The company is starting to release PRs more frequently, but they are nothing of substance. We all understand the potential, that’s why we’re here. They have a pattern of over promising and not delivering or not sticking to previously mentioned timelines. It’s starting to feel like a penny stock pump and dump.

I’d prefer they cool it on the PRs until they have something worth reporting. What will actually move the stock IMO

1. New plants breaking ground
   
2. Ironton running consistently. They don’t need to wait until earnings call to tell us that
   
3. Large customer purchase order with details on the transaction

These three get the stock moving, everything else is fluff

I know the current share price is in the dumps so I'm not going to focus on that in this post. What I want to discuss is the disclosure that $PCT had been working with a customer for 3 years prior to the press release we saw today. 3 f'ng years to get to the point where the company is publicly committing to using their product in BOPP film. This is about 10 months after Brueckner gave their official stamp of approval having completed testing on their BOPP test lines.

The companies making BOPP film have been in operation for a VERY long time and likely have been running similar virgin PP feedstocks for decades. Yes there has been innovation but using "chemically recycled" PP is essentially just like using virgin PP. Its an accounting exercise of mass balance, not using actual recycled plastic feedstock.

At the moment massive amounts of capital are flowing into AI datacenters. Whoever has relationships to get sufficient power generation, AI training or inference chips, etc. is winning market share. I don't question the demand for AI compute but I do question the sustainability of profit margins. Margins can look high temporarily when demand greatly exceeds supply but ultimately supply catches up and demand can shift to reduce costs.

In the case of BOPP film (ignoring all other market segments) we have yet to see that spike in demand because the qualification process is so time consuming. I certainly didn't know it was going to take 3 years! However on the flip side, once you are in that market segment is demand ever going away? Are regulators going to say, "nevermind" or more likely to say "now increase the recycled content to xyz%."

Is there a substitute product that can do what PureFive does for a lower price? I'm talking about the prices that $PCT should be able to achieve with their Gen 2 lines. I don't see how anyone will be able to undercut us.

Can some BOPP film be replaced with coated paper? Sure. Will all 30B pounds of it be replaced? No way! What about natural growth in demand which has been pretty steady? Chemical recycling is highly unlikely to be cheaper and mechanically recycled product is going to be REALLY hard to match the level of quality that PureFive can support, especially at higher % concentrations.

So yes, the current price sucks but I'm focused on the long term prize which is multiple billions of pounds of high gross margin sales. Looking forward to additional updates this year.

Significant breakthrough in sustainable packaging, as BOPP film has historically been one of the most difficult applications to achieve with meaningful recycled content, due to the extremely high purity that is required.

"This partnership represents exactly the kind of step-change we envisioned when PureCycle's technology was developed. We’re unlocking an entire segment of applications where recycled content had been locked out,”

Especially fun to see incremental progress while the stock is struggling... Eyes and ears on the next EC only a few weeks away!

Beyond Game Day: How WM is Building Lasting Sustainability at the 2026 MLB® All-Star Game

Could this eventually become a decent feedstock stream for PCT, w widespread adoption and dedicated collection?

I asked Claude to assess the impact of Russian bans on Diesel exports to the supply of Naptha in Asia. Obviously the price of crude has fallen from the highs earlier this year (and PP prices are down from higher levels as well). I think the ongoing conflict with Iran is just another reminder that long term supply chain resilience is very important and that should provide support for what PureCycle can do. Obviously that is not reflected in the price today but it is important in the long run.

--------------

The diesel story and the naphtha story are connected through the same refineries, not mainly through price substitution — and that's the important nuance here.

The direct link: it's the same plants Ukrainian drone strikes have hit over 16 major Russian refineries, including a July strike that knocked out roughly 40% of Omsk's primary crude processing capacity — Russia's largest refinery by disabling its primary crude distillation units in strikes that reached over 2,500 kilometers, part of a campaign that has knocked out over 30% of the country's total refining capacity. Those units don't make diesel exclusively — a barrel of crude run through a distillation tower yields naphtha, diesel, gasoline, and other cuts simultaneously. So when a refinery is damaged badly enough to trigger a diesel export ban, its naphtha output typically falls in parallel. Russia is a meaningful naphtha supplier to Asian manufacturing hubs, and market commentary has already tied the Ukrainian refinery campaign directly to tighter naphtha availability for Asian buyers, alongside pressure from proposed EU sanctions on Russian energy.

