Origin Materials Inc (ORGN) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials second-quarter 2025 earnings call. (Operator Instructions) The conference is being recorded. (Operator Instructions) At this time for opening remarks and introductions, I will turn the call over to Ryan Smith, co-founder and Chief Product Officer. Please go ahead.

感謝您的支持。我是會議主持人。歡迎參加 Origin Materials 2025 年第二季財報電話會議。（操作員指示）會議正在錄音。（操作員指示）現在，我將致開幕詞和介紹，並將電話轉給聯合創始人兼首席產品官 Ryan Smith。請繼續。

Thank you. Good afternoon, and thank you for joining us, everyone. Speaking first today is Origin's CEO and Co-Founder, John Bissell; followed by CFO and COO, Matthew Plavan. Then we will open the call to questions from analysts and discuss questions submitted as part of this quarter's Ask Origin campaign. Ahead of this call, Origin has issued its 2025 second-quarter press release and presentation, these can be found on the Investor Relations section of our website at originmaterials.com.

謝謝。下午好，感謝大家的參與。今天首先發言的是 Origin 的執行長兼聯合創始人 John Bissell；隨後是財務長兼營運長 Matthew Plavan。然後，我們將開始回答分析師的提問，並討論作為本季度 Ask Origin 活動的一部分提交的問題。在本次電話會議之前，Origin 已發布了其 2025 年第二季新聞稿和簡報，可在我們網站 originmaterials.com 的投資者關係部分找到。

Please note that during our discussion today, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views as of today, should not be relied upon as representative about views of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

請注意，在今天的討論中，我們將根據當前的預期和假設做出前瞻性陳述，這些陳述將受到風險和不確定性的影響。這些聲明反映了我們截至今天的觀點，不應被視為代表任何後續日期的觀點，並且我們不承擔根據新資訊或未來事件修改或公開發布對這些前瞻性聲明的任何修訂結果的義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from its expectations. For further discussion on the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC including our quarterly report on Form 10-Q filed today.

這些聲明受到各種風險和不確定性的影響，可能導致實際結果與預期有重大差異。有關可能影響我們財務業績的重大風險和其他重要因素的進一步討論，請參閱我們向美國證券交易委員會提交的文件，包括我們今天提交的 10-Q 表季度報告。

During today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of Origin Materials' performance. These non-GAAP measures should be considered in addition to and not a substitute for or in isolation from GAAP results. You will find additional disclosures regarding the non-GAAP financial measures discussed on today's call in our press release issued this afternoon and our filings with the SEC, which will be posted to our website.

在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標可作為 Origin Materials 績效的補充指標。這些非 GAAP 指標應被視為對 GAAP 結果的補充，而不是替代或與 GAAP 結果分開。您可以在我們今天下午發布的新聞稿和向美國證券交易委員會提交的文件中找到有關今天電話會議上討論的非公認會計準則財務指標的更多披露，這些文件將發佈在我們的網站上。

The webcast of this call will also be available on the Investor Relations section of our company website. With that, I will turn the call over to John.

本次電話會議的網路直播也將在我們公司網站的投資者關係部分提供。說完這些，我會把電話轉給約翰。

Thank you, Ryan. Good afternoon. In a separate press release issued today, we announced the first Origin PET bottlecaps are now on store shelves, a world's first and a significant inflection point for the company and the packaging industry. We are now officially in market with our 1881 cap for noncarbonated water, a $7 billion segment of the caps market.

謝謝你，瑞安。午安.在今天發布的另一份新聞稿中，我們宣布首批 Origin PET 瓶蓋現已上架，這是世界首創，也是公司和包裝行業的重要轉折點。現在，我們已正式進入 1881 年非碳酸水瓶蓋市場，這是瓶蓋市場中價值 70 億美元的一個細分市場。

Coupled with our recent customer announcements, including our first publicly named customer, Berlin Packaging and recent progress reports on our manufacturing capacity build-out we are closer than ever to bringing our transformative PET bottlecap technology to the entire $65 billion closures packaging market.

加上我們最近發布的客戶公告，包括我們的第一個公開指定的客戶柏林包裝公司，以及我們製造能力建設的最新進展報告，我們比以往任何時候都更接近將我們的變革性 PET 瓶蓋技術推向整個 650 億美元的封蓋包裝市場。

Our technology platform produces what we believe to be the world's first and only commercially viable PET caps. The platform excels in seven area, recyclability; oxygen barrier, which enables longer shelf life; closure diameter, enabling more economic large formats; thickness, which enables lighter weight; rigidity, which gives a premium feel; use of recycled content; and optical clarity.

