Purecycle Technologies Inc (PCT) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the PureCycle Technologies third quarter 2025 Corporate Update Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加 PureCycle Technologies 2025 年第三季公司業績更新電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Eric DeNatale, Director of Investor Relations. Please go ahead, sir.

現在我謹將會議交給今天的主講人，投資人關係總監艾瑞克‧德納塔萊。請繼續，先生。

Thank you, Kyle. Welcome to PureCycle Technologies third quarter 2025 Corporate Update Conference Call. I am Eric DeNatale, Director of Investor Relations 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，凱爾。歡迎參加 PureCycle Technologies 2025 年第三季公司業績更新電話會議。我是 PureCycle 的投資者關係總監 Eric DeNatale。今天與我一起參加電話會議的還有我們的執行長達斯汀·奧爾森和我們的財務長傑米·瓦斯奎茲。

This evening, we will be highlighting our corporate developments for the third quarter of 2025. The presentation we'll be going through on this call can also be found on the Investor tab at our website at purecycle.com.

今晚，我們將重點介紹我們公司 2025 年第三季的發展計劃。本次電話會議的簡報也可以在我們的網站 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 2025 corporate update press release filed this afternoon as well as well as in other reports on file with the SEC that provides further details about the risks related to our business.

今天發表的許多聲明都具有前瞻性，並且是基於管理層的信念、假設以及管理層目前掌握的資訊。這些聲明受到已知和未知風險及不確定性的影響，其中許多風險和不確定性可能超出我們的控制範圍，包括我們今天下午提交的 2025 年第三季度公司更新新聞稿末尾以及提交給美國證券交易委員會的其他報告中所述的安全港條款和前瞻性聲明，這些報告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. Our remarks today may also include preliminary non-GAAP estimates that 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 joining a phone you can access at any time at purecycle.com. We are excited to share updates from the previous quarter review.

此外，請注意，本公司的實際業績可能與預期業績有重大差異，除法律要求外，我們不承擔更新任何前瞻性聲明的義務。我們今天的演講可能還包括一些初步的非GAAP估計，這些估計存在風險和不確定性，其中包括季度末和年末調整相關的變化。PureCycle 的實際表現與本文所列的初步財務數據之間的任何差異都可能具有重大意義。歡迎您觀看我們的投影片簡報，或隨時造訪 purecycle.com 加入我們的電話會議。我們很高興與您分享上一季回顧的最新進展。

With that, I will now turn it over to Dustin Olson, PureCycle's Chief Executive Officer.

接下來，我將把發言權交給 PureCycle 的執行長達斯汀·奧爾森。

Yeah, Thanks, Eric. Thank you all for joining today's call. It's been another quarter of meaningful progress for PureCycle across all parts of the business. We're ramping operations, starting to ship to key customers in Q4, and we're excited about the growth ahead.

謝謝你，埃里克。感謝各位參加今天的電話會議。PureCycle 在業務的各個方面又取得了實質進展，這又是一個季度。我們正在逐步擴大營運規模，並將於第四季度開始向主要客戶發貨，我們對未來的成長感到興奮。

I'd like to begin with the recent board changes that we announced. I'm very pleased to welcome our newest board member, Dr. Siri Jirapongphan. Dr. Siri has an impressive resume, and I believe he is going to be instrumental in PureCycle's future success.

我想先談談我們最近宣布的董事會人事變動。我非常高興地歡迎我們最新的董事會成員，Siri Jirapongphan 博士。Siri 博士擁有令人印象深刻的履歷，我相信他將對 PureCycle 的未來成功起到至關重要的作用。

He's the former Chairman of the Board for IRPC, this is our partner in Thailand and is currently serving as an independent director of Bangkok Bank, the largest bank in Thailand by assets. Dr. Siri is an incredibly bright individual. He's got degrees from both Caltech and MIT in chemical engineering, and he has already made an impact when interacting with the Board and the PureCycle team over the last few weeks.

他是 IRPC（我們在泰國的合作夥伴）的前董事會主席，目前擔任泰國資產規模最大的銀行——曼谷銀行的獨立董事。Siri博士是一位才華洋溢的人。他擁有加州理工學院和麻省理工學院的化學工程學位，在過去幾週與董事會和 PureCycle 團隊的互動中，他已經產生了影響。

His polymer expertise has deep network in Southeast Asia and passion for PureCycle is bringing good energy and perspective to our decision-making process. He will serve a key role in our debt financing activities as well as support our technical and project teams. I'm excited to have him join the team.

他在聚合物領域的專業知識在東南亞擁有深厚的人脈，他對 PureCycle 的熱情為我們的決策過程帶來了良好的活力和視角。他將在我們的債務融資活動中發揮關鍵作用，並為我們的技術和專案團隊提供支援。我很高興他能加入團隊。

I'd also like to personally thank Jeff Fieler for his service on the board over the last four years. He has been an instrumental part of getting PureCycle to where we are today. And from a personal perspective, he has taught me so much about how to think about our business, our activities and how to lead this organization effectively. His departure coincides with Dan Gibson, of Sylebra Capital joining the board three months ago.

我還要親自感謝 Jeff Fieler 在過去四年為董事會做出的貢獻。他為 PureCycle 能發展到今天的規模做出了不可磨滅的貢獻。從個人角度來說，他教會了我很多關於如何思考我們的業務、我們的活動以及如何有效地領導這個組織的知識。他的離職恰逢 Sylebra Capital 的 Dan Gibson 三個月前加入董事會。

Operational performance has shown steady improvement. Ramp-up activities underway at both Denver and Ironton further reinforcing our confidence in the business trajectory. Q3 was one of the highest quarter of production in the company's history. September was the highest month at 3.3 million pounds and was limited by fee.

營運績效已呈現穩定提升的態勢。丹佛和艾倫頓兩地的產能提升活動正在進行中，這進一步增強了我們對業務發展前景的信心。第三季是該公司歷史上產量最高的季度之一。9 月成交額最高，達到 330 萬英鎊，但受到手續費的限制。

At the end of Q3, we successfully added a second shift in Denver during the quarter and plan to add a third in Q4. This will bring Denver's capacity to approximately 100 million pounds annually. The compounding expansion at Ironton continues to be on track, and we expect this to significantly reduce complexity of supply chain, improve our product offering, lower our cost and meaningfully widen the market for available sales.

第三季末，我們在丹佛成功增加了第二個班次，並計劃在第四季度增加第三個班次。這將使丹佛的年產能達到約 1 億磅。Ironton 的複合擴張仍在按計劃進行，我們預計這將顯著降低供應鏈的複雜性，改善我們的產品供應，降低我們的成本，並顯著擴大可銷售的市場。

On the commercial front, we continue to make a lot of progress. We scheduled to ship material in Q4 to P&G's converter for application production that are scheduled to the shelves in early '26. Additionally, we are working to finalize and ship for other P&G applications in Q1. We continue to add to the P&G funnel. We have made major strides on the operational front, and we believe we have alignment to meaningfully grow their volume in 2026.

在商業方面，我們持續取得很大進展。我們計劃在第四季度向寶潔公司的加工商運送材料，用於生產預計 2026 年初上架的應用產品。此外，我們正在努力完成其他寶潔應用的開發，並計劃在第一季交付。我們持續拓展寶潔的銷售管道。我們在營運方面取得了重大進展，我們相信我們有能力在 2026 年實現業務量的顯著成長。

We have also made standout technical progress on numerous applications and are beginning to narrow the focus to high-value applications. One of the biggest successes have been with white thermoform coffee lids, this led to progress with three of the top five quick service restaurant companies or QSRs and we expect to be shipping into stores for a top five QSR group in the fourth quarter and ramping in 2026. We've made tremendous strides in the commercial and general trajectory is very positive. We've also made -- we also have a much better sense of what our customer volume expectations and needs are for the next year. While the timing of any ramp is always hard to pinpoint with certainty, we do see initial volume indications between Emerald, Procter & Gamble, QSR coffee lids and other converters in the range of about EUR40 million to EUR50 million annually.

我們在眾多應用領域也取得了顯著的技術進步，並開始將重點縮小到高價值應用領域。白色熱成型咖啡蓋取得了最大的成功，這促成了與五大快餐連鎖店（QSR）中的三家的合作，我們預計將在第四季度向五大快餐連鎖店之一的門店發貨，並在 2026 年擴大規模。我們在商業方面取得了巨大的進步，整體發展勢頭非常積極。我們也對明年客戶的銷售預期和需求有了更清楚的認識。雖然任何產能爬坡的時間總是很難確定，但我們確實看到 Emerald、寶潔、QSR 咖啡蓋和其他加工商之間的初步產量跡象表明，每年的產量約為 4000 萬至 5000 萬歐元。

To put a point on it, we see significant volume converting from just four to five projects, and we have another 75 to 100 projects churning through the hopper. Given our technical successes and the product line that we've developed, we feel confident about the long-term demand for Ironton.

