$PCT
PureCycle Technologies, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024093899 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.79M $16.14M $15.18M
YoY Change -2.91% 18.5% 30.99%
% of Gross Profit
Research & Development $1.544M $1.565M $5.876M
YoY Change 767.42% 878.13% 2278.95%
% of Gross Profit
Depreciation & Amortization $7.430M $7.167M $1.317M
YoY Change -20.11% 79.18% 27.86%
% of Gross Profit
Operating Expenses $31.30M $39.92M $29.03M
YoY Change -11.2% 43.6% 35.39%
Operating Profit
YoY Change
Interest Expense $12.06M -$10.70M
YoY Change -592.24% -692.09%
% of Operating Profit
Other Income/Expense, Net -$59.34M -$8.290M $16.20M
YoY Change -247.86% -71.19% 57.64%
Pretax Income -$90.64M -$48.21M -$23.53M
YoY Change -1955.08% -14.78% 151.37%
Income Tax $0.00 $0.00 $650.0K
% Of Pretax Income
Net Earnings -$90.64M -$48.21M -$24.18M
YoY Change -1955.08% -14.78% 158.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54 -$0.29
Diluted Earnings Per Share -$0.54 -$0.29 -$0.15
COMMON SHARES
Basic Shares Outstanding 165.0M 164.6M 164.1M shares
Diluted Shares Outstanding 166.5M 164.7M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.70M $10.90M $121.6M
YoY Change -60.4% -62.26% -25.14%
Cash & Equivalents $83.70M $10.90M $73.41M
Short-Term Investments $0.00 $0.00 $48.23M
Other Short-Term Assets $41.01M
YoY Change -44.38%
Inventory $6.620M $6.114M $4.791M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $101.5M $31.93M $162.6M
YoY Change -60.56% -57.91% -31.15%
LONG-TERM ASSETS
Property, Plant & Equipment $645.4M $646.0M $638.7M
YoY Change 3.11% 2.73% 26.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $208.2M
YoY Change 107.63%
Total Long-Term Assets $687.3M $687.8M $876.7M
YoY Change -15.62% -15.83% 40.25%
TOTAL ASSETS
Total Short-Term Assets $101.5M $31.93M $162.6M
Total Long-Term Assets $687.3M $687.8M $876.7M
Total Assets $788.8M $719.8M $1.039B
YoY Change -26.41% -19.4% 20.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.333M $4.241M $2.881M
YoY Change -65.93% -60.95% 72.83%
Accrued Expenses $29.59M $30.93M $35.39M
YoY Change -0.77% -12.44% 0.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $10.84M $3.932M $9.148M
YoY Change 53.42% -38.81%
Total Short-Term Liabilities $58.28M $47.64M $55.61M
YoY Change 12.16% -12.36% 45.19%
LONG-TERM LIABILITIES
Long-Term Debt $507.4M
YoY Change 117.29%
Other Long-Term Liabilities $2.163M $2.233M $1.811M
YoY Change 82.53% 82.88% 59.42%
Total Long-Term Liabilities $2.163M $2.233M $1.811M
YoY Change 82.53% 82.88% -99.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.28M $47.64M $55.61M
Total Long-Term Liabilities $2.163M $2.233M $1.811M
Total Liabilities $547.4M $428.1M $619.1M
YoY Change -13.15% -6.68% 76.67%
SHAREHOLDERS EQUITY
Retained Earnings -$568.7M -$478.1M -$344.2M
YoY Change 77.69% 47.12% 41.94%
Common Stock $173.0K $165.0K $164.0K
YoY Change 5.49% 0.61% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.4M $291.6M $420.2M
YoY Change
Total Liabilities & Shareholders Equity $788.8M $719.8M $1.039B
YoY Change -26.41% -19.4% 20.67%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$90.64M -$48.21M -$24.18M
YoY Change -1955.08% -14.78% 158.31%
Depreciation, Depletion And Amortization $7.430M $7.167M $1.317M
YoY Change -20.11% 79.18% 27.86%
Cash From Operating Activities -$33.58M
YoY Change 119.25%
INVESTING ACTIVITIES
Capital Expenditures $11.22M
YoY Change -85.06%
Acquisitions
YoY Change
Other Investing Activities -$35.56M
YoY Change -158.77%
Cash From Investing Activities -$46.77M
YoY Change 220.52%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.275M
YoY Change 1348.86%
NET CHANGE
Cash From Operating Activities -33.58M
Cash From Investing Activities -46.77M
Cash From Financing Activities -1.275M
Net Change In Cash -81.62M
YoY Change 172.13%
FREE CASH FLOW
Cash From Operating Activities -$33.58M
Capital Expenditures $11.22M
Free Cash Flow -$44.80M
YoY Change -50.45%

Facts In Submission

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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-25842000
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
487571000
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
27000
CY2023Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3252000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-55368000
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
435428000
us-gaap Net Income Loss
NetIncomeLoss
-133819000
us-gaap Net Income Loss
NetIncomeLoss
-81210000
us-gaap Share Based Compensation
ShareBasedCompensation
5754000
us-gaap Share Based Compensation
ShareBasedCompensation
5418000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
9633000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
31148000
us-gaap Depreciation
Depreciation
16423000
us-gaap Depreciation
Depreciation
4098000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
5865000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
657000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
330000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
139000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1529000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
1459000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-21214000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0
pct Impairment Of Operating Right Of Use Asset
ImpairmentOfOperatingRightOfUseAsset
757000
pct Impairment Of Operating Right Of Use Asset
ImpairmentOfOperatingRightOfUseAsset
0
pct Increase Decrease In Prepaid Expenses And Other Assets Current
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsCurrent
1083000
pct Increase Decrease In Prepaid Expenses And Other Assets Current
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsCurrent
2262000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1323000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
2526000
pct Increase Decrease In Prepaid Expenses And Other Assets Noncurrent
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsNoncurrent
117000
pct Increase Decrease In Prepaid Expenses And Other Assets Noncurrent
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsNoncurrent
1625000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1254000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2372000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3051000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1175000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-1004000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
2060000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
66000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1376000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1049000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-79608000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-40424000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24718000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
124239000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
30586000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
0
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
