# EDGAR Filing Document

**Accession Number:** 0001802457
**File Stem:** 0001802457-26-000017
**Filing Date:** 2026-3
**Character Count:** 498488
**Document Hash:** 99ce8227a27eccb8b892eb6ae44f8231
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001802457-26-000017.hdr.sgml**: 20260330

**ACCESSION NUMBER**: 0001802457-26-000017

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 117

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260330

**DATE AS OF CHANGE**: 20260327

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Origin Materials, Inc.
- **CENTRAL INDEX KEY:** 0001802457
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39378
- **FILM NUMBER:** 26809695

**BUSINESS ADDRESS:**
- **STREET 1:** 930 RIVERSIDE PARKWAY
- **STREET 2:** SUITE 10
- **CITY:** WEST SACRAMENTO
- **STATE:** CA
- **ZIP:** 95605
- **BUSINESS PHONE:** 916-231-9329

**MAIL ADDRESS:**
- **STREET 1:** 930 RIVERSIDE PARKWAY
- **STREET 2:** SUITE 10
- **CITY:** WEST SACRAMENTO
- **STATE:** CA
- **ZIP:** 95605

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Artius Acquisition Inc.
- **DATE OF NAME CHANGE:** 20200205

?xml version='1.0' encoding='ASCII'? orgn-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K**

**(Mark One)** 

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** 

**Commission file number 001-39378**

__________________________

**ORIGIN MATERIALS, INC.**

**(Exact name of registrant as specified in its charter)**

__________________________

---

| | |
|:---|:---|
| **Delaware** | **87-1388928** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **930 Riverside Parkway, Suite 10**<br>**West Sacramento, CA** | **95605** |
| (Address of principal executive offices) | (Zip Code) |

---

**(916) 231-9329**

Registrant's telephone number, including area code

_____________________________

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class:** | **Trading Symbol(s)** | **Name of each exchange on which registered:** |
| **Common Stock, par value $0.0001 per share** | **ORGN** | **The Nasdaq Capital Market** |
| **Warrants, each whole warrant exercisable for 1/30**<sup>th</sup> **of a share of Common Stock at an exercise price of $11.50 per share** | **ORGNW** | **The Nasdaq Capital Market** |

---

Securities registered pursuant to section 12(g) of the Act:

Common Shares <br> (Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

------

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
| | | Emerging growth company | ☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements

of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

The aggregate market value of voting stock held by non-affiliates of the Registrant on June 30, 2025, based on the closing price of $14.40 for shares of the Registrant's common stock as reported by the Nasdaq Capital Market, was approximately $69.5 million. Shares of common stock beneficially owned by each executive officer, director, and holder of more than 10% of our common stock have been excluded in that such persons may be deemed to be affiliates. This determination of affiliate status is not necessarily a conclusive determination for other purposes.

The registrant had issued and outstanding an aggregate of 5,425,037 shares of common stock as of March 20, 2026.

**Documents Incorporated by Reference**

Certain information required by Part III, Items 10-14 of this Annual Report on Form 10-K is incorporated by reference to the registrant's definitive Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A. If such Proxy Statement is not filed within 120 days after the end of the registrant's fiscal year covered by this Annual Report on Form 10-K, such information will be included in an amendment to this Annual Report on Form 10-K to be filed within such 120-day period.

------

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| | | **Page** |
| **<u>[Part I](#i802dab86479544b2bc9322b9ff28e76c_16)</u>** | **<u>[Part I](#i802dab86479544b2bc9322b9ff28e76c_16)</u>** | |
| <u>[Item 1.](#i802dab86479544b2bc9322b9ff28e76c_19)</u> | <u>[Business](#i802dab86479544b2bc9322b9ff28e76c_19)</u> | <u>[5](#i802dab86479544b2bc9322b9ff28e76c_19)</u> |
| <u>[Item 1A.](#i802dab86479544b2bc9322b9ff28e76c_22)</u> | <u>[Risk Factors](#i802dab86479544b2bc9322b9ff28e76c_22)</u> | <u>[13](#i802dab86479544b2bc9322b9ff28e76c_22)</u> |
| <u>[Item 1B.](#i802dab86479544b2bc9322b9ff28e76c_25)</u> | <u>[Unresolved Staff Comments](#i802dab86479544b2bc9322b9ff28e76c_25)</u> | <u>[44](#i802dab86479544b2bc9322b9ff28e76c_25)</u> |
| <u>[Item 1C.](#i802dab86479544b2bc9322b9ff28e76c_28)</u> | <u>[Cybersecurity](#i802dab86479544b2bc9322b9ff28e76c_28)</u> | <u>[44](#i802dab86479544b2bc9322b9ff28e76c_28)</u> |
| <u>[Item 2.](#i802dab86479544b2bc9322b9ff28e76c_31)</u> | <u>[Properties](#i802dab86479544b2bc9322b9ff28e76c_31)</u> | <u>[45](#i802dab86479544b2bc9322b9ff28e76c_31)</u> |
| <u>[Item 3.](#i802dab86479544b2bc9322b9ff28e76c_34)</u> | <u>[Legal Proceedings](#i802dab86479544b2bc9322b9ff28e76c_34)</u> | <u>[45](#i802dab86479544b2bc9322b9ff28e76c_34)</u> |
| <u>[Item 4.](#i802dab86479544b2bc9322b9ff28e76c_37)</u> | <u>[Mine Safety Disclosures](#i802dab86479544b2bc9322b9ff28e76c_37)</u> | <u>[45](#i802dab86479544b2bc9322b9ff28e76c_37)</u> |
| **<u>[Part II](#i802dab86479544b2bc9322b9ff28e76c_40)</u>** | **<u>[Part II](#i802dab86479544b2bc9322b9ff28e76c_40)</u>** | |
| <u>[Item 5.](#i802dab86479544b2bc9322b9ff28e76c_43)</u> | <u>[Market for Registrant](#i802dab86479544b2bc9322b9ff28e76c_43)['](#i802dab86479544b2bc9322b9ff28e76c_43)[s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i802dab86479544b2bc9322b9ff28e76c_43)</u> | <u>[46](#i802dab86479544b2bc9322b9ff28e76c_43)</u> |
| <u>[Item 6.](#i802dab86479544b2bc9322b9ff28e76c_46)</u> | <u>[Reserved](#i802dab86479544b2bc9322b9ff28e76c_46)</u> | <u>[46](#i802dab86479544b2bc9322b9ff28e76c_46)</u> |
| <u>[Item 7.](#i802dab86479544b2bc9322b9ff28e76c_49)</u> | <u>[Management](#i802dab86479544b2bc9322b9ff28e76c_49)['](#i802dab86479544b2bc9322b9ff28e76c_49)[s Discussion and Analysis of Financial Condition and Results of Operations](#i802dab86479544b2bc9322b9ff28e76c_49)</u> | <u>[47](#i802dab86479544b2bc9322b9ff28e76c_49)</u> |
| <u>[Item 7A.](#i802dab86479544b2bc9322b9ff28e76c_79)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i802dab86479544b2bc9322b9ff28e76c_79)</u> | <u>[57](#i802dab86479544b2bc9322b9ff28e76c_79)</u> |
| <u>[Item 8.](#i802dab86479544b2bc9322b9ff28e76c_82)</u> | <u>[Financial Statements and Supplementary Data](#i802dab86479544b2bc9322b9ff28e76c_82)</u> | <u>[58](#i802dab86479544b2bc9322b9ff28e76c_82)</u> |
| <u>[Item 9.](#i802dab86479544b2bc9322b9ff28e76c_163)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#i802dab86479544b2bc9322b9ff28e76c_163)</u> | <u>[93](#i802dab86479544b2bc9322b9ff28e76c_163)</u> |
| <u>[Item 9A.](#i802dab86479544b2bc9322b9ff28e76c_166)</u> | <u>[Controls and Procedures](#i802dab86479544b2bc9322b9ff28e76c_166)</u> | <u>[93](#i802dab86479544b2bc9322b9ff28e76c_166)</u> |
| <u>[Item 9B.](#i802dab86479544b2bc9322b9ff28e76c_169)</u> | <u>[Other Information](#i802dab86479544b2bc9322b9ff28e76c_169)</u> | <u>[94](#i802dab86479544b2bc9322b9ff28e76c_169)</u> |
| <u>[Item 9C.](#i802dab86479544b2bc9322b9ff28e76c_175)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i802dab86479544b2bc9322b9ff28e76c_175)</u> | <u>[94](#i802dab86479544b2bc9322b9ff28e76c_175)</u> |
| **<u>[Part III](#i802dab86479544b2bc9322b9ff28e76c_178)</u>** | **<u>[Part III](#i802dab86479544b2bc9322b9ff28e76c_178)</u>** | |
| <u>[Item 10.](#i802dab86479544b2bc9322b9ff28e76c_181)</u> | <u>[Directors, Executive Officers and Corporate Governance](#i802dab86479544b2bc9322b9ff28e76c_181)</u> | <u>[95](#i802dab86479544b2bc9322b9ff28e76c_181)</u> |
| <u>[Item 11.](#i802dab86479544b2bc9322b9ff28e76c_184)</u> | <u>[Executive Compensation](#i802dab86479544b2bc9322b9ff28e76c_184)</u> | <u>[95](#i802dab86479544b2bc9322b9ff28e76c_184)</u> |
| <u>[Item 12.](#i802dab86479544b2bc9322b9ff28e76c_187)</u> | <u>[Security Ownership of Certain Beneficial Owner and Management and Related Stockholder Matters](#i802dab86479544b2bc9322b9ff28e76c_187)</u> | <u>[95](#i802dab86479544b2bc9322b9ff28e76c_187)</u> |
| <u>[Item 13.](#i802dab86479544b2bc9322b9ff28e76c_190)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#i802dab86479544b2bc9322b9ff28e76c_190)</u> | <u>[95](#i802dab86479544b2bc9322b9ff28e76c_190)</u> |
| <u>[Item 14.](#i802dab86479544b2bc9322b9ff28e76c_193)</u> | <u>[Principal Accounting Fees and Services](#i802dab86479544b2bc9322b9ff28e76c_193)</u> | <u>[95](#i802dab86479544b2bc9322b9ff28e76c_193)</u> |
| **<u>[Part IV](#i802dab86479544b2bc9322b9ff28e76c_196)</u>** | **<u>[Part IV](#i802dab86479544b2bc9322b9ff28e76c_196)</u>** | |
| <u>[Item 15.](#i802dab86479544b2bc9322b9ff28e76c_199)</u> | <u>[Exhibits, Financial Statement Schedules](#i802dab86479544b2bc9322b9ff28e76c_199)</u> | <u>[95](#i802dab86479544b2bc9322b9ff28e76c_199)</u> |
| <u>[Item 16.](#i802dab86479544b2bc9322b9ff28e76c_202)</u> | <u>[Form 10-K Summary](#i802dab86479544b2bc9322b9ff28e76c_202)</u> | <u>[99](#i802dab86479544b2bc9322b9ff28e76c_202)</u> |
| <u>[Signatures](#i802dab86479544b2bc9322b9ff28e76c_205)</u> | <u>[Signatures](#i802dab86479544b2bc9322b9ff28e76c_205)</u> | <u>[100](#i802dab86479544b2bc9322b9ff28e76c_205)</u> |

---

**WHERE YOU CAN FIND MORE INFORMATION**

Investors and others should note that we announce material financial information to our investors using our investor relations website, which can be found at https://investors.originmaterials.com/, as well as press releases, our filings with the Securities and Exchange Commission (the "SEC"), and public conference calls and webcasts. We also use other mediums, including the following social media channels as a means of disclosing information about the company, our products, our planned financial and other announcements and attendance at upcoming investor and industry conferences, and other matters and for complying with our disclosure obligations under Regulation FD:

Origin X (f/k/a Twitter) Account (https://twitter.com/OriginMaterials)

Origin LinkedIn Page (https://www.linkedin.com/company/origin-materials)

Origin Facebook Page (https://www.facebook.com/people/Origin-Materials/100057468488825)

These channels may be updated from time to time on our investor relations website. The information we post through these channels may be deemed material. Accordingly, investors should monitor them in addition to following our investor relations website, press releases, SEC filings, and public conference calls and webcasts. This list may be updated from time to time. The information we post through these channels is not a part of this Annual Report on Form 10-K.

------

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS** 

Origin Materials, Inc. ("the Company", "Origin", "we", "us" and "our") makes forward-looking statements in this Annual Report (this "Annual Report") and in documents incorporated herein by reference. All statements, other than statements of present or historical fact included in or incorporated by reference in this Annual Report, regarding the Company's future financial performance, as well as the Company's strategy, future operations, financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this Annual Report, the words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "will," "would," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations, assumptions, hopes, beliefs, intentions and strategies regarding future events and are based on currently available information as to the outcome and timing of future events. The Company cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of the Company, incident to its business.

These forward-looking statements are based on information available as of the date of this Annual Report, and current expectations, forecasts and assumptions, and involve a number of risks and uncertainties. Accordingly, forward-looking statements in this Annual Report and in any document incorporated herein by reference should not be relied upon as representing the Company's views as of any subsequent date, and the Company does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

As a result of a number of known and unknown risks and uncertainties, the Company's actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include:

• the Company's estimates regarding the sufficiency of our cash resources and expenses, capital requirements and need for substantial additional financing, and our ability to obtain the substantial additional financing that we need to support our operations and to continue to operate as a going concern;

• the Company's ability to complete construction and commissioning of closure manufacturing facilities for our PET closure in the expected timeframe and in a cost effective manner;

• the effectiveness of the Company's disclosure controls and procedures and internal control over financial reporting;

• the Company's future financial and business performance, including financial projections and business metrics;

• changes in the Company's strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans;

• the Company's ability to scale in a cost-effective manner;

• the Company's ability to raise capital, secure additional project financing and secure government incentives;

• the Company's ability to procure necessary capital equipment and to produce our products in commercial quantities;

• the impact of laws and regulations and liabilities thereunder including, in particular, those hostile to environmental, social and governance ("ESG") practices and DEI initiatives, and of existing and new tariffs and trade restrictions;

• the Company's ability to procure and store necessary raw materials, works in process, and finished goods;

• any increases or fluctuations in raw material costs;

• the Company's ability to avoid, mitigate, and recover from business and supply chain disruptions;

• the ability to maintain the listing of the Company's common stock on the Nasdaq Capital Market; and

• the impact of worldwide economic, political, industry, and market conditions, tariffs, geopolitical instability, supply chain disruptions, inflationary pressure, labor market constraints, bank failures, and other macroeconomic factors.

Other risks and uncertainties set forth in this Annual Report, including risk factors discussed in Item 1A under the heading, "Risk Factors".

