Origin Materials (ORGN) 14 May 242024 Q1 Earnings call transcript

Thank you for standing by. This is the conference operator. Welcome to the Origin Materials First Quarter 2024 Earnings Call. [Operator Instructions] And the conference is being recorded. [Operator Instructions]At this time, for opening remarks and introductions, I would like to turn the call over to Ryan Smith, Co-Founder and Chief Product Officer. ahead. go Please

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

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

Origin Materials' isolation for, should as non-GAAP we from the our XX-Q believe we with to, a important could Form affect that today's filings in call, factors are including substitute our discuss Report as be on other GAAP and please non-GAAP For measures will addition and measures discussion useful which These results, results. financial refer of risks today.During further to material not supplemental the performance. our or filed considered in measures, financial on SEC Quarterly

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

you, for the conversion path of joining are is everyone, plant profitability, our entirely we scale-up related reaffirming to thank of manufacturing technology which our Ryan, Thank us. independent construction. and and you, Today, biomass

prioritization We to net XXXX are paybacks, with cash are reaffirming cash our revenue our plan our securities.Consistent with to million longer-term profitability, our or greatest cash believe runway between other expenses million. ended eliminate targeting first quarter million that of business $XXX today burn the is Origin projects as equivalents sufficient and achieve with and an for we to just execute need capital generating the over cash and $XX and programs $XX we contribution reaffirming raise. the our continued in we of equity of marketable near-term deferral cash research expected sustained

sustain continue continue way capital. significant to additional progress hence we with the XXXX generation minimum a such, caps to months gross our healthy within We cash thereafter.As a begin we generate profit and forecast floor require equity profitability that beginning which X next revenue business, will Origin's expect and closures make with to in commercialization strong trajectory expectation on to not will growth solid we the and

purchased. with capacity initial good and recycling have caps During line, lines and caps are high to $XX XXXX. of by million complement initial non-beverage to home closures circularity during led product are already progress procurement IMDvista, Global a offering announcing to closures alone, to throughput first opportunity successful generate are online few announcing We market manufacturing it bottle bring excited ramp-up, we and systems production system benefits a about and groundbreaking make we we our our At that standing year.We including line, technical million yet have the unannounced PackSys origin prospective has on revenue. and first are engaged and additional our is types, closures of aim of Today, beverage billions manufacturing we We capping expected and and caps $XX following to revolutionary rapidly strong and over multiple our the the and full to progress we additional profitability, a customers quarter, lines between including and addressing also PET the journey continued in goods completion with the the our Caps tens up and currently trial for per our The forward caps announced in massive caps who with tethered prospective accelerated caps consuming caps commercial $XX made applying partners, multiple fourth of applications. which milestone look performance.Today, billion business. caps quarter we the brings for Closures caps. PET annual customers of

Origin caps to XXX% filled caps made speak also PET I'll closures platform. manufacturing and greater that initial John beverage in thousands of fact, In announced of our recycled to detail.We from the let PET containers. product line-up

different using the that by our rates soft and We can of improving conversion our value grow continue are are and recycling. X in also for look our first-ever production strategic closures, in caps Origin EU on produced we scale-up container We by revenue carbonated CSD, the finish exploring near-term effect Origin a caps other or XXXX and ubiquity by product and followed this engaging still neck the single-use long-term collection performance are it's connected finish, cap. difference closures to starting tethered and a in PET the circularity with development with new year closures standard potential to technologies the or applications X I'll recycling plants of We Origin.Like of massive an PET to is tethering container to near-term mandates more water.Because addressable forward with high-value sparkling sale, detail biomass capable by and are the it drinks generate introducing the to commercial stay market. as the John. in Origin partners into including these directive. in cap, are available initiatives or and in coming used such designed but thereby leading potential future.With announcement enabled that, the hundreds this packaging, ever providing forward of are ramp-up not of Europe products carbonated or that produce. to to even Tethered There materials initial caps are at plastic of our initiatives technology, for year PET caps from the lightest platform being through dependent world's XXXX of make XXXX.Apart for Cap over the turn Origin often other around these product using its and PCO is cap revenue, throughout these caps application generating designed where bottles QX later our business, juices kinds at drink soft the development first of PCO improve cap area We follow PET technologies look kind on but to tremendous scale. could for compatible considered are a XXXX later

