Purecycle Technologies Inc (PCT) 2024 Q1 法說會逐字稿

Good day and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the PureCycle's conference call.

歡迎參加 PureCycle 的電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Christian Bruey.

現在我想將會議交給今天的第一位發言人克里斯蒂安布魯伊 (Christian Bruey)。

Thank you, [Jess] and welcome to PureCycle Technologies first quarter 2024 corporate update conference call.

謝謝你，[Jess]，歡迎參加 PureCycle Technologies 2024 年第一季公司更新電話會議。

I'm Christian Bruey, Director of Corporate Communications for PureCycle.

我是 Christian Bruey，PureCycle 企業傳播總監。

And joining me on the call today are Dustin Olson, our Chief Executive Officer; and Jamie Vasquez, our Chief Financial Officer.

今天和我一起參加電話會議的是我們的執行長達斯汀·奧爾森 (Dustin Olson)；以及我們的財務長 Jamie Vasquez。

This morning, we will be highlighting our corporate developments for the first quarter 2024.

今天早上，我們將重點介紹 2024 年第一季的企業發展。

The presentation we'll be going through on this call can also be found on the Investor tab at our website at purecycle.com.

我們將在本次電話會議上進行的演示也可以在我們網站 purecycle.com 的「投資者」標籤上找到。

Many of the statements made today will be forward-looking and are based on management's beliefs and assumptions and information currently available to management at this time.

今天發表的許多聲明都是前瞻性的，並且基於管理層的信念和假設以及管理層目前可獲得的資訊。

The statements are subject to known and unknown risks or uncertainties, many of which may be beyond our control, including those set forth in our safe harbor provisions and forward-looking statements that can be found at the end of our first quarter 2024 corporate update press release filed this morning as well as in other reports on file with the SEC that provides further detail about the risks related to our business.

這些聲明受到已知和未知的風險或不確定性的影響，其中許多風險或不確定性可能超出我們的控制範圍，包括我們的安全港條款和前瞻性聲明中規定的風險或不確定性，這些風險或不確定性可以在我們的2024 年第一季末公司更新新聞中找到今天上午提交的新聞稿以及向美國證券交易委員會提交的其他報告，其中提供了有關我們業務相關風險的更多詳細信息。

Additionally, please note that the company's actual results may differ materially from those anticipated and except as required by law, we undertake no obligation to update any forward-looking statements.

此外，請注意，本公司的實際結果可能與預期有重大差異，除非法律要求，否則我們不承擔更新任何前瞻性陳述的義務。

Our remarks today may also include preliminary non-GAAP estimates and are subject to risks and uncertainties, including, among other things, changes in connection with quarter end and year-end adjustments.

我們今天的言論可能還包括初步的非公認會計準則估計，並受到風險和不確定性的影響，其中包括與季度末和年末調整相關的變化。

Any variation between PureCycle's actual results in the preliminary financial data set forth herein may be material.

PureCycle 的實際結果與此處列出的初步財務數據之間的任何差異都可能是重大的。

You're welcome to follow along with our slide deck or joining us by phone.

歡迎您跟隨我們的幻燈片或透過電話加入我們。

You can access it at any time in purecycle.com. We're excited to share updates from the previous quarter with you, and I'll now turn it over to Dustin Olsen, PureCycle's Chief Executive Officer.

您可以隨時在 purecycle.com 上存取它。我們很高興與您分享上一季的最新情況，現在我將其轉交給 PureCycle 執行長 Dustin Olsen。

Thank you, Christian.

謝謝你，克里斯蒂安。

We wanted to start this call by thanking those who came to Ironton to participate in the showcase and also thank those that attended virtually.

我們想透過感謝那些來到艾恩頓參加展示會的人以及虛擬參加的人來開始這次電話會議。

We're proud of our facility, our team, and our progress.

我們為我們的設施、我們的團隊和我們的進步感到自豪。

I hope you're able to get a better understanding of our operations by seeing the steel in the ground with your own eyes.

我希望您能夠透過親眼看到地下的鋼鐵來更了解我們的營運。

Leading into the outage, we were able to establish rates and feed longer periods of time and semi continuously pelletized at approximately 6,000 to 7,000 pounds per hour.

在停電之前，我們能夠確定速率並延長餵食時間，並以每小時約 6,000 至 7,000 磅的速度半連續製粒。

We successfully removed co-product 1 and co-product 2, and we're able to ramp up our sample deliveries to customers.

我們成功移除了副產品 1 和副產品 2，並且能夠增加交付給客戶的樣品。

We are building good momentum as we entered the outage.

當我們進入停電狀態時，我們正在建立良好的動力。

We are closer to making the promise of PureCycle a reality today than we've ever been before.

今天，我們比以往任何時候都更接近實現 PureCycle 的承諾。

We've demonstrated our ability to run the plant, test different feeds, and make good products.

我們已經展示了我們運營工廠、測試不同飼料和生產優質產品的能力。

We know the technology works at a fundamental level.

我們知道這項技術在基礎層面上發揮作用。

And our job now is to leverage the improved reliability, expand the capacity of CP2 and run the plant continuously so we can start pushing pellets out of the facility at scale.

我們現在的工作是利用改進的可靠性，擴大 CP2 的產能並持續運作工廠，以便我們可以開始大規模地將顆粒推出工廠。

Our Q4 and Q1 progress was -- our Q4 to Q1 progress was substantial.

我們第四季和第一季的進展是——我們第四季到第一季的進展是巨大的。

We increased the overall production by six times and continued to learn.

我們將整體產量提高了六倍，並不斷學習。

We continue to improve the overall efficiency, and while this was a significant improvement quarter-over-quarter, as we move forward post outage, we should quickly see these levels as inconsequential.

我們繼續提高整體效率，雖然這是一個季度環比的顯著改善，但隨著我們在停電後繼續前進，我們應該很快就會發現這些水平是無關緊要的。

As we began to make higher levels of pellet production, we did stumble a bit when we first learn how to load railcars at scale.

當我們開始提高顆粒生產水平時，當我們第一次學習如何大規模裝載軌道車時，我們確實遇到了一些困難。

We cross contaminated some of the product between silos on the way to filling railcars.

在填充火車車廂的途中，我們在筒倉之間交叉污染了一些產品。

This is part of the learning process, and we've made improvements to prevent it from happening again.

這是學習過程的一部分，我們已做出改進以防止再次發生。

As discussed before, we continue to test the facility by running exclusively post-consumer curbside waste.

如前所述，我們繼續透過專門運行消費後路邊廢物來測試該設施。

This feedstock stream has both co-product 1 and co-product 2 present and allows us to test the boundaries of the facility.

此原料流同時存在副產品 1 和副產品 2，使我們能夠測試設施的邊界。

We learned something every time we run a new feedstock.

每次使用新原料時，我們都會學到一些東西。

We are getting better at product quality.

我們在產品品質方面做得越來越好。

This is the net result of a lot of activity and requires operational stability to get the best results.

這是大量活動的最終結果，需要穩定的運行才能獲得最佳結果。

We have seen high qualities of product during times of our operation, but since our reliability has been up and down, we struggled some with consistency.

在我們的營運過程中，我們看到了高品質的產品，但由於我們的可靠性時好時壞，我們在一致性方面遇到了一些困難。

When we've got the entire machine running, we start to see quality improve.

當整個機器運作起來時，我們開始看到品質的提升。

We expect to see improvements as we restart the plant following the outage.

我們預計在停電後重新啟動工廠時會看到改善。

Our outage was very comprehensive.

我們的停電非常全面。

Every learning, every headache, every challenge, and every reliability and blip that we've experienced over the past five months was formulated into a reliability improvement plan.

我們在過去五個月中經歷的每一次學習、每一次頭痛、每一次挑戰以及每一次可靠性和故障都被制定為可靠性改進計劃。

During the outage, we executed over 100 projects, some big but mostly medium and small jobs that require less than a day or two, and each job no matter how big or how small was important to the facilities continued improvement.

在停電期間，我們執行了100 多個項目，其中一些是大型項目，但大多數是中小型項目，需要不到一兩天的時間，而每個項目無論大小，對於設施的持續改進都很重要。

It's difficult to explain the team's feeling when you're almost there or you are there and then something minor creates an interference and slows you down.

當你快要完成任務時，或是你已經完成任務之後，一些小事會造成乾擾並減慢你的速度，那麼很難解釋團隊的感受。

It's deflating.

它正在洩氣。

But with this outage, we found a lot of room for optimism because we believe we've taken a lot of those items off the table and have improved the reliability of our facility.

但透過這次停電，我們發現了很大的樂觀空間，因為我們相信我們已經取消了許多這些項目，並提高了我們設施的可靠性。

We did extend the outage partly because we had more cleanup than expected, but mostly because we wanted to give ourselves the best possible chance to run more reliably post outage.

我們確實延長了停電時間，部分原因是我們的清理工作比預期的要多，但主要是因為我們希望給自己最好的機會，在停電後更可靠地運作。

We're currently two days away from finishing the last project and restarting the plant, and we expect to start making product next week.

目前距離完成最後一個專案並重新啟動工廠還有兩天，我們預計下週開始生產產品。

On the commercial side, we're making steady progress.

在商業方面，我們正在穩步取得進展。

We continue to advance trials across the board with the goal of final commercial product acceptance.

