Origin Materials, Inc. (ORGN): restructuring charge — Origin Materials cuts ~28% workforce, shifts Origin 1 to on-demand, focuses on PET caps

Origin Materials, Inc.

Workforce reduction of ~28% largely completed by Q4 2024; restructuring charge of ~$0.6M ($0.5M cash, $0.1M non-cash).
Origin 1 facility in Sarnia, Ontario to operate 'on demand' with reduced staffing for customer sample production.
2024 guidance maintained: revenue $25-35M, net cash burn $55-65M; PET cap commercial production on track for late 2024.
First caps customer signed MOU for billions of caps worth over $100M over initial two-year term.
Resource reallocation from non-PET cap R&D to caps and closures to accelerate path to profitability.

Key facts

Extracted from this filing and checked against the source text.

Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

Origin Materials, Inc. announced a restructuring with charges of approximately $0.6 million affecting global workforce and Origin 1 facility in Sarnia, Ontario (approximately 28% of the Company's global workforce).

Type: restructuring
Charge: approximately $0.6 million
Affected area: global workforce and Origin 1 facility in Sarnia, Ontario
Headcount: approximately 28% of the Company's global workforce

Exact text from the filing

subject to compliance with statutory notice periods, where applicable. The Company expects to record a restructuring charge related to the workforce reduction of approximately $0.6 million, primarily consisting of severance and benefits costs, inclusive of cash expenditures for employee separation costs of approximately $0.5 million and non-cash charges of

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3 restructurings & charges filed in the last 30 days. Browse all restructurings & charges →

Origin Materials, Inc. filing history →

Source: SEC EDGAR

accession 0001802457-24-000061

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