ORGN - Earnings call 3 2023 | Origin Materials, Inc.

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Operator

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials' Third Quarter 2023 Earnings Call. [Operator Instructions]I would now like to turn the conference over to Ashish Gupta, Investor Relations. Please go ahead.

Ashish Gupta

everyone, Materials' welcome, Earnings Quarter and Call. Conference you to Third Origin XXXX Thank

forward-looking today These Materials will Matt from the of undertake Co-Founder, of we call variety of uncertainties. and issued results upon and the Joining Origin press quarter Co-CEO, any not cause this and Origin as release statements any Riley; light its of third and relied events. release John which are Rich and to And Out CFO, date. we Plavan. from no presentation, call, to expectations has in risks differ Bissell; and future we of at reflect or orginmaterials.com.Please obligation current note, refer could to of our of risks found a as assumptions, statements be be views based website subsequent information revision can are and to making in materially today actual These the to views statements representative revise these this subject our call, statements will are today. our These of Investor be uncertainties that forward-looking Relations publicly to should section or which subject on on new Co-CEO results expectations.

SEC, in and as further measures, XXXX.In or measures the X, of Origin our from including non-GAAP factors results. material call, today's for be measures November These which our in financial Form For discussion report believe supplemental filed addition our not risks GAAP discuss as during affect on with the Materials' we we quarterly to important that results, to could will substitute isolation non-GAAP on and considered other filings please XX-Q are addition, refer a on financial performance. useful should

the our The section which this that, SEC, this regarding posted of our webcast John. the measures filings turn call on will in website.With press call our to and over available additional on financial website. on afternoon is the company each Relations release You will of call Investor issued also discussed be today's disclosures our non-GAAP find with I'll of the

John Bissell

afternoon. for And us. thank Good you. Thank joining you

traded begin, we historic Matt partner forward a publicly to forecasting acquisition, functions, tremendous of brings reporting. recent within Officer. and XX with be Chief We Matt Financial commercial the like reviewing new budgeting, Origin's our Plavan, initiating will I X. executive Origin confident level Before provide will Matt. team. I'd production progress addition I'm welcome at start Matt to debt on years capital technology-driven experience including this not long-range strategic led industries.As leading then by proven well-established track business project initiatives renewable success and just a X. scale-up private look equity, manufacturing He fund commercial for for operating companies will had is milestone but We he the in update complex to Origin, all scale record more believe CFO, has of to that working broadly. obstructive brief a Welcome.I Origin a successfully technologies finance environments. into a

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months.For an advance production on aim we with continue Origin ahead, project and over funding coming varied focus X, Looking to we the to strategies. ramp the appropriate up optimal feedbacks

possible. continue plants co-development with how asked us can to This leaned on detail world-scale and to We report more in strategic help as our include of or partners forward look they are bring strategic happy could soon one additional partners. We as in X be that or is many providing have plants of next online capacity. flow strategies a revised February at to The X these engineering feed design for step cash will call.We Phase operating earnings our XXXX world-scale Origin for positive X Origin front-end once that less building expect package. capital-intensive

based and streams. product periodically to believe we on applications project what and partners are development, feed update macro will find We procurement product value progress appropriate costs as continue and we revenue of our construction guidance indicators.Regarding engineering our higher from relevant each for on

and PET market. for PEF market value-add the as expect we example, polymer the to adjacent the For market an quickly to emerge

first of to high-value black as will turn who sustainable Origin are Rich, will carbon also to developing beyond it generate developing applications our provide update. oils a from tires phase we pigments. commercial are from We And HTC fuels on that, such for batteries the profits X and over and extractives I focusing stream.With

Richard Riley

are John. to would on like Thanks, to add board. who I very also Matt, happy my to have we welcome

our strong. inclusive Inbound for broad of and remain products demand inquiries our remain First, higher-value products.