我們的技術平台生產出我們認為是世界上第一個也是唯一一個具有商業可行性的 PET 瓶蓋。該平台在七個方面表現出色：可回收性；氧氣阻隔性，可延長保質期；封蓋直徑，可實現更經濟的大尺寸；厚度，可減輕重量；剛性，可提供優質的感覺；使用再生材料；光學清晰度。

Successful commercialization will be a step change for recycling and improved packaging performance while creating significant value for our shareholders in the process. During the quarter, we maintained laser focus on the priority build-out of our first eight CapFormer lines, making solid progress advancing through the various stages of order placement, manufacturer testing and shipping of lines two through eight.

成功的商業化將為回收和包裝性能的提高帶來重大變化，同時為我們的股東創造巨大的價值。在本季度，我們始終專注於優先建造前八條 CapFormer 生產線，在訂單下達、製造商測試和第二至第八條生產線的發貨等各個階段取得了紮實的進展。

Despite our progress, we experienced a number of OEM manufacturing delays, including slower subcomponent deliveries and procurement delays, often due to tariff considerations. As a result, we expect FAT completion for each of our lines to be 30 to 90 days beyond our prior expectations. These delays accentuate the gap between the indicated demand for Origin's PET caps and our production capacity, leaving money on the table.

儘管我們取得了進展，但我們還是經歷了一些 OEM 製造延遲，包括子組件交付速度變慢和採購延遲，這通常是由於關稅考慮。因此，我們預計每條生產線的 FAT 完成時間將比我們先前預期的高出 30 到 90 天。這些延誤加劇了 Origin PET 瓶蓋的需求與我們的生產能力之間的差距，導致資金損失。

Separately, we have fielded a number of strategic collaboration inquiries reflecting the natural synergy between the robust manufacturing and distribution capabilities of legacy packaging companies and the high-value products and innovative technology development capabilities at Origin.

另外，我們也接到了許多策略合作諮詢，反映了傳統包裝公司的強大製造和分銷能力與 Origin 的高價值產品和創新技術開發能力之間的自然協同作用。

The packaging industry is well-defined, highly commoditized and very competitive. Its core competencies are operational efficiency, consistently high productivity and reliable delivery. What we hear regularly from customers, however, is that innovation in the packaging industry is lacking.

包裝產業定義明確、商品化程度高且競爭激烈。其核心競爭力是營運效率、持續的高生產力和可靠的交付。然而，我們經常從客戶那裡聽到的是，包裝產業缺乏創新。

To pursue these emerging opportunities and help address the gap between the indicated demand and production capacity for Origin's PET caps, we've launched a strategic review with our financial adviser, RBC Capital Markets to identify accretive strategies that can enhance the company's access to manufacturing capacity marketing and distribution capabilities and strategic capital.

為了抓住這些新興機會並幫助解決 Origin PET 瓶蓋的預期需求和生產能力之間的差距，我們與財務顧問 RBC Capital Markets 一起啟動了一項戰略審查，以確定可以增強公司獲得製造能力、營銷和分銷能力以及戰略資本的增值策略。

We believe this will enable value capture beyond what we can achieve organically, potentially enabling Origin to more effectively fulfill pent-up demand and accelerate our efforts to unlock shareholder value in the near term.

我們相信，這將使我們獲得超越有機實現的價值，有可能使 Origin 更有效地滿足被壓抑的需求，並加快我們在短期內釋放股東價值的努力。

One early result of our strategic review is an important refinement of our go-to-market strategy to more effectively prioritize and capture high-value opportunities within the over $65 billion caps enclosures market which is comprised of a number of differentiated segments.

我們的策略評估的早期成果之一是對我們的市場進入策略進行了重要的改進，以便更有效地優先考慮並抓住由多個差異化細分市場組成的超過 650 億美元的瓶蓋外殼市場中的高價值機會。

Our current strategic prioritization targets five large functional segments, including water at $7 billion, carbonated soft drinks or CSD at $6 billion, other beverage applications, such as hot fill, ready-to-drink, beer, wine, milk and sports drinks at $18 billion. Food and pharmaceutical at $20 billion and other non-beverage at $17 billion.

我們目前的策略重點是針對五大功能領域，包括價值 70 億美元的水、價值 60 億美元的碳酸軟性飲料或 CSD，以及其他價值 180 億美元的飲料應用，例如熱灌裝、即飲、啤酒、葡萄酒、牛奶和運動飲料。食品和藥品為 200 億美元，其他非飲料為 170 億美元。

Each segment utilizes different cat formats to achieve unique performance characteristics required by the product. Previously, our approach had been to design a single 1881 cap to serve all of these markets. However, following the recent successful qualification of our 1881 cap for flat water, we can now begin immediately selling into the 1881 flat water market rather than waiting until completion of the final designs for the 1881 cap that will serve the broader CSD market later in 2026.

