• PureCycle Technologies, reported a net loss per share of USD 0.13 in Q2 2021,  surpassing analyst estimates of a loss of USD 0.16 per share, while also reporting a lower net loss per share compared to Q2 2020 (USD 0.19). However, operating losses for the quarter amounted to USD 9.9 million, up 247.2% year-over-year (YoY). This was due to increased R&D spend (nearly 25x the Q2 2020 R&D expense) and selling and administrative expenses (nearly 7x Q2 2020 expense). 

• PureCycle did not provide any revenue or profit guidance for the next quarter nor for the full-year 2021. The company plans to complete its Plant 1 (also referred to as phase II facility) by the end of 2022, which is when it expects to generate revenue.

Key operational milestones as of H1 2021 include:

• Plant 1 in Ironton, Ohio is on track and is being built within the budget. The module construction is expected to begin in Q3 2021 and go operational by 4Q 2022 with a total installed annual capacity of 107 million pounds.

• Augusta, Georgia was decided as the location for Plant 2 and is expected to have five processing lines by Q4 2024 with a total annual capacity of 650 million pounds.

• Plans to build  two more plants: one in Europe and another in an undecided location. The Europe plant is expected to go operational by Q2 2025 with one processing line and an annual capacity of 130 million pounds. The other plant will have three processing lines by Q4 2024 and an annual line capacity of 390 million pounds.

• 40% of Plant 2 production will satisfy existing customer demands, and the company is also looking to sign additional agreements over Q3 2021.

• Active negotiations to receive 300 million pounds of feedstock necessary for smooth production are in place.

• Along with earnings, the company also announced that it has partnered with SK Global Chemical (a South Korean chemical company) in order to build a recycling facility and supply its ultra-pure polypropylene resin (UPRP) to the South Korean market.