in to to reservations what struggling addressable for and historically. trillion billion $X signed incentive agreements alignment to solutions they have the technology trying the making world level to Most our market. profound confines traditional decarbonize of is of reflects $XX However, routes bringing the are done and across find market.The platform products within capacity a offtake the

those technology that on laser operate John ahead fossil-based the are offer solutions.As new cost, outside we bring to the low-carbon to, as and a focused of better, future. confines, the and of see needs least meet We can flow. are renewable for range performance, alluded incumbent we we Origin's products responsibly to low future we to, market. vast our if cash move the With managing have that great and not at pathways developed They freedom identical than

doing, We hard are that science challenging efforts, also like is understand what we many work.

a our navigate time that are care we to we best a the ahead serves our cash implementing same are manage we X shareholders.As so can that advance responsibly conservation the great such, in road As rigorous project, our cash taking at Origin way program. we

with momentum. program maintain reach this our to core to this defer revenue-generating contributions need program, near-term need opportunities targeting expect funded joint greatest term investors research this whom that balance spent expenses we We or to with seeking to cash with we positive substantial longer have prioritizing are the agreements. other we've cash include our with time feedback from results. conserve EBITDA to heard consistent projects our actions are development These Under or quarter.Opportunities programs the generate and to

the market ever. by the the Our of momentum our continues program and Other discussions are technology. cash-generating programs our few more gain and developing in and government apply with engaged continuing technologies machine programs, as consumers managing and than our business.We grants products pipeline closures include are for share, origin opportunities unique for caps such other currently expenses, many to closures producers funded JDA manufacturers and related in and leading and our in with caps a of world's advanced of largest we with world to

we line these encouraging platform updates leading forward continue unique world's of from our a about Just look production trial very further initiatives first reached We're in with and month, closures we ran another in our automated commercialization. milestone We last to excited caps results. and providing platform. multiple fielded deploy with the Since have public of technology company, parties we future.Our value some the to to who companies accelerate. our recognize engagements the interest becoming

to are advance well-capitalized one us of the are world-scale providing look is Department mutually Achieving only Matt, licensing I over a strategic received our and arrangements ask are we beneficial pleased making announce online to it commercial bring as forward they include well increased.Our U.S. With will sustainability turn of by appropriate.Before potential as I Defense market many productive, this and As we leaders. help plants started the possible. partners having we goals. interest quarter, as John large, that Origin updates mentioned, partners now will this fast We to can products, be from to BioMADE priority seeing and operations expect commenced X that award funding market. mention has and world-class how

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turn discuss while that, As it will we remain bringing ahead, shareholder products maximizing over market Matt to value.With I to finances. we look to to our committed sustainable

Matthew Plavan

Rich, good Thanks, afternoon, and everyone.

forward mostly First, the from such a and change to a climate vital providing our materials exceptional manufacturing.Origin's let needs. of and technology results. is With world the materials to fuel-based brought our that activation were online Origin increases shareholder X execute changing an complex revenues in conversion transformation have was game same better-performing than pleased fight expenses. technology element technical prior scale exceptional the team. testament net fossil way The truly million earn-out prior administrative They thus producing expenses fair Most general $XX.X in to warrant Origin. one creation.With period to me career These the of revenue the the $X.X approximately short compared total helping liabilities JDA chain gains the operating prior to to from million of highest revenue such the Included the revenue, much be the less provide forward in plan to value in compared already let million product all, Origin in some to million said, frame period our remaining Rarely is year in if be commentary Origin far, a am an the revolution, industrial the our say of regards supply in increases does for and driven quarterly time of opportunity in $XX non-GAAP $X.X an to for in at part in third the were earnings on is million Net third GAAP and as I achievement quarter cash our of of novel by as have reported and joined difference prior of the one. a primarily year. no $X.X a leading million quarter net ever quarter income Origin to this reconciliation year, look agreements.Third income how X ended I compared remarkable clearly that for included comprised we against team equivalents net period. marketable release.Turning $XX.X value and in cash have a me biomass revenues income in and was up. our the $XXX.X balance and $XX.X from sheet. in million in results million illustrated during that's preparation And were with securities. same year income. a our novel in lead manufacturing and decarbonized in the more materials to

expected funding order referenced to strategic for from Origin Origin in evolving earlier partners, and the strategic scale participate as capability. is project this mix the priority in proving call, catalyzed from development interest increasing Regarding partners in operational better X, to has Rich technology access scaling secure essential interest well-capitalized regarding with of our X's

