Purecycle Technologies Inc (PCT) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the PureCycle Technologies Third Quarter 2024 Corporate Update Call. (Operator Instructions) Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Christian Bruey, Director of Communications. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 PureCycle Technologies 2024 年第三季公司最新動態電話會議。（操作員指示）請注意，今天的會議正在錄製中。現在我想將會議交給今天的發言人、傳播總監 Christian Bruey。請繼續。

Thank you, Kevin. Welcome to PureCycle Technologies Third Quarter 2024 Corporate Update Conference Call. I'm Christian Bruey, Director of Communications for PureCycle and joining me on the call today are Dustin Olson, our Chief Executive Officer; and Jaime Vasquez, our Chief Financial Officer.

謝謝你，凱文。歡迎參加 PureCycle Technologies 2024 年第三季公司最新情況電話會議。我是 PureCycle 傳播總監 Christian Bruey，今天與我一起參加電話會議的還有我們的執行長 Dustin Olson；以及我們的財務長 Jaime Vasquez。

This morning, we will be highlighting our corporate developments for the third quarter 2024. The presentation we'll be going through on this call can also be found on the Investor tab at our website at purecycle.com.

今天早上，我們將重點介紹 2024 年第三季的企業發展。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. The statements are subject to known and unknown risks and 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 third quarter 2024 corporate update press release that was filed this morning as well as in other reports on file with the SEC that provide further detail about the risks related to our business.

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。這些聲明受到已知和未知的風險和不確定性的影響，其中許多風險和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和不確定性，這些風險和不確定性可以在我們的2024 年第三季末公司更新新聞中找到今天早上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中提供了有關我們業務相關風險的更多詳細資訊。

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. Any variation between PureCycle's actual results and the preliminary financial data set forth herein may be material. You're welcome to follow along with our slide deck or if joining us by phone, you can access at any time at purecycle.com.

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。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。歡迎您觀看我們的投影片，或如果透過電話加入我們，您可以隨時造訪 purecycle.com。

We're excited to share updates from the previous quarter with you. I'll now turn it over to Dustin Olson, PureCycle's Chief Executive Officer.

我們很高興與您分享上一季的最新情況。現在我將把它交給 PureCycle 執行長 Dustin Olson。

Thank you, Christian. This has been an exciting and productive quarter for PureCycle as we made significant progress across a number of areas. Momentum is building, and I'm proud of the team and their steadfast determination on our mission to revolutionize plastic waste and enable a pure planet. There continues to be an enormous need in the market for sustainable solutions and PureCycle is leading the charge with our next-generation purification technology.

謝謝你，克里斯蒂安。對於 PureCycle 來說，這是一個令人興奮且富有成效的季度，我們在多個領域取得了重大進展。勢頭正在形成，我為我們的團隊及其堅定的決心感到自豪，我們的使命是徹底改變塑膠廢物並創造一個純淨的星球。市場對永續解決方案的需求仍然巨大，PureCycle 憑藉我們的下一代淨化技術引領潮流。

Q3 was highlighted by achieving three critical production milestones at our Ironton facility. We have set these specific goals to show various elements of our production progress and are pleased with their execution against them. Production out of Ironton is effectively feed rate times hours of production equals output. These milestones were chosen to be able to show progress against both rate and uptime with solid outcomes on both fronts.

第三季的亮點是我們的艾恩頓工廠實現了三個關鍵的生產里程碑。我們設定了這些具體目標來展示我們生產進度的各個要素，並對它們的執行情況感到滿意。Ironton 的產量實際上是進給率乘以生產小時數等於產量。選擇這些里程碑是為了能夠顯示速率和正常運行時間的進展，並在這兩個方面取得了堅實的成果。

While we are pleased with the achievement this quarter, we will continue to lean into production on both rates, reliability, and quality. Our confidence in achieving our nameplate capacity targets over time continues to increase.

雖然我們對本季的成就感到滿意，但我們將繼續在速度、可靠性和品質方面投入生產。隨著時間的推移，我們對實現銘牌產能目標的信心不斷增強。

In addition to the milestones, tangible progress was seen in feedstock production, operations, commercial and finance areas. Within operations, there were several successful outcomes in Q3 with significant advancement on the CP2 removal, Denver PA's Prep facility launch and the ramping of the compounding operations.

除了這些里程碑之外，原料生產、營運、商業和金融領域也取得了實際進展。在營運方面，第三季取得了多項成功成果，其中在 CP2 去除、丹佛賓州 Prep 設施啟動以及複合營運的加速方面取得了重大進展。

Our success on CP2 has enabled us to transition to running more challenging feeds with higher CP2 levels and exclusively PCR content. We are excited about Ironton's production performance and are now focusing our attention on scaling the commercial aspects of our business.

我們在 CP2 上的成功使我們能夠過渡到運行更具挑戰性的飼料，具有更高的 CP2 水平和專門的 PCR 含量。我們對 Ironton 的生產業績感到興奮，現在我們將注意力集中在擴大業務的商業方面。

With more stable production and higher quality output, we are also gaining traction on our commercial plan. Our compounding strategy is operational and, over the last four weeks producing, approximately $400,000 per week of sellable product, providing customers with better product options. Customers are actively trailing both compounded and PureCycle stand-alone pellets with great success.

憑藉更穩定的生產和更高品質的產出，我們的商業計劃也獲得了牽引力。我們的複合策略已投入運行，在過去四個星期內，每週生產約 40 萬美元的可銷售產品，為客戶提供了更好的產品選擇。客戶正在積極追蹤複合顆粒和 PureCycle 獨立顆粒，並取得了巨大成功。

We are actively developing products for film, fibre, and injection moulding applications. Film and fibre continues to be an underserved, and our product has the potential to fill a badly needed supply gap. We are exploring commercial opportunities in both direct and compounded products with ongoing trials running across a growing number of large companies.

我們正在積極開發薄膜、纖維和注塑應用的產品。薄膜和纖維仍然供應不足，而我們的產品有潛力填補急需的供應缺口。我們正在探索直接產品和複合產品的商業機會，並在越來越多的大公司中進行持續的試驗。

The project development takes time to develop the right product qualities and then the trust between the supplier and customer. With our current plant performance, we are finding a growing pipeline of opportunities that will translate to financial success.

專案開發需要時間來開發正確的產品品質，然後建立供應商和客戶之間的信任。憑藉我們目前工廠的業績，我們發現了越來越多的機會，這些機會將轉化為財務上的成功。

The team also made substantial progress on capital raising with proceeds from the Ironton revenue bonds combined with the capital raise in September. These combined efforts raised over $105 million in net proceeds and our support for ongoing operations and growth efforts. As Ironton has increased production successfully, we are now looking to pursue financing for additional capacity in Augusta and Antwerp.

該團隊還利用 Ironton 收入債券的收益以及 9 月的融資，在融資方面取得了實質進展。這些共同努力籌集了超過 1.05 億美元的淨收益以及我們對持續營運和成長努力的支持。由於 Ironton 已成功提高產量，我們現在正在尋求融資以增加奧古斯塔和安特衛普的產能。

As expected, the third quarter was our strongest production quarter ever, with more production than we had completed cumulatively to this point. Quarter-over-quarter production grew more than 200%, and we built inventories across film, fibre, and injection moulded products.

正如預期的那樣，第三季度是我們有史以來生產最強勁的季度，產量比我們迄今為止累積完成的產量還要多。季度產量增加超過 200%，我們建立了薄膜、纖維和注塑產品的庫存。

This was despite significant time spent commissioning the upgrades to the CP2 removal system. Previous CP2 had been our primary constraint for both rates and quality. Once we upgraded that operation, both have improved, and we do not currently expect this to be a rate constraint moving forward.

儘管花費了大量時間調試 CP2 去除系統的升級，但仍然如此。以前的 CP2 一直是我們對速率和品質的主要限制。一旦我們升級了該操作，兩者都得到了改善，我們目前預計這不會成為未來的費率限制。

Plant upgrades during the outage have continued to pay dividends for both rate and reliability. We have seen our current operations running steady with long stretches of continuous production. We've made solid progress on our production reliability as well, specifically with critical seal systems and CP2 removal. Our team is dedicated to improving plant reliability and is delivering on their objectives with good pace and momentum.

停電期間的工廠升級繼續在速率和可靠性方面帶來紅利。我們看到我們目前的營運穩定且長期連續生產。我們在生產可靠性方面也取得了紮實的進展，特別是在關鍵密封系統和 CP2 去除方面。我們的團隊致力於提高工廠的可靠性，並以良好的步伐和勢頭實現他們的目標。

We are not done ramping our operations -- our Ironton production. We look to build upon the Q3 milestones, and we know what we need to do to incrementally push production to higher levels. We continue to learn and also continue to lean into advancing these improvements.

我們還沒有完成擴大我們的營運——我們的 Ironton 生產。我們希望在第三季的里程碑的基礎上再接再厲，並且我們知道需要做什麼才能逐步將產量推向更高的水平。我們繼續學習並繼續致力於推進這些改進。

Our production capabilities at Ironton allow us the confidence to increase production -- our new production capabilities at Ironton allow us the confidence to increase production as necessary to meet our growing customer needs. We're currently carrying inventory of both compounded and finished products, and feel comfortable with our ability to service the growing demand.