舉例來說，我們看到相當多的項目從四到五個項目轉化而來，還有 75 到 100 個項目正在籌備中。鑑於我們在技術上取得的成功以及我們開發的產品線，我們對Ironton的長期需求充滿信心。

The sales funnel continues to be very strong and successful conversion of only some of these would be large enough to sell out Ironton many times over. The focus has shifted more towards converting these large applications into sales and less towards growing the funnel. Even in a challenging consumer spending and petrochemical environment, we continue to see robust demand and pricing in line with the unit economics we have previously laid out. Our growth plan continued to progress during the third quarter. The personnel in Thailand continues to grow, and I'm excited about the team that is being put in place.

銷售管道依然非常強勁，即使只有一部分客戶成功轉化，也足以讓 Ironton 的商品售罄好幾倍。重點已經從擴大銷售管道轉移到將這些大型應用程式轉化為銷售。即使在消費支出和石化市場環境充滿挑戰的情況下，我們仍然看到強勁的需求和價格，這與我們先前製定的單位經濟效益相符。第三季度，我們的成長計畫持續推進。泰國的員工隊伍持續壯大，我對正在組建的團隊感到非常興奮。

The Antwerp permitting process continues on schedule, and it is extremely good news that our proposal to the EU Innovation Fund or EIS, was accepted. We expect to receive final grant approval of up to EUR40 million by the end of Q1. We continue to progress our Gen 2 purification design work through (inaudible) and beyond and expect this to be completed in the first half of 2026.

安特衛普的審批流程按計畫進行，我們向歐盟創新基金（EIS）提交的提案被接受，這是一個非常好的消息。我們預計將在第一季末獲得最高 4000 萬歐元的最終撥款批准。我們將繼續推進第二代淨化設計工作，直至（聽不清楚）及以後，預計將於 2026 年上半年完成。

Overall, this has been another quarter of extreme progress. Branded shipments are moving. We're in the final stage of commercial negotiation with a number of very large potential applications, and we are accelerating. We are doing something that has never been done before.

總體而言，這又是一個取得了巨大進步的季度。品牌商品正在運輸途中。我們正與一些極具潛力的大型應用專案進行商業談判的最後階段，我們正在加快步伐。我們正在做一件前所未有的事。

The operation Ironton and Denver continued to show progress during the quarter. Ironton produced 7.2 million pounds in this quarter and 3.3 million pounds in September, both new records. Denver continues to ramp as well, processing 9.4 million pounds of feedstock in Q3 and 4.4 million pounds in October. This was possible due to strong reliability performance and successfully adding a second shift in Denver. We have plans to add a third shift in the near future, and this will allow Ironton to continue to ramp to higher rates of production in coming quarters. We have developed a really strong relationship with our feedstock providers and are taking product in numerous locations, some of which are among the largest waste companies in the country.

本季度，Ironton 和 Denver 的營運持續取得進展。Ironton 本季產量為 720 萬英鎊，9 月產量為 330 萬英鎊，均為新紀錄。丹佛的產能也持續提升，第三季加工了 940 萬磅原料，10 月加工了 440 萬磅原料。這得歸功於強大的可靠性能以及在丹佛成功增設第二班次。我們計劃在不久的將來增加第三個班次，這將使艾倫頓工廠在接下來的幾季繼續提高生產力。我們與原料供應商建立了非常牢固的關係，並在多個地點接收產品，其中一些是國內最大的廢棄物處理公司。

These companies value steady and ratable offtakes and thus, it makes sense to deliberately and systemically ramp Denver volumes in conjunction with Ironton production and sales and speaks to our confidence in the commercial ramp in front of us. The amount of feed coming out of Denver was a constrained Ironton production in the quarter and with the additional shifts this should be relieved going forward. The 100-million-pound compounding expansion at Ironton announced last quarter is on track for mechanical completion in December. And in addition to that, we've already installed the co-product two extruder on-site and started the operational commissioning.

這些公司重視穩定且可量化的銷量，因此，有意識地、有系統地提高丹佛的產量，同時配合艾倫頓的生產和銷售，是有意義的，這也體現了我們對未來商業成長的信心。本季丹佛的飼料供應受到艾倫頓生產的限制，隨著額外班次的增加，這種情況應該會在未來得到緩解。上季宣布的位於艾倫頓的耗資 1 億英鎊的複合式擴建項目正按計劃進行，預計將於 12 月完成機械施工。此外，我們已經在現場安裝了第二台副產品擠出機，並開始了運行調試。

This compounding capacity that we're installing will allow for reduced complexity of supply chain, improved product offering lowers our costs and should widen the market for available sales. The co-product 2 compounding expansion is already showing positive results. As you can see in the pictures on slide 4, we can now take raw co-product 2 coming out of Ironton and compounded into a sellable pellet that we have already sold into the market for $0.20 to $0.30 per pound. As we have ramped Denver, we have developed market outlets to sell the non-polypropylene co-product. As we have found markets for approximately 20% to 30% of the [bale], that is non-PP which results in approximately a net 20% reduction in feedstock costs.

我們正在安裝的這種複合產能將降低供應鏈的複雜性，改進的產品供應將降低我們的成本，並應該擴大可銷售的市場。副產品 2 的複合擴張已經顯示出積極的成果。正如您在幻燈片 4 的圖片中看到的那樣，我們現在可以將 Ironton 生產的副產品 2 加工成可銷售的顆粒，我們已經以每磅 0.20 至 0.30 美元的價格將其銷售到市場上。隨著我們在丹佛的業務不斷擴大，我們也開發了銷售非聚丙烯副產品的市場管道。由於我們已經找到了約 20% 至 30% 的 [捆包] 的市場，即非 PP，這使得原料成本淨減少了約 20%。

This is inclusive of the waste disposal costs for 18% of the bale that we are currently not selling. This is a really big deal. And I believe it's only the early innings of this co-product optimization and that it will be a big driver in our long-term low-cost story.

這其中包括我們目前未售出的18%的捆包的廢棄物處理成本。這可是件大事。我相信這只是副產品優化的早期階段，它將成為我們長期低成本發展的重要驅動力。

Operations continues to make progress, and I feel increasingly confident about our ability to ramp production in coming quarters. To pace the commercial ramps, we expect to run the facility at 60% to 70% rates for the next three to six months and then ramp to near nameplate in the second half of the year.

營運工作持續取得進展，我對我們未來幾季提高產量的能力越來越有信心。為了逐步恢復商業生產，我們預計在接下來的三到六個月內，工廠將以 60% 到 70% 的產能運行，然後在下半年逐步恢復到接近額定產能。

Now turning to the commercial update. Some of the largest brands and companies in the world are becoming interested in our products. This is a tremendous [endorsement] for the quality of our product and the future of our company. It's important for our teams to stay focused on developing these high-quality demand applications like this. While there have been some delays with respect to the overall rollout, it's important to note that none of that was driven by technical capabilities of our product or the market's underlying demand for it.

現在來看商業的最新進展。世界上一些最大的品牌和公司都對我們的產品產生了興趣。這對我們產品的品質和公司的未來來說都是莫大的肯定。對於我們的團隊來說，專注於開發像這樣的高品質需求應用程式至關重要。雖然整體推廣方面出現了一些延誤，但值得注意的是，這些延誤都不是因為我們產品的技術能力或市場對其的潛在需求所造成的。

The delays relate to developing regulatory dynamics in states, which are largely behind us as well as the natural delays that came from two mergers among the four largest global converters. Both mergers impacted the timing for a few contracts that we had initially expected to close, start moving in Q3. None of this has impacted the long-term progress or where things are going. Frankly, confidence in the end state of where Ironton is headed has only improved. I continue to see potential demand in the funnel, well exceeding our ability to supply it by multiple times over and a growing list of qualified products to take us there.

延誤與各州監管動態的發展有關，這些動態在很大程度上已經過去，此外，四大全球轉換器之間的兩起合併也帶來了自然延誤。這兩筆併購都影響了我們最初預計在第三季完成並開始推進的幾份合約的時間表。這一切都沒有影響長期進展或事情的發展方向。坦白說，我對艾倫頓未來的發展前景越來越有信心。我仍然看到市場有潛在需求，遠遠超過我們的供應能力數倍，而且符合條件的產品清單也不斷增加，這將幫助我們實現這一目標。

If you combine the customers that we're beginning to ship to, with the ones we already have high visibility to ship to in the near term, this represents approximately 40 million to 50 million pounds annually at full ramp.

如果將我們開始出貨的客戶，與我們近期內有很高預期可以出貨的客戶加在一起，那麼在全面投產的情況下，每年的產量大約為 4,000 萬至 5,000 萬磅。

I've spoken a lot over the past few quarters about how our resin continues to get qualified in numerous applications, especially those like film and fiber that traditional mechanical recyclers cannot serve. I've also talked about the value of compounding business and how it is a core component of how we can take our purified product and transform it into exactly what the customers require. So with that in mind, I think it's valuable to present to the market our current product portfolio with which we're going to market. There's a lot of technical data in there, but I think it's important to note a few things.

