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Here are 1-3 brief analogies to describe Origin Materials:

• Like a Beyond Meat for industrial materials, creating plant-based alternatives to traditional products.
• The Dow Chemical of plant-based, carbon-negative materials, focusing on sustainable alternatives to petrochemicals.
• An ExxonMobil, but refining plants into carbon-negative industrial materials instead of oil into fuel and plastics.

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• Chloromethylfurfural (CMF): A chemical intermediate produced from plant-based carbon using Origin Materials' proprietary platform technology.
• Hydrothermal Carbon (HTC): A solid carbon material derived from biomass through Origin Materials' proprietary process.

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Origin Materials (ORGN) primarily sells its proprietary carbon-negative materials to other companies, operating on a Business-to-Business (B2B) model. These customers are typically large corporations across various industries that are seeking to incorporate sustainable, plant-based materials into their products or manufacturing processes.

Major customer companies and strategic partners with off-take agreements or significant collaborations include:

• Nestlé S.A. (OTCMKTS: NSRGY)
• PepsiCo, Inc. (NASDAQ: PEP)
• Ford Motor Company (NYSE: F)
• Michelin (EPA: ML)
• Danone (OTCMKTS: DANOY)
• Mitsubishi Gas Chemical Company, Inc. (TYO: 4188)

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John Bissell Co-Founder & CEO

John Bissell co-founded Origin Materials in November 2008 and has served as its Chief Executive Officer and a member of its board of directors since inception. He was trained as a chemical engineer at UC Davis and has extensive experience in R&D, engineering, and business development in the chemical industry. Bissell raised over half a billion USD in capital and took Origin Materials public in 2021. He was recognized by the US EPA, Forbes, and the University of California for his professional and technical contributions. He transitioned to a single CEO leadership structure effective December 31, 2024, previously serving as co-CEO.

Matthew T. Plavan Chief Financial Officer and Chief Operating Officer

Matthew T. Plavan has served as Origin Materials' Chief Financial Officer since November 2023, and additionally as Chief Operating Officer since December 2024. He brings 30 years of successful leadership and board governance experience in public and privately held companies within the ag-tech, medical device, cell therapy, and healthcare industries. Most recently, from May 2022 to October 2023, Plavan served as Chief Executive Officer of IngredientWerks, Inc., where he led the company's founding spin-out and initial seed financing. Prior to IngredientWerks, he was Chief Financial Officer of Arcadia Biosciences, Inc. from September 2016, and then President and Chief Executive Officer from September 2018 to December 2021. As a CFO, Plavan also led the finances of two high-tech private equity-backed companies, StrionAir Inc. and Reason, Inc., positioning each for successful exits. He previously held positions at Cesca Therapeutics, McKesson, and Ernst & Young.

Pam Haley VP, Accounting

Pam Haley is the VP, Accounting at Origin Materials. She previously served as interim Chief Financial Officer from September 1, 2023, to October 30, 2023. Prior to this, Haley held various financial leadership roles at Arcadia Biosciences Inc., including Chief Financial Officer from September 2019 to January 2023, Controller from November 2014 to August 2019, Director of Accounting from 2010 to 2014, and Accounting Manager from 2005 to 2010. She holds a B.S. in Accounting from the University of Arizona.

Ben Freireich SVP, R&D

Ben Freireich is the SVP, R&D at Origin Materials. He has more than a decade of experience in the chemical and process industries and is a leading industry expert in product and process research and development for solid materials. Before joining Origin Materials, Dr. Freireich served as the Technical Director of Particulate Solid Research, Inc. (PSRI), where he led applied process research efforts for a consortium of over thirty multinational corporations. He is a specialist in particle technology, with expertise in various areas of solids engineering, and has authored sections of Perry's Chemical Engineering Handbook. He obtained his PhD in Mechanical Engineering from Purdue University.

Joshua C. Lee Chief Compliance Officer, General Counsel and Secretary

Joshua C. Lee serves as the Chief Compliance Officer, General Counsel, and Secretary for Origin Materials.

