PureCycle Technologies, Inc. (PCT) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the PureCycle Technologies fourth quarter 2025 corporate update. (Operator Instructions) Please be advised that today's presentation is being recorded.

大家好，感謝您耐心等候。歡迎參加 PureCycle Technologies 2025 年第四季公司最新進展說明。(接線員指示) 請注意，今天的簡報將會錄音。

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

現在我想把電話會議交給今天的第一位講者，投資人關係總監 Eric DeNatale。請開始。

Thank you, Marvin. Welcome to PureCycle Technologies Fourth 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; our incoming Chief Financial Officer, Donald Carpenter. Our retiring CFO, Jaime Vasquez, will also be joining the call.

謝謝你，Marvin。歡迎參加 PureCycle Technologies 2025 年第四季公司最新進展電話會議。我是 Eric DeNatale，PureCycle 投資人關係總監。今天與我一同參與電話會議的還有我們的執行長 Dustin Olson；以及即將上任的財務長 Donald Carpenter。我們即將退休的財務長 Jaime Vasquez 也會加入本次電話會議。

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

今晚我們將重點說明 2025 年第四季的公司發展動態。本次電話會議所使用的簡報，也可在 purecycle.com 網站的「Investor」分頁中找到。

Many of the statements made today will be made 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 fourth quarter 2025 corporate update press release filed this afternoon as well as in other reports on file with the SEC that provides further details about the risks related to our business. 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.

今天所發表的許多陳述將屬於前瞻性陳述，並係基於管理層的信念與假設，以及目前管理層可取得的資訊。這些陳述受到已知與未知風險及不確定性的影響，其中許多可能超出我們的控制範圍，包括我們安全港條款及前瞻性陳述中所列者；相關內容可見於我們今天下午提交的 2025 年第四季公司最新進展新聞稿末尾，以及向美國證券交易委員會（SEC）申報的其他報告中，該等文件提供與我們業務相關風險的更多細節。此外，請注意，公司實際結果可能與預期存在重大差異；除法律要求外，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.

我們今天的發言也可能包含初步的非 GAAP 估計，並受到風險與不確定性影響，其中包括但不限於季末與年末調整所帶來的變動。PureCycle 的實際結果與本文所列初步財務資料之間的任何差異，可能具有重大性。

You're welcome to follow along with our slide deck or if joining us by phone, you can access it at any time at purecycle.com. We are excited to share updates from the previous quarter with you.

歡迎您搭配我們的投影片簡報一同收聽；若您以電話加入，也可隨時至 purecycle.com 取得簡報。我們很高興與您分享上一季的最新進展。

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

接下來，我將把時間交給 PureCycle 執行長 Dustin Olson。

Thank you, Eric. Fourth quarter was another period of progress from PureCycle. We ramped our operations in Denver and Ironton, advanced our customer pipeline and made meaningful progress on our growth plan in Thailand. As we announced in the press release, effective March 1, Donald Carpenter will be stepping into the CFO role. I want to first thank Jaime for his service in the last couple of years, wish him well in his retirement.

謝謝你，Eric。第四季對 PureCycle 而言又是一段持續進展的期間。我們在丹佛與 Ironton 提升了營運爬坡，推進了客戶管線，並在泰國的成長計畫上取得實質進展。如同我們在新聞稿中宣布的，自 3 月 1 日起，Donald Carpenter 將接任財務長一職。我首先要感謝 Jaime 過去幾年的服務，並祝福他退休生活一切順利。

And now I'll turn it over to him for a couple of words. Jaime?

現在我把時間交給他說幾句話。Jaime？

Thank you, Dustin. I appreciate the opportunity and the time that PureCycle has provided me. This is a company with a great mission and talented people that should allow the company to accomplish that mission. And with Donald stepping into the CFO role, there will be continuity among the finance and accounting teams. Donald's time at PureCycle, combined with his depth of knowledge finance knowledge, should allow him along with the senior management team to help continue moving the company forward. To you, Dustin, Donald and the rest of the PureCycle team, I wish you the best as you continue to commercialize and grow PureCycle.

謝謝你，Dustin。我很感謝 PureCycle 給我這個機會以及這段時間。這是一家擁有偉大使命與優秀人才的公司，這些都將使公司得以完成該使命。隨著 Donald 接任財務長職務，財務與會計團隊將能保持延續性。Donald 在 PureCycle 的歷練，加上他深厚的財務專業知識，將使他能與高階管理團隊一起，協助公司持續向前推進。Dustin、Donald 以及 PureCycle 團隊的各位，祝福你們在持續推動 PureCycle 商業化與成長的道路上一切順利。

Back to you, Dustin.

交還給你，Dustin。

Don, would you like to say a couple of words?

Don，你想說幾句話嗎？

Yeah. Thank you. Thank you, Dustin, and thank you, Jaime, and thanks, especially for all of the support and opportunities you gave me to grow into this role over the past two years. I share your thoughts on the PureCycle team, and I'm incredibly fortunate to have such an exceptional group supporting me through the transition. I am so excited for the future of this technology and our company. While the role is new, the mission I committed to four years ago remains the same, and I truly believe our company has an amazing solution to help end the threat of plastic waste to our environment, both safely and responsibly.

好的。謝謝。謝謝你，Dustin，也謝謝你，Jaime，特別感謝你在過去兩年給予我所有支持與機會，讓我逐步成長並勝任這個角色。我也認同你對 PureCycle 團隊的看法，我非常幸運在交接過程中有如此卓越的團隊支持我。我對這項技術以及我們公司的未來感到非常振奮。雖然職務是新的，但我四年前所承諾的使命始終不變；我真心相信，我們公司擁有一個了不起的解決方案，能以安全且負責任的方式，協助終結塑膠廢棄物對環境的威脅。

With that, Jaime, I wish you the best in retirement, and I'll turn it back over to you, Dustin.

說到這裡，Jaime，祝你退休生活一切順利；我把時間交還給你，Dustin。

All right. Thanks a lot, Don. I wish you both the best and I'm very excited about the path forward. Additional to this announcement, we previously announced we added 2 distinguished board members to our team, Dr. Siri, who serves as the Independent Director and Chairman of the Audit Committee at the Bangkok Bank and previously served as a Thailand's Minister of Energy and Chairman of IRPC. And most recently, Valerie Mars, who retired as Senior Vice President and Head of the Corporate Development at Mars Inc. We're very fortunate to have both of them.

好的。非常感謝你，Don。我祝福你們兩位一切順利，也對未來的道路感到非常興奮。除了這項人事宣布之外，我們先前也宣布新增兩位傑出的董事成員加入團隊：Siri 博士，他擔任曼谷銀行（Bangkok Bank）獨立董事暨審計委員會主席，並曾任泰國能源部部長及 IRPC 董事長。以及最近加入的 Valerie Mars，她已自瑪氏公司（Mars Inc.）企業發展資深副總裁暨主管職務退休。我們非常幸運能有他們兩位加入。

Now to the business highlights in the quarter. Before I get into the details, I want to frame where we are. We are producing high-quality food-grade recycled polypropylene at scale, something no one else in the world can do. We've qualified our materials in flexible packaging, wrappers, stand-up pouches, closures, thermoform containers, bumpers and numerous fiber applications. Branded pricing is on track with prior guidance and our pipeline has grown to over 170 active projects. The market continues to struggle integrating large amounts of post-consumer recycled polypropylene content into consumer products.

接下來談本季的業務重點。在進入細節之前，我想先說明我們目前所處的位置。我們正在以規模化方式生產高品質、食品級的再生聚丙烯（PP），這是全球其他任何人都做不到的。我們的材料已在軟性包裝、包裝膜、直立袋、瓶蓋／封口件、熱成型容器、保險桿以及多種纖維應用中完成認證。品牌定價進度符合先前指引，我們的管線已成長至超過 170 個進行中的專案。市場仍在努力將大量消費後再生聚丙烯含量整合進消費性產品中。

Recycled content is new, especially in the FDA space. And companies are challenging decades old processes to make them work for this emerging space. PCT is helping them.

再生成分仍屬新事物，尤其是在 FDA 相關領域。各家公司正在挑戰數十年來的既有流程，讓它們能適用於這個新興領域。PCT 正在協助他們。

As our brand continues to rise and other brands get more familiar with our product, we dramatically reduced the adoption challenges. When a brand puts our material into food-grade package on a retail shelf, they're doing something that's never been done before at PCT scale, at PCT quality, and with PCT flexibility. And while customers are extremely excited about our product and how it simplifies their lives, the adoption process, which includes things like lab, pilot and industrial scale qualifications, lots of trials, regulatory reviews, packaging design, line validation, supply chain insurance and internal approvals, it still takes time.

隨著我們的品牌能見度持續提升，且其他品牌對我們的產品愈加熟悉，我們大幅降低了導入上的挑戰。當某個品牌把我們的材料用在零售貨架上的食品級包裝時，他們正在做一件前所未有的事——以 PCT 的規模、PCT 的品質，以及 PCT 的彈性來實現。儘管客戶對我們的產品以及它如何簡化他們的工作感到非常興奮，但導入流程仍需要時間；該流程包含例如實驗室、中試與工業規模的認證、大量試驗、法規審查、包裝設計、產線驗證、供應鏈保險以及內部核准等事項。

But here's what I want you to take away from this call. The underlying demand is very strong and growing. It's clear to me that the recycled content and consumer products is coming, the regulatory environment is naturally moving in PureCycle's direction and probably the most important thing of all, consumers continue to value sustainability, and it is driving their buying behaviors. The question is not whether brands will buy recycled PP at scale, but when. And we are positioned to be the premier global supplier.

但我希望各位從這通電話會議帶走的重點是：底層需求非常強勁且持續成長。在我看來，消費性產品採用再生成分的趨勢正在到來；法規環境也正自然地朝著有利於 PureCycle 的方向發展；而且或許最重要的是，消費者持續重視永續性，並正驅動其購買行為。問題不在於品牌是否會以規模化方式購買再生 PP，而在於何時。而我們已具備成為全球首屈一指供應商的有利位置。

2026 is about converting our technical success into accelerated commercial revenue growth quarter-over-quarter, and I'll walk you through exactly where we stand on that. In the fourth quarter, we successfully added a third shift to Denver, which had previously been a constraint on production. As a result, Denver processed 44% more feed versus third quarter ramping to GBP14 million, a 35% increase over its prior quarterly high.

2026 年的重點，是把我們在技術上的成功轉化為商業營收的加速成長，並且讓營收逐季加速成長；我會帶各位逐一說明我們目前在這方面的進展。在第四季，我們成功在丹佛新增第三班制，先前這一直是產能上的限制。因此，丹佛相較第三季處理的原料增加了 44%，提升至 GBP14 million，較其先前單季高點增加 35%。

We are actively buying from more than 15 different feed suppliers, including most of the largest players in the market and have reduced procurement costs by $0.06 per pound over the last 12 months. Denver has fundamentally improved our feedstock flexibility and cost structure, and I have never felt better about our ability to reliably and economically supply Ironton as we ramp to full rates. Ironton also successfully ramped production in the fourth quarter with a production of GBP7.5 million. We not only hit a quarterly record for production but also new daily records as well. This doesn't tell the whole story as we continue to manage production levels ahead of the commercial ramp. We are routinely running Ironton with higher reliability and at higher watermarks.

我們正積極向超過 15 家不同的原料供應商採購，其中包括市場上多數最大的業者，並在過去 12 個月將採購成本每磅降低了 0.06 美元。丹佛在原料彈性與成本結構方面帶來了根本性的改善；在我們將 Ironton 拉升至滿載的過程中，我對於能夠穩定且具成本效益地供應 Ironton 的能力，從未如此有信心。Ironton 也在第四季成功拉升產量，產量達 GBP7.5 million。我們不僅創下單季產量新高，也創下新的單日紀錄。但在我們於商業放量前持續管理產量水位的情況下，這些數字並不能反映全部狀況。我們例行性地以更高的可靠度、在更高的運轉水位下運行 Ironton。

In the last few quarters, I've spoken about how we ran successful rate tests at about 12,500 and 14,000 pounds per hour. We have a lot of data from those tests, which we've analyzed and see some very specific improvements that should allow us to push towards nameplate capacity in '26.