We our Origin XXXX our to February conclude expect earnings will more cash intentionally the to Prioritizing business able outlook. with insights scaled chain activation supply during generation, its XXXX be back during provide near-term call.I quarter.

low business working long-term capital short-term has this high has margins requirements. Although and value, strategic it

million we XXXX to $XX in In in addition, revenue close some programs we $XX versus $XX we to $XX joint million. now project XXXX up million previously development projected expecting are to to close XXXX.Therefore, million

a our to $XX from EBITDA we range $XX on million. $XX $XX to beneficial a expect impact guidance million of As to this improving million result loss, reprioritization, million

intend to in earnings that, the back will we on I XXXX to remarks. call place to call turn closing provide take Lastly, next our guidance John February.With for expected

John Bissell

Thank you, briefly everyone a like remind I what to technology massive Matt. our opportunity represents. would

deeply unique with our up Scaling change over magnitude to patents. of customers, but stunning X level and technology I'm bringing emissions nearly chemical and to protected work want done reality. our technology the a and of committed support.And partners governments in line to eliminate $X of closing, in Origin's operating those is the the would a congratulate makes towards sectors, and in adding the win including and thus as Doing to we a everything. our so of plan. of its addressable stakeholders these I our for for bringing preserving planet.Our an by ingredients team's with effort our to their existing not made The scale for commitment to profound and all its is in market.In everyone Thank hard trillion put their will opportunity carbon will improve the of market. to functionality partners proud for that, some ask Origin, Origin future new of our the is our world to solution just how Origin, X tremendous found performance shareholders many who for to like as I is who for our industry to kind source of now aim and today of our materials, scope strategic you as first with incredibly Origin thank of all the continued the market basic its across questions. team well alignment of a technology building major continuous customers have success, take step the the our between our contributions operator strongly materials Our their the materials company's open in to and has

Operator

Mitsch with from come will question Fermium first Frank Research. Our Instructions] [Operator

Frank Mitsch

Matt. Nice drill little I'd how the and Origin on operations a and to commercial X. meet more operating like congrats you forth. to X And into over on Origin bit so the it's phone,

initial -- testing I feedstocks you unit how various about and on continuous to out you diversity both of speak a since running? feedstocks the mentioned operation the and expectations? to assume, out think that been basis. successfully that batch relative run, the with Can be it's on talk up been to you'll And you a operating turning are in able can I you've yields your basis

John Bissell

around thanks lot Sure. question. there's this. the of Frank, a know Yes. interest for We

starch. understand feedstocks But performance haven't the we've running individual particular. So start equipment we're really X.You different been We're of before on on sure a in yet. transitioning so to we -- that asked lot other Origin starts want We we -- we make really at still first running of all, to feedstocks. the piece we're performance of far, seen excellent yield about of

so very performance the very We of beginning, would and running the an excellent that's plants first-of-a-kind subpar think of saw plants, not surprised to we -- of pretty plant far. But is to talk on really we up, how haven't were performance beginning, pleasantly biomass although, had get -- there. really to was your like, productivity it by yet. hopefully quickly.What to the yield about maybe ramp you sort yield overall really even want from metrics that yet. haven't transitioned just I area for learn the still often performance. then saw from over ready the said, data starch, anticipate We We're with yet. plant sort you I where so you far, We these as enough pleased we