每個部分採用不同的 cat 格式來實現產品所需的獨特性能特性。以前，我們的方法是設計一個單一的 1881 上限來服務所有這些市場。然而，隨著我們最近成功獲得適用於平靜水域的 1881 型瓶蓋的資格認證，我們現在可以立即開始向 1881 型平靜水域市場銷售產品，而不必等到 2026 年晚些時候將服務於更廣泛的 CSD 市場的 1881 型瓶蓋的最終設計完成。

Our PET cap works, caps qualification for a customer's water requirements succeeded on a commercial bottling system and went on store shelves. We continue to work side-by-side with CFD customers and anticipate success with CSD qualification with a focus on impact resistance and multi-day heated horizontal stress testing. Given the design freedom and material properties afforded by our proprietary method for producing PET caps, we believe CSD qualification is a matter of when, not if.

我們的 PET 瓶蓋符合客戶的用水要求，並在商業裝瓶系統上取得了成功，並上架了商店貨架。我們將繼續與 CFD 客戶並肩工作，並期待 CSD 認證取得成功，重點關注抗衝擊性和多日加熱水平應力測試。鑑於我們專有的 PET 瓶蓋生產方法所提供的設計自由度和材料特性，我們相信 CSD 認證只是時間問題，而不是是否能獲得認證的問題。

Next, I will highlight a few of our recently announced strategic partnerships and customer relationships and then share the status of our manufacturing capacity build out. Earlier this month, we announced a new customer, Berlin Packaging.

接下來，我將重點介紹我們最近宣布的一些策略合作夥伴關係和客戶關係，然後分享我們的製造能力建構狀況。本月初，我們宣布了一位新客戶，柏林包裝公司。

Berlin Packaging is a respected market leader and has agreed to purchase PET 1881 caps from Origin materials for sale and distribution. Berlin's broad and deep distribution footprint not only immediately extends our market reach for 1881, but also opens the door for all our forthcoming formats across all closure applications globally.

Berlin Packaging 是一家受人尊敬的市場領導者，並已同意從 Origin 材料公司購買 PET 1881 瓶蓋用於銷售和分銷。柏林廣泛而深入的分銷足跡不僅立即擴大了我們 1881 的市場範圍，而且為我們即將推出的適用於全球所有封蓋應用的所有格式打開了大門。

As a strategic customer, Berlin was exceptionally attractive because of their expertise in connecting closure products with brands to unlock the highest value opportunities. We look forward to working with Berlin and to revealing more about our other customers as well. On the supply side, we continue to grow our manufacturing capacity and execute our adaptive supply chain strategy actively responding to macroeconomic uncertainty and changing conditions.

作為策略客戶，柏林因其在將封蓋產品與品牌連接以釋放最高價值機會方面的專業知識而極具吸引力。我們期待與柏林合作並透露更多有關我們其他客戶的資訊。在供應方面，我們持續提高製造能力，並實施自適應供應鏈策略，積極應對宏觀經濟的不確定性和不斷變化的條件。

The status of our CapFormer build-out is as follows: our first CapFormer system is producing PET caps in Reed City, Michigan. Two additional cap formers, including thermoformers and for one of the cap formers all of its subsystems arrived in the United States from Europe in July and August of 2025. The equipment arrived at Reed City prior to or receive an exemption from the EU and Switzerland tariff increases to 15% and 39%, respectively, saving over $1 million.

我們的 CapFormer 建設現況如下：我們的第一個 CapFormer 系統正在密西根州里德城生產 PET 瓶蓋。另外兩台瓶蓋成型機（包括熱成型機）及其所有子系統於 2025 年 7 月和 8 月從歐洲運抵美國。這些設備在歐盟和瑞士關稅分別上調至 15% 和 39% 之前抵達里德城或獲得豁免，節省了 100 多萬美元。

We continue to expect CapFormers three through six to complete factory acceptance testing on a rolling basis through Q4 of 2025, and primarily due to capital constraints accentuated by tariff exposure, we now plan to complete factory acceptance testing for CapFormer seven and eight in the second half of 2026, updated from Q1 2026.

我們繼續預計 CapFormer 三至六將在 2025 年第四季之前滾動完成工廠驗收測試，並且主要由於關稅風險加劇的資金限制，我們現在計劃在 2026 年下半年完成 CapFormer 七和八的工廠驗收測試，從 2026 年第一季更新。

In July, we announced a new European mass production partner, Royal Hordijk, further diversifying Origin's manufacturing footprint in response to continued pressure from US tariffs on European imports. European manufacturing capacity expands Origin's global footprint, enabling the production and sale of PET caps without equipment or caps crossing US borders.

