PureCycle Technologies, Inc.
For the period ended Dec 31, 2025. Filed Feb 26, 2026.
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FY2025 · Filed Feb 26, 2026
PCT$2.13+3.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Year Ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2025 | 2024 | 2023 |
| Cash flows from operating activities | |||
| Net loss | $(182,565) | $(289,136) | $(101,715) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Equity-based compensation | 14,935 | 11,653 | 11,829 |
| Depreciation expense | 29,120 | 31,320 | 15,935 |
| Loss on disposal of equipment | 3,932 | — | — |
| Write-down of long-lead equipment | 15,070 | — | — |
| Operating lease amortization expense | 4,546 | 3,388 | 2,923 |
| Amortization of debt issuance costs and debt discounts | 23,762 | 16,618 | 2,534 |
| Loss on extinguishment of debt | 4,394 | 21,214 | — |
| Change in fair value of warrants | (61,742) | 71,610 | (33,824) |
| Change in fair value of derivative | (3,443) | (1,894) | — |
| Deferred taxes | 970 | (79) | 650 |
| Other | 794 | 427 | 1,554 |
| Changes in operating assets and liabilities | |||
| Accounts receivable | (2,007) | — | — |
| Inventory | (1,283) | (3,295) | (4,476) |
| Prepaid expenses and other current assets | (232) | (3,220) | (4,397) |
| Prepaid expenses and other noncurrent assets | (273) | 220 | 711 |
| Accounts payable | 2,537 | 4,777 | 418 |
| Accrued expenses and other current liabilities | 8,274 | (4,375) | 4,045 |
| Accrued interest | 4,285 | (1,136) | 11,207 |
| Operating lease right-of-use liabilities | (3,814) | (2,918) | (2,300) |
| Net cash used in operating activities | (142,740) | (144,826) | (94,906) |
| Cash flows from investing activities | |||
| Purchase of property, plant and equipment | (40,847) | (55,584) | (153,899) |
| Purchase of debt securities, available for sale | (13,621) | (30,586) | (57,575) |
| Sale and maturity of debt securities, available for sale | — | 79,161 | 109,371 |
| Net cash used in investing activities | (54,468) | (7,009) | (102,103) |
| Cash flows from financing activities | |||
| Proceeds from issuance of Series B Convertible Perpetual Preferred Stock | 300,000 | — | — |
| Proceeds from issuance of Series A Preferred shares, inclusive of put option | — | 21,840 | — |
| Proceeds from issuance of Common Stock | 33,462 | 38,203 | — |
| Proceeds from issuance of revenue bonds to third parties | 16,808 | 8,000 | — |
| Proceeds from issuance of revenue bonds to related parties | 20,095 | 40,000 | — |
| Payments on related party revenue bonds | (10,355) | (980) | — |
| Payment to purchase revenue bonds | — | (253,230) | — |
| Proceeds from revolving credit facility and related party note payable | 14,900 | — | 38,000 |
| Payments on revolving credit facility and related party note payable | (14,900) | — | — |
| Proceeds from issuance and exercise of warrants | 6,616 | 30,050 | — |
| Proceeds from equipment lease financing | — | 12,932 | 22,101 |
| Payments on equipment lease financing | (28,722) | (5,501) | (592) |
| Debt and preferred stock issuance costs | (8,720) | (1,119) | (11,048) |
| Payments to repurchase shares | (4,928) | (1,618) | (1,370) |
| Proceeds from convertible note offering | — | — | 225,000 |
| Other net payments for financing activities | (525) | 2,255 | (91) |
| Net cash provided by/(used in) financing activities | 323,731 | (109,168) | 272,000 |
| Net increase/(decrease) in cash and cash equivalents and restricted cash | 126,523 | (261,003) | 74,991 |
| Cash and cash equivalents and restricted cash, beginning of period | 41,511 | 302,514 | 227,523 |
| Cash and cash equivalents and restricted cash, end of period | $168,034 | $41,511 | $302,514 |
| Supplemental disclosure of cash flow information | |||
| Operating activities | |||
| Interest paid during the period, net of capitalized interest | $36,111 | $42,353 | $13,862 |
| Non-cash investing activities | |||
| Additions to property, plant, and equipment in accounts payable and accrued expenses | 24,250 | 33,985 | 23,539 |
| Non-cash financing activities | |||
| PIK dividends on Series B Convertible Perpetual Preferred Stock | 11,324 | — | — |
| PIK interest on Series A Preferred Stock | 4,099 | — | — |
| Carrying value of warrant liability issued to satisfy shareholder loan prepayment penalty | — | 44,386 | — |
| Initial fair value of warrant liability issued to satisfy shareholder loan prepayment penalty | — | 6,802 | — |
| PIK interest on related party note payable | — | 1,938 | 3,125 |
| Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheets | |||
| Cash and cash equivalents | $156,694 | $15,683 | $73,411 |
| Restricted cash - current | 1,984 | 16,656 | 25,692 |
| Restricted cash - noncurrent | 9,356 | 9,172 | 203,411 |
| Total cash and cash equivalents and restricted cash | $168,034 | $41,511 | $302,514 |
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