PureCycle (PCT) 7 May 242024 Q1 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Pure Cycle Conference Call. At this time, all participants are in a listen-only mode. [Operato's Instructions]Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Christian Bruey.

Jucenda. you, Thank Cycle Call. Pure Quarter Corporate XXXX Welcome Technologies Conference Update to First I'm for Corporate of Christian Director Bruey, Communications PureCycle. Financial Jamie And joining our our and Olson, are today Chief Vasquez, me on Chief the Executive call Officer. Dustin Officer; This morning, corporate the quarter first highlighting developments for XXXX. will we be our presentation going this through The call found be purecycle.com. also we'll website Investor the at be on tab on can on our to made based and statements the today at available on information beliefs of forward-looking are will Many and time. assumptions management's and currently management this be filed The file as subject reports many be the the in other forth can the and this with risks as are business. including beyond to end statements provisions further our risks press morning related known that set or of our quarter found and at of well detail on first uncertainties, in that XXXX those be SEC provides corporate our harbor statements about unknown our safe which may to release update forward-looking control,

Additionally, undertake please except law, the by differ may update required as anticipated, results we from actual those obligation forward-looking materially statements. and to any note no company's that

set things, quarter herein risks variation Our also are in to non-GAAP among forth material. Cycle's include actual and Pure between end preliminary with changes other data uncertainties, may the estimates remarks subject connection financial and year-end including, Any and preliminary may today adjustments. in results be

I'll us over deck previous Purecycle's any joining the to Officer. slide You're you, updates time excited our it We're to Chief by you with welcome purecycle.com. share can quarter turn Olson, to along follow it Executive and at or phone, Dustin access at with now from

to longer seeing steel proud you're own a successfully those participate start time by to ground our eyes. semi operations outage. able and sample thanking pelletize were hope by ironton of up feed the We're and with continuously removed facility, periods of better outage, your and virtually. team ramp to in those that able We rates wanted We the this We and showcase per progress. of to to to our I understanding deliveries who Christian. thank our you, were X,XXX also customers. X able building good to the our and Thank the attended co-product in the call came Leading X and co-product hour. approximately into were as we our X,XXX pounds we to momentum establish at get entered

the run We've PureCycle the to our ability fundamental closer of technology job of to to test are a level, We different at feeds make and know than out reliability, and demonstrated making of can leverage expand and start run we the reality pushing the the is pellets We the now plant works been at capacity the so today continuously our ever improved scale. a products. plant, before. CPX facility promise we've good

Our QX QX QX to and continue substantial. production increased Xx was learn. and QX overall progress the our We to by progress was

outage, post improvement And continue We levels as should as while we the was move inconsequential. this a see forward improve we significant to efficiency. quickly overall quarter-over-quarter, these

the railcars. higher product railcars load of it learning improvements As we at some bit made the we've production, filling from scale. to learned cross-contaminated levels we and is began make when This how silos part we to prevent process, stumble of the again. first to did to way on happening We a pellet between of

learn a the feedstock both co-product we post-consumer every before, we facility stream boundaries facility. As something waste. the new running by to test time and and This One the curbside to discussed present run co-product test has allows to of continue We exclusively feedstock. us

the activity product getting at and results. best a of result net to lot is get the are of stability This quality. better requires We operational

got high have and up with machine of quality improve. down, When product of struggled to we times we've we see qualities operation, some entire We since consistency. reliability but seen been has the our during running, our start

we the restart plant the improvements expect We outage. following see to as

very every we've reliability and into learning, plan. Our a Every blip every the headache, formulated comprehensive. over X every was experienced reliability was outage challenge that months improvement past and

because it deflating. During reliably to or room off for outage, a to we've facility. are we taken because It's or the found the team's start items big the how give believe feeling medium difficult then how away improved more outage. to next week. some this of small restarting We're X almost small, lot we executed each outage, day And finishing a creates expected, and of product we outage X. you're there we to and best jobs table have chance more making explain you but cleanup less from a the no slows require optimism projects, interference We project mostly than possible wanted matter post when had extend job, last It's improvement. mostly But partly to there down. the with the those our continued did we was plant, and the expect ourselves because we you days of minor the run reliability important the an and currently and XXX facility's over something big, but lot or that than