我們繼續全面推進試驗，以實現最終商業產品接受的目標。

If there is one theme that remains steady, the industry supply of recycled product is underserved and the demand for product remains very, very high.

如果有一個主題保持穩定，則回收產品的行業供應不足，而對產品的需求仍然非常非常高。

We continue to seek new lanes as well.

我們也繼續尋找新的車道。

Given our ability to remove CP1 and CP2 from the feedstock, we have naturally better mechanical and technical properties.

鑑於我們能夠從原料中去除 CP1 和 CP2，我們自然擁有更好的機械和技術性能。

This gives us the differential opportunity to sell into both film and fiber.

這為我們提供了銷售薄膜和纖維的獨特機會。

Film and fiber represent a very challenging product application and have been traditionally underserved by the recycle supply.

薄膜和纖維代表了非常具有挑戰性的產品應用，並且傳統上回收供應服務不足。

We tested numerous applications both internally and externally and found early success.

我們在內部和外部測試了大量應用程式並取得了早期成功。

The pictures on the right of this slide show the progress.

這張投影片右側的圖片顯示了進展。

At the showcase, we showed two schools of polypropylene twine and a blanket that was manufactured from our product.

在展示會上，我們展示了兩類聚丙烯線和用我們的產品製造的毯子。

Today, we show a colored drug made from a third party and a school of film produced in our Durham lab.

今天，我們展示了一種由第三方製成的有色藥物以及在我們達勒姆實驗室生產的一所學校的電影。

There is no better feeling than seeing your resin would be transformed into products that people will use.

沒有什麼比看到你的樹脂被轉化為人們使用的產品更好的感覺了。

On the financing side, we're doing what we said we would do.

在融資方面，我們正在按照我們所說的去做。

We are marketing these bonds as a cash instrument for our operations.

我們將這些債券作為我們營運的現金工具進行行銷。

We've reached an agreement on the sale of bonds that will bring forward $30 million of new cash to the operation as well as convert an outstanding loan.

我們已就出售債券達成協議，將為公司帶來 3000 萬美元的新現金，並轉換未償貸款。

Both are positive for PureCycle, and I will let Jamie speak to the details, but this is again another indication of the confidence that our core shareholders have in our technology.

兩者對 PureCycle 來說都是正面的，我會讓 Jamie 談談細節，但這再次表明我們的核心股東對我們的技術充滿信心。

The Q1 performance of Ironton can be categorized in two areas.

Ironton 第一季的表現可以分為兩個面向。

First, site reliability and second co-product 2 removal.

首先是站點可靠性，其次是副產品 2 去除。

We focus the outage to address both of these areas.

我們專注於解決這兩個面向的中斷問題。

I would like to note that every time we take an outage, we make substantial improvements.

我想指出的是，每次停電時，我們都會做出重大改進。

The first outage in June of '23 mitigated the absorbent bead leaks.

2023 年 6 月的第一次停電緩解了吸收珠洩漏。

The second outage in July of '23 mitigated the seal leak on the Scheibel column.

2023 年 7 月的第二次停電緩解了 Scheibel 塔的密封洩漏問題。

The third outage in November, installed screen changer for the final extruder.

11 月第三次停電，為最後一台擠出機安裝了換網器。

In each case, we ran into constraints identified the root cause and then fix the problems.

在每種情況下，我們都會遇到限制，找出根本原因，然後解決問題。

For example, the other -- while other areas did impact overall reliability, we didn't have a single Scheibel column related downtime event from July until March.

例如，雖然其他領域確實影響了整體可靠性，但從 7 月到 3 月，我們沒有發生任何與 Scheibel 色譜柱相關的停機事件。

We haven't had any problems with our adsorbent bead plugging on the final product extruder since the November outage.

自 11 月停駛以來，我們的最終產品擠出機上的吸附劑珠沒有出現任何堵塞問題。

Once the problems are known, we implement solutions to prevent the reoccurrence.

一旦發現問題，我們就會實施解決方案以防止再次發生。

We believe this outage will be no different.

我們相信這次停電也不會有什麼不同。

We attacked the known reliability challenges and also implemented projects that should improve the overall co-product 2 performance.

我們應對了已知的可靠性挑戰，並實施了旨在提高副產品 2 整體性能的專案。

If you first focus on the table at the top right, you will find numerous reliability challenges that we face since the November outage.

如果您先關注右上角的表格，您會發現自 11 月停電以來我們面臨的眾多可靠性挑戰。

This shows the number of days that were lost to fixable reliability items.

這顯示了因可修復的可靠性項目而損失的天數。

We use metrics like this to guide our activities and upgrade projects.

我們使用這樣的指標來指導我們的活動和升級專案。

We implemented a lot of improvements.

我們實施了很多改進。

These problems were known operational headaches.

這些問題是眾所周知的營運難題。

In the case of the final product transfer valve, that was first oversized in the original design and then damaged by adsorbent bead contamination.

就最終產品輸送閥而言，最初設計時尺寸過大，然後因吸附劑珠污染而損壞。

As a result of those two items, we were forced to run that one valve in semi-continuous operations.

由於這兩項原因，我們被迫以半連續操作方式運行該閥門。

We were batching these transfers to the final product extruder, which is operationally very challenging.

我們將這些材料批量轉移到最終產品擠出機，這在操作上非常具有挑戰性。

This has now been upgraded.

現在已經升級了。

Another major improvement to our facility is the [settler] level indication repair.

我們設施的另一項重大改進是[沉降者]液位指示修復。

This was actually an outage discovery item and lead to more work and a new project.

這實際上是一個停電發現項目，並導致更多的工作和一個新項目。

Our level indication was damaged in a way that provided an incorrect level indication to the plant.

我們的液位指示器被損壞，導致向工廠提供了不正確的液位指示。

This negatively impacted numerous aspects of CP2 operations.

這對 CP2 營運的許多方面產生了負面影響。

It was a new item, we added it to the scope list after the outage started, but it was important to get it fixed.

這是一個新項目，我們在停電開始後將其添加到範圍清單中，但修復它很重要。

We upgraded the level to prevent similar failures, and it's now back in place and ready for service.

我們升級了該等級以防止類似故障，現在它已恢復原狀並可供使用。

I'm confident that it will provide much better reliability to the co-product 2 operation going forward.

我相信它將為聯產品 2 的未來運作提供更好的可靠性。

A final series of improvements were made to the seal systems.

最後對密封系統進行了一系列改進。

We continue to add incremental, small improvements to these systems to bolster their reliability.

我們繼續對這些系統進行漸進式的小改進，以增強其可靠性。

This is a central focus area for our site management team and an operation that we watch closely every day.

這是我們現場管理團隊的核心關注領域，也是我們每天密切關注的操作。

With respect to co-product 2, we made good progress.

關於聯產品 2，我們取得了良好的進展。

We advanced the original planning for the Q2 improvements, but we also completed a separate project that we hope will provide immediate co-product 2 relief.

我們推進了第二季改進的原始計劃，但我們也完成了一個單獨的項目，我們希望該項目能夠立即提供聯產品 2 的緩解。

It's important to reset at first.

首先重置很重要。

As we move into the outage, we were focused on two items.

當我們進入停電階段時，我們專注於兩個項目。

First, processing low co-product 2 feeds in order to minimize how much we had to take out of the feed and maximizing the manual removal of CP2 from the vessel.

首先，加工低副產物 2 的進料，以最大限度地減少我們從進料中取出的量，並最大限度地從容器中手動去除 CP2。

We were in a good position with these activities entering the outage.

在這些活動進入停電期間，我們處於有利地位。

As we started the outage, we thought we had the vessel fully empty, however, unexpectedly, we found material in the bottom of the vessel because of the broken level indicator.

當我們開始停電時，我們以為容器已經完全空了，然而，出乎意料的是，由於液位指示器損壞，我們在容器底部發現了物質。

While this took time to clean and prepare for maintenance and ultimately, it did extend the outage.

雖然這需要時間來清潔和準備維護，但最終確實延長了停電時間。

It also gave us immeasurable insight into the overall system and required improvements.

它也讓我們對整個系統和所需的改進有了不可估量的洞察力。

We use this information to pivot and to initiate and finalize a separate project that we believe will increase our CP2 removal capacity.

我們利用這些資訊來調整、啟動和完成一個單獨的項目，我們相信該項目將提高我們的 CP2 去除能力。

In addition to this one project, we also implemented several other minor reliability improvements that should improve the overall system reliability.

除了這個專案之外，我們還實施了其他幾項小的可靠性改進，這些改進應該可以提高整個系統的可靠性。

At the end, today, we have options, and we have more options than we expected to have post outage.

最後，今天我們有選擇，而且我們有比我們預期的停電後更多的選擇。

We can rely on our original solution, which provided approximately 3,000 to 5,000 pounds per day of removal capacity, but now we can add to that the new capacity, which we estimate at 10,000 to 20,000 pounds per day, we believe these improvements, coupled with lower co-product 2 feedstocks, give us the opportunity to eliminate the co-product to removal capacity as a plant limitation coming out of the outage.

我們可以依靠我們原來的解決方案，該解決方案每天提供大約 3,000 到 5,000 磅的清除能力，但現在我們可以增加新的能力，我們估計每天 10,000 到 20,000 磅，我們相信這些改進，加上較低的副產品2 原料，使我們有機會消除副產品的去除能力，作為停電後工廠的限制。

This is earlier than we originally forecasted.