在過去的幾個季度裡，我多次談到我們的樹脂如何在眾多應用中不斷獲得認可，尤其是在薄膜和纖維等傳統機械回收商無法服務的應用領域。我還談到了復配業務的價值，以及它如何成為我們將純化產品轉化為客戶所需產品的核心組成部分。因此，考慮到這一點，我認為向市場展示我們即將推向市場的現有產品組合是有價值的。裡面有很多技術數據，但我認為有幾點需要注意。

First, all of our products serving food-grade end markets have FDA LNOs. Second, all of the material that we process has both Green Circle and APR certifications for post-consumer recycled content. Third, our general-purpose material does not require compounding. However, we use compounding to augment the mechanical properties and to deliver a single pellet solution to customers. This product portfolio is a function of a lot of incredible work by our technical and R&D teams as well as demand and pricing discovery by our sales team over the last year and is a big part of why I'm so excited about the future of PureCycle. No other recycled PP producer can offer to the market what we can.

首先，我們所有針對食品級終端市場的產品都擁有 FDA LNO。其次，我們加工的所有材料都獲得了 Green Circle 和 APR 的認證，證明其含有消費後回收成分。第三，我們的通用材料不需要進行混合。但是，我們採用複合製程來增強機械性能，並為客戶提供單一的顆粒解決方案。這個產品組合的誕生，離不開我們技術和研發團隊的大量出色工作，以及銷售團隊在過去一年中對市場需求和定價的深入探索，這也是我對 PureCycle 的未來充滿信心的重要原因之一。沒有其他再生聚丙烯生產商能夠向市場提供我們所能提供的產品。

Last quarter, we told the market that we had 17 applications that had successfully passed industrial trials and that we're in later stages before commercialization. I want to give as -- I want to give a detailed and update as possible on these. The key takeaways here is that we are progressing and converting the funnel.

上個季度，我們告訴市場，我們有 17 項應用程式已成功通過工業試驗，目前正處於商業化前的後期階段。我想盡可能詳細地提供這些資訊和最新進展。關鍵在於，我們正在推進並轉換銷售漏斗。

We completed negotiations with an unnamed consumer goods company during the quarter and expect to ship product for a thermoform application in Q4. Two large applications for yogurt cups had to undergo lengthy odor and taste test, but that's now complete. We successfully made industrial adhesive tape for a top five manufacturer during the quarter. This is very similar packaging tape consumers use every day when preparing to remove or when shifting a gift to the postal service during the holiday time. They informed us that they do not -- that they -- sorry, they informed us that they want to do additional testing on a Bruckner machine, which was planned for November.

本季我們與一家未具名的消費品公司完成了談判，預計將在第四季度交付用於熱成型應用的產品。兩款大型優格杯應用需要長時間的氣味和味道測試，但現在已經完成。本季我們成功為一家排名前五名的製造商生產了工業膠帶。這與消費者在假日期間準備取走禮物或將禮物寄給郵局時每天使用的包裝膠帶非常相似。他們告知我們他們不——他們——抱歉，他們告知我們他們想在布魯克納機器上進行額外的測試，該測試原計劃於 11 月進行。

This will be our first commercialization of BOPP and believe this can be a double-digit annual volume opportunity for PureCycle. The only real disappointment in the funnel was the long brand adoption cycle we're seeing with fiber. We're fully technically qualified with numerous fiber app -- fiber producers, but this is a very fragmented market with literally thousands of small textile producers making decisions for apparel. It is taking longer to build out the new projects with end customers during the challenged market conditions.

這將是我們首次將BOPP商業化，我們相信這將為PureCycle帶來兩位數的年銷售機會。銷售漏斗中唯一真正令人失望的是，我們看到纖維品牌的採用週期過長。我們在技術上完全合格，與眾多纖維生產商合作，但這是一個非常分散的市場，成千上萬的小型紡織品生產商正在為服裝做決策。在當前充滿挑戰的市場環境下，與終端客戶合作新專案需要更長時間。

The only application of the 17 that PCT dropped out of the funnel with small consumer goods application. This is one of the smallest applications in our pipeline and PCT chose not to pursue due to the required internal resources to develop the project.

PCT 僅從 17 個申請中剔除了一個，即小型消費品申請。這是我們研發管線中規模最小的應用之一，由於開發專案需要內部資源，PCT 選擇不繼續進行。

What's really exciting to me is the number of new opportunities that have entered the later stages of the funnel. Many of them are with Fortune 100 brand owners, specifically across thermoform and BOPP. As I've mentioned, these last few quarters, part of the reason that we have qualified so many applications is to prove out the market depth across different segments and end markets. Not surprisingly, FDA flexible film or BOPP is toward the top of the list.

真正讓我感到興奮的是，有許多新的機會已經進入了銷售漏斗的後期階段。其中許多客戶是財富 100 強品牌所有者，尤其是在熱成型和雙向拉伸聚丙烯 (BOPP) 領域。正如我之前提到的，在過去的幾個季度裡，我們之所以批准了這麼多申請，部分原因是為了證明不同細分市場和終端市場的市場深度。不出所料，FDA認證的柔性薄膜或BOPP薄膜位居榜首。

Thermal forming for QSRs, namely for coffee lids and cups as well as for other food container opportunities are also emerging as one of the best places for us to focus. The demand from just three of these large QSRs for coffee lids alone could be enough to sell out Ironton.

快餐店的熱成型技術，特別是咖啡蓋和杯子以及其他食品容器的熱成型技術，也正在成為我們重點關注的最佳領域之一。光是這三家大型快餐店對咖啡蓋的需求就足以讓 Ironton 的咖啡蓋售罄。

We have had a PO -- we have a PO in hand to begin shipping for the first of these top five global QSRs in the fourth quarter and are closely working with the top -- with two top QSRs and they have both told us that they want to move forward but are waiting for a couple of internal approvals before doing so. BOPP film continues to progress on schedule and trialing success with Bruckner has unlocked with -- has now locked trials with brand owners of multiple top five snack brands. These are huge volume opportunities and currently cannot be served by mechanically recycled product due to the technical challenges of producing BOPP. We've also had virgin resin producers reach out to us for BOPP supply. The success we've seen with the first adhesive tape trial has led to interest and scheduled trials for other brands.

我們已經拿到採購訂單——我們已經拿到採購訂單，準備在第四季度開始向這五大全球快餐連鎖店中的第一家發貨，並且正在與其中兩家頂級快餐連鎖店密切合作，他們都告訴我們他們想推進合作，但在這樣做之前，他們還在等待一些內部批准。BOPP薄膜繼續按計劃推進，與布魯克納的試驗成功開啟了——現在已經與多家排名前五的零食品牌的品牌所有者簽訂了試驗合約。這些都是巨大的市場機遇，但由於生產雙向拉伸聚丙烯薄膜（BOPP）的技術挑戰，目前機械回收產品無法滿足這些需求。我們也收到一些原生樹脂生產商的諮詢，希望購買雙向拉伸聚丙烯薄膜（BOPP）。首次膠帶試驗的成功引起了其他品牌的興趣，並安排了相應的試驗。

To be clear, both white thermoform and BOPP film technical developments are very complex, and this is a very undersupplied market. We've proven that we can make the grades, we've tested it and it's working. And while they took additional time to complete the development of trials, the interest in this segment is strong and moving quickly -- moving more quickly than other applications. We believe that the single-use nature of many of these applications is driving interest and quicker adoption by QSRs and snack brands. Additionally, due to the lack of true recycled demand for these applications, we believe many of these companies are currently using -- currently buying ISCCs credits for roughly 70% to 80% per pound over virgin to cover their regulatory requirements.

需要明確的是，白色熱成型薄膜和 BOPP 薄膜的技術發展都非常複雜，而且這是一個供應嚴重不足的市場。我們已經證明我們能夠取得好成績，我們已經測試過了，而且效果很好。雖然他們花了額外的時間來完成試驗的開發，但人們對這一領域的興趣濃厚，發展迅速——比其他應用領域發展得更快。我們認為，這些應用程式的一次性使用特性正在推動快餐店和零食品牌對其產生興趣並加快其採用速度。此外，由於這些應用缺乏真正的再生需求，我們認為許多此類公司目前正在使用——目前正在購買ISCC信用額度，價格約為原生材料的70%至80%，以滿足其監管要求。

We continue to make progress with Procter & Gamble during the quarter. They are one of the most technically demanding companies due to their intense focus on quality and brand image. And I'm very excited that we expect to be shipping product in the fourth quarter with these caps making it to the shelves in early 2026. The relationship with Procter & Gamble is transitioning to an operational relationship. We meet weekly.

本季我們與寶潔公司的合作持續取得進展。由於他們非常注重品質和品牌形象，因此是技術要求最高的公司之一。我非常高興地宣布，我們預計將在第四季開始出貨，這些瓶蓋將於 2026 年初上架銷售。與寶潔公司的關係正在轉向營運關係。我們每週見面。

We are well aligned and are both excited about this first application and the pipeline that's following. The partnership with Churchill continues to ramp with incremental end customers, and I'm very excited that we will be producing cups for the release of a very popular upcoming franchise film release.