steady progress. side, making On commercial the we're

We goal is underserved product industry and recycled advance very, across remains to there acceptance. of the demand that continue of steady, the product one high. board for remains If theme is supply the final trials the product commercial very with

new seek lanes We continue well. to as

from application feedstock, CPX and technical opportunity to CPX This and differential better and the remove The us supply. we externally and film into fiber numerous a early showed and challenging polypropylene schools we sell drug our have into and made Today, seeing fiber. and colored have a of the progress. party product. Fill At both use. a be showcase, we of produced and to show the manufactured your and resin very our product from this a traditionally than ability applications, from underserved in slide X a better on gives properties. twine represent will naturally mechanical recycled There the of third our Given found film right tested was the success. that transformed been show products is the pictures lab. both blanket that Durham internally people by feeling We've school no

the doing On said we would we financing side, we're what do.

indication and reached operations. outstanding but categorized make convert loan. bonds to of technology. are these the is speak of We in for will will Jaime improvements. site core let another X of of would new performance the cash I bonds Both We've as both can sale that second, outage, be this to we shareholders million marketing PureCycle, substantial to are like our take and our address every reliability the positive co-product confidence first, outage agreement the removal. these on of areas: instrument to forward time an well Ironton in a QX note bring We $XX areas. that as X details, the cash that our as again operation have we an focus The I for an

on June in absorbent the July The of outage outage bed Seale 'XX, second the in the mitigated shape of the leaks, call. mitigated 'XX first

cause product Tutor. for a the The and each into fix changer final case, third In in problems. outage screen then to November, the ran constraints, we installed the root identified

other have we while single the event did other reliability, March. Shibocolumn-related a areas until from example, -- impact didn't For overall downtime July

the product had We reliability solutions known known, co-product are no haven't attacked believe implement with We absorbent November final we implemented bed overall improve We problems the reoccurrence. on and plugging any Once prevent performance. to the that our outage. the outage since extruder be this also projects will should challenges the X the problems different.

items. find activities reliability contamination. the We table challenges that final November then the focus that this right, bed operational to absorbent guide top product that case design This use like valve, We upgrade were implemented our metrics you'll number a lost first of In at numerous original outage. were since the we If first the the by oversized of headaches. fixable damaged you to days of transfer was shows on the faced These valve lot the improvements. known and and problems in projects. reliability

one forced the is operations. operationally product upgraded. that items, to very these final which We were now challenging. This batching of are transfers in As run we a Shuter, those semicontinuous at result been X to valve has

facility to the to more level improvement This an major outage new is our repair. actually and sever item Another project. a was work indication led discovery and

the ready numerous important to we was a incorrect indication Our CPX impacted aspects was to the operations. of and provide negatively that the were to reliability new I'm co-product going it item, systems. outage for the in failures, it X upgraded damaged and that It similar We started, plant. level back level after the level indication improvements list but scope it fixed. much added now seal This provided place way it's to A prevent a an the forward. confident was to get better in final series of to operation made will service.

made provide day. central team closely reset improvements separate relief. but improvements, important we also site to for to their these immediate progress. that management will we bolster that respect X for systems We area add original to every good we co-product co-product first. a the QX hope to the continue advanced X, is completed incremental project It's This planning watch at to small With focus We reliability. operation a we and our an