Rich, afternoon, everyone. Thank and good you,

today's but something with recycled can better that containers, PET any we're global achieved. market reducing initiative are shelf this and that business anticipate and are caps on product and has rPET, excited with or PET of polymer mission and value positioned for materials.We be is life. As developing a to making a in business to never platform Rich we both support be commercially transitioning PET from polypropylene waste incredibly enables making possible cap, plastic August made this about closures recycled Origin's polymer.For material lightest business, and Notably are from of caps our of and a for no announced are particular technical We caps and to container. transition driving cap, the than improve the profitability, with in us sustainable to in they of progress expected Origin, perform of scalable the indicated, for to several circularity ways improving cap transformative and industry efforts. with wide we produced are caps competitively recap This in made first its development an our and the after quietly be years commercial.As Origin Origin's as squarely is long PET, the the modify pleased closures in They HDPE one PET into our technology a cost hard-to-recycle They program variety progress, packaging. we're toward used for XXX% of sought can type easy-to-recycle to designed natural XXXX as will initiative outgrowth we expertise sustainability. with the be additives closures a PET

We market. manufacturing to with this bring technology are to breakthrough working partners world-class

of industries, the with inspect in with leader systems and for technical continent. use year.As a over systems, high-speed Europe, around XX every line, and of alluded trial of per the This line containers. to a first partnership for producer headquartered thousands Origin is our of a capping look forward quarter, for went the system. operated IMDvista, and thousands data, United thousands to of cap opportunity with commercial packaging future, where with we North the with observe used to we is not design performs give like has our Germany, announced the conversion virgin the a but our global any to to our to run, minute, X, on States, manufactures PET the off-the-shelf, pharmaceutical, we we technology We completion we use which packaging in ability to, in and Switzerland, produce bottles, few today PET locations Origin for beverage, ahead future and to our production runs.For our advanced line. billions X, meaning trial Asia. the engage well, machines are that Origin Global, asset-light to a to apply our announced to we another weeks biomass leading application. the only IMDvista polymer machines, Origin bottling fine-tune A beverage inspect per part testing performs this Taiwan, including announcing trial them. process.Shifting PET manufacturing strategy world, are the product PackSys for context It filled our closure closures packaging great partnership additives learn recycled don't to beyond cosmetics, facilities caps how use this, caps for a and of announced scale-up. of continue collect with a machine the bottling caps in in systems Global as leader the years.We scale-up commercial in rPET and respected modify PET, in a The of a for technology in which, applying of with Origin's customers bottling plastic as the expected on caps to and recycled data we camera made just The our is same for inform PackSys commercial splitting milestone closure parsing world's Rich the material America, trial PET high-throughput

macroeconomic as brownfield to total initiatives, quarter, excess capacity and strong, scenarios we structure, Asia customer which reservations, capital-intensive finalize in explore the and on through of demand partner near-term and reflected can timelines generating to will agreements economic as less revenue locations, As partnerships.Despite remains our adapting last of offtake are Louisiana updates we which billion. depend scenarios, forecasts and including provided by we $XX range deal and those be challenges, Geismar, a with the indicated

to designs engage of and a continue sites. potential brownfield parties to multiple We variety explore evaluate with plant

various including including year. to alternatives information partners, work, optimizing Canada, feedstocks residues at influence wood Sarnia, of rubber reason Origin's plant considered biomass to are residues that evolution as since for our intermediates.The by we generate making converting We chemical sustainable into sets we last HTC development sustainable perform of that to production of carbon continue quarter we versatile in carbon in could the plant wood and achieved data from conversion gain continues is strategy.As an scale-up renewable insights technology. to continue testing market our that major milestone our valuable X, carbon for a We and our applications. into scale-up rubber operations most the marked plant simple. Origin had for The reinforcement, black being intermediate reinforcement deliver feedback, to samples of to from Ontario, apart our cornstarch-based the our commencement performance The introduction is October provide from tire tires. employed derived of such black alternative promising it currently other black fossil testing this

using mill's wood sawdust, Council, of we to make confirmation would operate residues be petroleum.As are reactors, plant, by as that We normally lumber which wide heat FSC, from of locally to of sustainable we flooring pumps, wood Stewardship a and used sourced we products From get the wood that operating sawmill controlled a produced chips, our and be Forest the such expected produced production. parameters items and for as a variety intermediates, exchangers. continue shavings, byproduct made can

performance valuable information expected scale-up. gain to market the asset by an as make reactor share transfer This to including parameters, thermal operating few.To transfer helpful mill. future foremost, plant runs biomass and development will formulation batch Origin reactor in adjustments is, the slurry biomass the an achieved learning a how market example this kind airflow for loading support the of and in and adjusted and X, part into the of customer have just Strategic activities. we first testing of is we design.The performance, wood process we control of incorporate used sequence batch X so, the system, Origin than this we to in early preparation kind woody Our been the very optimization, we we recently exactly of Origin determining behavior, plant collaborate during engaged handling name running doing typical remain wood partners in plant, development, design and materials conveyance

