Origin Materials (ORGN) 29 Feb 242023 Q4 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials Fourth Quarter and Full Year 2023 Earnings Call. [Operator Instructions] The conference is being recorded. [Operator Instructions] At this time, for opening remarks and introductions, I would like to turn the call over to Matt Plavan, CFO. sir. ahead, go Please

afternoon, thanks Good joining everyone, you. for and us. Thank

found and based be consist views current After Rich representative today Co-Founder, upon will presentation, today. myself. discuss are open These fourth of some assumptions, which and questions statements obligation is not Origin our analysts to first our part Origin questions Riley. about statements we of reflect and subsequent hear will should and relied call full forward-looking subject today, date, John expectations originmaterials.com. Please risks and uncertainties. any be and its These release undertake to refer we to as no XXXX at quarter the our Origin's the actual during section views release which or and of on as materially submitted issued today of subject of light that expectations. to and revisions Speaking and forward-looking Relations Co-CEO these will campaign. Ahead Co-CEO, future He has press revise of from call, we will website will of by Investor of on of be any cause can differ year the in to Bissell discussion information what our of variety risks a These could statements statements or to results events. are as to you that, new Ask results followed that this uncertainties from note publicly

be on please annual with Form which more filed the will refer information, SEC, report filings X. our March Monday, our For XX-K, to including

measures, supplemental be of substitutes for, will performance. non-GAAP Origin measures useful believe GAAP should or to, we are results. we call, as which today's measures from not isolation in discuss addition Materials' These non-GAAP in and considered financial During as

will the non-GAAP this regarding SEC, section on and our financial find measures release with issued the today's filings over The will website. With on be Investor our webcast be call posted afternoon company our turn I to the in the Rich. this press available additional website. that, Relations discussed also will which to call our disclosures will You call of of

Good you and thank Matt. you, afternoon, us. joining for Thank everyone,

profitability, and a for and cash and quarter other these coupled caps all-PET billion equity achieve or securities. profitability capital cost could over now XXXX expected a less gross $XX research we and was to runway an pleased is With ended market. the greatest we over targeting profit beginning begin growth maintaining which of and than Origin's the the healthy global begin an that will closures at initiative announced projects a after capital. We all-PET we Furthermore, cash progress expectations the and $XX generation with path for caps not and business, great with forecast within equity generation Origin significant trajectory squarely year, to months. included in expected owing cash defer the to initiatives materials. manufacturing equivalents a by XX XXXX to years to of construction. the on profitability. Indeed, for and million, our solution closures $XXX platform These anticipate Having derisk highly technology. require in to our of mission a one solid technology results, development of a in milestone quietly transitioning Origin, conversion sustained programs Origin opportunities cash seizing and the in with path our as August and XXXX our a longer-term progress scale-up for additional near-term million revenue our the and caps net to cash raise several For closures support hence, reduction gross profitability. Origin of a from XXXX our key we program $XX material packaging. watershed momentum commencement next expenses to to million burn Origin's of cash have scalability expectation profit the initiatives, XXXX outgrowth differentiated the that on We caps to This significantly extend business, cash for transformative efforts. to our program, business today, XXXX. commercialization hard-to-recycle into million business sustainable production floor revenue entirely to the plant initiatives the the initiatives, fourth revenue-generating is on just related burn are is our are in and prioritized recycle strong and $XX X, improving as need way on led these announce natural conversion independent the sustained we to are of thereafter, eliminate developing closures biomass polymer for this that biomass of our with transition easy marketable due which the of we meaningful primarily contribution made between Expected minimum strong be to anticipated in generate with expertise This an

for possible better caps cap polypropylene container. of than PET, XXX% can HDPE something a today's with from achieved. Origin's expected the with to are They but circularity. caps designed market be to scalable recycled cost-competitively with type improve and has PET product PET and to never life, shelf ways any PET that first industry closures and long are sought perform in positioned making made are cap, be We commercially to produced they

enables development caps our commercialization and improving excellent technology producing plastic our business For equipment, to continues variety third make containers, lightest waste sustainability. This of We completed the run hour. cap, scale a successfully thousands production per wide progress. of on reducing manufacturing

product standards, passed that and performance meets we exceeds consumer Our tests, validating preliminary conducted or testing. initial have third-party industry

with Origin's our Origin demonstrated and are billions year. There we the X and of with leverage caps leading be multiple now of collectively that caps alignment all-PET dependent on for closures, with on from extensive Origin revenue details production development applications move intellectual provided and sustainability organizational depth other across knowledge materials enabled strong X strength, these solution. procurement, and or not forward And and conducted at intent as marketing at generating have Origin new but these expertise, of phase per letter consume are by near-term applications, produced to application plants. development progresses. property Like diligence technologies, of These Origin. using technologies Origin's further partners companies chemical sale, capable tens potential R&D, Our with are CPG of to