------

**EXPLANATORY NOTE – REVERSE STOCK SPLIT**

On March 19, 2026, we filed with the Secretary of State of the State of Delaware a Certificate of Amendment to our Certificate of Incorporation (the "Amendment"), to effect a one-for-thirty (1:30) reverse stock split of our issued and outstanding common stock, effective as of March 19, 2026 (the "Reverse Stock Split"). A series of alternate amendments to effect the Reverse Stock Split was approved by our stockholders at a Special Meeting of Stockholders held on February 17, 2026, and the specific one-for-thirty (1:30) ratio was subsequently approved by our Board of Directors on March 4, 2026.

The Amendment provided that at the effective time of the Reverse Stock Split, every 30 shares of our issued and outstanding common stock were automatically converted into one issued and outstanding share of common stock, without any change in par value per share. The Reverse Stock Split affected all shares of our common stock issued and outstanding immediately prior to the effective time of the Reverse Stock Split, as well as the number of shares of common stock available for issuance under our equity incentive plans and employee stock purchase plan. In addition, the Reverse Stock Split effected a reduction in the number of shares of common stock issuable upon the exercise of stock options and restricted stock units outstanding immediately prior to the effectiveness of the Reverse Stock Split with a corresponding increase in the exercise price per share applicable to such stock options. No fractional shares were issued because of the Reverse Stock Split. If as a result of the Reverse Stock Split, a stockholder would otherwise hold a fractional share, one full share of common stock was issued in lieu of issuing any such fractional share. The number of authorized shares of common stock was not adjusted as a result of the Reverse Stock Split.

The Reverse Stock Split was effective after market close on March 19, 2026. Our common stock began trading on a post-Reverse Stock Split basis on The Nasdaq Capital Market on March 20, 2026. All share information included in this Annual Report on Form 10-K has been adjusted to reflect as if the Reverse Stock Split occurred as of the earliest period presented.

We effected the Reverse Stock Split in order to regain compliance with the minimum bid price requirement of The Nasdaq Capital Market. Following the Reverse Stock Split, our common stock must trade above the minimum $1.00 per share price for 10 consecutive trading days to regain compliance. There can be no assurance that we will, in fact, regain compliance with the minimum bid price requirement or be successful in maintaining our listing of our common stock on The Nasdaq Capital Market.

------

**RISK FACTOR SUMMARY**

The following risk factors summary and other information included in this Annual Report should be carefully considered. The summary risks and uncertainties described below are not the only ones we face. Additional risks and uncertainties not currently known to us or that we currently deem less significant may also affect our business operations or financial results. If any of the following risks actually occur, our stock price, business, operating results and financial condition could be materially adversely affected. For more information, see item 1A titled "Risk Factors" for more detailed descriptions of each risk factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• There is substantial doubt about our ability to continue as a going concern and we will require significant additional financing to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our operations and future growth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are an early stage company with a history of losses and our future profitability is uncertain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business plan assumes we can secure substantial additional financing, which may be unavailable on favorable terms, if at all.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have experienced, and may continue to experience, significant delays or other obstacles in the design, production, launch and/or maintenance of our products, and we may be unable to successfully or timely commercialize those products, which could harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have not yet produced any of our products in large commercial quantities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our customers may require our products to undergo a lengthy and expensive qualification process without any assurance of product sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Construction of manufacturing lines for production of our PET closures may not be completed in a timely or cost-effective manner, or at all. Any delays in or failure to finance and complete the construction of manufacturing facilities could severely impact the implementation and commercialization of our PET closures technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We currently rely on, and plan to rely on, a limited number of manufacturing facilities to meet near-term customer demand for our PET closures and for our future intermediate chemical sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to rely on a limited number of customers for a significant portion of our near-term revenue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our industry is highly competitive, and we may lose market share to producers of products that can be substituted for our products, which may have an adverse effect on our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Increases or fluctuations in the costs of our raw materials may adversely affect our cost structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are dependent on third-party suppliers and service providers, some of which are sole source suppliers, who may fail, and in some cases have failed, to deliver raw materials or equipment or fail to supply needed services at all or according to schedules, prices, quality and volumes that are acceptable to us, or we may be unable to manage these supplies effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We have entered into and may in the future enter into collaborations, strategic alliances, or licensing arrangements, which expose us and our intellectual property to competitive risks and limitations associated with third-party collaborations and that may not produce the benefits we anticipate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compliance with extensive environmental, health and safety laws could require material expenditures, changes in our operations or site remediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Our business relies on proprietary information and other intellectual property, and our failure to protect our intellectual property rights could harm our competitive advantages with respect to the use, manufacturing, sale or other commercialization of our processes, technologies and products, which may have an adverse effect on our results of operations and financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We may face patent infringement and other intellectual property claims that could be costly to defend, result in injunctions and significant damage awards or other costs (including indemnification of third parties or costly licensing arrangements, if licenses are available at all) and limit our ability to use certain key technologies in the future or require development of non-infringing products or technologies, which may cause us to incur significant unexpected costs, prevent us from commercializing our products and otherwise harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on trade secrets to protect our technology, and our failure to maintain trade secret protection could limit our ability to compete.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Some members of our management team have relatively limited experience operating a public company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If we fail to maintain effective internal control over financial reporting, it may result in material misstatements of our unaudited condensed consolidated financial statements or cause us to fail to meet our periodic reporting obligations.

------

**Part I**

**Item 1. Business**

**Overview**

Origin is a technology company with a mission to enable the world's transition to sustainable materials. Our innovations include PET closures for an estimated global closures market opportunity of greater than $65 billion. Our PET closures enable fully-recyclable PET beverage containers and reduce waste through light-weighting, while providing enhanced performance such as greater oxygen and CO2 barrier properties that can increase shelf-life.

**PET Closures Technology Platform**

Our PET closures and technologies for producing them reflect our mission to enable the world's transition to sustainable materials, as well as our polymer expertise and platform development capability. We entered the market with what we believe is the first commercially viable PET closure. We anticipate that our PET closure solutions can be transformative for packaging by designing for recycling circularity and improving the performance and sustainability of packaging. Our products include the PCO 1881 compliant PET closure and a tethered PET closure designed to comply with European cap tethering mandates and keep caps connected to bottles.

![1881.jpg](orgn-20251231_g1.jpg)

In accordance with our revenue growth strategy, We are expanding our PET cap production capability through the deployment of CapFormer Systems, our manufacturing units for the production of PET closures. Our first CapFormer System is operational in Reed City, Michigan. Additional lines are in various stages of fabrication and deployment, with six lines having successfully completed Factory Acceptance Testing ("FAT"), which involves a series of tests performed on the systems to ensure they meet the requirements and functions as intended. We anticipate bringing additional CapFormer Systems online as part of our scale-up strategy, with six lines already fully procured and projected to be installed by the end of 2026.

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![CapFormer System.jpg](orgn-20251231_g2.jpg)

**Market Opportunity**

Our PET closures are designed to address the estimated $65 billion global closures market. This market is comprised of a number of differentiated segments. Our current strategic prioritization targets five large functional segments including water ($7 billion), carbonated soft drinks ("CSD"–$6 billion), other beverage applications (hot fill, ready-to-drink, beer, wine, milk, sports–$18 billion), non-beverage (food and pharmaceutical–$20 billion), and other non-beverage ($17 billion). Each segment utilizes different cap formats to achieve unique performance characteristics required by the product.

***Our Addressable Markets***

Within the estimated $65 billion closures market, we believe there is strong and growing demand for solutions offering superior performance and sustainability characteristics. We believe there is particularly strong demand for products that are designed for circularity, thus enabling the re-use and recycling of materials, as opposed to waste and downcycling. We designed our PET closures to outperform today's incumbent high density polyethylene ("HDPE") and polypropylene caps in ways that can improve product shelf life without relying on custom polymers, which can compromise the purity of the recycling system. Our technology enables the lightest cap for a wide variety of containers, reducing plastic waste and improving sustainability. We expect to make PET closures in a wide variety of formats for not only beverage containers but food containers and others as well.

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![Market Segmentation.jpg](orgn-20251231_g3.jpg)

***Competitive Landscape***

Although a few other companies are currently developing PET closures, in August 2025, Origin became the first and only company to put commercially scalable PET caps on beverage products into store shelves, partnering with a California-based alkaline water brand. We hold a strong IP position for our differentiated PET cap and cap production technology, which we call CapForming. We believe that CapForming is the only approach to PET cap production that can use thermoforming. We believe our technology differentiates our PET cap production from any known alternative being developed today and all known past attempts to develop a PET cap, creating a strong competitive moat.

![Compared vs Injection Molding.jpg](orgn-20251231_g4.jpg)

In the closures market, we anticipate potential competition from traditional HDPE and polypropylene cap producers and other companies who may develop and launch PET caps. Following the trend of lightweighting, competitors may continue to develop lighter weight caps. We expect our caps to be among the lightest of their kind; however, if alternative caps continue to become lighter, this could reduce our currently expected advantage with respect to this trait. We may also face competition from manufacturers of non-plastic containers. Apart from competition, we believe there are opportunities for cooperation with incumbent cap producers who could help commercialize and increase adoption of our PET closures.

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![Compared vs PP and HDPE.jpg](orgn-20251231_g5.jpg)**Our Competitive Strengths**

We believe that our PET closure technology and products offer a breakthrough in performance and sustainability for packaging. Our competitive strengths related to that technology and product portfolio include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Mono-Material Solution for Improved Recycling Circularity.*** Mono-material products are made with one type of material. They are typically easier to recycle than products made from multiple materials. For Origin PET closures, there is no need to separate caps from bottles during the recycling process, as there is with containers whose caps and bottles are made of different materials. We believe this could be especially valuable for tethered cap solutions. We are developing a tethered PET closure, which we anticipate will be the first commercially produced tethered PET closure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***• Can Make Products Last Longer.*** We believe our caps have the potential to extend product shelf life because they are made from PET, which offers improved gas barrier properties compared with common cap materials HDPE and polypropylene, preventing oxygen from getting in and CO2 from getting out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Enables Lighter Weight Products.*** Because PET offers improved mechanical properties compared with other common cap materials, less plastic is needed to achieve the same or better performance, such as gas barrier, when produced with our proprietary approach. Lighter weight caps provide an important advantage in a market in which our potential customers have publicly declared targets for reducing plastic consumption and efforts to make caps as light as possible, also known as "lightweighting."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Expands Use of Recycled PET.*** Our caps can be made with any type of PET, whether virgin PET, bio-based PET, or recycled PET ("rPET"), without the need for custom polymers, enabling customers to produce containers with higher rPET content.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Attractive Clarity and User Experie***nce. Our PET closure provides a satisfying user experience, from its feel to the sound it makes when opened. This is key to product adoption because it meets the expectations of consumers and the world's leading food and beverage brands. Our PET caps offer aesthetically pleasing clarity and transparency, differentiating them from incumbent caps.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Cost Competitive.*** We expect that our patent-pending PET closures will have a commercially competitive cost basis when compared with HDPE and polypropylene, which to date no other PET cap has been able to achieve, despite past attempts within the industry. This competitive cost stems from Origin's our unique manufacturing system, technology, and process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ***Diverse Product Formats and Applications.*** Our manufacturing system for producing PET closures, which we call the Origin CapFormer System, is highly versatile, capable of producing many different formats of closures for a wide variety of food and beverage applications. Our first cap is the PCO compliant 1881

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closure for beverages. We announced a tethered version of that closure in 2024. Future formats could include different beverage formats, food closures, and more, allowing us broad access to the $65 billion closures market.

![Tech Advantages.jpg](orgn-20251231_g6.jpg)

**Business Strategy**

Our goal is to build a commercially successful business that can scale and meet current and future expected demand for sustainable and performance enhanced materials. As we advance and scale up our PET closures business, we expect to introduce manufacturing capacity, which may include acquiring production lines that can produce sustainable materials and product applications. We also expect to continue to develop new materials and product applications, together with our partners, to maintain and increase our competitive advantages.

![growth levers.jpg](orgn-20251231_g7.jpg)

Key elements of our strategy include:

***Near-term revenue generation through the sale of PET closures:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are focusing our available human and cash resources on developing near-term, recurring revenues through our PET closures. We expect new near-term revenues to be derived from products sold into the closures markets.

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***Scale-up of our closures business:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Growth levers include adding additional production lines, technology advancements that could increase throughput and efficiency per line, developing new formats including non-beverage formats, and developing additional product features such as tethers designed to keep caps connected to bottles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Licensing Origin CapFormer Systems to commercial partners for the production of PET closures may also play a role in revenue generation.

***Category leading innovation in PET:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We expect to develop a portfolio of products from our PET closure technology and manufacturing process. Research and development will enable continual improvement and the development and refinement of novel products from this technology platform. We are beginning with the 1881 closure format for water and we expect to develop larger caps for different beverage types as well as caps for food and non-food containers.

***Operational and manufacturing excellence:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We believe that our manufacturing excellence will drive continual improvements in process efficiency in the production of PET closures, through a combination of in-house expertise and strategic partners specializing in operations. PET closure manufacturing entails the procurement of PET sheet, processing sheet into closures with our CapFormer Systems, and the delivery of closures to customers who will apply our closures to bottles using commercial bottling lines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We plan to continue to expand and develop new partnerships across the value chain. Our strategy includes, among other things, entering into strategic partnerships with subsystem manufacturers whose equipment is used in Origin CapFormer Systems. We will partner with organizations capable of providing us with best-in-class capabilities to efficiently build, ship, and assemble CapFormer Systems as well as operators who will assist in the production process.

![CapForming PET Process White Background.jpg](orgn-20251231_g8.jpg)

**Raw Materials Supply**

The Origin CapFormer System can produce PET closures from any type of PET, whether virgin PET, rPET, bio-based PET, or blends of these, depending on customer preference. The ability to incorporate rPET into closures increases the amount of recycled content for products and supports customers' ability to make and claim 100% PET (or even rPET) containers, including the caps. Our raw materials are established commodities and we do not require custom polymers to produce our caps. We believe we will be able to source materials as needed to manufacture closures.

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**Research and Development**

Research and development is important to the success of our closures business. Origin's innovation involves a new manufacturing process for PET closures that is different from the injection and compression molding methods traditionally used for HDPE and polypropylene closures. Different closure formats have different geometries and technical needs, including tolerances to pressure and temperature. We are advancing the practice of thermoforming to meet the performance demands of closures, performing research and development to define and refine the thermoforming process to meet the geometries, tolerances, and performance specifications of producing PET closures using our technologies. Our research and development enables technology advancements designed to increase line throughput and efficiency, develop new formats beyond beverages, and develop additional features such as tethers. At times, we perform research and development with third-party research organizations, strategic partners, and equipment subsystem manufacturers. Our first PET closure production line is located in our manufacturing center in Reed City, Michigan, where we partner with Reed City Group, a company with an extensive plastic material knowledge.