7 月，我們宣布了新的歐洲大規模生產合作夥伴 Royal Hordijk，進一步多元化 Origin 的製造足跡，以應對美國對歐洲進口產品徵收關稅的持續壓力。歐洲的製造能力擴大了 Origin 的全球影響力，使其無需設備或瓶蓋跨越美國邊境即可生產和銷售 PET 瓶蓋。

Hordijk is a leading Dutch producer of sustainable plastic packaging solutions in operation for over 100 years. Hordijk will use its PET extruders to produce extruded sheet for use in CapFormer production lines owned by Origin and operated by Hordijk and Hordijk in the EU.

Hordijk 是荷蘭領先的永續塑膠包裝解決方案生產商，擁有超過 100 年的營運歷史。Hordijk 將使用其 PET 擠出機生產擠出片材，供 Origin 擁有並由 Hordijk 和 Hordijk 在歐盟運營的 CapFormer 生產線使用。

We expect Hordijk PET extruders and extrusion expertise can drive capital cost efficiency for CapFormer lines. We anticipate installing the first CapFormer in a Hordijk facility before the end of Q1 2026. Finally, our sales pipeline remained strong, and interest remains high for larger cap formats with attractive unit economics.

我們期望 Hordijk PET 擠出機和擠出專業知識能提高 CapFormer 生產線的資本成本效率。我們預計將於 2026 年第一季末之前在 Hordijk 工廠安裝第一台 CapFormer。最後，我們的銷售管道依然強勁，對於具有吸引力單位經濟效益的較大容量格式的興趣仍然很高。

We believe our thermal forming PET technology advances us disproportionately as format size increases, which we believe will translate to higher margins than HDPE caps, the larger the format. A key objective of our strategic review process is to identify opportunities to accelerate our development and deployment of these new formats.

我們相信，隨著規格尺寸的增加，我們的熱成型 PET 技術將為我們帶來巨大的進步，我們相信，規格越大，利潤率將高於 HDPE 瓶蓋。我們的策略審查過程的關鍵目標是尋找機會加速我們開發和部署這些新格式。

And now I'll hand it over to Matt for a review of our expected near-term financial performance.

現在我將把會議交給馬特，讓他來審查我們預期的近期財務表現。

Thanks, John, and good afternoon, everyone. I'd like to begin with an update on our financing strategy. As we previously indicated, we endeavor to source the majority of funds for our capital equipment build-out on our way to sustain profitability from non-dilutive capital such as equipment and corporate debt. However, depending upon equipment operation target locations, tariffs may require us to deploy meaningfully more capital for our equipment going forward.

謝謝，約翰，大家下午好。首先我想介紹一下我們的融資策略的最新情況。正如我們之前所指出的，我們努力從設備和公司債務等非稀釋性資本中獲取大部分資金，用於資本設備建設，以維持獲利能力。然而，根據設備運作目標位置，關稅可能要求我們為未來的設備部署更多的資本。

The 15% tariff on EU imports up from 10% as of late July 2025, and the 39% tariff on Switzerland imports, which went into effect on August 7, 2025, affect Origin because we source CapFormer systems from Switzerland and Germany for deployment in the United States.

自 2025 年 7 月底起，歐盟對進口產品的關稅將從 10% 上調至 15%，而瑞士對進口產品的關稅也將從 2025 年 8 月 7 日開始生效，這都將對 Origin 產生影響，因為我們從瑞士和德國採購 CapFormer 系統以在美國進行部署。

Such tariff costs can significantly raise the cash outlay required for financing equipment. As we do not expect the tariff cost to be financeable, thereby making debt financing in those instances more expensive and potentially suboptimal.

此類關稅成本會大幅增加設備融資所需的現金支出。由於我們預計關稅成本無法融資，因此在這些情況下債務融資會更昂貴，而且可能不是最優的。

As John mentioned, we believe our strategic review process will help us optimize our cost of capital under these circumstances and to maintain timely capacity build for demand capture and to preserve the path to our stated goal of nondilutive financing for the majority of our forthcoming capital expenses.

正如約翰所提到的，我們相信我們的策略審查流程將幫助我們在這種情況下優化資本成本，並保持及時的產能建設以滿足需求，並保持我們為即將到來的大部分資本支出進行非稀釋性融資的既定目標的道路。

Next, we're revising our revenue and run rate adjusted EBITDA guidance. We estimate an aggregate reduction in manufacturing output of approximately 50% and 15% for 2026 and 2027, respectively, compared to our prior estimates.