X, for technology launching strategy asset-light are we scale-up. Origin an Regarding core

remained to Beyond a Origin Origin's conversion With substantial capital, partnership with enhancing are of construction respect ways it technology by and to Customer our to that, deploy other of portion intend we X, I'll $XX scale as in demand strong, companies. to the total strategic expected be our significantly, biomass can our over offtake to agreements John. turn partners major billion. With technology. we with potential costs optionality our reduced reflected capacity provide reservations in excess

strong. project Origin for rates our biomass to strategy. begin everyone. Notwithstanding good Rich's the capital setbacks the supply and remains interest due construction conversion by chain experienced regarding inflation, technology years commentary afternoon, on Rich, few and asset-light over past X the higher building demand and I'll our you, industry-wide Thank shocks,

partners other and defray Origin. portion economic synergies, provide separating scale for brownfield as is the extractives and with as costs to which agility in headwinds, conversion midst is and in borne accelerating be will primary our deal our intensity design natural the range I continue and us become and intend as those explore for to execution partner plant finalize to would to and Thus, prioritization, team's exclusively updates we a the revised am execution path that Louisiana, risk, that substantial particularly be which with time. a the our such, to to proud on best some phasing reduce Asia we Timelines, business allows greater for to of commercialize provided front-end As construction. Doing in partnership caps Geismar, QX reflected the otherwise which oils companies to with first and structure, of scale-up of these optimize closures locations, to closures flexibility large a respect costs, escalation expectation capital innovation asset-light of industry-wide on caps during capital in as be well partnerships. well project depend biomass inflated our of including biofuel costs potential technology forecasts project industry-wide scenarios the by to our demand continued deliver strategy. Accelerating major profitability, with we expected significantly strategic our as significantly phase of the engineering capital given OrginX, for technology so received and production can will implement project scenarios XXXX, capital the for our lower as

of the variety biomass Regarding multiple to and explore we plant scale-up conversion continue a engage sites. of technology, to potential with evaluate parties brownfield our designs

joint perform various that to strategic development testing our with generate influence work funded feedstocks We including continue strategy. our optimizing could to partners, information and scale-up

materials preparation is as Origin at to formulation biomass foremost Origin are conversion for an first Regarding Canada, Ontario, customer used expected. to report X, it Origin's asset pleased including in support market plant, demonstrating is Sarnia, scale-up. that technology progress Origin and in is The we and X located development, testing

highly be plant safety further on as we in focused we the of up. at support and to training, can much running rates While appropriate scale as continuing learn to are tech

to and these utility unit future will scale we heat batches, filters, continue As as inform such we various technology information the prove reactors, systems, pumps, at exchangers activities run that gathering out designs. operations from

HTC. stage to produce early standard chemistry This when practice and us for ops, which is are operations, this CMF enabling and cornstarch processes. new our technology unit feedstock of During using to industry on allows we focus plant

activities. months wood partners the X introduce handling to engaged we expect in remain as associated in collaborate supply development Origin We with chain Strategic market ahead.

the Committee X of our her our of industry company the has of as Lastly, Karen we Board. Board concludes, Chair, a the senior Karen years, exemplary our Karen the for Board current X, Richardson's Karen announced Board Plavan Today, thank her world-class X, the as recruitment XXXX, Tripeny, as as term continues experts, we Richardson Tony May OrganX have Audit and Concurrently, served served from retirement advanced Matt effective Board built platform, as service. supported X. her started succeed technology who Chairman March and Chairman CFO. will Board to on we Directors up with since for evolve. has enhanced of of the leadership

incredibly operational and technology manufacturing, in experience material are have significant Chair Tony, to background over fortunate strategy the industries, of X science international decades of to and a the knowledge M&A position, corporate finance. who We brings extensive and

leading innovator more than held material revenue, global various a During Financial Tony finance, and Corning, XX-year in science leadership his in annual accounting career roles with progressive including $XX Officer. billion with corporate in Chief

