PureCycle Technologies, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 09, 2023 at 01:39 am IST
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PureCycle Technologies, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net loss was USD 56.58 million compared to USD 15 million a year ago. Basic loss per share from continuing operations was USD 0.35 compared to USD 0.09 a year ago.
For the six months, net loss was USD 82.42 million compared to USD 40.44 million a year ago. Basic loss per share from continuing operations was USD 0.5 compared to USD 0.27 a year ago.
PureCycle Technologies, Inc. is commercializing a patented purification recycling technology (the Technology), originally developed by The Procter & Gamble Company, for restoring waste polypropylene into resin with near-virgin characteristics, called ultra-pure recycled (UPR) resin. Its process includes two steps: Feed Pre-Processing (Feed PreP) and the use of the Technology for purification. The Feed PreP step will collect, sort, and prepare polypropylene waste (feedstock) for purification. The purification step is a purification recycling process that uses a combination of solvent, temperature, and pressure to return the feedstock to near-virgin condition through a novel configuration of commercially available equipment and unit operations. The purification process puts the plastic through a physical extraction process using critical fluids that both extract and filter out contaminants and purify the color, opacity, and odor of the plastic without changing the bonds of the polymer.