我們雙方理念一致，都對這第一個申請以及後續的申請流程感到興奮。與邱吉爾的合作隨著終端客戶的增加而不斷擴大，我非常興奮我們將為即將上映的一部非常受歡迎的系列電影生產杯子。

Additionally, there's a major sporting event taking place in the United States in 2026, and they have confirmed that they will be using our run it back cups during the entirety of that event. These are both nice volume additions, but even more importantly, I believe there will be great opportunities to showcase the PureCycle brand to a broader audience. It's also worth noting that one of the -- one of the big four sports leagues has invited us to a Private Stadium Operations Conference or have an opportunity to present our cups to all the franchise procurement teams at the same time.

此外，2026 年美國將舉辦一項重大體育賽事，他們已確認將在整個賽事期間使用我們的 Run It Back 杯。這兩項都是不錯的銷售成長，但更重要的是，我相信這將為向更廣泛的受眾展示 PureCycle 品牌提供絕佳的機會。值得一提的是，四大運動聯盟之一邀請我們參加私人體育場營運會議，或者說，讓我們有機會同時向所有特許經營採購團隊展示我們的獎盃。

There's also a lot of positive news emerging from the regulatory front. Seven states covering about 20% of the US population, have passed our extended producer responsibility regulations or EPR for packaging over the past four years. On top of that, states like New Jersey have passed and are implementing laws that mandate recycled content.

監管方面也傳來了很多好消息。在過去的四年裡，美國有七個州（約占美國人口的 20%）通過了我們的包裝生產者延伸責任法規（EPR）。除此之外，像新澤西州這樣的州已經通過並正在實施法律，強制要求使用再生材料。

Further builds are also being introduced in numerous states across the political spectrum, including places like Tennessee and North Carolina. These bills were passed for the last three to four years and are just now being implemented. I believe this will force many large brands who operate an interstate commerce to ship to almost every state to adopt our material, and we expect will only accelerate as more states implement these policies in '26, '27 and beyond.

包括田納西州和北卡羅來納州在內的許多州，以及不同政治派別的州，都在引入更多類似的建設項目。這些法案在過去三、四年間就已經通過，現在才開始實施。我相信這將迫使許多從事州際貿易的大品牌向幾乎每個州發貨以採用我們的材料，我們預計隨著更多州在 2026 年、2027 年及以後實施這些政策，這種情況只會加速發展。

We're ramping up our efforts to educate the steps on the positive role that the PureCycle can play in compliance to the new rules. Many new independent publications like the PRE white paper for dissolution and the NOVA Institutes Definitive Chart for recycled technologies are helping to place the right designations on plastic-to-plastic solutions at the regulations demand. PureCycle is very well positioned to be the premier solution for many brand applications.

我們正在加強力，向各部門宣傳 PureCycle 在遵守新規方面可以發揮的積極作用。許多新的獨立出版物，如 PRE 的溶解白皮書和 NOVA 研究所的回收技術權威圖表，正在幫助根據法規要求對塑膠到塑膠解決方案進行正確的命名。PureCycle 完全有能力成為眾多品牌應用的首選解決方案。

The regulation in Europe regarding PPWR as well as mandated recycled content for automotive continue to be planned for implementation towards the end of the decade and our recent successful application for the EIF grants speaks to the momentum PureCycle -- through the momentum for Pure Cycle in Europe. We will continue to educate all agencies and regulatory bodies on how PureCycle can support the legislative efforts around the globe.

歐洲關於 PPWR 的法規以及汽車強制使用再生材料的法規仍計劃在本十年末實施，而我們最近成功申請到 EIF 撥款，這表明 PureCycle 的發展勢頭強勁——通過 Pure Cycle 在歐洲的發展勢頭。我們將繼續向所有機構和監管機構介紹 PureCycle 如何支持全球各地的立法工作。

The growth plan we outlined to the market last quarter continues to progress. Since announcing the Thailand project earlier this year key feedstock LOIs have been signed and the amount of material available appears to be more than required to run the facility at full capacity. In Europe, permitting for the Ironton facility is progressing as planned, with construction expected to commence thereafter.

我們上季向市場公佈的成長計畫正在持續推進。自今年稍早宣布泰國計畫以來，關鍵原料的意向書已經簽署，而且可用的材料數量似乎超過了工廠滿載運作所需的數量。在歐洲，Ironton工廠的審批工作正在按計劃進行，預計隨後將開始建造。

Our proposal to the EU Innovation Fund has been accepted and we anticipate up to a maximum of -- maximum grant of EUR40 million by the end of Q1. Between the capital efficiency of the Thailand project, the EIF grant for Antwerp and the capital already spent on long-lead equipment, the remaining capital requirements are limited relative to the scope of these projects. We're in a good position to progress these two projects over the next three years according to our original plan.

我們向歐盟創新基金提交的提案已被接受，我們預計到第一季末將獲得最高 4,000 萬歐元的撥款。考慮到泰國專案的資本效率、安特衛普的 EIF 撥款以及已用於長週期設備的資金，剩餘的資本需求相對於這些專案的範圍而言是有限的。我們目前處於有利地位，可以按照原計劃在未來三年內推進這兩個項目。

Additionally, we're on schedule to complete the final engineering for our Gen 2 purification line design work in early 2026. While not finalized yet, we still believe the capacity will likely fall between 300 million and 500 million pounds annually.

此外，我們正按計劃於 2026 年初完成第二代淨化生產線設計工作的最終工程。雖然尚未最終確定，但我們仍然認為產能可能會在每年 3 億至 5 億磅之間。

On the financing front, we have initiated debt financing efforts in Thailand in collaboration with local banks are making good progress to secure the financing and believe that we remain on track for financial close in line with prior communications.

在融資方面，我們與泰國當地銀行合作，啟動了債務融資工作，目前在確保融資方面取得了良好進展，我們相信我們仍將按計劃完成融資，與先前的溝通一致。

With that, I'll turn it over to Jaime for the financial presentation.

接下來，我會把財務報告交給傑米。

Thank you, Dustin. As shown on Slide 16, we ended the quarter with just over $234 million of unrestricted cash. In addition to the cash on hand, we still hold about $87 million of revenue bonds that we plan to sell in the future to further support our growth initiatives. Also, as we mentioned in our June growth update, we have almost $25 million warrants outstanding that expire in March of 2026 and must exercise at a price of $11.50 per warrant prior to that time. In addition to the potential proceeds from the warrants, our team is pursuing other nondilutive financing arrangements including the successful EUR40 million grant application for our Belgium project that Dustin just mentioned.

謝謝你，達斯汀。如投影片 16 所示，本季末我們擁有超過 2.34 億美元的非限制性現金。除了現有現金外，我們還持有約 8,700 萬美元的收益債券，計劃在未來出售以進一步支持我們的成長計劃。此外，正如我們在 6 月的成長更新中所提到的，我們有近 2500 萬美元的認股權證尚未到期，將於 2026 年 3 月到期，並且必須在此之前以每份認股權證 11.50 美元的價格行使。除了認股權證可能帶來的收益外，我們的團隊還在尋求其他非稀釋性融資安排，包括達斯汀剛才提到的，我們為比利時計畫成功申請的 4,000 萬歐元撥款。

Our operations and corporate spend was around $37 million, which was slightly lower than the $39 million spent in the previous quarter. We anticipate that our operational spend will remain at similar levels adjusted for increased spend associated with the ramp-up of commercial sales. Additionally, we expect growth capital spend to increase beginning in early 2026. We are working on detailed project plans and we'll provide more insight once the spend curves associated with those plans are finalized.

我們的營運和公司支出約為 3,700 萬美元，略低於上一季的 3,900 萬美元。我們預計，經調整以因應商業銷售成長帶來的支出增加後，我們的營運支出將維持在類似水準。此外，我們預計從 2026 年初開始，成長資本支出將會增加。我們正在製定詳細的專案計劃，一旦與這些計劃相關的支出曲線最終確定，我們將提供更多見解。

I would now like to turn the call back to Kyle, who will open the call for your questions.

現在我將把電話轉回給凱爾，他將回答大家的問題。

(Operator Instructions) Andres Sheppar, Cantor Fitzgerald.

（操作說明）安德烈斯·謝帕爾，康托·菲茨杰拉德。

Hey everyone, good afternoon. Can you hear me, okay?

大家好，下午好。你聽得到我說話嗎？

Yeah, Andres, we hear you loud and clear. Thanks for the call.

是的，安德烈斯，我們聽得很清楚。謝謝你的來電。

Wonderful. Hey, Dustin, congrats on the quarter and then all the progress. I think there's a lot to unpack, but I wanted to maybe start with all the progress with these QSRs. I was wondering if you can maybe give us some details as to where is the interest coming from? Any feedback you've received. Why have they been so interested as of late?