thank Fortune Hickox the cutting edge advising the a sustainability, audit corporate who John of Committee forward We Tony, He a and governance clients and in Audit the we to Tony, look economically spans Americas John. And Governance I'll of to a has has has to strategy, XX serve corporate X areas Practice. member again on will & and Corporate on packaging addition, partner stewardship, our term Chairman and the on reporting Board profit KPMG career including responsible past and industry advisory as and auditing, In seamless servicing appointed turn to been to over John himself of her XX Chair, finally, having risk a focusing Welcome, clients, it role. With strong as including Matt. years for executive these Karen Committee. been succeeding distinguished Young, to and leadership internal leadership. KPMG of during maximization. midrange successor an would the Nominating spearheaded FP&A, like and sustainability, for her regulatory His years. public proved SOX, was outstanding in chemical at companies transition both the that, management, Ernst Sustainability range compliance, and accounting, impactful

Thanks, John.

initial generation tables will comments a and a year quarter focus since results highlights. the and is company, was becoming comprised to the revenue I provided respectively. supply of as so fourth have year Origin year, what $XX.X and first X in my of in Origin's refer scale-up of quarter XXXX the $XX.X revenue, generated conjunction public We the activation million of million chain This key earnings and primarily the we of revenue with initiation release, for full with of financial full operations. couple on

John, positive of could revenue significant, existing closures sustained and will our onset within cash highlighted will in raise growth a our capital to and Rich a by cap nature Looking XX drive resources, means within way this an ahead, we us need We profile be the revenue on expect anticipate initiative, from recurring of the be and that just operations equity eliminating margin overall for with cash to profitability. months. our

outlook projections for demand demand predicated rates in is we gradual a provided negotiations with individual existing estimates customers by our reflect prospective for to aggregation on us caps. Their this adoption risk-adjusted potential volumes, revenue confidence Our contract delays. of in production PET risk-adjusted within their are whom

project Our confidence forward primarily expense to how of forecast asset-light impact in capital we reduced due finance our our on a for is significantly the will strategy XXXX costs.

development. property, costs plant we and service During our equipment technology biomass of XXXX, incurred million conversion over in $XXX just in

announced with arrangements, be roll-forward reductions are burn. in made well impact cash previously contained our QX our expected XXXX of now our strategic positioned execute partnership at a coupled potential costs plan less of XXXX, $XX than the these to net we million cost With within to

online Turning operating depreciation manufacturing in fourth our increases $X.X increase now were costs Origin increases million. costs to driven million of million coming $X $XX.X prior $X $X and increase expenses, $XX of to million costs by million, the due million. an compared of the increased R&D The in quarter, for period, of quarter, year primarily X to in they was the during

proportionally believe our the good exceptionally with existing is increase with full its a those capital, well cash year $XX.X I'd $XX.X by gross the million driven including like to XXXX, the million net for generation consistent anticipated bid current additional be we into Moreover, within grace expenses to For prior investors. and $XX significant period, reiterate at undervalued will Origin the received year compared cost million, imagine, sustained XXXX financial profit to $XX our increases $XX operating visibility will of the million burn that, between in our of we NASDAQ the and million raise and profitability fourth equity an the hand in the million quarter. With revenue to guidance in $XX.X period. might execution satisfy million, closing, to in were such, minimum as price we requisite to by XXXX, believe begin expect rule you as cash $XX without XXXX. In plan with on path of need price. stock And company

questions. Now, to first Operator, may question, open have I'd like we please? the for call the

[Operator Mitsch from Instructions] The first question comes Frank of Fermium Research.

and the of I reservations about said. tied as $XX have the But the wood agreements, that not back I the wood months. next use feedstock and way it, billion I capacity forget in what wood, happen thinking to or of the over to wanted to the plus months Origin come you you wood, introducing X. exactly chips and I offtake into presume was is indicated going few wood cornstarch. you several and use John, waste that's waste to that wood

an have would color running curious much to introduce I'm might wood obviously X facility what's why be the and that Origin to seen try So around not a we have and acceleration very feedstock. cheaper as Any just helpful. on

because for Sure. a the a being used where lot good lot our a customer applications them so say, to customer providing performance the Yes. feedstock a most, particularly pretty that's product. arrangements, it's advantaged make are really actually -- but say And I'd corresponds Actually, Frank, agnostic arrangements we're I that's it of product. of wouldn't our question. to to well,

need and use chain how paraxylene since to sort value when produce supply the where course, is or is dominant of changing proposition it. organized, to we So of petrochemicals oil you about -- really PET, and don't the talk sustainability,