在過去幾個季度，我曾談到我們成功進行了約每小時 12,500 與 14,000 磅的速率測試。我們從這些測試取得了大量數據，並已完成分析，看到一些非常具體的改善方向，應可讓我們在 2026 年朝向名目產能推進。

The original design for Ironton contemplated an annual maintenance average. We didn't take 1 last year, but plan on taking one between mid-April and mid-May this year. There are lots of standard maintenance activities that are expected to occur, spanning inspections, cleaning, repairs and improvements. I expect this outage to have really positive outcomes for PureCycle.

Ironton 的原始設計是以年度維護的平均值為前提。我們去年沒有進行一次年度維護，但計畫在今年 4 月中旬到 5 月中旬之間安排一次。屆時將進行多項預期的標準維護作業，涵蓋檢查、清潔、修復與改善。我預期這次停機將為 PureCycle 帶來非常正面的成果。

If you look back at every planned outage we've had at Ironton, the reliability, top end rate and quality has always improved on the other side. It is our expectation that the same will be true this one. We always incorporate the lessons learned into our procedures and activities, but outages give you the unique opportunity to make changes that are not possible when the plant is running.

回顧 Ironton 過去每一次計畫性停機，停機後的可靠度、最高運轉速率與品質都一向有所提升。我們預期這次也會如此。我們一向會把經驗教訓納入程序與作業中，但停機能提供一個獨特的機會，去做出在工廠運轉時無法進行的變更。

Reliability matters to our customers. As we've demonstrated consistent product quality and uptime, we've seen those conversations evolve. Several of our largest pipeline opportunities are now moving toward multiyear supply agreements, which is a direct reflection of the confidence that they have in our operating performance.

可靠度對我們的客戶很重要。隨著我們展現出一致的產品品質與開機率（uptime），我們看到相關對話也隨之演進。我們數個最大的管線機會目前正朝向多年期供應協議推進，這直接反映出他們對我們營運表現的信心。

Phase I of our on-site compounding started up last quarter. This enables CP2 to be compounded on site and sold to the market. This project allowed us to reduce carbon footprint and cost to produce and improve our final sales price. We're very excited about this addition. And Phase II should be mechanically complete in March and commissioning will continue in parallel to planned outage.

我們廠內混煉（compounding）第一期已於上季啟動。這使得 CP2 能在廠內完成混煉並對外銷售。此專案讓我們得以降低碳足跡與生產成本，並改善最終銷售價格。我們對這項新增能力感到非常振奮。第二期預計在 3 月完成機械完工（mechanically complete），並將與計畫性停機同步並行持續進行試車（commissioning）。

Phase II coincides with the demand planning for these grades and commercial offtake profiles. The Phase II on-site compounding line will be primarily focused on producing compounds for BOPP film, which is used in flexible packaging and thermoform applications, which is used in things like coffee lids to the highest value, fastest-growing segments in our pipeline. Having this capability on site complements existing third-party compounding assets improves turnaround times for customer trials and gives us direct control over the formulations.

第二期也與這些等級產品的需求規劃與商業承購（offtake）輪廓相互配合。第二期的廠內混煉產線將主要聚焦於生產 BOPP 薄膜用的混煉料；BOPP 薄膜用於軟性包裝與熱成型（thermoform）應用，像是咖啡杯蓋等，屬於我們管線中價值最高、成長最快的區隔。在廠內具備此能力，可與既有第三方混煉資產互補，縮短客戶試用的周轉時間，並讓我們能直接掌控配方。

We have built and will continue to build inventory ahead of the outage and across the planned application launches, and we expect to ship while our intent is engaged in turnaround. On the other side of this outage, Ironton should be well positioned to service the expected ramp to much higher levels of production and sales later in '26.

我們已建立、並將持續在停機前及各項既定應用上市（application launches）期間建立庫存；我們預期在我們的裝置進行檢修（turnaround）期間仍能出貨。在這次停機之後，Ironton 應能處於良好位置，以支援 2026 年稍晚預期拉升至更高水準的產量與銷售。

Turning to the commercial update. We booked $2.7 million of revenue in Q4, our fourth consecutive quarter of sequential revenue growth. We are actively shipping to 11 customers, roughly half of the branded and half are unbranded with additional conversions expected to begin in early March. While 2025 had real commercial delays relative to our original projections, the technical progress was substantial and the setup for '26 is strong.

接著說明商業面更新。我們在第四季認列 270 萬美元營收，為連續第四個季度營收逐季成長。我們正積極向 11 家客戶出貨，約一半為品牌客戶、另一半為非品牌客戶，並預期在 3 月初開始有更多轉換。雖然 2025 年相較我們原先預測確實出現商業進度延遲，但技術進展相當顯著，且為 2026 年奠定了強勁基礎。

On the positive side, 2025 was a year of real technical success. We qualified our material across food grade applications that no mechanical recycler can touch. Flexible film packaging, wrapper, stand-up pouches, closures, thermo containers, fiber, qualification delays are frustrating and noisy, but they only impact the short term, the real long-term value is created through the application technical successes.

正面來看，2025 年是技術上真正成功的一年。我們的材料已在食品級應用上完成資格認證，這些應用是任何機械回收商都無法切入的。包含軟性薄膜包裝、包膜（wrapper）、自立袋（stand-up pouches）、瓶蓋/封口（closures）、熱成型容器、纖維等；資格認證延遲令人挫折且雜訊很多，但那只影響短期，真正的長期價值是透過應用端的技術成功所創造。

The other big positive was that branded margins continue to be in line with our previous guidance. While branded sales have a longer sales cycle than non-branded sales, branded sales are the core focus for this company and where we see the most value in the market. Co-product sales have been positive for us, and we've begun to monetize both co-product 1 and co-product 2, and are seeing prices in the $0.25 to $0.30 per pound range.

另一個重大正面因素是，品牌產品的毛利率持續符合我們先前的指引。雖然品牌銷售的銷售週期比非品牌銷售更長，但品牌銷售是本公司的核心重點，也是我們在市場上看到最大價值的所在。副產品（co-product）銷售對我們而言表現正向；我們已開始將副產品 1 與副產品 2 變現，並看到價格落在每磅 0.25 至 0.30 美元的區間。

Fiber technical successes provided a lot of confidence to the market early on, but the adoption was slow due to fragmented demands and extremely long sales cycles. We de-prioritized it in the near term. And while it does remain a real market for us, we're not going to concentrate our resources there today.

纖維方面的技術成功在早期為市場帶來了很大信心，但由於需求分散且銷售週期極長，導入速度偏慢。我們在短期內降低了其優先順序。雖然它仍然是我們的真實市場之一，但我們今天不會把資源集中在那裡。

The regulatory landscape has been broadly positive. Our material is accepted in Oregon, Colorado, California, Washington and Europe. New Jersey has been slower. We partnered with the DEP on how our dissolution technology fits within the recycling framework, which has delayed some approvals. The good news is New Jersey has excluded chemical recycling and ISCC Plus mass balance credits, which positions us as the only supplier at scale for food-grade recycled content under the mandates. Large CPGs are lobbying the DEP on our behalf and our relationship with them is strong. I personally respect the position in New Jersey Department of Environmental Protection has taken, and we'll continue to partner with them as they integrate the legislation into action.

整體監管環境大致偏正面。我們的材料已在奧勒岡州、科羅拉多州、加州、華盛頓州以及歐洲獲得接受。新澤西州的進度較慢。我們與環保署（DEP）合作，釐清我們的溶解技術如何納入回收框架，這使部分核准有所延後。好消息是，新澤西州已排除化學回收與 ISCC Plus 質量平衡（mass balance）信用，這使我們在法規要求下，成為唯一能以規模供應食品級再生含量的供應商。多家大型民生消費品公司（CPG）正代表我們向 DEP 進行遊說，我們與他們的關係也很穩固。我個人尊重新澤西州環境保護署所採取的立場，我們也將持續與其合作，協助他們把立法整合並落實為具體行動。

2025 was a challenging year for many of our customers. Tariff uncertainty, inflation hangovers, commodity spikes and converter consolidations forced them to redirect their focus on cost savings and reorienting their supply chains domestically, which lengthened approval time lines across the board. We think those high headwinds are largely behind them. The key public message from senior brand leadership is clear. 2026 is about reinvigorating organic growth and investing in innovative packaging. That's directly relevant to us. It's been publicly reported that multiple Fortune 100 CPGs announced significant increases in R&D spending with a focus on product superiority, premium positioning and sustainable packaging formats. After a year of playing defense, these brands are now playing offense. That's directly relevant to us because offensive brands invest in differentiated packaging. And food-grade recycle content is a differentiator.

2025 年對我們許多客戶而言都是充滿挑戰的一年。關稅不確定性、通膨後遺症、商品價格飆升以及加工轉換商（converter）整併，迫使他們把重心轉向節省成本並將供應鏈重新導向國內，因而全面拉長了核准時程。我們認為這些強烈逆風大多已經過去。品牌端高階領導對外傳達的關鍵訊息很清楚：2026 年將著重於重振內生成長並投資創新包裝。這與我們直接相關。公開報導指出，多家《財富》百大（Fortune 100）民生消費品公司（CPG）宣布大幅提高研發支出，聚焦於產品優越性、高端定位與永續包裝形式。在防守了一年之後，這些品牌如今開始轉為進攻。這與我們直接相關，因為進攻型品牌會投資差異化包裝。而食品級再生含量就是一項差異化因素。

Despite the commercial progress, the revenue ramp has been delayed relative to what we projected earlier in 2025. Last quarter, we mentioned GBP40 million to GBP50 million of run rate demand that we are actively shipping or expected to ship in the near future. That number still stands. New Jersey has delayed some of our ramp, we estimate that applications representing GBP15 million to GBP30 million of near-term demand will be required will require that approval.

儘管商業進展良好，但營收爬坡相較於我們在 2025 年稍早的預測有所延後。上季我們提到，我們正積極出貨或預計在不久的將來出貨的需求，其年化運行率約為 4,000 萬至 5,000 萬英鎊。該數字仍然不變。新澤西州延遲了我們部分爬坡，我們估計，代表 1,500 萬至 3,000 萬英鎊近期需求的應用將需要取得該項核准。

New Jersey applications overall represent about GBP300 million per year of demand. While this has been frustrating, the demand is still there and the fact that key brands and converters have sent letters to New Jersey on our behalf, speaks to their desire to move forward once this is resolved. The good news is we've been able to shift to other applications that don't require New Jersey approval, and we have line of sight on applications that can contribute to 2026 revenue. In addition to the GBP40 million to GBP50 million that we mentioned last quarter, we've added another GBP20 million to GBP25 million at full ramp. The earliest that these could be converted -- the earliest of these could convert as soon as next month and one of the most near-term opportunities represents roughly GBP10 million of annual demand.

新澤西州的應用整體約代表每年 3 億英鎊的需求。雖然這令人沮喪，但需求仍然存在，而且關鍵品牌與加工轉換商（converter）已代表我們致函新澤西州，這也顯示他們希望在問題解決後推進。好消息是，我們已能轉向其他不需要新澤西州核准的應用，並且我們已掌握可望貢獻 2026 年營收的應用能見度。除了上季提到的 4,000 萬至 5,000 萬英鎊之外，我們在完全爬坡後又新增了 2,000 萬至 2,500 萬英鎊。其中最早的案子最快可能在下個月轉換落地，而最接近的機會之一約代表每年 1,000 萬英鎊的需求。

The pipeline continues to be strong, growing from roughly 100 projects a year ago to greater than 170 today, and a lot of this recent bill is a result of our success in film, where we continue to see large high-value opportunities. I'd like to also highlight that we've been successfully qualifying pouch applications. Stand-up pouches are one of the most exciting trends in innovative packaging right now. They're lighter, more efficient and actively taking shape from rigid containers, taking share from rigid containers and cardboard boxes. Brands are investing heavily in flexible packaging formats and our ability to produce food-grade recycled polypropylene film for pouches puts us in the right at the center of this trend.

