1. The Impossible Foods of plastic.

2. Like a Nucor for plastic, transforming waste polypropylene into high-quality new material.

3. A specialized chemical company, similar to a Dow or LyondellBasell, but focused on ultra-pure recycled plastics.

• UPR™ Polypropylene Resin: A high-quality, ultrapure recycled polypropylene plastic resin derived from waste plastic, suitable for demanding applications including food-grade and medical products.

PureCycle Technologies (PCT) primarily operates on a business-to-business (B2B) model, selling its ultra-pure recycled polypropylene (UPRP) resin to other companies that use plastic in their manufacturing processes. The company does not sell directly to individual consumers.

Its major customers and strategic partners, often secured through multi-year off-take agreements for its UPRP, include:

• Procter & Gamble (PG): A global consumer goods giant and a foundational partner for PureCycle, committed to incorporating UPRP into various product packaging across its brands.
• SK Geo Centric: A prominent South Korean chemical company and subsidiary of SK Innovation, with significant off-take agreements and a joint venture partnership for the Asian market. (SK Geo Centric does not have a direct public stock symbol on major U.S. exchanges.)
• L'Oréal (OR): A world leader in beauty, partnering with PureCycle to integrate high-quality recycled plastic into its cosmetic packaging solutions.
• Milliken & Company: A global diversified manufacturing company that has signed off-take agreements for UPRP to use in various industrial and consumer applications. (This is a private company.)
• Ravago Americas: A leading global distributor and compounder of plastics and rubber, holding an off-take agreement for PureCycle's UPRP, enabling wider market penetration. (This is a private company.)

• TotalEnergies (TTE)
• Mitsui & Co., Ltd. (8031.T)
• Wood Group PLC (WG.L)

Dustin Olson, Chief Executive Officer

Dustin Olson joined PureCycle Technologies in 2021, initially as Chief Manufacturing Officer, before being promoted to Chief Operating Officer in early 2022, and subsequently appointed Chief Executive Officer in August 2022. He possesses over 20 years of experience in the plastics, petrochemical, and refining industries, with a career spanning the United States, Europe, and China. Prior to PureCycle, Olson held various senior leadership positions in manufacturing, commercial, and business support functions at LyondellBasell, where he was responsible for significant growth in volume and profitability. He holds a Bachelor of Science in chemical engineering, a Master's in Chemical Engineering, and a Master of Business Administration.

Jaime Vasquez, Chief Financial Officer

Jaime Vasquez was appointed Chief Financial Officer of PureCycle Technologies in February 2024. He brings more than 20 years of experience as a financial executive. Before joining PureCycle, Mr. Vasquez served as Chief Financial Officer at C&D Technologies from September 2020 to November 2022. His previous roles include Chief Financial Officer at AK Steel from 2015 to 2019, and Director of Finance from 2014 to 2015. From 2001 to 2014, he held various financial positions at Carpenter Technology Corporation, a public company specializing in stainless steel and corrosion-resistant alloys, including serving as a division chief financial officer. Mr. Vasquez holds a Master's in Business Administration and a Bachelor of Arts degree.

Tamsin Ettefagh, Chief Sustainability Officer and VP of Government

Ms. Ettefagh has over 32 years of experience in the recycling and plastics recycling sectors. Her extensive background includes implementing recycling collection programs, managing recycling operations for manufacturing recycling facilities, and handling the purchasing of raw materials and sales of recycled resins for plastic recycling companies. Before her tenure at PureCycle, she worked as a Senior Consultant, both independently and for major consulting firms, focusing on strategy and process advancements in the plastics recycling space, particularly within polyolefins.

Brad Kalter, General Counsel, Chief Compliance Officer and Corporate Secretary

Brad Kalter has served as PureCycle's General Counsel and Corporate Secretary since January 2021, and also holds the title of Chief Compliance Officer. Prior to joining PureCycle, Mr. Kalter was the General Counsel, Chief Legal Officer, and Secretary of United Insurance Holdings Corp., a property and casualty insurance holding company, from February 2019 to January 2021. From October 2015 to February 2019, he served as Executive Vice President, General Counsel, and Corporate Secretary of Exide Technologies, a battery manufacturing and energy storage business, where he oversaw global legal operations.

Brett Hafer, Executive Vice President of Manufacturing and Tech

Brett Hafer joined PureCycle Technologies in 2021 and is responsible for leading the company's manufacturing operations, engineering, environmental health & safety (EHS), research & development, information technology, and digital initiatives. He brings over 20 years of experience in operational leadership, gained across the oil refining, petrochemical, and polymer manufacturing industries in the United States and the Netherlands.

The rapid acceleration of investment and scaling of diverse advanced plastic recycling technologies by major incumbent chemical and energy companies poses a clear emerging threat. Companies such as ExxonMobil, LyondellBasell, SABIC, TotalEnergies, and others are committing significant capital to develop and commercialize various chemical recycling methods (e.g., pyrolysis, gasification) that aim to produce high-quality, virgin-like polymers from plastic waste, including polypropylene. While the specific technologies may differ from PureCycle's solvent-based purification, these efforts target the same end-market for high-quality recycled plastic and compete for the same feedstock of plastic waste. This intensified competition from established, resource-rich players could lead to increased feedstock costs, downward pressure on the pricing of recycled polypropylene, and a more crowded market for securing supply agreements for virgin-like recycled resin.

