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Midas Edge

PureCycle Technologies Inc

For the period ended Sep 30, 2024. Filed Nov 15, 2024.

View on SEC.gov

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 15, 2024

PCT$2.06+23.7%Stored close · as of Nov 9, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits
Contents

Condensed Consolidated Balance Sheets as of September 30, 2024 (Unaudited) and December 31, 2023

CONDENSED CONSOLID ATED BALANCE SHEETS

ASSETS
(Unaudited)
(in thousands)September 30, 2024December 31, 2023
CURRENT ASSETS
Cash and cash equivalents$83,673$73,411
Debt securities available for sale—48,226
Restricted cash – current24125,692
Inventory6,6204,791
Prepaid expenses and other current assets10,96210,525
Total current assets101,496162,645
Restricted cash – non-current9,739203,411
Prepaid expenses and other non-current assets4,8354,772
Operating lease right-of-use assets27,31829,799
Property, plant and equipment, net645,389638,746
TOTAL ASSETS$788,777$1,039,373
LIABILITIES AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable$2,333$2,881
Accrued expenses29,59335,391
Accrued interest5,4278,190
Current portion of warrant liability9,051—
Current portion of long-term debt10,8399,148
Current portion of related party bonds payable1,040—
Total current liabilities58,28355,610
NON-CURRENT LIABILITIES
Deferred revenue5,0005,000
Long-term debt, less current portion255,031467,708
Related party bonds payable74,427—
Related party note payable—39,696
Warrant liability104,39222,059
Operating lease right-of-use liabilities25,46227,253
Preferred stock liability15,270—
Put option liability7,333—
Other non-current liabilities2,1631,811
TOTAL LIABILITIES$547,361$619,137
COMMITMENT AND CONTINGENCIES——
STOCKHOLDERS' EQUITY
Common Stock - $0.001 par value, 450,000 shares authorized; 173,494 and 164,279 shares issued and outstanding as of September 30, 2024 and December 31, 2023173164
Preferred stock - $0.001 par value, 25,000 shares authorized; 50 and no shares issued and outstanding as of September 30, 2024 and December 31, 2023——
Additional paid-in capital809,996764,344
Accumulated other comprehensive income (loss)(55)(32)
Accumulated deficit(568,698)(344,240)
TOTAL STOCKHOLDERS' EQUITY241,416420,236
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$788,777$1,039,373

CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE LOSS

Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
(in thousands except per share data)
Costs and expenses
Operating costs$16,965$17,053$60,379$36,037
Research and development1,5441,5924,9404,917
Selling, general and administrative12,78912,95844,88339,063
Total operating costs and expenses31,29831,603110,20280,017
Interest expense14,56711,50041,67616,183
Interest income(414)(2,867)(4,530)(6,377)
Change in fair value of warrants44,899(48,817)54,532(17,669)
Loss on debt extinguishment——21,214—
Other expense289511,364526
Total other expense59,341(40,133)114,256(7,337)
Loss before income taxes(90,639)8,530$(224,458)$(72,680)
Provision for income taxes————
Net Loss$(90,639)$8,530$(224,458)$(72,680)
Loss per share
Basic$(0.54)$0.05$(1.36)$(0.44)
Diluted$(0.54)$0.03$(1.36)$(0.45)
Weighted average shares of common stock
Basic166,513164,018165,224163,783
Diluted166,513165,548165,224163,980
Other comprehensive income
Cumulative translation adjustment$(66)$—$(41)$—
Unrealized gain on debt securities available for sale—(7)18634
Total comprehensive loss$(90,705)$8,523$(224,481)$(72,046)

CONDENSED CONSOLIDATED STATE MENTS OF STOCKHOLDERS’ EQUITY

Common Stock
(in thousands)SharesAmountAdditional paid-in capitalAccumulated other comprehensive (loss) incomeAccumulated deficitTotal stockholders' equity
Balance, December 31, 2023164,279$164$764,344$(32)$(344,240)$420,236
Options exercised16—92——92
Share repurchase(99)—(598)——(598)
Equity-based compensation41612,681——2,682
Unrealized gain on available for sale debt securities———18—18
Cumulative translation adjustment———16—16
Net loss————(85,607)(85,607)
Balance, March 31, 2024164,612$165$766,519$2$(429,847)$336,839
Share repurchase(14)—(97)——(97)
Equity-based compensation148—3,072——3,072
Cumulative translation adjustment———9—9
Net loss————(48,212)(48,212)
Balance, June 30, 2024164,746$165$769,494$11$(478,059)$291,611
Issuance of common stock8,529838,102——38,110
Share repurchase(87)—(483)——(483)
Equity-based compensation306—2,883——2,883
Cumulative translation adjustment———(66)—(66)
Net loss————(90,639)(90,639)
Balance at September 30, 2024173,494$173$809,996$(55)$(568,698)$241,416
Common Stock
(in thousands) · Shares · Amount · Additional paid-in capital · Accumulated other comprehensive (loss) income · Accumulated deficit · Total stockholders' equity
Balance, December 31, 2022163,550$164$753,885$(641)$(242,525)$510,883
Share repurchase(48)—(277)——(277)
Equity-based compensation169—2,166——2,166
Unrealized gain on available for sale debt securities———641—641
Net loss————(25,842)(25,842)
Balance, March 31, 2023163,671$164$755,774$—$(268,367)$487,571
Share repurchase(9)—(27)——(27)
Forfeiture of restricted stock(1)—————
Equity-based compensation135—3,252——3,252
Unrealized loss on available for sale debt securities—
Net loss————(55,368)(55,368)
Balance, June 30, 2023163,796$164$758,999$—$(323,735)$435,428
Share repurchase(78)—(818)——(818)
Equity-based compensation341—3,285——3,285
Unrealized loss on available for sale debt securities———(7)—(7)
Net income————8,5308,530
Balance, September 30, 2023164,059$164$761,466$(7)$(315,205)$446,418
ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.