精彩的。嘿，達斯汀，恭喜你本季取得的成績以及之後的所有進步。我覺得有很多東西需要探討，但我想先從這些速食店取得的所有進展開始說起。我想問一下，您能否詳細說明一下，這筆投資來自哪裡？您收到的任何回饋。他們最近為什麼對這個話題這麼感興趣？

Yeah, I mean, thanks for the question, Andres. What I think is really exciting to me is to see the interest coming from these very recognizable brands around the world. These are not only brands people will recognize but also brands that we can grow with globally. Sustainability is quite frankly, really important to these companies and the brand value is core to their success.

是的，我的意思是，謝謝你的提問，安德烈斯。讓我真正感到興奮的是，看到這些來自世界各地非常知名的品牌都表現出了興趣。這些不僅是人們耳熟能詳的品牌，也是我們可以與之在全球共同發展的品牌。坦白說，永續發展對這些公司來說非常重要，品牌價值是它們成功的核心。

And ultimately, that's where the true opportunity lies. I think it's important to take a step back a little bit and helicopter up on recycling. I think when any individual thinks about recycling, they probably naturally go to their bin at home, okay? What are they throw in the bin? And where does it go?

歸根究底，真正的機會就蘊藏其中。我認為有必要退後一步，從宏觀角度檢視一下回收問題。我認為，任何人想到回收時，很可能會自然而然地想到家裡的垃圾桶，對吧？他們往垃圾桶裡丟的是什麼？它最終會去哪裡？

And everybody has this idea that they want to see that material go back in the products, but they don't see the scale of it. But that's what's interesting with PureCycle and quite frankly, our Denver facility. Our Denver facility is processing so many bales at that location. And when you really watch it for a while to stand on the line and watch the material move through, you see what's coming through. And there's just a tremendous amount of QSR material on the belts in Denver.

每個人都希望看到這些材料重新回到產品中，但他們沒有意識到問題的嚴重性。但這正是 PureCycle 以及坦白說，我們位於丹佛的工廠的有趣之處。我們在丹佛的工廠正在那裡處理大量的捆包貨物。當你真正長時間地站在線上觀察材料流動時，你會看到最終呈現出來的東西。丹佛的傳送帶上到處都是快餐店的宣傳資料。

And I think that when you see that and you share that with the QSRs, it really resonates with them. So I see these products, these companies, products running through the process in Ironton, and I see it as a real circularity opportunity. Not only can we give them high-quality product to make the product that they need, we can also take it back to Denver and show them that their material is coming back into their products. So when you see -- so when the companies see their product in the bales at Denver, it resonates. When they see it transform back into things like coffee lids, it moves them.

我認為，當你看到這一點並與快餐店分享時，它真的能引起他們的共鳴。所以我看到這些產品、這些公司，以及產品在艾倫頓的生產流程，我認為這是一個非常好的循環經濟機會。我們不僅可以為他們提供高品質的產品來生產他們需要的產品，還可以將產品帶回丹佛，向他們展示他們的材料正在重新用於他們的產品中。所以當這些公司在丹彿看到他們的產品被打包成捆時，他們會產生共鳴。當他們看到它變回咖啡蓋之類的東西時，他們會深受感動。

And yes, I mean, as far as big companies are concerned, these QSRs are moving faster. And they're really excited about how we can work together, and these companies need a lot of material. Once we designed the white thorform and the film brands, and we got them tested and showed that they'd work, the excitement really started to grow.

是的，我的意思是，就大公司而言，這些快餐店的發展速度更快。他們對我們的合作方式感到非常興奮，而且這些公司需要大量的材料。一旦我們設計出白色透明膠片和薄膜品牌，並進行了測試，證明它們有效，人們的興奮之情才真正開始增長。

Jeffrey Campbell, Seaport Research Partner.

Jeffrey Campbell，Seaport Research 合夥人。

Well, first of all, I wanted to congratulate you on strong progress this quarter. I'd like to ask a couple of questions if could. The first one is, I want to make sure I understood what you said earlier. Regarding the co-product 2, is the plan to sell what you separate from the feedstock to the market although you utilize any of it in your compounding operations?

首先，我想祝賀你本季取得了顯著進展。如果可以的話，我想問幾個問題。首先，我想確認一下我是否理解了您剛才所說的內容。關於副產品 2，計劃是將您從原料中分離出來的部分出售到市場上，儘管您在配料操作中會利用其中的一部分？

That’s a very insightful question, Jeff. Thank you for that. The answer is both. We see opportunities to take the co-product 2 that we separate out in our purification facility and compound that into a pellet form, so it's easier for customers to use. That's primarily what we're doing at Ironton right now with our newly installed compounding operations, which were commercialize or operationalizing right now.

傑夫，你問了一個非常有見地的問題。謝謝。答案是兩者兼具。我們看到了將純化設施中分離出的副產品 2 製成顆粒狀的機會，這樣客戶使用起來就更方便了。目前，我們在艾倫頓主要做的就是實現我們新安裝的配料業務的商業化或營運化。

But you hit on something that's very interesting, and it speaks to where we're going to go with co-products. The concept of compounding is really about recipe management and about taking lots of things and blending them together to make something better. And given the compounding of the capacity that we have with a third party as well as the compounded capacity we've installed in Ironton, coupled with the things that we make, both in Ironton and at Denver, it creates a lot of opportunities for us to find synergy.

但你提出的觀點非常有趣，它預示著我們將如何發展副產品。複合的概念其實就是配方管理，就是將很多東西混合在一起，創造出更好的東西。鑑於我們與第三方合作的產能疊加，以及我們在艾倫頓安裝的產能疊加，再加上我們在艾倫頓和丹佛生產的產品，這為我們尋找協同效應創造了許多機會。

And so I think that your question is good. and that we will start taking some meal from Denver and also bringing it into the co-product sales, which and how much that will be proprietary IP for the company to manage the recipe. But I think at the end of the day, it's going to lead to higher revenue from co-product sales and ultimately lower net feedstock costs, Ironton.

所以我覺得你的問題很好。我們會開始從丹佛採購一些食材，並將其納入副產品銷售，至於配方將作為公司專有知識產權管理，具體金額是多少，則由公司自行決定。但我認為，從長遠來看，這將帶來更高的副產品銷售收入，並最終降低淨原料成本，Ironton。

Right. Yes, that was kind of what I was thinking as well. I also wanted to ask you, you mentioned that some of your potential customers have to buy credits. Could you expand on that a little bit? And just give us a sense of the value of the PCT is going to provide these people hopefully by (inaudible).

正確的。是的，我也是這麼想的。我也想問一下，您提到過一些潛在客戶需要購買積分。能再詳細解釋一下嗎？請您簡單說明一下，太平洋山脊步道（PCT）有望為這些人帶來哪些價值。（聽不清楚）

Yeah, that's a good point. So this is one of the things that I'm not sure how much people are aware of what's going on out there. But there are ISCC credits being generated by several facilities across the industry, okay? And some of our customers, we believe, will buy those credits as part of the regulatory requirements for their company. Those credits, the best that we understand, are valued at $0.75 to $0.80 per pound in the market, and that's effectively virgin pricing plus $0.75 to $0.80.

沒錯，你說得有道理。所以，我不確定人們對外界正在發生的事情究竟了解多少。但是，業內許多設施都在產生 ISCC 積分，好嗎？我們相信，我們的一些客戶會購買這些積分，以滿足其公司監管方面的要求。據我們所知，這些積分在市場上的價值為每磅 0.75 至 0.80 美元，這實際上是原始價格加上 0.75 至 0.80 美元。

So that's a really good proxy for the value proposition that we offer. And we should, at a minimum, be at those kinds of levels in the long run. But quite frankly, we believe we should be over that. And here's why. ISC credits are not a plastic-to-plastic solution.

所以，這能很好地反映我們所提供的價值主張。從長遠來看，我們至少應該達到這樣的水平。但坦白說，我們認為我們應該已經克服了這個問題。原因如下。ISC 學分並非塑膠製品之間的解決方案。

It's effectively a plastic to fuel solution that is mass balance to plastic. And that's inferior for the brands. The brands really want to be the consumers, customers buying candy bar, snack bags and things like that. They want to know that the material that they threw into their bin has come back to the products that they're buying and that's a plastic-to-plastic solution that we offer. And so we offer our consumers, let's say, a real plastic solution, less regulatory risk and less litigation risk.

它實際上是一種將塑料轉化為燃料的解決方案，其質量平衡為塑料。這對品牌來說是不利的。品牌真正想要成為消費者，成為購買糖果、零食包之類的顧客。他們想知道他們扔進垃圾桶的材料是否能重新用於他們購買的產品中，而這正是我們提供的塑膠對塑膠的解決方案。因此，我們為消費者提供了一種真正的塑膠解決方案，降低了監管風險和訴訟風險。

You can see across the regulatory ecosystem that a lot of rules are coming in that limit the use of recycled material. And that limit the use of the ISCC material, and that's where we can come in and fill the gap. I think it's also notable that on many of the brands, the marketing for how they use recycled product becomes very complex, either they don't put the fact that they're recycling content on their packaging or they put a lot of legal lease around it that complicates the overall message. And quite frankly, that's why brands like a simple plastic to plastic solutions, and I think that's where we're going to start filling the gap.