接下來，我們將修改收入和運行率調整後的 EBITDA 指引。與先前的估計相比，我們估計 2026 年和 2027 年製造業產量將分別下降約 50% 和 15%。

This is due to the impact of the aforementioned delay in CapFormer FAT timing for lines two through eight on our backloaded 2026 production schedule as we described in May of 2025. Prior revenue guidance for 2026 and 2027 was a range of $50 million to $70 million and $150 million to $210 million, respectively, we are updating revenue guidance before consideration of potential strategic review outcomes to $20 million to $30 million and $100 million to $200 million for 2026 and 2027, respectively. In addition, we expect these same factors to push our adjusted EBITDA run rate breakeven from 2026 into 2027.

這是由於上述 CapFormer FAT 時間延遲對第二至第八條生產線的影響，這對我們在 2025 年 5 月所描述的 2026 年生產計畫產生了影響。先前對 2026 年和 2027 年的收入預測分別為 5,000 萬至 7,000 萬美元和 1.5 億至 2.1 億美元，在考慮潛在策略審查結果之前，我們將收入預測更新為 2026 年為 2,000 萬至 3,000 萬美元，2027 年為 10 億美元。此外，我們預計這些相同因素將使我們的調整後 EBITDA 運行率盈虧平衡從 2026 年推遲到 2027 年。

Lastly, we ended the quarter with a strong balance sheet, including $69 million in cash, cash equivalents and marketable securities. In addition, the net accounts receivable balance of $17.9 million at June 30, 2025, is comprised of receivables associated with the company's legacy supply chain activation program, that is being wound down in 2025.

最後，我們以強勁的資產負債表結束了本季度，其中包括 6,900 萬美元的現金、現金等價物和有價證券。此外，截至 2025 年 6 月 30 日的淨應收帳款餘額為 1,790 萬美元，包括與公司傳統供應鏈啟動計畫相關的應收帳款，該計畫將於 2025 年逐步結束。

Concurrent with the wind down of the supply chain activation program, we expect to collect all related net receivables in due course, resulting in a significant source of cash. Additionally, as of June 30, 2025, the company had $9 million in land held for sale in Geismar, Louisiana. We expect the sale of this land to also result in an additional significant source of cash.

隨著供應鏈啟動計畫的結束，我們預計將及時收回所有相關的淨應收帳款，從而產生大量現金來源。此外，截至 2025 年 6 月 30 日，該公司在路易斯安那州蓋斯馬持有價值 900 萬美元的土地待售。我們預計這塊土地的出售還將帶來額外的重要現金來源。

With that, I'll pass it back to John for concluding remarks.

至此，我將把它交還給約翰，請他做總結發言。

Thanks, Matt. I will conclude by reiterating what I said at the beginning of this call. Today, Origin is closer than ever to bringing our product to the $65 billion caps enclosures market. The first origin PET bottlecaps are now on store shelves. We are now officially in market with our 1881 cap for noncarbonated water.

謝謝，馬特。最後，我想重申我在這次通話開始時所說的話。今天，Origin 比以往任何時候都更接近將我們的產品帶入價值 650 億美元的瓶蓋外殼市場。首批原產 PET 瓶蓋現已擺上商店貨架。現在，我們已正式向市場推出 1881 非碳酸水瓶蓋。

This quarter, we announced our first publicly named customer, Berlin Packaging. Despite tariffs as high as 39% directly impacting our business, we remain nimble by expanding the geographies into which we can deploy production.

本季度，我們宣布了我們的第一個公開名稱的客戶，柏林包裝公司。儘管高達 39% 的關稅直接影響了我們的業務，但我們仍透過擴大生產部署地區來保持靈活性。

We are adapting and executing our plan, and we are evaluating promising path forward for our strategic review with RBC, which we believe can both accelerate and derisk our business plan while simultaneously unlocking significant value for our shareholders.

我們正在調整和執行我們的計劃，我們正在與 RBC 一起評估我們戰略審查的有希望的前進道路，我們相信這既可以加速我們的業務計劃並降低風險，同時為我們的股東釋放巨大的價值。

With that, I'll open up the call for questions. Operator, may we have the first question, please?

現在，我將開始回答問題。接線員，我們可以問第一個問題嗎？

Showing no questions, I will now turn it over to Ryan Smith, Co-Founder and Chief Product Officer for a Q&A section answering ask Origin questions submitted by investors prior to today's call. Thank you.

如果沒有問題，我現在將把時間交給聯合創始人兼首席產品官 Ryan Smith，進行問答環節，回答投資者在今天的電話會議之前提交的有關 Origin 的問題。謝謝。

Thank you, operator. Prior to our earnings call, we invited all investors to submit questions as part of our Ask Origin campaign. Thank you so much to everyone who participated. These questions were, of course, submitted before our call today, and we answered many of them thoroughly with our prepared remarks. We will generally be answering most relevant questions today during the time that we have.

