The following is a summary of the Origin Materials, Inc. (ORGN) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Origin ended Q1 2024 with over $146 million in cash, cash equivalents and marketable securities.

• The company reaffirmed its 2024 expected net cash burn of between $55 million and $65 million.

• Reported Q1 revenue of $6.8 million, a significant increase from $1.7 million in the same quarter last year, largely attributed to caps and closures business.

• The new revenue from caps and closures is expected to contribute to an annual revenue of $45 million to $65 million, based on product mix.

Business Progress:

• Origin is making commercialization progress and planning to launch the caps and closures business within the next nine months.

• Manufacturing partners for the caps and closures business, including PackSys Global and IMDvista, have been established.

• The operation of the initial manufacturing line for the business is anticipated to commence in Q4 2024.

• Success has been achieved in a capping trial on a commercial bottle line using Origin PET caps.

• Significant strides in scaling-up the company's biomass conversion technology and identifying development initiatives for near-term revenue generation.

• The company has commenced the use of sustainable wood residues to produce versatile chemical intermediates.

• Origin is partnering with potential strategic partners for high-value application development initiatives.

• The company aims to produce PET caps in quantities sufficient to be supply-constrained, indicative a positive demand outlook.

• Origin has plans to execute business involving partnerships and being asset-light to boost the caps production business.

• Confidence expressed about addressing NASDAQ delisting and positive outlook for the caps and closures plan.

More details: Origin Materials IR

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