PureCycle Technologies, Inc.
PCT, PCTBP, PCTTU, PCTTW · Plastic Materials, Synth Resins & Nonvulcan Elastomers · 180.9M shares · +55%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$10M (gross $1M, SBC $12M)
Grade
D44Early commercial-stage plastics recycler with minimal revenue, massive losses, and heavy debt funded by repeated capital raises.
Strengths
- $170M cash and current ratio 2.26 (75th pct) after 2025 equity/preferred raises
- FDA LNOs, P&G technology license, and a multi-site expansion roadmap (Augusta/Thailand/Belgium)
Risks
- Net margin -2,185% and operating margin -2,172% (7th pct); ROE -3.98 reflects deep losses on negligible revenue
- $363.7M debt with restrictive covenants and ~3.7-quarter runway (36.9th pct) — recurring financing dependence
- Commercialization/scale-up unproven; license carries construction and sales deadlines
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -2185.1%)
- Cash burnNegative free cash flow (-183.6M)
- Chronic dilutionShare count +55%/yr over 4y (dilution, book value/share -98%)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-2171.6%
Net margin
-2185.1%
Return on equity
-397.9%
Return on assets
-19.8%
Revenue growth (QoQ)
53.1%
Current ratio
2.3×
Free cash flow
-$184M
Tangible book value
$46M
Cash & investments
$170M
Cash runway
4q
Stock comp / revenue
178.8%
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Material agreementDebt obligationReg FDExhibits | filing ↗ |
| 2026-06-11 | Material agreementDebt obligationOtherExhibits | filing ↗ |
| 2026-05-11 | Shareholder voteExhibits | filing ↗ |
| 2026-05-06 | ResultsReg FDExhibits | filing ↗ |
| 2026-04-17 | Material agreement3.03Shareholder voteExhibits | filing ↗ |
| 2026-03-20 | Reg FDExhibits | filing ↗ |
| 2026-02-26 | Material agreementResults3.03Exec/director changeReg FDOtherExhibits | filing ↗ |
| 2026-01-13 | OtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-10 | 0001193125-26-271316 ↗ |
| 8-K | 2026-06-11 | 2026-06-10 | 0001193125-26-266413 ↗ |
| 8-K | 2026-05-11 | 2026-05-07 | 0001830033-26-000017 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001830033-26-000014 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001830033-26-000013 ↗ |
| 8-K | 2026-04-17 | 2026-04-16 | 0001830033-26-000007 ↗ |
| 8-K | 2026-03-20 | 2026-03-20 | 0001830033-26-000003 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001193125-26-076801 ↗ |
| 8-K | 2026-02-26 | 2026-02-25 | 0001193125-26-076587 ↗ |
| 8-K | 2026-01-13 | 2025-12-29 | 0001193125-26-011168 ↗ |
| 8-K | 2025-12-30 | 2025-12-26 | 0001193125-25-335948 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0001193125-25-323749 ↗ |