The following is a summary of the PureCycle Technologies, Inc. (PCT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• PureCycle Technologies reported a liquidity of approximately $25 million unrestricted cash at the end of the first quarter in 2024, excluding cash collateral.

• The company reached an agreement for the sale of $37.5 million worth of bonds which will provide additional liquidity of $30 million.

• The organization is engaging in proprietary marketing of bonds which would extend their liquidity.

• Regular expenditures indicate spending of around $8.5 million a month.

Business Progress:

• PureCycle showed significant progress in site reliability and co-product 2 removal, two key operational aspects, leading to a six-fold increase in overall production compared to the previous quarter.

• The company is transitioning to continuous operations and is focusing on product quality and driving output consistency.

• They have extended their product trials and are keen on customer approval as demand in the recycled product market remains high.

• Significant operational improvements are ongoing at their Ironton site, with partners KBR assisting especially in incorporating solutions for the Augusta site.

• They are preparing to expand their distribution and are exploring growth opportunities in the fiber and film markets.

• PureCycle is proactively tackling operational reliability issues to enable multi-site expansion.

More details: PureCycle Technologies IR

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