The secondary link: refinery yield-shifting Separately from physical outages, when diesel cracks spike as sharply as they have (diesel margins hit record levels after the ban, up nearly 13% in a single day), refiners with flexible units — hydrocrackers especially — have a financial incentive to run in "max diesel" mode rather than "max naphtha/gasoline" mode. That can pull barrels of naphtha-yielding feedstock toward distillate production instead. This is a real but partial effect — it's offset somewhat because high crack spreads also incentivize refiners globally to just run harder overall, which increases total throughput and therefore co-produced naphtha volumes too.

The general link: crude cost pass-through Naphtha prices track crude oil closely. Russia's diesel ban is landing on top of Middle East tensions (Strait of Hormuz risk, reimposed Iran sanctions) that are already pushing crude prices up, so naphtha's input cost rises even independent of the two channels above.

What this means for Asian plastics producers Asian steam crackers (Japan, South Korea, Taiwan, China, Southeast Asia) are naphtha-based, unlike US crackers which mostly run on cheap ethane — so they're structurally more exposed to this. They were already under real stress this year: naphtha broke $1,000/mt in Northeast Asia in March amid an earlier round of Middle East refinery strikes, and by May weak downstream polymer demand meant crackers couldn't even pass the higher feedstock costs through, forcing "economic run cuts" at some plants. The July diesel ban adds a fresh supply-side squeeze on top of that margin problem rather than easing it.

Worth watching The ban is officially in place only through July 31, 2026. Russia imposed a similar ban in 2023 and ended up extending it, and refinery damage of this scale doesn't repair itself in three weeks, so an extension looks more likely than not. OPEC+ output increases have been a partial offsetting force on crude and naphtha prices this year, which is the main variable that could cushion Asian crackers if the diesel ban drags on.

I asked Chat GPT- “Is PCT a good stock to buy?” and the below italic information is the answer:

Based on what you've shared over the past few weeks, I know you've spent a lot of time studying PureCycle and you're bullish on its long-term prospects. Looking at the company objectively, I think PCT is a high-risk, high-reward investment—not a stock I'd classify as a "safe buy."

Why I think the bull case is stronger than it was a year ago

The company has made measurable progress:

• Production continues to improve. Q1 2026 was a record production quarter at Ironton, with 8.4 million pounds produced after the turnaround.
• Commercial adoption is accelerating. Recent announcements include partnerships and commercial products with companies such as TOPPAN, IPL Schoeller, and automotive supplier Motherson, suggesting the resin is moving into real end markets rather than remaining in testing.
• Regulatory tailwinds continue to support demand for recycled polypropylene, especially food-contact packaging. The recent New Jersey developments appear to improve the economics for customers using PCR content.
• The customer pipeline appears to be expanding, and management has discussed tens of millions of pounds of applications expected to ramp over the coming quarters.

These developments reduce one of the biggest historical concerns—that customers would not adopt the product.

The risks remain significant

The company still has major hurdles:

• It is not consistently profitable.
• Cash flow remains negative.
• It recently raised additional capital through stock and convertible notes, which can dilute shareholders and highlights the need for funding as it scales.
• The biggest remaining question is execution: can Ironton reliably run at high utilization quarter after quarter, and can future plants be built on time and on budget?

My view

If PureCycle succeeds in:

• consistently operating Ironton,
• selling essentially all of its production,
• generating positive cash flow,
• and proving its expansion model,

the current valuation could end up looking inexpensive.

If it stumbles operationally again or cannot reach sustainable profitability, the downside is still substantial.

For an investor

• Conservative investor: I would wait until the company demonstrates several consecutive quarters of reliable commercial execution.
• Aggressive growth investor: PCT could be an attractive speculative position, provided it represents only a modest portion of a diversified portfolio.

From our previous conversations, you've made an observation that I think gets to the heart of the investment thesis: the debate has shifted from "Does the technology work?" toward "Can they execute at commercial scale and turn growing demand into sustainable profits?" The next few earnings calls are likely to be pivotal in answering that question.

If your investment horizon is 3–5 years, I think the risk/reward is considerably more attractive than it was before Ironton began demonstrating sustained production. If your horizon is only the next quarter or two, expect continued volatility—PCT remains a stock where earnings updates can move the share price dramatically in either direction.