在整個監管體系中，可以看到許多規則都在限制再生材料的使用。這就限制了ISCC材料的使用，而這正是我們可以介入並填補空白的地方。我覺得值得注意的是，許多品牌在宣傳如何使用回收產品時，行銷方式變得非常複雜，要么不在包裝上標明使用了回收材料，要么用很多法律條款來包裝，使整體信息變得複雜。坦白說，這就是為什麼品牌喜歡簡單的塑膠對塑膠解決方案，我認為我們將從填補這一空白開始。

Right. And the last question I wanted to ask is, are you right now, are you [adverbely] selling very much sure? Or are you building inventory for the compounding that you're going to be able to do equipment installed in the export.

正確的。我最後一個想問的問題是，你現在，你（副詞）銷售方面非常有把握嗎？或者，您是否正在為即將用於出口的設備進行配製而建立庫存？

Yeah, I mean it's a little bit of both. I mean we sold some PureFive. We've sold some compounded products, but we've also built more inventory that we've sold. So I think that we've got an opportunity as these as these trials convert and the funnel starts to pull and the ramp extends, I think we'll pull that inventory down to show the revenue from that in the future.

是的，我的意思是兩者兼而有之。我的意思是，我們賣了一些PureFive。我們售出了一些複合產品，但我們也累積了比售出更多的庫存。所以我認為，隨著這些試驗的轉化，銷售漏斗開始擴大，銷售坡度延長，我們就有了機會，我認為我們會降低庫存，以便在未來展示由此產生的收入。

Hassan Ahmed, Alembic Global Advisors.

Hassan Ahmed，Alembic Global Advisors。

Afternoon, Dustin. How are you?

下午好，達斯汀。你好嗎？

I’m doing well, Hassan. How are you?

我很好，哈桑。你好嗎？

Very well, thank you. So I want you to focus both of my questions on the growth project side of things, right? So let me throw the first one out. This EIS grant that you guys were awarded. We would love to hear the process around that, what it entails, what this means for your sort of European growth projects?

好的，謝謝。所以，我希望你們把我的兩個問題都集中在成長專案方面，好嗎？那我就先把第一個丟掉吧。你們獲得的這份環境影響評估（EIS）撥款。我們很想了解這方面的流程，它包含哪些內容，以及這對你們的歐洲成長計畫意味著什麼？

Yes. Look, I mean, -- this is a little bit third time's the charm. First of all, I want to compliment the team in Europe. We've got an incredible small but mighty team in Europe that has been building toward this project for three years. We've submitted 2 times in the past, and we're not selected, but we've continued to improve the quality of the project, economics of the project.

是的。你看，我的意思是，──這次算是事不過三吧。首先，我想讚揚一下歐洲隊。我們在歐洲擁有一支規模雖小但強大的團隊，他們為了這個計畫已經努力了三年。我們過去曾兩次提交申請，但都沒有被選中，不過我們一直在努力提高專案的品質和經濟效益。

And now we are -- we were awarded the EIF this year, and we're extremely excited about it. I think what it does -- I mean, look, it shows a lot of confidence in our ability to bring the technology to scale. I think it shows a lot of interest in Europe to -- it shows a lot of interest in Europe to continue to lean into sustainability. And I think from an economics perspective, the EIF is just a way to further reduce the overall CapEx for the project, which makes the project look more valuable to our shareholders. We continue to look at the overall CapEx of projects and work them very, very hard. And this will be another feather in the cap for the overall return when we put it to use for the development of the project.

現在我們——我們今年獲得了EIF獎，我們對此感到非常興奮。我認為它所展現的——我的意思是，你看，這表明我們對將這項技術規模化應用的能力充滿信心。我認為這顯示歐洲對繼續推動永續發展有著濃厚的興趣。而且我認為從經濟角度來看，EIF 只是進一步降低專案總資本支出的一種方式，這使得專案對我們的股東更有價值。我們持續關注專案的整體資本支出，並為此付出巨大的努力。當我們將其用於專案開發時，這將為整體回報錦上添花。

Yeah, very helpful. And just sticking to the growth side of things. On the Thailand side, it's -- you guys sort of flagged the sort of securing the feedstock letters. I mean, what does that entail? Can you talk a bit about the cost of it, the availability of it, particularly sort of in line with what you guys are thinking in terms of the capacity out there?

是的，很有幫助。就專注於成長方面吧。泰國方面—你們似乎已經注意到了確保原料供應的信函問題。我的意思是，那具體包含哪些內容？能否談談它的成本、可用性，特別是與你們目前對市場產能的設想相符的情況？

Well, I think the punch line is it's just the tip of the iceberg. Okay. One of the reasons that we found Thailand, and we leaned into it is that we believe that's a location for great growth. It's no surprise to anybody that Asia is an area of a tremendous population, and be tremendous need for waste management, trash management, recycling. And so there's a lot of efforts going into, let's say, small cap projects to improve the handling of waste in Asia.

我覺得關鍵在於，這只是冰山一角。好的。我們選擇在泰國發展，並大力進軍泰國市場的原因之一是，我們相信泰國是一個具有巨大發展潛力的地方。亞洲人口眾多，對廢棄物管理、垃圾處理和回收有著巨大的需求，這一點不足為奇。因此，目前有許多努力投入到一些小型專案中，以改善亞洲的廢棄物處理方式。

We're starting to see the fruit of that. But quite frankly, all handlers of waste are looking for partners like PureCycle that can improve the net value of the product at the end. Look, at the end of the day, if we can't sell to a higher-margin business, then we can provide better economics to feed to continue pulling feed out of different systems. That will allow us to support the growth of the feed and also allow us to grow our business. So we're super excited about it.

我們開始看到成效了。但坦白說，所有廢棄物處理者都在尋找像 PureCycle 這樣的合作夥伴，以期最終提高產品的淨值。歸根究底，如果我們無法將產品賣給利潤較高的企業，那麼我們可以提供更好的經濟效益，讓飼料繼續從不同的系統中回收。這將使我們能夠支持飼料產業的成長，同時也將使我們能夠發展自己的業務。所以我們對此感到非常興奮。

I mean, look, we've talked to -- we've talked to so many different people in Asia around the willingness to partner with us and there's a strong willingness to partner. But in many cases, they say things like I'm not limited by how much polypropylene I can find. I'm limited with how much polypropylene I can sell to customers like you. And I think that, that speaks really well to the prospects for our Gen 2 design and where we're going to place it and how we're going to grow around the world.

我的意思是，你看，我們已經和亞洲很多不同的人談過，了解他們與我們合作的意願，他們都非常願意與我們合作。但在很多情況下，他們會說這樣的話：我並不受我能找到多少聚丙烯的限制。我能賣給像您這樣的客戶的聚丙烯數量有限。我認為這很好地說明了我們第二代設計的前景，以及我們將如何定位它，以及我們將如何在世界各地發展壯大。

And you're comfortable with the cost associated with it as well. Is it like the per pound, unit economics of procuring that feed stock?

而且你也能接受相關的費用。是不是像採購該飼料原料的每磅單位經濟效益？

Yeah, I think so. I mean you find it a little bit all over the map. It depends on what stage of preparation has been put into the pellet. But yes, I think the economics look pretty good for us there. We're still in the process of nailing down all of that to firm up the final economics, but they all look very, very, very positive for Thailand.

是的，我也這麼認為。我的意思是，你會發現它分佈得有點分散。這取決於顆粒劑的製備過程處於哪個階段。但是，是的，我認為我們在那裡的經濟形勢看起來相當不錯。我們仍在敲定所有這些細節，以最終確定經濟形勢，但所有這些對泰國來說看起來都非常、非常、非常樂觀。

Super helpful, Dustin. Thank you so much.

達斯汀真是幫了大忙。太感謝了。

Jeff Grampp, Northland Capital Markets.

Jeff Grampp，北地資本市場。

Good evening. Thanks for the time.

晚安.謝謝你抽出時間。

Thanks Jeff.

謝謝傑夫。

Was curious, Dustin, and I think you hit on this in your prepared remarks as well as the deck. A couple of applications are awaiting brand approval. It sounded like you guys have kind of jumped through all the hoops and just waiting for a couple of back-office signatures effectively. Like what -- do you have any sense of what that timing looks like? Like what is the inflection point? Are we just literally just waiting on a couple of signatures and off we go? And what might that ramp look like for some of these where you guys’ sound like you're pretty close

我很好奇，達斯汀，我覺得你在準備好的演講稿和簡報中都提到了這一點。有幾個申請正在等待品牌審批。聽起來你們好像已經完成了所有步驟，只差幾個後台簽字了。例如──你對那個時間點有什麼概念嗎？拐點是什麼？難道我們真的只差幾個簽名就能開始了？那麼，對你們來說，這些地方的坡道會是什麼樣子呢？聽起來你們離得很近了。

I think we feel really good about it. I mean, if you look at what we've actually got kind of coming already, that's green lines on our two slides. I mean that plus Procter & Gamble is enough demand to get to 40 million to 50 million pounds annually when ramped. And honestly, what's most exciting about the remaining opportunities and I highlighted is what we described on slide 9. I mean these are really big and with some of the biggest brands in the world.

