PureCycle Q1 net loss $85.6M; agrees to sell $94.3M bonds to Pure Plastic

PureCycle Technologies, Inc.

Net loss $85.6M ($0.52 diluted share) vs $25.8M ($0.16) in Q1 2023.
Loss includes $21.2M from bond purchase, $9.1M non-cash warrant change, $8.0M higher depreciation.
Ironton facility paused in April for improvements; restarting operations expected this week.
Agreed to sell $94.3M par value of bonds to Pure Plastic at $800/$1,000; Term Loan deemed prepaid.
Will issue ~3.1M Series B warrants at $11.50 to satisfy prepayment premium on Term Loan.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.98

PureCycle Technologies, Inc. reported first quarter ended March 31, 2024 results: net income net loss of $85.6 million, EPS $0.52 per diluted share.

Period: first quarter ended March 31, 2024
Net income: net loss of $85.6 million
EPS: $0.52 per diluted share
Result: reported results

Exact text from the filing

The Company reported a net loss of $85.6 million, or $0.52 per diluted share of common stock, for the first quarter of 2024, compared to a net loss of $25.8 million, or $0.16 per diluted share, for the first quarter of 2023.

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Source: SEC EDGAR

accession 0000950170-24-053959

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