我們在 Ironton 的生產能力使我們有信心增加產量 - 我們在 Ironton 的新生產能力使我們有信心根據需要增加產量，以滿足不斷增長的客戶需求。我們目前擁有複合產品和成品的庫存，並對我們滿足不斷增長的需求的能力感到滿意。

The pellets in this picture are recycled CP2, and I'm very proud of them. Many people across all disciplines collaborated to find a unique solution with CP2 removal and then rebuilt it. By improving the system, we also increased our ability to remove contaminants from the final product, and by doing so, significantly improved product quality. The team has continued to improve our removal capacity and should no longer be limited by a CP2 removal constraint. It also should provide an opportunity to create additional value in the CP2 stream.

這張照片中的顆粒是回收的 CP2，我為它們感到非常自豪。各個學科的許多人合作尋找一種獨特的解決方案，去除 CP2，然後重建它。透過改進系統，我們也提高了從最終產品中去除污染物的能力，從而顯著提高了產品品質。團隊不斷提高我們的移除能力，不應再受到 CP2 移除約束的限制。它還應該提供在 CP2 流中創造附加價值的機會。

We are now removing this material at rates of up to 15,000 pounds per day, palletizing the final product and marketing it to multiple companies as a sellable recycled material. This is such a great example of ingenuity. We've taken a waste stream that was originally destined for a landfill and turned it into a product that customers value. This not only helps our economics, it also makes our team more proud of the circularity that we're building. We see this as a nice addition to our product portfolio.

我們現在每天以高達 15,000 磅的速度清除這種材料，將最終產品裝入托盤，並將其作為可銷售的回收材料銷售給多家公司。這是獨創性的一個很好的例子。我們將原本要填埋的廢物流轉化為客戶重視的產品。這不僅有助於我們的經濟發展，也讓我們的團隊對我們正在建立的循環性更加自豪。我們認為這是對我們產品組合的一個很好的補充。

Our feedstock operations were another area of achievement in Q3 as we started up our Denver, Pennsylvania, plastic sort facility. Plastic is an important component in our -- feedstock is an important component in our business, and we are pleased with the ongoing development. Our Denver sort facility was built with high product efficiency, high equipment reliability and can be operated with low cost.

我們的原料業務是第三季成就的另一個領域，因為我們啟動了賓州丹佛市的塑膠分類工廠。塑膠是我們業務的重要組成部分——原料是我們業務的重要組成部分，我們對持續的發展感到滿意。我們的丹佛分揀設施具有高產品效率、高設備可靠性並且可以低成本運作。

The nameplate capacity is approximately 22,000 pounds per hour and should serve both Ironton and Augusta operations. This location will upgrade low-quality number five bales to a suitable level for Ironton and also help to purify PET, HDPE, and aluminium streams for recyclers in the industry. With this facility, we should be able to buy more feed, draw more feed into the market, lower our feedstock costs and build more stability into the Ironton operations.

銘牌產能約為每小時 22,000 磅，應能滿足艾恩頓和奧古斯塔的營運需求。該工廠將把低品質的五號包升級到適合 Ironton 的水平，並幫助行業回收商淨化 PET、HDPE 和鋁流。有了這個設施，我們應該能夠購買更多的飼料，將更多的飼料引入市場，降低我們的原料成本，並為艾恩頓的營運建立更多的穩定性。

While still early, we have already achieved nameplate capacity at the facility. This will be a great long-term foundational asset for our business. We've also expanded our feedstock flexibility. We can now buy low-cost number three to number seven bales and low-quality number five bales, upgrade them through sorting and then send a high percentage PP bale to Ironton for grinding -- for purification. At this moment, we are buying feed from MRFs, sorting at Denver, washing, and grinding the bales at Ironton Prep and purifying at our facility.

雖然還為時過早，但我們的工廠已經達到了銘牌產能。這將是我們業務的一項重要的長期基礎資產。我們也擴大了原料的靈活性。我們現在可以購買低成本的三號至七號包和低品質的五號包，透過分選升級它們，然後將高百分比的 PP 包發送到 Ironton 進行研磨 - 進行淨化。目前，我們從 MRF 購買飼料，在丹佛分揀，在 Ironton Prep 清洗和研磨飼料包，並在我們的工廠進行淨化。

We've also continued to run the off-site flake sorting operations with good reliability at 1,000 pounds per hour and are on track to install an additional flake sorting operation at Ironton. The net result of all of this is incremental feedstock flexibility and efficiency. This will allow us to buy cheaper feedstock and improve plant yield by avoiding processing non-PP streams through purification.

我們還繼續以每小時 1,000 磅的速度運行具有良好可靠性的場外薄片分選操作，並且預計在艾恩頓安裝額外的薄片分選操作。所有這一切的最終結果是增加原料靈活性和效率。這將使我們能夠購買更便宜的原料，並透過避免透過純化處理非聚丙烯流來提高工廠產量。

Practically speaking, our PP concentration has increased from less than 85% to 92% to 95% today and is expected to continue to improve to 97% in Q4 after the final Ironton flake sorter is installed. This higher PP concentration allows for Ironton production yields to grow while also making our plant more efficient, reliable and allow for higher rates. Bringing together all of these different feed capabilities is an important accomplishment for our team.

實際上，我們的 PP 濃度已從少於 85% 增加到今天的 92% 至 95%，預計在安裝最終的 Ironton 片狀分選機後，第四季將繼續提高至 97%。更高的 PP 濃度可以提高 Ironton 的產量，同時也使我們的工廠更有效率、可靠並實現更高的生產率。將所有這些不同的飼料功能結合在一起是我們團隊的一項重要成就。

Digging deeper into the successful production outcomes of Ironton, there are other important elements worth noting. The improvement in production across the plant has come while simultaneously moving into more challenging feedstocks and improving final product quality.

深入研究 Ironton 的成功生產成果，還有其他一些值得注意的重要因素。整個工廠的產量得到改善，同時轉向更具挑戰性的原料並提高最終產品品質。

Without being able to process more prevalent feedstock, Ironton production would have been limited by feed or burdened with higher cost feed inputs. The plant has shown the ability to run prevalent curb side PCR with high levels of CP2 and shown improved recovery. You can see how the mix of PIR, PCR with a combination of no CP2, low CP2 and high CP2 contents will impact feedstock pricing and final product pricing.

如果無法加工更普遍的原料，艾恩頓的生產將受到飼料的限製或承受更高成本的飼料投入。該工廠已顯示出能夠運行高水平 CP2 的流行路邊 PCR，並顯示出較高的回收率。您可以看到 PIR、PCR 與無 CP2、低 CP2 和高 CP2 含量組合的組合將如何影響原料定價和最終產品定價。

Our improved product quality at Ironton helps improve commercial adoption, but also opens up more applications to our product. Progress on both feedstock cost and offtake value should continue to build confidence in strong margins and the attractive economics of our business.

Ironton 改進的產品品質有助於提高商業採用率，同時也為我們的產品開闢了更多應用。原料成本和承購價值的進展應繼續增強人們對我們業務的強勁利潤率和有吸引力的經濟效益的信心。

Initial commercial feedback from the market has been very positive and gives us increasing confidence in achieving the financial margin targets we previously discussed. Our unit economics for Ironton and our products continue to show strength and should provide a solid foundation to build future plants and capacity.

市場的初步商業回饋非常積極，使我們對實現先前討論的財務利潤率目標越來越有信心。我們的 Ironton 和我們的產品的單位經濟效益繼續顯示出實力，應該為建立未來的工廠和產能提供堅實的基礎。

Our compounding efforts are layering in additional benefits to our business. The compounding strategy was added to position PureCycle to better match the product to the customer-specific application. It was an enhanced service option for our customers to open the door and qualify more quickly, and we're seeing early successes. Customers are excited about the products that we're making.

我們的複合努力為我們的業務帶來了額外的好處。添加複合策略是為了使 PureCycle 能夠更好地將產品與客戶特定的應用相匹配。這是一個增強的服務選項，讓我們的客戶更快地打開大門並獲得資格，我們已經看到了早期的成功。客戶對我們生產的產品感到興奮。

Compounding also allows us an opportunity to incrementally expand our volume with PIR, PCR and virgin complements and improve overall company profitability. We are able to offer these compounds to the market at lower price premiums versus virgin alternatives, but should also carry better overall economics to us as the volumes are materially higher for a largely fixed cost business.

復配也使我們有機會逐步擴大 PIR、PCR 和原始補充品的產量，並提高公司的整體獲利能力。與原始替代品相比，我們能夠以更低的溢價向市場提供這些化合物，但也應該為我們帶來更好的整體經濟效益，因為對於基本上固定成本的業務來說，產量要高得多。

This works in both PureCycle's and our customers' favour and should lead to better overall profits for us. It's unclear how much of our volumes will be ultimately compounded, but in any scenario, the mix of compounding should be accretive to the overall profit dollars.

這對 PureCycle 和我們的客戶都有利，並且應該為我們帶來更好的整體利潤。目前還不清楚我們的交易量最終會複利多少，但在任何情況下，複利的組合應該會增加整體利潤。

Following the success of Ironton operations in Q3 and consistent production of RPP, we shifted our focus towards commercial efforts. The product that you see on the left is a 50-50 blend of PureCycle and PCR material. This broken from 12 MFI to 35 MFI to serve the fibre market. It is a very unique, high-quality product in the market. The color is good, the contaminant level is very low, and it runs similar to virgin in customer facility trials.

繼第三季 Ironton 營運成功以及 RPP 的持續生產之後，我們將重點轉向商業工作。您在左側看到的產品是 PureCycle 和 PCR 材料 50-50 的混合物。這從 12 MFI 突破到 35 MFI，以服務光纖市場。它是市場上非常獨特的高品質產品。顏色良好，污染物水平非常低，並且在客戶設施試驗中與原始狀態相似。

Our compounding strategy has enabled us to build a portfolio of products for the broader market. Not only are we creating a variable blend of recycled content, we are also adjusting the product characteristics. Every application is a little different. We can now formulate blends for general categories while also creating specific recipes for customers when necessary.

