The following is a summary of the PureCycle Technologies, Inc. (PCT) Q4 2023 Earnings Call Transcript:

Financial Performance:

• PureCycle Technologies reported its first revenue through sales in Q4.

• Production levels increased significantly, leading to potential savings due to lower energy usage.

• The company faced higher feedstock logistics costs and SG&A costs than expected.

• Invested roughly $85 million in preconstruction for new facility, Augusta.

• Q4 operating and corporate expenses totalled $27.5 million, in line with expectations.

• Unrestricted cash declined by approximately $90 million in Q4, mainly due to increase in general liquidity reserve.

Business Progress:

• Significant operational progress was made, with improvements in production rates and the production of co-products.

• The company views the planned Q2 outage as a key step for improvement.

• Transitioning towards traditional manufacturing processes to boost plant rates and improve product consistency and quality.

• Key feeds for the Ironton facility were successfully run.

• A partnership was formed with KBR for better facility engineering and application of lessons from Ironton plant for Augusta facility design.

• Plans underway to explore new economic opportunities.

• Maintains optimism about company's future, even though specific pricing levels were not discussed.

More details: PureCycle Technologies IR

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