Origin Materials Reports $31.3 Million Revenue for Fiscal Year 2024, Faces $83.7 Million Net Loss

Origin Materials, Inc. reported a total revenue of $31.3 million for the fiscal year ending December 31, 2024, marking a 9% increase from $28.8 million in 2023. The growth was primarily driven by a 31% rise in product revenue, which reached $31.3 million, while service revenue saw a complete decline to $3, reflecting the company's strategic focus on its supply chain activation program. Despite the revenue increase, the company reported a net loss of $83.7 million, a significant decline from a net income of $23.8 million in the previous year, largely due to increased operating expenses and impairment charges.

The company's operating expenses surged by 42% to $85.3 million, up from $60.1 million in 2023. This increase was attributed to higher general and administrative costs, which rose by 15% to $40.8 million, and a notable $15.2 million impairment charge related to the Geismar, Louisiana site, which the company decided not to develop further. Research and development expenses decreased by 13% to $18.6 million, reflecting a strategic shift towards immediate revenue generation through PET closures rather than long-term projects.

Operationally, Origin Materials has made significant strides in its PET closures business, with the successful completion of its first CapFormer System, which began commercial production in February 2025. The company plans to scale up its production capacity, with three additional CapFormer lines expected to be operational by the end of 2025. As of December 31, 2024, the company employed approximately 109 individuals, a reduction from previous headcounts due to workforce realignment efforts aimed at enhancing operational efficiency.

Looking ahead, Origin Materials anticipates continued challenges in achieving profitability, as it focuses on expanding its manufacturing capabilities and securing additional project financing. The company has emphasized the importance of customer agreements to justify further investments in production lines. Despite the current financial losses, management remains optimistic about the long-term market potential for its sustainable materials, particularly in the context of increasing demand for environmentally friendly packaging solutions. The company is also exploring strategic partnerships to bolster its growth and operational capabilities in the competitive landscape of sustainable materials.