PureCycle Technologies, Inc.

For the period ended Sep 30, 2026. Filed Nov 4, 2026.

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, 2026 · Filed Nov 4, 2026

PCT$1.67-11.4%Stored close · as of Nov 6, 2026

See the whole filing, with its images and exhibits

Contents

PART I - FINANCIAL INFORMATION Item 1. Financial Statements

(in thousands, except per share data)	September 30, 2026	December 31, 2025
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$109,041	$156,694
Available-for-sale investments	71,369	13,631
Restricted cash – current	3,147	1,984
Accounts receivable, net	4,140	2,007
Inventory	20,212	13,824
Prepaid expenses and other current assets	9,657	9,877
Total current assets	217,566	198,017
NONCURRENT ASSETS
Restricted cash – noncurrent	9,481	9,356
Operating lease right-of-use assets	64,415	54,226
Property, plant and equipment, net	662,032	657,752
Prepaid expenses and other noncurrent assets	2,965	3,315
TOTAL ASSETS	$956,459	$922,666
LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$9,956	$9,247
Accrued expenses and other current liabilities	21,415	42,815
Accrued interest	7,947	7,805
Current portion of warrant liability	13,327	13,682
Current portion of long-term debt	33,723	6,446
Current portion of related party bonds payable	7,830	7,570
Series A Preferred Stock liability	42,159	—
Total current liabilities	136,357	87,565
NONCURRENT LIABILITIES
Deferred revenue	5,000	5,000
Long-term debt, less current portion	310,133	263,355
Related party bonds payable, less current portion	83,701	86,343
Warrant liability, less current portion	16,446	45,149
Operating lease right-of-use liabilities	62,418	52,350
Series A Preferred Stock liability	—	29,606
Other noncurrent liabilities	2,697	2,710
TOTAL LIABILITIES	616,752	572,078
COMMITMENTS AND CONTINGENCIES (NOTE 10)
MEZZANINE EQUITY
Series B Convertible Perpetual Preferred Stock - $0.001 par value, 300 shares issued and outstanding as of September 30, 2026 and December 31, 2025	321,213	304,701
STOCKHOLDERS' EQUITY
Common Stock - $0.001 par value, 450,000 shares authorized; 200,995 and 180,281 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively	201	180
Additional paid-in capital	1,003,680	861,953
Accumulated other comprehensive loss	(654)	(305)
Accumulated deficit	(984,733)	(815,941)
TOTAL STOCKHOLDERS' EQUITY	18,494	45,887
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY	$956,459	$922,666

CONDENSED CONSOLIDATED STATEM ENTS OF COMPREHENSIVE INCOME/(LOSS)

	Three Months Ended September 30,		Nine Months Ended September 30,
(in thousands, except per share data)	2026	2025	2026	2025
Revenues	$2,349	$2,430	$10,988	$5,660
Operating expenses
Cost of operations	30,762	27,224	96,976	81,246
Research and development	1,265	1,471	4,234	4,432
Selling, general and administrative	7,781	12,668	30,366	42,234
Total operating costs and expenses	39,808	41,363	131,576	127,912
Operating loss	(37,459)	(38,933)	(120,588)	(122,252)
Other expense/(income)
Interest expense	14,763	16,235	45,538	48,939
Interest income	(1,969)	(2,850)	(4,343)	(3,850)
Change in fair value of warrants	(58,553)	(23,745)	(29,058)	1,881
Loss on extinguishment of debt	—	—	34,541	—
Other expense/(income), net	1,432	(203)	1,526	(5,444)
Total other (income)/expense	(44,327)	(10,563)	48,204	41,526
Net income/(loss)	$6,868	$(28,370)	$(168,792)	$(163,778)
Earnings/(Loss) per share
Basic	$0.00	$(0.19)	$(0.98)	$(0.95)
Diluted	$0.00	$(0.31)	$(0.98)	$(1.07)
Weighted average common shares
Basic	200,924	180,069	188,622	179,024
Diluted	201,244	184,551	188,622	180,518
Other comprehensive loss
Cumulative translation adjustment	$(6)	$(20)	$(314)	$(329)
Unrealized loss on available-for-sale investments	(16)	—	(35)	—
Total comprehensive income/(loss)	$6,846	$(28,390)	$(169,141)	$(164,107)

CONDENSED CONSOLIDATED STATE MENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