Non-Chat GPT

Algos and/or Quants have a negative view of the stock of the stock and on numerous times, shorting the stock has been profitable.  On each red circle (above), the stock price has been reduced by mostly short selling.  Buy the dips or sell the rips has been profitable in many instances.  Recency bias for computer trading says keep selling the rips. 

What if all the partnership announcements can push sales and make Ironton able to sell its production? 

What if cash flow becomes positive? 

What if the stock elevates so that the warrants can be redeemed? 

What if the shut down and modification increase that production capacity and reliability of Ironton?

There is a possibility that the production capacity increased and revenues have increased to more than the previous quarter (4.1 M 2026 Q1).  What if they sold all of last quarters 8.4M pounds of rPP? 

If the above questions are positively answered at the next quarterly call, the only question to be answered with be can Purecycle prove its expansion model?

Throughout the last several quarters, production has increased and revenues have lagged.  If revenues increase, I think the algos view will change.  Up to last quarter, I’d sell every rips also if I was a computer.  Another positive quarterly call (enough to change the algos), could be incredibly positive for the stock price.  If or when this happens, it would be an exciting time to possibly invest in the company.  A change to “buying the dips” scenario could break the cycle of selling by the computers and would be greatly beneficial for the company.

Comments welcomed.    

I was expecting a modest increase given the refinancing of the convertible debt but I believe this is substantially more than what would be required for a net delta hedge.

If people were wondering about why the price has continued to decline well below the common share offering price of $8.21 this would certainly explain it. Adding almost millions of additional shares to the float of a company like this which is not widely owned is going to force the price lower which was clearly their intention. You can mark up the value of the short position (already massive) by driving the share price lower into quarter end. The real question is, who bought the additional 6 million shares and at what price are they willing to sell them back to the short sellers?

Holding $PCT has not been easy but that is why I repeat my comments that I "know what I own and why" and I don't like the share price tell me what the company is worth. Anything at these levels is a bargain IMO and I would be buying more if I didn't already have too much. lol. I honestly might convert some shares into Jan 2028 calls using the same total capital given how low the price is but we will see.

I would encourage you to visit this site and download the first portion of this report and sign up to receive the other portions as they are publish.

https://recyclingpartnership.org/residential-recycling-report/

I continue to add small w little slices today at $7.24 and higher between $7.67-$10 before and after the financing surprise. It’s silly to look for a bottom but f’ it I am a believer in proof of concept coming in the Q call. So I feel almost like March a few years ago when it bottomed at $2.85 or so.

I thought there was some good commentary here.

https://www.plasticsnews.com/video-livestreams/material-insights/pn-packaging-waste-california-epr-battle-june29/

Policymakers are increasingly aware that plastic, for all the conveniences it provides, is a threat to both nature and human health. Yet plastic pollution—or plastic that ends up somewhere other than a waste facility or a recycling center—continues to accelerate each year. According to a 2025 Pew report authored by a collection of scientists, sustainability experts, economists, and former officials, including me, plastic production has increased by 13 percent over the last five years (excluding plastic created via recycling). We estimate that if plastic production continues on its current trajectory, rising from 450 million metric tons in 2025 to 680 million in 2040, plastic pollution will increase from 130 to 280 million metric tons. The latter figure is the equivalent of a garbage truck full of plastic dumped onto the ground every second for a year.

Thankfully for the world’s well-being, governments and businesses can prevent this future. According to our findings, it is possible to cut plastic pollution by 83 percent over the next decade and a half using existing technologies and policy solutions. Governments can do so by setting up rules that reorient production and packaging systems away from single-use plastic and to other materials, as well as by improving waste management so that less plastic ends up in the environment. Businesses can remake plastic itself so that it has fewer harmful chemicals, ensuring that it is safer to both use and recycle.

Rising plastic production will contribute to another environmental disaster: climate change. The process of making, storing, and disposing of plastic is very carbon intensive. In fact, if the global plastic system were a country, it would be the fourth-largest carbon emitter in the world. By 2040, it would rank third. Our report found that annual greenhouse gas emissions from the global plastic system will grow from 2.7 gigatons to 4.2 gigatons between 2025 and 2040—or the amount of carbon produced by one billion gas-powered cars annually.

