$PCTTU

PureCycle Technologies, Inc.

CIK:0001830033|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenues	$ 4,512	$ 1,650	$ 8,639	$ 3,230
Operating expenses
Cost of operations	34,820	30,020	66,214	54,022
Research and development	1,414	1,409	2,969	2,961
Selling, general and administrative	9,612	15,819	22,585	29,566
Total operating costs and expenses	45,846	47,248	91,768	86,549
Operating loss	(41,334)	(45,598)	(83,129)	(83,319)
Other expense/(income)
Interest expense	15,393	17,640	30,775	32,704
Interest income	(992)	(621)	(2,374)	(1,000)
Change in fair value of warrants	52,492	82,295	29,495	25,626
Loss on extinguishment of debt	34,541	0	34,541	0
Other (income)/expense, net	(549)	(672)	94	(5,241)
Total other expense	100,885	98,642	92,531	52,089
Net loss	$ (142,219)	$ (144,240)	$ (175,660)	$ (135,408)
Loss per share
Basic (in usd per share)	$ (0.8)	$ (0.81)	$ (1.02)	$ (0.76)
Diluted (in usd per share)	$ (0.8)	$ (0.81)	$ (1.02)	$ (0.76)
Weighted average common shares
Basic (in shares)	184,240	179,666	182,369	178,493
Diluted (in shares)	184,240	179,666	182,369	178,493
Other comprehensive loss
Cumulative translation adjustment	$ (54)	$ (215)	$ (308)	$ (309)
Unrealized loss on available-for-sale investments	(3)	0	(19)	0
Total comprehensive loss	$ (142,276)	$ (144,455)	$ (175,987)	$ (135,717)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net loss	$ (175,660)	$ (135,408)
Adjustments to reconcile net loss to net cash used in operating activities
Equity-based compensation	4,506	9,765
Change in fair value of warrants	29,495	25,626
Depreciation expense	14,746	14,613
Loss on disposal of equipment	426	3,765
Amortization of debt issuance costs and debt discounts	13,493	11,147
Loss on extinguishment of debt	34,541	0
Operating lease amortization expense	2,395	2,251
Other	(350)	0
Changes in operating assets and liabilities
Accounts receivable, net	(3,803)	(2,126)
Inventory	(4,453)	(3,218)
Prepaid expenses and other current assets	(273)	1,023
Prepaid expenses and other noncurrent assets	323	1,011
Accounts payable	3,509	(1,823)
Accrued expenses and other current liabilities	(7,534)	618
Accrued interest	(3,201)	2,436
Operating lease right-of-use liabilities	(1,761)	(1,827)
Net cash used in operating activities	(92,684)	(75,590)
Cash flows from investing activities
Purchase of property, plant and equipment	(35,176)	(23,609)
Purchase of debt securities, available for sale	(88,046)	0
Sale and maturity of available-for-sale investments	42,181	0
Net cash used in investing activities	(81,041)	(23,609)
Cash flows from financing activities
Proceeds from issuance of Common Stock	163,001	33,307
Payments on related party revenue bonds	(3,720)	(535)
Proceeds from exercise and issuance of warrants	243	5,400
Payments on equipment financing	(2,938)	(4,297)
Stock and debt issuance costs	(16,884)	(1,000)
Payments to repurchase shares	(2,518)	(2,800)
Other financing activities	(620)	(1,314)
Net cash provided by financing activities	182,985	355,632
Net increase in cash and restricted cash	9,260	256,433
Cash and cash equivalents and restricted cash, beginning of period	168,034	41,511
Cash and cash equivalents and restricted cash, end of period	177,294	297,944
Operating activities
Interest paid during the period, net of capitalized interest	20,564	18,774
Non-cash financing activities
Stock and debt issuance costs accrued but not yet paid	1,657	6,525
Reconciliation of cash and cash equivalents and restricted cash reported in the condensed consolidated balance sheets
Cash and cash equivalents	165,223	284,067
Restricted cash - current	2,636	4,612
Restricted cash - noncurrent	9,435	9,265
Total cash, cash equivalents and restricted cash	177,294	297,944
Put Option
Adjustments to reconcile net loss to net cash used in operating activities
Change in fair value of put option	917	(3,443)
Series B
Cash flows from financing activities
Proceeds from issuance of Series B Convertible Perpetual Preferred Stock	0	300,000
Series B Convertible Perpetual Preferred Stock
Non-cash financing activities
PIK dividends on Series B Convertible Perpetual Preferred Stock	10,839	583
Series A Preferred Stock
Non-cash financing activities
PIK interest	2,144	1,985
Third Party
Cash flows from financing activities
Proceeds from issuance of revenue bonds	0	16,808
Related Party
Cash flows from financing activities
Proceeds from issuance of revenue bonds	0	10,063
Proceeds from revolving credit facility and related party note payable	0	14,900
Payments on revolving credit facility and related party note payable	0	(14,900)
Accounts Payable and Accrued Expenses
Non-cash investing activities
Additions to property, plant, and equipment	10,246	13,270
Convertible Senior Notes
Cash flows from financing activities
Proceeds from issuance of Convertible Senior Notes	287,500	0
Green Convertible Notes
Cash flows from financing activities
Repurchase of Green Convertible Notes	$ (241,079)	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and cash equivalents	$ 165,223	$ 156,694
Available-for-sale investments	59,593	13,631
Restricted cash - current	2,636	1,984
Accounts receivable, net	5,810	2,007
Inventory	18,277	13,824
Prepaid expenses and other current assets	9,220	9,877
Total current assets	260,759	198,017
NONCURRENT ASSETS
Restricted cash - noncurrent	9,435	9,356
Operating lease right-of-use assets	65,843	54,226
Property, plant and equipment, net	663,593	657,752
Prepaid expenses and other noncurrent assets	2,992	3,315
TOTAL ASSETS	1,002,622	922,666
CURRENT LIABILITIES
Accounts payable	13,056	9,247
Accrued expenses and other current liabilities	24,008	42,815
Accrued interest	2,461	7,805
Total current liabilities	100,209	87,565
NONCURRENT LIABILITIES
Deferred revenue	5,000	5,000
Operating lease right-of-use liabilities	63,530	52,350
Other noncurrent liabilities	3,624	2,710
TOTAL LIABILITIES	671,590	572,078
COMMITMENTS AND CONTINGENCIES (NOTE 10)
MEZZANINE EQUITY
Series B Convertible Perpetual Preferred Stock - $0.001 par value, 300 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	315,530	304,701
STOCKHOLDERS' EQUITY
Common Stock - $0.001 par value, 450,000 shares authorized; 200,905 and 180,281 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	201	180
Additional paid-in capital	1,007,534	861,953
Accumulated other comprehensive loss	(632)	(305)
Accumulated deficit	(991,601)	(815,941)
TOTAL STOCKHOLDERS' EQUITY	15,502	45,887
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS' EQUITY	1,002,622	922,666
Series A Preferred Stock
NONCURRENT LIABILITIES
Series A Preferred Stock liability	37,443	29,606
Warrants
CURRENT LIABILITIES
Current portion of warrant liability	50,828	13,682
NONCURRENT LIABILITIES
Warrant liability, less current portion	37,498	45,149
Long-Term Debt
CURRENT LIABILITIES
Current portion of long-term debt	2,026	6,446
NONCURRENT LIABILITIES
Long-term debt, less current portion	342,762	263,355
Related Party
CURRENT LIABILITIES
Current portion of long-term debt	7,830	7,570
NONCURRENT LIABILITIES
Long-term debt, less current portion	$ 81,524	$ 86,343