**Intellectual Property**

Our PET closures and furanics technology platforms (see *Furanics Technology Platform* below) are protected by patents, trade secrets, and know-how.

***Patents.*** Our patent portfolio is comprised of 10 issued patents focused on PET closures and their production and 31 issued patents focused on the conversion of biomass to CMF and HTC and downstream derivatives thereof. We currently have 11 pending U.S. filings and 50 international patent applications directed to our PET closures technology in jurisdictions that include ARIPO, Argentina, Australia, Brazil, Canada, China, Europe, India, Israel, Japan, Mexico, Saudi Arabia, South Africa, Taiwan, and the United Kingdom. In addition, we currently have 6 pending U.S. filings and 22 patent international applications focused on the conversion of biomass to CMF and HTC and downstream derivatives thereof in jurisdictions that include Brazil, China, Europe, Japan, Korea, Mexico and Malaysia.

The term of individual patents depends upon the legal term of the patents in the countries in which they are obtained. In most countries, including the United States, the patent term is generally 20 years from the earliest date of filing a non-provisional patent application in the applicable country. In the United States, a patent's term may, in certain cases, be lengthened by patent term adjustment, which compensates a patent holder for administrative delays by the United States Patent and Trademark Office ("U.S.PTO") in examining and granting a patent. A patent's term also may be shortened if the patent is terminally disclaimed over a commonly-owned patent or a patent naming a common inventor that has an earlier expiration date.

***Trade secrets.*** We maintain a secure digital vault of our trade secrets with heightened confidentiality protections. Access to this vault is limited to a select group and is granted on a need-to-know basis. Further, the information in the vault is left strategically incomplete and requires corroboration from referenced internal documents to ensure that the entirety of any trade secret is known only by someone who has access to each such document. Our employees are required to participate in invention assignment and non-disclosure protocols to further ensure the protection of our trade secrets.

***Know-how.*** An important aspect of our intellectual property, in addition to our patent portfolio and trade-secrets, is the depth of understanding and proficiency we gained in the behavior of Origin's technology platforms including, for example, chemical reactions, handling of feedstocks, and storage, transport, and process conditions, and customer product and processing interactions. This know-how is carefully captured in many ways, such as by being photographed, recorded, measured, quantified, summarized, compared, and otherwise described. Within this information set, we have identified many key insights without which we believe a would-be competitor would be at a comparative disadvantage in our industry and could not easily replicate our results.

***Furanics technology platform.*** In addition to its PET closures technologies, Origin holds significant intellectual property related to furans, a class of chemicals with properties enabling the production of widespread materials, like plastics, with a potential long-term addressable market estimated at over $1 trillion. This includes proprietary technology for transforming biomass into versatile intermediate chemicals such as chloromethylfurfural ("CMF") and hydrothermal carbon ("HTC"), which we collectively refer to as Furanic Intermediates. CMF can be converted into numerous commodity and specialty chemicals, with target markets that include food and beverage packaging, apparel, carpet fibers, adhesives, coatings and plasticizers. HTC is a diverse, high-potential material whose development targets include carbon black replacement for tires, foams and dyes, paint and coating applications, and agriculture and soil products. To minimize ongoing costs while preserving Origin's capability for long lead-time production that could support exploration of furanics technology scale-up with strategic partners, we have indefinitely suspended investment in the Company's furanics technology together with plant operations.

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**Regulatory**

Several states like California, Maine, and New Jersey, as well as Canada and the European Union, have enacted or are considering "minimum recycled content" regulations mandating certain minimum post-consumer recycled content in certain types of packaging, including, specifically, plastic beverage containers. Legislative and regulatory measures to mandate or encourage waste reduction and recycling also have been considered, or are under consideration, in jurisdictions where we expect to produce or sell our products. These regulations may present new opportunities for sustainable products like our PET closures, which can be made from recycled PET and be recycled together with the PET containers on which they are used. PET closures may involve food contact and will be regulated by the U.S. Food and Drug Administration (the "FDA"), the European Food Safety Authority ("EFSA") or government authorities in other jurisdictions. For example, our PET closures sold in the European Union are required to be tethered to the bottle or container based on recent regulatory requirements in the region.

The production of chemicals and intermediates, including CMF and HTC, for ongoing research and development activities and strategic partnerships may require authorizations or exemptions under the Toxic Substances Control Act ("TSCA") administered by the U.S. Environmental Protection Agency (the "EPA") and the Canadian Environmental Protection Act ("CEPA") administered by Health Canada and Environment and Climate Change Canada. Future commercial production processes are subject to regulations and permit requirements relating to air emissions, wastewater discharges, waste generation and disposal, and other environmental matters.

**Employees and Workplace Culture**

***Intentional Culture and Leadership.*** At Origin, our values inform our decision making and how we act. We are deliberate, open, and transparent about our dedication to our core purpose; to enable the world's transition to sustainable materials. We have assembled an exceptional team of operations specialists, scientists, engineers, and business leaders to develop and execute our strategic plans.

***Human Capital.*** We believe that our ability to attract, retain and motivate exceptional employees is vital to our long-term competitive advantage. As such, our compensation practices, including long-term equity incentive plans, are designed to drive sustainable performance and align employee incentives with shareholder values. As of December 31, 2025, we had approximately 91 employees located in the United States and 7 employees in Canada, all of whom were full-time employees. None of our employees is subject to a collective bargaining agreement and we believe we have a good relationship with our employees.

**Corporate Information**

Origin was formerly known as Artius Acquisition Inc. ("Artius"). Artius was originally registered under the Companies Law of the Cayman Islands on January 24, 2020, as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. On June 25, 2021, we consummated a merger pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of February 16, 2021 (as amended by the letter agreement dated March 5, 2021, the "Merger Agreement"), by and among Artius, Zero Carbon Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of Artius (the "Merger Sub"), and Micromidas, Inc., a Delaware corporation doing business as Origin Materials ("Legacy Origin"). Pursuant to the terms of the Merger Agreement, Artius effected a business combination with Legacy Origin through the merger of Merger Sub with and into Legacy Origin, with Legacy Origin as the surviving company and as our wholly-owned subsidiary. We refer to this as the "Merger" and, collectively with the other transactions described in the Merger Agreement, the "Business Combination." In connection with the closing of the Business Combination (such time is referred to herein as the "Effective Time"), we changed our name to Origin Materials, Inc. Unless the context indicates otherwise, references in this Annual Report to the "Company," "Origin," "we," "us," "our" and similar terms refer to Origin Materials, Inc. (f/k/a Artius Acquisition Inc.) and its consolidated subsidiaries (including Legacy Origin). References to "Artius" refer to the predecessor company prior to the consummation of the Business Combination.

**Additional Information**

Origin's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are available free of charge on the Company's website at https://investors.originmaterials.com as soon as

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reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission.

**Item 1A. Risk Factors** 

The following risk factors apply to our business and operations. These risk factors are not exhaustive, and investors are encouraged to perform their own investigation with respect to our business, financial condition and prospects. We may face additional risks and uncertainties that are not presently known to us, or that we currently deem immaterial, which may also impair our business. The following discussion should be read in conjunction with the consolidated financial statements and notes to such consolidated financial statements included elsewhere in this Annual Report and the "Management's Discussion and Analysis of Financial Condition and Results of Operations" section of this Annual Report.

**Risks Related to Our Business** 

***There is substantial doubt about our ability to continue as a going concern and we will require significant additional financing, inclusive of the convertible debt financing announced November 2025, to achieve our goals, and a failure to obtain this necessary capital when needed on acceptable terms, or at all, may force us to delay, limit, reduce or terminate our operations and future growth.***

As of December 31, 2025, we had $53.5 million in cash, cash equivalents, and marketable securities. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $287.8 million as of December 31, 2025. We incurred a net loss of $249.7 million and net cash used in operating activities was $32.8 million for the twelve months ended December 31, 2025. We expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. Because our cash, cash equivalents, and marketable securities will not be adequate to fund our planned operations through at least twelve months from the date the financial statements included in this Annual Report are issued, there is substantial doubt regarding our ability to continue as a going concern.

In November 2025, we entered into a securities purchase agreement (the "Purchase Agreement") with an institutional purchaser, providing for the issuance in tranches of senior secured convertible notes (the "Convertible Notes") with a principal face amount of up to $100.0 million and a 10% original issue discount. We must meet several conditions precedent to issue each tranche of Convertible Notes. While we met the conditions to issue the first tranche in an aggregate amount of $16.7 million (from which we received $15 million after deducting the original issue discount), there can be no guarantee that we will meet the conditions to issue any subsequent tranche of Convertible Notes. As such, we are continuing to evaluate additional strategies to obtain funding for future operations. These strategies may include, but are not limited to, obtaining funding through equity, equity-linked, and/or debt securities, debt financings, collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, or other capital sources and/or strategic transactions. We may also enter into additional strategic partnerships to finance the development of closures manufacturing lines. We have not yet secured such additional financing and there can be no assurance that we will be able to do so on a timely basis, on acceptable terms, or at all. Our ability to obtain financing for the expansion of our manufacturing facilities or for other operations may depend in part on our ability to first enter into customer agreements sufficient to demonstrate adequate demand to justify the capital expenditure. The perception of our ability to continue to operate as a going concern may make it more difficult to obtain financing for the continuation of our operations, particularly in light of currently challenging macroeconomic and market conditions. In addition, any debt financing, such as that reflected by the Purchase Agreement, may (and, in the case of the Purchase Agreement, does) involve restrictive covenants that impact our ability to conduct our business.

If we are unable to raise additional capital on a timely basis, on acceptable terms, or at all, we could be required to take additional actions to address our liquidity needs. In February 2026, we implemented, an organizational realignment to enhance our cash resources and reduce the amount of additional capital we believe we require to achieve cash-positive operations, while maintaining the required expertise and personnel to successfully launch our PET caps in 2026. The reorganization was designed to produce an approximately $11.0 million reduction in our annual operating expenses by reducing headcount, ceasing further investments in our furanics platform, and narrowing PET closure format development initiatives in 2026 by deferring non-beverage format development to 2027, and limiting CapFormer line build-out in 2026 to the six lines already procured and scheduled to be installed by year end. There can be no assurance that these actions will be sufficient to address our liquidity needs. Accordingly, we may need to implement additional cost reduction measures, such as further reducing operating expenses and further delaying, reducing the scope of or discontinuing or

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altering manufacturing activities, including our PET closures business, which would harm our business and prospects, or we may be required to cease operations entirely, liquidate all or a portion of our assets, and/or seek protection under the U.S. Bankruptcy Code.

Although we have been able to obtain additional financing, the additional capital raised thus far has not sufficed, by itself, to alleviate the substantial doubt regarding our ability to continue as a going concern. Failure to manage discretionary spending or failure to raise additional financing, whether from issuance of additional tranches of Convertible Notes or otherwise, may adversely impact our ability to achieve our intended business objectives. If we do not obtain additional financing and are required to terminate our operations, our stockholders will lose all or a part of their investment.

***We may not be successful in identifying and implementing any potential strategic alternatives in a timely manner or at all, and the perceived uncertainties related to the Company could adversely affect our business and our stockholders, and any strategic transactions that we may consummate in the future could have negative consequences*.**

In August 2025, our board of directors initiated a broad ongoing strategic review to maximize stockholder value, which includes an evaluation of a wide range of options including equity and debt financing, divestiture of assets, technology licensing, acquisition, merger, reverse merger, other business combination, sale of assets and other strategic arrangements including, potentially, sale of the Company. We can provide no assurance as to the review's outcome, that this strategic review process will result in us pursuing any particular transaction or that we will be able to successfully consummate any strategic transaction on attractive terms, on a timely basis, or at all. Any potential transaction will depend on several factors that may be beyond our control including, for example, market conditions, industry trends, third party consents, such as stockholder approval, which could be difficult or costly to obtain, and the available terms of the transaction. The review process, the negotiation and consummation of a transaction or other strategic alternatives may be costly, time consuming, distracting, and disruptive to our business operations. Moreover, the possibility that exploration of strategic alternatives may ultimately result in a sale, merger, or other strategic transaction, any perceived uncertainty regarding our future operations or employment needs may limit our ability to retain or hire qualified personnel and may contribute to unplanned loss of highly-skilled employees through attrition, and result in the loss of customers, suppliers, and other key business partners, each of which could harm our business. We may ultimately determine that no transaction is in the best interest of our stockholders. Speculation regarding developments associated with our review of strategic alternatives, and any perceived uncertainties related to our business, could significantly increase the volatility of our share price. Additionally, there can be no assurance that any particular course of action, business arrangement or transaction, or series of transactions, will be pursued, successfully consummated or lead to increased stockholder value.

***We are an early stage company with a history of losses and our future profitability is uncertain.***

We have had a history of net losses due to our primary focus on research and development, plant construction, capital expenditures and early-stage commercial activities. Substantially all of our net losses since inception have resulted from our furanics plant construction, procurement and set-up of CapFormer manufacturing lines and related equipment, research and development, and general and administrative costs associated with our operations. We have only limited history of generating revenue, and we expect that our net losses from operations will continue for the foreseeable future. Based on our estimates and projections, which are subject to significant risks and uncertainties, we expect our commercial scale production to be limited for several years and challenges with the design, construction, funding, and labor and equipment supply for our closures manufacturing lines and plants may further delay this timeline. Even as we commercialize and begin to generate revenue, we may not become profitable for many years, if at all.

Our potential profitability is dependent upon many factors, including our ability to complete development of our closures manufacturing lines and effectively operate those lines, maintain an adequate supply chain, anticipate and react to demand for our products, manufacture our products on a commercial scale, secure additional customer commitments, and otherwise execute our growth plan. The rate at which we incur losses may be higher in future periods as we:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop our PET closure business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our spending on strategic partnerships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increase our sales and marketing activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expand our commercial production capabilities and incur costs associated with developing and commercializing our closures technology.

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Because we will incur the costs and expenses from these efforts before receiving meaningful revenue, our losses in future periods could be significant. We may find that these efforts are more expensive than we currently estimate or that these efforts may not result in revenues, which would further increase our losses.

***We may not manage growth effectively.***

Our failure to manage growth effectively could harm our business, results of operations and financial condition. We anticipate that a period of expansion may be required to address potential growth. This expansion will place a significant strain on our management, operational and financial resources. To manage the growth of our operations and personnel, we must establish appropriate and scalable operational and financial systems, procedures and controls and establish and maintain a qualified finance, administrative and operations staff. We may be unable to hire, train, retain and manage the necessary personnel or to identify, manage and exploit potential strategic relationships and market opportunities.