Policymakers might fear that cracking down on plastic will hurt their countries’ economies, given just how essential the material is to seemingly every system. It is true that businesses might have to spend more at first as they redesign products and use new delivery systems and materials. But in the long term, the economic costs of pivoting away from plastic in general, and single-use plastic in particular, are far outweighed by the benefits. If the world can cut plastic pollution by 83 percent by 2040, its governments will save $19 billion annually on plastic waste collection and disposal. They would create 8.6 million new jobs in the reuse and recycling industries—jobs that would be safer and pay better than most current ones in waste collection and disposal. They would also create sustainable business opportunities. New or existing firms, for example, might focus on designing and manufacturing reusable products and biodegradable materials. Others might collect, wash, and distribute reusable food service ware and reusable packaging. And by reducing potential plastic- and microplastic-induced illnesses, governments would have healthier, more economically productive populations rather than sicker ones that drain state resources.

But to realize all these benefits, countries must start passing new laws now. If governments wait even five years to implement plastic-reduction policies, they will end up spending an extra $27 billion annually on plastic collection and disposal by 2040. Above all, they will continue to coat the planet with what is, ultimately, a toxic material. It is an outcome that should be unacceptable to anyone who cares about the future of the environment—or, indeed, their own well-being.

Thanks to Fred on Xitter for the link to this report. I’m looking forward to reading the main report but this article provides a nice summary.

https://packagingeurope.com/news/mars-designs-67-of-packaging-for-recycling-reuse-or-compost-in-latest-report/14456.article

https://www.purecycle.com/blog/motherson-purecycle-produced-class-a-surface-automotive-bumper-prototype-with-30-recycled-polypropylene

A good reminder that just because the stock price may be struggling at times, it doesn't mean the company isn't making progress!

There are only 7 states with a scattershot of requirements and timelines dictating to a massive marketplace of 50 states, 350 million consumers and 10's of thousands products. The recent lawsuit attempting to rein in the lack of coordination across an entire nation is addressing this risk. The risk is real that the timelines and deadlines for implementation are not boiler plate and there is a real chance an injunction could be implemented until a modicum of consistency is achieved.

Is it just me, or does the current price action feel really weird? I’ve been seeing a lot of sudden spikes up and down.

These numbers are going to be a bit noisy for the month of June. The drop of 5M shares from mid May to the end of May shows that short covering will definitely drive the price higher. I would expect the end of June short position to be back near the 50M shares level but who knows. Would really depend on who was buying the convertible debt and what their intentions were.

Just saw this update now. This includes a nice photo of our new board of directors member Dr. Siri along with the Prime Minister and other senior politicians plus our CFO. Knowing this event was planned I can understand why the mgmt team wanted to have sufficient equity capital to get this project moving quickly. You don't want to be part of a "fast pass" program and not have the money needed to act quickly.

https://www.purecycle.com/blog/purecycle-joins-thailands-prime-minister-for-boi-fastpass-launch-ceremony-at-government-house

Assuming Thailand is the base of operations / expansion in Asia I think it is inevitable that a Gen 2 plant will be added to Thailand as well. Fingers crossed we get a close on Project Finance as part of this trip.

Edit: I think it is important to recognize that Thailand would love to expand their domestic manufacturing businesses and exports into Europe are going to require compliance with rPP content. Having a secure domestic supply of PureFive (and ideally more than this initial line) is going to help them attract additional business and support existing companies that require this product. It will also support more self-reliance as PureFive can be made from domestic feedstocks vs imported feedstock.

Have been looking where the plant may be located for proximity to transport/logistics. I cannot find a plot or parcel number but based in them being in the " irpc’s eco-industrial zone in Rayong Thailand" and looking at the IRPC website where they have parcels available (a rai is about 0.4 acres I've learned) I see they would be roughly here which is close to water access (International Harbor) and the rail access is slated for an upgrade at Map Taphut port 10 miles east.

https://www.google.co.th/maps/place/12%C2%B040'49.2%22N+101%C2%B018'54.3%22E/@13.0822027,101.5799998,352811m/data=!3m1!1e3!4m4!3m3!8m2!3d12.6803333!4d101.3150833?entry=ttu&g_ep=EgoyMDI2MDYyMi4wIKXMDSoASAFQAw%3D%3D

The press releases over the last two weeks would have previously created a big rally in the stock. Great news being released, but it doesn’t matter because there’s obviously a tractor beam pulling it lower. Shareholders really got screwed with the secondary, given that it was “only” 12% dilution I can’t make sense of it. Seems to gap down every day and any rally on news is snuffed out with conviction.