As fees vessel. were much We order entering CPX on from of we feed low focused outage, how outage. these in take position to manual were a the we the maximizing good to in X out moved activities items: X processing into had and the with the removal minimize co-product first, of we the

started fully the empty. we had we vessel outage, thought we the As

of found the because the we the However, material unexpectedly, indicator. bottom of level in broken vessel

time use ultimately, clean extend our measurable will also it a believe prepare for improvements. to pivot project this information removal us and and it separate into a capacity. initiate to overall the required and insight that this CPX increase took gave system did and maintenance to finalize we We and outage, While the

originally the new us capacity as eliminate QX base. used than of earlier to to lower X outage. to we to rely per a give day XX,XXX plant X,XXX we coupled limitation of growing original We capacity. X we the We we pounds co-product per day. forecasted. removal now implemented add XX,XXX which the capacity co-product our believe overall these which we reliability commercial approximately options end, to can system we should to post have can the expected than today, one X,XXX outage. provided reliability. this addition project, that have In options, other more the on minor initiate improvements, the with at also and feedstocks pounds coming solution, This final have opportunity We production customer with qualifications But several to improve At we out that improvements estimate from removal is our

our We our indication customer good out we the supply quality, while have still some during value mechanical remove challenges. are them have CPI for and we approval. the improvement reliability to most site both feedstock best And product operations product the successfully of that many with from due moving this learning samples alternatives. inconsistency product with quality the and on can new fact due show recycling had the gain quarter, review through final CPX of We chain is to directly and to working over of challenges product was

up March, between site few play much showcase we managing to the more last consistent and smoothly. by quality ironstone of demonstrate outage, weeks chain the more able the were During the

and applications team pound. commercial our product hunt challenging interest Film And sold and are of for alternatives and areas markets has mechanical particular being $X.XX fiber. know currently that that the per and we very improved are fiber customer recycled due properties technical to destinations. requirements. film to Our superior to market Two are between traditionally $X.XX high underserved and lanes new continues

existing at We words, global these internally the our supply. technical facility products approximately without are is recycled developing due externally currently and supply These XX% of market In of represent continue approximately to show limitations. and good derm XX% other progress, the to products. market important for significant both global the

calls, process Showcase. work expanding wanted was and continue feedstock available to within to discussed information conditions Aronson but our the FDA the we we requirements and highlight make during define to As the that to quality prior shared on FDA work of toward product, use

our the reductions food the substances that process. substantial show Our graph internal grade of nonfood feedstock show of grade, of or is The we of interest. shows key regardless effectiveness studies

We our FDA. to and submission have with data process and reviews for expand already received additional to LNO looking the are

for supply industry while the Today, As same the averages to world. and less HDPE, the of of is opportunity the PET are supply I'm with on of states efforts you and coming. requirements the a around XXXX still have the we production. regulations than can XX% lot and industry's Several polypropylene, And follow. our see the will data, recycled recycled more already recycling, is discussion there market. from is lagging proud total the adopted expect The

the that of will well indicates Jaime good. The demand presentation product and advantage this financial I transition of we the it. timing marketing is PureCycle All point, this to for for strong take positioned to update. At are for the our is

cash Thank you, of the quarter, the at we million excluding year-end $XX XX, collateral. to XXXX. we On the position had Dustin. compared At approximately Slide end end third our of liquidity quarter recent show cash, of the unrestricted first

includes the $XX.X every of with an the exchange for an liquidity of notional in at maturity has additional million, term shown cash into table of XXXX. million, $XX bonds date And second Plastics has Pure plastics which outlays, the December of value with the notional agreement of additional raise on $XX.X includes which quarter million May and exchange bonds, loan, liquidity fourth on $XX.X X, $X,XXX line paid-in-kind term an balance interest. which in we lastly, for pure Xyronton we revenue term to XXXX in totaled the for a with day-to-day preserve a every $XXX of and of agreed Plastics liquidity parties capital the demonstrate Our the million. which and And in plastics of The penalty provides the of third of it penalty, opportunity reached revenue outstanding LLC will side more I'll $XXX prepayment to provide meaningful for the And expectations The loan of pure value, of bullets price the bonds volumes, pleased to as planned plastics of production Dustin that for $X,XXX importantly, simplify agreement it of lieu was sale cash additional of the is loan Iron concluding as sell the helps results The termination in at the remarks. Overall, there outage. structure be now bonds. comes loan to early as to of back value. values to which Cure helps a warrant ton agreement. the pure additional as revenue cash. notional Both out also believe turn prepayment are in we required able will

our PureCycle. is outage made significant We operational our a very and considerable a hosted We we a This continuous quarter opened for to and progress. active operations. doors showcase, large group improve executed for