管線持續強勁，從一年前約 100 個專案成長到目前超過 170 個，而近期新增的很大一部分來自我們在薄膜（film）領域的成功，我們在該領域持續看到大型且高價值的機會。我也想強調，我們已成功完成袋裝（pouch）應用的資格認證。自立袋是目前創新包裝中最令人振奮的趨勢之一。它們更輕、更有效率，並正從硬質容器轉型而來，從硬質容器與紙箱手中取得市占。品牌正大力投資柔性包裝形式，而我們能為袋裝生產食品級再生聚丙烯薄膜，使我們正好站在這股趨勢的核心。

BOPP film and thermoform applications remain the core targets for our compounding operations. And we focused our commercial teams on brands with the highest growth potential. Here are some examples of the end markets that we're actively engaged. We spoke about QSR coffee lids last quarter, and the interest continues to be strong and is growing. We continue to make progress with our first QSR coffee lid project, good product fit, excellent trials and good relationship building between the end brand and converter.

BOPP 薄膜與熱成型（thermoform）應用仍是我們混煉（compounding）業務的核心目標。我們也將商務團隊聚焦在成長潛力最高的品牌。以下是我們正積極投入的一些終端市場例子。上季我們談到 QSR（速食餐飲）咖啡杯蓋，而市場興趣仍然強勁且持續升溫。我們在第一個 QSR 咖啡杯蓋專案上持續取得進展，產品契合度佳、試驗結果優異，且終端品牌與加工轉換商之間的關係建立良好。

We're also in discussions with four additional brands following our recent quarterly announcement about coffee lid innovation. But these same customers also manage a growing cold beverage category that is taking market share. Brands are launching more products in this high incremental margin category. Additionally, brands are also transitioning to PP in 12 states that have already passed single-use polystyrene bands. This will give us additional tailwind to our product in the beverage containers. The net result of the -- is north of GBP300 million of additional TAM in North America, and it's growing in the high single digits each year.

在我們近期季度公告咖啡杯蓋創新之後，我們也正與另外四個品牌洽談。但這些相同客戶同時也在經營一個持續成長、正在取得市占的冷飲品類。品牌正在這個高增量毛利的品類中推出更多產品。此外，在已通過一次性聚苯乙烯（polystyrene）禁令的 12 個州，品牌也正轉向使用 PP。這將為我們在飲料容器產品上帶來額外順風。綜合結果是：在北美新增的 TAM（可服務總市場）超過 3 億英鎊，且每年以高個位數成長。

Beyond cold beverages, premium pet food is a GBP130 million polypropylene market for BOPP film packaging, growing 4.6% annually as pet owners trade up to higher quality brands. Jerky and Meat Sticks represent 40 million of BOPP film demand, growing 6% to 7% with protein snacking trends. Dermocosmetics, think CeraVe and SkinCeuticals is a GBP55 million market growing at 7% to 9% as clinical skincare brands shift the PP packaging for recyclability.

除了冷飲之外，高端寵物食品是 BOPP 薄膜包裝用聚丙烯市場，規模約 1.3 億英鎊，隨著飼主升級到更高品質品牌，每年成長 4.6%。肉乾與肉條（Jerky and Meat Sticks）代表 4,000 萬英鎊的 BOPP 薄膜需求，受蛋白質零食趨勢帶動，成長 6% 至 7%。皮膚科醫美保養（Dermocosmetics），例如 CeraVe 與 SkinCeuticals，是一個約 5,500 萬英鎊的市場，隨著臨床護膚品牌為提升可回收性而轉向 PP 包裝，市場以 7% 至 9% 成長。

In household goods, things like storage bins, kitchen utensils, laundry baskets is a GBP700 million polypropylene market where Walmart and Target sustainably sustainability mandates are creating demand for recycled content. From a base of only 3.3% to 5% penetration today, that segment alone has GBP150 million of addressable pounds for recycled polypropylene growing at 8% to 12% as the mandates ramp. These aren't hypothetical markets. These are specific applications where we are engaged with brands in our pipeline and where growth trajectory works in our favor.

在家用商品方面，例如收納箱、廚房用具、洗衣籃等，是一個約 7 億英鎊的聚丙烯市場；Walmart 與 Target 的永續要求正在創造對再生成分的需求。以目前僅 3.3% 至 5% 的滲透率為基礎，單是該細分市場就有約 1.5 億英鎊可觸及的再生聚丙烯需求量，並隨著要求逐步提升而以 8% 至 12% 成長。這些不是假設性的市場。這些是我們在管線中已與品牌方接觸的具體應用，而且其成長軌跡對我們有利。

Let me take a moment on the regulatory landscape because I think it's important to frame this in concrete terms. Every EPR and PCR mandate that's been passed in New Jersey, California, Washington, Oregon, Colorado, and Europe, translates directly into pounds of required recycled content. These aren't voluntary targets. They are law. New Jersey requires 10% recycled content today, 20% in '27 and 30% in 2030. California SB 54 requires 25% source reduction by 2032 with a stairstep approach requiring 10% by '27, 20% by 2030. We have received post-consumer resin certification from the Association of Plastic Recyclers or APR, which is the standard that most state regulators referenced for recycled content compliance. That certification allows our material to be categorized as recycled content across numerous states, effectively clearing the regulatory path for brands to count on PureCycle material toward their targeted -- mandated targets.

我想花點時間談談法規環境，因為我認為用具體方式來框定這點很重要。在新澤西州、加州、華盛頓州、奧勒岡州、科羅拉多州以及歐洲通過的每一項 EPR（生產者延伸責任）與 PCR（消費後再生料）要求，都會直接轉化為必須使用的再生成分磅數。這些不是自願性目標。它們是法律。新澤西州目前要求 10% 再生成分，2027 年為 20%，2030 年為 30%。加州 SB 54 要求到 2032 年達成 25% 的源頭減量，並採階梯式要求：2027 年 10%，2030 年 20%。我們已取得美國塑膠回收協會（Association of Plastic Recyclers，APR）的消費後樹脂認證，這是多數州監管機構在再生成分合規上所引用的標準。該認證使我們的材料可在多個州被歸類為再生成分，等同於為品牌方在法規上清除障礙，使其能將 PureCycle 材料計入其目標——法定要求的目標之中。

The EU's packaging and packaging waste regulation requires 10% recycle content by 2032. When you add it all up, there are literally hundreds of millions of mandated volume coming online over the next 5 to 7 years. And for food-grade polypropylene applications, we're the only global solution emerging at scale. The regulatory framework laying the groundwork for the future.

歐盟的《包裝與包裝廢棄物法規》要求到 2032 年達到 10% 的再生成分。把所有要求加總起來，未來 5 到 7 年內將有數以億計的法定需求量逐步上線。而在食品級聚丙烯應用方面，我們是唯一正在以規模化方式浮現的全球解決方案。法規框架正在為未來奠定基礎。

There's a lot of really strong progress in Rayong, Thailand project. I was in Thailand for a week in January and had many meetings with government officials, commercial offtake partners, feedstock suppliers, local banks as well as IRPC and our very strong local team. A few key developments are worth calling out. First, we see a supply of feedstock well in excess of our needs. We have already signed 9 LOIs with regional feedstock suppliers, 6 domestic and 3 across Southeast Asia, that, even at a minimum annual levels exceed our needs for the first purification line. We are working to expand our feedstock network in Thailand, but we are also finding feed and abundance across Southeast Asia.

泰國羅勇（Rayong）專案正取得許多非常強勁的進展。我在一月於泰國待了一週，與政府官員、商業承購（offtake）夥伴、原料供應商、當地銀行，以及 IRPC 和我們非常強大的在地團隊進行了多場會議。有幾項關鍵進展值得特別提出。首先，我們看到的原料供應量遠超過我們的需求。我們已與區域原料供應商簽署 9 份意向書（LOI），其中 6 家為泰國國內、3 家來自東南亞其他地區；即使以最低年度供應量計算，也足以超過我們第一條純化產線的需求。我們正努力擴大在泰國的原料網絡，同時也在整個東南亞看到充足且富餘的供應。

Thailand generates approximately 2.5 million tons of plastic waste annually, of which an estimated 400,000 to 450,000 tons is mismanaged. With about 70% of that linking into the ocean each year, making Thailand the sixth largest source of ocean plastic sixth largest source for ocean plastic globally. We're finding a lot of willingness from the government and the commercial sector to partner with us to solve this challenge.

泰國每年產生約 250 萬噸塑膠廢棄物，其中估計有 40 萬至 45 萬噸處理不當。其中約 70% 每年流入海洋，使泰國成為全球第六大海洋塑膠來源國。我們看到政府與商業部門都非常願意與我們合作，共同解決這項挑戰。

The commercial conversations have also been very favorable. Our original assumption was that all products would be exported to North America and Europe. And while we still expect to directly export significant quantities of strong -- significant quantities, a strong dialogue is evolving with domestic packaging companies, including a major film producer that sees our material as a way to grow their export business as well as Fortune 100 CPGs with manufacturing operations in Thailand. We see key markets in automotive, flexible rigid packaging, appliances and fast-growing hygiene market and expect to sign multiple LOIs with domestic customers during 2026. We had multiple meetings with the Board of Investment or BOI and submitted our application to them. If successful, we would reap many benefits, including an 8-year 100% tax holiday followed by five years of tax holiday at 50%. This equates to roughly $100 million of avoided cash taxes. We also had many good meetings with local banks and our other banking partners in Thailand, which Donald will touch on later.

商業洽談也一直非常正面。我們原先的假設是所有產品都將出口至北美與歐洲。雖然我們仍預期會直接出口相當可觀的數量——相當可觀的數量，但同時也正與國內包裝公司展開強而有力的對話，其中包括一家主要薄膜製造商，將我們的材料視為擴大其出口業務的方式；以及在泰國設有製造營運的《財富》100大消費性包裝商品（CPG）公司。我們看好汽車、軟硬包裝、家電以及快速成長的衛生用品市場等關鍵市場，並預期在2026年期間與國內客戶簽署多份意向書（LOI）。我們與投資促進委員會（BOI）進行了多次會議，並已向其提交申請。若申請成功，我們將獲得多項優惠，包括8年100%免稅期，之後再享有5年50%免稅期。這相當於約1億美元可避免的現金稅負。我們也與當地銀行及我們在泰國的其他往來銀行夥伴進行了多場良好會議，Donald稍後會再說明。

The relationship with IRPC is solid, and they have helped us build a remarkably strong domestic team in Thailand. We hosted a community forum with over 250 residents to explain the project, which was very well received.

我們與IRPC的合作關係穩固，他們也協助我們在泰國建立了一支格外強大的在地團隊。我們舉辦了一場社區說明會，超過250位居民出席以了解專案內容，反應非常正面。

We have been purchasing equipment and expect to break ground in the second half of 2026, with project completion still expected in 2027. Our Antwerp, Belgium project also continues to move forward for plan. We expect permits in the second half of '26 with construction still scheduled to begin by 1Q '27 and mechanical completion by the end of 2028. Global brand discussions are accelerating as the Thailand and Antwerp projects advance. Many of the Fortune 100 CPGs we're working with have operations across all three of these regions.

我們一直在採購設備，並預期於2026年下半年動工，專案完工時間仍預計在2027年。我們位於比利時安特衛普的專案也持續按計畫推進。我們預期於2026年下半年取得許可，施工仍規劃於2027年第一季開始，並於2028年底達成機械完工。隨著泰國與安特衛普專案推進，與全球品牌的洽談正在加速。我們合作的許多《財富》100大CPG公司在這三個地區皆有營運據點。

We last we mentioned last quarter that we expected to complete our initial engineering work for Gen 2 purification design in the first part of 2026. While there is still work to be done here, the initial findings are very encouraging. First, we see no technological constraints on building the higher end of this capacity scale than what we discussed previously or closer to the GBP500 million of capacity that we mentioned in the range. This is important because costs do not scale linearly. And in fact, the initial design analysis suggests that the incremental cost difference between the GBP500 million and GBP300 million is relatively minimal. As a result, the initial look indicates greenfield costs on the Gen 2 lines approaching $1.50 per pound of capacity and for brownfield sites should approach $1 per pound for expansions. This is a really big deal. This cuts down the capital intensity of our business, meaningfully improves future IRRs and puts us back in the ballpark for what it costs to build virgin polypropylene lines. It is also a lower CapEx intensity than what we estimated in the business plan last summer associated with our capital raise.

