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    Thomas Boyes • TD Cowen

    Thomas Boyes's questions to Purecycle Technologies Inc (PCT) leadership

    Thomas Boyes's questions to Purecycle Technologies Inc (PCT) leadership • Q1 2025

    Question

    Thomas Boyes asked for an update on the company's pricing structure, specifically the traction of a feedstock-plus model, and inquired about the liquidity outlook, cash burn rate, and the potential need for additional capital.

    Answer

    CEO Dustin Olson stated that the feedstock-plus pricing model is gaining more traction with customers. Regarding liquidity, Olson and CFO Jaime Vasquez explained that steadier operations are reducing costs, and the cash burn will be minimized by selling existing inventory and remaining revenue bonds. They have access to a $200 million line of credit and expect Ironton to reach breakeven around Q3 2025, significantly reducing cash burn in the second half of the year.

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    Thomas Boyes's questions to Purecycle Technologies Inc (PCT) leadership • Q4 2024

    Question

    Thomas Boyes asked for details on the average blend in compounded resins, whether the automotive pilot involves single or multiple OEMs, and if the discount on revenue bonds is expected to narrow.

    Answer

    Executive Dustin Olson explained that compounding varies by application, from simply augmenting properties to creating specific blends like 50% PCT for fiber, 30% for film, and 60-70% for an automotive bumper. He confirmed initial automotive success has spurred interest from other manufacturers. Executive Jaime Vasquez stated an expectation that the bond discount would improve from the previous $0.80 on the dollar, reflecting the project's derisking through recent operational and commercial successes.

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    Thomas Boyes's questions to Purecycle Technologies Inc (PCT) leadership • Q3 2024

    Question

    Thomas Boyes asked about the drivers behind the rapid commercial progress in the automotive sector, the cost economics of the new Denver sortation facility, and the expected construction timeline for the Augusta plant.

    Answer

    CEO Dustin Olson attributed the automotive progress to long-standing development efforts and the product's ability to act as a 'like-in-kind' replacement for virgin materials. He stated the Denver facility improves Ironton's yield and reliability by providing feedstock control, with co-product sales offsetting costs. For Augusta, he estimated a 6 to 10-quarter construction timeline, aided by pre-purchased long-lead equipment.

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    Thomas Boyes's questions to Eos Energy Enterprises Inc (EOSE) leadership

    Thomas Boyes's questions to Eos Energy Enterprises Inc (EOSE) leadership • Q4 2024

    Question

    Thomas Boyes of TD Cowen inquired about the 2025 revenue ramp cadence, the role of Z3 contribution margin, and the impact of subassembly automation. He also asked if potential tariffs on Chinese lithium-ion batteries are increasing customer demand for Eos's American-made solution.

    Answer

    CEO Joe Mastrangelo explained the revenue ramp will be back-half weighted as subassembly automation comes online in Q2/Q3, which is key to lowering costs and increasing output. He noted newer orders are already contribution margin positive. Regarding tariffs, Mastrangelo and CCO Nathan Kroeker emphasized that while being American-made is an advantage, Eos's superior levelized cost of storage (LCOS) and operational flexibility are the primary drivers of customer interest, not just tariffs.

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    Thomas Boyes's questions to Eos Energy Enterprises Inc (EOSE) leadership • Q3 2024

    Question

    Thomas Boyes of TD Cowen asked for details on the underlying issues causing delays with the new in-line enclosures and inquired about the timeline for establishing a dual-source supply chain to mitigate these risks.

    Answer

    CEO Joseph Mastrangelo explained the delay was due to a supplier's challenges in transitioning from prototype to scaled manufacturing of the steel enclosures, not an issue with Eos's battery production. He noted that Eos has 27 cubes worth of batteries manufactured and waiting. To resolve this, the company is working with the existing supplier while also qualifying a second source, with a prototype already in-house and a goal to begin production from the new supplier by year-end.

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