Our site to is now ready go.

about and questions. floor now excited are we'll We to open the the next steps,

Instructions]Our you. Hassan from Thank Advisors. first Alembic [Operato's Ahmed question comes Global

communication just terms close communicate the give the But in learning with to you of then Meaning thinking right improving last February, mean, rightly as you you Street, side guys Obviously, super pounds, sort that all it's would of busy about, around are And to January obviously, guys more Street? QX. now Because, with appreciated consistency regards rent are the for sort X update, updates coming operations, fixing and in so, heard you the really what of -- today, quarter strategy focus with you're million question more monthly the up be showcase. in is right? guys, Dustin, is on we I in you roughly the production to look, the the of curve, it stuff sort right fixing. produced the that guys my -- maybe how X.X%

$XXX,XXX. around was March So

thinking just that you and form with what take? about speaking, how communications So will consistency broadly to are regards

we weeks time for been only line a the showcase. about it's short us, the ironton since of few think you had QX If

say, X, to ironton during then the then first so the the had we shortly big and into QX, both And review quarter with communications the market the let's Showcase. -- rolled right we fourth And outage. that, after

between but outage this for the expected short. the had outage, the end to timing was so And us, do following some communication too review and we

you we the is So can forward periodic market of do going more course the QX. that expect updates over will to what

One a of se, about regards to that with sort removal you the of guys now question. flexing out improvements system guys have carried you enough. guys you sort how on talked enough. of sort capacity. per Fair CPX And meaning the X-part Fair recent

call pounds of will XX,XXX to operating Your sort per rates improve XX,XXX it, by, day.

a maybe them. So question obviously, price, your sort same at CPX amount will procuring maybe of production potentially My improve. in are of side flexing is well, as may you feedstocks, also we're have not considering that feedstock things which of higher the certain the

all should that, quickly running And you're and lessons part. of of through you and of how one about learned that's sort a as be Augusta. little Augusta how sort these up in ironton from divergence may think going and processes, from we So potentially

Yes.

of about and fee talk too. let's the So co-product rates impact

the we fee, rate we saw the You the removal up manual when X% throttle fee let's when the say, we But during small CPX coproduct let's X,XXX co-product X But only considerable, lot really improve modified more during process take started rates effectively feed November excited that's of directly to to incrementally when let's co-product say, outage, of, will outage, removal, to that once you say, we we of the in end saw translate up were feed. amount can increase out any with learned improvements we per X going importantly, day, what to of quarter. of overall on reliability. imagine to started we, the XX% we it to let's can system reliability have running restrictions made to extrusion And improved we've plant. outage based if get our mean We're And pounds that's the improvements the not substantially to we the your translate will the throughout can and improve X,XXX co-product the successfully, system out. limited a X, we about the limited. volume as on I implemented we're we we excited. really directly what be which say, up so that the to

we're like Okay? very that. So excited

been It the On choose ample market to The we here, supply to flexibility want continue the of okay? we to in of the lots there's market. what has us opportunities see side, to gives feedstock feedstock run. --

some the different it in true price, to at an price, will we there some plant come those through that CPX it said choose of off-site minimize can purchase Having deploy may of that also at to bring is increased with so the reduce to limit. of the depending looking respect our tolling the that, But are the solutions be And of feedstocks we amount to feed. low-priced and CPX should that the on situation more okay? plant and And affordable partners noted be and feeds plan. we at