我們在上一季提到，預期於2026年上半年完成第二代（Gen 2）純化設計的初步工程工作。雖然這部分仍有工作要做，但初步結果非常令人鼓舞。首先，我們認為在建置產能規模上，並不存在技術限制，可達到比先前討論更高的上限，或更接近我們所提到區間內約5億磅（GBP500 million）的產能。這很重要，因為成本並非線性擴張。事實上，初步設計分析顯示，5億磅與3億磅（GBP300 million）之間的增量成本差異相對不大。因此，初步觀察顯示，第二代產線的綠地（greenfield）建置成本可望接近每磅產能1.50美元，而棕地（brownfield）場址的擴建則可望接近每磅1美元。這是一件非常重大的事。這降低了我們業務的資本密集度，顯著提升未來的內部報酬率（IRR），並使我們回到建置原生聚丙烯（virgin polypropylene）產線的成本水準區間。相較於去年夏天我們在募資時所提出的商業計畫中對資本支出強度（CapEx intensity）的估計，這也更低。

Scale also benefits us on the production cost side. And while it's too early to give definitive numbers, we see a clear line of sight to Gen 2 cash cost to be below virgin on-purpose PP production lines. While the majority of our focus today is on selling out and ramping Ironton in executing our Thailand expansion, this news on Gen 2 is incredibly important to the long-term value of PureCycle. We've known for years that our process consumes significantly less energy than virgin production. But now we are seeing the cost efficiency translate into a permanent cost and return advantage in the market. A market that I remind you represents GBP200 billion per year of annual demand and a market that is expected to continue to outgrow GDP for the foreseeable future.

規模化也在生產成本端帶來好處。雖然現在要給出確切數字仍為時過早，但我們清楚看到第二代（Gen 2）現金成本有望低於原生、專用（on-purpose）PP（聚丙烯）生產線。儘管我們今天的重點多放在Ironton的銷售滿載與爬坡，以及執行泰國擴張，但這項關於第二代的消息對PureCycle的長期價值極其重要。多年來我們一直知道，我們的製程耗能遠低於原生生產。但現在我們看到成本效率正轉化為市場中的長期成本與報酬優勢。我要提醒各位，這個市場每年需求規模約為2,000億英鎊（GBP200 billion），且在可預見的未來預期仍將持續高於GDP成長。

Look, I know the commercial ramp has been slower than we projected. But I'd ask you to look at our history. Every time that we've said we've solved that we every time that we said we'd solve the technical problem we have. Every time that we've taken a planned outage, the plant came back better. The challenges that we face today are principally out of commercial adoption timing, not commercial demand, not technology, not operations, not feedstock, and now we have the product, the production and the pipeline. The conversion is happening, it's a matter of when not if.

各位，我知道商業爬坡比我們預期的更慢。但我希望大家回顧我們的歷史。每一次我們說要解決技術問題，我們都做到了。每一次我們進行計畫性停機，工廠復工後都運轉得更好。我們今天面臨的挑戰，主要在於商業採用時點，而不是商業需求、不是技術、不是營運、不是原料供應；而且現在我們已經具備產品、產能與客戶管線。轉換正在發生，問題只是何時，而不是會不會。

When I take a step back every year during my tenure has had its own theme. 2023, a was about completing Ironton. 2024 was about making the plant work. 2025 was about technically qualifying our product, especially in the high-value parts of the market. In 2026, will be about the commercial ramp and selling out the plant. Our future is bright. We have a strong foundation supported by tech and teams that know how to build. The market opportunity continues to grow in front of us, and the company is ready to lead.

每年我都會退一步回顧，在我任期內每一年都有其主題：2023年是完成Ironton；2024年是讓工廠運轉起來；2025年是從技術面完成產品認證，尤其是在市場中高價值的部分。2026年將是商業爬坡與把工廠產能賣滿的一年。我們的未來一片光明。我們有堅實的基礎，由技術與懂得如何建置的團隊所支撐。市場機會持續在我們面前擴大，公司也已準備好引領市場。

With that, I'll turn it over now to our new CFO, Donald Carpenter for the financial presentation.

接下來，我把時間交給我們的新任財務長Donald Carpenter進行財務簡報。

Thank you, Dustin. Our revenue goal is unchanged: reach Ironton breakeven, then Corporate breakeven. Revenue ramp has been delayed by customer adoption timing, but we built and staged inventory for product launches later in the year. Core operations costs across Ironton, Denver and Corporate remain largely in line with prior guidance. I'll put more specifics around that on the next slide.

謝謝你，Dustin。我們的營收目標維持不變：先達成Ironton損益兩平，接著達成公司整體（Corporate）損益兩平。營收爬坡因客戶採用時點而延後，但我們已為今年稍晚的產品上市建立並備妥庫存。Ironton、丹佛以及公司層級的核心營運成本大致仍符合先前指引。我會在下一張投影片提供更具體的說明。

On warrants, we have two series of warrants that were extended. The Series A, which represents 15.7 million of potential shares and the public and private warrants that represent 5.7 million potential shares. We have obtained agreement with the Series A warrant holders to extend through March 17, 2027 at a reduced redemption price of $14.38 per share, representing approximately $205 million of potential proceeds. The public and private warrants have been extended for 3 months with further details in the 8-K filed today. These represent approximately $68 million of potential proceeds.

關於認股權證（warrants），我們有兩個系列的認股權證已獲展延。A系列代表1,570萬股的潛在股份，以及公開與私募認股權證代表570萬股的潛在股份。我們已與A系列認股權證持有人達成協議，將期限延長至2027年3月17日，並將贖回價下調至每股14.38美元，對應約2.05億美元的潛在募集資金。公開與私募認股權證已展延3個月，更多細節載於我們今日提交的8-K文件。這些對應約6,800萬美元的潛在募集資金。

On capital structure. During Q4, we repaid $20.3 million of high-cost equipment finance debt and retired $9.8 million of principal on the Ironton bonds. We continue to spend on projects across Ironton, Thailand, Antwerp and our Gen 2 development. On operations, we previously said ongoing operational and corporate cash burn were in the range of $8 million to $9 million per month, and this was prior to significant feedstock and free processing costs. Now that we're incurring more of these costs as Ironton ramps, we're still trending within that range with $24.5 million of operational and corporate costs for the quarter.

關於資本結構。在第四季期間，我們償還了2,030萬美元的高成本設備融資債務，並償還Ironton債券本金980萬美元。我們持續投入Ironton、泰國、安特衛普以及第二代（Gen 2）開發等各項專案支出。在營運方面，我們先前表示持續性的營運與公司層級現金消耗約為每月800萬至900萬美元，而該數字是在尚未計入顯著的原料與免費代工（free processing）成本之前。隨著Ironton爬坡、我們開始承擔更多這些成本，我們仍維持在該區間內，本季營運與公司層級成本合計為2,450萬美元。

The incremental production-related costs have been offset by managing discretionary spend and capitalizing on efficiencies elsewhere in the organization.

與產量提升相關的增量生產成本，已透過管控可裁量性支出並在組織其他領域提升效率而被抵銷。

Revenue timing reflects the customer adoption delays I mentioned. We currently expect improvement as Q2 product launches begin converting our staged inventory. The debt service line includes the nonrecurring equipment lease payoff and bond retirement I referenced on the prior slide. Looking ahead, for Q1 2026, we expect total project-related spend of $19 million to $20 million with $7 million to $8 million for Ironton-related projects, primarily related to the on-site compounding project. The remaining $11 million to $13 million is spread across our growth projects. For full year 2026, total project-related spend is expected to be $39 million to $45 million, with $14 million to $16 million for R&D, which includes cost of our planned shutdown in Q2 and completion of our on-site compounding project. The balance is spread across our growth projects, a majority of which remains discretionary.

營收時點反映了我先前提到的客戶採用延遲。我們目前預期，隨著第二季產品上市開始轉化我們分階段的庫存，情況將有所改善。債務償付項目包含我在上一張投影片提到的一次性設備租賃清償與債券提前償還。展望未來，就2026年第一季而言，我們預期專案相關總支出為1,900萬至2,000萬美元，其中700萬至800萬美元用於Ironton相關專案，主要與廠內混配（compounding）專案有關。其餘1,100萬至1,300萬美元分散於我們的成長專案。就2026年全年而言，專案相關總支出預期為3,900萬至4,500萬美元，其中1,400萬至1,600萬美元用於研發（R&D），包含我們計畫於第二季停機的成本，以及完成廠內混配專案。其餘金額分散於我們的成長專案，其中多數仍屬可裁量性支出。

Q1 2026 debt service is expected to be approximately $11.1 million, which includes our semiannual convertible bond interest payment and some equipment leasing payments. Regarding financing, we are excited about our prospects for Project Finance given the progress we're making with both Ironton production and our future commercial ramp. Our first area of focus is on securing local financing for our Thailand project. The project data room is open with a large Thai bank. Critical site agreements with IRPC are in place, the EPC on contractor is advancing through final design and cost estimates.

2026年第一季的債務償付預期約為1,110萬美元，其中包含我們半年一次的可轉換公司債利息支付，以及部分設備租賃付款。在融資方面，鑑於我們在Ironton產量提升與未來商業化爬坡方面取得的進展，我們對專案融資（Project Finance）的前景感到振奮。我們的首要重點是為泰國專案取得當地融資。專案資料室已向一家大型泰國銀行開放。與IRPC的關鍵場址協議已到位，EPC承包商正推進至最終設計與成本估算階段。

In parallel, we are advancing discussions for our Antwerp project and finding a lot of synergies between the two efforts. Antwerp continues to be a strong project as evidenced by our recent success securing the EUR40 million EIF grants. Additionally, we have approximately $75 million of revenue bonds that we will look for opportunities to monetize. The warrant extensions preserve approximately $273 million of potential proceeds. And together with the revenue bonds and project financing I described give us multiple paths to fund the business through the ramp.

同時，我們也在推進安特衛普（Antwerp）專案的討論，並在兩項工作之間發現許多協同效益。安特衛普專案持續表現強勁，近期成功取得4,000萬歐元的EIF補助金即為明證。此外，我們約有7,500萬美元的收益債（revenue bonds），我們將尋找機會將其變現。認股權證（warrant）展期保留了約2.73億美元的潛在募得款項。再加上我所描述的收益債與專案融資，使我們在爬坡期間擁有多條資金籌措路徑以支應業務。

With that, I'll turn it to the operator for Q&A.

接下來我把時間交給主持人進行問答。

Hassan Ahmed of Alembic Global Advisors.

Alembic Global Advisors 的 Hassan Ahmed。

I know you guys gave a lot of details in there. Clearly, there are a lot of moving parts around the commercial progress and ramp. Just wanted to dig a bit deeper into that. Maybe we can start off with a basic sort of question that the GBP40 million to GBP50 million ramp that you're talking about for Q2/Q3 and then there on and after sort of an incremental GBP20 million to GBP25 million ramp. How much of that is, for lack of a better way of putting it, forecasted versus contracted? I just any further details around your conviction level and the shape of that ramp would be appreciated.

我知道你們剛才提供了很多細節。顯然，商業化進展與爬坡周邊有很多變動因素。我想再更深入探討一下。也許我們先從一個比較基本的問題開始：你們提到第二季／第三季的4,000萬至5,000萬英鎊（GBP）爬坡，之後還有額外2,000萬至2,500萬英鎊的增量爬坡。其中有多少（換個說法）是預測的，多少是已簽約的？若能提供更多關於你們信心程度以及爬坡曲線形狀的細節，我將不勝感激。

Yeah, Hassan, it's nice to talk to you again. Thanks for the question. Look, at the end of the day, we have very strong conviction on our commercial ramp. These things that we're doing right now are very hard. It's eluded recyclers for decades. We have a new technology with a new product, and quite frankly, it just takes time to educate the market on our capabilities. And every time we have a technical success, it opens up the aperture for us to do more and more.

好的，Hassan，很高興再次和你交流。謝謝你的提問。總的來說，我們對商業化爬坡有非常強的信心。我們現在正在做的事情非常困難。這件事讓回收業者數十年來都未能突破。我們有一項新技術與一個新產品，坦白說，教育市場了解我們的能力確實需要時間。而每一次技術上的成功，都會為我們打開更大的空間，讓我們能做得更多、更多。

We've talked about the difficulty with predicting the specific timing. We know it's coming and we know it will be asymptotic, but it's not fully in our control. You see things like the number of customers shipping to increases. We see the revenue continuing to increase. We see the size of trial volumes continuing to increase. At the end of the day, the thing that we're building is really a relationship between us and the customer, and we had to get the certifications. We have to show the LCA. We've got to do the trials, we've got to prove that Ironton can be reliable enough to give them the security and supply that they need.

