PureCycle Technologies Inc
For the period ended Dec 31, 2023. Filed Mar 6, 2024.
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FY2023 · Filed Mar 6, 2024
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
| Years ended December 31, | |||
|---|---|---|---|
| (in thousands) | 2023 | 2022 | 2021 |
| Cash flows from operating activities | |||
| Net loss | $(101,715) | $(84,746) | $(77,502) |
| Adjustments to reconcile net loss to net cash used in operating activities | |||
| Equity-based compensation | 11,829 | 10,840 | 22,636 |
| Fair value change of warrants | (33,824) | 5,842 | 1,476 |
| Depreciation expense | 15,935 | 3,613 | 2,281 |
| Amortization of debt instrument discounts and debt issuance costs | 4,893 | 1,004 | 2,612 |
| (Accretion) amortization of (discount) premium on debt securities | (805) | (432) | 584 |
| Operating lease amortization expense | 2,923 | 1,596 | — |
| Deferred taxes | 650 | — | — |
| Other, net | — | — | 128 |
| Changes in operating assets and liabilities | |||
| Prepaid expenses and other current assets | (8,873) | (2,171) | (2,265) |
| Prepaid expenses and other non-current assets | 711 | 52 | (2,645) |
| Accounts payable | 418 | 85 | (293) |
| Accrued expenses | 4,045 | 1,201 | (9,320) |
| Accrued interest | 11,207 | — | 2,801 |
| Deferred revenue | — | — | 5,000 |
| Operating right-of-use liabilities | (2,300) | (2,362) | — |
| Net cash used in operating activities | $(94,906) | $(65,478) | $(54,507) |
| Cash flows from investing activities | |||
| Purchase of property, plant, and equipment | (153,899) | (287,189) | (137,388) |
| Purchase of debt securities, available for sale | (57,575) | (192,388) | (229,183) |
| Maturity of debt securities, available for sale | 21,000 | 188,509 | 37,800 |
| Sale of debt securities, available for sale | 88,371 | 72,681 | 23,196 |
| Net cash used in investing activities | $(102,103) | $(218,387) | $(305,575) |
| Cash flows from financing activities | |||
| Proceeds from issuance of convertible notes | 225,000 | — | — |
| Proceeds from related party note payable | 38,000 | — | — |
| Proceeds from equipment lease financing | 22,101 | — | — |
| Convertible notes issuance costs | (6,498) | — | (480) |
| Related party note payable issuance costs | (2,100) | — | — |
| Debt issuance costs | (2,450) | — | (4,067) |
| Payments to repurchase shares | (1,370) | (1,639) | (1,695) |
| Payments on equipment financing | (592) | — | — |
| Other (payments) proceeds for financing activities | (91) | (56) | 147 |
| Proceeds from issuance of common stock | — | 206,071 | 1,000 |
| Proceeds from issuance of warrants | — | 43,929 | — |
| Common stock issuance costs | — | (775) | — |
| Proceeds from ROCH and PIPE financing, net of issuance costs | — | — | 298,461 |
| Net cash provided by financing activities | $272,000 | $247,530 | $293,366 |
| Net increase (decrease) in cash and restricted cash | 74,991 | (36,335) | (66,716) |
| Cash and restricted cash, beginning of period | 227,523 | 263,858 | 330,574 |
| Cash and restricted cash, end of period | $302,514 | $227,523 | $263,858 |
| Supplemental disclosure of cash flow information | |||
| Non-cash operating activities | |||
| Interest paid during the period, net of capitalized interest | $13,862 | $1,300 | $1,495 |
| Non-cash investing activities | |||
| Additions to property, plant, and equipment in accrued expenses | $21,947 | $26,386 | $29,797 |
|---|---|---|---|
| Additions to property, plant, and equipment in accounts payable | $1,592 | $817 | $636 |
| Additions to property, plant, and equipment in accrued interest | $— | $1,424 | $1,424 |
| Non-cash financing activities | |||
| Issuance of common stock on conversion of convertible notes | $— | $— | $61,796 |
| PIK interest on convertible notes | $— | $— | $3,492 |
| Initial fair value of acquired warrant liability | $— | $— | $4,604 |
| PIK interest on related party notes payable | $3,125 | $— | $— |
| Reconciliation of cash, cash equivalents and restricted cash reported in the consolidated balance sheet | |||
| Cash and cash equivalents | $73,411 | $63,892 | $33,417 |
| Restricted cash and cash equivalents - current | 25,692 | 68,850 | 141,855 |
| Restricted cash and cash equivalents - non-current | 203,411 | 94,781 | 88,586 |
| Total cash, cash equivalents and restricted cash | $302,514 | $227,523 | $263,858 |
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