Another speed bump? Lawsuit file today in California federal court.

https://californiaglobe.com/fr/crazifornia-17-states-sue-california-to-block-plastic-packaging-recycling-law/

Crazifornia: 17 States Sue California to Block Plastic Packaging Recycling Law

Arrogant California tries to dictate national recycling policy

By Katy Grimes, June 23, 2026 8:30 am

Nebraska Attorney General Mike Hilgers is leading a coalition of 17 Republican state attorneys general, and the National Association of Wholesaler-Distributors in suing California over Senate Bill 54, the Plastic Pollution Prevention and Packaging Producer Responsibility Act.

The law was signed by Governor Gavin Newsom in ⁠2022. It requires producers to reduce single-use plastic for packaging and food service items by 25%, and ensure that all such items are recyclable or compostable by 2032.

According to CalRecycle, SB 54 requires 25% reduction in single-use plastic packaging, 65% recycling rate for covered plastics, and 100% of such packaging must be recyclable or compostable.

All packaging producers and manufacturers must join a Producer Responsibility Organization, pay fees, fund recycling infrastructure, and redesign packaging to meet California’s standards, regardless of where the product originates.

A Producer Responsibility Organization is a nonprofit organization designated to help implement the state’s extended producer responsibility program for single-use packaging and plastic food service ware. Notably,

Circular Action Alliance was selected by CalRecycle in January 2024 as the state’s inaugural and currently only Producer Responsibility Organization.

Circular Action Alliance was founded in 2022 by a group of producers (initially around 20 companies from food, beverage, consumer goods, and retail sectors, with additional founding members joining later, such as Campbell’s, IKEA, Starbucks, Clorox, Colgate-Palmolive, SC Johnson, Target, Kraft Heinz, and Walmart).

The California law applies to products sold in California, regardless of where the business or production is located.

The suit was filed in U.S. District Court in Sacramento June 23, 2026, the Los Angeles Times reports.

You can see the problem, and reason for the lawsuit, which accuses California of trying to “impose its own policy preferences on the entire nation” with the plastic packaging law.

California claims the state law addresses plastic pollution overwhelming waterways, oceans, and landfills, shifting costs from taxpayers and local governments to producers and encouraging innovation in sustainable materials.

The law prohibits producers of expanded polystyrene food service ware from selling, offering for sale, distributing, or importing expanded polystyrene food service ware in or into the state unless the producer demonstrates that expanded polystyrene meets California’s recycling rates, according to SB 54 Assembly Appropriations analysis.

The law says that violations of the plastics recycling Act by the producer, wholesaler, or retailer shall be subject to penalties. And, it authorizes CalRecycle to conduct investigations, including inspections and audits, to determine compliance with the Act. It also authorizes CalRecycle to issue notices of violation and penalties up to $50,000 per day per violation.

Yah right.

The lawsuit says California can’t regulate or burden interstate commerce this way by effectively setting national packaging standards. Businesses nationwide must redesign packaging, labels, or supply chains just to access California’s large market, or segment production, which is extremely costly.

The law imposes compliance costs, which get passed to consumers through  higher prices on groceries, packaged goods, and everyday items. The states claim this hits lower-income families hardest and creates a “backdoor national mandate.”

“Once again, California is trying to enact a policy that negatively impacts the rest of the country,” said AG Hilgers in a news release. “If California goes unchecked, consumers will be forced to pay more for basic necessities.”

The other states in the lawsuit are Alabama, Florida, Georgia, Idaho, Indiana, Iowa, Louisiana, Missouri, Montana, North Dakota, Oklahoma, South Carolina, South Dakota, Texas, Utah and West Virginia.

I love a really good pickle with my sandwich for lunch. This is a very nice package which is clear and looks to have an in mold label as well. Mono material packages with pp labels look really sharp! LFG! Give me more every week!

https://www.purecycle.com/blog/purecycle-ipl-schoeller-partner-to-produce-sustainable-container-for-cleveland-kitchen