我們也談過，要預測具體時點的困難。我們知道它會到來，也知道它會呈現漸近式（asymptotic）的走勢，但並非完全由我們掌控。你會看到例如出貨給我們的客戶數量在增加。我們看到營收持續增加。我們看到試產（trial）量的規模持續增加。歸根結底，我們正在建立的其實是我們與客戶之間的關係，而我們必須取得認證。我們必須展示LCA（生命週期評估）。我們必須做試驗，並證明Ironton足夠可靠，能提供他們所需的安全性與供應保障。

We've got line of sight on these applications. The volumes that you talked about are very good. We are in active discussions for both single year as well as multiyear contracts for those GBP40 million to GBP50 million as well as GBP20 million to GBP30 million. We continue to see the technical successes, mount with the film, pouches, wrappers, et cetera. The thing that we did with Toppan, Hassan, is really important. I mean if you do any research on CPG, you'll find that there's a major consumer trend to move out of boxes and move into pouches. And we're going to be I believe we're going to be the only recycled company that can serve that market.

我們對這些應用有清晰的能見度。你提到的那些量非常不錯。針對4,000萬至5,000萬英鎊以及2,000萬至3,000萬英鎊的部分，我們正就一年期與多年期合約進行積極討論。我們持續看到在薄膜（film）、袋裝（pouches）、包裝膜（wrappers）等方面的技術成功不斷累積。Hassan，我們與Toppan所做的事情非常重要。我的意思是，如果你對消費品（CPG）做一些研究，你會發現有一個重大的消費趨勢：從盒裝轉向袋裝。而我相信，我們將會是唯一能服務該市場的再生材料公司。

The market was challenging last year, okay? I mean, like now 2025, I think it's always easy to look in hindsight. I think that we all agree to that. I think when you look back at 2025, objectively, you see massive distractions for everybody, for every company. The hangover on inflation, the tariffs, Make America Healthy Again, focus on protein, I mean, all these things were real. And it just diverted the focus of the CPGs to something different. Instead of coming up with a cool new design for packaging, they were worried about reshoring, let's say, production in the US versus China. And I think that 2025 was a bit of a wake up and a reset.

去年市場確實很具挑戰，對吧？我的意思是，像現在到了2025年，我想回頭看總是比較容易。我想我們都同意這點。我認為當你客觀回顧2025年，你會看到對所有人、每家公司而言都有大量分心因素。通膨後遺症、關稅、「讓美國再次健康」（Make America Healthy Again）、聚焦蛋白質——我的意思是，這些都是真實存在的。而這些確實把CPG公司的注意力轉移到其他事情上。他們不再專注於提出很酷的新包裝設計，而是擔心例如把生產移回美國、而不是在中國。我認為2025年有點像是一個警醒與重置。

But now what you hear is that CPGs are like dialing in to growth in '26. They're talking about how can they differentiate. There's only a few things you can do. I mean you can change the formulation of what they're selling. That takes a lot of effort, a lot of work. But you can also change the packaging and you can market better and you can put more effort there, and that's what we're seeing. I think from a practical perspective, Hassan, like last quarter, we showed this packaging date, okay?

但現在你聽到的是，CPG公司正把焦點對準2026年的成長。他們在談如何做出差異化。能做的事情其實不多。你可以改變他們所販售產品的配方。那需要很多努力、很多工作。但你也可以改變包裝、加強行銷、在那方面投入更多心力，而這正是我們所看到的。從實務角度來看，Hassan，例如上一季我們展示了這個包裝數據，對吧？

And it's a huge technical success. After the call, we got multiple inbounds from other tape producers that are interested in that product. We showed the coffee lid innovation, and now we have 4 new coffee lid companies in the pipeline. We talked about Toppan this time. And I suspect we're going to get a lot of inbounds from the standup pouches because everybody wants them. And no one's been able to solve the film wrapper issue. It's a single-use plastic with no recycled supply and no recyclability until pure cycle. So we have products on the shelves right now. We're continuing to grow the pipeline. The applications are getting better. And our team is just is doing a really good job of getting customers excited about our products.

而那是一項巨大的技術成功。電話會議結束後，我們收到多家其他膠帶製造商主動聯繫，表示對該產品有興趣。我們展示了咖啡杯蓋的創新，現在我們的管線中新增了4家咖啡杯蓋公司。這次我們談到了Toppan。我猜我們會收到很多來自自立袋（standup pouches）的主動詢問，因為大家都想要。而且一直以來都沒有人能解決薄膜包裝（film wrapper）問題。它是一次性塑膠，既沒有再生供應，也沒有可回收性——直到PureCycle出現。所以我們現在已經有產品在貨架上。我們持續擴大管線。應用端也在變得更好。而我們的團隊在讓客戶對我們的產品感到興奮這件事上，做得非常出色。

So you asked, I think the core question was, how much conviction do we have about our commercial ramp? And it's very high, okay? We are very, very excited about the next few quarters and where PureCycle is going to go because this work that we're doing right now, quite frankly, sets the foundation for every new commercial activity that we do going forward, both in Thailand and Antwerp and our Gen 2 facilities down the road. That's a great question, Hassan. Thank you.

所以你問到，我認為核心問題是，我們對商業化爬坡（commercial ramp）的信心有多大？而且信心非常高，好嗎？我們對接下來幾個季度以及 PureCycle 的發展方向感到非常、非常興奮，因為坦白說，我們現在正在做的這些工作，為我們未來每一項新的商業活動奠定基礎，無論是在泰國、安特衛普，還是未來的第二代（Gen 2）設施。這是個很好的問題，Hassan。謝謝你。

Understood. Very helpful. And just to wrap up on the commercialization side, and then I have a follow-up. I mean the New Jersey opportunity looks quite large, right? I mean I was just wondering if you could give more details around the time lines associated with that. I mean, this could be a pretty large opportunity for you guys, and it seems fairly imminent.

了解。非常有幫助。那在商業化這一塊做個收尾，然後我還有一個追問。我的意思是，新澤西的機會看起來相當大，對吧？我只是想知道，你們能否提供更多與其相關的時間表細節。我的意思是，這對你們來說可能是一個相當大的機會，而且看起來相當迫近。

Yes. I think you have to take a step back. First of all, I think New Jersey is doing a really good job. They're being extremely thoughtful. They're digging into the details of the space. If you think about it, and you reset five years ago, the terminology used five years ago is completely different than the terminology used today. And for a regulator, gathering information, it's a lot of work to tease out all of the nuances associated with how to regulate a certain thing. What we know for a fact is that chemical recycling in the majority of these regions is out. They don't like the idea of plastic to fuel. They don't like the idea of ISCC Plus credits, and they love the idea of plastic to plastic solutions.

是的。我認為你得先退一步看。首先，我認為新澤西做得非常好。他們非常審慎。他們正在深入研究這個領域的細節。如果你想一想，回到五年前，五年前使用的術語和今天使用的術語完全不同。對監管機構而言，蒐集資訊需要做很多工作，才能把與如何監管某件事相關的所有細微差異都釐清。我們確定的一點是，在這些地區中的大多數，化學回收（chemical recycling）是不被接受的。他們不喜歡把塑膠變成燃料（plastic to fuel）的概念。他們不喜歡 ISCC Plus 額度（credits），而他們很喜歡塑膠到塑膠（plastic to plastic）的解決方案。

And when you're interpreting the law written by regulators and trying to put it into practice, it takes a lot of education by us to the New Jersey Department of Environmental Protection as an example, and we've been doing it. The process is painstakingly slow, and we understand that. But we're making really good progress. I think we have a very good relationship with New Jersey. We have active dialogues with them. We meet face-to-face. And I think it's really about progressing the education for this topic broadly. In many ways, PureCycle in New Jersey are kind of at the point of the spear. We are leading the industry in terms of where we're going on recycled content on our ability to do things. And New Jersey came out early and led in many ways the recycled content legislation.

而當你在解讀監管機構寫下的法律並嘗試把它落實到實務時，我們需要對新澤西環境保護署（New Jersey Department of Environmental Protection）這類單位做大量的教育工作，而我們一直在做。這個流程非常緩慢，我們也理解。但我們正在取得非常好的進展。我認為我們和新澤西的關係非常好。我們與他們保持積極對話。我們面對面會談。我認為這主要是在推進對這個議題的廣泛教育。在很多方面，PureCycle 在新澤西某種程度上處於最前線。就再生含量（recycled content）以及我們的能力而言，我們正在引領產業走向。而新澤西也很早就站出來，在許多方面引領了再生含量的立法。

And so I think that as these things get clarified and move forward, I think that it's going to provide a lot of clarity for our customers, but quite frankly, a lot of clarity for other regulators as well. Since then, the other regulators have come in and like I mentioned, the APR certification is a really big deal. That means that we are considered to recycled content in many other regions. And at the end of the day, we think that New Jersey will get to the same place.

因此我認為，隨著這些事情被釐清並向前推進，這將為我們的客戶提供很大的清晰度，但坦白說，也會為其他監管機構提供很大的清晰度。自那之後，其他監管機構也加入了進來；而且如我提到的，APR 認證是一件非常重要的事。那代表在許多其他地區，我們被視為再生含量。而歸根結底，我們認為新澤西也會走到同樣的位置。

And when that happens, you're right. There's a lot of demand that's out there ready to go. And we'll get to New Jersey, and then we'll start working with those customers to get our products qualified in and ramping up into 2026.

而當那發生時，你說得對。外面有大量需求已經準備好要啟動。我們會進入新澤西，然後開始與那些客戶合作，讓我們的產品完成認證/導入（qualified），並在 2026 年逐步放量爬坡。

Very helpful, Dustin. And just as a follow-up, the Gen 2 design work obviously seems very impressive. Just trying to get a better sense of what sort of key assumptions are behind achieving sub-virgin sort of cash costs, maybe in terms of assumptions around energy, scale, yields, et cetera.

非常有幫助，Dustin。再追問一下，第二代（Gen 2）的設計工作顯然看起來非常令人印象深刻。我想更清楚了解，達到低於原生料（sub-virgin）現金成本背後的關鍵假設是什麼，例如在能源、規模、收率（yields）等等方面的假設。

Yeah. No, that's good. So first of all, we have the pleasure of operating a new technology at commercial scale and Ironton successfully. And I've mentioned this on a couple of calls that the technology in many ways is doing more with certain steps than what we expected. And we've been able to take those learnings and leverage it into our Durham research facility and really get down to the fundamentals of the technology and understand how we can scale it.

是的。不，這很好。首先，我們很榮幸能在 Ironton 成功以商業規模運行一項新技術。我在幾次電話會議上提過，這項技術在很多方面，在某些步驟上做得比我們預期的還多。而我們也能把這些學習成果帶回並運用到我們的 Durham 研發設施，真正回到技術的基本面，理解我們如何把它放大（scale）。

And in some ways, Hassan, there are pieces of equipment in the Gen 2 design that you only need to make a little bit bigger. And then in other parts of the process, you need to add parallel trains. But the long result of this study indicates that our technology is very scalable. And when you do that, then you're going to end up scaling costs, reducing the CapEx per pound. And also and I'll speak to this in a second, the operational cost per pound also drops pretty dramatically.

而在某些方面，Hassan，第二代（Gen 2）設計中的一些設備，你只需要把它做得大一點點。但在流程的其他部分，你需要增加平行產線（parallel trains）。不過，這項研究的最終結果顯示，我們的技術非常具有可擴展性。而當你做到這點，你就能實現成本隨規模下降，降低每磅的資本支出（CapEx）。另外，我稍後也會談到，每磅的營運成本也會相當明顯地下滑。

On the op cost and maybe the assumptions on yields, I'll remind you that our technology is a plastic to plastic solution. And so we have 100% or nearly 100% yield recovery on polypropylene. Our goal is to remove everything that's not polypropylene out of the screens and create co-product 1 and co-product 2, and so our yield is very high. And our yield doesn't change as you scale. That's an enormous benefit that we have over other technologies. The same is true for operating costs. The reality is that many of the steps of our process require the same amount of people only incrementally more energy and incrementally more steam to operate. And therefore, when you look at the overall dollars per pound that it's going to cost to run this facility, the operating costs just getting divided by a much bigger number, and that number is going to drop significantly.