79161000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
99371000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
23857000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-24868000
pct Payments For Purchase Of Revenue Bonds
PaymentsForPurchaseOfRevenueBonds
253230000
pct Payments For Purchase Of Revenue Bonds
PaymentsForPurchaseOfRevenueBonds
0
pct Proceeds From Issuance Of Revenue Bonds To Related Party
ProceedsFromIssuanceOfRevenueBondsToRelatedParty
30000000
pct Proceeds From Issuance Of Revenue Bonds To Related Party
ProceedsFromIssuanceOfRevenueBondsToRelatedParty
0
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
2185000
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
0
pct Proceeds From Equipment Lease Financing
ProceedsFromEquipmentLeaseFinancing
2000000
pct Proceeds From Equipment Lease Financing
ProceedsFromEquipmentLeaseFinancing
19747000
pct Payments Of Equipment Financing
PaymentsOfEquipmentFinancing
1617000
pct Payments Of Equipment Financing
PaymentsOfEquipmentFinancing
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1119000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1196000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
695000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
304000
pct Payments On Related Party Revenue Bonds
PaymentsOnRelatedPartyRevenueBonds
475000
pct Payments On Related Party Revenue Bonds
PaymentsOnRelatedPartyRevenueBonds
0
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-357000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-50000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
38000000
pct Payments Of Debt Issuance Costs Related Party
PaymentsOfDebtIssuanceCostsRelatedParty
0
pct Payments Of Debt Issuance Costs Related Party
PaymentsOfDebtIssuanceCostsRelatedParty
2100000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-223308000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
54097000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-279059000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11195000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
302514000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
227523000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23455000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
216328000
us-gaap Interest Paid Net
InterestPaidNet
21647000
us-gaap Interest Paid Net
InterestPaidNet
650000
pct Additions To Property Plant And Equipment In Accrued Expenses
AdditionsToPropertyPlantAndEquipmentInAccruedExpenses
20314000
pct Additions To Property Plant And Equipment In Accrued Expenses
AdditionsToPropertyPlantAndEquipmentInAccruedExpenses
24980000
pct Additions To Property Plant And Equipment In Accounts Payable
AdditionsToPropertyPlantAndEquipmentInAccountsPayable
1739000
pct Additions To Property Plant And Equipment In Accounts Payable
AdditionsToPropertyPlantAndEquipmentInAccountsPayable
7639000
pct Carrying Value Of Shareholder Loan Exchanged For Revenue Bonds Payable To Related Parties
CarryingValueOfShareholderLoanExchangedForRevenueBondsPayableToRelatedParties
44386000
pct Carrying Value Of Shareholder Loan Exchanged For Revenue Bonds Payable To Related Parties
CarryingValueOfShareholderLoanExchangedForRevenueBondsPayableToRelatedParties
0
pct Initial Fair Value Of Warrant Liability Issued To Satisfy Shareholder Loan Prepayment Penalty
InitialFairValueOfWarrantLiabilityIssuedToSatisfyShareholderLoanPrepaymentPenalty
3983000
pct Initial Fair Value Of Warrant Liability Issued To Satisfy Shareholder Loan Prepayment Penalty
InitialFairValueOfWarrantLiabilityIssuedToSatisfyShareholderLoanPrepaymentPenalty
0
us-gaap Paid In Kind Interest
PaidInKindInterest
1938000
us-gaap Paid In Kind Interest
PaidInKindInterest
422000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10895000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
28885000
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
2880000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
36098000
CY2024Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
9680000
CY2023Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
151345000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23455000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
216328000
CY2021Q1 pct Business Combination Contingent Consideration Liability Shares Maximum Issued
BusinessCombinationContingentConsiderationLiabilitySharesMaximumIssued
4000000
CY2021Q1 pct Business Combination Contingent Consideration Liability Shares
BusinessCombinationContingentConsiderationLiabilityShares
2000000
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriod
P1Y
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period Stock Price Trigger
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger
18
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period Threshold Trading Days
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays
20
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period Threshold Trading Day Period
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod
30
CY2021Q1 pct Business Combination Contingent Consideration Liability Shares
BusinessCombinationContingentConsiderationLiabilityShares
2000000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10895000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73411000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
48226000
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
12560000
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
229103000
CY2024Q2 pct Working Capital
WorkingCapital
-15710000
CY2023Q4 pct Working Capital
WorkingCapital
107035000
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-478059000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-344240000
us-gaap Net Income Loss
NetIncomeLoss
-133819000
us-gaap Net Income Loss
NetIncomeLoss
-81210000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10900000
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
12600000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Reclassifications</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">Certain amounts in prior periods have been reclassified to conform with the report classifications of the three and six months ended June 30, 2024 and 2023. Specifically, the Company reclassified certain expenses between Operating costs, Research and development, and Selling, general, and administrative to more accurately reflect the activities of the business. Total operating costs and expenses did not change for prior years.</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;">Immaterial Corrections Related to Prior Periods</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">We have identified an immaterial correction to certain 2023 quarters related to depreciation expense associated with the Ironton Facility assets (Machinery and equipment) placed in service during the period presented herein. We evaluated the effect of this correction on the interim condensed consolidated financial statements for the three and six months ended June 30, 2024 and 2023 in accordance with the guidance in ASC 250, Accounting Changes and Error Corrections, ASC 250-10-S99- 1, Assessing Materiality, and ASC 250-10-S99-2, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements. We have concluded that the 2023 prior periods are not materially misstated. Accordingly, we have reflected the 2023 prior period impacts and associated revisions for these periods presented herein.