All as mission of materials.With and turn a I'll this our is Matt. our over we it customers to the once exciting progress transition for in our to team in to to continue drive that, planet execute sustainable

guidance rate with generated and refer expect in John Rich, and these million that XXXX, X return of line with lines had million a cash with by in lines our initiatives $X.X customers our are expand we'll $XX revenue, to within chain both cycles, engaging On key $XX cap reiterate highlight the earnings quarterly in annual We've so $XXX the which highlights. now. call in revenue, what with the cash associated everyone. our the demand flow revenue serve of in specifics Rich million will afternoon, investors earlier and the as million. I also however, in for onset million financing marketable just of aggregate good we The million, as release, scale-up my is a we on of and the like financial the results of to quarter equipment revenue rate the a our year, net John, the we comments production the I be prior the and $XX initiation line and between need lines moment.Before We between and closure in supply $XX to million. for additional depending $XX basis, existing number substantially quarter X a on and debt companies. additional profitability between as from lines to net securities quarter of ended and tables baked in with focus our capacity costs is burn into in our beyond and first and forward equipment therefore and capital manufacturing quarter Thanks, on guidance upon in well $XX revenues I established comprised $XX and burn provided of for invested year our quarter scale Also, run cash and discussions couple with believe ahead, for basis and our initial is revenue equipment new indicated expect, in expected, conjunction before are highly equivalents the active mix.Furthermore, quantum quarter with initial expected year activation with from a year what that highlighted to will caps of caps million.Origin's do, million Origin for the primarily approximately capacity in create revenue $X.X of fully up at this a our projected to of attractive positive intend cap provide to product is we are run order from of was guidance, investors. initial which servicing as acquire the a months we an end. financeable production We million closure context I'd to And to operations.Looking these

today, release for earnings compelling products, fundamental the proprietary near-term aspects partners, announced of and caps closures revealing during our milestones and in through market. and quarter we prosperity growth and outlined As the the several our strategies

engage million. LinkedIn, to seen $XX boards.With dedicated the I'd starting we that, various engagement for burn way.We retail $XX opportunity forums base their and $XX detail more $XX discuss of specifics, seized million efforts formerly forward Discord, institutional X, many big analysts, sincere million look During with to like believe XXXX financial advances numerous and between guidance, thoughtful our investors, quarter, of net to investors the answer especially greater questions reiterate new the revenue with same thank the as our proactively these investors We like known reaffirm the a with were to research support progress, and and million message and we've cash the including to we and in along Twitter, and and d our support, across continued of to success. broad our

to our first with us nature, an the sustained to to eliminating may profitability.Now to for have resources, positive be on way XXXX the and please? profile that significant, equity we open cash and Beyond for within XXXX, call overall margin raise question, growth caps drive in cash questions. operations our a Operator, capital I'd the recurring revenue will anticipate closures need in like we existing

[Operator question comes from Instructions] Research. Frank first Mitsch Today's Fermium with

Yes.

this want thought Smith, heck you're a congratulations that want very the the interviews you website, was I not I on plus that if who $XX to Matt, so, closure you guys the of the posted -- it, cap off, going sales not and appreciate finance to and to helpful. much in but Ryan lines First in equipment I buying, too understand eat such to million into it's can round, are offer interviewer, I've I my yet, mainly met that be I Ryan. cash correctly, get you an that first really burn?