謝謝您，接線生。在我們的收益電話會議之前，我們邀請所有投資者提交問題，作為我們 Ask Origin 活動的一部分。非常感謝所有參與者。當然，這些問題是在我們今天的電話會議之前提交的，並且我們在準備好的發言中對其中的許多問題進行了徹底的回答。我們通常會在今天的時間內回答大多數相關問題。

So let's start with the first question for you, John. The investor asks, as soon as a customer becomes public, we'd like to know where to buy the product so we can support it and get the cap into our hands to show and tell the tangibility. How do we do that?

那麼讓我們先問你第一個問題，約翰。投資者詢問，一旦客戶公開，我們想知道在哪裡可以買到產品，以便我們能夠支持它，並將上限拿到我們手中，以展示和講述有形性。我們該怎麼做呢？

Well, as we announced earlier, we now have our product on shelves with a small brand power hydration located in California. We're excited to get those bottles out and caps on bottles out there. We're excited to have them in market. Certainly, if people want to travel to California to go get one of those bottles, they're well going to do so, but we certainly don't expect that.

嗯，正如我們之前宣布的那樣，我們的產品現在已在位於加利福尼亞州的小品牌能量補水產品上架。我們很高興能將這些瓶子和瓶蓋拿出來。我們很高興它們能進入市場。當然，如果人們想去加州買一瓶酒，他們很可能會這麼做，但我們當然不希望這樣。

And we don't expect power hydrogen will be the last brand that we announced with these caps out there in the near term. So we're excited to have our caps qualified for water, and we're excited to have our caps on store shelves already.

我們預計，氫能動力不會是我們近期宣布的最後一個推出此類產品的品牌。因此，我們很高興我們的瓶蓋能夠用於防水，我們也很高興我們的瓶蓋已經擺上了商店的貨架。

Great. The next question from the investor asks, have you been monitoring the competition? And could you provide some insight on who your closest competitors are? And how much further ahead you think Origin is in mastering this particular type of PET cap production?

偉大的。投資人接下來的問題是，您是否一直在關注競爭情況？您能否透露一下誰是您最接近的競爭對手？您認為 Origin 在掌握這種特殊類型的 PET 瓶蓋生產方面還有多大進展？

Sure. Yes. So our technology platform is pretty differentiated from the other attempts at making PET caps, both historically and currently, as a reminder, what we do with our technology is thermoform PET sheet into caps.

當然。是的。因此，我們的技術平台與歷史上和現在製造 PET 瓶蓋的其他嘗試有很大不同，提醒一下，我們利用我們的技術將 PET 片材熱成型為瓶蓋。

And then with a little bit of post-processing can convert those into caps that can be directly put on bottles, as you compare that to both existing caps technology for HDPE and polypropylene cap production and also the attempts, both historical and current to make PET caps, those technologies are using either injection molding, which is melting the PET down fully and then extruding it into a fully imposed mold or compression molding which is taking a softened PET and essentially pressing it into a fully enclosed mold to make the shapes.

然後經過一些後處理，就可以將它們轉換成可以直接蓋在瓶子上的瓶蓋，與現有的 HDPE 和聚丙烯瓶蓋生產技術以及歷史和當前製造 PET 瓶蓋的嘗試相比，這些技術要么使用注塑成型，即將 PET 完全熔化，然後將其擠壓到完全形狀的模具中，要么使用壓縮，即將軟化的 PET 以形成完全形狀的模具成型。

There are some key elements of those technologies, which are challenged relative to thermoforming. The first is that you're really making that in film of a PET cap is quite challenging with both of those technologies due to the material properties of PET.

這些技術的一些關鍵要素相對於熱成型而言面臨挑戰。首先，由於 PET 的材料特性，使用這兩種技術製作 PET 瓶蓋薄膜確實非常具有挑戰性。

And in fact, when you make that cap, it isn't going to have the same kinds of properties that PET -- that is forms using thermoforming well due to some of the ordination that occurs within PET when you stretch it and when you mold it over a part with some draw like you do with our technology.

事實上，當你製作那個蓋子時，它不會具有與 PET 相同的屬性 - 這是使用熱成型很好形成的，因為當你拉伸 PET 時，以及當你用某種拉力將它塑造成一個部件時，PET 內部會發生一些排序，就像你用我們的技術做的那樣。

And we think those are some of the key elements that allow us to both get better unit economics and not just better unit economics for caps the size of 1881 but cap through even larger than that. We think that's what allows us to get better material properties out of our PET. It allows us to get lighter weight caps, it allows us to get the optical clarity that our customers have found really quite striking and aesthetically pleasing and differentiating.