***Our business plan assumes we can secure substantial additional financing, which may be unavailable on favorable terms, if at all.***

We expect to need substantial additional financing in order to execute our growth strategy and expand our manufacturing capability to advance our PET closures technology. We have not yet secured all such project financing and may not in the future, and they may not be available on commercially reasonable terms, if at all. In particular, our ability to obtain financing for the construction of future manufacturing lines and plants may depend, in part, on our ability to first enter into customer agreements that demonstrate sufficient demand to justify such construction. If we are unable to obtain such financing, or secure sufficient customer agreements, on commercially reasonable terms, or at all, we will not be able to execute our growth strategy.

To the extent that we raise additional capital through the sale of equity or convertible debt securities like the Convertible Notes issued pursuant to the Purchase Agreement, your ownership interest will be diluted, and the terms of those securities may include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing, such as that represented by the Purchase Agreement and Convertible Notes, and preferred equity financing, if available, may involve (and, in the case of the Convertible Notes, does involve) agreements that include customary affirmative and negative covenants limiting or restricting our ability to take specific actions, such as incurring additional debt, making acquisitions or capital expenditures or declaring dividends. Debt financing, including our recent convertible note financing, could also have significant negative consequences for our business, results of operations and financial condition, including, among others, increasing our vulnerability to adverse economic and industry conditions, limiting our ability to obtain additional financing, requiring the dedication of a substantial portion of our cash flow from operations to service our indebtedness, thereby reducing the amount of our cash flow available for other purposes, limiting our flexibility in planning for, or reacting to, changes in our business, and placing us at a possible competitive disadvantage compared to less leveraged competitors or competitors that may have better access to capital resources.

Our ability to comply with the provisions of the financing agreements like the Purchase Agreement, Convertible Notes, or the Secured Promissory Note the Company issued in September 2025 in favor of Starlinger & Co Gesellschaft m.b.H., may be affected by events beyond our control and our inability to comply with any of these provisions could result in a default under those financing agreements. If such a default occurs, the lender may elect to declare any borrowings outstanding, together with accrued interest and other fees, to be immediately due and payable, and it would have the right to terminate any commitments it has to provide further borrowings. If we are unable to repay any outstanding borrowings when due, the lender under those financing agreements also has the right to proceed against the collateral, including a significant portion of our cash, cash equivalents, and marketable securities, granted to secure the indebtedness under those accounts. If the financing agreements were to be accelerated, we cannot assure you that our cash, cash equivalents, and marketable securities accounts would be sufficient to repay in full that indebtedness. The occurrence of any of these events could have a material adverse effect on our business, financial condition, results of operations and liquidity.

If we raise additional funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or products, grant licenses on terms that may not be favorable to us, or make other concessions. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, limit, reduce or terminate our commercialization, research and development efforts or grant rights to third parties to market and/or develop products that we would otherwise prefer to market and develop ourselves.

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Government grants, incentives or subsidies, may have terms that limit or restrict certain of our planned operations, thereby requiring us to alter our operating plans and materially impacting our financial projections and projected results of operations. Government grants may also be terminated, modified or recovered under certain conditions without our consent.

***We are exposed to credit risk in our activities related to potential nonperformance by customers.*** 

In the normal course of our business, we provide payment terms to certain of our customers. As a result, our business could be adversely affected if our customers' financial condition deteriorates and they are unable to repay us. This risk may increase if the general economic downturn continues and further affects a large number of our customers or if our customers fail to manage their business effectively or adequately disclose their financial condition to us. Certain of our suppliers, including suppliers of equipment used in some of our manufacturing facilities, have in the past and may in the future declare bankruptcy or become insolvent, which disrupted our supply chain and required us to identify alternative suppliers, and may again in the future resulting in delay and/or additional cost. In addition, certain of our supply chain activation vendors have failed to pay and/or expressed doubt about their ability to timely pay, or pay at all, amounts due to us, which amounts are, in some cases, substantial. We manage the risk of customer default through a combination of due diligence, contractual terms, and a diversified customer base. The number of customers, as well as our ability to discontinue service, contributes to reduce credit risk with respect to accounts receivable. Despite such mitigation efforts, customer defaults have occurred and may continue to occur, and we may be unable to recover all or any of the amounts due to us, or we may be forced to incur, and in one case in which a supply chain activation vendor accepted prepayments from us for product that the vendor failed to deliver, have incurred, legal and other collection costs to recover such amounts.

***Our outstanding secured and unsecured indebtedness, ability to incur additional debt and the provisions in the agreements governing our current debt, and certain other agreements, could harm our business, financial condition, results of operations and prospects.***

Our debt service and similar obligations could have important consequences to us for the foreseeable future, including that our ability to obtain additional financing for capital expenditures, working capital or other general corporate purposes may be impaired and we may be or become substantially more leveraged than some of our competitors, which could place us at a relative competitive disadvantage and make us more vulnerable to changes in market conditions and governmental regulations.

We are required to maintain compliance with covenants under our debt and similar agreements. There are and will be operating or financial restrictions and covenants in certain of our debt and similar agreements, including the promissory notes we are party to, as well as certain other agreements to which we are or may become a party. These limit, among other things, our ability to incur certain additional debt, create certain liens or other encumbrances, and sell assets. These covenants could limit our ability to engage in activities that may be in our best long-term interests. Our failure to comply with certain covenants in these agreements could result in an event of default under the various debt and similar agreements, allowing lenders to accelerate the maturity for the debt under these agreements and to foreclose upon any collateral securing the debt. Under such circumstances, we might not have sufficient funds or other resources to satisfy all of our obligations.

**Risks Related to Our Operations and Industry** 

***We have experienced, and may continue to experience, significant delays or other obstacles in the design, production, launch and/or maintenance of our products, and we may be unable to successfully or timely commercialize those products, which could harm our business.***

We face challenges inherent to developing and commercializing our products as they are based on a new base material and design. We have experienced, and may continue to experience, design, manufacturing, quality, support, marketing and other challenges that could delay or prevent the development, commercialization or marketing of our products. For example, one of our equipment manufacturing partners has extended the timeline to develop certain specialized components used to scale up production of our PET closures while another anticipates long lead times to ramp up production of one of our CapFormer subsystems. In addition, we have invested significant amounts in the design, production, launch and maintenance of our products, including our PET closures. Our products have never been successfully produced at large commercial scales. Developing our products is complex and involves uncertainties, including whether they will work as intended in the applications for which they are designed or at all, or whether they will deliver the performance and sustainability benefits that we believe differentiate our products from those with which they

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must compete. Moreover, for our PET closures product, customer qualification can take months, even for a single iteration, because the process is dynamic, can vary by customer, and requires multiple cycles of design, production, shipment, testing, gathering feedback, and design updates. Delays in any of stages of a qualification cycle can in turn delay our ability to earn revenue from our products.

Furthermore, the introduction of new products, such as our PET closures, requires us to manage the transition from existing/incumbent products, such as HDPE and polypropylene closures and the machines that apply them to packaging, in accordance with customer requirements. For example, products like our PET closures depend on the ability to operate with third-party systems such as capping machines, and these systems will not necessarily work with our products as well as they do with existing alternatives like HDPE or polypropylene closures. One bottling line can, moreover, behave differently from another and, with larger customers operating hundreds of bottling lines in multiple regions, customer requirements can be demanding to ensure consistent performance of our closures across those lines and regions. If we fail to achieve and maintain compatibility with our customers' infrastructure, the products with which our products will be used, and our customers' supply and distribution networks, then demand for our products will decline, reducing our revenue and market share, which could harm our business, financial condition and results of operations.

We also expect to introduce new products as we encounter changing customer and regulatory requirements, such as tethered caps to comply with European regulations, and increasing competitive pressures, including those from incumbent HDPE and polypropylene closure manufacturers and others trying to develop PET closures. If we cannot make and increase sales of our products, keep pace with technological and regulatory developments to meet customer needs, or compete with evolving standards, or if the technologies we invest in fail to meet customer needs or are not adopted by customers in the timeframes we expect, our business will be adversely affected.

***We have not yet produced any of our products in large commercial quantities.***

We have no experience in producing large quantities of our products. While we have succeeded in producing small amounts of our PET closures, for customer evaluation, we have only relatively recently commenced commercial-scale production. There are significant technological and logistical challenges associated with producing, marketing, selling, and distributing products in the closures industry, and we may not be able to resolve all of the difficulties that arise in a timely or cost-effective manner, or at all. While we believe that we understand the engineering and process characteristics necessary to successfully build and operate additional planned facilities and scale up to larger and/or additional facilities, we may be unable to cost-effectively manage such construction and operation at a scale or quality consistent with customer demand in a timely or economical manner or at all.

***Our customers have in the past, and may in the future require our products to undergo a lengthy and expensive qualification process without any assurance of product sales.***

Prior to purchasing our products, our customers have in the past, and may in the future require our products to undergo extensive qualification. For example, with respect to our PET closures, such qualification has involved testing the closures' ability to withstand pressure, heat, and breakage as well as their reliability when used with the customer's high-speed capping system. This qualification process may continue for a few months or longer, and we cannot guarantee that our products will pass the required tests. Even if we are successful in qualifying a product, sales of that product are not guaranteed. We have in the past and may in the future incur significant expenses relating to product qualification for a customer that chooses not to purchase our products in the quantities that we expected or at all. Moreover, one customer's qualification process may differ significantly from that of another customer such that successful qualification by one customer does not guarantee successful qualification by another. In addition, any modifications to a product following initial success in qualification and subsequent sales may necessitate a new qualification process, which may delay sales and render previously qualified products obsolete, leading us to hold inventory. Even after our products are qualified, our customers may requires additional time to, for example, conduct market testing, before commencing purchases in significant volumes. We have in the past, and may in the future devote significant personnel and financial resources, including design, engineering, sales, marketing and management efforts, toward qualifying our products with customers in anticipation of sales, and these efforts may take longer than we expect or may not be successful at all. Moreover, other companies that have announced their intention to develop competing PET closures may be successful in qualifying their alternative closures with customers before we do, which may allow them to gain an advantage over us in market penetration. If we are unable to timely qualify our products with a customer, or if competing businesses achieve success in customer qualification before we do, our sales of product to that customer may be delayed or foreclosed, which could adversely affect our financial condition and results of operations.

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***Construction of manufacturing lines for production of our PET closures may not be completed in a timely or cost-effective manner or at all. Any delays in or failure to finance and complete the construction of manufacturing facilities could severely impact the implementation and commercialization of our PET closures technology.***

Our ability to satisfy our customer demand for PET closures depends, in part, on our ability to secure additional funding. While we have selected some sites for our current and planned PET closures manufacturing lines, we expect to need more. We may have difficulty finding sites with appropriate infrastructure and access to raw materials and skilled labor. Consequently, we cannot predict on what terms the owners and operators of such sites may agree to design and construct our future manufacturing facilities. Our business, financial condition, results of operations and prospects could be severely impacted, we may lose customers and customer demand, and we could face litigation if we are unable to construct these facilities and procure and set up our manufacturing lines within the planned timeframes, which are relevant to some of our customers' sustainability, marketing, or other goals, or in a cost-effective manner, or at all due to a variety of factors. Such factors include, without limitation, a failure to acquire or lease property on which to build and operate our manufacturing facilities, tariffs and other trade limitations, travel and visa restrictions, imposed by or in response to the United States, a stoppage of construction as a result of epidemics, disruptions caused by global sanctions imposed against Russia following its military incursion into Ukraine, a major supplier of certain metals such as nickel used in certain materials of construction, unexpected construction problems, permitting and other regulatory issues, severe weather, inflationary pressures, labor disputes, or issues with subcontractors or vendors, including payment disputes, which we have previously experienced.

The construction and commissioning of any new project is dependent on a number of contingencies some of which are beyond our control. There is a risk that significant unanticipated costs or delays could arise due to, among other things, errors or omissions, unanticipated or concealed project site conditions, including subsurface conditions and changes to such conditions, unforeseen technical issues or increases in plant and equipment costs, insufficiency of water supply and other utility infrastructure, inadequate contractual arrangements, or design changes and associated or additional technical development work related, for example, to new or different process steps or product streams, or changes in the scale of equipment or operations. Should these or other significant unanticipated costs or delays arise, this could have a material adverse impact on our business, financial performance and operations. No assurance can be given that construction will be completed on time or at all, or as to whether we will have sufficient funds available to complete construction.

***We currently rely on, and plan to rely on, a limited number of manufacturing facilities to meet near-term customer demand for our PET closures sales.***

Our operating plan assumes that we will rely on a limited number of manufacturing facilities to meet customer demand and that these facilities will supply most of our products until additional facilities can be brought online. In February 2026, we announced our intention to limit CapFormer line build-out in 2026 to the six lines already procured and scheduled to be installed by year end. Adverse changes or developments affecting these facilities could impair our ability to produce our products. Any shutdown or period of reduced production at these facilities, which may be caused by regulatory noncompliance or other issues, as well as other factors beyond our control, such as severe weather conditions, natural disaster, fire, power interruption, work stoppage, disease outbreaks or pandemics, equipment failure or delay in supply delivery, would, among other things, significantly disrupt our ability to recognize revenue, execute our expansion plans, and meet our contractual obligations and customer demand. In addition, our facilities' equipment may be costly to replace or repair, and our equipment supply chains have been and may continue to be disrupted in connection with potential changes in tariffs and trade barriers (such as the temporary 15% tariff on U.S. imports from all countries recently announced by the United States). For example, we have had to contend with a blanket 10% tariff on goods from Europe, which increased to 15% on August 1, 2025, as well as a 39% tariff on goods from Switzerland, which have impacted equipment we require for our CapFormer lines. We experienced a number of OEM manufacturing delays, including slower subcomponent deliveries and procurement delays, often due to tariff considerations. As a result, we expect Factory Acceptance Testing ("FAT") completion for each of our CapFormer lines to be 30 to 90 days beyond our prior expectations. We may also be impacted by retaliatory tariffs and barriers imposed by other countries, sanctions (such as those imposed against Russia following its military incursion into Ukraine), and other factors. In addition, certain of our suppliers, including of equipment used in some of our manufacturing facilities, have in the past and may in the future declare bankruptcy or become insolvent, which could disrupt our supply chain or require us to identify alternative suppliers, resulting in delay and/or additional cost. If any material amount of our equipment is damaged, we could be unable to predict when, if at all, we could replace or repair such equipment or find suitable alternative equipment, which could adversely affect our business, financial condition, results of operations and prospects. Performance guarantees may not be sufficient to cover damages or losses, or the guarantors under such guarantees may not have the ability to pay. We may be unable to obtain appropriate types or amounts of insurance, and any insurance coverage we have may be

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insufficient to cover all of our potential losses or continue to be available to us on acceptable terms, or at all.

