$PCT
PureCycle Technologies, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024127556 Filed on November 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.79M $13.17M
YoY Change -2.91% -8.41%
% of Gross Profit
Research & Development $1.544M $178.0K
YoY Change 767.42% -29.92%
% of Gross Profit
Depreciation & Amortization $7.430M $9.300M
YoY Change -20.11% 933.33%
% of Gross Profit
Operating Expenses $31.30M $35.25M
YoY Change -11.2% 67.15%
Operating Profit
YoY Change
Interest Expense $10.75M
YoY Change 875.5%
% of Operating Profit
Other Income/Expense, Net -$59.34M $40.13M
YoY Change -247.86% -389.54%
Pretax Income -$90.64M $4.886M
YoY Change -1955.08% -113.98%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$90.64M $4.886M
YoY Change -1955.08% -113.98%
Net Earnings / Revenue
Basic Earnings Per Share -$0.54 $0.03
Diluted Earnings Per Share -$0.54 $0.00
COMMON SHARES
Basic Shares Outstanding 173.5M 165.0M 164.0M shares
Diluted Shares Outstanding 166.5M 165.5M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $83.70M $211.4M
YoY Change -60.4% -1.67%
Cash & Equivalents $83.70M $199.3M
Short-Term Investments $0.00 $12.03M
Other Short-Term Assets $45.97M
YoY Change -56.67%
Inventory $6.620M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $101.5M $257.3M
YoY Change -60.56% -19.84%
LONG-TERM ASSETS
Property, Plant & Equipment $645.4M $625.9M
YoY Change 3.11% 42.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $158.5M
YoY Change 46.97%
Total Long-Term Assets $687.3M $814.5M
YoY Change -15.62% 43.89%
TOTAL ASSETS
Total Short-Term Assets $101.5M $257.3M
Total Long-Term Assets $687.3M $814.5M
Total Assets $788.8M $1.072B
YoY Change -26.41% 20.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.333M $6.847M
YoY Change -65.93% -3.56%
Accrued Expenses $29.59M $29.82M
YoY Change -0.77% -8.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $10.84M $7.065M
YoY Change 53.42%
Total Short-Term Liabilities $58.28M $51.97M
YoY Change 12.16% 13.47%
LONG-TERM LIABILITIES
Long-Term Debt $506.3M
YoY Change 117.08%
Other Long-Term Liabilities $2.163M $1.185M
YoY Change 82.53% 6.95%
Total Long-Term Liabilities $2.163M $1.185M
YoY Change 82.53% 6.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.28M $51.97M
Total Long-Term Liabilities $2.163M $1.185M
Total Liabilities $547.4M $630.3M
YoY Change -13.15% 71.01%
SHAREHOLDERS EQUITY
Retained Earnings -$568.7M -$320.1M
YoY Change 77.69% 37.27%
Common Stock $173.0K $164.0K
YoY Change 5.49% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.4M $441.6M
YoY Change
Total Liabilities & Shareholders Equity $788.8M $1.072B
YoY Change -26.41% 20.83%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income -$90.64M $4.886M
YoY Change -1955.08% -113.98%
Depreciation, Depletion And Amortization $7.430M $9.300M
YoY Change -20.11% 933.33%
Cash From Operating Activities -$20.91M
YoY Change 38.72%
INVESTING ACTIVITIES
Capital Expenditures $18.44M
YoY Change -121.69%
Acquisitions
YoY Change
Other Investing Activities -$12.02M
YoY Change -116.44%
Cash From Investing Activities -$30.46M
YoY Change 155.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 219.2M
YoY Change -42411.78%
NET CHANGE
Cash From Operating Activities -20.91M
Cash From Investing Activities -30.46M
Cash From Financing Activities 219.2M
Net Change In Cash 167.8M
YoY Change -709.49%
FREE CASH FLOW
Cash From Operating Activities -$20.91M
Capital Expenditures $18.44M
Free Cash Flow -$39.35M
YoY Change -156.25%

Facts In Submission

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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2166000
CY2023Q1 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
641000
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
CY2023Q3 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
818000
CY2023Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3285000
CY2023Q3 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-7000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
8530000
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
446418000
us-gaap Net Income Loss
NetIncomeLoss
-224458000
us-gaap Net Income Loss
NetIncomeLoss
-72680000
us-gaap Share Based Compensation
ShareBasedCompensation
8637000
us-gaap Share Based Compensation
ShareBasedCompensation
8703000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
54532000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-17669000
us-gaap Depreciation
Depreciation
23853000
us-gaap Depreciation
Depreciation
9766000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
10505000
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1840000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
330000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
149000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
2281000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
2171000
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 Change In Fair Value Of Put Option Liability
ChangeInFairValueOfPutOptionLiability
395000
pct Change In Fair Value Of Put Option Liability
ChangeInFairValueOfPutOptionLiability
0
pct Increase Decrease In Prepaid Expenses And Other Assets Current
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsCurrent
347000
pct Increase Decrease In Prepaid Expenses And Other Assets Current
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsCurrent
2468000
pct Increase Decrease In Prepaid Expenses And Other Assets Noncurrent
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsNoncurrent
63000
pct Increase Decrease In Prepaid Expenses And Other Assets Noncurrent
IncreaseDecreaseInPrepaidExpensesAndOtherAssetsNoncurrent
1523000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1829000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3489000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
675000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1527000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3379000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4375000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