我們認為，這些是讓我們能夠獲得更好的單位經濟效益的關鍵因素，而且不只是對於 1881 年規模的上限，而且對於比這更大的上限，能夠獲得更好的單位經濟效益。我們認為這使我們能夠從 PET 中獲得更好的材料特性。它使我們能夠獲得更輕的蓋子，使我們能夠獲得光學清晰度，我們的客戶發現這確實非常引人注目、美觀且與眾不同。

And actually, it's also what allows us to use recycled content in our caps more easily. And so many of the differentiated properties that we think are key, not just our technology but to frankly, PET caps in general and making PET cap successful depends on the technology that we bring, which is this thermoforming anchored technology. And we're really excited about that.

事實上，這也讓我們更容易在瓶蓋中使用再生材料。我們認為，許多差異化特性都是關鍵，不僅僅是我們的技術，坦白說，PET 瓶蓋總體而言，PET 瓶蓋的成功取決於我們帶來的技術，即熱成型錨定技術。我們對此感到非常興奮。

We think that, that's going to be a step change, as we said earlier, in recyclability and really a cap performance in the product. The PET caps just performed really well across a whole bunch of different dimensions.

我們認為，正如我們之前所說，這將是可回收性和產品性能的重大改變。PET 瓶蓋在許多不同維度上都表現得非常出色。

And so I think relative to our competitors, we're excited that we have, we think, the first commercially viable PET cap in market, we think that our cap performs better than other attempts at making PET caps out there. And we think that our cap has the ability to really change the way that the packaging industry innovate, frankly. So we're excited to be here.

因此，我認為相對於我們的競爭對手，我們很高興我們擁有了市場上第一個具有商業可行性的 PET 瓶蓋，我們認為我們的瓶蓋比其他製造 PET 瓶蓋的嘗試表現更好。坦白說，我們認為我們的瓶蓋能夠真正改變包裝產業的創新方式。所以我們很高興來到這裡。

Great. The next question asks -- how should we view the Hordijk partnership in the context of prior partnerships and operating partners?

偉大的。下一個問題是——我們應該如何看待與 Hordijk 的合作關係以及與先前的合作夥伴的合作？

Yes. We expect, in general, to have multiple operating and manufacturing partners in all of the major geographies. And so we see Hordijk as an excellent addition to that, in particular with more protectionist trade environment that we're, all companies are operating in these days.

是的。總體而言，我們期望在所有主要地區擁有多個營運和製造合作夥伴。因此，我們認為 Hordijk 是一個很好的補充，特別是在我們所有公司目前都處於更保護主義的貿易環境中。

And so having another great partner in the EU, in particular, one that has a huge capacity for extrusion of PET sheet for thermoforming, PET and the capabilities and expertise that comes with that kind of large-scale sheet -- PET sheet extrusion and PET thermoforming operation is something that we think is hugely additive to our overall capability as a company and, of course, particularly our overall capability in Europe.

因此，在歐盟擁有另一個優秀的合作夥伴，特別是在擠壓用於熱成型的 PET 片材方面擁有巨大能力的合作夥伴，PET 以及這種大型片材所帶來的能力和專業知識——PET 片材擠壓和 PET 熱成型操作，我們認為這對我們作為一家公司的整體能力，當然，特別是我們在歐洲的整體能力，具有巨大的附加能力。

So we're excited to have them. And we don't think they'll be the last of the manufacturing partners that we bring onboard in the near future, we think that there are going to be plenty more of those as we look across different geographies and expand into new geographies as well.

所以我們很高興能擁有它們。我們不認為他們將成為我們在不久的將來加入的最後一個製造合作夥伴，我們認為，隨著我們放眼不同的地區並擴展到新的地區，還會有更多的製造合作夥伴。

Great. Next question I want to address to Matt. The question asks where do we stand with respect to our Nasdaq listing. We have been trading for under $1 for some time now.

偉大的。下一個問題我想問馬特。問題是我們在納斯達克上市的進展如何。一段時間以來，我們的交易價格一直低於 1 美元。

Yeah. Thanks, Ryan. So just as a reminder, there are minimum listing requirements that Nasdaq has for companies on the exchange. One of those is that your stock price stays above $1, generally speaking. The way they monitor that is if your stock falls below $1 for 30 consecutive days, you get a notification that you're not in compliance with that particular minimum listing requirement.

是的。謝謝，瑞安。因此，需要提醒的是，納斯達克對交易所內的公司有最低上市要求。其中之一就是，一般來說，你的股價維持在 1 美元以上。他們的監控方式是，如果您的股票連續 30 天跌破 1 美元，您就會收到通知，告知您不符合特定的最低上市要求。

And they give you initially 180 days to remedy that situation and they measure it as being remedied at the moment that your stock crosses over a closing price of $1 for 10 consecutive days.