我覺得我們對此感覺非常好。我的意思是，如果你看看我們目前實際上已經呈現的內容，那就是我們兩張投影片上的綠線。我的意思是，再加上寶潔公司的訂單，產能提升後，每年的需求量足以達到 4,000 萬至 5,000 萬英鎊。說實話，剩下的機會中最令人興奮的，也是我重點強調的，就是我們在第 9 張投影片中所描述的內容。我的意思是，這些店規模都很大，而且都是世界頂級品牌。

Many of those are category leaders, Fortune 100 types and converting any of those will materially impact the 40 to 50. I think we're really encouraged by how the conversations are going and feel good about getting a few of these over the line and get us to a sold-out condition. These brands are very deliberate. They ramp in stages. It takes time, but their needs are real.

其中許多都是行業領導者，財富 100 強企業，轉化其中任何一家都將對 40 到 50 家企業產生實質影響。我認為目前的洽談進展令人鼓舞，我們有信心完成其中一些項目，最終實現售罄。這些品牌都非常注重策略。它們分階段增加。這需要時間，但他們的需求是真實存在的。

Their interest is real. And that makes me feel good about what's to come. We are really excited not just to convert these guys quickly and get them in, in the short term. We're really excited to build a long-term relationship with them. So we're selling to them for decades. And so that takes a little bit more time on the front end, but we're doing that and we're successful so far.

他們的興趣是真誠的。這讓我對未來充滿信心。我們非常興奮，不僅希望在短期內迅速轉化這些人並讓他們加入我們。我們非常高興能與他們建立長期的合作關係。所以我們已經向他們銷售產品幾十年了。因此，前期需要花費更多的時間，但我們正在這樣做，而且到目前為止我們取得了成功。

Great. That's helpful color. For my follow-up on the co-product monetization side of things. Is that something that you guys think is feasible kind of across the spectrum as you guys get into new continents, is this something that has a depth of market, if you will, in future projects as well? Or do you guys have that level of, I guess, friction or build out at this point?

偉大的。這是個很有幫助的顏色。關於聯名產品變現方面，我還有一些後續工作要做。你們認為隨著業務拓展到新的大陸，這種模式在各方面是否都可行？在未來的專案中，這種模式是否也具有一定的市場深度？或者說，你們現在是否已經存在某種程度的摩擦或合作發展？

I think if you break it into prep-co products and purification co-products, for sure, the concept of purification co-products is directly applicable. I mean our co-product 1 is a very useful waxy type product and we're investigating different opportunities to move that into different applications. And I think the value of those applications will grow year-over-year as we find new opportunities to move that in.

我認為，如果將其分解為製備副產品和純化副產品，那麼純化副產品的概念肯定可以直接應用。我的意思是，我們的副產品 1 是一種非常有用的蠟狀產品，我們正在探索將其應用於不同領域的各種機會。我認為，隨著我們不斷發現新的應用機會，這些應用的價值將會逐年成長。

And the same thing with co-product too. And both of those co-products we made off of every plant that we build in the future. With respect to prep-co products, I think it depends a little bit on the region and how sophisticated they are, okay? Generally speaking, I think the answer is yes. I think we're going to be able to take prep-co products also and bring them in.

副產品也是如此。未來我們建造的每一座工廠都會生產這兩種副產品。至於預製食品，我認為這在一定程度上取決於地區以及它們的先進程度，好嗎？總的來說，我認為答案是肯定的。我認為我們也能引進 Prep-Co 的產品。

in various stages of our process, whether it be compounding or it's feedstocks into purification. We've got a lot of ideas and opportunities there and we'll handle them by a case-by-case basis. But I think the bigger takeaway here is that the ecosystem that we're building, both on the feed side as well as the compounding side is really transformative, and it's going to create so much optionality for our company to create full value chain -- value for the company and options to do different things to reduce overall yield loss from the prep process and overall value creation. We're really excited about the asset footprint we're putting down.

在我們製程的各個階段，無論是化合物配製或原料純化。我們有很多想法和機會，我們會根據具體情況逐案處理。但我認為更重要的一點是，我們正在建立的生態系統，無論是在原料方面還是在複合方面，都具有真正的變革性，它將為我們公司創造很多選擇，從而創造完整的價值鏈——為公司創造價值，並提供不同的選擇來減少準備過程中的整體產量損失和整體價值創造。我們對我們正在投入的資產規模感到非常興奮。

Got it. That's helpful detail. Appreciate the time. Thank you.

知道了。這是個很有用的細節。感謝您抽出時間。謝謝。

Eric Stine, Craig-Hallum Capital Group.

Eric Stine，Craig-Hallum Capital Group。

Hey everyone, this is Luke on for Eric. So I guess, first. Could you maybe provide a little more color just high level on the financial impact that your shipments in 4Q will have or that you expect to have? And can you outline how quickly you expect to ramp towards full production levels for these contracts?

大家好，我是Luke，代Eric報道。所以，我想，首先。能否簡單介紹一下您第四季的出貨量將產生的或您預計產生的財務影響？您能否概述一下預計這些合約的產能提升速度，以達到全面生產水準？

Yes. That's a good question, Luke. Thanks for dialing in. I think what's most important is to focus on what we're shipping and growing with our customers in the fourth quarter and first quarter. It's always very tricky to know exactly which week or which month these types of shipments will ultimately fall in.

是的。盧克，你問得好。感謝您的撥入。我認為最重要的是專注於我們在第四季和第一季與客戶共同發展和交付的產品。要準確預測這類貨物最終會在哪一週或哪一個月發出，總是非常棘手的。

But look, they're happening, okay? And the timing of the ramp is hard to pinpoint. But that doesn't mean that we're not -- that does not mean that we're wavering from the prior commentary around the $8 million target per month at the end of Q1 and into Q2. Listen, the bottom line is that the sales funnel continues to get stronger, the largest global brands are now fully engaged and interested. We're increasing revenue but what's most important is selling out Ironton with brands that are going to be there for -- with our customers for the next decade, as I said before. That's a good question.

但是，你看，這些事情正在發生，好嗎？坡道開啟的具體時間很難確定。但這並不意味著我們沒有——這並不意味著我們會動搖先前關於第一季末和第二季初每月 800 萬美元目標的言論。聽著，關鍵在於銷售管道持續增強，全球最大的品牌現在都已全面參與並表現出濃厚的興趣。我們正在增加收入，但最重要的是，要讓 Ironton 的品牌能夠陪伴我們的客戶走過未來十年，正如我之前所說。這是個好問題。

Right. That's helpful. And just as a follow-up here, I guess, what's your thought process on just inventory and cash use going forward? So we thought we might start to see you build a little bit more inventory this past quarter, which is some of these contracts getting closer to the finish line. Should we expect to see that balance really start to build here in 4Q, 1Q?

正確的。那很有幫助。最後我想補充一點，您對未來的庫存和現金使用有什麼想法？因此我們認為，在過去的一個季度裡，你們的庫存可能會增加，因為其中一些合約即將完成。我們是否應該預期這種平衡會在第四季或第一季真正開始形成？

Yes. I think from an inventory perspective, I mean, we're going to be ramping rates at Ironton and Denver, consistent with what we see on the sales ramp. There might be a little bit of inventory build as we ramp into the customer sales funnel. But again, that's -- it's tricky to pinpoint exactly which month or which quarter that will happen. Yeah, so that's how I go with that.

是的。我認為從庫存的角度來看，我們將提高 Ironton 和 Denver 的生產速度，這與我們看到的銷售成長速度一致。隨著我們逐步進入客戶銷售漏斗，庫存可能會略有增加。但是，再次強調，很難準確指出會在哪個月或哪個季度發生。是的，我就是這麼做的。

Great thanks I'll turn it over.

非常感謝，我這就翻過來。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，坎托·菲茨杰拉德。

Hey guys, sorry, I think I got disconnected before. Dustin, I just wanted to follow up, if maybe you can give us a little more detail around the 40 million to 50 million pounds run rate that you mentioned in the call. And also, I was wondering if you could maybe, maybe help us connect some dots with the REACH certification in Europe and then the joint presentation with Volkswagen on the Bumper how should we be interpreting that? And anything you can say to that effect?

