By Elias Schisgall
Origin Materials will lay off about 32% of its workforce as part of an organizational realignment effort.
The sustainable technology company said Thursday that the move would allow it to dedicate more resources toward commercializing its polyethylene terephthalate, or PET, bottle caps. It is targeting adjusted earnings before interest, taxes, depreciation and amortization run-rate breakeven in 2027.
"We are closer now than ever before to successful delivery of our PET caps to multiple world-class beverage brands," Chief Executive John Bissell said. "It has taken us longer to reach this point than expected, which we believe has not had a negative impact on the strong interest in our product but has negatively impacted our stock price and consumed more resources than projected."
Origin is targeting successful commercialization of the PET caps in 2026, he said. It has cut its operating expenses by about 25% through the reduction in the labor force, deferring development of non-beverage cap products, and pursuing other cost reductions.
The reorganization is expected to incur about $900,000 in severance and benefits costs related to the layoffs, the company said.
Origin didn't specify how many employees would be affected by the layoffs. It employed 109 people across the U.S. and Canada as of the end of 2024, according to a filing with the Securities and Exchange Commission.
Write to Elias Schisgall at elias.schisgall@wsj.com
(END) Dow Jones Newswires
February 12, 2026 18:59 ET (23:59 GMT)
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