PureCycle completes under-budget Ironton turnaround, sets 10M-pound record and wins €40M grant
PureCycle completed an ahead-of-schedule, under-budget Ironton turnaround, set a record 10 million-pound feedstock throughput and posted five straight quarters of sequential revenue growth. Rising virgin polypropylene prices versus stable feedstock costs, two P&G resin qualifications with Q2 pellet delivery and a €40 million Belgium grant support its margin expansion.
1. Operational Achievements
PureCycle completed its Ironton turnaround ahead of schedule and under budget, incorporated reliability and quality improvements, and reached a record 10 million-pound quarterly feedstock throughput while finishing on-site compounding in April to produce PureFive Choice resin.
2. Commercial and Contract Wins
The company achieved its fifth straight quarter of sequential revenue growth, reaffirmed contracts for 40–50 million pounds of demand ramping in Q2/Q3 and 20–25 million pounds in Q3/Q4, and secured two P&G resin qualifications with first pellet deliveries slated for Q2 and additional shipments in 2H 2026.
3. Macro Environment and Pricing Dynamics
A global petrochemical supply disruption has driven virgin polypropylene prices significantly above recycled feedstock costs, narrowing the cost premium for recycled content and enhancing co-product pricing dynamics for PureCycle’s resin offerings.
4. Expansion Projects and Financing
Growth projects remain on track with a $250 million Thailand facility due for mechanical completion by end 2027, Belgium construction kicking off in early 2027 backed by a €40 million European Innovation Fund grant, and total liquidity of $131 million supported by an undrawn $200 million credit facility and extended warrant expirations.