在營運成本（op cost）以及可能對收率的假設方面，我提醒你，我們的技術是塑膠到塑膠（plastic to plastic）的解決方案。因此我們對聚丙烯（polypropylene）的回收收率是 100% 或接近 100%。我們的目標是把篩分物（screens）中所有不是聚丙烯的東西都移除，並產出副產品 1（co-product 1）與副產品 2（co-product 2），因此我們的收率非常高。而且我們的收率不會因為規模放大而改變。這是我們相較其他技術的一個巨大優勢。營運成本也是同樣道理。現實是，我們流程中的許多步驟所需人力大致相同，只需要些微增加能源與些微增加蒸汽就能運行。因此，當你看整體每磅要花多少美元來運行這座設施時，營運成本只是被更大的產量數字去分攤，而那個每磅數字會顯著下降。

So we're talking about fee plus a $0.35 per pound number for Ironton and fee plus a much lower number on our Gen 2 facility. Now we haven't we're not releasing yet what we think that number will be. But if you're talking about feed at $0.05 to $0.10 per pound and then yield adjusted to $0.15 per pound and you start adding smaller numbers than $0.35, on top of that, you very quickly get to numbers that are below the virgin cost to produce polypropylene. And think about that, Hassan.

所以我們談的是：Ironton 為「處理費（fee）加上每磅 0.35 美元」的水準，而我們的第二代（Gen 2）設施則是「處理費加上更低的數字」。目前我們還沒有、我們尚未對外公布我們認為那個數字會是多少。但如果你談的是原料（feed）每磅 0.05 到 0.10 美元，然後經收率調整後到每磅 0.15 美元，再在其上加上比 0.35 更小的數字，你很快就會得到低於生產原生聚丙烯（virgin polypropylene）成本的數字。想想看，Hassan。

I mean, down the road, people polypropylene is a growing market. It's a great polymer and people are going to use more and more of this as we go into the future. And so, as that happens and people need to build new polypropylene facilities, what are they going to build? Are they going to build a traditional virgin polypropylene facility? Or are they going to lean into a technology that is proven at Ironton, and they can scale to big numbers, that could potentially give them bigger margins than what they would have on the virgin side. We're very excited about where this takes PureCycle.

我的意思是，往後看，聚丙烯是一個成長中的市場。它是一種很棒的聚合物（polymer），而隨著我們走向未來，人們會使用越來越多的聚丙烯。因此，當這種情況發生、而人們需要興建新的聚丙烯設施時，他們會建什麼？他們會建一座傳統的原生聚丙烯（virgin polypropylene）工廠嗎？還是他們會採用一項已在 Ironton 被驗證、且可擴展到很大規模的技術，而這項技術可能帶來比原生路線更高的利潤率？我們對這將把 PureCycle 帶往何處感到非常興奮。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

This is Anand for Andres. Congrats on the quarter. And Donald, congrats on the promotion to CFO. It sounds like you're making good progress on the Thailand debt financing with data room now open. So I was wondering if you could give us an update on the latest developments there? And then how do you see that project progressing?

我是 Anand，代替 Andres。恭喜本季表現。Donald，也恭喜你升任財務長（CFO）。聽起來你們在泰國的債務融資方面進展良好，資料室現在也已開放。所以我想請你更新一下那邊最新的進展？另外你怎麼看這個專案接下來的推進？

Yeah. Thank you for the kind words. I'm really excited about the opportunity, and I'm also really excited about this particular project. We've made a ton of progress so far. We've put together a comprehensive data room, and our team and the bank's team have been working collaboratively. We're meeting frequently and we're working through this project together.

是的。謝謝你的好話。我對這個機會非常興奮，也對這個特定專案非常期待。到目前為止我們已經取得了大量進展。我們建立了一個完整的資料室，我們的團隊與銀行的團隊一直在協同合作。我們頻繁會面，並一起推進這個專案。

There's a significant amount of documentation that goes into a project financing of this scale, and the critical agreements with IRPC are in place, and I'm really pleased with the progress on the site design and initial cost estimates thus far. Both teams are really excited and working hard on this. It serves a really critical need for Thailand, and it's a strategic growth location for PureCycle. I've been involved in several project financings over my career, and I'm really proud of the first foot that we put forward with the bank.

像這種規模的專案融資需要大量文件，而與 IRPC 的關鍵協議已經到位；此外，我也對目前在場址設計與初步成本估算方面的進展感到非常滿意。兩個團隊都非常興奮並且努力投入。這能滿足泰國非常關鍵的需求，也是在 PureCycle 的策略性成長地點。我職涯中參與過多個專案融資，我對我們與銀行合作所邁出的第一步感到非常自豪。

Anand, just a follow-on on that. I mean, Donald brings a lot of really good project finance experience. And I think that's going to really sets up nicely for both Thailand and Antwerp and everything that we do in the future. But I'd like to get back to a point that he made about Thailand. I mean, think about this. PureCycle could come into Thailand. When PureCycle comes into Thailand, we will fundamentally change their performance on plastic waste.

Anand，我再追問一下。Donald 帶來了非常扎實的專案融資經驗。我認為這會讓泰國、安特衛普以及我們未來所做的一切都更順利地展開。但我想回到他剛才提到的泰國那點。你想想看。PureCycle 可以進入泰國。當 PureCycle 進入泰國時，我們將從根本上改變他們在塑膠廢棄物方面的表現。

That is such a compelling story, not only for us because it's a great market and it's a great location and we've got the great tax holiday and all these things we've talked about. But it's exciting for Thailand, too. Because Thailand think about Thailand's core industry, it's tourism. Think about how negatively tourism can be impacted by plastic waste. I mean, in a way, there are a lot of existential benefits to Thailand by adopting a technology like ours, and we couldn't be more excited to get going there and get this project up and run. It's a great question, Anand.

這是一個非常有說服力的故事，不僅對我們而言——因為那是很棒的市場、很好的地點，而且我們還有很好的免稅優惠等我們談過的各種條件。對泰國來說也同樣令人振奮。因為泰國的核心產業是觀光旅遊。想想塑膠廢棄物會如何對觀光造成負面影響。某種程度上，泰國採用像我們這樣的技術有很多攸關存續的好處；我們非常期待能在那裡啟動並讓這個專案建成投運。問題問得很好，Anand。

Got you. And maybe as a follow-up, on the call and on the presentation, there was lots of great macro commentary on the TAM, whether it's cold beverages or cosmetics. And so I was wondering which verticals you see as the most promising with respect to your customer pipeline, whether it's automotive or snack bar wrappers and what should investors be focusing on here?

了解。再追問一下，在電話會議和簡報中，你們對總可服務市場（TAM）做了很多很棒的宏觀評論，不管是冷飲或是化妝品。所以我想請教，就你們的客戶管線而言，你們認為哪些垂直領域最有前景——例如汽車、或是能量棒包裝膜——投資人應該把重點放在哪裡？

Yes. Look, I think this is going to develop over time. I think short term, we'll be heavily focused on closures and injection molder projects. These are very much in our wheelhouse. We've got a lot of experience, and those run really well. I think that what you'll see as we commission the Phase II of compounding at Ironton and get that compounded facility up and running, you're going to see a tremendous amount of benefit arises from that project into the thermoforming and film activities.

是的。你看，我認為這會隨時間逐步發展。短期內，我們會高度聚焦在瓶蓋（closures）以及射出成型商（injection molder）相關專案。這些非常符合我們的強項。我們有很多經驗，而且這些專案運行得非常好。我認為當我們在 Ironton 啟動混煉（compounding）第二期並讓該混煉設施上線運轉後，你會看到這個專案為熱成型（thermoforming）與薄膜（film）業務帶來巨大的效益。

Film and thermoforming have been very elusive for recyclers. This is very difficult to do, and it's difficult to get the quality needed to make those projects. And I think that while short term, we'll be focused on something a little different. I think that we're really going to grow into this concept of thermoforming and film, and I think that's going to be an extremely strong market for us because not many people can participate in it, and it's one of the largest growing segments on the macro side.

薄膜與熱成型對回收業者一直非常難以切入。這非常難做，也很難達到這些專案所需的品質。我認為雖然短期內我們會聚焦在稍微不同的方向。但我們真的會逐步成長到熱成型與薄膜這個概念上；我也認為這會是我們極其強勁的市場，因為能參與的人不多，而從宏觀面來看，這也是成長最快的最大區塊之一。

Gerry Sweeney, ROTH Capital.

Gerry Sweeney，ROTH Capital。

Listen, I when we look at everything, it sounds like and I caught some of this on the call, when you're engaged with brands, and you sell them to brands, it sounds as though they're looking for a couple of things. Obviously, one was reliability, which I picked up. I think I picked up on your prepared remarks; and two, you have brand testing of the product. It feels as though the brands are getting more and more confident. One, they can see what's happening in Ironton reliability is increasing. And two, going through the brand testing. So is this sort of path forward? Is this an accurate assessment as to what's happening today?

聽著，當我們綜合來看一切時——我在電話會議中也聽到一些——當你們與品牌方接觸、並把產品賣給品牌方時，聽起來他們在找幾件事。顯然其中之一是可靠性，我有聽出來。我想我也從你們的事先準備發言中聽到了；第二是品牌方對產品的測試。感覺品牌方越來越有信心。第一，他們看到 Ironton 的狀況，可靠性正在提升。第二，透過品牌測試流程。所以這就是接下來的推進路徑嗎？這是否是對目前情況的準確評估？

Yeah, I think so. I mean, I think both of the things that you just mentioned there are very true. Ironton operating better and better every day, has given confidence in brands. That's no doubt about that. I mean we routinely have tours out to the plant and people always be very impressed.

是的，我想是。我的意思是，你剛提到的兩點都非常正確。Ironton 每天運轉得越來越好，確實讓品牌方更有信心。這點毫無疑問。我們經常安排參觀工廠的行程，大家通常都會印象非常深刻。

I think on the testing side, I think the more experience that we get testing and qualifying different products. I mean, it's very simple. It's like we have things in our hands that we can show people, okay? When we make film and we print on film, we can hand people a piece of film and say, see what we can make and then people can immediately connect to it. And I think that, that reduces the hurdle for getting started with different applications. So I think both of those are very true.

我認為在測試方面，我們測試並認證不同產品的經驗越多。其實很簡單。就像我們手上有實物可以展示給別人看，好嗎？當我們製作薄膜並在薄膜上印刷時，我們可以拿一片薄膜給對方說：看看我們能做出什麼；然後對方立刻就能產生連結。我認為這降低了啟動不同應用的門檻。所以我認為這兩點都非常正確。

But I don't want to understate just the methodical nature of brands going through this process. I mean we can't control it. But we've gotten very good at answering their questions because a lot of the questions are repeat over and over and over. But they're very methodical. I mean, a brand has built an entire lifetime building that reputation.

但我不想低估品牌方在走這個流程時那種按部就班、非常謹慎的特性。我們無法控制它。但我們已經非常擅長回答他們的問題，因為很多問題會一再重複、重複、再重複。但他們確實非常有條理、很謹慎。我的意思是，一個品牌用一輩子建立起那個聲譽。

And so in order to make a change, that brand has got to feel really good about who they're partnering with. That's why we focus so much our comments around the trust built between supplier and customer. I mean there's relationship building, there's product quality building. There's all these components. There's 20 different steps or more that you have to go through to get to a yes on a customer like this. And it just takes time. And look, from an outside looking in and also from the inside looking in, it's very frustrating. It takes time.

因此要做出改變，該品牌必須對他們合作的對象感到非常放心。這就是為什麼我們的評論如此強調供應商與客戶之間建立的信任。我的意思是，有關係的建立、有產品品質的建立。有所有這些要素。你必須走過 20 個甚至更多步驟，才能讓這樣的客戶點頭。而這就是需要時間。而且你看，從外部看進來、也從內部看進來，這都非常令人沮喪。這需要時間。

And but if you lift your head up and you see the progress that you've made, you realize that you're really starting to make some pretty big strides with big brands that are excited about where you are, and I think these are foundation laying type things. They're going to be very good for us for a long, long time.

