Origin Materials Inc. has reported its financial results for the first quarter of 2025, revealing a quarterly revenue of $5.4 million, generated through the company's supply chain activation program. The company announced a significant strategic customer agreement with a major packaging company to develop large format PET closures for the ready-to-drink, wine, and spirits market. Operating expenses for the first quarter were $32.7 million, up from $18.1 million in the same period the previous year. This increase of $14.6 million was primarily due to a $16.6 million non-cash impairment charge related to a biomass conversion technology contracting manufacturing agreement, partially offset by a $2.5 million decrease in research and development expenses. The company reported a net loss of $26.4 million for the first quarter, compared to a net loss of $13.9 million in the prior-year period, marking an increase of $12.5 million. The adjusted EBITDA loss was $11.0 million, compared to $12.9 million in the previous year. Origin Materials has updated its financial outlook, now expecting revenue between $50 million and $70 million in 2026 and between $150 million and $210 million in 2027, due to delays in customer product qualification. The company anticipates becoming run-rate Adjusted EBITDA positive by the end of 2026. Furthermore, the anticipated start of commercial-scale PET cap revenue generation has been deferred by one to three quarters, and the deployment timelines for CapFormers Five through Eight are now estimated for the first half of 2026.