Origin Materials, Inc.

Good afternoon, and welcome to the Origin Materials Fourth Quarter 2025 Earnings Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to Matt Plavin, CFO and COO. Please go ahead.

Good afternoon, and thank you everyone for joining us. Speaking first today is Origin's CEO and co-founder, John Bissell, followed by myself, Matt Plavin. Then we will 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 has issued its 2025 fourth quarter and full year press release. It 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 upon 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 revisions 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 annual report on Form 10-K. 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 on the investor relations section of our company website. With that, I'll turn the call over to John.

Thank you, Matt. Good afternoon. Last year was a challenging one for Origin, but also brought meaningful progress. Our commercialization journey has taken longer than we initially anticipated, which has had a negative impact on our stock price. However, today we are sharing that this month we're delivering the latest iteration of Origin PET caps to multiple world-class beverage brands, with approximately 30 key prospects in our pipeline receiving and evaluating our latest design. The new cap design incorporates feedback from household name beverage brands, Origin's internal testing of these caps demonstrates market improvement in seal performance and impact resistance in a single design, meeting industry benchmarks for pressurized water applications on key test metrics such as ball impact and heated stress testing. Customer qualification processes for these new caps are now underway, and we anticipate related customer announcements pending the completion of successful qualifications with timelines varying depending on customer requirements. For those new to Origin, our technology platform produces what we believe are the only commercially scalable PET bottle 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 light weighting, rigidity for a premium feel, use of recycled content, and optical clarity. Our innovation stands to be transformative for the packaging industry. Turning now to financing. To strengthen our financial position in November 2025, we announced a convertible debt facility with an initial tranche of 15 million in cash with the option to raise additional capital for up to 90 million total. We also announced the execution of a non-binding term sheet for $20 million of equipment financing. To date, however, due to the significant decline in our stock price since securing the convertible debt facility, we have been able to make only limited use of the equity payment feature of this facility to service the outstanding debt at reasonable conversion values, which we had originally intended to do in order to preserve our cash for operations. Servicing the outstanding debt with cash has had and will continue to have an adverse impact on our liquidity. Also, at recent stock prices, we do not meet the minimum equity requirements for additional capital draws from this facility. Further, the aforementioned non-binding term sheet did not progress to a definitive agreement because the lender made material reductions to the valuation assumptions underlying the debt financing. As a result, absent near-term financing and reductions in operating expenses, including reductions in force, to extend our planned operations, we currently estimate that our existing cash and cash equivalents will allow us to continue our planned operations into the third quarter of 2026. Therefore, we are intensifying our focus on potential strategic arrangements that we believe could help accelerate value creation from our technology for the benefit of our shareholders, including a potential business combination, equity and debt financing, divestiture of assets, technology licensing, and other arrangements. Despite challenging business conditions and customer adoption timelines longer than we initially anticipated, our prospective customers remain interested and engaged. These companies consume billions of caps per year, and the latest cap designs reflecting modifications which our customers requested are now in their hands undergoing testing. On the commercialization front, we are executing our water-first go-to-market strategy within the $65 billion global closures market. In August 2025, the first products with Origin PET caps went onto store shelves in California, a milestone for PET cap market acceptance. We've also made significant progress developing our distribution network for PET caps. In March 2026, Origin announced HP Embelligens as strategic distributor for sustainable PET bottle caps. HP Embelligens is a major Brazilian packaging company serving world-renowned brands such as Nestle, Ferrera Rocher, Natura, and Johnson & Johnson. The relationship complements Origin's strategic partnerships with Berlin Packaging and Matrix Battling Group, announced in August 2025 and February 2026, respectively, and supports Origin's ability to access markets and distribute PET caps globally. Acquisition of premium water customers is expected to continue throughout 2026. Finally, for PET cap production capacity, Origin's cap former line build out in 2026 entails six lines already fully procured and projected to be installed by end of year. With that, I'll hand it over to Matt, who will discuss the company's financial performance metrics.