這比我們最初預測的還要早。

We used commercial production from Q1 to initiate final qualifications with our growing customer base.

我們從第一季開始就使用商業生產來啟動我們不斷成長的客戶群的最終資格認證。

We have many customer samples out for review and are working directly with them to gain final approval.

我們有許多客戶樣品可供審查，並正在直接與他們合作以獲得最終批准。

We still show good improvement on our product quality.

我們的產品品質仍然表現出良好的進步。

The fact that we can successfully remove both CP1 and CP2 from the feedstock, is the best indication of our product value over mechanical recycling alternatives.

我們能夠成功地從原料中去除 CP1 和 CP2，這一事實最好地表明了我們的產品相對於機械回收替代品的價值。

And while we have had some challenges with product quality during the quarter, most of this was due to learning the new operations of moving product through site supply chain and inconsistency due to reliability challenges.

雖然本季我們在產品品質方面遇到了一些挑戰，但大部分是由於學習了透過現場供應鏈移動產品的新操作以及由於可靠性挑戰而導致的不一致。

During the last few weeks of March, between the Ironton showcase and the outage, we were able to demonstrate much more consistent quality by managing the site supply chain more smoothly.

在 3 月的最後幾週，從 Ironton 展示到停電之間，我們能夠透過更順暢地管理現場供應鏈來展示更一致的品質。

Our commercial team continues to hunt for new customer lanes and improved market destinations.

我們的商業團隊繼續尋找新的客戶管道和改進的市場目的地。

And we know that our product has superior properties to mechanical recycled alternatives that are currently being sold between $0.80 and $1.2 per pound.

我們知道，我們的產品具有優於機械回收替代品的性能，目前機械回收替代品的售價為每磅 0.80 至 1.2 美元。

Two areas of particular interest are film and fiber.

特別感興趣的兩個領域是薄膜和纖維。

Film and fiber are very challenging applications and traditionally underserved markets due to the high technical requirements.

薄膜和纖維是非常具有挑戰性的應用，由於技術要求高，傳統上市場服務不足。

We continue to show good progress, both internally at our Durham facility and externally developing these products.

我們在達勒姆工廠的內部和外部開發這些產品方面都繼續取得良好進展。

These products are important for the market and represent approximately 40% of the global supply.

這些產品對市場很重要，約佔全球供應量的 40%。

In other words, approximately 40% of the global market is currently without significant recycle supply due to existing technical limitations.

換句話說，由於現有的技術限制，全球市場目前約有 40% 的地區沒有大量的回收供應。

As discussed on prior calls, we continue to work within FDA requirements to define our process and work toward expanding the conditions of use and available feedstock to make FDA quality product.

正如先前電話中所討論的，我們將繼續按照 FDA 的要求定義我們的流程，並努力擴大使用條件和可用原料，以生產 FDA 優質產品。

But we wanted to highlight the information that was shared during the Ironton showcase.

但我們想強調在 Ironton 展示期間分享的訊息。

Our internal studies show that regardless of the feedstock is food grade or non-food grade, we show substantial reductions of key substances of interest.

我們的內部研究表明，無論原料是食品級還是非食品級，我們所關注的關鍵物質都大幅減少。

The graph shows the effectiveness of our process.

該圖顯示了我們流程的有效性。

We have already received LNOs for our process and are looking to expand with additional data reviews and submission to the FDA.

我們已經收到了針對我們流程的 LNO，並希望透過額外的數據審查和向 FDA 提交來進行擴展。

As you can see from the 2023 data, the recycle supply is lagging the total production.

從2023年的數據可以看出，回收供應量落後於總產量。

Today, the industry averages less than 10% of recycled supply to the market.

如今，該行業平均向市場提供的回收供應量不足 10%。

The discussion is the same around the world.

全世界的討論都是一樣的。

And while I'm proud of our industry's efforts on PET and HDPE, there are still a lot of opportunity with polypropylene, and the regulations are coming.

雖然我為我們行業在 PET 和 HDPE 所做的努力感到自豪，但聚丙烯仍然存在許多機會，而且法規即將出台。

Several states have already adopted requirements for recycling, and we expect more will follow.

一些州已經採用了回收要求，我們預計會有更多州跟進。

All of this indicates that the marketing timing for PureCycle is good.

所有這些都表明 PureCycle 的營銷時機很好。

The demand for our product is strong and we are well positioned to take advantage of it.

對我們產品的需求強勁，我們有能力充分利用這項優勢。

At this point, I will transition the presentation to Jamie for the financial update.

此時，我將把簡報轉交給 Jamie，以了解最新的財務狀況。

Thank you, Dustin.

謝謝你，達斯汀。

On slide 11, we show our liquidity position at the end of the third quarter compared to year-end 2023.

在投影片 11 中，我們展示了第三季末與 2023 年底相比的流動性狀況。

The end of the recent first quarter, we had approximately $25 million of unrestricted cash excluding cash collateral.

截至最近第一季末，我們擁有約 2,500 萬美元的非限制性現金（不包括現金抵押品）。

Our day-to-day cash outlays, shown in the segment, third bullet, on the side of the table totaled $27.6 million, which was in line with expectations in the fourth quarter of 2023.

我們的日常現金支出（如表格側面第三個項目所示）總計 2,760 萬美元，與 2023 年第四季的預期相符。

And lastly, on May 6, we reached an agreement with Pure Plastics LLC for the sale of $37.5 million, notional value of bonds at a price of $800 for every $1,000 of notional value, which will provide additional liquidity of $30 million.

最後，5 月 6 日，我們與 Pure Plastics LLC 達成協議，以每 1,000 美元名義價值 800 美元的價格出售名義價值 3,750 萬美元的債券，這將提供 3,000 萬美元的額外流動性。

The raise of additional liquidity includes an exchange of the Pure Plastics's term loan, which has a maturity date of December 2025 into revenue bonds and the Pure Plastics term loan has an outstanding balance of $45.5 million, which includes paid-in-kind interest.

額外流動性的籌集包括將 Pure Plastics 的定期貸款（到期日為 2025 年 12 月）轉換為收入債券，而 Pure Plastics 定期貸款的未償餘額為 4550 萬美元，其中包括實物支付利息。

The exchange also values of revenue bonds at $800 for every $1,000 notional value.

該交易所還將收益債券的名義價值定為每 1,000 美元 800 美元。

The early termination of the Pure Plastics term loan results in a prepayment penalty as required in the Pure Plastics loan agreement.

Pure Plastics 定期貸款的提前終止將導致 Pure Plastics 貸款協議中規定的提前還款罰金。

Both parties agree to warrants in lieu of cash for the prepayment penalty, which helps to preserve cash.

雙方同意以認股權證代替現金支付預付款罰金，這有助於保留現金。

Overall, we are pleased with the agreement as it helps to simplify the capital structure and importantly, provides additional liquidity as Ironton comes out of the planned outage.

總的來說，我們對這項協議感到滿意，因為它有助於簡化資本結構，重要的是，隨著 Ironton 擺脫計劃中​​的停電，它提供了額外的流動性。

And as Ironton is able to demonstrate production of meaningful volumes, we believe that there will be more opportunity to sell additional revenue bonds.

由於 Ironton 能夠展示有意義的產量，我們相信將有更多機會出售額外的收益債券。

And I'll turn it back to Dustin for concluding remarks.

我會將其轉回達斯汀進行總結發言。

This was a very active quarter for PureCycle.

對於 PureCycle 來說，這是一個非常活躍的季度。

We made considerable operational progress, we opened our doors and hosted a large group for our showcase, and we executed a significant outage to improve continuous operations.

我們取得了相當大的營運進展，我們敞開大門並接待了一大群人來展示我們的產品，並且我們執行了一次重大停電以改善連續運作。

Our site is now ready to go.

我們的網站現已準備就緒。

We are excited about the next steps, and we'll now open the floor to questions.

我們對接下來的步驟感到興奮，現在我們將開始提問。

(Operator Instructions)

（操作員說明）

Hassan Ahmed, Alembic Global Advisors.

哈桑·艾哈邁德 (Hassan Ahmed)，Alembic 全球顧問。

Morning, Dustin.

早上好，達斯汀。

Dustin, obviously, super busy quarter for you guys.

達斯汀，顯然，這對你們來說是超級繁忙的季度。

Really appreciated the Ironton showcase.

我真的很欣賞艾恩頓的展示。

Obviously, rightly so, the focus right now is on improving operations, fixing all the stuff that you guys are fixing.

顯然，現在的重點是改善運營，修復你們正在修復的所有問題，這是正確的。

But my question is more about, as you're sort of coming up the learning curve, just the communication side with the street.

但我的問題更多的是，當你正在走上學習曲線時，只是與街道的溝通面。

What are you guys thinking in terms of more consistency with regards to how you communicate with the street?

對於與街頭溝通的方式更加一致，你們有什麼想法？

Meaning, would it be sort of the right strategy to maybe give monthly sort of production updates?

意思是，每月提供一次生產更新是正確的策略嗎？

Because look, I mean, in the last update, we heard that in January and February, you guys produced around 1 million pounds, right?

因為看，我的意思是，在上次更新中，我們聽說在一月和二月，你們生產了大約 100 萬英鎊，對吧？

And then today, it's roughly close to 1.3 million pounds in Q1, so March was around 300,000 pounds.