我們的複合策略使我們能夠為更廣泛的市場建立產品組合。我們不僅創造了可回收成分的可變混合物，而且還調整了產品特性。每個應用程式都略有不同。我們現在可以為一般類別配製混合物，同時在必要時為客戶創建特定的配方。

This makes their operations simpler and more efficient and also makes the adoption much easier for customers. We have now built 2.5 million pounds of compounded product inventory with various blends in preparation for our (technical difficulty).This alleviates one of the early commercial challenges for new suppliers about their concern of reliable supply and consistent quality.

這使得他們的操作更簡單、更有效率，也讓客戶更容易採用。我們現在已經建立了 250 萬磅的各種混合物的複合產品庫存，為我們的（技術難度）。

The PureCycle stage is set. Our technology is creating high-quality product in large quantities. Our commercial strategy is taking shape. We are well positioned to take advantage of this attractive landscape. No matter how you look at the overall market opportunity in front of us, it's absolutely massive. Global PP demand is over 187 billion pounds and continuing to grow at 3% to 4% per year. The demand for recycled product continues to be high and growing due to brand commitments.

PureCycle 階段已設定。我們的技術正在大批量創造高品質的產品。我們的商業策略正在形成。我們處於有利位置，可以充分利用這片迷人的風景。無論你如何看待我們面前的整體市場機會，它絕對是巨大的。全球 PP 需求超過 1,870 億磅，並繼續以每年 3% 至 4% 的速度成長。由於品牌承諾，對回收產品的需求持續高漲且不斷增長。

The supply gap continues to be very high due to a lack of quality product available and PureCycle is testing products across three key underserved segments. We believe our product can satisfy customer requirements in approximately 85% of the current market.

由於缺乏優質產品，供應缺口仍然很大，PureCycle 正在三個關鍵的服務不足的領域測試產品。我們相信我們的產品可以滿足當前市場約85%的客戶需求。

Not only does the market look attractive today, based on industry projections, we believe future years will look even better. Based on the projections, the demand for recycled material is expected to grow to approximately 60 billion pounds by 2030. We believe that it is clear that PureCycle is best positioned to be the primary supplier of high-quality material through this enormous market.

根據行業預測，市場不僅今天看起來很有吸引力，而且我們相信未來幾年會更加美好。根據預測，到 2030 年，對回收材料的需求預計將增加至約 600 億磅。我們相信，很明顯，PureCycle 最有能力成為這個龐大市場中優質材料的主要供應商。

With Ironton now better positioned, we have been focusing on our commercial efforts. Trials have been kicked off across a number of companies, industries, and applications. This process has been very encouraging as market feedback on our products has been consistently positive.

隨著 Ironton 現在處於更好的位置，我們一直專注於我們的商業努力。許多公司、產業和應用程式已經啟動了試驗。這個過程非常令人鼓舞，因為市場對我們產品的回饋一直是正面的。

Our product is delivering high-quality outcome that will help enable our customers to achieve their sustainability goals. The trials are showing it runs with virgin-like outcomes and will be able to address very large parts of the overall PP market. We are excited to be opening up new trials as well as progressing our existing pipeline of potential customers. As customer orders arrive, we intend to ramp to meet that demand.

我們的產品正在提供高品質的成果，這將有助於我們的客戶實現他們的永續發展目標。試驗表明，它的運作效果與處女一樣，將能夠滿足整個 PP 市場的很大一部分需求。我們很高興能夠進行新的試驗並推進我們現有的潛在客戶管道。隨著客戶訂單的到來，我們打算加強滿足該需求。

As we have embarked on our commercialization, we want to give investors some color and some context around our commercial time frames. Given the unique nature of our product, most investors are probably not familiar with the process for project commercialization. We have focused on four key initial categories for sales: fibre, film, injection molding and automotive. Each category will represent a key proof point for future sales in both Ironton as well as future facilities.

當我們開始商業化時，我們希望為投資者提供有關我們商業化時間框架的一些資訊和背景資訊。鑑於我們產品的獨特性，大多數投資者可能不熟悉專案商業化的流程。我們最初專注於四個關鍵的銷售類別：纖維、薄膜、注塑和汽車。每個類別都將代表艾恩頓以及未來設施未來銷售的關鍵證明點。

For fibre, we are well on our way. The application is operationally tricky. There are numerous adjustments that need to be made to fine-tune the process, both in terms of compounding recipe as well as the customer fibre operational variables. We believe we found the right recipe, and we are currently actively trailing our material with five different fibre producers, some are very big and some are more niche and testing a wide range of yarn types for different applications. We are very, very excited here.

對於纖維，我們進展順利。該應用程式操作起來很棘手。無論是在複合配方還是客戶纖維操作變數方面，都需要進行大量調整來微調製程。我們相信我們找到了正確的配方，目前我們正在與五家不同的纖維生產商積極跟踪我們的材料，其中一些非常大，一些則更小眾，並針對不同的應用測試各種紗線類型。我們在這裡非常非常興奮。

I remind you that fibre is an extremely difficult operation even for virgin material. So to find success with a recycled stream, it's just very good. Initial progress has been strong, and we are confident this will be a large category for us in the future.

我提醒您，即使對於原始材料來說，纖維也是一項極其困難的操作。因此，要透過回收流取得成功，這是非常好的。初步進展非常強勁，我們相信這將成為我們未來的一個大類別。

Injection Molding. We're very excited to now be partnering with Procter to develop several compounding solutions across a couple of different brand categories. This commercialization process at P&G is expected to take time when initial feedback has been encouraging. Procter & Gamble has been a steady supporter of us, and we are excited to deliver the first tangible product to their brand teams.

注塑成型。我們非常高興現在能夠與寶潔合作，開發跨幾個不同品牌類別的多種複合解決方案。由於初步回饋令人鼓舞，寶潔公司的商業化進程預計需要一段時間。寶潔公司一直是我們的堅定支持者，我們很高興能夠為他們的品牌團隊提供第一個有形產品。

Automotive is a potentially enormous category for PureCycle. There are typically over 300 pounds of plastic installed on each vehicle. And that number has grown as OEMs replace steel to lighten the weight in order to achieve better fuel efficiency. Polypropylene is typically the plastic of choice because of its light -- because it is lightest of the traditional plastic options.

對於 PureCycle 來說，汽車是一個潛在的巨大類別。每輛車上通常安裝了超過 300 磅的塑膠。隨著原始設備製造商取代鋼材以減輕重量以實現更好的燃油效率，這個數字還在增長。聚丙烯通常是首選塑料，因為它重量輕，是傳統塑料中最輕的。

Automotive has been historically challenging to address with traditional recycled materials as it is highly sensitive to quality and also the applications are highly technical. A small imperfection on an automotive plastic part can create paint adhesion problems or odor issues or yield losses.

汽車產業在使用傳統回收材料方面一直面臨挑戰，因為它對品質高度敏感，而且應用技術性很強。汽車塑膠部件上的小缺陷可能會導致油漆粘附問題或氣味問題或產量損失。

To date, it's been very difficult to introduce other recycled supply to automotive at scale due to the contamination level inside of those products. We have been working with a global automotive company to gain approval for our products into several of their key applications. The customer approval process is well on its way, and we hope to gain final approval in Q4. If this proceeds as planned, we expect orders to start in Q1 of '25.

迄今為止，由於這些產品內部的污染程度，大規模向汽車領域引入其他回收材料非常困難。我們一直在與一家全球汽車公司合作，以獲得我們的產品在其幾個關鍵應用中的批准。客戶審批流程正在順利進行，我們希望在第四季度獲得最終批准。如果按計劃進行，我們預計訂單將於 25 年第一季開始。

For film, we are just getting started. While the trial process will follow a similar time line as fibre, the early results are promising. We have not trailed our product commercially yet, but we have converted our product into film at lab scale. This is a big deal. We have worked with a large food and beverage brand to take their wrappers, things like metallized film and multilayered film, into our Durham R&D facility, we purified it and then we converted it into film all on site and all in front of them.

對於電影來說，我們才剛開始。雖然試驗過程將遵循與光纖相似的時間線，但早期結果令人鼓舞。我們還沒有對我們的產品進行商業化測試，但我們已經在實驗室規模將我們的產品轉化為膠片。這是一件大事。我們與一家大型食品和飲料品牌合作，將他們的包裝紙（例如金屬化薄膜和多層薄膜）帶入我們的達勒姆研發設施，我們對其進行純化，然後在現場將其轉化為薄膜。

It's a great proof point for our brands looking to close the elusive recycled gap in film. All of these applications -- across all of these applications, there's also an emerging synergy story developing. We worked with one customer who is interested in using our product in a mophead application. This application had an injection-molded plastic base connected to a collection of fibres for the mop, one customer, two application types, PureCycle can serve both.

對於我們希望縮小薄膜領域難以捉摸的回收差距的品牌來說，這是一個很好的證明。所有這些應用程式——在所有這些應用程式中，還有一個新興的協同故事正在發展中。我們與一位有興趣在拖把頭應用中使用我們的產品的客戶合作。該應用有一個注塑成型的塑膠底座，連接到拖把的一組纖維，一個客戶，兩種應用類型，PureCycle 可以同時滿足這兩種需求。

We had another automotive customer discussion around replacing the carpet in the car with RPP fibre. During that discussion, we also mentioned our ability to produce bumpers, dashboards, and other products, one customer, multiple applications, PureCycle can supply all.