***We may be delayed in procuring or be unable to procure necessary capital equipment.***

While much of the equipment we use to produce our products is currently widely available, we rely on outside companies to continue to manufacture the equipment necessary to produce our products. In addition, some equipment we use to produce our products requires significant lead time to manufacture. If our suppliers of manufacturing equipment are unable or unwilling to provide us, or if we experience significant delays in obtaining the necessary manufacturing equipment, or parts necessary to repair and maintain that equipment, our business, we may be unable to make our products and our results of operations and financial condition could be adversely affected. The repair, maintenance, or construction of our manufacturing equipment may also require a substantial portion of certain materials and supplies relative to the overall global supply of such materials and supplies. If we are unable to secure an adequate supply of such materials and supplies on commercially reasonable terms, or at all, such repair, maintenance, or construction may be delayed or terminated.

***We expect to rely on a limited number of customers for a significant portion of our near-term revenue.***

We currently have commercial arrangements with a limited number of customers from which we expect to derive a significant portion of near-term revenue. Our top two customers from product sales, in the aggregate, accounted for 100% and 96% of total revenues for the twelve months ended December 31, 2025 and 2024, respectively. Our business, results of operations, and financial condition may be harmed by the loss of one or more of our significant customers, a substantial reduction in their orders, their failure to enter into offtake agreements or purchase commitments that support necessary financing, or at all, or to purchase product, their unwillingness to extend contractual deadlines if we fail to meet production, product, or specification requirements, their inability to perform under their contracts or a significant deterioration in their financial condition. If we fail to perform under the terms of these agreements, the customers could seek to terminate the agreements and/or pursue damages against us, which could harm our business.

***Our products may not achieve market success, but will still require significant costs to develop, which could harm our business, financial condition, and results of operations.***

We believe that we must dedicate significant resources to develop and commercialize our products before knowing whether there will be market acceptance of our products. We may never commercialize the products we develop, and even if commercialized, the performance of these products is uncertain. For example, we currently have predominantly non-binding customer commitments for commercial quantities of our products. Some prospective customers are currently evaluating and testing our products prior to making large-scale purchase decisions. Other products we expect to develop have not yet started customer evaluation and testing. The successful commercialization of our products depends on our customers' ability to commercialize the end-products that use our products, which may gain market acceptance slowly, if at all. Furthermore, the technology for our products is new, and the economic and physical performance, including their recyclability, circularity, impact on shelf life, or other expected sustainability benefits, is uncertain. The market for our PET closures still is nascent and subject to significant risks and uncertainties.

Market acceptance of our products will depend on numerous factors, many of which are outside of our control, including, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• public acceptance of such products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to produce products of consistent quality that offer functionality comparable or superior to existing or new products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to produce products fit for their intended purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to produce new products or customizations of existing products to match changes in public demand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to timely obtain necessary regulatory approvals for our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the speed at which potential customers qualify our products for use in their products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the price, performance (e.g., gas barrier, weight), and sustainability (e.g., carbon intensity, recyclability) of our products compared to competitive and alternative products, including incumbent HDPE and polypropylene

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closures, as well as similar products made by different methods such as PET closures made using injection or compression molding methods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the strategic reaction of companies that market competitive products or have intellectual property rights that may be necessary to produce our products economically, effectively, or at all;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reliance on third parties who support or control distribution channels; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general market conditions, including fluctuating demand for our products.

***Our industry is highly competitive, and we may lose market share to producers of products that can be substituted for our products, which may have an adverse effect on our results of operations and financial condition.***

The closures industry is highly competitive, and we face significant competition from incumbent HDPE and polypropylene closures businesses as well as incumbent injection and compression molding technologies, which have been widely adopted. Many of our current competitors have longer operating histories, greater name recognition, larger customer bases and significantly greater financial, sales and marketing, manufacturing, distribution, technical and other resources than us. Recently, certain of our competitors in the closures industry have announced products, including PET closures, that may compete directly with our own. Our competitors may be able to adapt more quickly to new or emerging technologies, changes in customer requirements and changes in laws and regulations. In addition, current and potential competitors have established or may establish financial or strategic relationships among themselves or with existing or potential customers or other third parties. Accordingly, new competitors or alliances among competitors could emerge and rapidly acquire significant market share.

Our competitors may also improve their relative competitive position by successfully introducing new products or products that can be substituted for our products, improving their manufacturing processes, or expanding their capacity or manufacturing capabilities. Further, if our competitors are able to compete at advantageous cost positions, this could make it increasingly difficult for us to compete in markets for less-differentiated applications. If we are unable to keep pace with our competitors' product and manufacturing process innovations or cost position, it could harm our results of operations, financial condition and cash flows.

***The commercial success of our closures business may be influenced by the price of incumbent HDPE or polypropylene, and of closures made from these materials, relative to the price of PET, and of closures made from this material.***

Our commercial success may be influenced by the cost of HDPE or polypropylene relative to PET, as well as the relative price of closures made from these materials. Negative impacts could result from changes in the relative prices of HDPE, polypropylene, and PET, and of closures made from these materials. Cheaper HDPE or polypropylene relative to PET could drive our customers to shift purchases away from our PET closures and toward closures made from HDPE or polypropylene, which they currently use in large numbers.

***Increases or fluctuations in the costs of our raw materials may adversely affect our cost structure.***

The price of raw materials may be impacted by external factors, including uncertainties associated with war, terrorist attacks, weather and natural disasters, potential changes in tariffs and trade barriers (such as those recently imposed on China, Canada, Mexico, and European countries by the United States as well as retaliatory tariffs and barriers imposed by those countries), health epidemics or pandemics (such as COVID-19), civil unrest, the effects of climate change or political instability, plant or production disruptions, strikes or other labor unrest, inflationary pressures, breakdown or degradation of transportation infrastructure used in the delivery of raw materials, changes in laws or regulations in any of the countries in which we have significant suppliers, or tariffs or other trade restrictions imposed on or by such countries.

Our PET closures are designed to use PET, including recycled PET, as a raw material. The cost such raw material is generally influenced by supply and demand factors, and our operating plans include assumptions that the materials we intend to use as feedstocks will be available at prices similar to historic levels with low volatility. As we continue to expand our production, we will increase our demand for PET to produce our PET closures, which may alter the anticipated stability in the costs of our raw materials and potentially drive an increase in their cost.

Our results of operations will be directly affected by the cost of raw materials and other inputs, like the amount and cost of steam in the manufacturing process. The cost of raw materials and energy, such as that used in the manufacturing process

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or to produce the raw material used in that process, comprises a significant amount of our total cost of goods sold and, as a result, movements in the cost of raw materials, and in the cost of other inputs, will impact our profitability. Because a significant portion of our cost of goods sold is represented by these raw materials, our gross profit margins could be adversely affected by changes in the cost of these raw materials if we are unable to pass the increases on to our customers.

If our raw material prices experience volatility, there can be no assurance that we can continue to recover raw material costs or retain customers in the future. As a result of our pricing actions, customers may become more likely to consider competitors' products, some of which may be available at a lower cost. Significant loss of customers could adversely impact our results of operations, financial condition and cash flows.

***We are dependent on third-party suppliers and service providers, some of which are sole source suppliers, who may fail, and in some cases have failed, to deliver raw materials or equipment or fail to supply needed services at all or according to schedules, prices, quality and volumes that are acceptable to us, or we may be unable to manage these supplies effectively.***

Parts of our supply chain currently are dependent on a limited number, and in some cases a single, third-party supplier or service provider for key inputs, equipment, and services including for production of our PET closures. We may be unable to secure agreements with our preferred (or the only) supplier of some inputs, equipment, or services on a time frame or terms we find acceptable, or at all. Our reliance on few or single suppliers in a limited number of locations risks multiple supply chain vulnerabilities. For example, certain of our suppliers have in the past and may in the future declare bankruptcy or become insolvent, which could disrupt our supply chain or require us to identify alternative suppliers, resulting in delay and/or additional cost. Locating our first CapFormers in the United States means we are subject to cost increases on the components used to make these systems, which predominantly come from Europe. We and our suppliers have been and may continue to be subject to disruptions due to blanket tariffs imposed by the United States. These include a temporary 15% tariff on U.S. imports from all countries recently announced by the United States that will impact goods from Switzerland and Germany from which we source certain subsystems for our CapFormer lines.

We are likewise exposed to cost increases on the closures produced by our CapFormers due to retaliatory tariffs imposed by other countries in which we may sell those closures. These tariffs have impacted our ability to deploy CapFormer manufacturing lines in the United States, and have resulted in significant delays in the delivery and commissioning of key equipment, increasing our capital requirements and impairing our ability to finance equipment through debt, as tariffs do not contribute to the financeable value of the equipment. This has contributed, along with other factors, to a substantial reduction in our expected manufacturing output for 2026 and 2027, which may adversely affect our revenue, profitability, and ability to meet customer demand. If we are unable to mitigate these impacts through alternative manufacturing arrangements or secure additional non-dilutive financing, we may be required to rely more heavily on equity financing, which could be dilutive to existing shareholders. The military conflict in Ukraine can exacerbate the risks to our supply chain to the extent our suppliers depend on raw materials, components, or parts from Russia or Ukraine including, for example, certain metals, like nickel, used in materials of construction.

While we have taken, and continue to take, steps to diversify our suppliers, several of the suppliers we use to produce CapFormer components and subsystems currently are sole source suppliers. Finding substitute suppliers and service providers, to the extent they exist, and shifting production to substitute suppliers and service providers we know exist, may be expensive, time-consuming, or impossible and could interrupt or delay the supply of our products causing us to lose revenue and potentially harm our customer relationships or reputation and expose us to contractual remedies under our supply agreements. To the extent we do not have firm commitments from our third-party suppliers or service providers for a specific time period or capacity, quantity, and/or pricing, our suppliers may allocate capacity to their other customers, which could make that capacity unavailable to us when needed or at reasonable prices and prevent us from delivering our products on time or at all. For instance, if we are unable to timely obtain shipping services for our PET closures, we may need to store those closures for extended periods during which they could degrade or become unusable, forcing us to dispose of them and/or replace them at additional cost. Any of these occurrences could adversely affect our supply chain and cause serious harm to our business.

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We may be unable to secure agreements with local suppliers for the necessary amount of raw materials needed to produce our PET closures in certain circumstances. Additionally, if our suppliers do not accurately forecast and effectively allocate sufficient materials to us or if they are not willing to allocate sufficient supplies to us, it may reduce our access to raw materials needed for our manufacturing and require us to search for new suppliers. The unavailability of any raw materials could result in production delays, idle manufacturing facilities, product design changes and loss of access to important residues supporting our production, as well as impact our capacity to fulfill our obligations under our supply agreements. In addition, unexpected changes in business conditions, materials pricing, labor issues, wars, trade policies, natural disasters, epidemics or pandemics, trade and shipping disruptions, and other factors beyond our or our suppliers' control could also affect these suppliers' ability to deliver components to us or to remain solvent and operational.

Additionally, we may be unsuccessful in our continuous efforts to negotiate with existing suppliers to obtain cost reductions and avoid unfavorable changes to terms, or source less expensive suppliers for certain materials, especially in light of the overall increases in supply and shipment pricing. Any of these occurrences may harm our business, prospects, financial condition and operating results.

If we are required to obtain alternate sources for raw materials, for example because a supplier is unwilling or unable to execute or perform under raw material supply agreements, if a supplier terminates its agreements with us, if a supplier is unable to meet increased demand as our commercial scale production expands, if we are unable to renew its contracts or if we are unable to obtain new long-term supply agreements to meet changing demand, we may not be able to obtain these raw materials in sufficient quantities, on economic terms, or in a timely manner, and we may not be able to enter into long-term supply agreements on terms as favorable to us, if at all. A lack of availability of raw materials could limit our production capabilities and prevent us from fulfilling customer orders, and therefore harm our results of operations and financial condition.

***Maintenance, expansion and refurbishment of our facilities, the construction of new facilities and production lines, and the development and implementation of new manufacturing processes involve significant risks.***

Our facilities may require regular or periodic maintenance, upgrading, expansion, refurbishment or improvement. Any unexpected operational or mechanical failure, including failure associated with breakdowns and forced outages, could reduce our facilities' production capacity below expected levels, which would reduce our production capabilities and ultimately our revenues. Unanticipated capital expenditures associated with maintaining, upgrading, expanding, repairing, refurbishing, or improving our facilities may also reduce our profitability. Our facilities may also be subject to unanticipated damage as a result of natural disasters, terrorist attacks or other events.

If we make any major modifications to our facilities or those of third parties in our supply chain, such modifications likely would result in substantial additional capital expenditures and could prolong the time necessary to bring the facility online. We may also choose to refurbish or upgrade facilities based on our assessment that such activity will provide adequate financial returns. However, such activities require time for development and capital expenditures before commencement of commercial operations, and key assumptions underpinning a decision to make such an investment may prove incorrect, including assumptions regarding construction costs and timing, which could harm our business, financial condition, results of operations and cash flows.

The development of new manufacturing facilities entails a number of risks and assumptions, including the ability to begin production within the cost and timeframe estimated and to attract a sufficient number of skilled workers to meet the needs of the new facility. Our assessment of the projected benefits associated with the construction of new production lines for our PET closures, is subject to a number of estimates and assumptions, which in turn are subject to significant economic, competitive and other uncertainties that are beyond our control. If we experience delays or increased costs, our estimates and assumptions are incorrect, or other unforeseen events occur, our business, ability to supply customers, financial condition, results of operations and cash flows could be adversely impacted.

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Finally, we may not be successful or efficient in developing or implementing new production processes. Innovation in production processes involves significant expense and carries inherent risks. Such risks may include difficulties in designing, developing, implementing, and scaling up new process technologies, development and production timing delays, lower than anticipated manufacturing yields, product defects, and inability to consistently meet customers' product specifications or performance or cost requirements, among others. Errors, defects in materials, operating permit and license delays, customer product returns, interruption in our supply of materials or resources, and disruptions at our facilities or those of our partners due to accidents, maintenance issues, or unsafe working conditions, all could affect the timing, efficiency, or success of our production processes. Such production issues can lead to increased costs and may affect our ability to meet product demand, which could adversely impact our business and results from operations.