今天，第一季大約接近 130 萬英鎊，所以 3 月約為 30 萬英鎊。

So just broadly speaking, how are you thinking about consistency with regards to communications and what form would that take?

因此，從廣義上講，您如何考慮溝通方面的一致性以及採取什麼形式？

Yeah.

是的。

Thanks, Hassan.

謝謝，哈桑。

Appreciate the question.

感謝這個問題。

If you think about the timeline of Q1 for us, it's only been a few short weeks since we had the Ironton showcase.

如果您考慮我們第一季的時間表，我們距離 Ironton 展示會只有短短幾週的時間。

And so we had two, let's say, big communications to the market during Q1, both with the first -- the fourth quarter review, and then shortly after that, the Ironton showcase, and then we roll right into the outage.

因此，我們在第一季與市場進行了兩次大型溝通，第一次是第四季度回顧，然後不久之後是 Ironton 展示，然後我們就進入了停電。

And so for us, we had expected to do sub-communication following the outage, but the timing between this review and the outage in was too short.

因此，對於我們來說，我們原本希望在停電後進行子通信，但這次審查和停電之間的時間太短了。

So what you can expect going, forward is that we will do more periodic updates to the market over the course of Q2.

因此，您可以預期，我們將在第二季對市場進行更多定期更新。

Fair enough.

很公平。

And now a two-part question.

現在是一個由兩個部分組成的問題。

One on sort of -- you guys sort of flexing the system per se, meaning you guys talked about how the recent sort of improvements that you guys have carried out with regards to CP2 removal capacity, your sort of operating rates will improve by, call it 10,000 to 20,000 pounds per day.

一方面，你們在某種程度上改變了系統本身，這意味著你們談論了你們最近在 CP2 去除能力方面進行的改進，你們的開工率將如何提高，稱為每天10,000到20,000磅。

So obviously, your production will improve.

很明顯，你的產量將會提高。

My question is that are you sort of also considering flexing the feedstock side of things as well, where may be procuring certain feedstocks may be potentially at a higher price, which may not have the same amount of CP2 in them?

我的問題是，你們是否也考慮在原料方面進行調整，在哪裡採購某些原料可能會以更高的價格，而這些原料中可能沒有相同數量的 CP2？

So that's one part.

這就是一部分。

And a little sort of divergent from that.

與此有點不同。

As you're going through all of these processes, how should we think about, Augusta and lessons learned from Ironton and how potentially quickly you may be sort of up and running in Augusta?

當您經歷所有這些過程時，我們應該如何思考奧古斯塔和艾恩頓的經驗教訓，以及您在奧古斯塔啟動和運行的速度有多快？

Yeah.

是的。

So let's talk about feed rates and the impact of co-product 2.

那我們來談談進給率和副產品 2 的影響。

You can imagine when we started the system, when we were limited to the manual removal of CP2 to 3,000 to 5,000 pounds per day.

你可以想像一下，當我們啟動該系統時，我們每天只能手動去除 CP2 3,000 至 5,000 磅。

If you end up with any co-product 2 in the feed, let's say, 5% to 10% co-product 2, your overall feed rate will be substantially limited.

如果您最終在飼料中含有任何副產品 2，比方說，5% 到 10% 的副產品 2，您的整體飼料速率將受到極大限制。

And that's effectively what we saw when we started up out of the November outage, as we saw considerable, let's say, restrictions on co-product 2 removal, which throttled our feed.

這實際上就是我們在 11 月停電後開始時所看到的情況，因為我們看到了對副產品 2 去除的相當大的限制，這限制了我們的飼料。

We're really excited.

我們真的很興奮。

I mean, we're really excited about the improvements we've made during the outage.

我的意思是，我們對停電期間所做的改進感到非常興奮。

Not only have we, let's say, incrementally improved the reliability of co-product 2 extrusion process throughout the quarter, but during the outage, we implemented a lot of, let's say, small improvements to improve the reliability.

我們不僅在整個季度逐步提高了副產品 2 擠出製程的可靠性，而且在停電期間，我們還實施了許多小改進來提高可靠性。

But more importantly, we modified the system based on what we learned so we can increase the amount of volume that we can take out.

但更重要的是，我們根據所學到的知識修改了系統，這樣我們就可以增加我們可以取出的數量。

And that's going to directly translate -- once we get it up and running successfully, that will directly translate to improved feed rates to the plants.

這將直接轉化為——一旦我們成功啟動並運行，這將直接轉化為提高工廠的進料速度。

Okay.

好的。

So we're very excited like that.

所以我們非常興奮。

On the feedstock side, we continue to see lots of opportunities here, okay?

在原料方面，我們持續看到很多機會，好嗎？

The market has been -- there's ample supply of feedstock in the market.

市場一直——市場上原料供應充足。

It gives us the flexibility to choose what we want to run and so we will be looking at different feedstocks to bring into the plants to minimize the CP2 limit.

它使我們能夠靈活地選擇我們想要運行的內容，因此我們將考慮將不同的原料引入工廠，以最大限度地減少 CP2 限制。

Having said that, with respect to price, it is true that some of the feeds on at an increased price, okay.

話雖如此，就價格而言，確實有些飼料價格上漲了，好吧。

And we may choose to purchase some of those depending on our situation of the plant.

我們可能會根據我們工廠的情況選擇購買其中一些。

But it should also be noted that there are more affordable solutions that we can deploy at the plant and off-site through tolling partners to reduce the amount of CP2 and low-priced feed.

但也應該指出的是，我們可以透過收費合作夥伴在工廠和場外部署更實惠的解決方案，以減少 CP2 和低價飼料的用量。

So I mean, if you look at the number five bale price right now is on the order of $0.04 to $0.06 per pound and we have the flexibility then to either toll that to remove CP2 or potentially process it on site to remove CP2 at very affordable prices, okay?

所以我的意思是，如果你看看現在第五包的價格約為每磅 0.04 至 0.06 美元，那麼我們可以靈活地要么收費以去除 CP2，要么可能在現場處理以非常實惠的價格去除 CP2價格，可以嗎？

And so that still allows us to purchase the low-priced feed, remove quite a lot of the co-product 2 out of that stream and also have the same impact on rates to the plant, okay?

因此，這仍然允許我們購買低價飼料，從該流中去除相當多的副產品 2，並且對工廠的生產率也有相同的影響，好嗎？

So we're chasing all of those avenues.

所以我們正在追逐所有這些方法。

And I think that we're going to find a nice balance.

我認為我們會找到一個很好的平衡點。

There might be a little bit of feedstock purchasing at the beginning, but then quite a lot of focus on tolling to remove CP2 as we move forward.

一開始可能會購買一些原料，但隨著我們的進展，我們會專注於來料加工以去除 CP2。

With respect to Augusta, really when you -- when an outsider would come in and look at our plant today, they would say well looks the same to me.

就奧古斯塔而言，實際上當你今天有一個外人進來看看我們的工廠時，他們會說對我來說看起來是一樣的。

But the reality is that when you look inside the pipe, you look inside the equipment, you really get into the details of the operation, we've made a lot of really small changes that will improve operability.

但現實是，當你觀察管道內部、設備內部時，你會真正了解操作的細節，我們做了很多非常小的改變，以提高可操作性。

These are things I saw that help the operator to be more successful, help the operator to have higher reliability so they don't have the focus on this one valve.

我看到這些東西可以幫助操作員取得更大的成功，幫助操作員獲得更高的可靠性，這樣他們就不會把注意力集中在這一閥門上。

That product transfer valve is a great example of, this is something that will cost no more money for Augusta, it will cost, no more money for our site, but it will release significant pressure on operations to operate that valve.

產品輸送閥就是一個很好的例子，對於奧古斯塔來說，這不會花費更多的錢，對於我們的網站來說，它不會花費更多的錢，但它將釋放操作閥門的巨大壓力。

And so all of these small projects that we're doing across the plant, our advising the final design for Augusta.

因此，我們在整個工廠進行的所有這些小項目，我們都為奧古斯塔的最終設計提供建議。

And while we're not in a position today to talk about the impact on price and the impact on CapEx per pound, or any of that, we believe that we're seeing substantial -- we're learning a lot about what our plant can do, which will advise us to be smarter about the future designs that will help us improve the overall project standing.

雖然我們今天無法談論對價格的影響以及對每磅資本支出的影響，或任何其他影響，但我們相信我們看到了實質性的結果——我們正在了解很多關於我們工廠的信息可以做，這將建議我們對未來的設計更加明智，這將有助於我們提高整體專案的地位。

So what we're doing currently with Augusta is we continue to work closely with KBR.

因此，我們目前與奧古斯塔所做的就是繼續與 KBR 密切合作。

KBR has turned out to be a very good partner for us to find good, novel, effective, and efficient solutions to not only integrate the learnings from Ironton into Augusta, but to even improve upon them.

事實證明，KBR 是我們非常好的合作夥伴，幫助我們找到優秀、新穎、有效且高效的解決方案，不僅將 Ironton 的經驗融入 Augusta 中，甚至對其進行改進。

Those are two very good questions.

這是兩個非常好的問題。

Thank you, Hassan.

謝謝你，哈桑。

Very helpful, Dustin.

非常有幫助，達斯汀。

Thank you.

謝謝。

Gerry Sweeney, at ROTH.

羅斯威尼 (Gerry Sweeney)。

Hey, Jaime and Dustin, thanks for taking my call.