Frank Mitsch

drill could But that 'XX. the somewhat, base. the for mentioned activation guidance Taking process" on and mentioned year. it I talk producing if into pushing your you're materials joint into some of to out and of off development delivering another And about chain starch sales you wanted the you I that supply also programs down down "in the -- also

where influenced approvals where materials? the terms do that forth? to spec the be at meeting so for sending the the going specs are to being so you're top odd you stand looking by materials those delivery the of product customers and in And -- are we line when timeline And of various by

Richard Riley

capability Great Origin it's we've -- Rich. gives an X to large-scale as customers. said question. to samples Frank, incredible our The before, deliver us many

HTC getting term. will way near And JDA meaningful into multiple in CMF revenue, hands quantities materials the these is drives which that funded the the near-term customers principal and of so of sold our be

forward. script, we as as materials expect the and only to and customers we're go in that already so sending to said we And ramp continue

the medium a revenue driver be to of term. short in meaningful will that So our

Frank Mitsch

for I them? you're and seen terms cetera, are going me words saying it's I more, just already materials on that could you've produce What in the product up. put us mean, the in customers of to they're say So hoping you quality Rich, rather I'm that say that the but ready I'd if for spec than et hear rather mouth. to your follow

Richard Riley

being we're say, expected to in Yes. so customers of materials so to and producing what good produce us far the produce. our I'd what expected terms being we

very say surprises had no would smoothly. going everything and I is So we've

Operator

Our Steve America. with from Byrne next come question Bank of will

Steve Byrne

FDCA your technology are of that characterize say partners be license scale build more the faster actually own from be at Would to bucket Origin Origin interest existing would this an you plant, already from there, Yes. targeting the the this their more could to and parties that the level plants? you would they Or and building products? you're scratch from focused interested on be achieve would you infrastructure And you it's X getting that products commercial X. would latter lot have of a derived because

that? on thoughts Your

John Bissell

Sure. question, for it's above. Thanks Steve. of I the the all say would really

platform new So also and our understanding really customers a scaled that that have alternatives few are is challenging they technology very for they scaling understand solutions.

and we our so And partners, then it's we'll us customers from even help similar from call we wanting now technology. And leaning in to involved And can help so continued licensing customers scale guys the terms our reaction scale?And to scale with how is we conversations potential of in saying, get in from customers. those that's in get you working interest our partners them them, their technology. have to

developing into spent of XX years proprietary wide on as have partnerships to technology, core, structures. kinds technology things. highly platform the TAM.And a which think providing we're partners this can we all things those trillion of variety a at can they of variety take $X And so that But of make go the

feedstock, projects be have them have that them lot could construction capital them A some sites highly relevant. of expertise. and Some have of brownfield of

kind against capital looking them are deploy capital and of have to Some of goals. these

wide our a opportunities so bring And of for really scale. to market technology us range to at

Steve Byrne

going would consider get change could funding Origin for consider know X, you a path? you your that for that back made you in was Origin if X wondering And for focus would bio-PET, down those have but if just I alternatives. you

John Bissell

enormous bring very Well, our that a also would say, excited reasons and FDCA it. permutations find and I about about could FDCA more committed help product mean, be and to that and open-minded I PET, technology massive excited realize capability. of to market. we But to we to and continue are we're there's more as out there's market which for absolutely lot interest and a para-xylene different is very demand we're develop

bring looking a we're of at variety products to both at scale. options to So market

Operator

next comes with Our from Roberts question John Mizuho.

John Roberts

the in of You were that? equipment, measuring having Have all X. some Origin I solved problems you gauges with some in think,

John Bissell

Yes.

