Financial Results and Operations

Origin Materials, Inc. (Nasdaq: ORGN, ORGNW) released its financial results for the fourth quarter and full year ended December 31, 2025, highlighting several critical updates that investors and shareholders should note.

• Net Loss: The company reported a net loss of \$94.5 million for 2025, a substantial negative result driven in part by a significant non-cash impairment charge.
• Non-Cash Impairment: Origin recognized an asset impairment of \$195.6 million, reflecting lowered expectations for the value of certain assets given delays in customer adoption and market conditions.
• Revenue and Expenses: Revenues for 2025 were \$18.9 million, compared to \$31.3 million in 2024. Cost of revenues was \$2.9 million in 2025. R&D expenses, G&A expenses, and other operating costs all contributed to continued operating losses.
• Adjusted EBITDA: The company reported negative adjusted EBITDA, indicating core operations are not yet profitable.
• Cash Position: Cash and cash equivalents were \$56.3 million at year-end 2025, with \$20.5 million in marketable securities, signaling a significant decrease from prior periods.
• Stockholders’ Equity: Fell sharply to \$104.2 million at December 31, 2025, compared to \$338.4 million the prior year.
• Reverse Stock Split: The company completed a 1-for-30 reverse stock split in March 2026, resulting in 5.2 million shares outstanding as of year-end 2025.

Strategic Review and Potential Transformational Actions

The Board of Directors, with the assistance of RBC Capital Markets, is conducting a comprehensive strategic review. The company is actively considering a range of options, including:

• Potential business combinations
• Equity and debt financing
• Divestiture of assets
• Technology licensing
• Other strategic arrangements

Importantly, management has not committed to any specific path, but signals urgency and openness to significant changes that could materially impact shareholder value.

Ongoing Financing Concerns

The company continues to actively seek equipment financing and is in discussions with multiple parties. However, no new capital infusion or financing has been secured as of the report date. The company’s ability to fund ongoing operations and potential growth initiatives remains uncertain and will depend on the outcome of these financing efforts.

Management noted that the “path to maximizing shareholder value will be a combination of sources,” indicating multiple parallel efforts but also underscoring the risk if financing is not obtained in a timely manner.

Customer Adoption and Market Challenges

Management highlighted that “prospective customers remain interested and engaged,” but that customer adoption timelines are longer than initially anticipated. This continues to present a challenge for revenue ramp-up and asset utilization.

The company also warned that some customers may overstate their demand, and actual revenue realization may be lower or slower than indicated by expressions of interest.

Guidance and Non-GAAP Measures

The company did not provide traditional forward guidance, citing uncertainty and variability in reconciling items such as stock-based compensation. Management disclosed that a reconciliation of non-GAAP run-rate Adjusted EBITDA to GAAP is not available without unreasonable effort.

Investors are advised to consider the limitations of non-GAAP figures and to weigh all risks and uncertainties inherent in the current business environment.

Price-Sensitive and Shareholder-Relevant Issues

• The \$195.6 million non-cash impairment is a major negative development, reflecting reduced expectations for asset value.
• Ongoing strategic review could lead to transformative transactions, including mergers, sales, or technology licensing, any of which could significantly impact share value.
• Persistent uncertainty around securing new financing raises going concern risks and could pressure the stock price if not resolved favorably.
• Substantial decrease in stockholders’ equity and cash balances further amplifies financial risk.

Upcoming Events

• Company management will hold a webcast and conference call on March 27, 2026, at 5:00 p.m. Eastern Time to discuss the financial results in more detail.
• Investors can access the webcast via the Investor Relations section of the company’s website: https://investors.originmaterials.com/