PureCycle Technologies, Inc.

Revenue was approximately $4.5 million, up substantially from a year ago, with 7 new customer conversions, including the first building and construction application. Operating loss improved to $41.3 million from $45.6 million year over year; net loss was $142.2 million versus $144.2 million; adjusted EBITDA was negative $31.7 million versus negative $27.8 million. Production in the quarter was approximately 4.5 million pounds of PureFive, down from the prior quarter because of the planned turnaround, while approximately 5 million pounds of feedstock were processed. Management said second-quarter core operations spending was $8.3 million per month, within its prior $8 million to $9 million range, excluding materials purchases that averaged approximately $2.1 million per month. Total liquidity ended at $236.9 million, including $165.2 million in cash and cash equivalents, $59.6 million in marketable securities, and $12.1 million in restricted cash. For 2026, project spend is now expected to be $45 million to $50 million, up from a prior $39 million to $45 million range, with second-half project spend of $10 million to $12 million contingent on project gating decisions and Thailand financing timing. Management reiterated Ironton breakeven remains a second-half target, with breakeven described as roughly 40% to 50% utilization.

Dustin Olson framed the quarter as “real progress on all fronts,” emphasizing operational fixes, supply chain control, and regulatory momentum. He said the company completed the turnaround early and under budget, brought compounding in-house, and saw customers accelerate qualification after the New Jersey approval. His tone was notably upbeat about the second half, repeatedly pointing to a ramp toward Ironton breakeven and saying the company is further along than 90 days ago.

Donald Carpenter focused on the improving cost structure, liquidity, and capital plan. He said operating loss improved year over year, core monthly operations spending was $8.3 million, and core spending is trending down year over year; he also noted materials purchases rose to about $2.1 million per month as production and compounding restarted. He highlighted total liquidity of $236.9 million, the June financings that brought gross proceeds to $450.5 million and net proceeds to $432 million, and the repurchase of $216 million principal amount of 7.25% convertible notes, which moved most convertible debt put dates from 2027 to 2030 and reduced interest costs. He said the 2026 project spend forecast increased to $45 million to $50 million, mainly for Antwerp and Thailand, and that Thailand financing is targeted for year-end close.

Analysts pressed management on Thailand, the pace of the commercial ramp, and whether Q3 and Q4 volumes would track prior forecasts. Management said Thailand’s detailed design is confirmed, long-lead equipment is ordered, BOI FastPass approval should speed permitting, and the project is tracking to a close by year-end; it also said some commercial milestones are tied to the project but do not materially alter timing. On demand, Olson said the ramp is already underway and that New Jersey approval triggered more qualification activity, including 17 active trials tied to New Jersey compliance and two large cold-cup qualification programs. He also said P&G’s cadence reflects trust and qualification stacking, and that similar behavior is showing up at other large brands, including a global food manufacturer that pulled its timeline forward.