***We may not be successful in finding future strategic partners for continuing development of our manufacturing facilities and feedstock opportunities, or tolling and downstream conversion of our products.***

We may seek to develop additional strategic partnerships to develop our manufacturing facilities, increase feedstock supply due to manufacturing constraints, or share or defray capital costs required to develop our products and plants. We may not be successful in our efforts to establish such strategic partnerships or other alternative arrangements for our products, technology, or manufacturing facilities because our research and development pipeline may be insufficient, our products or manufacturing facility designs or processes may be deemed to be at too early of a stage of development for collaborative effort, or third parties may not view our products or manufacturing facilities as having the requisite potential to demonstrate commercial success. In particular, if we are unable to advance strategic partnerships to fund further our development of closures manufacturing lines, we may be delayed or may never be complete such development, which may adversely impact our operation and financial results.

If we are unable to reach agreements with suitable collaborators on a timely basis, on acceptable terms, or at all, we may have to curtail the development of our products, delay commercialization or development of manufacturing facilities, reduce the scope of any sales or marketing activities or increase expenditures and undertake development or commercialization activities at our own expense. If we elect to fund development or commercialization activities on our own, we may need to obtain additional expertise and additional capital, which may not be available to us on acceptable terms or at all. If we fail to enter into collaborations and do not have sufficient funds or expertise to undertake the necessary development and commercialization activities, we may not be able to develop additional products or plants, and our business, financial condition, results of operations and prospects may be materially and adversely affected.

***We may rely heavily on future collaborative and supply chain partners.***

We have entered into, and may enter into, strategic partnerships to develop and commercialize our current and future research and development programs with other companies to accomplish one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain capital, equipment, and facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain funding for research and development programs, product development programs, and commercialization activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain expertise in relevant markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain access to raw materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain sales and marketing services or support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain conversion services and other supply chain support; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• obtain access to intellectual property and ensure freedom to operate.

We may not be successful in establishing or maintaining suitable partnerships, and we may not be able to negotiate collaboration agreements having terms satisfactory to us, or at all. Failure to make or maintain these arrangements or a delay or failure in a collaborative partner's performance under any such arrangements could harm our business and financial condition.

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In addition, global supply chain disruptions have caused, and may continue to cause, delays in the shipment of goods, particularly those made in Asian countries. We have incurred, and may continue to incur, additional costs to expedite deliveries of such goods or to obtain substitute goods that are available to us sooner. Continued supply chain disruptions and our efforts to mitigate them may adversely impact our financial condition, results of operations, and cash flows.

***We have entered into and may in the future enter into collaborations, strategic alliances, or licensing arrangements, which expose us and our intellectual property to competitive risks and limitations associated with third-party collaborations and that may not produce the benefits we anticipate.***

We have entered, and may in the future enter, into license and collaboration arrangements for the development and production of some of our products. In the future, we may enter into additional license and collaboration arrangements. Any collaboration we enter into is subject to numerous risks. Such risks may include, among others, collaborators' significant discretion to determine the effort and resources they will apply to the collaboration, to delay or elect not to continue development of a product or process under the collaboration, or to develop, independently or with third parties, products or processes that compete directly or indirectly with our products or manufacturing processes. A collaborator's development, sales, or marketing activities or other operations may not comply with applicable laws resulting in civil or criminal proceedings.

In addition, we could grant exclusive rights to our collaborators that would prevent us from collaborating with others. Collaborators may not properly maintain or defend our intellectual property rights or may use our intellectual property or proprietary information in a way that gives rise to actual or threatened litigation that could jeopardize or invalidate our intellectual property or proprietary information or expose us to potential liability. Our collaborators may own or co-own intellectual property covering products that result from our collaboration with them, depriving us of the exclusive right to develop or commercialize such intellectual property. For example, we currently co-own with one of our development partners intellectual property that is or may be used in the production of our PET closures. Disputes may arise with respect to the ownership of any intellectual property developed pursuant to our collaborations.

Disputes between us and a collaborator may delay or terminate the development or commercialization of our products or result in costly litigation or arbitration that diverts management attention and resources. Termination of a collaboration may also result in a need for additional capital to pursue further development of the applicable current or future products.

We may seek to enter into additional collaborations, joint ventures, licenses and other similar arrangements for the development of our products, due to capital costs required to develop the product or potential manufacturing constraints. We may not be successful in our efforts to establish such collaborations for our products because our products may be deemed to be at too early of a stage of development for collaborative effort or third parties may not view our products as having the requisite potential to demonstrate a significant commercial opportunity. In addition, we face significant competition in seeking appropriate strategic partners, and the negotiation process can be time consuming and complex. Further, any future collaboration agreements may restrict us from entering into additional agreements with potential collaborators. We cannot be certain that, following a strategic transaction or license, we will achieve an economic benefit that justifies such transaction. Even if we are successful in our efforts to establish such collaborations, the terms that we agree upon may not be favorable to us, and we may not be able to maintain such collaborations.

In addition, any potential future collaborations may be terminable by our strategic partners, and we may not be able to adequately protect our rights under these agreements. Furthermore, strategic partners may negotiate for certain rights to control decisions regarding the development of our products, and may not conduct those activities in the same manner as we do. Any termination of collaborations we enter into in the future, or any delay in the development of products under such collaborations, could delay the manufacturing and sales of our products, which could have a material adverse effect on our business, financial condition and results of operations.

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***We may become subject to product liability claims that may not be covered by insurance and could require us to pay substantial sums.***

We are subject to an inherent risk of, and adverse publicity associated with, product liability and other liability claims, whether or not such claims are valid. In addition, our customers are subject to product liability claims, and could seek indemnification or contribution from us. A successful product liability claim or series of claims against us could adversely impact the specialty chemicals or closures industries, our reputation or our financial condition or results of operations. Product liability insurance may not be available to us on commercially acceptable terms, or at all. Even if such insurance is available, product liability or other claims may exceed our insurance coverage limits. A successful product liability claim that exceeds our insurance coverage limits, for which we are not otherwise indemnified, could require us to pay substantial sums and could harm our business, financial condition or results of operations.

***Climate change may impact the availability of our facilities and, in addition, we may incur substantial costs to comply with climate change legislation and related regulatory initiatives.***

Changing weather patterns and the increase in frequency of severe storms such as hurricanes and tornadoes could cause disruptions or the complete loss of our facilities or delay the construction of future facilities. In addition, climate change concerns, and changes in the regulation of such concerns, including greenhouse gas emissions, could also subject us to additional costs and restrictions, including increased energy and raw materials costs which could negatively impact our financial condition and results of operations. Climate change may also negatively impact our labor force by, for example, reducing the hours during which construction or other outdoor work can be performed safely in extreme hit or under conditions of poor air quality. The effects of climate change can not only adversely impact our operations, but also that of our suppliers and customers, and can lead to increased regulations and changes in consumer preferences, which could adversely affect our business, results of operations and financial condition. Any governmental efforts to dismantle or defund federal agencies and projects aimed at monitoring and mitigating climate change may also adversely impact our ability to prepare for the impacts of climate change on our business.

***Unfavorable global economic conditions could adversely affect our business, financial condition and results of operations.***

Our results of operations could be adversely affected by general conditions in the global economy and in the global financial markets, including inflation and supply disruption. A domestic or global financial crisis can cause extreme volatility and disruptions in the capital and credit markets. A severe or prolonged economic downturn, which could result from an event like the COVID-19 pandemic, the imposition of tariffs on virtually all countries with which the United States trades and those countries' retaliatory tariffs, or the global sanctions imposed against Russia following its military invasion of Ukraine, or inflation in fuel costs resulting from regional instability due to military conflict in the Middle East, could result in a variety of risks to our business, including our inability to purchase necessary supplies on acceptable terms, if at all, and our inability to raise additional capital when needed on acceptable terms, if at all. The escalating conflict in the Middle East, including the recent military actions by the United States and Israel against Iran and the resulting actions by Iran against its neighboring states and other countries have created global security concerns that could result in an extended regional war or have a lasting impact on regional and global economies. The length and magnitude of the conflict and its impacts are unpredictable. The conflict already has caused or exacerbated disruptions in global transportation, airspace restrictions, fuel price increases, changes to carrier operations, and knock-on effects across international logistics networks and supply chains we rely on for transport of capital equipment, raw materials, and our products. The conflict could also lead to other market disruptions, including volatility in commodity prices, credit and capital markets, as well as increased cyber-attacks against U.S. companies. Additionally, any resulting sanctions could adversely affect the global economy and financial markets and lead to instability and lack of liquidity in capital markets. A weak or declining economy could strain our suppliers, possibly resulting in supply disruption, or cause delays in payments for our services by third-party payers or our collaborators. Any of the foregoing could harm our business and we cannot anticipate all of the ways in which the current economic climate and financial market conditions could adversely impact our business. See also "Risks Related to Government Regulation."

***Our operating results may fluctuate significantly as a result of a variety of factors, many of which are outside of our control.***

We are subject to, among other things, the following factors that may negatively affect our operating results:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the announcement or introduction of new products by our competitors;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to upgrade and develop our systems and infrastructure to accommodate growth;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain key personnel in a timely and cost-effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract new customers and retain existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technical difficulties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount and timing of operating costs and capital expenditures relating to the expansion of our business, operations and infrastructure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to identify and enter into relationships with appropriate and qualified third-party providers of necessary testing and manufacturing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulation by federal, state or local governments; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions, as well as economic conditions specific to the closures industry, and the chemicals, plastics, carbon products, and fuels industries, and other industries related to compostable or biodegradable substitutes for non-biodegradable plastics, as well as changes to commodity prices to which prices in some of our contracts are indexed.

As a result of our limited operating history and the nature of the markets in which we compete, it is difficult for us to forecast our revenues or earnings accurately. We have based our anticipated future expense levels largely on our investment plans and estimates of future events, although certain of our expense levels will, to a large extent, become fixed. As a strategic response to changes in the competitive environment, we may from time to time make certain decisions concerning expenditures, pricing, service or marketing that could harm our business, results of operations and financial condition. Due to the foregoing factors, our revenues and operating results are difficult to forecast.

***Changes in tax laws or tax rulings could materially affect our financial position, results of operations, and cash flows.***

The tax regimes we are subject to or operate under, including income and non-income taxes, are unsettled and may be subject to significant change. Changes in tax laws, regulations, or rulings, or changes in interpretations of existing laws and regulations, could materially affect our financial position and results of operations. For instance, legislation commonly referred to as the One Big Beautiful Bill Act ("OBBBA") enacted on July 4, 2025, makes permanent key elements of the 2017 Tax Cuts and Jobs Act, including 100% bonus depreciation and the business interest expense limitation, as well as makes other significant changes to the U.S. tax laws. We continue evaluating the impact, if any, of the OBBBA on our business and financial condition. See Note 15 "Income Taxes" to the consolidated financial statements in Item 8 of this Annual Report for more information.

Further, the 2017 Tax Cuts and Jobs Act (the "Tax Act") made broad and complex changes to the U.S. tax code. Future guidance from the IRS with respect to the Tax Act may affect us, and certain aspects of the Tax Act could be repealed or modified in future legislation. The Coronavirus Aid, Relief, and Economic Security Act (the "CARES Act") has already modified certain provisions of the Tax Act. More recently, the Inflation Reduction Act of 2022 (the "IRA") includes provisions that will impact the U.S. federal income taxation of corporations, including imposing a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases that would be imposed on the corporation repurchasing such stock. The issuance of additional regulatory or accounting guidance related to the Tax Act could materially affect our tax obligations and effective tax rate in the period issued. In addition, many countries in Europe and a number of other countries and organizations, have recently proposed or recommended changes to existing tax laws or have enacted new laws that could significantly increase our tax obligations in the countries where we do business or require it to change the manner in which we operate our business.

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The Organization for Economic Co-operation and Development ("OECD") and the G20 Inclusive Framework on Base Erosion and Profit Shifting (the "Inclusive Framework") has put forth two proposals-Pillar One and Pillar Two-that revise the existing profit allocation and nexus rules and ensure a minimal level of taxation, respectively. On December 12, 2022, the European Union member states agreed to implement the Inclusive Framework's global corporate minimum tax rate of 15%, and various countries (both within and outside the European Union) have enacted new law implementing Pillar Two or have draft legislation proposed for adoption. The OECD continues to release additional guidance on the two-pillar framework, with widespread implementation anticipated in 2024. We are continuing to evaluate the potential impact on future periods of the Inclusive Framework, pending legislative adoption by individual countries, which could have an adverse impact on our effective tax rate, income tax expense and cash flows. Similarly, the European Commission and several countries have issued proposals that would change various aspects of the current tax framework under which we are taxed. These proposals include changes to the existing framework to calculate income tax, as well as proposals to change or impose new types of non-income taxes, including taxes based on a percentage of revenue.

As we expand the scale of our international business activities, these types of changes to the taxation of our activities could increase our worldwide effective tax rate, increase the amount of taxes imposed on our business, and harm our financial position. Such changes may also apply retroactively to our historical operations and result in taxes greater than the amounts estimated and recorded in our financial statements.

***Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our operating results and financial condition.***

We are subject to taxation in Canada and the United States with increasingly complex tax laws, the application of which can be uncertain. The amount of taxes we pay in these jurisdictions could increase substantially as a result of changes in the applicable tax principles, including increased tax rates, new tax laws or revised interpretations of existing tax laws and precedents, which could have an adverse impact on our liquidity and results of operations. In addition, the authorities in several jurisdictions could review our tax returns and impose additional tax, interest and penalties, which could have an impact on us and on our results of operations. We have previously participated in government programs with the Canadian federal government and Canadian provincial governments that provide investment tax credits based upon qualifying research and development expenditures. If Canadian taxation authorities successfully challenge such expenses or the correctness of such income tax credits claimed, our historical operating results could be adversely affected. As a public company, we will no longer be eligible for refundable tax credits under the Canadian federal Scientific Research and Experimental Development Program credits.

***Our future effective tax rates could be subject to volatility or adversely affected by a number of factors.***

Our future effective tax rates could be subject to volatility or adversely affected by a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the valuation of our deferred tax assets and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expected timing and amount of the release of any tax valuation allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tax effects of stock-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• costs related to intercompany restructurings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, regulations or interpretations thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future earnings being lower than anticipated in countries where we have lower statutory tax rates and higher than anticipated earnings in countries where we have higher statutory tax rates.