with -- So Origin you. how way, like and X the by a plant are

that. like a plant, really possibly of instrument a components one right with want we with the it. first-of-a-kind of plant is data that's off much especially as Origin understand can plant X, coming it So a to And what's interesting like the on to the of way as we

and see we with like this triangulating plant best. so measurement frankly is part step of work lot a are to ones of on in associated that which system the is particular purpose you're of our and And the in places, those given of to process of was -- systems use right -- the measurement a a the on to that sort see of that had multiple looking for instrumentations system.And of sort or what or interesting sort is whatever was sensors component or

things so some learned And we've there. definitely yes,

but lot measurement anything it in let's because say, I well, we it this might unlikely look think anyway like Frankly, would of put system seems cases, see surprised. for at we in shocking. this, didn't there right be and a we an

going and And when and about through that. sometimes a them we of we expect lot sometimes certainly didn't surprised, that to learning well.So they all and a weren't we've work worked we sense were really from surprised perspective been and didn't things

bring bit you're the sure and data to sort do a measurement going that systems and little getting best, out the you're the like have work you are when you plant this quite not of a online that's navigating I Additionally, of at if which to generally the Origin things surprising. And been that.But much they'll have you engineers X, we yes, about our of way you think It's out time speaking, pretty spend tell with way all fun that the anticipated ride, worked through. a through frankly.

my it I doing and challenging, made earlier challenging it first-of-a-kind are plants also was et cetera, first chain comments, because but challenges, said in a through project all plan COVID think it really of As relatively because supply I has to quite we the that, all behaved consider even performed well. more been you once it But more It's frankly. well expected be, so. than

John Roberts

then X Has continuously how it forth? Origin And down adjustment long continuously time near Matt rated an and a capacity? run at and And the in run take it before has to rated capacity actually weeks for have so as make you well. welcome

Richard Riley

We're weren't running point. at yet. that not to planning rated to this capacity really We close

originally lots we when bring lots -- of the way and the this we for ourselves think together room all ramp up it plant, was to schedule capacity. I gave to put it

and a -- this the the think continuous you end back so then comments, material on I it's then this run that we're I what and a it's mentioned really as have we drives Specifically, as plant on batches plant can this -- end. front about semi and in the and the continuous running could back talked front is my of know of prior before, end works you accumulating end.And enough part I on

enough the the and that level comments really really point. like we not prepared to But do we're way like optimum speculate the make we're definitely we're definitely plant with judgment productivity in the much different that happy -- not systems. But engineers that. this not and involved can yet, We so at product, way we're that point get around And these really on at still to learn what's there's doing phase. could engineers of We're at to in yet. that. some some that higher this producing data just data we're And

Operator

next Craig-Hallum. will question with from come Eric Stine Our

Unknown Analyst

the This here. anticipated the still billion just Stein X? for $X.X progress for you made And the guys for Can details provide [indiscernible] being on Origin about is Eric for is CapEx? financing more

Matthew Plavan

Yes.

we information really to last respect estimates, this more materially don't provided quarter capital we point. So with have at than

It revised do As fee fee takes to we it going then the the that time the we're takes package to mentioned, re-estimation. time do development. and through development package after some

really So near we won't really in more have the term. information

to.The when there. Origin we'll and Rich's We've points course, get back back X, seen of a really interest I around chance refer more on sort Of report lot. on other partnerships we point financing broadly that partner a for to

around part right some a than think Origin way big other respect approach to the licensing then well. to that the sort in Origin going up scale be partnership this, this initiation X X Origin what's partners is folding of of I licensing -- that be and understanding to financing with and and X -- could of but technology of considerations as Yes. also

sounds could that's like I think open so So way, it mute. line, the an it.By people check their

Unknown Analyst

And have if guys Got of number kind FDCA? for you guys it. a so, And then you expecting so do are noting that the $XX for surpassed, billion demand that? that timeline has

Richard Riley

in I say would with not have of a includes billion wide referenced the FDCA. our the more I we FDCA not for improved functional benefit sustainability We but just more continue any So to interesting problem think demand. like a also performance find variety we the material, applications really do applications. we of get FDCA variety where from $XX earlier, and will including products, And wide

And pX is Origin, so, PET story problem. similar not a demand for and to our just

Operator

Molchanov [Operator Raymond question come Financial. Instructions] will with Pavel James from Our next