我們與另一家汽車客戶就用 RPP 纖維更換汽車地毯進行了討論。在那次討論中，我們還提到了我們生產保險桿、儀表板和其他產品的能力，一個客戶、多個應用程序，PureCycle 都可以提供。

Our strategy is to prove that our product can successfully run across multiple lanes. We found early success in fibre and injection molding and are in the early stages with film. As we gain approvals, we expect to broaden our customer base, grow our offering potential, serve the customer more completely and build a commercial -- a strong commercial foundation for future projects.

我們的策略是證明我們的產品可以成功地跨越多個車道運行。我們在纖維和注塑領域取得了早期成功，並且在薄膜領域也處於早期階段。隨著我們獲得批准，我們希望擴大我們的客戶群，提高我們的產品潛力，更全面地為客戶提供服務，並為未來的專案建立一個強大的商業基礎。

We expect revenue to begin to show up materially in Q4 and ramp into 2025. This confidence is being built by the growing pipeline of customers, strong success from trials and feedback from the market. While there is some uncertainty with exact timing, the direction and inflection of our financial prospect is clear.

我們預計營收將在第四季開始顯現，並持續到 2025 年。這種信心是透過不斷增長的客戶管道、試驗的巨大成功以及市場反饋而建立的。雖然確切的時間存在一些不確定性，但我們財務前景的方向和變化是明確的。

The future is bright, and we are energized and excited. Some of the largest companies in the world are recognizing a new supply has emerged to solve their sustainability needs, and they are leaning in enthusiastically to PureCycle. At this time, I would like to hand it over to Jaime for the financial presentation.

未來是光明的，我們充滿活力、興奮不已。世界上一些最大的公司認識到新的供應已經出現，可以解決他們的永續需求，並且他們熱情地傾向於 PureCycle。此時，我想將其交給 Jaime 進行財務演示。

Thank you, Dustin. I'll touch on our liquidity on slide 14. As Dustin mentioned, we raised $90 million on September 13 by entering into subscription agreements with certain investors where we saw the combination of preferred stock, common stock, and warrants.

謝謝你，達斯汀。我將在投影片 14 上談到我們的流動性。正如達斯汀所提到的，我們在 9 月 13 日透過與某些投資者簽訂認購協議籌集了 9,000 萬美元，其中我們看到了優先股、普通股和認股權證的組合。

This was in addition to the $18 million in proceeds from the revenue bond sales earlier in the quarter. These transactions boosted our quarter end unrestricted and restricted cash balance to almost $94 million. Also as a reminder, we hold about $118 million of our revenue bonds that we plan to sell over the next several months that should further support our liquidity needs in 2025.

這還不包括本季稍早銷售債券所得的 1,800 萬美元收益。這些交易使我們季末不受限制和受限制的現金餘額增加到近 9,400 萬美元。另外提醒一下，我們持有約 1.18 億美元的收益債券，並計劃在未來幾個月內出售，這將進一步支持我們 2025 年的流動性需求。

In early October, we did make a $36 million payment into an escrow account related to the Augusta purification project. Over the next several quarters, we have about $11 million of commitments for the Augusta project, mostly for long lead equipment and preconstruction work. We plan to further the activity in Augusta in 2025 and also plan to secure financing for that project.

10月初，我們確實向與奧古斯塔淨化專案相關的託管帳戶支付了3,600萬美元。在接下來的幾個季度中，我們為奧古斯塔專案承諾了約 1,100 萬美元，主要用於長週期設備和施工前工作。我們計劃於 2025 年在奧古斯塔進一步開展活動，並計劃為該專案獲得融資。

Lastly, operating cash expenses, which are the first three bullets under the unrestricted cash uses on the slide totalled $23.5 million for the third quarter. This was a decline from nearly $35 million in the previous quarter and down about $4 million from the first quarter of the fiscal year.

最後，營運現金支出（幻燈片中不受限制的現金使用情況下的前三項）第三季總計 2,350 萬美元。這比上一季的近 3,500 萬美元下降，比本財年第一季下降約 400 萬美元。

I will now turn the call back to Kevin to open the call for questions.

現在我將把電話轉回凱文以開始提問。

(Operator Instructions) Hassan Ahmed, Alembic Global Advisors.

（操作員說明）Hassan Ahmed，Alembic Global Advisors。

Dustin, good progress being made. Happy to see that you guys hit all the three main sort of production milestones towards the end of Q3. Just on the near-term side of it, how are those milestones looking in the early part of Q4? Do you continue to sort of -- are you continuing to sort of hit those milestones, exceed them? Where do we stand there?

達斯汀，取得了良好的進展。很高興看到你們在第三季末達到了所有三個主要的生產里程碑。就近期而言，第四季初期這些里程碑的情況如何？您是否繼續實現或超越這些里程碑？我們站在哪裡？

Yes. Thanks for the question, Hassan. Every time we reach a new milestone, we map out the boundary conditions for that operation, and we learn how to operate at that place. So we have very high confidence in our ability to get back to those levels and operate at those levels on demand.

是的。謝謝你的提問，哈桑。每當我們達到一個新的里程碑時，我們都會制定該操作的邊界條件，並學習如何在該位置進行操作。因此，我們對恢復到這些水平並根據需要在這些水平上運作的能力非常有信心。

I would say that as we progress into Q4, we've been running higher -- feedstock with higher levels of CP2. We continue to commission the CP2 to get all the kinks worked out so we can run at high levels, and we continue to ramp up production from there.

我想說，隨著進入第四季度，我們的業績一直在走高——原料中的 CP2 水平更高。我們繼續委託 CP2 解決所有問題，以便我們能夠高水準運行，並以此為基礎繼續提高產量。

I think the important thing here is that we have high confidence in our ability to reproduce those results and run the plant as we want. Our focus now is really on establishing a commercial lane and having Ironton operations match that commercial demand.

我認為這裡重要的是，我們對重現這些結果並以我們想要的方式運行工廠的能力充滿信心。我們現在的重點實際上是建立一條商業通道，並使艾恩頓的營運符合商業需求。

So over the next few months, we'll run the rates that are required to meet the commercial demand. We'll continue to look for new boundary conditions so that when the demand is there in -- in the latter half of Q4 and into 2025, the Ironton plant will ramp to meet that.

因此，在接下來的幾個月中，我們將運行滿足商業需求所需的費率。我們將繼續尋找新的邊界條件，以便在第四季後半段和 2025 年出現需求時，艾恩頓工廠將擴大產能以滿足此需求。

Very helpful, Dustin. And as a follow-up, I appreciate the slides 12 and 13 in particular. Obviously, it appears that you guys are getting very good customer feedback and commercial sales seem to be imminent. I mean, if I read the slide correctly, it seems that as early as just this fourth quarter, you should start sort of seeing some commercial sales and those sort of ramping up into 2025. So how should we be thinking about meaningful levels of revenue, is 2025 the year? And dare I ask EBITDA as well?

非常有幫助，達斯汀。作為後續，我特別欣賞幻燈片 12 和 13。顯然，你們似乎得到了非常好的客戶回饋，商業銷售似乎迫在眉睫。我的意思是，如果我正確地閱讀了這張投影片，似乎早在第四季度，您就應該開始看到一些商業銷售，而這些銷售會在 2025 年之前增加。那麼，我們該如何考慮有意義的收入水平，2025 年會是這樣的一年嗎？我也敢問 EBITDA 嗎？

Yes. So we're not going to provide incremental, let's say, revenue projections for 2025.

是的。因此，我們不會提供 2025 年增量收入預測。

Of course. But I'm just saying in terms of ramp-up, should we start seeing a nice ramp-up in 2025 and, yes.

當然。但我只是說，就成長而言，我們是否應該在 2025 年開始看到良好的成長，是的。

Yes. I mean, Hassan, look, I mean we're extremely excited about where we are with the customers. I mean we've had a lot of very successful trials. And as you can imagine, every trial is unique to the customer, okay? Every customer has a specific application with specific customer or product requirements and then they have to build the trust in PureCycle as they go through the trial process. So the trust comes in multiple ways.

是的。我的意思是，哈桑，聽著，我的意思是我們對我們與客戶的關係感到非常興奮。我的意思是我們已經進行了很多非常成功的試驗。正如您可以想像的那樣，每次試用對客戶來說都是獨一無二的，好嗎？每個客戶都有特定的應用程序，具有特定的客戶或產品要求，然後他們必須在試用過程中建立對 PureCycle 的信任。因此，信任有多種方式。

Like one, will PureCycle continue to operate at high levels at Ironton, we're getting a checkmark there, will the quality be sufficient for that application, we're getting a check mark there. And do you have the inventory and capabilities to meet the demand, and we've been able to build inventory across the quarter as well.

就像一個問題，PureCycle 是否會繼續在 Ironton 保持高水平運行，我們在那裡得到一個複選標記，質量是否足以滿足該應用程序，我們在那裡得到一個複選標記。你們是否有足夠的庫存和能力來滿足需求，我們也已經能夠在整個季度建立庫存。

And so yes, I think that while it's difficult to say when specific customers will give the full green light for POs and commercial transition, I think the signs are all there for solid and meaningful commercial progress, both in Q4 and ramping into 2025.

所以，是的，我認為，雖然很難說特定客戶何時會為採購訂單和商業轉型全面開綠燈，但我認為，無論是在第四季度還是在2025 年，都有紮實且有意義的商業進展的跡象。

Perfect. And if I could just quickly squeeze one more one in. Look, I mean, obviously, production is ramping up. Fair to say that the technology has been more than proven, right? But in light of this sort of recent announcement about the termination with SK, the termination of the joint venture, with production ramping up, technology proven out and the like, I'd like to think that you guys are getting much more interest in other joint ventures as well. So could you just give us any sense of what potentially that pipeline looks like?