We may conduct activities in other jurisdictions through our subsidiaries pursuant to transfer pricing arrangements and may in the future conduct operations in other jurisdictions pursuant to similar arrangements. If two or more affiliated companies are located in different countries, the tax laws or regulations of each country generally will require that transfer prices be the same as those between unrelated companies dealing at arms' length. While we intend to operate in compliance with applicable transfer pricing laws, our transfer pricing procedures are not binding on applicable tax authorities. If tax authorities in any of these countries were to successfully challenge our transfer prices as not reflecting arm's length transactions, they could require us to adjust our transfer prices and thereby reallocate our income to reflect these revised transfer prices, which could result in a higher tax liability to us.

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***Our ability to use net operating loss carryforwards and other tax attributes may be limited in connection with the Merger or other ownership changes.***

We have incurred losses during our history. To the extent that we continue to generate taxable losses, unused losses will carry forward to offset future taxable income, if any, until such unused losses expire, if at all.

Under the Tax Act, as modified by the CARES Act, U.S. federal NOL carryforwards generated in taxable periods beginning after December 31, 2017, may be carried forward indefinitely, but the deductibility of such net operating loss carryforwards in taxable years beginning after December 31, 2020, is limited to 80% of taxable income. In addition, our NOL carryforwards are subject to review and possible adjustment by the IRS, and state tax authorities. Under Sections 382 and 383 of the Code, our federal net operating loss carryforwards and other tax attributes may become subject to an annual limitation in the event of certain cumulative changes in the ownership of our stock. An "ownership change" pursuant to Section 382 of the Code generally occurs if one or more stockholders or groups of stockholders who own at least 5% of a company's stock increase their ownership (as measured by value) by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Our ability to utilize our NOL carryforwards and other tax attributes to offset future taxable income or tax liabilities may be limited as a result of ownership changes, including potential changes in connection with the Merger or other transactions. Similar rules may apply under state tax laws. We have recorded a valuation allowance related to the majority of our NOL carryforwards and other deferred tax assets due to the uncertainty of the ultimate realization of the future benefits of those assets.

**Risks Related to Government Regulation** 

***Compliance with extensive environmental, health and safety laws could require material expenditures, changes in our operations or site remediation.***

Our products are also used in a variety of applications that have specific regulatory requirements such as those relating to products that have contact with food. Accordingly, our operations are subject to environmental, health and safety laws and regulations at the international, national, state and local level in multiple jurisdictions. These laws and regulations govern, among other things, air emissions, wastewater discharges, solid and hazardous waste management and disposal, occupational health and safety, including dust and noise control, site remediation programs and chemical use and management. Many of these laws and regulations have become more stringent over time and the costs of compliance with these requirements may increase, including costs associated with any necessary capital investments.

In addition, our PET closures are subject to food safety regulations. In the U.S., the Health and Human Services Secretary Kennedy has directed the U.S. Food and Drug Administration to explore rule making that could eliminate a pathway for companies to self-affirm food ingredients are safe. If implemented, such a rule could make it more difficult for us to timely or cost-effectively bring products like our PET closures to market, which could adversely affect our business and results of operations.

Our manufacturing facilities will require operating permits that are subject to renewal and, in some circumstances, revocation. The necessary permits may not be issued or continue in effect, and renewals of any issued permits may contain significant new requirements or restrictions.

Compliance with environmental laws and regulations generally increases the costs of transportation and storage of raw materials and finished products, as well as the costs of storage and disposal of wastes. We may incur substantial costs, including fines, damages, criminal or civil sanctions and remediation costs, or experience interruptions in our operations for violations arising under environmental laws, regulations or permit requirements. In addition, the market for plastic products like our PET closures generally, is heavily influenced by applicable federal, state and local government laws, regulations and policies, such as the European Union's Single-Use Plastic Directive, which came into effect in July 2024, and minimum recycled content requirements for beverage bottle packaging in the European Union, Peru, South Africa, and certain states in the United States, as well as public perception. Changes in these laws, regulations and policies or how these laws, regulations and policies are implemented and enforced could cause the demand for our products to decline and deter investment in the research and development of such product. Concerns associated with plastic products generally, continue to receive legislative, industry and public attention. This attention could result in future legislation, regulation and/or administrative action that could adversely affect our business.

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Compliance with global food safety laws and regulations generally increases the cost of raw materials, production of finished products and transportation and storage costs. We may incur substantial costs, including fines, damages, criminal or civil sanctions, or experience interruptions in our operations for violations of food safety laws or regulations.

Furthermore, various petrochemical products, including plastics like PET used in our closures products, have faced increased public scrutiny due to negative coverage of plastic waste in the environment, which has resulted in local, state, federal and foreign governments proposing and in some cases approving, restrictions or bans on the manufacture, consumption and disposal of certain petrochemical products. Any inability to address these requirements and any regulatory or policy changes could harm our business, financial condition and results of operations.

***We are subject to U.S. and foreign anti-corruption and anti-money laundering laws and regulations. We could face criminal liability and other serious consequences for violations, which would harm our business.***

We are subject to the U.S. Foreign Corrupt Practices Act of 1977, as amended, the U.S. domestic bribery statute contained in 18 U.S.C. § 201, the U.S. Travel Act, the U.S.A PATRIOT Act and possibly other anti-bribery and anti-money laundering laws in countries in which we conduct activities. Anti-corruption laws are interpreted broadly and prohibit companies and their employees, agents, contractors and other collaborators from authorizing, promising, offering or providing, directly or indirectly, improper payments or anything else of value to recipients in the public or private sector. We can also be held liable for the corrupt or other illegal activities of our employees, agents, contractors and other collaborators, even if we do not explicitly authorize or have actual knowledge of such activities. Any violations of the laws and regulations described above may result in substantial civil and criminal fines and penalties, imprisonment, the loss of export or import privileges, debarment, tax reassessments, breach of contract and fraud litigation, reputational harm and other consequences.

***Our operating plan requires us to source raw materials and supplies internationally, and foreign currency exchange rate fluctuations and changes to international trade agreements, tariffs, import and excise duties, taxes or other governmental rules and regulations could adversely affect our business, financial condition, results of operations and prospects.***

Our expansion model is global and we expect to need to source raw materials and supplies from suppliers around the world. In particular, we expect to source PET, including recycled PET, from suppliers local to our closures manufacturing lines, or to arrange for transport of PET to the site of those lines. The U.S. federal government or other governmental bodies have implemented and may in the future propose changes to international trade agreements, tariffs, taxes and other government rules and regulations, and may impose sanctions limiting trade with other countries. If foreign currency exchange rates fluctuate or any restrictions or significant increases in costs or tariffs or sanctions are imposed related to raw materials and supplies sourced to our plants as a result of amendments to existing trade agreements or otherwise, this may increase our supply and shipping costs, resulting in potential decreased margins. The extent to which our margins could decrease in response to any future tariffs is uncertain. We continue to evaluate the impact of trade agreements, as well as foreign currency exchange rate fluctuations and other recent changes in foreign trade policy on our supply chain, costs, sales and profitability. We may expand our operations to countries with unstable governments that are subject to instability, corruption, changes in rules and regulations and other potential uncertainties that could harm our business, financial condition, results of operations and prospects. We have entered a new partnership with a European manufacturer for the production of caps and, as a result, we may become subject to new and potentially burdensome and/or expensive regulations including the General Data Protection Regulation ("GDPR") and the Corporate Sustainability Reporting Directive ("CSRD"), among potentially others, which may increase our costs of production and adversely impact our business, results of operations, financial condition, and cash flows. In addition, pandemics such as COVID-19 may result in increased travel restrictions and the extended shutdown of certain businesses throughout the world, and prolonged closures in Canada, Europe, Asia and elsewhere may disrupt the operations of certain suppliers of raw materials and other supplies, which could, in turn, negatively impact our business, financial condition, results of operations and prospects.

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***International trade disputes and the U.S. government's trade policy could adversely affect our business.***

International trade disputes have resulted in and could continue to result in tariffs and other protectionist measures that have adversely affected and could continue to adversely affect our business. Tariffs could increase the cost of our products and the components and raw materials that go into making them, and they already are affecting the cost of the equipment we use to manufacture our products. These increased costs could adversely impact the gross margin that we earn on our products. Countries may also adopt other protectionist measures that could limit our ability to offer our products.

We operate in a global economy, which includes utilizing third-party suppliers in several countries outside the United States. There is inherent risk, based on the complex relationships among the U.S. and the countries in which we conduct our business, that political, diplomatic, and national security factors can lead to global trade restrictions and changes in trade policies and export regulations that may adversely affect our business and operations. The current international trade and regulatory environment is subject to significant ongoing uncertainty.

The U.S. government has adopted a new approach to trade policy and in some cases has sought to renegotiate, or potentially terminate, certain existing bilateral or multi-lateral trade agreements. It has also imposed tariffs on certain foreign goods and has raised the possibility of imposing significant, additional tariff increases or expanding the tariffs to capture other types of goods. Although the tariffs that have been initiated to date have not had a material impact on our operating results, to the extent that significant additional tariffs are imposed, depending on the extent of such tariffs, they could have a material impact on our operating results.

The President already has imposed a blanket 15% tariff on goods from European countries and a 39% tariff on goods from Switzerland pursuant to the International Emergency Economic Powers Act ("IEEPA"), which have increased the cost of components used with our CapFormers, many of which currently are derived from European and Swiss suppliers. In the aftermath of the decision by the United States Supreme Court in *Learning Resources, Inc. v. Trump* that IEEPA does not authorize the President to impose tariffs, the President imposed a temporary 15% tariff on U.S. imports from all countries under section 122 of the Trade Act of 1974. Tariff-related cost increases may become substantial. For example, the cost of a replacement for one of the components used in our CapFormer systems has increased 10% due to tariffs previously imposed on European imports, which increased to 15% on August 1, 2025, while another CapFormer subsystem that we source from Switzerland was subject to a 39% tariff that came into effect August 7, 2025. We have entered a new partnership with a European manufacturer for the production of caps and, as a result, the products produced in Europe and imported to the U.S. may be subject to a 15% tariff. The additional cost imposed by these tariffs may adversely impact our business, results of operations, financial condition, and cash flows. The current tariffs and trade restrictions on European and Swiss goods, among others, could significantly increase the costs of our CapFormers, the components and raw materials we use with them, and the prices of our products or those of our customers with which our products are used. This, in turn, could reduce demand for such products, or reduce our, or our customers' margins, and adversely impact our, or their revenues, financial results, and ability to service debt.

The complexity of announced or future tariffs may also increase the risk that we or our customers or suppliers may be subject to civil or criminal enforcement actions in the United States or foreign jurisdictions related to compliance with trade regulations. Foreign governments may also adopt non-tariff measures, such as procurement preferences or informal disincentives to engage with, purchase from or invest in U.S. entities, which may limit our ability to compete internationally and attract non-U.S. investment, employees, customers and suppliers. Foreign governments may also take other retaliatory actions against U.S. entities, such as decreased intellectual property protection, increased enforcement actions, or delays in regulatory approvals, which may result in heightened international legal and operational risks. In addition, the United States and other governments have imposed and may continue to impose additional sanctions, such as trade restrictions or trade barriers, which could restrict us from doing business directly or indirectly in or with certain countries or parties and may impose additional costs and complexity to our business.

We cannot predict the extent to which the United States or other countries will impose quotas, duties, tariffs, taxes or other similar restrictions upon the import or export of our products in the future, nor can we predict future trade policy or the terms of any renegotiated trade agreements and their impact on our business. The adoption and expansion of trade restrictions, the occurrence of a trade war, or other governmental action related to tariffs or trade agreements or policies has the potential to adversely impact demand for our products, our costs, our consumers, our suppliers, and the U.S. economy, which in turn could have an adverse effect on our business, financial condition, results of operations and prospects.

Trade disputes, tariffs, restrictions and other political tensions between the United States and other countries may also exacerbate unfavorable macroeconomic conditions including inflationary pressures, foreign exchange volatility, financial

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market instability, and economic recessions or downturns. The ultimate impact of current or future tariffs and trade restrictions remains uncertain and could materially and adversely affect our business, financial condition, and prospects. While we actively monitor these risks, any prolonged economic downturn, escalation in trade tensions, or deterioration in international perception of U.S.-based companies could materially and adversely affect our business, ability to access the capital markets or other financing sources, results of operations, financial condition and prospects. In addition, tariffs and other trade developments have and may continue to heighten the risks related to the other risk factors described elsewhere in this report.

***We are subject to ESG risks, including in relation to our counterparties, which may adversely affect our reputation and ability to retain employees and customers.***

Companies across many industries are facing increasing scrutiny related to their environmental, social and governance ("ESG") practices and reporting, both in the United States and internationally, including risks related to climate, workforce and other sensitive matters. To the extent we share information about our ESG practices, we could be criticized for the accuracy, adequacy, or completeness of such disclosures. Further, we may experience backlash from customers, government entities, advocacy groups, employees, or other stakeholders who disagree with our actual or perceived positions, or with our lack of position on ESG, political, public policy, economic, geopolitical, or other sensitive issues. Any perceived lack of transparency about these matters could harm our brand and reputation, our employees' engagement and retention, and the willingness of our customers and partners to do business with us.

We may be exposed to negative publicity based on the identity and activities of our customers and others with whom we do business, and the public's view of our customers' and business partners' approach to ESG matters. Our management may incur additional costs and need to dedicate increased of time and attention to ESG matters and to comply with a rapidly changing landscape of regulations and expectations. For example, the President issued an Executive Order mandating the United States' withdrawal from the Paris Agreement, and other climate-focused international agreements and commitments. Some states also have introduced or passed bills to restrict, regulate, or prohibit DEI initiatives. Our failure to comply with any applicable rules or regulations with respect to ESG matters could lead to penalties and adversely impact our access to capital and employee retention, and could impact third parties on whom we rely, adversely affecting our business, financial condition, or results of operations. For example, if our customers back away from carbon emission reduction or other sustainability goals in response to the President's Executive Orders, demand for our products may decline because environmental and sustainability benefits are part of the value proposition of those products.

**Risks Related to Our Intellectual Property** 

***Our business relies on proprietary information and other intellectual property, and our failure to protect our intellectual property rights could harm our competitive advantages with respect to the use, manufacturing, sale or other commercialization of our processes, technologies and products, which may have an adverse effect on our results of operations and financial condition.***

We have made and intend to continue to make significant capital investments into the research and development of proprietary information and other intellectual property as we develop, improve and scale our processes, technologies and products. Failure to fund and make these investments, or underperformance of the technology funded by these investments, could severely impact our business, financial condition, results of operations and prospects.