然而，如果你抬起頭來看看你已經取得的進展，你會意識到你真的開始在一些對你目前進展感到興奮的大型品牌上取得相當大的躍進，而我認為這些都是在打地基的事情。它們將在很長、很長一段時間內對我們非常有利。

In that respect, does this process really help you kind of, for lack of a better term, crack the code, speed up additional opportunities going forward?

就這方面而言，這個流程是否真的能幫助你——姑且這麼說——破解關鍵、加速未來更多的機會？

The answer to that is 100% yes. But as it eliminates the need for every single brand to go through some qualification process on their side. I mean the reality is that when we get into a lot of the techie stuff like contaminant removals and contaminant validations and things like that, we performed very, very well, and we're stacking a database that we can show customers a trend line that says, Wow, you really pass all of these different things in a good way. That kind of data is based on history and to give brands immediate confidence in what you're doing. But then they still want to test it on their machines and they still want to make sure it looks right on their material. And so they're going to do some of their own testing. But every time we do something, we prove that we can do it and then the brand gets comfortable with it and the next brand coming in has a bit of a shorter ramp to get started.

答案是百分之百肯定。因為它免除了每一個品牌都必須在他們那一端走一遍某種資格認證流程的需要。我的意思是，現實是，當我們深入到很多技術細節，例如污染物去除、污染物驗證之類的事情時，我們表現得非常、非常好，而且我們正在累積一個資料庫，能向客戶展示一條趨勢線，告訴他們：哇，你在這些不同項目上都以很好的方式通過了。這類資料是基於歷史，用來讓品牌對你正在做的事情立即產生信心。但接著他們仍然想在他們的機台上測試，也仍然想確保在他們的材料上看起來是對的。因此他們會做一些自己的測試。但每一次我們做成一件事，我們就證明我們能做到，品牌就會對此感到放心，而下一個進來的品牌在啟動上就會有更短的爬坡期。

One more quick question. The Ironton, I'm not going to call it an outage, I'm going to call it a turnaround. So you it sounds like you have a lot of confidence in uptick in utilization post-turnaround. Are there line of sight to a couple of things that you can fix, implement that gives you confidence on that uptick?

再一個很快的問題。Ironton 那邊，我不打算稱之為停機，我要稱之為大修（turnaround）。所以聽起來你對大修後的稼動率提升很有信心。是否有幾個你看得到、可以修正或導入的事項，讓你對那個提升更有把握？

Yes. I mean, look, this is a very traditional turnaround. When we first built this company, we had an expectation to do 1 per year for 30 days a year. Actually, last year, we didn't have to do that, which I think bodes well for the future in terms of how often will we need to do this. Look, I think we're going to do a whole lot of stuff that's very normal, very easy. And then we're going to do a few things that are very exciting. There's any time you run a facility for a couple of years in a row, and we've been running very steady. We obviously have our ups and downs.

是的。我的意思是，你看，這是一個非常傳統的大修。當我們一開始建立這家公司時，我們預期每年做一次、每次 30 天。其實去年我們不需要這麼做，我認為這對未來很有利，因為這代表我們需要做這件事的頻率可能不會那麼高。我想我們會做很多非常正常、非常容易的事情。然後我們也會做幾件非常令人興奮的事情。只要一個設施連續運轉了幾年，而我們一直運轉得很穩定，我們當然也會有起起落落。

Reliability continues to improve. But like, by and large, this plant is up and running full time. And when you do that, there's just a certain piece of equipment that you can't get to because it's running, you have to take it out as you do it. So there's a lot of simple things like instrumentation replacements and instrumentation upgrades. But I think the most important thing about this outage really is the data that we collected when we did our 2 test runs. We did a test run at 12.5. We did a test run at 14, and both of those gave us insight into constraints that we see in the facility.

可靠性持續改善。但整體而言，這座工廠是全年無休地在運轉。而當你這樣運轉時，就會有某些設備你無法處理，因為它正在運轉，你必須停下來才能把它拆出來做。所以會有很多簡單的事情，例如儀表更換與儀表升級。但我認為這次停機最重要的，其實是我們在做兩次測試運轉時所收集到的資料。我們做了一次 12.5 的測試運轉，也做了一次 14 的測試運轉，而這兩次都讓我們看到了我們在設施中所觀察到的瓶頸限制。

And I we're going to attack those items. We're going to get the plant back up and running, and we're going to we're going to push the plant to higher watermarks. And as we do that, we'll learn more, we'll do more, we'll grow more, and we'll continue building that into our operations at Ironton. I'm really excited about the turnaround, as you call it. We call it that as well. I'm excited about it because every time you get to open the equipment, look inside, learn more about what your technology is doing, it just makes you better. It's a core team, and I'm very confident that we're going to come out of this outage with a much better facility than we've got right now.

而我們會去攻克那些項目。我們會讓工廠恢復運轉，然後我們會把工廠推向更高的水位（更高的運轉水準）。在這個過程中，我們會學到更多、做得更多、成長更多，並持續把這些融入我們在 Ironton 的營運之中。我對你所稱的這次大修真的很興奮。我們也這麼稱呼它。我之所以興奮，是因為每一次你能把設備打開、往裡面看、更多了解你的技術在做什麼，它都會讓你變得更好。這是一個核心團隊，我非常有信心，我們會在這次停機之後，帶著一座比現在更好的設施走出來。

Jeffrey Campbell, Seaport Research Partners.

Jeffrey Campbell，Seaport Research Partners。

Dustin, I don't want to gild the lily, but my understanding is that there is no other DP recycling method, including chemical recycling that is qualified for BOPP application suites to PureCycle's level. So just to confirm, when you're talking about thermoforming and the compounding capabilities that you're going to develop this year as a long-term driver, this is related to PCT's BOPP technical capabilities, correct?

Dustin，我不想畫蛇添足，但據我了解，沒有任何其他 DP 回收方法（包括化學回收）在 BOPP 應用組合上的合格程度能達到 PureCycle 的水準。所以我想確認一下，當你談到今年將要開發的熱成型（thermoforming）與配混（compounding）能力，作為長期驅動因素時，這是與 PCT 的 BOPP 技術能力相關，對嗎？

Yeah, I think that's a good way to speak to it. I don't want to over speak for other technologies. I mean there's a lot of nuances when something like chemical recycling is mentioned. There's straight up incineration, there's pyrolysis, there's ISCC Plus credits. Those things are in a different category because most customers prefer plastic to plastic, not mass balance solutions or plastic to fuel solutions.

是的，我覺得這樣說是個不錯的方式。我不想替其他技術說得太滿。我的意思是，當提到像化學回收這類事情時，裡面有很多細微差別。有直接焚化、有熱裂解（pyrolysis）、也有 ISCC Plus 額度（credits）。那些屬於不同的類別，因為大多數客戶偏好塑膠到塑膠（plastic to plastic），而不是質量平衡（mass balance）方案或塑膠到燃料（plastic to fuel）方案。

When it comes to our ability to do BOPP, I think we stand alone in the market right now, okay? Whenever you make BOPP, the simplest way to think about it is imagine taking a piece of plastic and stretching it really, really, really thin, so it can turn into 1 of the 7 layers on a chip bag or one of the layers that covers up meat packing or something like that, it's really thin. If you have any contaminants in that pellet, whenever you start to stretch it, it adds blemishes. They can add like little pimples that will look like stretch marks. It will add problems in the operations where it could break when they're running it.

談到我們處理 BOPP 的能力，我認為目前市場上我們是獨一無二的，好嗎？只要你在做 BOPP，最簡單的理解方式就是：想像把一片塑膠拉伸得非常、非常、非常薄，讓它變成洋芋片包裝的 7 層之一，或是覆蓋肉品包裝之類的其中一層——它非常薄。如果那個粒料裡有任何污染物，當你開始拉伸時，就會產生瑕疵。它們可能會出現像小痘痘一樣的點，看起來像拉伸紋。也會在操作上造成問題，例如在運轉時可能會斷裂。

All these things are real concerns for BOPP producers. And as a result of that, yes, I mean, what we're finding is that because our purification technology purifies at the molecular fundamental level, we're able to remove solids, ash, colors and other contaminants to a level that just works on BOPP. And this isn't theoretical anymore. A couple of quarters ago we talked about Bruckner on a small pilot line. Well, since we have the Bruckner success, we've been doing it on the industrial scale. So we've got, I think, 3 or 4 -- 2 or 3 industrial line size success trials that have worked really well. I mean, these are all big machines. I mean, these are like 6.3-meter machines that are making film with our product, and that is cool. It's super exciting, and I think it's going to be the future for us.

這些對 BOPP 生產商而言都是真實的疑慮。因此，是的，我的意思是，我們發現因為我們的純化技術是在分子最基本的層級進行純化，我們能把固體、灰分、顏色以及其他污染物去除到一個在 BOPP 上就是可行的水準。而這已經不再只是理論。幾個季度前我們談到在一條小型試驗線上使用 Bruckner。嗯，自從我們在 Bruckner 上取得成功後，我們一直在工業規模上進行。所以我們已經有——我想是 3 或 4 次——2 或 3 次工業線規模的成功試驗，而且效果非常好。我的意思是，這些都是大型機台。這些像是 6.3 公尺的機台，用我們的產品在製作薄膜，這很酷。這非常令人興奮，我認為這將會是我們的未來。

Great. When you speak about the percentage of recycling the states are increasingly requiring, are they specifically requiring certain plastic types? Or are these sort of broad statements of the amount of recycled content they want, however it's arrived at?

很好。當你談到各州日益要求的回收比例時，他們是否特別要求某些塑膠種類？還是說，這些只是對他們希望達到的再生料含量比例所做的較為概括性的規定，不論是如何計算得出的？

Yes, that's a good clarification question, Jeff. The answer is kind of both. I mean, if you look at that slide, we mentioned the percentage, but there's a small note below it that says those percentages apply to lots of different things. In some cases, they apply to specific categories of plastic like PP or PE or PET, in other cases, it applies to specific types of applications like rigids or bottles or something like that. And so you really have to dive into the details. I will tell you that we've done a lot of research on the regulatory front. I think we're getting smarter here. It's a very dynamic market that's very nuanced, but we're learning more and more about it every year.

是的，Jeff，這是個很好的釐清問題。答案算是兩者皆有。我的意思是，如果你看那張投影片，我們提到了比例，但在下面有一個小註記，寫著那些比例適用於很多不同的項目。在某些情況下，它們適用於特定類別的塑膠，例如PP、PE或PET；在其他情況下，則適用於特定的應用類型，例如硬質塑膠、瓶子或類似的東西。所以你確實必須深入研究細節。我可以告訴你，我們在法規面做了大量研究。我認為我們在這方面越來越精明。這是一個非常動態、細節很多的市場，但我們每年都在更深入地了解。

And I think that the general trend is two things. One, broadly speaking, regulations fall into 2 buckets. One is recycled content and the other is EPR. And two, it's coming. Like the regulations are real and they're coming. And in many ways, they're coming faster in the U.S. I mean everybody talks about Europe and the PPWR is really coming in Europe for 2030, and our Ironton facility is going to be online just in time for that, which is going to be great for brands over there.

而我認為整體趨勢有兩點。第一，廣義來說，法規可分成兩大類。一類是再生料含量，另一類是EPR（延伸生產者責任）。第二，它正在到來。也就是說，這些法規是真實存在的，而且正在到來。而且在很多方面，美國的推進速度更快。我的意思是，大家都在談歐洲，而PPWR確實會在歐洲於2030年前後上路；我們的Ironton工廠也會剛好在那之前上線，這對那邊的品牌來說會很棒。

But actually, states are leading quite a lot, and we're starting to get a lot of inbounds from customers on how to handle different regulations that are coming. The SB-54 in California is a very real thing. And a lot of times, California regulates and the country moves that direction, we saw that with fuel standards a decade, 1.5 decades ago, and we could see that happening here as well. And I think that we're well suited for the future.

