PureCycle Technologies (NASDAQ: PCT) is a Florida-based plastics recycling company that commercializes a patented dissolution recycling technology to convert polypropylene waste into near-virgin quality recycled resin. Revenue is generated through the sale of PureFive® recycled polypropylene resin to consumer packaged goods, automotive, and other industrial customers under offtake subscription agreements. The Technology was originally developed by Procter & Gamble, which licenses it exclusively to PCT. The company's first commercial-scale facility, the Ironton Facility in Lawrence County, Ohio, was designed with production capacity of approximately 107 million pounds annually and achieved mechanical completion in 2023. A Feed PreP facility in Denver, Pennsylvania began operating in 2024 to sort and process incoming polypropylene waste feedstock. PCT is pre-profitability and capital-intensive, having raised $300.0 million in Series B Convertible Perpetual Preferred Stock in June 2025 and sold $41.9 million in aggregate par amount of revenue bonds at a discount during 2025 for net proceeds of $36.9 million. The company does not pay a dividend.

Revenue model

Transactional product sales of PureFive® recycled polypropylene resin under offtake subscription agreements with industrial and consumer packaged goods customers. Non-polypropylene feedstock sorted at Feed PreP facilities is baled and sold on the open market as a secondary revenue stream.

Products and services

PureFive® recycled polypropylene resin produced via a dissolution purification process using supercritical fluids. Compounding services (performed by third-party operators as of the FY2025 10-K filing) blend PureFive® resin with virgin resin or additives to meet end-user specifications for melt flow, flexibility, clarity, color, and strength. Polypropylene feedstock sorting and processing at Feed PreP facilities.

Customers and end markets

Consumer packaged goods companies, automotive parts manufacturers, textile producers, and other industrial buyers of polypropylene resin. Customers engage through offtake subscription agreements and letters of intent. Procter & Gamble is both the technology licensor and a validated offtake partner.

Value-chain role

Midstream recycler. PCT sits between polypropylene waste collectors and end-use resin buyers, processing waste feedstock into recycled resin that substitutes for virgin polypropylene in manufacturing.

Geographic exposure

Primary operations in the United States, with the Ironton Facility in Lawrence County, Ohio and a Feed PreP facility in Denver, Pennsylvania. The 10-K references future planned facilities in Europe, Asia, and other international locations.

Source: SEC 10-K, filed 2026-02-26

Industry: Plastic Materials, Synth Resins & Nonvulcan Elastomers