完美的。如果我能快速再塞入一顆就好了。看，我的意思是，顯然，產量正在增加。公平地說，這項技術已經得到了充分驗證，對吧？但鑑於最近宣布終止與 SK、合資企業的終止、產量的增加、技術的驗證等，我想你們對其他產品越來越感興趣合資企業也是如此。那麼您能否讓我們了解這條管道可能會是什麼樣子？

Yes. I mean we -- I think that you're absolutely right. I mean, ever since we started, we've had a lot of interest with different partners to bring the technology to different regions of the world. And it's no different today. In fact, I would say the excitement is growing.

是的。我的意思是我們——我認為你是完全正確的。我的意思是，自從我們開始以來，我們就與不同的合作夥伴非常感興趣，希望將這項技術帶到世界不同地區。今天也不例外。事實上，我想說的是，人們的興奮正在與日俱增。

Many of our partners were very helpful in helping us solve some of the technical problems and also waiting to see the Ironton operation up and running consistently. As we've demonstrated success in Ironton, for sure, the interest in growth has increased. And I think that you'll see -- we'll continue to see positive steps there.

我們的許多合作夥伴都非常樂於助人，幫助我們解決了一些技術問題，並等待 Ironton 的正常運作和運作。當然，隨著我們在艾恩頓的成功，人們對成長的興趣也隨之增加。我認為你會看到——我們將繼續看到積極的步驟。

With respect to SK specifically, I mean, SK, first of all, I'd just like to say, I think they've been a very good partner for PureCycle. They were an early investor in our company. They're a highly technical team and helped us on numerous fronts as we worked through some of the technical challenges.

具體到 SK，我的意思是，SK，首先，我想說，我認為他們是 PureCycle 非常好的合作夥伴。他們是我們公司的早期投資者。他們是一支技術精湛的團隊，在我們解決一些技術挑戰時在許多方面為我們提供了幫助。

One of the things that's unique about SK is that, that was a project that was built to bring multiple technologies into a single space, and it was very difficult to get aligned across the time line for three independent technologies to one space and some of the synergies across the facility just couldn't be materialized because of those timing gaps.

SK 的獨特之處之一是，這是一個旨在將多種技術引入單一空間的項目，並且很難在時間線上將三種獨立技術整合到一個空間中，而且其中一些技術很難在時間上保持一致。

However, SK continues to be a strong partner. We continue to look for new opportunities outside of South Korea, and we think that story is just delayed, not over.

然而，SK 仍然是一個強有力的合作夥伴。我們繼續在韓國以外尋找新的機會，我們認為這個故事只是被推遲了，而不是結束了。

Eric Stine, Craig-Hallum Capital .

艾瑞克‧史坦（Eric Stine），克雷格·哈勒姆資本。

So I just want to make sure I understand it. So it sounds like -- I mean, you've demonstrated that you can ramp to the milestones that you have discussed and that you reached in third quarter. But should I take your commentary that you're not necessarily producing at those levels now, and I can appreciate the focus is on the commercial side, but that does beg the question, what is your confidence level that presumably the commercial interest is quite high that you need to be above those levels that you've currently demonstrated?

所以我只是想確保我理解它。所以聽起來 - 我的意思是，您已經證明您可以逐步實現您所討論的並在第三季度達到的里程碑。但我是否應該接受你的評論，即你現在不一定在這些水平上生產，我可以理解重點是商業方面，但這確實引出了一個問題，你對商業利益大概很高的信心程度是多少您需要高於目前所展示的水平嗎？

And what is the length of time or confidence in getting to full production levels since, obviously, the market opportunity is magnitudes larger than your current production capabilities?

由於市場機會顯然比您目前的生產能力大得​​多，因此達到全面生產水準的時間或信心是多少？

Yes. I mean -- so I would say that we are pacing our production at Ironton with the commercial aspects of the business. So part of that is in building inventory in preparation for commercial. Part of that has been commissioning the co-product two in the course of September and October. We feel very good about both of those activities. And our operations team is very confident in their ability to ramp up as needed to meet the demand from the market, okay?

是的。我的意思是——所以我想說，我們正在根據業務的商業方面來調整艾恩頓的生產節奏。因此，其中一部分是建立庫存，為商業化做準備。其中一部分是在九月和十月調試聯產品二。我們對這兩項活動感覺非常好。我們的營運團隊對他們根據需要擴大規模以滿足市場需求的能力非常有信心，好嗎？

With respect to the confidence in our ability to move product into the market, it's very high. I think that we make several comments in here about the improved product quality at CP2 became under control and that cannot be understated. We've seen a step change improvement in overall product quality over the course of the last six to eight months, and that's directly related to CP2. And as a result of that, we're able to deliver a much higher quality product to our customers.

對於我們將產品推向市場的能力的信心非常高。我認為我們在這裡發表了一些關於 CP2 產品品質改進已受到控制的評論，這一點不能被低估。在過去的六到八個月裡，我們看到整體產品品質取得了顯著的進步，這與 CP2 直接相關。因此，我們能夠為客戶提供更高品質的產品。

And remember, fundamentally, we are removing CP1 and CP2 from the feedstock. And no other technologies do that in the market today. And so our ability to make CP1 and CP2 at volume is a good indication of our overall product quality. And our customers see that, they recognize its benefits over alternatives, and they're leaning into PureCycle as a solution for them.

請記住，從根本上講，我們正在從原料中去除 CP1 和 CP2。目前市場上沒有其他技術可以做到這一點。因此，我們批量生產 CP1 和 CP2 的能力很好地表明了我們的整體產品品質。我們的客戶看到了這一點，他們認識到它相對於替代方案的優勢，並且傾向於將 PureCycle 作為他們的解決方案。

Got it. And so then I know you talked about some of the commercial activity in the various end -- I'm sorry, products, very helpful there. I mean, I would assume these are -- they're near term, but they're also far enough out in terms of a couple of quarters that, in your mind, that gives you the timing to, in fact, go from wherever you've demonstrated today, which is, I guess, just under 50% of nameplate to actually get to those higher levels to meet this demand? I mean is that the fair way to think about them?

知道了。然後我知道你談到了各個方面的一些商業活動——對不起，產品，那裡非常有幫助。我的意思是，我假設這些是近期的，但就幾個季度而言，它們也足夠遙遠，在你看來，這讓你有時間去，事實上，從任何地方您今天已經演示了，我猜猜，只有不到50% 的銘牌才能真正達到更高的水平來滿足這一需求？我的意思是，這是看待他們的公平方式嗎？

Yes. I think that's really good, Eric. I mean I think there's a couple of aspects here. Once you've demonstrated that your product can work in a single customer application, the me-too adoption is very fast. So if you show that you can build a fibre in one plant, then that means you can buy -- you can build fibre in all plants.

是的。我認為這真的很好，艾瑞克。我的意思是我認為這裡有幾個方面。一旦您證明您的產品可以在單一客戶應用程式中運行，仿效的採用就會非常快。因此，如果你證明你可以在一個工廠中製造纖維，那麼這意味著你可以購買——你可以在所有工廠中製造纖維。

If you show that you can build a bumper in one facility, it means that you can build bumpers across the board. And so these early customer trials and qualifications are really important. They are proof points to the industry. And once a customer does the hard work of getting it qualified, it's going to show as an example for others, and that's really where the commercial ramps quickly.

如果您證明您可以在一個設施中建造保險槓，則意味著您可以在整個設施中建造保險槓。因此，這些早期的客戶試驗和資格認證非常重要。它們是該行業的證據。一旦客戶付出了艱苦的努力使其合格，它將成為其他人的榜樣，而這確實是商業迅速發展的地方。

So we're not concerned about that. There's also other avenues to move product into the market through nonproject-related demand. There are distribution channels and other compounding channels that currently buy recycled material in the market, and we've been introducing our product to them as well. And so I think that there's several different avenues for us to move product into the market, both in terms of Q4 and also ramping significantly in 2025.

所以我們並不擔心這一點。還有其他途徑可以透過與專案無關的需求將產品推向市場。目前市場上有一些分銷管道和其他複合管道購買再生材料，我們也一直在向他們介紹我們的產品。因此，我認為我們有多種不同的途徑將產品推向市場，無論是在第四季度，還是在 2025 年大幅增加。

Thomas Boyes, TD Cowen.

托馬斯·博伊斯，TD·考恩。

Maybe first, would like to get maybe some insight into the automotive opportunity. I know it can take kind of a long time to get designed into a vehicle, particularly with materials or new technologies. So I was kind of impressed I guess, with the speed in which you're getting to commercial sales.

也許首先，想了解汽車產業的機會。我知道設計成車輛可能需要很長時間，特別是在材料或新技術方面。所以我想，你實現商業銷售的速度給我留下了深刻的印象。

Is that due to the fact that it's a compounded resin and maybe the customer feels more confident in the implementation? Or is there something else at play that we should be aware of?

這是因為它是一種複合樹脂，也許客戶對實施更有信心？還是還有其他我們應該注意的事情在起作用？

Well, not all of our customer trials and customer development activities started recently. This one, in particular, has started many, many months ago. So I think part of the progress that you're seeing now are seeds that were laid in the past. That's some of the natural progression of things.

嗯，並非我們所有的客戶試驗和客戶開發活動都是最近才開始的。尤其是這件事，已經在很多很多個月前開始了。所以我認為你們現在看到的部分進展是過去埋下的種子。這是事情的一些自然進展。

But also some automotive applications do require a very long qualification period, but some do not, okay? If you can demonstrate that your product is a liking kind replacement to the existing qualified material, then the adoption can be much faster. So as we demonstrate that our product performs more and more like virgin polypropylene, the quicker the adoption can happen in automotive.

