
- ➤Q3 revenue $2.3 million, primarily reflecting operational issues and New Jersey delays
- ➤Ironton produced 5.2 million pounds of PureFive resin, up 14% sequentially
- ➤New Jersey exemption extension shifted about 15 food-contact programs into 2027 and beyond
- ➤Total available liquidity reached $393 million, including an undrawn $200 million revolver
- ➤Branded programs could reach 45-55 million pounds annually at full ramp, approaching 40-50% utilization
Expert Statements
Dustin Olson, Chief Executive Officer of PureCycle Technologies
“The third quarter fell short of our plan. Operational issues in Q3 limited production, but we resolved them. New Jersey's extension of the food-contact exemption was a significant challenge, moving about 15 food-contact programs, roughly 50 million pounds of expected annual volume once fully ramped, out of the fourth quarter. Some of those brands are continuing on their own timetable and others have deferred. Two quick-service restaurant cup programs are progressing toward a 2027 ramp, and we have moved our primary sales and marketing effort to non-food applications already in the pipeline, with initial positive results in October,”
Dustin Olson, Chief Executive Officer of PureCycle Technologies
“Despite the NJ delay, the branded sales ramp is underway. This is a credit to our diverse pipeline and the flexibility of our product. P&G products are on shelves, railcars are moving to a large customer, a large global cosmetics company is expected to begin shipping this quarter, and a large global personal care company has approved our white grade. Including programs in contract negotiation or final qualification, we expect to approach the 40 to 50% utilization range once these programs fully ramp. On site compounding allows us to deliver the grade each customer specifies, which shortens the sales process. More of what decides our success is now within our control, and we are confident in the path ahead.”
Donald Carpenter, Chief Financial Officer of PureCycle Technologies
“We ended the quarter with $193 million of liquidity and an undrawn $200 million revolver that matures in September 2028, and we are implementing cost efficiencies across the organization. Monthly operations spending was $7.8 million, below our guided range, and we will continue reducing costs into 2027. For several years our spending was sized to the challenges of learning to run a first-of-its-kind commercial plant, and the results of our cost reduction efforts should show in monthly operations spending. The Thailand incentives are in place, the construction permit was issued in September, significant capital has been invested, and we are negotiating the final terms of the project financing. We've reached internal milestones on growth projects, and discretionary spending is on hold while Ironton ramps.”
* Branded programs shipping, under purchase order, in contract negotiation, or final qualification are expected to reach approximately 45-55 million pounds per year at full ramp, which would approach the 40 to 50% utilization range * P&G products are on shelves; railcar shipments began in October to a large customer for hot lids; and resin is qualified for shampoo closures at a large global cosmetics company with shipments expected in Q4 * Ironton produced 5.2 million pounds of PureFive(®) resin in Q3, up 14% sequentially; operational issues in Q3 limited production and were resolved; production is now in line with current commercial demand * Thailand construction permit issued; final terms of the project financing under negotiation * Third quarter average monthly operations spending below the guided range ORLANDO, Fla., Nov. 04, 2026 (GLOBE NEWSWIRE) -- PureCycle Technologies, Inc. (Nasdaq: PCT) (“PureCycle” or the “Company”), a U.S.-based company revolutionizing plastic recycling, today announced results for the third quarter ended September 30, 2026.
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