Origin Materials announced its third quarter 2025 financial results and new financing. The company reported a significant revenue miss but secured new capital and maintained its long-term growth guidance.

During Q3 2025, Origin reported revenue of $4.7 million, down from $8.2 million in the prior year, mainly due to the planned end of its legacy supply chain activation program. As of September 30, 2025, cash, cash equivalents, and marketable securities totaled $54.3 million.

The company reaffirmed its 2026 revenue guidance of $20 million to $30 million and 2027 guidance of $100 million to $200 million, expecting to reach adjusted EBITDA run-rate breakeven in 2027.

Origin secured a convertible debt facility with an initial $15 million and potential for up to $90 million, plus a term sheet for an additional $20 million in equipment financing.

"Today’s financing strengthens our balance sheet and fuels the scale-up of PET cap production to meet forthcoming volume orders,” said John Bissell, Origin CEO and Co-Founder. “We remain on track with our CapFormer deployment schedule, building sales momentum globally and advancing customer qualifications across North America, Europe, South America, and Asia.”

Origin continues to commercialize its PET closures, claiming a technological lead over traditional HDPE and polypropylene caps. The company’s platform offers enhanced recyclability, superior oxygen and CO2 barrier performance, optimized closure diameter, reduced thickness, premium rigidity, recycled content usage, and optical clarity. Recent tests on impact resistance and multi-day heated stress exceeded performance targets, with production trials expected to consolidate these features into a single cap design.

Commercial traction is emerging. Berlin Packaging has placed its first order, and Origin has showcased its PET caps at international beverage and plastics industry conferences. The company is pursuing a “water first” strategy, starting with flat water and expanding into pressurized water, carbonated soft drinks, and other formats.