Origin Materials, Inc.

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials third quarter 2025 earnings call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. To join the question queue, you may press star, then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator by pressing star and zero. At this time, for opening remarks and introductions, I will turn the call over to Ryan Smith, co-founder and chief product officer. Please go ahead.

Thank you. Good afternoon and thank you for joining us, everyone. Speaking first today is Origin CEO and co-founder John Bissell, followed by CFO and CEO Matt Plavin. Then we'll open the call to questions from analysts and discuss questions submitted as part of this quarter's Ask Origin campaign. Ahead of this call, Origin is issued its 2025 third quarter press release and presentation. These can be found on the investor relations section of our website at originmaterials.com. Please note that during our discussion today, we will be making forward-looking statements based on current expectations and assumptions, which are subject to risks and uncertainties. These statements reflect our views as of today, should not be relied upon as representative about views of any subsequent date, and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from expectations. For further discussion on the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including our quarterly report on Form 10-Q filed today. During today's call, we will discuss non-GAAP financial measures, which we believe are useful as supplemental measures of origin materials performance. These non-GAAP measures should be considered in addition to and not as substitutes for or in isolation from GAAP results. You will find additional disclosures regarding the non-GAAP financial measures discussed on today's call in our press release issued this afternoon and our filings with the SEC, which will be posted to our website. The webcast of this call will also be available in the investor relations section of our company website. And with that, I will turn the call over to John.

Thank you, Ryan. Good afternoon. Today, we are announcing financing that strengthens our balance sheet and provides access to additional capital that can be staged according to our manufacturing capacity build-out. This financing fuels the scale-up of PET cap production. Our financing is composed of debt financing, both equipment-backed and corporate-level debt, with the flexibility to optimize cash management and cost of capital by optionally servicing the debt with equity. Following our evaluation of multiple corporate financing structures over the past couple of quarters, we have executed a secured convertible debt facility with an initial close of $15 million in cash by the end of the month, with the capacity for additional tranches up to a total of $90 million, as needed to maintain a healthy cash flow and to fund growth. During the third quarter, we evaluated a number of term sheets for cap former equipment financing and From those in the fourth quarter added 20 million U.S. in equipment-backed financing capacity, bringing our total equipment financing capacity to approximately $30 million. We believe the funding from these two sources will enable us to continue to keep pace with our manufacturing build-out and to serve the forthcoming volume orders pursuant to qualification. For those new to Origin, we are making a big difference with a small cap and the technology behind it. Our technology platform produces what we believe are the only commercial-ready PET caps, as opposed to the HDPE and polypropylene caps, which today dominate the over $65 billion closures market. Our platform excels in seven areas, recyclability, oxygen and CO2 barrier, enabling shelf-life extension, closure diameter, which enables more economic large-format production, thickness, which enables lightweighting, rigidity for a premium feel, use of recycled content, and optical clarity. Our innovation stands to be transformative for the packaging industry. In addition to achieving key financing milestones this year, we continue to execute our operating plan. Our CAP former deployment schedule is on track, and we are maintaining our related guidance. As such, we continue to expand PET-CAP production capacity in accordance with our revenue growth strategy. We remain on track for completing factory acceptance testing through CatFormer Line 6 by the end of 2025. To optimize capital deployment, Line 7 and Line 8 startup could extend into Q1 2027, updated from Q4 2026. On the commercialization front, we are executing our water-first go-to-market strategy with line-of-sight to our revenue targets in 2026. Last quarter in California, we put our closures on what we believe are the only beverage products on the market with PET caps. Since then, we've built sales momentum globally, marketing our products in North America, Europe, South America, and Asia, and bolstering our customer pipeline in accordance with our water-first growth strategy. In recent months, our sales team displayed PET caps at key international conferences for the plastic parts and beverage industries. and it is clear that Origin holds a strong lead in PET cap commercialization. Water customer demand is strong, growing, and provides a path on the way to CSD sales. More than half of the water brands in Origin's customer qualification funnel are also potential CSD customers. This quarter, our customer Berlin Packaging placed its first order, which we are now in the process of fulfilling. Berlin Packaging is a respected market leader and represents a sales and distribution partner for Origin. Berlin's broad and deep distribution footprint not only extends our market reach for H81, but opens the door for all our forthcoming formats across Clojure applications globally. You can find more about our Berlin packaging relationship in our August 2025 press release. We extended our technology lead this quarter by making significant progress with two priority challenges, impact resistance, and multi-day heated horizontal stress testing. Amongst separate cap designs, we successfully exceeded performance requirements for both of these tests. In upcoming production trials, we expect to consolidate these features into a single cap design. With that, I'll hand it over to Matt, who will discuss the quarter's financing and strategic highlights and provide a review of our expected near-term financial performance.