Origin Materials, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Origin Materials, Inc. has filed its 2023 Form 10-K, providing a comprehensive overview of its financial position and operational details for the fiscal year ending December 31, 2023.</b>

AI Summary

Origin Materials, Inc. (ORGNW) filed a Annual Report (10-K) with the SEC on March 5, 2024. Origin Materials, Inc. filed its 2023 Form 10-K on March 5, 2024, reporting on the fiscal year ending December 31, 2023. The filing details financial data for the fiscal years 2023 and 2022, including common stock, additional paid-in capital, retained earnings, and accumulated other comprehensive income. It references specific asset categories such as computer equipment, lab equipment, furniture, fixtures, machinery, land improvements, infrastructure, manufacturing equipment, pilot plants, and buildings as of December 31, 2023. The report includes information on standby letters of credit for both December 31, 2023, and December 31, 2022. Key dates mentioned include the filing date of March 5, 2024, and the fiscal year end of December 31, 2023.

Why It Matters

For investors and stakeholders tracking Origin Materials, Inc., this filing contains several important signals. This 10-K filing is crucial for investors and stakeholders to understand the company's financial health, asset base, and any potential risks or liabilities as of the end of the 2023 fiscal year. The detailed breakdown of financial components and asset categories offers insights into the company's investments and its operational infrastructure, which are key indicators for future performance.

Risk Assessment

Risk Level: medium — Origin Materials, Inc. shows moderate risk based on this filing. The company's financial disclosures in the 10-K, while detailed, do not yet show significant revenue generation or profitability, indicating a high degree of financial risk associated with its early-stage development and commercialization efforts.

Analyst Insight

Investors should closely examine the company's cash burn rate and future funding plans detailed within the 10-K to assess its long-term viability.

Key Numbers

• 2023-12-31 — Fiscal Year End (The reporting period for the 10-K filing.)
• 2024-03-05 — Filing Date (Date the 10-K was filed with the SEC.)
• 2023 — Fiscal Year (The year covered by the financial statements.)
• 2022 — Prior Fiscal Year (Comparative year for financial data.)

Key Players & Entities

• Origin Materials, Inc. (company) — Filer of the 10-K report.
• Artius Acquisition Inc. (company) — Former name of Origin Materials, Inc.
• West Sacramento, CA (location) — Business and mailing address of Origin Materials, Inc.

FAQ

Risk Factors

• Product Concentration Risk [medium — financial]: The company's revenue may be significantly impacted by a small number of customers, as indicated by the 'TopTwoCustomersMember' data.

Industry Context

Origin Materials operates in the industrial organic chemicals sector, focusing on developing sustainable materials from biomass.

Regulatory Implications

The filing is a standard SEC requirement for publicly traded companies, adhering to the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the detailed financial statements and footnotes in the 10-K for a thorough understanding of Origin Materials' financial position.
2. Analyze the company's asset breakdown to assess its operational capacity and investment in infrastructure.
3. Evaluate the risk factors section for potential challenges and their impact on the company's future operations and profitability.

Key Dates

• 2024-03-05: 10-K Filing — Official filing of the 2023 annual report.
• 2023-12-31: Fiscal Year End — End date of the reporting period.

Year-Over-Year Comparison

This filing represents the company's annual report for the fiscal year 2023, providing updated financial and operational data compared to previous filings.

Key Financial Figures

• $0.0001 — nge on which registered: Common Stock, $0.0001 par value per share ORGN The NASDAQ Cap
• $4.26 — 30, 2023, based on the closing price of $4.26 for shares of the Registrant's common s
• $1.0 — logy potentially addresses an estimated $1.0 trillion dollar market opportunity, and