嘿，各位，抱歉，我之前好像斷線了。達斯汀，我只是想跟進一下，你能不能詳細說說你​​在電話會議中提到的 4000 萬到 5000 萬英鎊的運行率？另外，我想請您幫忙把歐洲的 REACH 認證和大眾汽車關於保險桿的聯合展示聯繫起來，我們該如何解讀這些內容？還有什麼想說的嗎？

Yes, that's great. Yes. So on 40 million to 50 million, I mean, I think we've hit that a little bit. But if you look at the, let's say, the green highlighted lines on the projects and you add Procter & Gamble of that, I think at full ramp, we're going to get to the 40 million to 50 million. And it's just, it's just super positive, Andres.

是的，那太好了。是的。所以，關於 4000 萬到 5000 萬這個數字，我的意思是，我認為我們已經略微接近這個數字了。但是，如果你看一下項目上用綠色高亮顯示的線條，再加上寶潔公司的項目，我認為全面投產後，我們將達到 4000 萬到 5000 萬美元。安德烈斯，這真是太積極了。

I mean like we're really moving forward with some big brands and good names. I mean these are top companies, big global brands that we can grow with, not only in Ironton and in Augusta, but also in Thailand and in Antwerp. I think it's going to be a really nice foundation for future plants, future sales, and that's going to be very positive for us. With respect to reach and [VW], look, I mean, we are going to -- we are a brand-new company. We're just emerging, and we're doing a lot of great things.

我的意思是，我們確實在與一些知名品牌和優秀企業合作，向前邁進。我的意思是，這些都是頂尖公司，都是全球知名品牌，我們可以和它們一起成長，不僅在艾倫頓和奧古斯塔，而且在泰國和安特衛普也是如此。我認為這將為未來的工廠和銷售奠定非常好的基礎，這對我們來說將是非常積極的。關於覆蓋範圍和[大眾汽車]，你看，我的意思是，我們將—我們是一家全新的公司。我們正處於起步階段，並且正在做很多很棒的事情。

And we're going to continue to click the box on lots of different certifications. We did it with Green Circle. We did it with APR. We've done it multiple times with FDA LNO. I think we have four or five of those now. I don't know the exact number, but we've got several. And we just recently did with REACH. And so reach is just a step to get your product into Europe, okay? If you don't have REACH, you can't ship appreciable volumes in Europe. And now that we have that, I think that we're starting to see already some interest in trials and getting things moving.

我們將繼續勾選各種不同的認證選項。我們和綠圈組織一起完成了這項工作。我們用年利率做到了。我們已經多次使用 FDA LNO 進行過此類操作。我想我們現在有四、五個這樣的。我不知道確切數字，但我們有好幾個。我們最近也與 REACH 合作完成了這項工作。所以，拓展業務範圍只是將產品打入歐洲市場的步驟，懂嗎？如果沒有 REACH 法規，你就無法在歐洲進行大量貨物運輸。現在我們有了這些，我認為我們已經開始看到人們對試驗產生興趣，並推動事情向前發展。

And I think that will be very interesting for us. The European team has not only been working on the EIF submission, but they've also got a great outreach with different customers in Europe. And as we develop our product portfolio [ships] with the white thermoform and the flexible packaging and the injection molding grades, things like that. We're going to start shipping samples over to Europe at scale and getting customers to really start biting off on those for trials. And I think that the REACH has enabled that.

我認為這對我們來說會非常有趣。歐洲團隊不僅致力於 EIF 的提交工作，而且與歐洲各地的不同客戶也建立了良好的溝通管道。隨著我們不斷開發產品組合，包括白色熱成型、柔性包裝和射出成型等級等。我們將開始大規模地向歐洲運送樣品，並讓客戶真正開始嘗試這些樣品。我認為 REACH 促成了這一點。

With respect to the 8-K that we put out a few weeks ago with VW, look, I mean I couldn't be more thankful of the partnership with that technical team. They really worked with us to develop the right recipe, the right compound to develop a beautiful bumper. I mean, we've got this bumper actually on display in our office in Orlando, and it's just Beautiful. Okay? And it's just -- it's a very difficult project to get post-consumer curbside recycled product into applications that are as sensitive as automotive.

關於幾週前我們與大眾汽車聯合發布的 8-K 報告，說實話，我對與該技術團隊的合作感激不盡。他們真的和我們一起努力，開發了合適的配方，合適的化合物，從而製造出了一個漂亮的保險桿。我的意思是，我們奧蘭多辦公室裡就展示著這個保險槓，它真是太漂亮了。好的？而且，將消費後路邊回收產品應用於像汽車這樣對性能要求極高的應用領域，這是一個非常困難的項目。

Remember, automotive is one of the most complex supply chains in the world and their precision, quality and just perfection is extreme. And so if you've got recycled product that varies in product quality or it has gels in it or it's got whatever contaminants in it that get to the surface to make it difficult to paint or make the paint crack when it's in cold weather, and make the paint crack what it's in hot weather. It's not going to work. And so the most exciting thing about the presentation that we published in the 8-K was the one slide that showed the picture. And then the next slide -- right next to that slide, it showed a whole bunch of green dots next to very complicated tests.

請記住，汽車產業是世界上最複雜的供應鏈之一，其精度、品質和完美程度都達到了極致。因此，如果您使用的是回收產品，其產品品質參差不齊，或者其中含有凝膠，或者含有任何污染物，這些污染物會滲到表面，導致難以上漆，或者在寒冷天氣下油漆開裂，在炎熱天氣下油漆開裂。這行不通。因此，我們在 8-K 報告中發布的簡報中最令人興奮的部分，就是展示那張圖片的那張投影片。然後下一張投影片——緊鄰這張投影片，顯示了一大堆綠色圓點，旁邊是一些非常複雜的測試。

And that's basically the two teams coming together and saying, not only did we build a bumper, but it passed all the required tests for another company that values quality, just as highly as is -- just above everybody else. I mean it's a really quality company. And so I think that -- I do not think that automotive is going to ramp quickly in the next one to two years for Ironton. I think we have other opportunities that are going to go faster and quite frankly, probably bring more value. But I fully believe that automotive is going to be a foundational component to our growth plan.

基本上，這是兩個團隊走到一起，表示他們不僅製造出了保險槓，而且它還通過了另一家同樣重視品質的公司的所有必要測試——甚至比其他人都更重視品質。我的意思是，這是一家非常優質的公司。所以我認為——我不認為在未來一到兩年內，艾倫頓的汽車產業會迅速發展。我認為我們還有其他機會，這些機會進展更快，坦白說，也可能帶來更大的價值。但我堅信，汽車產業將成為我們成長計畫的基礎組成部分。

It's going to be a stable volume for Thailand and for Augusta in the future. And I think that particular case is a good example for every automotive company in the world to see that our product works really well in an extremely complex application. And when the other automotive companies see that bumper, they say, wow, that's pretty amazing they're ready to pull that off. Great question, Andres.

未來泰國和奧古斯塔的高爾夫球產量將會保持穩定。我認為這個案例對於全世界的每一家汽車公司來說都是一個很好的例子，它證明了我們的產品在極其複雜的應用場景中也能很好地發揮作用。當其他汽車公司看到這款保險桿時，他們會說，哇，這太不可思議了，他們居然能做到。安德烈斯，問得好。

Wonderful. Great answer. Thanks, Dustin. I'll pass it on.

精彩的。回答得很好。謝謝你，達斯汀。我會轉達的。

Congrats again. Thank you for your question, Andrew, and this concludes our Q&A session. I would now like to hand the conference back over to Dustin Olson, Pure Cycles Chief Executive Officer, for closing remarks.

再次恭喜。謝謝你的提問，安德魯，我們的問答環節到此結束。現在我謹將會議交還給 Pure Cycles 執行長 Dustin Olson，請他致閉幕詞。

Hello, thanks, everybody, for joining the call. I mean it's another good quarter for PureCycle. We've built a unique asset footprint on both ends of our process, feedstock processing and product compounding. This is unlocking opportunities to reduce costs and expand our customer base. We continue to deliver technical improvements to the pipeline.

大家好，感謝各位參加本次通話。我的意思是，PureCycle 又迎來了一個不錯的季度。我們在生產流程的兩端——原料加工和產品配製——都建立了獨特的資產佈局。這將為我們降低成本和擴大客戶群創造機會。我們持續對管道進行技術改進。

We're seeing strong adoption by major brands in the market, and the shipments are beginning to flow in Q4 of 2025. But most importantly, we're playing our part to improve our planet. We're converting post-consumer curbside waste from your waste spend into high-quality products that consumers can use. This is the holy grail for recycling and PureCycle is starting to achieve it. We're poised to execute on a very strong 2026.

我們看到市場上的主要品牌都在積極採用，預計 2025 年第四季將開始出貨。但最重要的是，我們正在為改善地球環境貢獻一份心力。我們將您消費產生的廢棄物轉化為消費者可以使用的高品質產品。這是回收的終極目標，而 PureCycle 正在逐步實現它。我們已做好準備，迎接2026年的強勁發展。

Thank you for your interest in PureCycle and your continued support. See you next time, everybody.

感謝您對 PureCycle 的關注與持續支持。下次見，各位。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。