PureCycle Technologies (PCT) primarily focuses on the production of Ultra-Pure Recycled (UPR) Polypropylene (PP) resin, which is a virgin-like material derived from polypropylene waste.

The addressable market for their main product, recycled polypropylene, has been sized globally and for the United States.

• Global Market: The global recycled polypropylene market was valued at approximately USD 9.81 billion in 2024. It is projected to grow to nearly USD 16.05 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.34% from 2025 to 2032. Another estimate placed the global market at USD 9.15 billion in 2024, with a projection to reach USD 16.44 billion by 2035, growing at a CAGR of 5.47% from 2025 to 2035. In terms of volume, the global recycle polypropylene market reached approximately 7,500 thousand tonnes in 2024 and is expected to grow at a CAGR of 6.06% by 2035.
• U.S. Market: The recycled polypropylene market in the United States generated a revenue of USD 1,779.4 million in 2023 and is expected to reach USD 2,548.0 million by 2030, with a CAGR of 5.3% from 2024 to 2030. North America accounted for a significant portion of the global recycled polypropylene market, with a 19.3% share in 2023. Specifically, the North American recycled polypropylene in packaging market was valued at approximately USD 3.6 billion in 2024, holding a 38.90% share of the global recycled polypropylene in packaging market.

The applications for recycled polypropylene include packaging, consumer goods, automotive, industrial applications, textiles, and building & construction.

PureCycle Technologies (PCT) is poised for significant revenue growth over the next 2-3 years, driven by several key initiatives:

1. Increased Production and Operational Efficiency at the Ironton Facility: The Ironton facility has demonstrated record production, with 7.2 million pounds of PureFive™ resin produced in Q3 2025, including a monthly record of 3.3 million pounds in September. The company anticipates that the completion of in-house compounding at Ironton by year-end 2025 will enable the production of approximately 100 million annual pounds of single-pellet solutions, leading to higher sellable volume.
2. Commercialization and Customer Adoption of PureFive™ Resin: PureCycle is transitioning from trials to commercial sales, with momentum seen in brand owners and converters beginning to purchase their PureFive™ resin. Shipments to a top-five global Quick Service Restaurant (QSR) are expected to commence in Q4 2025, and products containing PureCycle resin for Procter & Gamble are slated for shelf appearance in early 2026. The company has developed a comprehensive PureFive™ product portfolio suitable for various applications, including food-grade flexible film, thermoforming, injection molding, and textiles.
3. Global Expansion into New Geographies: PureCycle is actively pursuing international expansion with plans for facilities in Thailand and Belgium. Key feedstock Letters of Intent for the Thailand project target over 100 million pounds annually, with mechanical completion projected for 2027. The Antwerp facility in Europe is expected to be operational by 2028. These new facilities are part of a broader strategy to achieve 1 billion pounds of installed capacity across the United States, Europe, and Asia by 2030, with future "Gen 2" facilities designed for capacities exceeding 300 million pounds per year.
4. Completion of Compounding Expansion at Ironton: The in-house compounding expansion at the Ironton facility, targeted for completion by year-end 2025, is expected to produce approximately 100 million annual pounds of single-pellet solutions. This expansion aims to reduce production costs, simplify supply chain operations, and broaden the market reach for PureCycle's products.
5. Advancement of the Augusta Facility: While the full purification lines at the Augusta, Georgia, facility are projected for a later date, the Augusta PreP (pre-processing) facility is expected to be operational by mid-2026. Furthermore, construction for the Gen 2 facility in Augusta is anticipated to begin in mid-2026, contributing to future capacity and revenue generation within the 2-3 year timeframe.

Share Repurchases

• PureCycle Technologies reported share repurchases of $1.049 million in 2024, primarily related to taxes due on employee restricted stock award vesting.

Share Issuance

• In March 2021, PureCycle Technologies went public through a SPAC merger, raising approximately $590 million for expansion plans, which included a $250 million common stock PIPE transaction.
• In March 2022, PureCycle completed a private placement of common stock and warrants, raising approximately $250 million in net proceeds.
• In June 2025, the company announced a $300 million capital raise through Series B convertible perpetual preferred stock to support global expansion.

Inbound Investments

• The SPAC merger in March 2021 resulted in approximately $590 million in funding for the company.
• A $250 million private equity capital raise was secured in March 2022 from a group of existing and new investors, including Sylebra Capital, Samlyn Capital, and SK geo centric.
• In June 2025, PureCycle announced a $300 million capital raise from new and existing investors such as Duquesne Family Office LLC, Wasserstein Debt Opportunities, Samlyn Capital, Pleiad Investment Advisors, and Sylebra Capital Management.

Outbound Investments

• No information is available regarding PureCycle Technologies (PCT) making strategic investments in other companies during the specified period.

Capital Expenditures

• The Ironton, Ohio plant (Plant 1) had an original budget of $242.1 million, which was expected to be exceeded by $55 - $65 million as of March 2022. Operations for in-house compounding are projected to be completed by the end of 2025 to enable 100 million annual pounds of single-pellet solutions.
• PureCycle announced a $440 million investment in July 2021 for a multi-line manufacturing facility in Augusta, Georgia (Plant 2), with construction on a larger "Gen 2" line expected to begin in mid-2026 and the first purification line operational by 2029.
• The company plans global expansion with new facilities, including a 130-million-pound line in Thailand with construction starting in the second half of 2025 and operations expected by mid-2027, and another 130-million-pound line in Antwerp, Belgium, projected to be operational in 2028. The total major expansion plans are expected to cost around $2 billion.