Pavel Molchanov

'XX not be improving, but coming we So will for you're guess, context, guidance you see attempting giving whenever extra In yet, EBITDA obviously some profile. margin opposite a the of cash capacity a X out down production burn by the to to I speaks minimize revenue minimizing negative by that formally that test along Origin and burden full of where be the or willing cash you'll kind want to guidance way? to

Richard Riley

very Yes, focused on we're cash.

development support X funded so advance obviously revenues, learn Origin and the continuing plants. for potential products our generating And to other JDA to and

focused we're cash, so technology our advancing platform. but on we're And also

So we things moving innovating we'll learning keep forward. continue to do the keep do keep and to need to and

Pavel Molchanov

compare up you of outputs platform side I of cost a but that's disproportionately Okay. of other -- inflated, inputs, the is calls. structure? words, original question on cost benefiting guidance everything I losing generally get stack of the maybe price which because previous the also terms a the couple thought ground of on this is today everything in When winning? and line I've update. the through is of would top higher kind or In right, between asked changed an the

Richard Riley

looking Yes. looks of sort It's on years. sort to track look we're given that basis we say obviously plant built a going long-term speaking, few projections a of be should since outputs I what at like. a especially that to to and an at try provided or of to a compared interesting basis, the few that get last all couple running, that's are think, years.But relatively a I'd ago. the generally years consistent on We don't in we years question day-by-day medium try I actually now in right say, few to a inputs

if in a might think particular asked if asked this XXXX, been point. quarter question, quite I prices I answer remember in don't high a don't my you I it right, so. got -- if energy different, but have But you'd think because at particular

cost that our the to quite thing up the that's does bit relatively But what obviously relates have one is in that across is that from actually yet perspective, the biggest for are seen a meaningful inputs.I costs prices still a went the we've come an both and really capital is with significantly and obvious, we of seen impact. it So think instantaneous was change that I say commensurate which up. energy prices up generic product haven't us industry, increases. I'll think us And that's industry. capital

existing higher up just start to economics and with see capacity fill that before plants the impact downstream. investment have utilized I think to capital from going that pricing to costs of perspective, new be we're

Pavel Molchanov

Okay. on Last the the your or it. sales you some wins Z I question, That's receiving have X, appreciate color U.S.? in that. any Section XX or are X assuming credits from other you Origin in any sales

Richard Riley

Yes.

that some majority product is seeing vast although there. fuel part is or anticipating it goes applications calculus. but into Origin wins going of be that fuels, off we're rather applications, to aren't materials we into So component the a be of chemicals major the -- for X speaking, producing will and of RIN than is of not there going our that the Generally

Operator

our I [Operator Relations, go conduct Instructions] the it turn Ashish segment over of Investor Q&A today's will concludes next Q&A. that investor now segment. to ahead. And Please Gupta, live to

Ashish Gupta

Thank you, Jen.

investors everyone As who calls, we part all invited prior to have want in as participated. thank questions to our Ask-Origin submit We campaign. of

what with now many is While, answered during a John more. intended for questions highlight all producing? the remarks the you're questions were Q&A, would today.On we like near-term few or intermediates I and Starting prepared guess the OMX, journey are for John to

John Bissell

Yes.

whether questions, yes, So was around The were as mentioned, specifically, questions those para-xylene. then answer is you destination one will to going the them a couple some going of of And those of around the be we para-xylene. towards had for intermediates. going be to

to We have -- make to some reduction both the for [indiscernible] older then para-xylene. proprietary the the to chemistry that to [indiscernible] deals and also we developed

at going doing a applications. that's be scales, other sort be off towards And will -- So little majority going OMX of the material we them. the maybe of of there's actually, variety to OMX instantaneous are of coming smaller.But a vast whole rate

we that into those may different As mentioned gotten materials that before that our at value we chemicals our customers. to other see that's chance new a haven't the our making intermediates going applications, get And really large there those have completely with things play of value remarks, are frankly, of lot scales part of neither the to of OMX, be a we in towards. going prepared is