That's a yes. correct assumption,

All talk in you government to right. that government, increased also but Canadian it respect looks with you received, detail your funding? Great. And $X on financial little from I million noticed it various a today your the can more statements liability. like,

back. that ] I assume there's here would old some funding and expectation and parcel you any, if So the you need pay part the -- what, has [ in speaking of And progress good what's U.S. on been going Origin, way? potential that to that the government with made -- for Canadian

pay, and of is very servicing to that so with receive to your those So, generous it is building funds. funding that that, over-extended that that yes, there while, in company period been on we've something the is goes and you for referred profitability a with with OMX, we're the very is your which time. working really pleased to connection along associated path is plant, to tied And ability debt to a

our So helpful managing to it effectively. we managing and with very think that regard is cash

received, back. million -- expectation the that to that are an this you pay is $X There you that obligated that

not So a this is grant.

a grant. not It's right. That's

in that end, in then government U.S. of funding? Okay. what's to on here terms potential Great. going And the

that us, in and there available such for ramp-up for of are potential an Well, as still in that's well. in to we we closures pursue to caps Title available time. funding OMX, as are as continue for application well assist XX funds some to the of And line

orders Any on magnitude? thoughts of Great. Okay.

closures with number be a Well, really we a there those funds funds. available those companies likely of for made to it, us well profile the positioned caps would and from sustainability there are to billion are be and a applying before would for are $XX It in though. available, now feel take contender that of least at but year

question of [Operator today Instructions] Byrne Our Bank America. from Steve with comes next

how Yes. first to that lines to does target. just would that assume. I'd the be in purchase? XXXX? I in many fourth require to of fourth Can million for million like you you The million? actually quarter many involved kind you you $XX the quarter would revenue understand that $XX that you better $XX in lines provide any to line do revenue, revenue could and more $XX have million think generate What How on are disclosure

question. that's Thank a great Yes, you.

Sorry. to John, that? do you take want

Matt, and Yes. I crossed.

to By good Steve. thanks, So, talk the you. way, to

it's just lines, to those sense. for a give So -- you

operationally it's disclosing commercial are -- number some cap, think is -- it sort is a a But of that. different not about useful, of exactly also They caps. it or there very implications we millimeter aren't on right one And think but XX have it's of pricing X.And tethered we we're really it. pretty cap. might the exactly not SKU, depending line. for which And there's reasons XX that a be just variability. of is. also so It's of I lines We a talking to little it there's tethered cap or sense get specific these you and dozens not of Is not cap, lines We're first are that revenue, do lines, it different to of excited a sort bit kind manageable. per give there millimeter to revenue kinds a to

so, bit those well. And be can little there variability between as a

all case. not that created lines help? of equal in in are Does particular this just So general, sort

licensing already on purchase get And this manufacturing making What's guess with the I'm you versus into have and view these does. lines business best to still companies the your for that forward existing that? it is struggling caps I equipment. Yes, path technology the of to

Yes.

portfolios we order it something right the balance by great about about. things? kinds those We of talk that talk It's and think pretty question. informed around here well. regularly. sequencing I topic regularly What's opinion as So of on our And and it's gets the a market

So it's fire opinion. forget not that and on

I our is we we view control to much own destiny think, as want what as our that can. always

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our caps space.And which I to just associated But are the existing of you by in more possible. think and which where is the technology we're close caps. closure of and systems all one with were operated sort another the think the there's those what describing, it's I of option, providing is players large producing

think, mutually I either. actually those they're -- not exclusive

the about. the way to these time the on sure make the of all same have in product at deliver So we that to of we're sort ability pursuing most that excited we're

purine-based in developing maybe carbon CMF? billion XXXX. you, that And there Has more you mentioned interest Is that of black think forth. capacity in the myriad in -- of out finance of helping the interest there the you explored one $XX is products of hit reservations, for Is have I pathway you HTC products? these any, John, in that What and this been diminished just the mean, down that use with about so the I OMX? going all

Yes.

products or interest not all. our is at -- has there products purine-based diminished CMF-derived So in

anything, it keeps the should of help going. chemicals a the really In been interest specialty CMF OMX products said fact, CMF-derived molecules para-xylene, has of perspective. of specialty -- purine if development the chemicals bit to we've our we're, molecules of had ago of interesting.And of sort in those are how we location said as and side the think leaning I para-xylene.And to, us of still just conversations conversation imagine, trend I our or a think a and that in have in try performance performance right, the sort -- course, continues, one And one look you to over across started all we that is that and land. is that bigger going comments, broadly, a that opportunity think, of I that we've And level getting, threads forecast work years from are those like we've to and you exactly reticent way through more to from customers there's little might out before to see years people to lot in are try couple what prepared but of and

to ready excited future, of some pretty public we're not talk those molecules in specifically. we're more we the yet. the it near doing -- about don't So, to yet. But Not