that decision our can't performing The furan-derived course, cornstarch of they unique. the that or And we're products using performance it's when at but like But just the else. provide same what are for is doesn't really like FDCA, same product. it the that products is starch still be that buy And are made than HTC-derived that or sustainable. outside look you products driven are of performance. end flat-out the whether these We're just that value proposition sustainability, a CMF, making platform, things of not in also wood, application. better that often is while is you sustainability from something by have customers really coming for wood, get CMF benefits products

feedstock really And so, on a which applications, much and we the don't a about actually care lot front what do have end. of of lot the customers is so

the Okay. has before will demonstrated that X? and The have frame That's use is, wood delisting. of and then, for wood -- time waste helpful. very NASDAQ the July intent is introduced intent But Origin the by certainly, threatened the you early in

us is that Yes. The far out. so intent to for demonstrate not

the you lastly, of then, So And which wondering something obviously, I Great. to respect Origin an elaborate form, terms with cooking of well? Asian to X that want something site, site, to as in also would kind guess that expectation the midyear just you see But I'm in Okay. there. if we brownfield before and on was partnerships you've got interesting could that. your regard expect announced

potential including that of timing I build plant wide to Rich. have It's who exploring partners hard multiple it's but Asian deeply Frank, scenarios, are can brownfield. range give share engaged, a guidance, we

a capital As brownfield of have projects attractive attractive, forms we in generally. variety of feedstock them of capital along mentioned the expertise, -- that or very bring these that's remarks, sites partners are particular some are

really and with also technology order we with obviously, approaching book. massive we're thinking as partnerships minds provider. these And can very our customers, open And bring so, of the ourselves

potentially the geared wanting towards, we're give terms Hard companies so, timing, the And plant focuses on guidance so different of looking but opportunities through. make those and materials that continue to of to various be working progress. end different these types would of at in

The comes Eric next Stine from of question Craig-Hallum.

just on just we the Maybe to handle could guide. start with off a trying I'm that. get

to million. $XX revenues, million So $XX

And the more off think are activities a came million. revenue to start don't on that needs, -- How 'XX? based in why production 'XX, that and termed with, Or it's in on would $XX and test, I'll certainly, maybe they cetera? tempered what chain exceed it, as you there. QX, because just of to activation level You done you know, run about et that. just Is rate sorry. customer this is in a I -- supply want more

This is Matt.

expect XXXX. And to prepared we supply as revenues in XX revenues recur certainly, said do in. months, we we within and chain set the in think, closures to our comments, I caps expect

So for revenues we guidance as general closures really you expect where that's rely of 'XX, ramping. I talked is And see should think about, caps 'XX kind on. and the we to

So you well. the up pretty guidance picked I on think

Eric, Rich. this is

focus Our from we business. expect commercial to what really be caps closures substantial is XXXX revenues and the

commercial our or And -- not agreements the for so, partnerships. we focused that's chain supply as were it's efforts, on priority activation development joint as

Got a obviously reduced burn, it. And then, cash with on just it, is see. trying which good the squared handle to to get up

off as $XX we almost cash Maybe You of about million. to kind got level burn. here Clearly, 'XX? for what come think you're OpEx number towards that hit just build a to going came OpEx should reduced total of 'XX quarter you in if that of down

Yes.

think I we to -- $XX So the $XX talked million. on about the year, million

revenues caps to and closures in 'XX, results a lumpiness in course, And year, that thereafter. in think margin lot as relatively not the build reduces to positive the throughout be it's of that. assume that fair substantially linear I cash and of

in to think about the that's way I OpEx So 'XX. think

this -- level, complete, at that because square with doesn't take revenue activity is X the longer work. that virtually we for at this X or CapEx plant in least the it? taking no spend this X XXXX, doesn't you're mean just to should your on just then of the portion to trying I'm CapEx at Okay. Well, Origin because level it

Yes.

we and we're working as which, bifurcating asset-light between something our closures partners. and initiative I is the think really initiative, about through caps -- spend Rich the mentioned, had with think

of moment. see So capital we project on the coming sheet our don't in balance out at spend the capital XXXX significant CapEx,

sizes. in might what and that's so as closures had modest for we is, more help I bit we see And as a when you little capital financeable. see those square prepared his Eric, much look at think bite for the those caps required said remarks, business, Matt we as -- it's very

not the there towards capital even cash so, And to goes a relative and not the of business, the closures is -- rest the of certainly spend burn net result is company. large the capital particularly that that outlay of it's though as caps outlay

to and, XX what you're right. at and details. path XX makes Maybe to and this just between talk closures, obviously, go No, away. optimistic, -- some we sense. helps. steps That know next Okay. Maybe I'd that But caps an -- turning love but year? just to least time attractive All about say, I months And need are that the now down. see

are For still using be a determined. you instance, that's tolling be would arrangement? produced? these Where to Maybe

great That's a Yes. question.