Mezzanine Equity · Stockholders' Equity
Series B Convertible Perpetual Preferred Stock · Common Stock · Additional Paid-in Capital · Accumulated Other Comprehensive Loss · Accumulated Deficit · Total Stockholders' Equity
(in thousands) · Shares · Amount · Shares · Amount
Balance, December 31, 2025	300	$304,701	180,281	$180	$861,953	$(305)	$(815,941)	$45,887
Accrued dividends on Series B Convertible Perpetual Preferred Stock	—	5,313	—	—	(5,313)	—	—	(5,313)
Redemption of Series B Convertible Perpetual Preferred Stock	—	(10)	1	—	10	—	—	10
Warrants exercised	—	—	20	—	230	—	—	230
Share repurchase	—	—	(295)	—	(2,223)	—	—	(2,223)
Equity-based compensation	—	—	834	1	2,543	—	—	2,544
Unrealized loss on available for sale debt securities	—	—	—	—	—	(16)	—	(16)
Cumulative translation adjustment	—	—	—	—	—	(254)	—	(254)
Net loss	—	—	—	—	—	—	(33,441)	(33,441)
Balance, March 31, 2026	300	310,004	180,841	181	857,200	(575)	(849,382)	7,424
Accrued dividends on Series B Convertible Perpetual Preferred Stock	—	5,526	—	—	(5,526)	—	—	(5,526)
Issuance of Common Stock	—	—	19,854	20	153,893	—	—	153,913
Warrants exercised	—	—	1	—	13	—	—	13
Share repurchase	—	—	(22)	—	(295)	—	—	(295)
Equity-based compensation	—	—	191	—	1,962	—	—	1,962
Exercise of stock options	—	—	40	—	287	—	—	287
Unrealized loss on available for sale debt securities	—	—	—	—	—	(3)	—	(3)
Cumulative translation adjustment	—	—	—	—	—	(54)	—	(54)
Net loss	—	—	—	—	—	—	(142,219)	(142,219)
Balance, June 30, 2026	300	315,530	200,905	201	1,007,534	(632)	(991,601)	15,502
Accrued dividends on Series B Convertible Perpetual Preferred Stock	—	5,683	—	—	(5,683)	—	—	(5,683)
Issuance of Common Stock	—	—	—	—	5	—	—	5
Share repurchase	—	—	(53)	—	(279)	—	—	(279)
Equity-based compensation	—	—	143	—	2,103	—	—	2,103
Unrealized loss on available for sale debt securities	—	—	—	—	—	(16)	—	(16)
Cumulative translation adjustment	—	—	—	—	—	(6)	—	(6)
Net income	—	—	—	—	—	—	6,868	6,868
Balance, September 30, 2026	300	$321,213	200,995	$201	$1,003,680	$(654)	$(984,733)	$18,494

Mezzanine Equity · Stockholders' Equity
Series B Convertible Perpetual Preferred Stock · Common Stock · Additional Paid-in Capital · Accumulated Other Comprehensive Income/(Loss) · Accumulated Deficit · Total Stockholders' Equity
(in thousands) · Shares · Amount · Shares · Amount
Balance, December 31, 2024	—	$—	173,566	$174	$813,573	$78	$(633,376)	$180,449
Issuance of Common Stock	—	—	4,091	4	33,148	—	—	33,152
Warrants exercised	—	—	1,511	1	14,216	—	—	14,217
Share repurchase	—	—	(187)	—	(1,697)	—	—	(1,697)
Equity-based compensation	—	—	554	1	3,353	—	—	3,354
Cumulative translation adjustment	—	—	—	—	—	(94)	—	(94)
Net income	—	—	—	—	—	—	8,832	8,832
Balance, March 31, 2025	—	—	179,535	180	862,593	(16)	(624,544)	238,213
Issuance of Series B Convertible Perpetual Preferred Stock	300	293,475	—	—	—	—	—	—
Accrued dividends on Series B Convertible Perpetual Preferred Stock	—	583	—	—	(583)	—	—	(583)
Issuance of Common Stock	—	—	—	—	155	—	—	155
Share repurchase	—	—	(105)	—	(1,103)	—	—	(1,103)
Equity-based compensation	—	—	406	—	6,411	—	—	6,411
Reclassification of warrant liability to equity	—	—	—	—	233	—	—	233
Cumulative translation adjustment	—	—	—	—	—	(215)	—	(215)
Net loss	—	—	—	—	—	—	(144,240)	(144,240)
Balance, June 30, 2025	300	294,058	179,836	180	867,706	(231)	(768,784)	98,871
Accrued dividends on Series B Convertible Perpetual Preferred Stock	—	5,344	—	—	(5,344)	—	—	(5,344)
Series B Convertible Perpetual Preferred Stock issuance costs	—	(98)	—	—	—	—	—	—
Issuance of Common Stock	—	—	—	—	155	—	—	155
Warrants exercised	—	—	106	—	1,751	—	—	1,751
Share repurchase	—	—	(126)	—	(1,727)	—	—	(1,727)
Equity-based compensation	—	—	375	—	2,903	—	—	2,903
Cumulative translation adjustment	—	—	—	—	—	(20)	—	(20)
Net loss	—	—	—	—	—	—	(28,370)	(28,370)
Balance, September 30, 2025	300	$299,304	180,191	$180	$865,444	$(251)	$(797,154)	$68,219

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