但有些汽車應用確實需要很長的資格期，但有些則不需要，好嗎？如果您可以證明您的產品是現有合格材料的同類替代品，那麼採用速度會更快。因此，當我們證明我們的產品性能越來越像純聚丙烯時，汽車領域的採用速度就會越快。

Got it. That's helpful. And then nice to see, obviously, there's kind of the new sortation, but could you give us maybe a bit of insight on the cost per pound or maybe just diagram? Is the cost there offset by the improved yields of having in the facilities? So it's kind of a net neutral or a positive, any information there would be helpful?

知道了。這很有幫助。然後很高興看到，顯然，有一種新的分類，但是你能給我們一些關於每磅成本的見解或只是圖表嗎？設施產量的提高是否抵銷了成本？所以這是一種網路中立或正面的訊息，那裡有什麼訊息會有幫助嗎？

Yes. That's a great question. So we're -- first of all, we're extremely excited about Denver. And this is Denver, Pennsylvania, by the way, not Denver, Colorado. So we'll eventually host people out there to show you the operation. We want to make sure you get the tickets to the right place. But it's a really good location. I mean it's close to New York, New Jersey, Philly, Baltimore, D.C.

是的。這是一個很好的問題。首先，我們對丹佛感到非常興奮。順便說一句，這是賓州的丹佛，而不是科羅拉多州的丹佛。因此，我們最終將邀請人員在那裡向您展示操作過程。我們希望確保您拿到正確地點的門票。但這確實是一個很好的位置。我的意思是它靠近紐約、新澤西、費城、巴爾的摩、華盛頓特區。

The population density around that location is very, very high. And so the ability to pull material in is going to be quite good and growing over time. And we've currently only got one shift of operations, but we definitely see that growing in 2025. We've already demonstrated the ability to run at nameplate capacity, which was just great. So we're very excited about that.

該地點周圍的人口密度非常非常高。因此，拉入材料的能力將會非常好，並且會隨著時間的推移而不斷增強。目前我們的營運只有一班，但我們肯定會看到這一情況在 2025 年會有所增長。我們已經展示了以銘牌容量運行的能力，這非常棒。所以我們對此感到非常興奮。

With respect to the overall economics of the plant, I think we're still mapping that out. I mean we are definitely producing coproducts from that facility that will offset some of the cost of the facility. We've definitely purchased an asset that is extremely efficient and, let's say, lower cost to operate, both in terms of electricity usage as well as manpower. And as we ramp both in Ironton and Augusta and then, therefore, also ramp the operations at Denver, I think that you're going to see pretty good economics at that facility.

就工廠的整體經濟效益而言，我認為我們仍在製定計劃。我的意思是，我們肯定會從該設施生產聯產品，這將抵消該設施的部分成本。我們確實購買了一種非常有效率的資產，可以說，無論是在用電量還是人力方面，營運成本都較低。當我們在艾恩頓和奧古斯塔擴大營運規模，然後在丹佛擴大營運時，我認為您將在該設施中看到相當好的經濟效益。

At the end of the day, a little bit about the neutrality of the cost for that depends on how much you value the polypropylene that's going through Ironton. But one thing I can tell you is we have excess capacity at Denver today, and that facility has the ability to run high-quality number five bales, low-quality number five bales, number three to number seven bales and also number one to number seven bales, okay?

歸根結底，成本的中性取決於您對通過艾恩頓的聚丙烯的重視程度。但我可以告訴你的一件事是，我們今天在丹佛的產能過剩，該設施有能力運行高品質的五號包、低品質的五號包、三號到七號包以及一號到七號包。

So we really have a nice opportunity to load that facility with cost-advantaged feedstocks so that we can gain more value off of the co-products. And ultimately, our team is scouring the market to understand the best feeds to buy for that facility to yield the best, let's say, overall economics for that site independently, and we'll be able to show that over time.

因此，我們確實有一個很好的機會為該設施裝載具有成本優勢的原料，以便我們可以從副產品中獲得更多價值。最終，我們的團隊正在市場上搜尋，以了解為該設施購買的最佳飼料，以便獨立地為該場地產生最好的整體經濟效益，隨著時間的推移，我們將能夠證明這一點。

But I can tell you that one of the areas that was underestimated at Ironton in the beginning was just the impact of the variability of number five bales. I mean our original premise for this plant was a number five bale in the 95% to 98% range for polypropylene.

但我可以告訴你，艾恩頓一開始被低估的領域之一就是第五包的變化的影響。我的意思是，我們該工廠最初的前提是聚丙烯含量在 95% 至 98% 範圍內的第五包。

That just doesn't exist, okay? And so as we started to bring new bales in, we recognized that the amount of CP2 is just much, much higher, and that put a lot of pressure on our system to be able to control that. So having the sort facility on the front not only allows us to improve the yield across the plant to higher levels, it also allows us to control our own destiny.

那根本不存在，好嗎？因此，當我們開始引入新包時，我們認識到 CP2 的含量要高得多，這給我們的系統帶來了巨大的壓力，需要能夠控制它。因此，擁有前端的分選設施不僅可以讓我們將整個工廠的產量提高到更高的水平，還可以讓我們掌控自己的命運。

When you buy what people consider to be high-quality number five bales in the market, which are 85% to 90% bales, they still have a lot of variability. And so having this asset under our umbrella for our operation allows us to really have very granular insight into the feed that's coming into Ironton, which will not only improve overall economics, it will also improve the reliability because we know the feed that's coming in much better. That's a great question.

當您在市場上購買人們認為是高品質的 5 號包（即 85% 至 90% 的包）時，它們仍然存在很大的變異性。因此，將這項資產納入我們的營運範圍，使我們能夠真正對進入 Ironton 的飼料有非常細緻的了解，這不僅會提高整體經濟效益，還會提高可靠性，因為我們知道大量的飼料更好的。這是一個很好的問題。

That was very helpful. Maybe just one quick one and then I'll jump back in the queue. Just can you remind me how long it would take to kind of stand up Augusta? If you were to get, say, financing sometime next year, is it a six-quarter, two-year, What kind of time frame would that be to get that construction?

這非常有幫助。也許只是快速的一篇，然後我就會跳回隊列。你能提醒我需要多長時間才能站起來奧古斯塔嗎？比如說，如果你要在明年某個時候獲得融資，那是六個季度還是兩年？

Yes, that's a good question. Augusta is a bit different because we purchased a lot of the long lead equipment already, and it's ready to go. But I think a six to ten-quarter range is probably a good framework for modelling. I know that's a wide range, but there's a lot of variables in there that can control things. We expect we have opportunities to improve the schedule over time once we get into the granular details. But I think an average of two years plus a couple of quarters is probably a good framework for now.

是的，這是一個好問題。奧古斯塔有點不同，因為我們已經購買了很多長領先設備，並且已經準備就緒。但我認為六到十個季度的範圍可能是一個很好的建模框架。我知道這個範圍很廣，但其中有很多變數可以控制事情。我們希望一旦我們了解細節，我們就有機會隨著時間的推移改進時間表。但我認為平均兩年加幾季可能是目前的一個很好的框架。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Congratulations on the quarter. Maybe just to take a step back. Just wanted to see if you could maybe give us an update on the current status of the production line in Ohio. And are you able to share maybe a loose time line as to when you might expect to get the plant closer to full peak capacity?

恭喜本季。或許只是為了退一步。只是想看看您能否向我們提供有關俄亥俄州生產線當前狀態的最新資訊。您能否分享一個寬鬆的時間表，說明您預計工廠何時接近滿載生產？

Yes. Thanks for the question. I mean Ironton is in a great place, okay? We had a lot of constraints ramping up this facility over the last six to nine months. The latest one has been around CP2 and the most prevalent for the last six months has been CP2. But the solution that we put in place there has really unbridled the capacity at Ironton, and we feel really good about that.

是的。謝謝你的提問。我的意思是艾恩頓處於一個很棒的地方，好嗎？在過去的六到九個月裡，我們在提升設施方面遇到了許多限制。最新的一個是 CP2，過去六個月最受歡迎的是 CP2。但我們在那裡實施的解決方案確實釋放了艾恩頓的產能，我們對此感覺非常好。

I think that in addition to the CP2 removal efficiencies, our ability to add Denver and flake sorting operations is also allowing us to bring a higher quality feed into the plant and allowing us to raise rates. So we're really excited about our potential. I mean there have been some areas that we've noticed that we need to continue to optimize to push rates above the 10,000 pounds per hour. We're doing that.

我認為，除了 CP2 去除效率之外，我們增加丹佛和片狀分選操作的能力也使我們能夠為工廠帶來更高品質的飼料，並提高生產力。所以我們對我們的潛力感到非常興奮。我的意思是，我們注意到在某些領域需要繼續優化，以將速率提高到每小時 10,000 磅以上。我們正在這樣做。

But in the meantime -- and 10,000 pounds an hour is roughly 80% to 85% capacity, I believe, maybe around that level. And so to push above that to get to the nameplate, we have a pretty good line of sight on what we need to do that. But honestly, the focus right now is more about ramping the commercial, okay? We have an asset at Ironton that we can control that will do what we ask it to do. And so now it's about feeding the pipeline for sales so that we can then trail Ironton for the production.