-3334000
us-gaap Increase Decrease In Interest Payable Net
IncreaseDecreaseInInterestPayableNet
9867000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
33000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
0
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-2127000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1601000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-112985000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-61330000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
33989000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
142680000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
30586000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
12020000
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
14586000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-55329000
pct Payments For Purchase Of Revenue Bonds
PaymentsForPurchaseOfRevenueBonds
253230000
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
693695000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
48306000
pct Payments For Purchase Of Revenue Bonds
PaymentsForPurchaseOfRevenueBonds
0
pct Proceeds From Issuance Of Revenue Bonds To Related Party
ProceedsFromIssuanceOfRevenueBondsToRelatedParty
40000000
pct Proceeds From Issuance Of Revenue Bonds To Related Party
ProceedsFromIssuanceOfRevenueBondsToRelatedParty
0
pct Proceeds From Issuance Of Revenue Bonds
ProceedsFromIssuanceOfRevenueBonds
8000000
pct Proceeds From Issuance Of Revenue Bonds
ProceedsFromIssuanceOfRevenueBonds
0
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
38110000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
30050000
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
0
us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
21840000
us-gaap Proceeds From Issuance Of Preferred Limited Partners Units
ProceedsFromIssuanceOfPreferredLimitedPartnersUnits
0
pct Proceeds From Equipment Lease Financing
ProceedsFromEquipmentLeaseFinancing
9536000
pct Proceeds From Equipment Lease Financing
ProceedsFromEquipmentLeaseFinancing
22101000
pct Payments Of Equipment Financing
PaymentsOfEquipmentFinancing
3118000
pct Payments Of Equipment Financing
PaymentsOfEquipmentFinancing
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1178000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1122000
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
2383000
us-gaap Proceeds From Other Debt
ProceedsFromOtherDebt
0
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1119000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1849000
pct Payments On Related Party Revenue Bonds
PaymentsOnRelatedPartyRevenueBonds
475000
pct Payments On Related Party Revenue Bonds
PaymentsOnRelatedPartyRevenueBonds
0
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
0
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
225000000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
38000000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
0
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
6498000
pct Payments Of Debt Issuance Costs Related Party
PaymentsOfDebtIssuanceCostsRelatedParty
0
pct Payments Of Debt Issuance Costs Related Party
PaymentsOfDebtIssuanceCostsRelatedParty
2100000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-1261000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-257000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-110462000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
273275000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-208861000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
156616000
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
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93653000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
384139000
us-gaap Interest Paid Net
InterestPaidNet
33786000
us-gaap Interest Paid Net
InterestPaidNet
2736000
pct Additions To Property Plant And Equipment In Accrued Expenses
AdditionsToPropertyPlantAndEquipmentInAccruedExpenses
19245000
pct Additions To Property Plant And Equipment In Accrued Expenses
AdditionsToPropertyPlantAndEquipmentInAccruedExpenses
16152000
pct Additions To Property Plant And Equipment In Accounts Payable
AdditionsToPropertyPlantAndEquipmentInAccountsPayable
301000
pct Additions To Property Plant And Equipment In Accounts Payable
AdditionsToPropertyPlantAndEquipmentInAccountsPayable
4470000
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
6802000
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
1745000
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
83673000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
199349000
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
241000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
33277000
CY2024Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
9739000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
151513000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93653000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
384139000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
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
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
83673000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
73411000
CY2024Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
CY2023Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
48226000
CY2024Q3 pct Available Unrestricted Liquidity Amount
AvailableUnrestrictedLiquidityAmount
83673000
CY2023Q4 pct Available Unrestricted Liquidity Amount
AvailableUnrestrictedLiquidityAmount
121637000
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
9980000
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
229103000
CY2024Q3 pct Working Capital
WorkingCapital
43213000
CY2023Q4 pct Working Capital
WorkingCapital
107035000
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-568698000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-344240000