of think if along to lines, business and have way something you add-on than chemicals a would typically is plant. chemicals the the specifically you smaller is this much for sort those or So a operation about see ] caps closures [ --

that mechanical right? just plastic a This part they're industrial down, plant kinds technology, but plant. big of valid, rather is And process still right? than scale They're different a production small, idea of is and the a technology so,

procured is these so, adjustments to And They the largely, of by complex equipment, manufacturers. them. equipment still existing sort from mechanical produced are existing it require units but

and structure, because of equipment pipes right? those. It also, lots purchase production rather of risk a really installation it's than to sort So profile. and different that sort has associated different like of profile things tanks of delivery So time a and that, and it's with

and -- said little we're want about ourselves giving you longer that We've as we talking you're a that XX months. sure we bit times But integrate because X components time as really can to that them in short make independent actually bring these lead about have X talking systems than online. them the have to months. really, to So been

sort as is fill most system. for then pretty along, bringing not that's and given of that kind be separated systems likely. of we much business think go business. This to I a we're going online big one this out a where a they you and won't is it by time, But system be reasonable

So rather than much we one demand satisfy can just change. sort incrementally more step of big

things color online? And give then, think make boom, in that online, we That's around sense get it some we to us I individual going profitability -- to Matt's system helps go. margin, we're not profitability going or okay, us all I gross because way the gross all to of come as well, saying, see I margin, is coming waiting of I systems comments to should when demand of 'XX. around that pieces should some So say the -- just positive customers instead, But for along, satisfying different say. getting

lots to opportunity of see meaningful sort amount and real that's of think I going in milestones of progress provide for a So to time.

our in and closely with release, customers other the put of their -- I we've systems, prepared parts excited systems. validation, And of also We're the these working systems. been manufacturing third-party we've in the very suppliers with to our with about remarks and are, testing both that. we've a to we've for lot them then these into I think think the made, done said things one, think about as

path forward. where of right pretty that I think we see think pretty progress good we will happy We're continue we now, are efficiency. and efficiency with terms we on have actually in to a

large is moving see chemical things more But you quickly think businesses much capital can a be we than technology characteristically again, project-driven that talk for about. the industry. I the in will those sort So this of

Okay.

these much so, would -- to is and tooling something it's it'd your And be would though, facilities. supplier are so making a your plant. this behalf? just they're smaller. be not -- on location at where They a be be just clear, They're it these Origin Or

didn't great It's time. really question. Glad since first Yes. I it you answer the asked a

I think to it's combination. be So a going

inside and our between is for to be I to there facility where equipment have it don't makes be going we into the where us any X of that that beholden to to party's sense are places our clearly Origin-operated driven ourselves one I and want another that make I facilities, there But think have going to capital makes manufacturing of other exists some entirely that's third-party can put organization. where facilities. it be take places But we context to have, both it think inside take to that a would and it's for sense are they balance sort by for and advantage our places efficiencies opportunity parties operating. of us systems there manufacturing either the think operating are win-win on side. larger those economic of of going and a

can, I So and definitely. we'll and do that when then, we Origin-operated facilities think owned as well,

concludes live investor over it today's now our next to the turn to CFO, Q&A of I will That conduct Q&A. segment. segment Plavan, Matt

participated. We're for volume Ask Thank you to Thank you, who by Origin to grateful Prior of call, operator. our of significant submitted really thoughtful the your the earnings and to our we investors everyone questions. and of nature invited submit encouraged part questions questions as engaging campaign.

It's practically into, many which also refrain were to you commercial or answering but good prepared our worth ended as questions. questions we've and address as technical tailored As a getting of we being enjoyed those. up of really there remarks might expect, some got those for noting to your we questions either majority from proprietary could, competitive we'd reasons,

like However, we'd X that few to those. categories, outside those and quickly fall of cover there are a

CMF? chain So use the along from the is used PEF produce our to X,X-dioxane. about or unlikely first likely, question of X,X-dioxane highly anywhere for likely be to Is John

Yes.