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Here are the key risks to Origin Materials (ORGN):

1. Delays and Hurdles in Commercial Scale-Up and Product Commercialization: Origin Materials faces significant challenges in bringing its proprietary technology to commercial scale and successfully commercializing its products. The company has experienced original equipment manufacturer (OEM) manufacturing delays, including subcomponent and procurement issues, which have postponed factory acceptance testing. Furthermore, there are inherent difficulties in the design, production, and marketing of its innovative products, such as PET closures, which could significantly delay or prevent their development and widespread commercialization. Extended customer product qualification cycles, now anticipated to take one to two years, have deferred the expected start of commercial-scale PET cap revenue generation. Past issues include construction delays and cost overruns for the Origin 2 plant, with the completion timeline pushed from 2025 to a phased approach ending in 2028. The company also agreed to a $9 million settlement to resolve claims of misleading investors regarding the status and commercial viability of its Origin 2 plant. These delays and hurdles directly impact revenue generation and operational timelines, leading to revised financial guidance.
2. Financial Instability and Liquidity Concerns: Origin Materials is experiencing significant financial instability, marked by declining revenue and substantial doubt about its ability to continue as a going concern without additional financing. The company has revised its revenue guidance downward for 2026 and 2027. Its stock has been trading below $1 for an extended period, which poses a risk of NASDAQ delisting. The company has reported a wider net loss, a large non-cash impairment, and is burning cash, despite having approximately $69 million in cash and marketable securities. Analysts have also noted poor profitability, including negative net income and cash flow from operations, and a low Altman-Z score, indicating financial unhealthiness and a potential risk of bankruptcy. The need for substantial outside financing is a critical factor for its future operations.
3. Supply Chain Disruptions and Customer Concentration: The company is vulnerable to uncertainties in global supply chains and the impact of tariffs and protectionist trade policies, particularly regarding European imports. Additionally, Origin Materials exhibits a high degree of customer concentration, with nearly all of its 2025 revenue coming from just two customers. The loss of either of these key customers would have a material adverse effect on the company's financial performance.

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The emergence of alternative, potentially more efficient or cost-effective, biomass conversion technologies for producing platform chemicals that compete directly with Origin Materials' key outputs. For example, companies such as Avantium are developing and scaling technologies to produce furandicarboxylic acid (FDCA) directly from plant-based sugars. FDCA is a crucial monomer for polyethylene furanoate (PEF), a high-performance bioplastic that Origin Materials aims to enable through its chloromethylfurfural (CMF) platform. If these alternative pathways prove to be more economically viable or scalable for key applications like PEF, they could significantly undermine the market demand and value proposition for Origin Materials' CMF.

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Here are 3-5 expected drivers of future revenue growth for Origin Materials (ORGN) over the next 2-3 years:

1. Commercialization and Market Penetration of PET Bottle Caps: Origin Materials has identified PET bottle caps as a significant revenue opportunity, with the company announcing the launch of its PET bottle caps on store shelves and targeting a substantial portion of the $7 billion non-carbonated water caps market, with plans to expand into the broader $65 billion closures packaging market. The company's 1881 cap for non-carbonated water is now available, and it is working on qualifications for carbonated soft drink applications.
2. Scaling Up Production Capacity of CapFormer Lines: To meet the anticipated demand for its PET caps, Origin Materials is focused on expanding its CapFormer production lines. The company has commenced commercial production of PET caps at its Reed City, Michigan facility and is actively expanding its CapFormer production lines to scale revenues. Delays in CapFormer production have previously impacted revenue guidance, underscoring the importance of successful ramp-up.
3. Expansion through Strategic Partnerships and Customer Acquisitions for PET Caps: Origin Materials is expanding its market reach and distribution through strategic alliances. A key partnership includes an agreement with Berlin Packaging to purchase PET 1881 caps for sale and distribution. Additionally, the company announced a partnership with Matrix Bottling Group to bring recyclable PET bottle caps to major beverage brands. These collaborations are crucial for converting customer interest and MOUs into tangible revenue.

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Share Issuance

• Stockholders approved the issuance of more than 20% of outstanding shares upon conversion of senior secured convertible notes issued to an institutional purchaser, as of February 17, 2026.
• Officers have sold common stock to cover tax obligations from restricted stock units vesting; for example, the General Counsel sold 29,000 shares for approximately $6,609 and 35,000 shares for approximately $6,913 in December 2025, and the CFO sold 12,000 shares for approximately $2,393 in January 2026.
• The 2021 Equity Incentive Plan includes an "evergreen" feature that annually increases the number of shares reserved for issuance by 5% of the fully-diluted common stock until January 1, 2031.

Inbound Investments

• Origin Materials secured new convertible debt and equipment-backed financing to support its future growth as of November 2025.
• The company anticipates accessing additional tranches of a previously announced $100 million debt facility to meet near-term working capital requirements.

Capital Expenditures

• Capital expenditures in Q3 2025 were approximately $5 million.
• The company's burn rate for 2026 is projected to include similar levels of capital expenditures.
• Origin Materials is focusing its 2026 CapFormer line build-out to six already procured lines, which are scheduled for installation by year-end.