</span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The revision increased property, plant and equipment, net and decreased depreciation expense by $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">1.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million for the three and six months ended June 30, 2023 and increased basic and diluted EPS by $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.01</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> and $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.01</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">, respectively, for the three and six months ended June 30, 2023 compared to what was presented in previous quarterly filings.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2024Q2 pct Spare Parts Inventory
SparePartsInventory
2500000
CY2023Q4 pct Spare Parts Inventory
SparePartsInventory
1600000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
983000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
20.17
CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
355000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.73
pct Share Based Compensation Arrangement By Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedWeightedAverageRemainingContractualTerm
P10Y
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
16000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.72
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.72
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1315000
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y1M6D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
613000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.45
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3072000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3638000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5754000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5416000
CY2021Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
11.5
CY2021Q1 pct Class Of Warrant Or Right Redemption Price Of Warrants Or Rights
ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights
0.01
CY2021Q1 pct Class Of Warrant Or Right Redemption Of Warrants Or Rights Written Notice Of Redemption Threshold
ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsWrittenNoticeOfRedemptionThreshold
P30D
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period Stock Price Trigger
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriodStockPriceTrigger
18
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period Threshold Trading Days
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDays
20
CY2021Q1 pct Business Combination Contingent Consideration Liability Earnout Period Threshold Trading Day Period
BusinessCombinationContingentConsiderationLiabilityEarnoutPeriodThresholdTradingDayPeriod
30
CY2024Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-4311000
CY2023Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
26313000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
9633000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
31148000
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-48212000
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-55368000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-133819000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-81210000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164691000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164691000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163739000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163739000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164524000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
164524000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163664000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163664000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.29
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.81
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.5
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.5
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
686886000
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
40875000
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
646011000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
663257000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
24511000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
638746000
CY2024Q2 us-gaap Depreciation
Depreciation
7167000
CY2023Q2 us-gaap Depreciation
Depreciation
2804000
us-gaap Depreciation
Depreciation
16423000
us-gaap Depreciation
Depreciation
4098000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
48244000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
20000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
48226000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
0
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
0
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
48244000
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
48226000
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
0
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
0
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
0
CY2023Q4 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveFairValue
0
CY2024Q2 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
0
CY2024Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
CY2023Q4 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
48244000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
48226000
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0
CY2021Q2 pct Loss Contingency Number Of Class Actions
LossContingencyNumberOfClassActions
2
CY2024Q1 pct Loss Contingency Unpaid Invoices And Retainage
LossContingencyUnpaidInvoicesAndRetainage
526007.48
CY2024Q2 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
800000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
800000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 pct Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q2 pct Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
pct-20240630_htm.xml Edgar Link completed
0000950170-24-093899-index-headers.html Edgar Link pending
0000950170-24-093899-index.html Edgar Link pending
0000950170-24-093899.txt Edgar Link pending
0000950170-24-093899-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
img14931791_0.jpg Edgar Link pending
MetaLinks.json Edgar Link pending
pct-20240630.htm Edgar Link pending
pct-20240630.xsd Edgar Link pending
pct-ex10_7.htm Edgar Link pending
pct-ex31_1.htm Edgar Link pending
pct-ex31_2.htm Edgar Link pending
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report.css Edgar Link pending
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