但其實各州在很大程度上走在前面，我們也開始收到很多客戶的主動詢問，想了解如何因應即將到來的不同法規。加州的SB-54是一件非常真實、正在發生的事。而且很多時候，加州先管制，整個國家就會往那個方向走；我們在十年、十五年前的燃料標準上就看過這種情況，我們也可能在這裡再次看到。我認為我們很適合迎接未來。

The reason I asked the question is because I wondered, aside from different categories of plastic and so forth. Is there any notion of circularity versus the reality of mechanical recycling that it gets recycled 5 or 10x then it becomes a hard patch. So are you hearing any discussions of that when you're working with the regulators?

我之所以問這個問題，是因為我在想，除了不同塑膠類別等等之外。在「循環性」的概念上，是否有別於機械回收的現實：它被回收5次或10次後就會變得很難再用。所以當你們與監管機構合作時，有聽到任何關於這點的討論嗎？

I would say that the concept of circularity is there in principle. I would say it's not legislated at this point just yet. Definitely, people are looking for circularity. A couple of things to point out on that, though. One, if you look at New Jersey, in particular, we bought over GBP10 million of feed from New Jersey last year. And so I'm I think New Jersey is excited about this, too. But I'm really excited about what we're going to be able to do in New Jersey. I mean we're actually going to take waste from that state, be able to show them how much employed from that state, convert it into something beautiful and then let them turn into something that a customer can buy over and over. That is New Jersey becoming circular and they're super excited about it as are we.

我會說，循環性的概念在原則上是存在的。但我會說，目前還沒有被寫進法規。確實，人們在追求循環性。不過有幾點要指出。第一，如果你看新澤西州，特別是，我們去年從新澤西州購買了超過1,000萬英鎊的原料。所以我想新澤西州對此也很興奮。但我對我們將能在新澤西州做到的事情感到非常興奮。我的意思是，我們實際上會把該州的廢棄物拿來，能夠向他們展示有多少人力在該州被雇用，將其轉化成很棒的產品，然後讓他們把它做成客戶可以一再購買的東西。這就是新澤西州走向循環化；他們非常興奮，我們也是。

The other point on the recycled content is that with respect to the circularity is brands definitely value that, and so we get a lot of inbound questions about feedstock. Can we use this feedstock and then make it back into a product that they can buy again? There's a lot of discussions there. It's just not at this point, it's not legislated in.

關於再生料含量的另一點是，就循環性而言，品牌方確實很重視這一點，因此我們收到很多關於原料來源的主動詢問。我們能否使用這種原料，然後再把它做回成他們可以再次購買的產品？這方面有很多討論。只是目前為止，它還沒有被納入法規要求。

Yes. Well, it's not surprising because you're the only ones that can do it. But my last question is kind of a one that I get a lot from investors. And I just kind of wanted to give you a chance to put your $0.02 in. We continue to see PET recyclers pulling back on production and even shuttering facilities in the US and the EU. Can you help investors understand why demand for PCT's recycled PP will continue to grow while recycling of other types of plastics appears to be languishing.

是的。嗯，這並不令人意外，因為你們是唯一能做到的人。但我最後一個問題有點像是投資人常問我的問題。我只是想給你一個機會，分享一下你的看法。我們持續看到PET回收商在美國與歐盟縮減產量，甚至關閉工廠。你能否幫助投資人理解，為什麼對PCT的再生PP需求會持續成長，而其他類型塑膠的回收看起來卻在停滯不前？

Yeah, it's because we make a premium product. Okay. A lot of the recyclers, they're struggling in economic times like this because they sell a product that competes with virgin or sells at a discount to virgin, and it's difficult to make money there. I think that you have to have a differentiated product, which we do. And so I feel really good about our technology in the long run for a couple of reasons. One, I mean, as this dynamic begins to emerge, I think that you're going to start to see downward movement in feedstock pricing. That's good for us.

是的，因為我們做的是高端產品。好。很多回收商在這種經濟環境下之所以艱難，是因為他們賣的產品要跟原生料競爭，或是以低於原生料的折價出售，在那裡很難賺錢。我認為你必須要有差異化的產品，而我們有。所以從長期來看，我對我們的技術非常有信心，原因有幾個。第一，隨著這種動態開始浮現，我認為你會開始看到原料價格下行。這對我們有利。

I think that as we add compounding to our capability, we're going to start to monetize the value of the coproducts that come out of the feed and get better value out of that. That's very exciting from both a margin perspective as well as overall system perspective. And then the more and more that we do to qualify different product applications, which I mean we're doing it in spades. I mean, we're qualifying new things all the time. I think it just gives us more optionality on the offtake side, okay?

我認為，隨著我們把配混（compounding）能力納入我們的能力範圍，我們將開始把原料中產出的共產品（coproducts）價值變現，並從中取得更好的價值。從毛利角度以及整體系統角度來看，這都非常令人振奮。此外，我們做得越多、越能讓不同產品應用通過技術認證——我的意思是我們正在大量進行——我們一直在認證新的項目。我認為這只會讓我們在承購（offtake）端有更多選擇性，好嗎？

I mean we will our supply to customers will be limited, okay? We don't have an infinite amount of supply for all the customers that want our material out of Ironton. And so the more that we can do to create optionality for where we choose to sell our product, which will ultimately depend on where did we get qualified and who wants it the most is going to drive that overall supply picture. And I think that the technical qualification that we're doing is just opening that up to give us a lot of flexibility for where we go in the future.

我的意思是，我們對客戶的供應會是有限的，好嗎？我們不可能有無限的供應量，去滿足所有想要我們Ironton材料的客戶。因此，我們越能創造更多選擇性，決定把產品賣到哪裡——而這最終將取決於我們在哪些領域完成認證、以及誰最想要——就會驅動整體供應格局。我認為我們正在做的技術認證，正是在打開這扇門，讓我們未來在走向上有很大的彈性。

Eric Stine of Craig-Hallum Capital Group.

Craig-Hallum Capital Group的Eric Stine。

This is Luke on for Eric. So first, is there a time line for when you might finalize the site for your Gen 2 facility? I know Thailand has mentioned in the past as a potential suitor since it's a really appealing market. But could you just talk about some of the factors that are going into this decision?

我是Luke，代替Eric發言。首先，你們是否有一個時間表，說明何時可能敲定你們第二代（Gen 2）工廠的選址？我知道過去曾提到泰國可能是潛在選項，因為那是一個非常有吸引力的市場。但你能否談談這項決策所考量的一些因素？

Yeah. I mean I think the first step is for us to really get a good handle on the overall technology for Gen 2 and then the cost position for Gen 2. And I think that we're getting better at that, but we still have more work to do. So I don't want to get too far ahead of it because there's work that we need to do to finish that up. Look, we're very excited about Augusta. Augusta has been a good partner for us in Georgia. That's a really nice site, and we can build the facility there. We've been very public about that Gen 2 going there first.

是的。我的意思是，我認為第一步是我們要真正掌握第二代（Gen 2）整體技術狀況，以及第二代的成本定位。我認為我們在這方面做得越來越好，但仍有更多工作要做。所以我不想講得太超前，因為我們還需要完成一些工作。你看，我們對Augusta感到非常興奮。Augusta一直是我們在喬治亞州的好夥伴。那是一個非常好的場址，我們可以在那裡建廠。我們也一直很公開地表示，第二代會先在那裡落地。

Look, I think that I think that every site that we've announced in the past is a good location for Gen 2, okay? Where the first 1 goes, that's open for discussion right now. We are very excited about the Augusta facility. But you mentioned Thailand, honestly, I think that's a great location, too. We're finding lots and lots of opportunities on the feedstock side to fill that facility, I think the integrated brownfield opportunities there will help us on overall CapEx efficiency.

你看，我認為我們過去宣布的每一個場址，都是第二代（Gen 2）的好地點，好嗎？第一座要落在哪裡，現在仍在討論中。我們對奧古斯塔（Augusta）廠區感到非常興奮。但你提到泰國，老實說，我也覺得那是個很棒的地點。我們在原料端正找到非常非常多的機會來填滿那座設施；我認為那裡的整合型棕地（brownfield）機會將有助於提升我們整體資本支出（CapEx）效率。

But one of the interesting things that will happen, I didn't speak to this on the call, but 1 of the things that will happen is, actually, the footprint required for a Gen 2 at $500 million, it's not even that different than a footprint for Ironton. It's a little bit bigger. I mean it swells a bit. But when you start talking about how much capacity can you put on each site, like the more efficient you get with building Gen 2 and upsizing that equipment, actually, the more capacity you can put on each site. And so when we talked about Augusta hosting 8 lines, I think it will be able to do 8 lines potentially 8 Gen 2 lines. We have to work the math. But I think that with Augusta, Antwerp, Thailand and also with our partners up in Japan with Mitsumi company, I mean, all of those sites are perfect for expanding into. And I think that you'll naturally see us start to do that with the Gen 2s in the future.

不過有一件有趣的事會發生，我在電話會議上沒有談到，但其中一件會發生的事是：實際上，一座造價5億美元的第二代（Gen 2）所需的占地規模，甚至跟Ironton所需的占地差不多。會稍微大一點。我的意思是，會膨脹一些。但當你開始談每個場址能放多少產能時，像是你在建造第二代（Gen 2）並把設備放大（upsizing）方面越有效率，實際上每個場址就能放進更多產能。因此，當我們談到奧古斯塔可容納8條產線時，我認為它有可能做到8條產線，潛在是8條第二代（Gen 2）產線。我們得把數學算清楚。但我認為，奧古斯塔、安特衛普（Antwerp）、泰國，以及我們在日本與Mitsumi公司的合作夥伴——我的意思是，所有這些場址都非常適合擴建。而且我認為你會很自然地看到我們未來開始用第二代（Gen 2）去做這件事。

Got it. That's helpful. And just as a quick follow-up here. So, what are your plans for prioritizing which customers will get capacity at Ironton since you really only need a small percentage of the pipeline that you're engaged with the fully scale before you booked out.

了解。這很有幫助。再快速追問一下。那麼，鑑於你們其實只需要把目前正在接洽的案源（pipeline）中一小部分導入滿載規模，就會把產能排滿（booked out），你們打算如何優先排序哪些客戶能在Ironton取得產能？

Yeah. I mean, look, I mean, we're evaluating that. I mean, quite frankly, we're filling the pipeline first, sell it up, and then we'll make that sell it out, and then we'll make that decision. I think we have a lot of flexibility. What I can tell you is we're leaving ourselves open on contract flexibility. We don't want to get baked into a long-term contract that could restrict us in the future. And so we'll be able to optimize that over time. Typically, polypropylene contracts are one year at a time, and then you renegotiate. And I think that as we build the flexibility, we're going to have the ability to optimize that over time.

是的。我的意思是，你看，我們正在評估這件事。坦白說，我們會先把案源（pipeline）填起來、把它賣上去，然後把它賣完（sell it out），再做那個決定。我認為我們有很大的彈性。我可以告訴你的是，我們在合約彈性上會保留空間。我們不想被綁死在可能在未來限制我們的長期合約裡。因此我們將能隨時間推移去最佳化。通常，聚丙烯（polypropylene）合約是一年一期，之後再重新談判。我認為，隨著我們建立彈性，我們會有能力隨時間推移持續最佳化。

This concludes the question-and-answer session. I'd like to turn it back to CEO, Dustin Olson for closing remarks.

問答環節到此結束。我想把時間交回給執行長Dustin Olson做結語。

Yeah. Look, I appreciate everybody dialing in on a late day today. We've had a lot of prepared remarks. I know there's a lot that you're going to have to go through. We are always very available for your questions. So sleep on it tonight, calls back tomorrow and we'll do more. I think you can tell from our comments how excited we are and how confident we are about 2026. So buckle up, enjoy the ride. 2026 will be a great year for PureCycle. Thanks, everybody.

好的。你看，我很感謝大家在今天這麼晚的時間撥入參與。我們準備了很多事先的說明。我知道你們還有很多內容需要消化。我們一向都很願意回答你們的問題。所以今晚先想一想，明天再打電話回來，我們可以再多聊。我想你們從我們的評論中可以看出，我們對2026年有多麼興奮、也有多麼有信心。所以繫好安全帶，享受這段旅程。2026年將會是PureCycle很棒的一年。謝謝大家。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝各位參與今天的電話會議。本次議程到此結束。您現在可以掛線。