但同時，每小時 10,000 磅大約是產能的 80% 到 85%，我相信，也許在這個水平附近。因此，為了超越這一點，到達銘牌，我們對需要做什麼有一個很好的了解。但老實說，現在的重點更多的是擴大廣告，好嗎？我們在艾恩頓擁有一項我們可以控制的資產，它會照我們的要求去做。因此，現在的重點是為銷售提供管道，以便我們可以追蹤艾恩頓進行生產。

Got it. That's helpful. I guess maybe just to follow up. Do you expect -- I know it's a bit early, but do you see a scenario where you could get close to that 107 million pounds of UPR resin capacity through next year?

知道了。這很有幫助。我想也許只是為了跟進。我知道現在有點早，但您是否認為 UPR 樹脂產能明年可能接近 1.07 億磅？

Yes. Look, when we get to a ratable capacity at 107 million pounds per year, I don't have a time line for that right now. We still got work to do to get there. Remember, every time that we push into a new boundary of the plant operations, we will find new constraints that we have to work through to get there. So we'll do that through the course of 2025, and we'll see where the production lands.

是的。看，當我們達到每年 1.07 億磅的額定產能時，我現在還沒有時間表。我們還有工作要做才能到達那裡。請記住，每次我們進入工廠運作的新邊界時，我們都會發現新的限制，我們必須克服這些限制才能到達那裡。因此，我們將在 2025 年之前做到這一點，我們將看看生產的落地情況。

I'll just remind you, though, that if there's one competency that we've built across our company over the last two years, it's grid resiliency and ability to solve problems, okay? Every time that we have had a problem pop up in front of us for our operation, we've been able to solve it, push through and move on. And I see no difference next year as we push up into the higher level, closer to the nameplate capacity and then ultimately getting to the 107.

不過，我只是提醒您，如果說過去兩年我們公司建立了一項能力，那就是電網彈性和解決問題的能力，好嗎？每當我們的營運中出現問題時，我們都能夠解決它、解決問題並繼續前進。我認為明年不會有什麼不同，因為我們會提升到更高的水平，更接近銘牌容量，然後最終達到 107。

Got it. Very helpful. And maybe just one more, if I could here. You mentioned, I think, earlier that the status of the Augusta facility, the time line for that is roughly 6 to 10 quarters, which is encouraging. I'm curious, how many lines of the up to eight potentially do you kind of foresee starting with? Should we be modelling maybe closer to one or two lines from the beginning? Or any color there would be helpful.

知道了。非常有幫助。如果可以的話，也許還可以再寫一篇。我想，您之前提到過奧古斯塔設施的狀況，其時間線大約是 6 到 10 個季度，這是令人鼓舞的。我很好奇，您預計從最多八行中的多少行開始？我們應該從一開始就建模得接近一兩行嗎？或任何顏色都會有幫助。

Yes. I mean we're pretty consistent on this in the market that the Augusta project is a two-line operation. It's 260 million pounds per year of production. And that's been the consistent message. We're not deviating from that at this time.

是的。我的意思是，我們在市場上的觀點非常一致，即奧古斯塔專案是一條兩條生產線的運作。年產量為 2.6 億磅。這是一致的訊息。目前我們並沒有偏離這一點。

Brian Butler, Stifel.

布萊恩巴特勒，斯蒂菲爾。

First, on the -- when you look at slide 13, which is super helpful, when you look at the commercial sales kind of all kind of being ramped up into, call it, the third quarter of 2025, what level of production does Ironton need to be at to kind of meet that kind of run rate when you get to the third quarter of 2025?

首先，當你看投影片 13 時，這非常有幫助，當你看商業銷售的各種成長時，稱之為 2025 年第三季度，Ironton 的生產水準是多少到2025 年第三季時需要達到這樣的運轉率嗎？

That's difficult to say. So the commercial ramp-up is still a number that's in flux. Each customer is kind of on their own time line for qualifications. So it's difficult to have a firm number there. I think that it's difficult for me to say.

這很難說。因此，商業成長仍然是一個不斷變化的數字。每個客戶都有自己的資格時間表。所以很難有一個確切的數字。我想我很難說。

Look, I think that we'll have between project-related sales and then also the ability to sell into distribution and compounding, I think by mid-2025, we'll have the capacity to push up to and beyond the 50% mark of Ironton.

看，我認為我們將擁有與項目相關的銷售，然後還有銷售分銷和複合的能力，我認為到 2025 年中期，我們將有能力推動並超越 50% 的大關艾恩頓。

Okay. That's helpful. And on the economics, you talked about economics on the non-compounded are in line with previous expectations. Can you remind us of those expectations? Because if I go back to the Ironton budget from a year ago, I think you were somewhere around $0.56, $0.55 a pound on an EBITDA basis. And maybe just can you frame what the expectations on the non-compounded economics are?

好的。這很有幫助。關於經濟學，您談到非複利經濟學符合先前的預期。您能提醒我們這些期望嗎？因為如果我回到一年前的 Ironton 預算，我認為以 EBITDA 計算，每磅約為 0.56 美元、0.55 美元。也許您能描述一下對非複利經濟的期望是什麼？

Yes. So we're pretty consistent with what we've said in the past. At the Ironton showcase, this question came up. And the way we answered it was in order to get to breakeven at the Ironton facility, we need between 40% and 50% utilization at the facility. And in order to get to breakeven for the company, not including CapEx spend, it takes 80% to 90% rate at Ironton.

是的。所以我們與過去所說的非常一致。在 Ironton 的展示會上，這個問題被提出來。我們的回答是，為了實現艾恩頓工廠的損益平衡，我們需要該工廠的利用率在 40% 到 50% 之間。為了使公司達到損益兩平（不包括資本支出），Ironton 需要 80% 到 90% 的利率。

And we still hold to that. We've been doing a lot of modelling. The market is obviously moving around quite a lot, both with regulatory efforts giving us some uplift as well as the virgin market being a little bit down. So the numbers move around quite a bit. But we still believe that those numbers are still pretty solid.

我們仍然堅持這一點。我們做了很多建模工作。市場顯然正在發生很大的變化，監管措施為我們帶來了一些提升，而原始市場則略有下降。所以數字變化很大。但我們仍然相信這些數字仍然相當可靠。

Okay. And then on Augusta's, we asked -- I think you answered most of my questions. But what's the expected future capital requirement when you think of building out that first and second line? And how long does a third line take? I mean, is that going to be another 6 to 10 quarters if you choose to do a third line?

好的。然後在奧古斯塔，我們問——我想你回答了我的大部分問題。但是，當您考慮建造第一條和第二條生產線時，預計未來的資本要求是多少？第三條線需要多長時間？我的意思是，如果你選擇做第三條線，那還需要 6 到 10 個季度嗎？

Yes. So with respect to the total CapEx for Augusta, this is also an area that's in pretty high discussion right now and in flux. We're really not in a position to give an updated number for Augusta CapEx. There's a lot of moving parts there. I mean the inflation is one that is a negative impact on CapEx.

是的。因此，就奧古斯塔的總資本支出而言，這也是目前討論度很高且不斷變化的領域。我們確實無法提供奧古斯塔資本支出的最新數字。那裡有很多活動部件。我的意思是，通貨膨脹會對資本支出產生負面影響。

But quite frankly, the things that we've learned at Ironton, the things that we know how to do in Ironton is a very good balance to that inflationary risk. So we're just not in a position to give a hard number right now. So I would go back to previous guidance.

但坦白說，我們在艾恩頓學到的東西，我們知道如何在艾恩頓做的事情，可以很好地平衡通膨風險。所以我們現在無法給出確切的數字。所以我會回到之前的指導。

With respect to how long it's going to take to build the third line and the fourth line in Augusta, no, I think that it's not the same amount of time as what it takes to build the first two. okay? It's shorter. And the reason for that is we will be building a substantial amount of the infrastructure in that facility for lines one and two, and we will not need to rebuild that for lines three, four and five, okay? So it would be incrementally less time than the advice that I gave for Augusta.

至於在奧古斯塔建造第三條線和第四條線需要多長時間，不，我認為這與建造前兩條線所需的時間不同。好的？它更短。原因是我們將在該設施中為一號線和二號線建設大量基礎設施，而我們不需要為三號線、四號線和五號線重建基礎設施，好嗎？因此，這比我為奧古斯塔提供的建議要少一些。

All right. And then just one last one. It looks like the operating cash burn, you had said was about $23 million in the third quarter. How should we think about that going into the fourth quarter? Is that the right level kind of third quarter to fourth quarter is about the same?

好的。然後只有最後一張。您曾說過，第三季的營運現金消耗約為 2,300 萬美元。我們該如何看待第四季的情況？第三季到第四季的水平大致相同嗎？

Yes. The cash burn has come down. So I think we'll probably be in that $8 million range, maybe perhaps a little bit better than that. But there's a lot of maintenance activity that we had in prior quarters that is not reoccurring. So I think we'll be at, hopefully, a level that we saw this past quarter.

是的。現金消耗已經下降。所以我認為我們可能會在 800 萬美元的範圍內，也許會比這個好一點。但我們在前幾季進行的大量維護活動並未再次發生。因此，我認為我們有望達到上個季度的水平。

Yes. And I think that's another important point, Brian. I mean, everything across the operation gets better with steady operations, okay? The product quality becomes more steady. The repeatability of production becomes more steady. Even the product quality of coproduct one and coproduct two becomes more steady. And as you run more steady, then also the cost for the structure becomes more steady.

是的。我認為這是另一個重要的觀點，布萊恩。我的意思是，隨著穩定的運營，整個運營的一切都會變得更好，好嗎？產品品質更加穩定。生產的重複性變得更加穩定。連副產品一和副產品二的產品品質也變得更穩定。當你運作得更穩定時，結構的成本也會變得更穩定。

You can imagine that as you're fighting reliability items, chasing challenges in the plant, there's a substantial cost associated with that. And we expect that all of these things are going to get better as we continue to run more reliably.