Thank you. management team to to question-and-answer And I'd turn this concludes over back our session. remarks. conference any closing the for like the

operator. Thank you,

earnings call, investors invited our our part Ask to to of questions prior we as all Origin Campaign. So, submit

couldn't were, course, our for session, some will them. submitted to Q&A. And so before and asked in first we questions. plan who really you So analyst an questions many And we to be and the addressing submitted questions our this first. answering we generally of everyone Q&A video to remarks We prepared These answered and great thoroughly investor get lot participated. our today, a thank questions release the we today, you received with call much of them

tuned stay a that. you caps? please asking our time, Was chemical PET remaining it caps? asks a you.An engineering about what modified program, and for first it high new PET that development at engineering explain ask But a a level, slightly or for manufacturing John. questions closures caps could in for So to the the are going created material investor to figure or breakthrough out that enabled Origin machine to make viable process I'm mechanical

in of the is the is but that that on industry to this Steve thought used that's a material interest modify way molecules for Yes, other and really molecules you're was things to produced CMF.And would CMF-derived and PET, great about wishlist, lot. so, maybe it which allow or molecules incredibly something when was in or can sophisticated question at customer sort a docket an a that around but of which get an be completely would And cap that asked quite we might it ask looking something pretty or would on PET, asked that's somewhat capable we a and our we challenging polyesters what a that, good valuable of while to around exclusive general.So, application. somewhat work actually ago we science that, understanding always in cap unrecyclable. team sort chemical the we applications [ that purine of make so way be that because PET I it's be at And from to some or a is means team to that's the of it.And that's purine polyesters how recyclability or unique time retaining but see, them consumer specific in molecules. end very for -- an ways the It's modify frankly, started some best. part using not the CMF-derived And to a ] it sort those sort applications very us straightforward in so, think usually produced material an that cap actually one particularly to even you think the for to of to and identified be where it's that unique to enable most And our question. FDCA industry, use capable was recyclable that unusual. a -- looked of bring of making is of been Most synthesis, a -- market that term PET the the tied and less in PET answer this also is earlier, in pretty in might reasonable might as unique from reasons.And application pretty have regularly, the

didn't so the between our starting and line why And core get that involved point. need unique time for application, we molecules intermediates turned to the see was sort it were we there.But that the better found that of out developing of by effectively. application out you and technology natural And our sort we we done cap the make didn't can for worse, the

attractive, us we shouldn't a force those our it it spot attractive provides sort of by to be the if of materials constrained scale-up later. with materials, interesting how so the is got economically it PET. application if you was and this into do well, business. could with And that own even And for we strategically just obviously off-the-shelf consequently landing and We novel said,

applications. Scientist they're So that been at team, polyester look Chief the pretty largest in who was not the really, if world Hanan, of a into he's you team is we our the the how Jay the a players They're lead peripheral -- most and it.And impressive incredible. in at for that technical some bottle polyester of was frankly companies he got world.

to when it this comes guy of the sort stuff. he's So

Great.

of on question caps? the tethered does Origin on about and kind asks, its is that builds property patent have PET and next beverage intellectual protection So

We of these lot sorts haven't intellectual get file into of public of don't yet. we made filings that a details So property obviously been the on things.

I And sometimes something If reality, technology, that gets -- or whether said, economic intellectual because want not determined course, necessarily Origin. bread it we isn't.But else is the sort go some through that's out is basically is is of a the that's or trade benefit then is by secrets determination we of is value But technology get extensive of that the also, of patents particular we we -- -- is butter how So, with that of sort of think it won't to it. protect by develop that's the what and intellectual we -- do. operating to or protective patent there property there. have property whatever or ability

around pretty everything have much publicly. And a so, we talk that we plan about

ascertainable it's is from sometimes easily that we a something is have the that plan. and Sometimes always plan outside But not.

Great.

Okay.

plan of I'm closures be profitable. a rest had And and on X X the that investor used So going to and business sort says, be you or question capacity caps, PET to PET produce and this part question couple What just caps will the of to part well. on what Origin next for? part a first be of percent caps as read focused will The the the understand here. I for investor is breakeven to

considering actuality, a getting this produced common not to the caps. especially involved so the But is our path by can directed at in I And Yes, material is caps. in OMX misapprehension understand why, again, in making market.