嘿，海梅和達斯汀，感謝您接聽我的電話。

Hey, Gerry.

嘿，格里。

Hey, Gerry.

嘿，格里。

Sticking with the CP2 questions.

堅持 CP2 問題。

I'm looking at slide number 6, the way I understand your commentary and I'm looking at the slide, you made some improvement for the removal CP2 to amount of 10,000 to 20,000 pounds a day, right?

我正在看第 6 張投影片，按照我理解您的評論的方式，當我在看投影片時，您對去除 CP2 進行了一些改進，使其每天減少 10,000 到 20,000 磅，對吧？

That is enough that you can run the system.

這足以讓您運行系統。

You may have to include low-CP2 feedstock materials to optimize it.

您可能需要添加低 CP2 原料來優化它。

But it also appears that later this summer or Q2, you can make additional improvements to remove a higher amount of CP2, which I would assume it reduces the need, maybe not eliminate, but reduces that need for lower-CP2 feedstocks as well.

但似乎在今年夏天晚些時候或第二季度，您可以進行額外的改進以去除更多的 CP2，我認為這會減少需求，也許不會消除，但也會減少對較低 CP2 原料的需求。

Am I looking at that correctly?

我這樣看正確嗎？

Yeah, Gerry, I think it's a good line of questions.

是的，格里，我認為這是一個很好的問題。

And let's do some math on CP2, just to hit the basic volumes and the potential here.

讓我們對 CP2 進行一些數學計算，以了解基本數量和此處的潛力。

So if we purchase a feedstock that has 10% CP2 and we're able to remove 5,000 pounds per day, that means you can see 50,000 pounds per day of feed.

因此，如果我們購買 CP2 含量為 10% 的原料，並且我們每天能夠去除 5,000 磅，這意味著您每天可以看到 50,000 磅飼料。

And that's about, I don't know, 20% capacity, 15% to 20% capacity.

我不知道，這大約是 20% 的容量，15% 到 20% 的容量。

If you're able to remove 20,000 pounds per day of feed, then that would -- and it's a 10% co-product 2 stream, then you would be able to feed effectively 200,000 pounds per day of feed, okay?

如果您每天能夠去除 20,000 磅的飼料，那麼，這是 10% 的副產品 2 流，那麼您每天就能夠有效地飼餵 200,000 磅的飼料，好嗎？

Now, look, we're not giving guidance on where we will be exactly on the feeds because the feed concentration for CP2 moves around.

現在，看，我們沒有給出有關飼料的確切位置的指導，因為 CP2 的飼料濃度會發生變化。

It can be anywhere from as low as 2% to as high as 15% on the feedstocks, okay?

原料的含量可以低至 2%，高至 15%，好嗎？

So you can imagine how that can create quite a variable to the overall rate to the plant.

因此，您可以想像這如何對工廠的總體利用率產生相當大的變數。

But given where we are, the improvements that we made, we believe it'll be a -- once we put it in service and prove that it works, we believe that it will be a substantial improvement to our ability to remove co-product 2, okay?

但考慮到我們所處的位置以及我們所做的改進，我們相信，一旦我們將其投入使用並證明其有效，我們相信這將是我們消除副產品的能力的重大改進2、可以嗎？

And this will have a direct impact on our overall rate regardless of feed.

無論飼料如何，這都會對我們的整體速率產生直接影響。

And if the feed is at the 5% or lower level, which is very feasible, it gets you to a point where CP2 is no longer a constraint for feed for the facility.

如果飼料含量為 5% 或更低（這是非常可行的），那麼 CP2 就不再是設施飼料的限制。

Got it.

知道了。

Perfect.

完美的。

The other question was have you been able to run the system -- have you been able to run any parts of the system during the shutdown?

另一個問題是你是否能夠運行系統——在關閉期間你是否能夠運行系統的任何部分？

I get that you had to power it up in different things, but specifically around the CP2 removal enhancements.

我知道你必須在不同的方面加強它，但特別是圍繞 CP2 去除增強功能。

Have you been able to test it out, run it to troubleshoot things, et cetera?

您是否能夠測試它、運行它來排除故障等等？

Yeah.

是的。

So we have run portions of the plant primarily on the prep side.

因此，我們主要在準備方面運行工廠的部分內容。

We continue to run the prep periodically to fill our silos and be ready for feed.

我們繼續定期進行準備工作，以填充我們的筒倉並為飼料做好準備。

We have also over the last week and a half, done a lot of work for pre-startup checks and ready to start activity.

在過去的一個半星期裡，我們也做了很多啟動前檢查的工作，並準備好開始活動。

So these are largely operational and mechanical final checkouts to make sure that the systems are ready to run, and our team has done that.

因此，這些主要是操作和機械的最終檢查，以確保系統準備好運行，我們的團隊已經做到了這一點。

We've already pressure checked the facility to know that it is in -- it's ready for operations.

我們已經對設施進行了壓力檢查，知道它已經準備好投入運作。

So some of the traditional startup procedure items we had done ahead of time because we can do it in parallel.

因此，我們提前完成了一些傳統的啟動程序項目，因為我們可以並行進行。

But to answer your question, I think a bit more directly is yeah, when you have the plant down like we did for this outage, you're really not able to run portions of purification because it's all interconnected.

但要回答你的問題，我認為更直接一點是，當你像我們在這次停電時那樣關閉工廠時，你真的無法運行部分淨化，因為它們都是相互關聯的。

And so we did do individual equipment checks, but we didn't run any pieces of the process and a sizable wagering outage.

因此，我們確實進行了單獨的設備檢查，但我們沒有運行該流程的任何部分，也沒有造成相當大的投注中斷。

Okay.

好的。

That's fair.

這還算公平。

One more or jump back in line?

再來一個還是跳回隊列？

No, go ahead, Gerry.

不，繼續吧，格里。

It's fine.

沒關係。

Okay.

好的。

I wasn't sure if it was limited to two, but this is my last question though.

我不確定是否僅限於兩個，但這是我的最後一個問題。

On the trial side, obviously, you're working with off-takers, et cetera.

顯然，在試驗方面，您正在與承購商等合作。

Can you maybe just give us a little bit of detail where some of those potential off-takers are in their qualification process?

您能否向我們提供一些潛在承購商資格認證流程中的一些細節？

Yeah.

是的。

I probably won't get into the specific details about specific customers, but maybe let me describe the process a little bit, okay?

我可能不會詳細介紹特定客戶的具體細節，但也許讓我來描述一下這個過程，好嗎？

We have made a lot of product at the feedstock evaluation in preparation for the commercial plant.

我們在原料評估中生產了大量產品，為商業工廠做準備。

And we had very good -- we had very limited volume to share that with our customers.

我們有非常好的——我們與客戶分享的數量非常有限。

And so that was primarily focused on core customers and less to the broader market.

因此，這主要關注核心客戶，而不是更廣泛的市場。

And so as we started to make commercial products, even our core customers, they have an interest in seeing the commercial grade product at scale so they can have confidence that it is sufficient or similar enough to the FEU that they can bring it into their operation.

因此，當我們開始生產商業產品時，即使是我們的核心客戶，他們也有興趣大規模地看到商業級產品，這樣他們就可以相信它與 FEU 足夠或足夠相似，可以將其投入運營。

But as we start to talk to customers outside of that core network, like they haven't had a chance to run our product yet because it was in such limited volume during the FEU.

但當我們開始與核心網路以外的客戶交談時，他們似乎還沒有機會運行我們的產品，因為在 FEU 期間該產品的數量非常有限。

And so we're starting to get that material out to a much wider base of customers.

因此，我們開始將這些材料提供給更廣泛的客戶群。

Many customers when you talk, they are like, I think we're ready for PureCycle.

許多客戶在談論時都會說，我認為我們已經為 PureCycle 做好了準備。

We're excited to start testing your materials because they haven't been able to yet.

我們很高興開始測試您的材料，因為他們還無法這樣做。

And so we are at the beginning of those stages with those customers.

因此，我們與這些客戶正處於這些階段的開始。

And I'll tell you it's very difficult to predict, let's say, the curve for adoption of the products.

我會告訴你，很難預測產品的採用曲線。

Each customer is very unique.

每個客戶都是非常獨特的。

Each customer has a different level, a different standard for analysis and approval.

每個客戶都有不同的等級、不同的分析和審批標準。

And so we're working with many, many of them that are different places.

因此，我們正在與許多不同地方的公司合作。

I will say that we have expanded our supply into compounding, okay?

我想說的是，我們已經將供應範圍擴大到複利，好嗎？

And polypropylene compound is a pretty significant portion of the market.

聚丙烯化合物佔據了相當大的市場。

And they are, let's say, notorious for taking lots of different types of feed, blending them together to make a good product.

比如說，它們因將大量不同類型的飼料混合在一起製成優質產品而臭名昭著。

And so they're, let's just call them, like recipe experts. and they are often quicker and more adaptable to variations in product quality or early adoptions.

所以他們，我們就這樣稱呼他們吧，就像食譜專家一樣。而且它們通常更快、更能適應產品品質或早期採用的變化。

And so we feel good about that as an outlet for sales over the course of Q2 and Q3.

因此，我們對第二季和第三季的銷售管道感到滿意。

Got it.

知道了。

That's very helpful.

這非常有幫助。

I appreciate it.

我很感激。

Brian Butler, Stifel.