您可以想像，當您在工廠中應對可靠性問題、應對挑戰時，會產生大量相關成本。我們預計，隨著我們繼續更可靠地運行，所有這些事情都會變得更好。

Gerry Sweeney, ROTH Capital.

格里·斯威​​尼，羅斯資本。

I hate to do this one more question on utilization. However, it's from, I think, a completely different tact, and I think it's important. You mentioned that you have an asset that you can control. And what I really want to ask was, are you able to run Ironton at a specific rate for an extended period of time?

我不想再問一個關於利用率的問題。然而，我認為這是一種完全不同的策略，而且我認為這很重要。您提到您擁有可以控制的資產。我真正想問的是，您是否能夠以特定的速率長時間運行 Ironton？

From my perspective, that seems to be more important than an exact pound amount because I think you can grow it from that level. But I'm just curious if you could touch upon that.

從我的角度來看，這似乎比確切的磅數更重要，因為我認為你可以從這個水平增加它。但我只是好奇你能否談談這一點。

Yes. Look, I mean, this is an easy answer, Gerry. I mean the answer is yes. I mean we are -- and that's really the essence of what I'm trying to say. We are in control of the Ironton operations, and we can dial it up and dial it back to what we need. The key component to that was CP2. And now that we have CP2 removal and control and also reducing in our feed, the ability to get back to those milestone rates and beyond is very much a knob that we can control.

是的。聽著，我的意思是，這是一個簡單的答案，格里。我的意思是答案是肯定的。我的意思是我們是——這就是我想說的本質。我們控制著艾恩頓的運營，我們可以將其撥回至我們需要的位置。其中的關鍵組件是 CP2。現在我們已經去除和控制了 CP2，並且減少了飼料量，恢復到這些里程碑速率甚至更高的能力在很大程度上是我們可以控制的旋鈕。

Got it. That was perfectly clear. I appreciate it. And then on compounding, obviously, there's been a lot of discussion on this. How much of an opportunity is there in terms of economics? Some of it sounded like there was just sort of a fixed cost absorption.

知道了。這是非常清楚的。我很感激。然後，關於複利，顯然，對此有很多討論。經濟方面有多少機會？其中一些聽起來像是固定成本吸收。

But I'm also curious as to if you're compounding it, which, I guess, PureCycle could potentially be that -- hire someone to do it versus someone on the outside of doing it, meaning buying the product and doing it themselves, would you be able to get a premium for mixing in virgin and compounding it? Or was this just a pure sort of fixed cost absorption opportunity?

但我也很好奇你是否在復合它，我猜 PureCycle 可能是這樣的——僱用某人來做這件事，而不是在外面做這件事，這意味著購買產品並自己做，混合原始原料並進行混合可以獲得溢價嗎？或者這只是純粹的固定成本吸收機會？

No. Look, I think that -- let's break down compounding two ways. One is compounding does two things. It allows us to provide the customer with exactly the product that they need that allows us to ramp commercial much faster, opens doors, gets us into new markets, gets us to what the customer needs. And quite frankly, by doing that, there's -- that's a higher service level to the customer and therefore, a higher value created for them and the price should be reflected in that.

不。聽著，我認為──讓我們以兩種方式分解複利。一是複合做兩件事。它使我們能夠為客戶提供他們所需的產品，使我們能夠更快地推動商業化，打開大門，讓我們進入新市場，讓我們滿足客戶的需求。坦白說，透過這樣做，可以為客戶提供更高的服務水平，因此為他們創造更高的價值，價格應該反映在其中。

In addition to that, there's also this concept of blending in other components to the compound and then gaining incremental profit above that. So for sure, there's an opportunity to spread higher -- the fixed cost across a higher number of pounds.

除此之外，還有將其他成分混合到化合物中，然後獲得高於此的增量利潤的概念。因此，可以肯定的是，有機會進行更高的價差——固定成本跨越更多的英鎊。

There's also the opportunity to effectively gain incremental margin on top of the blended components in, which also adds to the overall profitability of the company. And when you put it on an RPP basis, it enhances the overall profitability of the PureCycle molecule.

除了混合成分之外，還有機會有效地獲得增量利潤，這也增加了公司的整體獲利能力。當你把它放在 RPP 的基礎上時，它會提高 PureCycle 分子的整體獲利能力。

So we feel really good about the ability to add incremental profitability to the company based on adding compounding. But I will tell you that at the day, it really comes back to how much value are we creating for the customer. If we have a product that no one else does, there's positive value there. If we're manipulating that product in a way that makes it run better with higher efficiency in their facilities, there's higher value there.

因此，我們對透過增加複利來增加公司獲利能力感到非常滿意。但我會告訴你，到了這一天，真正的問題是我們為客戶創造了多少價值。如果我們擁有其他人沒有的產品，那麼它就有正面的價值。如果我們以某種方式操縱該產品，使其在設施中運作得更好、效率更高，那麼那裡就有更高的價值。

If some customers need 100% recycled product, we can do that. If some customers only want to meet the bare minimum recycle mandates that are coming for different regions, like 30% by 2030, then we can also do that. And I'll just tell you that in the compounding market, which is a business I'm very familiar with, I've been in it for about a decade now.

如果有些客戶需要 100% 回收產品，我們可以做到。如果有些客戶只想滿足不同地區的最低​​迴收要求，例如到 2030 年達到 30%，那麼我們也可以做到。我只想告訴你，在複利市場，這是一個我非常熟悉的行業，我已經從事了大約十年。

The value creation in compounding depends on how good you are at solving the customers' problems and doing something that they need. And the compounding operations that we've established is just a tool to help us be better at that. And I think that over time, you're going to see good economics come from that operational capability and that enhanced relationship with the customer.

複合中的價值創造取決於您解決客戶問題和滿足客戶需求的能力。我們建立的複合業務只是幫助我們做得更好的工具。我認為，隨著時間的推移，您將看到良好的經濟效益來自於營運能力以及與客戶的增強關係。

I'm not showing any further questions at this time. I'd like to turn the call back over to Christian.

我目前不會提出任何進一步的問題。我想把電話轉回給克里斯蒂安。

Thank you, Kevin. We do have one question we wanted to get to that we took through e-mails from Stanley Porter. He asked, can you specify what feedstock you've been running over the past few months? You spoke to that. But is that the planned feedstock type that you'll be running as you continue to ramp up?

謝謝你，凱文。我們確實有一個問題想要解決，我們透過史丹利·波特的電子郵件收到了這個問題。他問，你能具體說明過去幾個月你一直在運行什麼原料嗎？你談到了這一點。但這是您在持續擴大產量時將使用的計劃原料類型嗎？

Yes. Look, I mean, we've been running exclusively on post-consumer recycled material. We call that PCR. That is the highest valued feedstock and recycled product in the market. I mean when you talk to customers, they prefer PCR over other alternatives, okay? So by running exclusively on that, I think, puts us into a good position.

是的。聽著，我的意思是，我們一直只使用消費後回收材料。我們稱之為 PCR。這是市場上價值最高的原料和回收產品。我的意思是，當您與客戶交談時，他們比其他替代方案更喜歡 PCR，好嗎？因此，我認為，透過專注於這一點，我們可以處於有利的位置。

By being able to operationally handle the variability in random PCR coming from a MRF is also very good. And I think the operation at Denver, combined with the operation of our flake sorting, combined with the improvements that we see on CP2 removal have put us in a really nice place to be able to run substantial volumes of PCR going forward.

能夠在操作上處理來自 MRF 的隨機 PCR 的變異性也非常好。我認為丹佛的操作，結合我們的薄片分選操作，再加上我們在 CP2 去除方面看到的改進，使我們處於一個非常好的位置，能夠在未來運行大量 PCR。

Thank you for that question from Stanley, and Dustin, if you have any final comments.

感謝史丹利和達斯汀提出的問題，如果您有任何最終意見。

Okay. So I want to thank everybody for joining the call and also just being a steadfast partner for PureCycle over the years. We very much appreciate the opportunities to update you on what we're doing across the company. We've been very busy. We're very excited. It was a great quarter for us to really turn the page on a lot of things that have been in our way in the past six to nine months.

好的。因此，我要感謝大家加入這次電話會議，並感謝多年來成為 PureCycle 的堅定合作夥伴。我們非常感謝有機會向您介紹我們在整個公司所做的最新工作。我們一直很忙。我們非常興奮。對我們來說，這是一個偉大的季度，我們真正扭轉了過去六到九個月中阻礙我們前進的許多事情。

Look, at the end of the day, Ironton is under control. CP2 is under control. Our product quality is improved. Compounding is operational and it's working. Our inventory is building. And most importantly, it's laying the groundwork for commercialization in Q4 and going into 2025. We're extremely excited about the future. We're working hard to make this a reality, and we look forward to updating you at our next quarterly meeting. Thank you, everyone.

看，最終，艾恩頓已經得到控制。CP2 已控制。我們的產品品質得到了提升。複利已投入運作並且正在發揮作用。我們的庫存正在增加。最重要的是，它為第四季和 2025 年的商業化奠定了基礎。我們對未來感到非常興奮。我們正在努力實現這一目標，並期待在下一次季度會議上向您通報最新情況。謝謝大家。

Ladies and gentlemen, this does conclude today's presentation. You may now disconnect, and have a wonderful day.

女士們、先生們，今天的演講到此結束。您現在可以斷開連接，並度過美好的一天。