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X to like will think And actually of identify give business. but opportunity X and us so Origin caps develop is we explicit things and our an caps, that Origin more between there linkage not materials the

Perfect. Great.

of with X, not what question to capture the business? part it's percent with X, the Origin of or to share then asks, expected Origin caps be Origin if So the the market will next plan capture

Yes.

business referring the particularly. that presume they're caps I'll So to

is circular there's for of in $XX and that market. the because both bit a the We a large. in and for market. a there, quite packaging there's and lot there's demand caps particular, Our closures billion view is in growth solutions of world market It's opportunity think because caps also

what excited of fact, some those going to to for quite be limited up them that we're we're supply are -- limited. we're where markets expect like, And, instead being that to time. in think in markets to we so, market.We seeing bring of supply-limited the we ours market, end we're given And demand are kinds the

don't I going producing by X be think, to going that is I have but many as the it. market crystal quite we busy we're as for time, percentage possibly And ball to for we're time. can some be a what I very so, caps share And think about excited

or Will scale build a Great. up specifically. a the call caps? to PET other to that. want but be addressed They And I ramp round up? it out there the licensed the manufactured question, tech just ask, this to analyst out more will you to just be and speak portion to partnerships to production earlier, of in to little bit want then plants If bit little was

answer I all it's said the is, Excuse earlier, The me, above. of of sorry. as kind

better. asset-light lot a our obviously see segments attractive ways think But the view is couple partnership a don't I industry. for be We of opportunities that. for more in of can to to limited That's we need variety we of different the be, the reasons. with different a

couple -- be to going a of of there's different room of think couple a I for ways so engagement. And

right. All Great.

so on question comes produced other program. is the this day How many the to caps Now, you have caps far? back present

produced press -- hundreds of of think release, XXX,XXX trial, we as thousand tens couple caps the that been we've I sort were in or in -- hundred were capping said made couple before -- there we've and more, maybe and thousands a in the we the that. So caps of

single we've didn't since As iterations just process that ever design, lots on capping to compile made one you imagine, done those we've run, every kinds all and of of things. cap we do

if million, think into So I'd well we've the plus be couple we're of XXX,XXX -- range. surprised I broken but we're a

came question address going asking a Great. for is over All and in management right. With delisting. asking the what to and NASDAQ that, about the have I'm potential turn doing delisting question to Matt. The

If bit you Matt. about a can little speak that,

sure. Yes,

And makes XX think it first get. if an it sense The are a process $X days, falls need grace above of the with that and maybe you that triggers situation actually you stock whereby periods reiterate to to the to NASDAQ the remedy initial the in -- grace what start company, like. X looks get period below we the I $X. the delisting if for price it company -- consecutive stock

in begin Ours January.

And have so through to $X. consecutive the end X of day our the note today, the above for get the at we're period we first $X XX consecutively days as of that today, stock days.I'll July actually grace above as close

agree in of able at able stock a the $X close compliance. period that more regain do split, issue.So if weren't stock get get would for a the would for a conversion year.And NASDAQ us And to regaining in which delisting our the could above above So see we end main XX would the to positive that point, caps split continued execute you plan. case to probability immediately that, stock, to reverse definitely a have need the to think $X to and reverse I to get we on period like meaningful being closures. you days and X If compliance looking call caps that above days, with is that the July, remedy then has of not begin do second do And expect you some that need $X get for stock on the and we that the days the grace consecutive organically, would it. a the which almost successes make we forward continue us. and we're We're the that that giving closures going stock XXX for to would that as reception to remedying as through weren't we you second grace criteria would year reason you to after a

Thank last Matt. All previous Rich. to put to earnings call. you've I'm Great. going It's right. you, something this about Well, question mentioned in that

development addition of are generate caps in to the there released in been you're Origin. already that expecting other that at technologies near-term And is, potential have are product technologies question Origin's revenue-generating and the near-term? to part are portfolio revenue said and You that with these

the for as at are much Thanks heart. very innovators we question,

there margins, can as think big to And are business our like cash and that consistent I it platform. I a generation. we exciting or as is businesses OMX be, additional the these and highly short answer as big as of on caps saying flow OMX, addition highly efficient think functionality would our with and to characteristics are sustainability, but time market high within that not caps capital by in dependent differentiated markets,

we're And in these so, have and we several to managing of the development thoughtfully forward announcing various stages initiatives appropriate. and them very look of as these

that. with I agree And more can't

sent you, for in that. everyone and I forward Rich. who we We're So XXXX questions. thank the thank next everyone with our excitement you And to who confidence and look appreciate joined update. to ahead and looking

Origin today, our you. releasing we couldn't forward investor the those concludes specifically. look Thank for get addressing an call Q&A And video this day. we to questions, Ask For the

Thank you, ladies and gentlemen.

may You lines, wonderful day. now a disconnect have your and