Exhibit 99.2
TABLE OF FINANCIAL STATEMENTS
Unaudited Condensed Consolidated Financial Statements: | ||||
Condensed Consolidated Balance Sheets | F-2 | |||
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) | F-3 | |||
Consolidated Statements of Cash Flows | F-4 |
F-1
Origin Materials, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share data) | June 30, 2021 (Unaudited) | December 31, 2020 | ||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 470,312 | $ | 1,309 | ||||
Restricted cash | 565 | 565 | ||||||
Other receivables | 160 | 48 | ||||||
Grants receivable | 17 | — | ||||||
Prepaid expenses and other current assets | 214 | 144 | ||||||
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Total current assets | 471,268 | 2,066 | ||||||
Property, plant, and equipment, net | 48,854 | 45,104 | ||||||
Intangible assets, net | 242 | 258 | ||||||
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Total assets | $ | 520,364 | $ | 47,428 | ||||
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities | ||||||||
Accounts payable | $ | 966 | $ | 2,700 | ||||
Accrued expenses | 861 | 593 | ||||||
Derivative liability | — | 1,239 | ||||||
Stockholder convertible notes payable | — | 3,232 | ||||||
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Total current liabilities | 1,827 | 7,764 | ||||||
PPP Loan | — | 906 | ||||||
Earnout liability | 157,585 | — | ||||||
Canadian Government Research and Development Program Liability | 6,370 | 6,197 | ||||||
Redeemable convertible preferred stock warrants | — | 19,233 | ||||||
Assumed common stock warrants liability | 69,180 | — | ||||||
Stockholder note | 5,189 | 5,189 | ||||||
Related party other liabilities, long-term | 5,615 | 5,517 | ||||||
Other liabilities, long-term | 3,109 | 2,500 | ||||||
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Total liabilities | 248,875 | 47,306 | ||||||
Commitments and contingencies (See Note 18) | ||||||||
STOCKHOLDERS’ EQUITY | ||||||||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of June 30, 2021 and December 31, 2020 | — | — | ||||||
Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 136,748,470 and 70,266,925, issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 13 | 6 | ||||||
Additional paid-in capital | 359,928 | 98,620 | ||||||
Accumulated deficit | (89,928 | ) | (98,888 | ) | ||||
Accumulated other comprehensive income | 1,476 | 384 | ||||||
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Total stockholders’ equity | 271,489 | 122 | ||||||
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Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | $ | 520,364 | $ | 47,428 | ||||
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F-2
Origin Materials, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
(In thousands, except share and per share data) | 2021 | 2020 | 2021 | 2020 | ||||||||||||
Operating Expenses | ||||||||||||||||
Research and development | $ | 2,339 | $ | 904 | $ | 3,648 | $ | 2,122 | ||||||||
General and administrative | 4,219 | 703 | 8,167 | 1,302 | ||||||||||||
Depreciation and amortization | 121 | 100 | 236 | 204 | ||||||||||||
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Total operating expenses and loss from operations | 6,679 | 1,707 | 12,051 | 3,628 | ||||||||||||
Other (income) expenses | ||||||||||||||||
Interest expense, net of capitalized interest | 2,560 | 50 | 2,839 | 113 | ||||||||||||
Change in fair value of derivative liability | 1,035 | (12 | ) | 1,426 | (15 | ) | ||||||||||
Change in fair value of warrants liability | (27,265 | ) | 105 | 20,844 | 105 | |||||||||||
Change in fair value of earnout liability | (45,497 | ) | — | (45,497 | ) | — | ||||||||||
Other income, net | (43 | ) | (157 | ) | (623 | ) | (168 | ) | ||||||||
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Total other (income) expenses, net | (69,210 | ) | (14 | ) | (21,011 | ) | 35 | |||||||||
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Net income (loss) | 62,531 | (1,693 | ) | 8,960 | (3,663 | ) | ||||||||||
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Other comprehensive income (loss) | ||||||||||||||||
Foreign currency translation adjustment, net of tax | 626 | 5,803 | 1,092 | 2,603 | ||||||||||||
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Total comprehensive income (loss) | 63,157 | 4,110 | 10,052 | (1,060 | ) | |||||||||||
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Net income (loss) per share, basic | $ | 0.93 | $ | (0.03 | ) | $ | 0.14 | $ | (0.06 | ) | ||||||
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Net income (loss) per share, diluted | $ | 0.63 | $ | (0.03 | ) | $ | 0.13 | $ | (0.06 | ) | ||||||
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Weighted-average common shares outstanding, basic | 67,548,052 | 62,545,293 | 65,098,310 | 62,544,604 | ||||||||||||
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Weighted-average common shares outstanding, diluted | 78,628,591 | 62,545,293 | 70,794,743 | 62,544,604 | ||||||||||||
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F-3
Origin Materials, Inc.