are on I chasing at With I to feedstock bit and So of right of that it to tolling little feed Augusta, we're either flexibility process prices, the at this site, the that more that forward. going great to And to be the of #X you transfer out quite affordable nice have inside all really made Hassan, higher -- is $X.XX that have you But valve. avenues. to things, CPX okay? we the of operator will look really, might CPX you to example cost focus more us me. the look those will more on relieve that that a would operability. when the okay? remove to That the when move an operate We've be a on the inside find we also then come help help really this beginning, changes looks on to for then toll to These equipment, low-priced to balance. the is remove you mean stream to lot a quite details is if something lot think There don't today, the pressure for bale remove very product respect but operations the our will operator So would that cost when at site we're outsider of to plant focus they will still potentially -- now, same in it purchasing operation. the that purchase but plant, you to improve as small valve. reality impact have significant a money if the at on lot Augusta. and look the successful, remove so It co-product no a have price per of of of CPX to money or the one well, reliability, get the rates on allows $X.XX to and pipe, they so it a of say, our look valve into pound same that And it's order no

of designs any overall or the we that about And Augusta. so project do, will -- the to all on we're the advise for about of that a today improve we're to which price, design seeing can across will we're these the we're final on a in per talk plant small that us impact advising what us about learning be help our are future impact standing. smarter plant not And the substantial pound CapEx believe doing position the projects that, while lot

us So learnings we're a improve find work efficient Ironton even into for but has integrate a currently with doing to from only good KBR. with and good, Augusta we novel, to continue to KBR very to be partner comment. to closely effective is what not the out Augusta, solutions turned

next comes from Sweeney Roth. Our at question Gerry

Sticking the with question. CPX

the to slide, you system, right? of material a That the amount assume have that CPX looking may for to for I can some maybe higher pounds CPI, #X. the need removal that feedstock enough make that which not it run But Slide later looking summer commentary or way appears understand improvements is also it. Am can made as need, remove at but day, amount reduces at to lower XX,XXX to reduces QX, feedstock would I optimize the your additional you and well. XX,XXX Looking you of low CPX I The that you eliminate, to improvements at of this include correctly? a CPX

I basic potential good to get And just questions. and a the math Yes. it's volumes of let's Gerry, here. do CPX think line some on

we purchase that if capacity, a means XX% So about, pounds to feedstock we're per CPX, day know, that's feed. XX,XXX XX% don't has That able can of you XX% day. per see And I pounds X,XXX and remove to XX% capacity.

to of If exactly to would able that the remove believe improvement to the feed very it per giving constraint okay? and feasible, X, XX,XXX that given a overall remove can guidance that overall are, and that co-product works, where our feed, substantial once in a okay? CPX low you plant. we to is on would because the will variable to on how feeds as impact gets we will it XX% co-product be is service it made, create the a the direct you're then be will able which improvements believe that X% a put where we stream, have is for moves no longer pounds and from a X% feedstocks, a pounds to on day day it's will to feed, it imagine XXX,XXX ability look, for to if prove -- But -- Now be we the rate it fee our be as around. we're effectively be then we at not high the where a anywhere regardless X concentration per the you of the CPX of feed, can feed lower or this So as rate we It facility. XX% quite you on as for can okay? see point level, And

up out, test The but run -- power to to had was, down. enhancements, run have of the you parts things, other have to able that to troubleshoot I different been going it cetera. system specifically you to you system things, able removal it around have the been shut the you run any been to able get in question et CPX it in

Yes.

of the prep run we have So side. portions on the primarily plant

to run the feed. prep continue to periodically and ready be We our fill for silos

We checks for weeks, have the ready of done start and X.X lot last pre-start-up a activity. over also, work to

that already largely facility So our that mechanical it these We've to ready systems know -- operational pressure final has in ready and sure done for run, and is checked that. the team to are operations. the checkouts are make to it's

of more some the we is able have think parallel. portions did down procedure the done for to to start do a question, traditional your But could we all answer this time you I So like of because outage, we of really in it items, ahead directly run because when bit purification have you're it's plant not interconnected.

