Origin Materials, a carbon-negative materials manufacturer, reported its Q1 2023 results. The company reported new and expanded strategic partnerships that have allowed it to generate revenue for the first time. Origin generated revenue of USD 1.7 million for the first time this quarter.  

New strategic partnerships with Indorama Ventures , SCG Packaging (SCGP) , and  Hyosung Advanced Materials and extended partnerships with Minafin and PepsiCo have supported the commercialization of its bio-based materials. 

Origin’s operating loss for the same period amounted to USD 13.0 million, up by 71.1% YoY. This was due to higher R&D spending (+117.2% YoY) and general and administrative expenses (+50.9% YoY) during the quarter. 

Origin maintains revenue and adjusted EBITDA guidance for FY2023 at USD 40 million–60 million and a loss of USD 50 million–60 million, respectively.

Other key business and operational highlights include:

• Origin 1 plant is complete and expected to start up in Q2 2023, with the company also hiring a director of manufacturing to strengthen plant operations. The company is also making progress on Origin 2's front-end design, construction planning, and financing and expects to provide an update on Origin 2's construction plans in August 2023. Origin’s global technology licensing efforts and its active governmental affairs team are expected to attract strategic partnerships and federal incentives for funding Origin 2.

• Produced carbon black blends that match or exceed the performance of traditional fossil-based carbon black for N660 , a widely used performance specification for automotive tires and mechanical rubber goods.

• Appointed two new board members with expertise in operations, corporate finance, M&A, and strategy in the materials science and chemicals industries.