布萊恩巴特勒，斯蒂菲爾。

Hi, guys.

嗨，大家好。

Thank you for taking my questions this morning.

感謝您今天早上回答我的問題。

Hey, no problem, Brian.

嘿，沒問題，布萊恩。

How are you doing?

你好嗎？

I'm doing well.

我很好。

First one, just when you think about the post-fix plan, is there a long-term solution for CPT that's still -- CPT2 that's still supposed to be implemented?

第一個，當你考慮修復後計畫時，是否有一個長期的 CPT 解決方案仍然需要實施—CPT2？

And what kind of timeline is that on?

那是在什麼樣的時間線上？

Yeah.

是的。

So that's a good question.

這是一個好問題。

Let's maybe kind of go back to what we said previously, and let's say, reset the stage there.

也許讓我們回到之前所說的，重置舞台。

We originally could manually remove 3,000 to 5,000 pounds per day of products, okay?

我們原本每天可以手動移除 3,000 到 5,000 磅的產品，好嗎？

And we told the market that we have a solution in mind that we will implement during the course of Q2, but we were not more descriptive on the timing than that, okay?

我們告訴市場，我們心中有一個解決方案，我們將在第二季度實施，但我們沒有對時間進行更多描述，好嗎？

That project is still in play.

該項目仍在進行中。

That project is executable over the course of May if we choose to do it.

如果我們選擇的話，該項目可以在五月期間執行。

Most of the equipment has arrived.

大部分設備已經抵達。

Most of the engineering is complete.

大部分工程已經完成。

We've even started to dig the foundations for that.

我們甚至已經開始為此挖掘基礎。

And that project is kind of let's say, ripe for execution.

可以說，這個專案已經成熟，可以執行了。

And if we do choose to execute it, it will not take another outage because we made all the proper tie-ins during this outage to do it.

如果我們確實選擇執行它，則不需要再次停電，因為我們在這次停電期間做了所有適當的搭配來執行它。

Having said all of that, we added another project to this outage based on what we've learned from discovery during the outage.

話雖如此，我們根據我們在停電期間發現的情況，在這次停電中添加了另一個項目。

I mean, when we opened the settler, we -- quite frankly, we expected it to be empty, but it wasn't, okay?

我的意思是，當我們打開定居者時，坦白說，我們預計它是空的，但事實並非如此，好嗎？

And what we found is that there was a level indication device in that vessel that just wasn't working properly.

我們發現該容器中有一個液位指示裝置無法正常運作。

And so when we learned that we were able to then pivot, think through what we had seen over the last four months, and then refocus our efforts into another project that we implemented during the outage, okay?

因此，當我們得知我們能夠進行調整時，思考過去四個月我們所看到的情況，然後將我們的努力重新集中到我們在停電期間實施的另一個項目上，好嗎？

So the long-term solution, the question asked, is there a plan for a long-term solution?

那麼長期解決方案，問題是，有沒有長期解決方案的計劃？

The long-term solution may have been installed during the outage.

長期解決方案可能是在停電期間安裝的。

We still have to test it.

我們還得測試一下。

We have to make sure it works, but we have more confidence in its ability to work now than we did before.

我們必須確保它有效，但我們現在比以前更有信心它的工作能力。

And we're very optimistic about it.

我們對此非常樂觀。

If it works properly, then we may have the long-term solution already in place.

如果它運作正常，那麼我們可能已經有了長期解決方案。

If it doesn't do everything that we need or we need more capacity to remove CP2?

如果它不能滿足我們需要的一切，或者我們需要更多容量來移除 CP2？

Then we'll go ahead and execute the project that we plan on implementing in Q2 anyway.

然後我們將繼續執行我們計劃在第二季實施的專案。

But we're holding back on that until we see the progress of this implementation to see how it operates.

但在我們看到此實施的進展並了解其運作方式之前，我們會推遲這一點。

Okay.

好的。

That's good color.

這顏色真好啊

Thank you.

謝謝。

And then maybe can we talk about now that you're going to roll these into ramp up production at some level in 2Q?

然後也許我們現在可以談談您將在第二季將這些產品推向一定程度的產量？

Is this going to be a revenue generating quarter?

這將是一個創收季度嗎？

And how should we think about maybe facility costs as well as corporate costs in the second quarter?

我們應該如何考慮第二季的設施成本和企業成本？

Yes, that's a good question, Brian.

是的，這是個好問題，布萊恩。

We are excited about our ability to ramp the plant up once we've finished the outage.

我們對停電結束後能夠提高工廠產能感到興奮。

We did extend the outage, okay?

我們確實延長了停電時間，好嗎？

We know that.

我們知道。

We extended it on purpose because we wanted to make sure we had as many of the reliability headaches resolved as we could to give us the best chance possible to move forward, okay?

我們故意延長了它，因為我們希望確保盡可能多地解決可靠性問題，以便為我們提供前進的最佳機會，好嗎？

With respect to revenue generation and commercial sales, this gets back a little bit to Gerry's question, okay?

關於創造收入和商業銷售，這又回到了格里的問題，好嗎？

We are sampling product to a lot of customers, okay?

我們正在向許多客戶提供產品樣品，好嗎？

Like -- and we get feedback from all of them.

就像——我們從他們所有人那裡得到了回饋。

And typically, the way it works is they ask for a small sample, then they ask for a bigger sample, then they ask for a truck, then they ask for a railcar, and then ask for a lot, okay?

通常，它的工作方式是他們要求一個小樣本，然後他們要求一個更大的樣本，然後他們要求一輛卡車，然後他們要求一輛軌道車，然後要求很多，好嗎？

And we're in that process of ramping up.

我們正處於加速過程中。

What I can tell you is that we've got a lot of folks in the line with a lot of customers, and we're listening to them, we're working with them to advance the qualification process, the approval process as quickly as possible.

我可以告訴你的是，我們有很多人在與很多客戶排隊，我們正在傾聽他們的意見，我們正在與他們合作，盡快推進資格審查流程和審批流程。

I'll maybe hand over part of the question to Jamie with respect to the facility costs and where we stand from that perspective.

我可能會將有關設施成本以及我們從這個角度來看的立場的部分問題交給傑米。

Hey, Brian.

嘿，布萊恩。

We've been running probably around $8.5 million a month in terms of just cash expenses and it seems to be a steady state.

僅就現金支出而言，我們每月的支出約為 850 萬美元，而且似乎處於穩定狀態。

I'd like to think, as we're operating more efficiently, that those costs will come down somewhat.

我想，隨著我們營運效率的提高，這些成本將會下降。

It's hard to tell because we haven't been running continuously, but just based on some of the things that we're seeing we think that cost will come down a bit.

這很難說，因為我們並沒有持續運行，但僅根據我們所看到的一些事情，我們認為成本會下降。

Okay.

好的。

And with the new debt that's sufficient capacity to run for how long?

新債務的能力足以維持多久？

With the additional liquidity -- well, that additional liquidity, the $30 million, if we're running, call it $8 million a month, it gives us several months.

有了額外的流動性——嗯，額外的流動性，3000 萬美元，如果我們正在運行，稱之為每月 800 萬美元，它給了我們幾個月的時間。

And in the interim, we're still actively looking at marketing the bonds.

在此期間，我們仍在積極考慮債券行銷。

So hopefully, as Ironton continues to operate and the opportunities -- we'll have more opportunities to sell additional loans.

因此，希望隨著 Ironton 的繼續營運和機會，我們將有更多機會出售額外的貸款。

Okay.

好的。

And then maybe one last one.

然後也許是最後一件事。

Just when you think about -- you talked about Augusta a little bit.

就在你想到──你談到了奧古斯塔一點。

And as we reach expectations on the ramp of Ironton.

當我們在艾恩頓的坡道上達到預期。

How should we think about the ramp, and I guess the build out of Augusta as well as kind of your development projects beyond Augusta?

我們應該如何考慮坡道，我猜是奧古斯塔的建設以及奧古斯塔以外的開發項目？

What is the right way to think about that timeline wise, just even at a very high level?

即使在非常高的層面上，思考時間線的正確方法是什麼？

Yeah, at a high level on the work that we've been focusing on the last several months has been on finalizing the engineering packages for Augusta to ensure all of the Ironton implementation has been included in that design, okay?

是的，在過去幾個月我們一直關注的高水準工作一直是最終確定 Augusta 的工程包，以確保所有 Ironton 實施都包含在該設計中，好嗎？

And so that really has been the focus as we change engineering companies and partnered with KBR, we're finding that relationship to be quite good, quite helpful, and we're implementing a lot of good learnings there.

因此，當我們更換工程公司並與 KBR 合作時，這確實是我們關注的焦點，我們發現這種關係非常好，非常有幫助，我們正在那裡實施許多好的經驗教訓。

When it comes to the overall expansion of the business, I mean, look, it's fair to say that everybody is waiting and watching for Ironton, okay?

當談到業務的整體擴張時，我的意思是，看，公平地說，每個人都在等待和關注艾恩頓，好嗎？

So all of our partners, in some cases, our partners have been extremely helpful on the on the technical side.

因此，我們所有的合作夥伴，在某些情況下，我們的合作夥伴在技術方面都提供了極大的幫助。

They'll speak specifically to SK in that respect.

他們將在這方面專門與 SK 交談。

We've spoken about this in the past.