during the any we a And so run pieces we did process way outage. do and individual the but didn't sizable equipment checks, of

working trial some with Can just their us the et in process? of those give potential you qualification a bit little of maybe you're side, where obviously, offtakers, are offtakers cetera. On detail

about bit. let won't specific a me probably get customers, I Yes, into specific details describe little the process but the maybe

Okay.

at product good evaluation feedstock preparation very our limited had volume a share in the the We customers. commercial plan, for we of have we to and very had that lot with unit made --

so And focused on that core less and broader market. was primarily the to customers

FEU. to they an seeing confidence as our FEU product it have even talk But during volume network, that is because into we commercial to make or similar that we so the outside the it the as core customers, of chance can that to enough a limited have scale so yet our it to product interest at And they customers their can in was sufficient like core products start started bring commercial-grade they in operation. had to run they such haven't --

like, when to able wider customers, that ready are them a Cycle. start so to talk Pure base for "Hey, out And Many materials we're haven't to starting we're because excited We're material been you of yet. customers. they get your much to to testing

difficult adoption very Each those different at predict those and customer has say, we the are approval. a for stages -- to I'll standard curve beginning And very Each different of the a with so products. the it's customer you, analysis is customers. unique. for of And the, let's tell level

working okay? make pretty of a types into notorious them have they supply And with that many, expanded market. different say, will are, taking so we're let's And together that is say significant portion blending of to And product. lots compounder the them good many a we of places. different are compounding, at feed of for our polypropylene I

let's often product more -- and just they're quality early are quicker so adoptions. adaptable And or they to them call experts, and variations like recipe in

And so the and outlet sales QX about course feel an good for as we that QX. of over

next comes Brian at from Stifel. Our question Butler

First about solution is the is to you CPT on? plan, what be X And CPT kind long-term that for line there still fixed that's are time supposed of that's implemented? when one, -- just still post think a

Yes.

So that's a good question.

Most all we if because let's is foundations the indication expected do on to a during that what the but we discovery ripe project that. was dig we course most that will do in we project okay? in outage.I that, not learned to it, is execution. complete. based it. project more of, And but what empty, timing level added said is We've to said to we another all -- market engineering Having manually project choose of from that, the will Let's choose And we not X,XXX wasn't reset mean, properties the May And is quite in device executable settler, back told still That another started that outage could that during is the descriptive outage say, wasn't, and working it. implement remove during okay? this execute maybe vessel this when just of play. take to if And that arrived, say, we opened -- kind equipment than it mind the found frankly, X,XXX we on made to the even okay? that have over We there. let's we've products, the what of we do we were a the go QX, That there be originally it to we for previously stage solution kind the outage we the has of for it properly. per to of course day pounds of

long-term we -- have efforts when But okay? we the a the last it, still until how holding sure ahead that months on test back see If pivot ask we and its need anyway. do what through to more before, If execute seen works we refocus question have during then it have that We long-term we the confidence we'll project installed already we our work we more learned a than to the then to in solution very need have everything capacity we were we to doesn't to for then works, another during and then properly, so into implemented solution. able operates. it we're did I we there plan been long-term that, still this to X we we solution solution it. of the see the make optimistic the think implementation it place. outage, in go in about on project over And that had is or ability progress outage. have we're but But it long-term CPX, may now remove plan the implementing is, that the So QX may and

now we as costs facility revenue-generating ramp how maybe going some into up should to that corporate you're And then about production roll talk this this maybe second at Is be in the to And about as we going well in XQ. a quarter? level cost can quarter? think

a Brian. Yes, good that's question,

the ability okay, that our this like and about And of railcar of a the than purpose they question, way we possible. bit line them ask a hand a perspective. they for lot, extended that bigger had because small chance hooks works as customers, of that ask resolved question wanted it we lot -- respect maybe and okay? generation ask sure We the as move outage, cost I'll the we're outage. and of We facility to with you over gets we know a we possible ramp and Jamie up. truck commercial a them. extend stand customers, where the Gerry's sampling excited quickly lot the for to little best sample, of and a to advance is headaches as they we it product feedback they process and respect is many qualification and got in we process lot the approval okay? a finish to the are they we're typically, all the that ask get of We're forward, give part okay? back to the With I for make listening And ask sample we for to ramping on once to then revenue then to a of did to can from okay? them. from to with for of sales, us to the We with are process What we've tell plant a could working as We reliability in

