PureCycle Technologies Inc (NAS:PCTTW)

Q2 2026 PureCycle Technologies, Inc. Earnings Call Transcript

Aug 6, 2026 / 09:00 PM GMT

Release Date Price: $0.485

Transcript 10-Q8-K

Key Points

Positve

PureCycle Technologies Inc (PCT) completed its Ironton turnaround ahead of schedule and below budget, executing over 170 site projects and setting a new daily throughput record in June.
The company brought compounding in-house, which is now running 24/5 and is expected to move to 24/7 in Q4, improving quality control, reducing supply chain risks, and enabling railcar shipments.
Revenue grew for the sixth consecutive quarter, with the first Procter & Gamble application in commercial production and seven new customer conversions, including a building and construction application.
New Jersey approved PureCycle's recycled content, accelerating qualification at major food service companies and driving demand, with QSR cold cup programs underway at two major chains.
The company strengthened its balance sheet with a $450.5 million gross offering, repurchasing $216 million of higher-interest convertible notes, extending debt maturities, and increasing liquidity to $236.9 million.
Thailand project advanced with Board of Investment approval, FastPass program admission, and 14 feedstock LOIs, with groundbreaking expected in H2 2026.
Operational improvements included fixing the CP2 system and other reliability issues, leading to cleaner equipment and better long-term technology performance.
The company achieved ISO 9001 certification and demonstrated production at 12,000 pounds per hour, showcasing capability for future growth.
Branded pricing remains robust, and the company is seeing accelerating qualification from large brands, including a global food manufacturer pulling timelines forward.
The company is well-positioned for regulatory tailwinds, with New Jersey and California mandates excluding mass balance, making PureCycle one of the few compliant suppliers at scale.

Negative

PureCycle Technologies Inc (PCT) reported a net loss of $142.2 million in Q2 2026, with adjusted EBITDA of negative $31.7 million, reflecting ongoing operational losses.
Production volumes declined to 4.5 million pounds in Q2 due to the planned turnaround, and the company did not provide specific Q3 production guidance, indicating uncertainty.
The company's second-half ramp and Ironton breakeven target remain dependent on regulatory deadlines and customer qualification cycles, which could face delays.
Core monthly operations spending remains high at $8.3 million, and material costs increased to $2.1 million per month, pressuring cash flow.
The New Jersey approval is only a one-year conditional approval, with conditions that must be met for permanent status, adding regulatory risk.
The company faces market fragmentation, requiring thousands of SKU-level qualifications, which slows volume growth and increases complexity.
International expansion, including Thailand and Antwerp, requires significant capital, with project spend expected to rise to $45-50 million in 2026, and financing for Thailand is not yet closed.
The company's reliance on a few large customers, such as Procter & Gamble, creates concentration risk, though relationships are expanding.
Despite progress, the company has not yet achieved consistent daily production at 12,000 pounds per hour, and rates will only increase as commercial demand ramps.
The company's liquidity, while improved, is still subject to ongoing cash burn, and future growth spending is contingent on project financing and gating decisions.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

PCT.OQ - PureCycle Technologies, Inc.
Q2 2026 PureCycle Technologies, Inc. Earnings Call
Aug 06, 2026 / 09:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good day and thank you for standing by. Welcome to the Pure Cycle Technologies second quarter 2026 corporate update call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To ask a question during the session, you will need to press *11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press *11 again. Please be advised that today's conference is being recorded. I will. Would now like to hand the conference over to your speaker today, Eric DiNatale, Director of Investor Relations. Please go ahead.

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