我們過去曾討論過這個問題。

SK comes with a lot of technical expertise, and they've been helpful as we have worked through some of the startup challenges.

SK 擁有大量的技術專業知識，他們在我們解決一些新創挑戰時提供了幫助。

So in varying degrees, our partners are helping us get Ironton going.

因此，我們的合作夥伴在不同程度上幫助我們推動 Ironton 的發展。

They are also waiting and watching for Ironton to go and they're continuing to progress the ground game to be ready when we're ready, okay?

他們也在等待和觀察艾恩頓的離開，他們正在繼續推進地面比賽，以便在我們準備好時做好準備，好嗎？

So the way I would project it, we're not going to give guidance on dates for Augusta, or dates for JVs.

因此，按照我的預測方式，我們不會就奧古斯塔的日期或合資企業的日期提供指導。

But the way that I would describe it is we are very excited about our growth potential and so are our partners once we show Ironton can operate reliably and at a scale, okay?

但我要描述的是，我們對我們的成長潛力感到非常興奮，一旦我們證明 Ironton 能夠可靠且大規模地運營，我們的合作夥伴也會感到非常興奮，好嗎？

And so we believe that we've got the, let's say, the dock loaded and ready to go, and ready to move forward once we get past the early operational reliability challenges.

因此，我們相信，我們已經將碼頭裝滿並準備就緒，一旦我們克服了早期的運行可靠性挑戰，就可以繼續前進。

Okay.

好的。

Thank you for taking my questions.

感謝您回答我的問題。

Thomas Boyes, TD Cohen.

托馬斯·博伊斯，TD·科恩。

Appreciate you taking the time.

感謝您抽出時間。

Most of my questions were asked, but maybe if you could just give a bit more color on the cross contamination that you would experience.

我的大部分問題都被問到了，但也許你能對你將經歷的交叉污染提供更多的資訊。

Was this just a mixing of, say, three or five rated resins with lower quality when you were loading everything up?

當您裝載所有東西時，這是否只是混合了三到五種質量較低的額定樹脂？

Or how did that come about?

或者說這是怎麼發生的？

Yeah.

是的。

I mean that's right, Thomas.

我的意思是，托馬斯。

Basically, as we were learning how to operate the facility, to be honest with you, we had a lot of challenges with the final product valve, that transfer valve.

基本上，當我們學習如何操作設施時，老實說，我們在最終產品閥門（輸送閥）方面遇到了許多挑戰。

I mean, that product transfer valve forced us into semicontinuous operations because the valve was oversized not working properly.

我的意思是，產品輸送閥迫使我們進行半連續操作，因為閥門尺寸過大，無法正常工作。

And so that meant that we had to have the final product extruder, up and down a lot.

所以這意味著我們必須有最終產品的擠出機，上下很多。

And as you do that, you do a lot of things that are -- you make life more challenging that needs to be.

當你這樣做時，你做了很多事情——你讓生活變得更具挑戰性。

So in some cases, we had reliability issues with additive packages to where not all products were made with additive.

因此，在某些情況下，我們會遇到添加劑包的可靠性問題，因為並非所有產品都是用添加劑製成的。

And in some cases, we were who were on one feedstock moving into one silo.

在某些情況下，我們將一種原料轉移到一個筒倉中。

And as we were transitioning to another feedstock, we didn't move out of that silo quickly enough in order to minimize the cross-contamination.

當我們轉向另一種原料時，我們沒有足夠快地移出筒倉，以盡量減少交叉污染。

And so I would say that the majority of the issues that we faced there on was on, let's say, equipment reliability, meaning the extruder was up and down and then also learning how to more effectively predict the transition moments between feeds and then operationally manage it in the silos.

所以我想說，我們在那裡面臨的大部分問題是設備可靠性，這意味著擠出機會上下移動，然後還要學習如何更有效地預測進料之間的過渡時刻，然後進行操作管理它在筒倉裡。

And at the end of the day, this is a fairly small amount of volume that was cross-contaminated and we're working to move that material to the market to move on.

歸根結底，這是交叉污染的相當少量的材料，我們正在努力將這些材料轉移到市場上以繼續發展。

But those were some of the early challenges.

但這些是早期的一些挑戰。

We don't expect that to be a concern going forward.

我們預計這不會成為未來的問題。

Got it.

知道了。

And then not to put too far to point on it, but even for the portions that kind of were cross-contaminate, it sounds like there are and potential customers that are kind of willing to still trial or use that as the basis of them making some decisions longer term on using the final product.

然後不要說得太過分，但即使對於交叉污染的部分，聽起來也有潛在的客戶願意繼續嘗試或使用它作為他們製作的基礎一些關於使用最終產品的長期決定。

Is that correct?

那是對的嗎？

Yeah, 100%.

是的，100%。

So look, I mean, when you think about the options for mechanical supply, let's say, not mechanical, recycle supply into the market, they're limited.

所以，我的意思是，當你考慮機械供應的選擇時，比如說，不是機械的，回收供應進入市場，它們是有限的。

And so there's a heavy appetite for recycled material in the market.

因此，市場上對回收材料的需求很大。

And so when you compare our material to what they're used to using, it's still a pretty good improvement.

因此，當您將我們的材料與他們習慣使用的材料進行比較時，它仍然是一個相當不錯的改進。

And so even when we're not making fully on prime product, like the color is a little bit high or the opacity is a little bit off, it's still a very good product.

因此，即使我們沒有完全製作優質產品，例如顏色有點高或不透明度有點低，它仍然是一個非常好的產品。

It's still better than the gray and black material that is largely seen in the mechanical recycling market.

它仍然比機械回收市場上常見的灰色和黑色材料更好。

And we're seeing really good interest in our material from the customer base.

我們看到客戶群對我們的材料非常感興趣。

I mentioned that we've made, let's say, different qualities of product across facility.

我提到過，我們在各個工廠生產了不同品質的產品。

I mean, we have made prime material, okay?

我的意思是，我們已經製作了主要材料，好嗎？

We have made good quality material that met both color and opacity throughout the process.

我們製造了優質材料，在整個過程中滿足顏色和不透明度的要求。

But because we were up and down a bit, because we were a little bit of a learning curve on managing it on the backend, we cross-contaminated quite a bit of that material.

但因為我們的情況有些起伏，因為我們在後端管理方面有一些學習曲線，所以我們交叉污染了相當多的材料。

Now, having said all of that, we also learned a lot about capability that we have at the facility and as we grow into it, we'll be able to expand our capability to move product more efficiently.

現在，說了這麼多，我們還了解了很多關於我們在該工廠擁有的能力的知識，隨著我們的發展，我們將能夠擴展我們的能力，以更有效地運輸產品。

Got it.

知道了。

And then for my follow-up.

然後是我的後續行動。

Just on the on the site visit that you had talked a lot about, fiber and kind of the unique attributes that you have that make that a possibility?

就在現場訪問中，您已經談論了很多，纖維和您擁有的獨特屬性使這成為可能？

Is that kind of the same logic for film Where the impurities and different melting points kind of make it difficult to produce.

對於薄膜來說，這也是同樣的邏輯嗎？

Is that really kind of the same dynamic that's in play there?

這真的是同樣的動態嗎？

Yeah.

是的。

So here's what here's a good way to visualize it.

所以這就是可視化它的好方法。

When you're making fiber, it's a very thin stream of polypropylene.

當你製造纖維時，它是一種非常細的聚丙烯流。

And if you have contaminants in your feedstock or in your product, then those little contaminants can have a big impact on the string.

如果原料或產品中存在污染物，那麼這些微小的污染物就會對線產生很大的影響。

And when you have an impact on that string, then you end up breaking the string and the producers of fiber have a very difficult time managing it consistently.

當你對該繩子產生影響時，最終會導致繩子斷裂，而纖維生產商則很難持續管理。

They're up and down way too much.

他們上下起伏太多了。

They don't like the product quality so they can't do it reliably.

他們不喜歡產品質量，因此無法可靠地生產。

And so that's why they have traditionally moved away from mechanical recycled product.

這就是為什麼他們傳統上不再使用機械回收產品。

Same is basically true for film as well.

對於電影來說基本上也是如此。

As you make film, let's say, it's typically a long wide sheet, very thin of polypropylene, and if you have any inclusion of co-product 1 or co-product 2, in that film then they can create an interference in the film and break the film or cause problems to the film.

比方說，當您製作薄膜時，它通常是一種長而寬的片材，非常薄的聚丙烯，如果您在該薄膜中包含任何副產品1 或副產品2，那麼它們可能會在薄膜中產生幹擾，並且破壞薄膜或導致薄膜出現問題。

And so what we're doing and what we're seeing is that the better we are at removing co-product 1 and co-product 2 from the process, the better the product quality will be the better.

因此，我們正在做的和我們看到的是，我們越能從流程中去除副產品 1 和副產品 2，產品品質就會越好。

The product quality is the better we are at being able to make film and fiber.

我們能夠製造薄膜和纖維，產品品質越好。

And we are really excited about this, okay?

我們對此感到非常興奮，好嗎？

Those are very big markets for the -- very big global markets.

對於非常大的全球市場來說，這些都是非常大的市場。

And if our product can prove technically and mechanically competent to run in those services, it gives us a pretty nice differential advantage to the market.

如果我們的產品能夠在技術和機械上證明能夠在這些服務中運行，那麼它會給我們帶來相當大的市場差異化優勢。

Great.