will running And just expenses. be month as to terms think it to been come a will tell that efficiently, based think I'd that down on We've steady we're because a probably costs continuously. more But those of down hard somewhat. around costs seems just like of It's we seeing, in that operating $X.X million the been state. haven't a some things cash we're bit. we come running to

new for with debt, And capacity how Okay. to long? the that run sufficient

call And $X liquidity, the actively at months. liquidity, that if the looking us we're gives the several we're still well, month, running, million, it, additional in With $XX a additional the marketing million bonds. that interim,

to sell bonds. we'll additional hopefully, continues opportunities have operate, more the So as opportunities, to Ironton

one then last one. Okay. And maybe

very on Ironton, as you expectations bit as the ramp way right level? the think think ramp well what even of a that to we just guess, about I Augusta build-out we beyond the of the Augusta, line-wise time you about -- -- high kind as development when at your of is about a projects talked Just should think in, how and reset little about Augusta

And several the packages that high engineering of been been has really included has a on At work last focus. for Yes. that the months ensure in finalizing level, so we've has Agusta Ironton been all been the okay? that implementation design, focusing to the on the

to with engineering say of of and through that helpful, change as have finding in we're partner to comes speak we in about of have relationship We've our this partners the everybody overall good our the some to business, of learnings and and good, with watching it worked lot respect. AR okay? of When some SK that past. waiting helpful KBR, be technical Ironton, side. spoken on technical all quite So expansion and fair challenges. extremely companies a partners, we it's expertise, helpful been for that quite the to the we're I'll look, comes specifically lot been SK there. cases, the in is As implementing I a mean they've

for partners not project game for reliably varying we once let's and give Once and But our in are and that our ready operational is reliability describe we're the the, Ironton early to very okay? to our degrees, they're we progress the move we're about helping we So going. are are say, going Ironton the to guidance dates and I potential scale, the it go, we've to us excited go are it, And or we the would Augusta. ready loaded to They on believe dates for So ready, to so at JVs. so operate waiting growth rent past and also ready watching that dock forward challenges. continuing get when -- I be way ground show get got partners. can would okay? and way

question. Next

from at Cohen. Thomas TD Our next question comes Boyes

this say, just if were resident give loading with X-rated quality experienced. more you Or how lower everything bit about? that a the had up? that does maybe Was of, just contamination could Pure on So you color come you when cross the mixing

because mean mean mean, and that's valves. as I transfer that was valve that final challenges we facility, basically, valve with us lot of I forced into I I were valve learning Yes. we you, operate transfer honest how had right, working product operations be product the with the that the to properly. Thomas. oversized to semicontinuous not mean a

product final and have we things you up you a a to so had do make that, And that the of Shooter And you it life challenging do than more to meant needs at are -- lot. that down lot be. that as

into quickly additive order the didn't reliability additive. minimize we we out made in some on were And we in silo. some where to as So with move another moving feedstock, we issues packages little to And not in had that feedstock one were of with cases, products a to side were cases, enough all transitioning cross-contamination. one

those going that amount fairly was cross-contaminated and between and And operationally to silos. concern to the the there equipment And that were to learning don't at to it forward. reliability, say working that issues day, But predict the that We meaning up and move challenges. that we're was early expect the a then of transition we how manage on. the be material the faced move this more effectively down say, market I on, then is shoe the would moments so majority end and a of small to some let's the seeds of volume also the of was in

on not making of of are correct? the point but trial kind like decisions Is of to to it, the then kind for sounds cross-contaminated put And it were as term basis fine portions that using are it. then final too that longer on or that there potential willing still a use the Got some even product. customers that

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in appetite the there's for material so heavy a market. recycled And

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have it, that Now having able we'll efficiently. move lot we to about we also to a capability learned that, as more expand the be at we said all capability into product our And of grow facility.

logic then And lot that that the unique for a the talked had kind have Is attributes site you about my fiber film and on of that you it. just follow-up, Got a the difficult possibility. of play of make that points that where that there? the the different for kind kind make a impurities same and kind Is dynamic to of that produce? that's the melting same

Yes.