Filing Documents

• orgn-20231231.htm (10-K) — 1621KB
• originmaterials-nonxempl.htm (EX-10.7) — 22KB
• originmaterials-insidert.htm (EX-19.1) — 30KB
• orgn-20231231xexx231.htm (EX-23.1) — 2KB
• orgn-20231231xexx232.htm (EX-23.2) — 2KB
• orgn-20231231xexx311.htm (EX-31.1) — 11KB
• orgn-20231231xexx312.htm (EX-31.2) — 11KB
• orgn-20231231xexx313.htm (EX-31.3) — 11KB
• orgn-20231231xexx321.htm (EX-32.1) — 9KB
• originmaterials-incentiv.htm (EX-97.1) — 19KB
• orgn-20231231_g1.jpg (GRAPHIC) — 136KB
• orgn-20231231_g2.jpg (GRAPHIC) — 326KB
• orgn-20231231_g3.jpg (GRAPHIC) — 118KB
• originmaterials-incentiv001.jpg (GRAPHIC) — 205KB
• originmaterials-incentiv002.jpg (GRAPHIC) — 281KB
• originmaterials-incentiv003.jpg (GRAPHIC) — 286KB
• originmaterials-incentiv004.jpg (GRAPHIC) — 256KB
• originmaterials-incentiv005.jpg (GRAPHIC) — 70KB
• originmaterials-incentiv006.jpg (GRAPHIC) — 110KB
• originmaterials-insidert001.jpg (GRAPHIC) — 241KB
• originmaterials-insidert002.jpg (GRAPHIC) — 146KB
• originmaterials-insidert003.jpg (GRAPHIC) — 273KB
• originmaterials-insidert004.jpg (GRAPHIC) — 237KB
• originmaterials-insidert005.jpg (GRAPHIC) — 204KB
• originmaterials-insidert006.jpg (GRAPHIC) — 225KB
• originmaterials-insidert007.jpg (GRAPHIC) — 222KB
• originmaterials-insidert008.jpg (GRAPHIC) — 226KB
• originmaterials-insidert009.jpg (GRAPHIC) — 98KB
• originmaterials-nonxempl001.jpg (GRAPHIC) — 197KB
• originmaterials-nonxempl002.jpg (GRAPHIC) — 281KB
• originmaterials-nonxempl003.jpg (GRAPHIC) — 286KB
• originmaterials-nonxempl004.jpg (GRAPHIC) — 328KB
• originmaterials-nonxempl005.jpg (GRAPHIC) — 261KB
• originmaterials-nonxempl006.jpg (GRAPHIC) — 164KB
• 0001802457-24-000019.txt (&nbsp;) — 17455KB
• orgn-20231231.xsd (EX-101.SCH) — 76KB
• orgn-20231231_cal.xml (EX-101.CAL) — 109KB
• orgn-20231231_def.xml (EX-101.DEF) — 370KB
• orgn-20231231_lab.xml (EX-101.LAB) — 1030KB
• orgn-20231231_pre.xml (EX-101.PRE) — 620KB
• orgn-20231231_htm.xml (XML) — 1203KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. Reserved 39 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 49 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 83 Item 9A.

Controls and Procedures

Controls and Procedures 83 Item 9B. Other Information 84 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 84 Part III Item 10. Directors, Executive Officers and Corporate Governance 85 Item 11.

Executive Compensation

Executive Compensation 85 Item 12.

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters 85 Item 13. Certain Relationships and Related Transactions, and Director Independence 85 Item 14. Principal Accounting Fees and Services 85 Part IV Item 15. Exhibits, Financial Statement Schedules 85 Item 16. Form 10-K Summary 89

Signatures

Signatures 90 WHERE YOU CAN FIND MORE INFORMATION Investors and others should note that we announce material financial information to our investors using our investor relations website, which can be found at https://investors.originmaterials.com/, as well as press releases, SEC filings, and public conference calls and webcasts. We also use the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters and for complying with our disclosure obligations under Regulation FD: Origin X (f/k/a Twitter) Account (https://twitter.com/OriginMaterials) Origin LinkedIn Page (https://www.linkedin.com/company/origin-materials) Origin Facebook Page (https://www.facebook.com/people/Origin-Materials/100057468488825) These channels may be updated from time to time on Origin's investor relations website. The information we post through these channels may be deemed material. Accordingly, investors should monitor them in addition to following our investor relations website, press releases, SEC filings, and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Annual Report on Form 10-K. CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Origin Materials, Inc. ("the Company", "Origin", "we", "us" and "our") makes forward-looking statements in this Annual Report (this "Annual Report") and in documents incorporated herein by reference. All statements, other than statements of present or historical fact included in or incorporated by reference in this Annual Report, regarding the Company's future financial performance, as well as the Company's strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward-looking statements.

Business

Item 1. Business Overview Origin is an innovative materials company with a mission to enable the world's transition to sustainable materials. We have pioneered a technology that has the potential to replace petroleum-based materials with decarbonized materials in a wide range of end products, such as food and beverage packaging, clothing, textiles, plastics, car parts, carpeting, tires, adhesives, soil amendments, fuels, and more. We have also developed other products that can enhance sustainability, such as our 100% PET circular caps and closures that can enable fully-recyclable PET containers and reduce waste through light-weighting, while providing enhanced performance such as greater oxygen and CO2 barrier properties that can increase shelf-life. These products complement our biomass conversion technology. We were formerly known as Artius Acquisition Inc. ("Artius"). Artius was originally registered under the Companies Law of the Cayman Islands on January 24, 2020, as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. On June 25, 2021, we consummated a merger pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of February 16, 2021 (as amended by the letter agreement dated March 5, 2021, the "Merger Agreement"), by and among Artius, Zero Carbon Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of Artius (the "Merger Sub"), and Micromidas, Inc., a Delaware corporation doing business as Origin Materials ("Legacy Origin"). Pursuant to the terms of the Merger Agreement, Artius effected a business combination with Legacy Origin through the merger of Merger Sub with and into Legacy Origin, with Legacy Origin surviving as the surviving company and as our wholly-owned subsidiary. We refer to this as the "Merger" and, collectively w

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View this 10-K filing on SEC EDGAR