偉大的。

Thanks for answering the questions.

感謝您回答問題。

I'll hop back in queue.

我會跳回隊列。

Thanks, Thomas.

謝謝，托馬斯。

Eric Stine, Craig-Hallum Capital Group.

艾瑞克‧史坦（Eric Stine），克雷格-哈勒姆資本集團。

Hey, Dustin.

嘿，達斯汀。

Hi, Jamie.

嗨，傑米。

Hey, Eric.

嘿，艾瑞克。

Hey, Eric.

嘿，艾瑞克。

Hey.

嘿。

So I'll just sneak a few in her at the end.

所以最後我會偷偷地給她一些。

I'm just curious on any detail you can give on interest in of those bonds and your ability to resell those bonds to give you a little bit longer runway.

我只是好奇您能提供有關這些債券利息的任何細節，以及您轉售這些債券的能力，以便為您提供更長的跑道。

And then also would love details on the warrants if you're able to provide those pricing terms, et cetera.

如果您能夠提供這些定價條款等，那麼您也希望了解認股權證的詳細資訊。

Yeah.

是的。

On the revenue bonds, I have to -- based on discussions we've had, we know Ironton has to run for a period of time.

關於收入債券，我必須——根據我們的討論，我們知道艾恩頓必須運行一段時間。

We do think there is an interest in it.

我們確實認為人們對此感興趣。

We've got ongoing discussions.

我們正在進行持續的討論。

So my personal view is that if we can get Ironton to run for a couple of months, we'll have opportunities to sell additional bonds.

因此，我個人的觀點是，如果我們能讓艾恩頓公司運作幾個月，我們將有機會出售更多債券。

With respect to the warrants, the warrants the detail I can provide, I mean, they extend to December of 2030, they have a strike price at $11.50, and there is basically at fair market value of those warrants.

關於認股權證，我可以提供這些認股權證的詳細信息，我的意思是，它們的有效期延長至2030 年12 月，它們的執行價格為11.50 美元，並且這些認股權證基本上具有公平的市場價值。

Got it.

知道了。

And then maybe just last one, and I realize this is difficult and look, I can appreciate this is a new technology, you're ramping things up, you're learning a lot.

然後也許只是最後一個，我意識到這很困難，看，我可以欣賞這是一項新技術，你正在加速事情，你正在學習很多東西。

But, I mean, any thoughts on when you envision that when you take down the plant, it is more of a proactive just part of regular maintenance versus taking it down such as the outage that you just did.

但是，我的意思是，當你想像當你拆除工廠時，它更像是定期維護的一部分，而不是像你剛剛所做的停電那樣拆除它。

I mean, is this -- given what you know today, do you envision that this is a 3Q event?

我的意思是，根據您今天所了解的情況，您是否認為這是第三季的事件？

Do you think it's more of a early 2025 where things are where you ultimately want them to be from a production perspective?

您是否認為 2025 年初，事情會達到您從生產角度最終希望的那樣？

Any thoughts there would be helpful.

任何想法都會有幫助。

Yeah, look, I mean, we're always going to do the evaluation to see if there's value in taking the plant down to do repairs or if there's value in continuing to run.

是的，我的意思是，我們總是會進行評估，看看拆除工廠進行維修是否有價值，或者繼續運作是否有價值。

In this case, there are numerous items that have been building up since November that we needed to address.

在這種情況下，自 11 月以來我們需要解決許多問題。

We did a really good job during this outage, okay?

我們在這次停電期間做得非常好，好嗎？

We executed the outage very well.

我們很好地執行了停電。

There were some discovery items which got in the way.

有一些發現項目妨礙了我們。

I mean, honestly, whether it was a pretty significant impact on the overall timeline of this outage.

老實說，我的意思是，這是否對這次中斷的整體時間產生了相當重大的影響。

But we implemented a number of improvements that will improve the reliability, okay?

但我們實施了一些改進來提高可靠性，好嗎？

So we're very excited about that.

所以我們對此感到非常興奮。

With respect to when will we do it again, you know, we do not have plans to take the plant down again in 2024.

至於什麼時候再做，你知道，我們沒有計劃在 2024 年再次拆除該工廠。

However, I will caveat it by saying if we learn things as we run more consistently and reliably and with more pounds through the plant that advises us that we need to do something again, then we will. okay?

然而，我要警告的是，如果我們透過更一致、更可靠地運行並透過更多的磅數來學習一些東西，建議我們需要再次做某事，那麼我們就會這麼做。好的？

But at this point, we don't see a need to bring the plant down, quite frankly, because we did such a thorough job of planning this outage and completing the work that we had in front of us.

但坦白說，目前我們認為沒有必要關閉該工廠，因為我們在計劃這次停電並完成擺在我們面前的工作方面做了非常徹底的工作。

And I think the other thing, Eric is, look, I mean, we will continue to extend the time between outage over the life of the project or the life of the site.

我認為另一件事，埃里克是，你看，我的意思是，我們將繼續延長專案生命週期或站點生命週期內的中斷時間。

We will always be open to new ideas, new improvements, reliability, big, small, medium, whatever to improve the site, okay?

我們將始終對新想法、新改進、可靠性、大、小、中、任何改進網站持開放態度，好嗎？

So I don't think that -- even in traditional plants that have been running for 50, 60 years, they still implement reliability improvement projects on those plants every time they shut down.

所以我不認為，即使在已經運行了 50 年、60 年的傳統工廠中，他們仍然在每次關閉時對這些工廠實施可靠性改進項目。

Now, the percentage of improvement versus the percentage of maintenance will change and it will happen for us as well.

現在，改進的百分比與維護的百分比將會發生變化，這也會發生在我們身上。

But we're never going to stop growing, learning, or getting better, and we'll continuously add things to this facility to help us operate more effectively.

但我們永遠不會停止成長、學習或變得更好，我們將不斷為該設施添加東西，以幫助我們更有效地運作。

You should note that the majority of the projects that we did during this outage, were very small dollar items.

您應該注意到，我們在這次中斷期間所做的大多數專案都是非常小的專案。

But even though small dollar item issues, when and when an operator is in the field having to deal with something that's abnormal, it's not good for reliability of the plant.

但即使是小問題，當操作員在現場必須處​​理異常情況時，這對工廠的可靠性不利。

And so by some of these small improvements, we will help the operator quite a lot in the field to be more successful.

因此，透過其中一些小的改進，我們將幫助營運商在該領域取得更大的成功。

All right.

好的。

Very helpful.

很有幫助。

Thanks.

謝謝。

Thank you.

謝謝。

I'm showing no further live questions at this time.

我目前不會再提出任何實時問題。

I will turn the call over to Christian.

我會把電話轉給克里斯蒂安。

We are going to read one question that we received through Investor question at purecycle.com. This comes from Don Matthew.

我們將閱讀我們透過 purecycle.com 投資者問題收到的一個問題。這來自唐·馬修。

Dustin, you anticipate the need for continuing occasional plant stoppages, but keep improving process?

達斯汀，您預計工廠需要繼續偶爾停工，但要不斷改進流程嗎？

Yeah.

是的。

First of all, Don, thanks for the question, and thanks for sending it in early.

首先，唐，感謝您提出問題，也感謝您提前發送問題。

We very much appreciate that.

我們非常讚賞這一點。

And I think that Eric asked that question just before.

我認為埃里克之前就問過這個問題。

So we don't anticipate needing to take the plant down for any future outages in 2024.

因此，我們預計 2024 年未來停電時不需要關閉該工廠。

But we're going to see how the plant runs, we're going to see with the plants telling us, and we'll make decisions throughout the year.

但我們將了解工廠如何運行，我們將了解工廠告訴我們的信息，我們將全年做出決定。

But thank you for the question.

但謝謝你的提問。

So with that, I believe that's the end of the questions for this call.

至此，我相信本次電話會議的問題就結束了。

I would like to close the meeting with a few short remarks.

我想用幾句簡短的話結束會議。

Look, I mean the success of this company will depend on our team's resolve to solve problems and make improvements every single day. 1% every day is a common thing that you hear out there.

聽著，我的意思是，這家公司的成功將取決於我們團隊每天解決問題和改進的決心。每天1%是你常聽到的事情。

We execute that all the time.

我們一直都在執行這一點。

We opened our doors to you just a few weeks ago and you got to see the culture and the energy behind everything we do with full transparency.

幾週前，我們向您敞開了大門，您可以完全透明地看到我們所做的一切背後的文化和能量。

We grind, we push through, we solve problems, and we improve every day.

我們磨礪，我們堅持到底，我們解決問題，我們每天都在進步。

From the outside looking in, the plant, might look the same to you, but for us, we removed so many reliability headaches that prevented us from consistent forward momentum.

從外面看，這個工廠對你來說可能看起來是一樣的，但對我們來說，我們消除了許多可靠性問題，這些問題阻礙了我們持續前進的動力。

During this outage, we took the time to make those improvements that we believe will improve our operation.

在這次中斷期間，我們花時間進行了這些改進，我們相信這將改善我們的營運。

We couldn't be more excited to restart the facility and run this plant, and we look forward to talking to you all again next time.

我們對重新啟動設施並運營該工廠感到無比興奮，我們期待下次再次與大家交談。

Thank you very much for your time today.

非常感謝您今天抽出時間。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect.

您現在可以斷開連線。