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why traditionally moved mechanical And for they recycled true as well. so that's is film from have basically away Same product.

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Eric Our at from Stine comes Capital next Group. question Craig-Hallum

So would just I'll runway? those those provide terms, curious a love and able those the if interest at in longer resell pricing sneak also, a end. And details bonds ability detail you can any et cetera. warrants to bit your I'm you to here on in to few little you're on give bonds then give the to

Yes. Yes.

we do Ironton think the -- of an discussions. period has on On we've had, ongoing there got in run a based revenue bonds, I to We've discussions know for have time. We to it. is interest

they With couple bonds. detail Ironton at have price strike value we'll we just extend to market I respect view that they can mean, fair to additional opportunity is were XXXX. warrants the sell a to have the to can $XX.XX, of of my personal warrants. basically months, I at a of for run December get and They warrants, provide, if So those the

I realize one, appreciate and this just this a I Got difficult. is look, I can it. maybe last And And appreciate is then technology. new

a proactive of are event? this a you event more perspective? early to envision is ultimately Any where Do that of you thoughts it's be thoughts envisioned up, maintenance plant, But You're is of you things I that as lot. it you regular taking it such just ramping learning that you XQ XXXX this there today, them helpful. mean, you're on the want any down when a I when a what where part did? things a from is mean, outage would down given versus production you you the think more take -- just -- be know do

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we the did do saying the things quite caveat frankly, more we think something because I at reliably learn will work that However, outage will continue of is, between I point, a mean job site. that thorough in we front the Eric, time again, need to And a plant, project more such this other planning outage to of of or bring we life don't But need us we I okay? then and we to see life if had pounds the we down, by with of the and and to as look, the the will, run this consistently the over us. the it completing extend that we advises thing, plant

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happen add maintenance things never growing, the operate to well. change, we'll more we're But learning and continuously of of for facility this Now the or effectively. percentage improvement us to stop as better, and percentage will versus to us it will help going getting

the something You this field, very were item But projects abnormal, majority small the small in with items. that we it's that reliability operator plant. that's the dollar for is though outage of having good should did an deal the when issues, dollar during not note of even to

quite some be successful. And field in the lot we improvements, operator will a more these of small help so by the

at the turn Christian. will call this I questions further no showing I'm over you. time. to Thank

This that We at Matthew. through one investor are from comes going question we purecyclecom. read received Don question to

do anticipate the for occasional to process. stoppages Dustin, you continuing need improving plant the keep

Yes.

I question, Dan, that just for for Eric think sending thanks before. very in that. asked much thanks of We And the that question it early. First appreciate all, and

So outages to plant the we XXXX. we'll the to throughout make we're to the we're down any runs, thank us, year. is plant don't in so what plant take going future the telling for anticipate for how see decisions see going the needing But But question. you

to with full So call. this the for end I that, the success believe mean time. of remarks. everything consistent depend problems and we X% behind the I'd like do thing us, with day close we on plant questions outside improvements just out so a same the few will I with that that's and push short Look, reliability energy the this company opened our execute every ago, improve many every every look from but got there. meeting hear the might a to day. to you We for we you and our the resolve From is a all single headaches that doors solve We make of to team's grind, to We common culture looking forward the weeks you the saw removed in, the prevented us momentum. and few problems transparency. see day. through, you, that we we

you outage, to next you our talking and plant, look again to make be those our we couldn't we excited We much operation. time improvements more very for that and facility will Thank improve this believe took time this During restart to the we today. run your all forward to time.

in the This participation conclude your conference. for you Thank does today's program.

now may You disconnect.