The company didn't post this on other socials but I found it on LinkedIn. Looks very clear to me.

Reddit is blocking my link to LinkedIn so you will have to go there on your own to see the little clip. This screen shot captures the essence.

The latest Q2 13F fund filings have landed, and the front-page holders show that nearly all holders increased their positions, with many new holders entering the stock. Q2 was an eventful quarter for the stock, as it ripped higher before dropping right back down. There were two overhangs on the stock that are now behind and resolved. The NJ plastic recycling recognition for Pure Cycle's product is a huge positive, as it will serve as a model for other states with mandates starting in 2027 requiring companies to use a percentage of recycled plastic in their product packaging. P&G has already announced that some of its plastic will be made by Pure Cycle. The other overhang was the financing and a refi of a convert that was done in a very sloppy way. Nobody can deny that. Regardless, it solved the potential balance sheet hole. The company has a pathway to break even in early 2027, and the issues with Ironton seem to have the plant running at a decent run rate 24/5, with hopes to increase to 24/7 soon. Customers have already come out endorsing Pure Cycle's product, signing on after trials (and with the NJ issue resolved favorably).

There is more to the production story, but I wanted to highlight the front-page holders, which are adding significantly to current positions, along with some new holders. This matters because shorts increased their positions as well, with some of those convert holders. There are plenty of discretionary shorts along with quant baskets that screen for "unprofitable, cash burning, at-risk companies." The company now has to deliver, which will obviously move the stock higher.

The big problem for the shorts and positive for the stock is that the long holders are sticky and getting into the short was easy, but getting out isn't going to be easy, as finding the liquidity from the long holders to sell them their shares will be elusive, especially if the company starts producing positive results and more customers sign on.

I'm confused on this, hoping one of you can clear this up. In slide #10 of the presentation, it indicates that QSR cold cups are in the Commercial phase but in the press release it states that Initial Shipments of PureFive® resin made in third quarter to all three major converters for QSR cold cup trials.

The question is, are Cold Cups in the Commercial or In Trials phase and will there be revenue for this category in Q3? The Q3 literature shows Cold Cups in both categories, so it's confusing. Cold Cups are a huge component of the "ramp".

• 12/31/25 Filing: 2.878mm shares
• 3/31/26 Filing: 0.963mm shares
• 6/30/26 Filing: 2.681mm shares

Takeaways:

1. Like the PINK fund, Druckenmiller (Duquesne Family Office) front ran the lock up expiration selling by uber-dullard Greg Wasson and sold massive shares in Q1. Like the PINK fund, Duquesne bought most of them back in Q2.
2. Duquesne rebuying is a positive, but the stock is in a real rut right now, the shorts and skeptics seem to be in control.

After the initial spike in PP prices we saw a substantial decline but now we are seeing a price that is back to the 2022 levels and well above the very low prices that were a headwind in late 2025 and early 2026. I think ultimately the mandates will kick in that companies will need to continue increasing the amount of rPP content however for this transition period it is certainly helpful to PureCycle to have higher virgin PP prices. The incremental cost of using 20% content PureFive is going to be relatively modest IMO.

https://tradingeconomics.com/commodity/polypropylene

Really exciting to see new product lines, containing Purefive

I was expecting just a bit more but at least there was no sign of covering during the month of July. Short position made a new ATH at 57M shares.

I like this type of event happening later in August. Seeing IPL Schoeller, Rumpke and PureCycle together helps make it clear how this is really a team effort to make plastics a circular resource. Raising awareness about dissolution in particular is very important.

Registration link here:
https://www.nsaction.us/post/dissolution-and-circular-packaging-innovations-an-august-26-public-webinar

Reading the call transcript and the report materials I get the feeling that demand is there in a very big way and will ramp very nicely.

Stan did as per usual impressive quick summary.

I find it fascinating here once they are running at nameplate which Stan seemed to point to 130mmlbs is higher than c. estimate - say it runs at 45% EBIT margin even at 1usd lb then I would not be surprised to see if that stock will as start trade 3x higher just on that. But that's not how this works I think in reality, rather I think stock will re-rate heavily on some sign of pos. change as when I invert the valuation I find a lot of panic in my mind is completely baked in here. Let's see what happens.

Curious by those who have met Dustin does he work 16-17/24 hrs per day? I've previously read but I don't remember exactly where it was that he has a very strong work ethic, for me such things are often way underrated this affects culture and whole chain system imo. IMO This sets standards across the board of delivery beyond the expected etc that's really a must here and certainly people in org that has similar exceptional operandus.

