PureCycle Technologies Files Q3 2024 10-Q

TL;DR

PureCycle's Q3 10-Q is in, check out their warrants and convertible debt.

AI Summary

PureCycle Technologies, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly Roth CH Acquisition I Co., reported on its financial performance and business activities. Key financial instruments mentioned include Series B Warrants, Convertible Debt Securities, and Restricted Stock Units.

Why It Matters

This filing provides investors with an update on PureCycle's financial health and operational progress for the third quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: medium — The filing details various financial instruments and potential future issuances, which can introduce financial complexity and risk.

Key Players & Entities

• PureCycle Technologies, Inc. (company) — Filer of the 10-Q
• Roth CH Acquisition I Co. (company) — Former name of PureCycle Technologies, Inc.
• 20240930 (date) — End of the reporting period
• 20241115 (date) — Filing date of the 10-Q
• Series B Warrants (financial_instrument) — Mentioned in the filing
• Convertible Debt Securities (financial_instrument) — Mentioned in the filing
• Restricted Stock Units (financial_instrument) — Mentioned in the filing

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share PCT The Nasdaq Stock Mark
• $11.50 — alue per share, at an exercise price of $11.50 per share PCTTW The Nasdaq Stock Ma

Filing Documents

• pct-20240930.htm (10-Q) — 2752KB
• pct-ex31_1.htm (EX-31.1) — 14KB
• pct-ex31_2.htm (EX-31.2) — 14KB
• pct-ex32_1.htm (EX-32.1) — 7KB
• pct-ex32_2.htm (EX-32.2) — 7KB
• img14934674_0.jpg (GRAPHIC) — 41KB
• 0000950170-24-127556.txt ( ) — 12985KB
• pct-20240930.xsd (EX-101.SCH) — 1922KB
• pct-20240930_htm.xml (XML) — 2617KB

- Financial Information

PART I - Financial Information

Financial Statements

Item 1. Financial Statements Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023 5 Unaudited Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months ended September 30, 2024 and 2023 6 Unaudited Condensed Consolidated Statements of Stockholder's Equity for the Three and Nine Months ended September 30, 2024 and 202 3 7 Unaudited Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 202 3 9 Notes to the Interim Condensed Consolidated Financial Statements 10

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 42

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 54

Controls and Procedures

Item 4. Controls and Procedures 54

- Other Information

PART II - Other Information

Legal Proceedings

Item 1. Legal Proceedings 55

Risk Factors

Item 1A. Risk Factors 55

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55

Other Information

Item 5. Other Information 56

Exhibits

Item 6. Exhibits 57

Signatures

Signatures 59 2 PureCycle Technologies, Inc.

- FINANCIA L INFORMATION

PART I - FINANCIA L INFORMATION CAUTIONARY STATEMENT ON FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements about the financial condition, results of operations, earnings outlook and prospects of PureCycle Technologies, Inc. ("PCT"). Forward-looking statements generally relate to future events or PCT's future financial or operating performance and may refer to projections and forecasts. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions (or the negative versions of such words or expressions), but the absence of these words does not mean that a statement is not forward-looking. The forward-looking statements are based on the current expectations of the management of PCT and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of this Quarterly Report on Form 10-Q. There can be no assurance that future developments will be those that have been anticipated. These forward-looking statements involve a number of risks, uncertainties or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those factors described in the section of PCT's Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the "Annual Report on Form 10-K") entitled "Risk Factors," those discussed and identified in other public filings made with the U.

- FINANCIAL INFORMATION — CONTINUED

PART I - FINANCIAL INFORMATION — CONTINUED PCT's ability to complete the necessary funding with respect to, and complete the construction of its first U.S. multi-line facility, located in Augusta, Georgia (the "Augusta Facility") and its first commercial-scale European plant located in Antwerp, Belgium, in a timely and cost-effective manner; PCT's ability to procure, sort and process polypropylene plastic waste at its planned plastic waste prep ("Feed PreP") facilities; PCT's ability to maintain exclusivity under the Procter & Gamble Company ("P&G") license (as described below); the implementation, market acceptance and success of PCT's business model and growth strategy; the success or profitability of PCT's offtake arrangements; the ability to source feedstock with a high polypropylene content at a reasonable cost; PCT's future capital requirements and sources and uses of cash; developments and projections relating to PCT's competitors and industry; the outcome of any legal or regulatory proceedings to which PCT is, or may become, a party including the securities class action and putative class action cases; geopolitical risk and changes in applicable laws or regulations; the possibility that PCT may be adversely affected by other economic, business, and/or competitive factors, including interest rates, availability of capital, economic cycles, and other macro-economic impacts; turnover or increases in employees and employee-related costs; changes in the prices and availability of labor (including labor shortages), transportation and materials, including inflation, supply chain conditions and its related impact on energy and raw materials, and PCT's ability to obtain them in a timely and cost-effective manner; any business disruptions due to political or economic instability, pandemics, armed hostilities (including the ongoing conflict between Russia and Ukraine and the conflict in the Middle East); the potential impact of climate cha

View Full Filing

View this 10-Q filing on SEC EDGAR