他們最初給你 180 天的時間來糾正這種情況，當你的股票連續 10 天收盤價超過 1 美元時，他們就認為這種情況已經得到糾正。

And so we are 129 days into our first 180-day price period. We continue to see many opportunities for us to perform, execute and have our stock and the value of our company increase and in doing so, be over $1 for 10 consecutive days in the near future.

因此，我們的第一個 180 天價格期已經過了 129 天。我們繼續看到許多機會，讓我們能夠執行、執行並使我們的股票和公司的價值增加，並在不久的將來連續 10 天超過 1 美元。

So at this point, we've got another 51 days in our first grace period. At that point, you can apply and we would if we weren't over $1 and hadn't met that minimum listing requirements, we would apply for a second grace period of 180 days, which the Nasdaq evaluates to make sure that you remain -- that you meet all the other minimum requirements, and if the only requirement remaining is the minimum dollar stock price and you have a plan that is acceptable to the Nasdaq to earn that second grace period, which is generally, what -- it's generally approved as long as you're willing to perform a reverse stock split during that second period if your attempts through organic measures are unsuccessful in raising the stock price above $1.

因此，目前，我們的第一個寬限期還有 51 天。此時，您可以提出申請，如果我們的股價不超過 1 美元且未達到最低上市要求，我們將申請第二個 180天的寬限期，納斯達克將對此進行評估，以確保您仍然滿足所有其他最低要求，並且如果唯一剩下的要求是最低美元股價，並且您有一個納斯達克可以接受的計劃來獲得第二個寬限期，通常情況下，只要您願意在第二個寬限期內進行反向股票分割，如果您通過有機股票措施的嘗試未能將股價提高到 1 美元以上，達克納斯。

And generally, companies are willing to do that. And so we think we, as I said, have many more opportunities during that remaining period of time between what's left of our first period and should we have to request a second grace period that gives us another seven months to become -- to regain compliance. And so we feel good about our opportunities to do that. And we'll keep all folks or investors posted through our public disclosures on our progress towards meeting those mine requirements.

一般來說，公司都願意這麼做。因此，正如我所說，我們認為，在第一個期限剩餘的時間和我們是否應該請求第二個寬限期之間的剩餘時間內，我們有更多的機會，這給了我們另外七個月的時間來重新遵守規定。因此，我們對實現這一目標的機會感到很高興。我們將透過公開揭露的方式讓所有人或投資者了解我們在滿足這些礦山要求方面取得的進展。

Great. Thanks for explaining that. John, to close this out, what do we have to get excited about as we look to the future?

偉大的。謝謝你的解釋。約翰，最後，展望未來，我們有什麼值得興奮的呢？

Yeah. I think there are a lot of things to get excited about. The first is that the PET bottle caps are now on shelves. And we think this is just the beginning. There's a lot a lot of growth in that water market is huge, and we're excited to grow sales while we work on our CSD qualifications.

是的。我認為有很多事情值得興奮。首先，PET瓶蓋現已上架。我們認為這只是一個開始。水市場有著巨大的成長空間，我們很高興能夠在努力取得 CSD 資格的同時提高銷售額。

We're working on more customer announcements and naming our customers, especially following our Berlin packaging press release. We have platformers three through six, which will be completing their FAT on a rolling basis through the end of the year. So continuing to build capacity there.

我們正在發布更多客戶公告並公佈我們的客戶名單，特別是在我們發布柏林包裝新聞稿之後。我們有第三到第六個平台遊戲，它們將在年底前陸續完成 FAT。因此繼續在那裡建立能力。

And we're evaluating promising paths forward for a strategic review with RBC, which we believe can both accelerate and derisk our business plan while simultaneously unlocking value creation for our shareholders. And for some time now, we've been receiving inbound interest from well-established cap companies. That frankly, struggle with innovation. It's hard to find innovation in these established industries and we can provide that.

我們正在與加拿大皇家銀行一起評估有前景的未來發展道路，進行策略評估，我們相信這既可以加速我們的業務計劃並降低風險，同時又能為我們的股東創造價值。一段時間以來，我們一直受到知名資本公司的關注。坦白說，這就是創新的鬥爭。在這些成熟的行業中很難找到創新，而我們可以提供創新。

So we're excited across all of these areas from organic to inorganic growth, and we're excited that our high performance highly sustainable and recyclable cap is finally in market in 1 of the largest caps and closures segments. So there's a lot to be excited about.

因此，我們對從有機到無機成長的所有這些領域都感到興奮，我們很高興我們的高性能、高度永續和可回收的瓶蓋終於進入了最大的瓶蓋和封蓋領域之一的市場。因此有很多事情值得興奮。

Great, thank you. I'll pass that back to the operator.

太好了，謝謝。我會將其轉交給操作員。

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。