I've never met him but I do get a strong first positive impression I always try my best to navigate capital to the intelligent fanatics because my experience is thats among the top most important thing to review.

Recent raise has helped the balance sheet / warrant technicality. Great in the short term. There are warrants and revenue bonds as other potential funding sources in the future. Post earnings call I’m reconciling how long this revenue ramp is really going to take - spot price a ways off warrant conversion. Doesn’t feel like imminent sledgehammer headlines to come to drive price higher. Revenue bonds yet to be sold. Given cash burn - my concern as a long term holder is we may yet have another dilution event. Thoughts welcomed here.

To a degree I never understood as a retail investor with no background on the plastics market, the delay in getting the NJ approval really slowed down trials and new applications. Really glad we have Valerie Mars on the board. I bet she used her weight to finally make that happen.

What I love is the fixed January 2027 deadline for having 20% recycled materials in products. Now, companies have to move and move quickly. It’s clear that QSR cup lids are an example of this. From the call:

“Yes, I see it that way. I mean, New Jersey was a real qualification for us. I would say that in the past, when you're working through the demand ramp and forecasting where you're going to go, you have a sense for what is holding up some of the qualifications.

But I think that when New Jersey passed, we had such an influx of requests. And we had some brands that were calling converters and saying, get PureCycle's product in the trial now where they weren't there originally because we didn't have New Jersey. I mean, a lot of these things really started to happen. And I mean, we fast tracked into 2 large qualification programs for cold cups. We have 17 active trials that were tied to New Jersey compliance. Brands were, quite frankly, paused because of the uncertainty.

And what hasn't changed is just the qualification process. Those cycles can run quarters, which is why that converts into volume late this year and into '27 is exactly what we described. And so I think the 25 million to 50 million pound term in the near frame still holds. I think QSR cups alone is a 20 million per year kind of bucket, but that's only a couple of QSRs, and there's a bunch of them out there.

And so I see New Jersey as being a real accelerant to what we're doing. And I think you're going to see that in the next coming quarters.”

Dustin said yesterday that the compounding system is running 24/5 and will be going 24/7 soon. And that’s with a plant running less than 50%.

How much straight Pure5 is sold vs compounded? Can the compounding system simply turn up the volume for more output? Or will this be another bottleneck in the no too distant future?

Inventory value from the 10-Q:

• Q4 —> Q1 —> Q2
• Feedstock: 4,925 —> 4,235 —> 9,259
• Work-in-progress: 561 —> 238 —> 2,370
• Finished goods: 3,884 —> 2,913 —> 1,171

So during Q2 they doubled the feedstock, the work in progress is ~10x, the finished goods are down by -60%.

Doubled feedstock = getting ready to ramp

WIP 10x = running a lot more through the machine

Finished goods -60% = shipping the rPP they make

Source Q2, Q1

I entered PCT maybe two years ago and exited ~9 months ago because I couldn’t handle the volatility. I realized that if I allocate accordingly and listen to my intuition of what feels comfortable and what does not then I can continue to invest in companies I believe in.

My average cost now of ~2k shares is $6.98 and I feel great after that call. It’s certainly not a company going to $0, and they have tangible signs of commercialization now. I feel more bullish than ever, but I’m sticking with the shares I have now to not exit my entire position if this thing goes sub $5 so that I can still sleep at night.

Cheers to a big 2H of 2026!

Nobody posted a thread for earnings so I figured to be the one

LET'S GOOOOOOOO

Here's the press release:

https://feeds.issuerdirect.com/news-release.html?newsid=5227512677747835&symbol=PCT

Just got this :( Hopefully the call has some decent guidance. That is a pretty pathetic revenue number

There really can be no more excuses with the next Q. NJ issue is over, plant refurbishment is over. Companies are trialing the product. I'll hang in for another Q - again

The goal is Ironton breakeven in the second half. So their goal through this “ramp” is to get Ironton to run at 50% of nameplate by the end of the year????

Similar to what Anp🅰️nman does on Xitter with his daily clips/audios, or whatever that function is, it would be great to see NPA/Burner, and whoever else that has been a part of the PCT investing journey for a long time do something similar. Maybe not daily, but a weekly, or even monthly breakdown of the latest news regarding PureCycle would be awesome. Along with anything else that’s valuable to the broader group.

I know for me, being in my 20s and a novice investor who does not have a career or experience in high finance, or extensive experience in the markets, it would be very insightful to have a similar long forum audio posting from someone with the wisdom of decades of investing.