but it it is least of enjoy stuff. gratifying. I surprising, interesting part this are at for So diving technical an people look because in of on where me, question, things example an people kind this was that is into into kind of detail sort of when

really chemistry of dimethylfuran the like that then hit you think system I is one clearly developing or that. elucidates on to are likely a like, to is, which model from compounds. it of writing include paraxylene system first, of do. And you you're something this this with think patents, technical properties for. this, you the a you and you our then, or about looking going includes to around specifically, around system patents do this systems Diels-Alder course, the I that And when model that a of our either going model to provenance once end you're production you're or our up thing typically So one done, you've question whatever start that And from patent the interesting understand of work the

exactly it's chemical that fact, in not patent to have so, commercially. the in And what's maybe common, are quite going species used be to

as that in look that these we in and keep frankly, the -- write, mind at patents you think I So general. patents

That's Now, it's that to around But of so from question about ask pathway I X,X-dioxane. the on PEF. actually the it. was said, relevant information to sort CMF think interesting all the

about Diels-Alder of Now, out for a that is from made what's it's PEF we that produce acid, furandicarboxylic as using acid. the paraxylene chemistry FDCA, just made or terephthalic that replacement have course, acid, The terephthalic of the interesting from dimethylfuran would been I referenced.

don't to So on the is about of question chemistry or make way course, we that, FDCA Diels-Alder our what's about interesting PEF. the PEF use

of I the PEF, production actually of the made and while for that turns sort question to out systems interesting and FDCA certainly not of despite So some of I earlier. model the is think be around the provenance comments relevant relevant, it

The to answer the system, question. very going interesting PEF. going an from in use So, to say, unlikely we're anywhere I'd dioxane specifically CMF is, that

you. Thank Okay.

technology. conversion And work there actual conditions? level, final Have Origin's terms of been question in system technical or second the its how TRL? expected under biomass Has of is TRL, and form been the the technology relevant far of environments? to proven in prototype in is The demonstration technology about along readiness

sort sort far the another internally developed them was great and of the to way, of we something on each their space, Yes. into think lot to land NASA, in a originally, and required think, be get of things that subsystems how the people technology level. readiness were were along by get mechanical is And TRL assessing ultimately up the I by then back. moon system and about to early rockets via That's people on put question, orbit going and assess

think I is is rigorously to system is is at great have for definition which particularly readiness that interesting look very technology And a put that process we What was live, the process-oriented so, there. it's chemical together. out industry, where a chemical you set, which

and typically but for find you makes relationships. one up it. PDF little easier to set mechanical it different the can it's of it a systems, Google And You that bit a see than it subtly the

all through the that development year. Now, a said, have subsystem we lot system of and done

bench So, we're that's scale it to scaling really bench happening what's doing work, scale up integrated pilot. when reactions,

X, Origin is, associated of as essentially numbers by TRL each TRL operating you full-scale with set go then, those forward. could You a X Origin with of plant. system, the And course, steps

it's is something scale, think TRL sort operating once I Origin top off so, in X, And of right? Or end X, technically TRL the is it's commercial. of then the fully which

think perspective, technology the from of that's that's -- sort So about risk way a to that.

make can working more though Now, things we places. on have of they're always some efficient that we're we even technologies, better, implemented that about excited -- We're technologies OMX. on have working on. be We're technologies them, may we have out. like process a course, to improvements at really those, additional even ways those little and been that working in steps We

look see off And that's of the you readiness improvement processes, et depending of cetera. how OMX, a so, technology as different end But the sort readiness scale. started something smattering it operating at on once of when to top technology is or difficult of essentially, we levels, going you're is, through those all

Okay. Thanks, John.

mind some the top question share Now, investors. on maintain for Origin's insight share provide to listing? Rich. the organically NASDAQ a you about It's question Can of for retail addressing is many The price. price

good a it's question. Yes,

that. how I about think Here's

raise breakthrough and and First, our have highlights really of company, plan get to caps the capital, biomass by closures the needing our in now product, plan equity technology, which via value led a innovation intrinsic core have capabilities profitability conversion additional which very the to to we we partnership. we scale without to to strong addition at that

that price And execute is those results. And And the at by results the and and its so, will the that that extremely undervalued good this plan stock reception we is we're really continue we as very will believe about. something that stock clear, that investors reflect to plan, well to confident current be levels. we feel received be

we going this that a very the really And and will are for exciting confident to be to highly think year be NASDAQ. so, we is Origin continue listed on

We're confidence you, the our ahead for our next looking with for to excitement This Thank who look call and Rich. joined. concludes everyone, and Thanks, XXXX, forward right. we you. All Thank update. day.

concludes conference call. today's This

may You have a pleasant disconnect day. for your lines. Thank and you participating,