Consolidated Statements of Cash Flows
(Unaudited)
Six Months Ended June 30, | ||||||||
(in thousands) | 2021 | 2020 | ||||||
Cash flows from operating activities | ||||||||
Net income (loss) | $ | 8,960 | $ | (3,663 | ) | |||
Adjustments to reconcile net loss to net cash from operating activities: | ||||||||
Depreciation and amortization | 236 | 204 | ||||||
Stock-based compensation | 4,172 | 18 | ||||||
Amortization of debt issuance costs | 14 | 130 | ||||||
Accretion of debt discount | 2,211 | 40 | ||||||
Change in fair value of derivative liability | 1,426 | (15 | ) | |||||
Change in fair value of warrants liability | 20,844 | 105 | ||||||
Change in fair value of earnout liability | (45,497 | ) | — | |||||
Changes in operating assets and liabilities: | ||||||||
Other receivables | (112 | ) | 960 | |||||
Grants receivable | (17 | ) | 4 | |||||
Prepaid expenses and other current assets | (29 | ) | 86 | |||||
Accounts payable | (1,880 | ) | (536 | ) | ||||
Accrued expenses | 2,899 | 396 | ||||||
Related party payable | 98 | — | ||||||
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Net cash used in operating activities | (6,675 | ) | (2,271 | ) | ||||
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Cash flows from investing activities | ||||||||
Purchases of property, plant, and equipment, net of grants | (2,703 | ) | (1,267 | ) | ||||
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Net cash used in investing activities | (2,703 | ) | (1,267 | ) | ||||
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Cash flows from financing activities | ||||||||
Proceeds from notes payable, net of debt issuance costs | 11,707 | 906 | ||||||
Payment of short-term debt | (906 | ) | — | |||||
Proceeds from Canadian Government Research and Development Program | 173 | 1,055 | ||||||
Issuance of common stock | 55 | 1 | ||||||
Business combination, net of issuance costs paid | 467,530 | — | ||||||
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Net cash provided by financing activities | 478,559 | 1,962 | ||||||
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Effects of foreign exchange rate changes on the balance of cash and cash equivalents, and restricted cash held in foreign currencies | (178 | ) | 184 | |||||
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Net increase (decrease) in cash and cash equivalents, and restricted cash | 469,003 | (1,392 | ) | |||||
Cash and cash equivalents, and restricted cash, beginning of the period | 1,874 | 3,612 | ||||||
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Cash and cash equivalents, and restricted cash, end of the period | $ | 470,877 | $ | 2,220 | ||||
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Supplemental disclosure of cash flow information | ||||||||
Conversion of stockholder convertible notes payable to common stock | $ | 20,493 | $ | — | ||||
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Reclassification of redeemable convertible preferred stock warrants to common stock | $ | 54,267 | $ | — | ||||
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Reclassification of contingently issued equity to liability | $ | 209,380 | $ | — | ||||
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Net assets assumed from business combination | $ | 83,330 | $ | — | ||||
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Debt discount related to derivative liability | $ | 2,196 | $ | — | ||||
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Business combination transaction costs, accrued but not paid | $ | 748 | $ | — | ||||
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F-4