- PureCycle Technologies Inc PCT reported a second-quarter net loss per share of $(0.09), the same as a year ago. Net loss widened to $(15) million for the quarter from $(11.06) million in 2Q21.
- PCT's net cash used in operating activities year-to-date totaled $(35.09) million, compared to $(34.72) million a year ago.
- As of June 30, 2022, the company had total liquidity of $516.4 million, including $349.8 million of cash, cash equivalents, and debt securities available for sale and $166.6 million in restricted cash.
- PureCycle's flagship purification facility in Ironton remains on track, with mechanical completion expected in the fourth quarter of 2022, followed by initial pellet production by year-end.
- Also Read: Purecycle Technologies Shares Slide On Leadership Changes Announcement
- Augusta's purification lines 1 and 2 are currently 70% allocated through multi-year offtake contractual agreements and commitments, with notable volume derived from packaging converters.
- To enhance feedstock supply for the Augusta multi-line purification facility and maximize transportation efficiencies, the company is continuing to develop three regional feedstock PreP facilities along the East Coast.
- Larry Somma, PureCycle's Chief Financial Officer, commented, "We are pleased that project debt financing is expected to be completed by the fourth quarter of 2022. Upon the anticipated closing of this transaction, we expect to have sufficient capital to fund Augusta's first two purification lines and three East Coast PreP facilities."
- Price Action: PCT shares are trading lower by 0.11% at $9.44 during the market session on Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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