10-Q · May 6, 2026
PureCycle Technologies reported Q1 2026 revenue of $4.1 million, exceeding estimates of $3.9 million, while the diluted EPS showed a loss of $0.21, which was narrower than the anticipated loss of $0.24. The company…
Earnings analysis · 10-Q
PCT earnings analysis
Filed November 4, 2026 · Our reading of the company's report
The latest report
PureCycle reported a $0.00 diluted EPS result, beating the $(0.24) consensus estimate, but revenue of $2.349 million materially missed the $8.6924 million estimate. The company increased 2026 project spending to…
Read full summary
PureCycle reported a $0.00 diluted EPS result, beating the $(0.24) consensus estimate, but revenue of $2.349 million materially missed the $8.6924 million estimate. The company increased 2026 project spending to approximately $51 million and remained dependent on financing, despite $178.2 million of financing cash inflows during the first nine months and $469.1 million of consolidated indebtedness at September 30, 2026. The low revenue base, single-facility dependence and continuing commercial-scale execution risks outweigh the reported EPS beat.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.0
What stood out
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EPS beat, but revenue missed sharply
Reported diluted EPS was $0.00 versus the $(0.24) consensus estimate, a $0.24 per-share beat. Reported revenue was $2.349 million versus the $8.6924 million estimate, a $6.3434 million shortfall.
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2026 project spending increased
The company raised 2026 project spending to approximately $51 million from the prior $45-$50 million range, implying higher spending than previously expected.
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Capital raised through debt and equity
Financing activities provided $178.2 million during the nine months ended September 30, 2026, including $287.5 million from Convertible Senior Notes and $163.0 million from the 2026 Common Stock Offering.
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Green Notes materially reduced
The company repurchased $241.1 million of Green Convertible Notes during the nine months ended September 30, 2026, while total consolidated indebtedness was $469.1 million as of September 30, 2026.
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Controls remained effective
Management stated that disclosure controls and procedures were effective as of September 30, 2026, and reported no changes that materially affected or were reasonably likely to materially affect internal control over financial reporting.
What to watch
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High leverage and financing dependence
Total consolidated indebtedness was $469.1 million as of September 30, 2026, while the company stated it does not yet have material recurring revenue. Debt covenants could constrain operating flexibility, and a future default could permit acceleration or foreclosure.
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Commercial ramp remains uncertain
Revenue was only $2.349 million in the reported quarter versus the $8.6924 million estimate, highlighting the risk that customer qualification, production constraints and regulatory delays may continue to defer commercial sales.
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Higher spending and potential dilution
The company raised 2026 project spending to approximately $51 million from $45-$50 million, while it continues to depend on additional financing to fund operations and growth. The filing states that financing may involve equity dilution, additional debt or restrictive covenants.
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Single-facility operating concentration
PCT states that it currently relies solely on the Ironton Facility and has no other material lines of business or revenue sources. The filing identifies operational challenges including filter fouling, co-product handling, quality compliance and maintenance downtime.
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Scale-up and construction execution risk
The filing states that the Thailand and Belgium facilities are expected to have 130 million pounds per year of capacity each, while the Augusta Facility is planned for 300 million pounds per year. Failure to complete or scale these facilities could impair the company's expansion economics.
Management's outlook
2026 project spending is expected to be approximately $51 million, up from the prior $45-$50 million range. Project and growth spending is expected to be directionally lower in 2027, with a 2027 range to be provided with fourth-quarter results.
Earlier filings 4
10-K · February 26, 2026
PureCycle positions itself as the commercializer of a P&G‑licensed patented dissolution recycling Technology to produce near‑virgin PureFive® polypropylene. The company remains early commercial‑stage with minimal…
10-Q · November 6, 2025
PureCycle reported first meaningful quarter of revenue of $2.43M (three months ended Sept. 30, 2025) while continuing to generate large operating losses (operating loss $38.9M). Liquidity materially improved after a…
10-Q · May 7, 2025
PureCycle reported its first quarterly revenue of $1.58 million and delivered GAAP net income of $8.83 million (EPS $0.05) for the quarter ended March 31, 2025, driven largely by a non‑cash change in warrant fair value.…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.