us-gaap Net Income Loss
NetIncomeLoss
-224458000
us-gaap Net Income Loss
NetIncomeLoss
-72680000
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
83700000
CY2024Q3 us-gaap Restricted Cash
RestrictedCash
10000000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
645389000
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
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 nine months ended September 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 nine months ended September 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 $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">3.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million and </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">4.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> million for the three and nine months ended September 30, 2023 and increased basic and diluted earnings per share ("EPS") by $</span><span style="font-size:10pt;font-family:Arial;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.02</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;">0.03</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">, respectively, for the three and nine months ended September 30, 2023 compared to what was presented in previous quarterly filings.</span></p>
CY2024Q3 pct Spare Parts Inventory
SparePartsInventory
2800000
CY2023Q4 pct Spare Parts Inventory
SparePartsInventory
1600000
CY2024Q3 us-gaap Depreciation
Depreciation
7430000
CY2023Q3 us-gaap Depreciation
Depreciation
5668000
us-gaap Depreciation
Depreciation
23853000
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
33000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.72
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1289000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.75
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2024Q3 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
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2959000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3283000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8713000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8700000
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
CY2024Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
44899000
CY2023Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-48817000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
54532000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-17669000
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-90639000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
8530000
us-gaap Net Income Loss
NetIncomeLoss
-224458000
us-gaap Net Income Loss
NetIncomeLoss
-72680000
CY2023Q3 us-gaap Warrant Down Round Feature Decrease In Net Income Loss To Common Shareholder Amount
WarrantDownRoundFeatureDecreaseInNetIncomeLossToCommonShareholderAmount
480000
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-90639000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8050000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-224458000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-72680000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
166513000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164018000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165224000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163783000
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.36
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.44
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-90639000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
8530000
us-gaap Net Income Loss
NetIncomeLoss
-224458000
us-gaap Net Income Loss
NetIncomeLoss
-72680000
CY2023Q3 pct Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrants
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrants
4049000
pct Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrants
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrants
1485000
CY2023Q3 pct Interest And Amortization On Green Convertible Notes
InterestAndAmortizationOnGreenConvertibleNotes
-81000
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-90639000
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
4400000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-224458000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-74165000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
166513000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
164018000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
165224000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
163783000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
395000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
197000
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1135000
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
166513000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165548000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
165224000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
163980000
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.36
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.45
us-gaap Depreciation
Depreciation
9766000
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
CY2024Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
0
CY2024Q3 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
CY2024Q3 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesRollingYearTwoThroughFiveAmortizedCostBasis
0
CY2024Q3 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
CY2024Q3 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
0
CY2024Q3 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
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
800000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 pct Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q3 pct Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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