Ashish Gupta

Thank you added color, John. that for

we've Moving which our us some provide products, additional we around with you touched to But some unit economics and questions here. of on margins associated color? multiple economics received and can margins,

John Bissell

related of to sort Pavel's question. is This Yes.

plant to really in think enough haven't good. scale But more so forward. general compare of are we to sort looking say we'll that off a far, get or data out unit data, and the OMX seen OMX an collect good I we OMX plant going additional of the to to economics that the as we an performance of see yields expect really chance than is of

are communicate able to it people we're We'd interested, more like So that be too. we out know interested precisely. to on

quite yet. not data Just enough

Ashish Gupta

help any several on questions for financing plan. Thanks whether of including little a you received about X, us We've bit there? Okay. the Can more updates that. Origin there's

John Bissell

Yes.

in questions through It's we've But of to covering comment that lot I analyst won't historically. up all I'd same top I it. a the we existing discussed one say put details we the that of it. that the see of ended think go of and more there's so generic financing on still sources

additionally, playing sort those leaning like bonds, and as role. in activity So et still really customers to a as seeing the And private see the well. then of meaningful we we're things partners participate cetera,

fewer, I we're more yet financing, off think really for taken already we was anything that seeing So table the there. haven't and not options

Ashish Gupta

you up give it sense provide you on opportunity? Appreciate John. be Any Wrapping just us closures, better caps of can great. a can would color the here, and

John Bissell

sure. Yes,

we're our We that this materials see new materials. really excited do that of comes application an application development So and really as application. the we about for out it

work the the So part customers you've is doing. with expertise got materials developing improve that they're help could of them to materials new your have to to understand way what go downstream

And that's staff is quite business. from order those with so emerged to things that different on have the a that applications.And customers those technical of in caps this interface really excellent one we

And excited so about it. we're really

the just are caps key of market. market. in business it's while application are the to one huge Some $XX-plus area, a actually points this a billion It's caps,

though of, really bottle same caps actually is of obvious.Why So it's out kind you the here wouldn't seem a especially of bottle so recycled the much like, frequently less out is bottle by can material recycled. the that key is trivial. theoretically whereas recyclable, really, the cap the we since on make frankly, ubiquitously material, no driver cap make means the material PET And

were it's for grail mono-material key so that in sort been some done package people it nobody that but it It's seems But a about past. there's And why that this has required time, actually, of long done that's technical the insights a talked something so obvious. of haven't and holy people have really like to work, make successfully.

So we're whole really of really mono-material, big a a the excited the package about deal, that.As beverage I that's said, it's recyclability for package. the overall. enables a the -- really And material, single improves it

using over cap or got You than the better benefits barrier as do. caps PET well. polyethylene beyond actually polyolefin a It's as recyclability some get

So about customers see it. excited it. we're We excited really really about

core it's see cycles very an plants it's about and much it pull excited moving. to chemical and business capital moves our one a of demand, quicker something sort because our we're of that core it's when technology, has but And adjacent you innovation that and customer also so a amount tremendous

that with really about the thinking way winds now. nicely the And so think we up we're right world

Ashish Gupta

of the Really to thank color those investors exciting. Very all That's back the it portion going to and closing appreciate conclude extra for the now to Rich the I call. I'll for turn Q&A remarks. want thoughtful questions.

Richard Riley

you achievements Thanks, incredible with energized to and confidence us. looking and the thank by opportunities We're joined Ashish, ahead team's today. who in front everyone the recent of

in Origin our look Our X you cash, We're challenges our the our helping and success that and technology milestone of Thanks very excited again. our and addressable managing times. focused February. to near-term with to performance proved we're some begin platform to biggest environmental with trillion than over including ever serve of a we scalability, forward update revenue, next our historic on solve our to $X fundamentally was while more deploy market, and

Operator

This Thank attending. conference concludes call. today's you for

Origin Materials (ORGN) 9 Nov 232023 Q3 Earnings call transcript