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If we fail to adequately protect our intellectual property rights, such failure could result in the reduction or loss of our competitive advantage. We may be unable to prevent third parties from using our proprietary information and other intellectual property without our authorization or from independently developing proprietary information and other intellectual property that is similar to ours, particularly in those countries where the laws do not protect our proprietary rights to the same degree as in the U.S or those countries where we do not have intellectual property rights protection. Some of our vendors have filed, and may in the future file, patent applications claiming intellectual property that we contend belongs to us. In some cases, we have been able to resolve disputes over such intellectual property amicably and in a manner that we believe will be beneficial to our business. There can be no guarantee we will be able to reach an amicable resolution of all such disputes or that the resolution, if any, will in fact be beneficial to our business. In some cases, litigation or arbitration may be necessary to resolve disputes over intellectual property, and we might be unable to continue working with vendors and other parties as a result of such disputes, all of which could cause significant cost and disruption to our business and fail to vindicate our claims to the intellectual property. The use of our proprietary information and other intellectual property by others could reduce or eliminate competitive advantages that we have developed, potentially causing us to lose sales or actual or potential customers, or otherwise harm our business. We have been, and may again be, involved in litigation and administrative actions to protect these rights, and such proceedings could be burdensome and costly, could result in counterclaims challenging our intellectual property (including validity or enforceability) or accusing us of infringement, and we may not prevail.

Our patent applications and issued patents may be practiced by third parties without our knowledge. Our competitors may also attempt to design around our patents or copy or otherwise obtain and use our proprietary information and other intellectual property. Moreover, our competitors may already hold or have applied for patents in the U.S. or abroad that, if enforced, could possibly prevail over our patent rights or otherwise limit our ability to manufacture, sell or otherwise commercialize one or more of our products in the U.S. or abroad. With respect to our pending patent applications, we may not be successful in securing issued patents, or the claims of such patents may be narrowed, any of which may limit our ability to protect inventions that these applications were intended to cover, which could harm our ability to prevent others from exploiting our technologies and commercializing products similar to our products. In addition, the expiration of a patent can result in increased competition with consequent erosion of profit margins.

The applicable governmental authorities may not approve our pending service mark and trademark applications. A failure to obtain trademark registrations in the U.S. and in other countries could limit our ability to obtain and retain our trademarks in those jurisdictions. Moreover, third parties may seek to oppose our applications or otherwise challenge the resulting registrations. In the event that our trademarks are not approved or are successfully challenged by third parties, we could be forced to rebrand our products, which could result in loss of brand recognition and could require us to devote significant resources to rebranding and advertising and marketing new brands. The failure of our patents, trademarks, trade secrets, or confidentiality agreements to protect our proprietary information and other intellectual property, including our processes, apparatuses, technology, trade secrets, trade names and proprietary manufacturing expertise, methods and compounds, could have a material adverse effect on our business and results of operations.

Some of our intellectual property has been or will be discovered, conceived or developed through research funded by the Canadian government and thus may be subject to federal regulations providing for certain rights for the Canadian government or imposing certain obligations on us, such as limitations on exploiting such intellectual property outside of Canada. Compliance with such regulations may limit our exclusive rights and ability to commercialize our products and technology outside of Canada.

***We may face patent infringement and other intellectual property claims that could be costly to defend, result in injunctions and significant damage awards or other costs (including indemnification of third parties or costly licensing arrangements, if licenses are available at all) and limit our ability to use certain key technologies in the future or require development of non-infringing products or technologies, which may cause us to incur significant unexpected costs, prevent us from commercializing our products and otherwise harm our business.***

The various markets in which we plan to operate are subject to frequent and extensive litigation regarding patents, trade secrets and other intellectual property rights. Many of our competitors have a substantial amount of intellectual property. We cannot guarantee that our processes and products do not and will not infringe issued patents (whether present or future) or other intellectual property rights belonging to others.

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From time to time, we may oppose third-party patents that we consider overbroad or otherwise invalid in order to maintain the necessary freedom to operate fully in our various business lines without the risk of being sued for patent infringement. If, however, the oppositions are unsuccessful, we could be liable for infringement or have to take other remedial or curative actions to continue our manufacturing and sales activities with respect to one or more products.

We may also be subject to legal proceedings and claims in the ordinary course of our business, including claims of alleged infringement or misappropriation of the patents, trademarks, trade secrets and other intellectual property rights of third parties by us or our licensees in connection with their use of our products. Intellectual property litigation is expensive and time-consuming, regardless of the merits of any claim, and could divert our management's attention from operating our business.

If we were to discover that our processes, technologies or products infringe or misappropriate the valid intellectual property rights of others, we might need to obtain licenses from these parties or substantially re-engineer our processes, technologies or products in order to avoid infringement. We may not be able to obtain the necessary licenses on acceptable terms, or at all, or be able to re-engineer our processes, technologies or products successfully. Moreover, if we or our licensees are sued for infringement or misappropriation and lose, we could be required to pay substantial damages, indemnify our licensees and/or be enjoined from using or selling the infringing processes, technologies or products. If we incur significant costs to litigate infringement or misappropriation claims or to obtain licenses, or if our inability to obtain required licenses prevents us from using or selling our processes, technologies or products, it could have a material adverse effect on our business and results of operations.

***We rely on trade secrets to protect our technology, and our failure to maintain trade secret protection could limit our ability to compete.***

We rely on trade secrets to protect some of our technology and proprietary information, especially where we believe patent protection is not appropriate or obtainable. We have security measures in place to safeguard our trade secrets database and limit the access to a need-to-know basis. However, trade secrets can be difficult to protect. The misappropriation or other compromise of our trade secrets may lead to a reduction or loss of our competitive advantages resulting from such trade secrets. Further, litigating a claim that a third party had misappropriated our trade secrets would be expensive and time consuming, and the outcome would be unpredictable. Moreover, if our competitors independently develop similar knowledge, methods and know-how, it will be difficult for us to enforce our rights and our business could be harmed.

Our confidentiality agreements could be breached or may not provide meaningful protection for our trade secrets or proprietary manufacturing expertise. Adequate remedies may not be available in the event of an unauthorized use or disclosure of our trade secrets and manufacturing expertise. Violations by others of our confidentiality agreements and the loss of employees who have specialized knowledge and expertise could harm our competitive position resulting from the exclusive nature of such knowledge and expertise and cause our sales and operating results to decline as a result of increased competition. In addition, others may obtain knowledge of our trade secrets through independent development or other access by legal means.

**Other Risks Related to Our Business** 

***Our management team has relatively limited experience operating a public company.***

Some of our executive officers have limited experience in the management of a publicly traded company subject to significant regulatory oversight and reporting obligations under federal securities laws. We may not have adequate personnel with the appropriate level of knowledge, experience and training in the accounting policies, practices or internal control over financial reporting required of public companies in the United States. It is possible that we will be required to expand our employee base and hire additional employees to support our operations as a public company, which will increase our operating costs in future periods.

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***We are dependent on management and key personnel, and our business could suffer if we fail to retain our key personnel or attract additional highly skilled employees.***

Our success depends on the specialized skills of our management team and key operating personnel. This may present particular challenges as we operate in a highly specialized industry sector, which may make replacement of our management team and key operating personnel difficult. A loss of our managers or key employees, or their failure to satisfactorily perform their responsibilities, could have an adverse effect on our business, financial condition, results of operations and prospects.

Our future success will depend on our ability to identify, hire, develop, motivate and retain highly qualified personnel for all areas of our organization, particularly research and development, engineering, operations, and sales. Trained and experienced personnel are in high demand and may be in short supply. Many of the companies that we compete with for experienced employees have greater resources than us and may be able to offer more attractive terms of employment. In addition, we invest significant time and expense in training employees, which increases their value to competitors that may seek to recruit them. We may not be able to attract, develop and maintain the skilled workforce necessary to operate our business, and labor expenses may increase as a result of a shortage in the supply of qualified personnel, which could negatively impact our business, financial condition, results of operations and prospects.

***We may not realize the expected benefits from our February 2026 workforce reduction, and it could result in total costs and expenses that are greater than expected and could disrupt our business.***

In February 2026, we implemented a reduction in our workforce. We may incur additional expenses not currently contemplated due to events associated with the reduction in force, and our restructuring activities may subject us to reputational risks and litigation risks and expenses. We may not fully realize the anticipated benefits and savings from this operational realignment due to unforeseen difficulties, disruptions, delays or unexpected costs, which could adversely affect our financial condition. The changes to our operations and the reduction in workforce may yield unintended consequences and costs, such as the loss of institutional knowledge and expertise, attrition beyond our intended reductions in force, and a reduction in morale among our remaining employees, all of which may have an adverse effect on our development activities, our business, results of operations or financial condition. If we are unable to realize the expected operational efficiencies, our business, results of operations and financial condition would be adversely affected. In addition, to the extent we do not realize such anticipated operational efficiencies, we may need to undertake workforce reductions or restructuring activities in the future. Furthermore, our reductions in force may be disruptive to our operations. If employees who were not affected by the reductions in force seek alternative employment, this could result in our seeking contractor support at unplanned additional expense or harm our productivity. Our workforce reductions could also harm our ability to attract and retain qualified management, technical and manufacturing personnel who are critical to our business. Any failure to attract or retain qualified personnel could prevent us from successfully developing our products. We may also discover that the reductions in workforce could make it difficult for us to pursue new opportunities and initiatives and require us to hire qualified replacement personnel, which may require us to incur additional and unanticipated costs and expenses. Our failure to successfully accomplish any of the above activities and goals may have a material adverse impact on our business, results of operations and financial condition.

***If we fail to maintain effective internal control over financial reporting, it may result in material misstatements of our consolidated financial statements or cause us to fail to meet our periodic reporting obligations.***

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. If we are unable to successfully remediate any future material weaknesses in our internal control over financial reporting, or if we identify any material weaknesses, the accuracy and timing of our financial reporting may be adversely affected, we may be unable to maintain compliance with securities law requirements regarding timely filing of periodic reports in addition to applicable Nasdaq listing requirements, investors may lose confidence in our financial reporting and our stock price may decline as a result. We also could become subject to investigations by Nasdaq, the SEC or other regulatory authorities.

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As a public company, we are also required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of its internal control over financial reporting for our annual reports on Form 10-K to be filed with the SEC. This assessment needs to include disclosure of any material weaknesses identified by management in our internal control over financial reporting. We are required to disclose changes made in our internal control over financial reporting on a quarterly basis. Failure to comply with the Sarbanes-Oxley Act could potentially subject us to sanctions or investigations by the SEC, the applicable stock exchange or other regulatory authorities, which would require additional financial and management resources. In order to evaluate the effectiveness of internal control over financial reporting, as required by Section 404 of the Sarbanes-Oxley Act, management has conducted an assessment, including testing, using the criteria in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission using the 2013 framework. Our system of internal control over financial reporting is designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Because of its inherent limitations, internal control over financial reporting may not prevent or detect all misstatements.

***We and the third parties with whom we work are subject to stringent and changing U.S. and foreign laws, regulations, rules, contractual obligations, policies and other obligations related to data privacy and security. Our (or the third parties with whom we work) actual or perceived failure to comply with such obligations could lead to regulatory investigations or actions; litigation (including class action claims) and mass arbitration demands; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers or sales; and other adverse business consequences.***

In the ordinary course of business, we collect, receive, store, process, generate, use, transfer, disclose, make accessible, protect, secure, dispose of, transmit, and share (commonly known as processing) personal data and other sensitive information, including proprietary and confidential business data, trade secrets, and intellectual property. Our data processing activities subject us to various data privacy and security obligations, which can include laws, regulations, guidance, industry standards, external and internal privacy and security policies, contracts, and other obligations that govern the processing of personal data by us and on our behalf.

In the United States, federal, state, and local governments have enacted numerous data privacy and security laws, including data breach notification laws, personal data privacy laws, and consumer protection laws (e.g., Section 5 of the Federal Trade Commission Act), and other similar laws (e.g., wiretapping laws). Numerous U.S. states have enacted comprehensive privacy laws that impose certain obligations on covered businesses, including providing specific disclosures in privacy notices and affording residents with certain rights concerning their personal data. Certain states also impose stricter requirements for processing certain personal data, including sensitive information, such as conducting data privacy impact assessments. For example, the California Consumer Privacy Act of 2018 ("CCPA") imposes obligations on businesses to which it applies, such as providing specific disclosures in privacy notices and affording California residents certain rights related to their personal data. The CCPA also applies to personal data of consumers, business representatives, and employees who are California residents and provides for fines and allows private litigants affected by certain data breaches to recover significant statutory damages. In addition, the California Privacy Rights Act of 2020 ("CPRA"), expanded the CCPA, including by establishing a California Privacy Protection Agency to implement and enforce the CPRA. Similar laws are being considered in several other states, as well as the federal, state, and local levels in recent years, which could further complicate compliance efforts.

Outside the United States, an increasing number of laws, regulations, and industry standards apply to data privacy and security. For example, the European Union's General Data Protection Regulation ("EU GDPR") and the United Kingdom's GDPR ("UK GDPR") impose strict requirements for processing the personal data of individuals located in the European Economic Area and the UK, respectively. For example, under the EU GDPR, government regulators may impose temporary or definitive bans on data processing, as well as fines of up to €20 million or 4% of annual global revenue, whichever is greater. The GDPR also allows for private litigation related to processing of personal data brought by classes of data subjects or consumer protection organizations authorized at law to represent their interests. Additionally, in Canada, the Personal Information Protection and Electronic Documents Act and various related provincial laws, as well as Canada's Anti-Spam Legislation, apply to our operations. We also have customers in Asia, and may be subject to new and emerging data privacy regimes in Asia, such as China's Personal Information Protection Law and Japan's Act on the Protection of Personal Information.

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In addition, certain jurisdictions have enacted data localization laws and cross-border personal data transfer laws, which could make it more difficult to transfer information across jurisdictions (such as transferring or receiving personal data that originates in Europe or other jurisdictions). Existing mechanisms that may facilitate cross-border personal data transfers may change or be invalidated. Regulators in the United States such as the Department of Justice are also increasingly scrutinizing certain personal data transfers and have proposed and enacted data localization requirements, for example, the Biden Administration's executive order Preventing Access to Americans' Bulk Sensitive Personal Data and United States Government-Related Data by Countries of Concern.

We are also bound by contractual obligations related to data privacy and security, and our efforts to comply with such obligations may not be successful. We publish privacy policies, marketing materials, white papers, and other statements, such as statements related to compliance with certain certifications or self-regulatory principles, concerning data privacy and security. Regulators in the United States are increasingly scrutinizing these statements, and if these policies, materials or statements are found to be deficient, lacking in transparency, deceptive, unfair, misleading, or misrepresentative of our practices, we may be subject to investigation, enforcement actions by regulators or other adverse consequences.

Obligations related to data privacy and security (and consumers' data privacy expectations) are quickly changing becoming increasingly stringent and creating uncertainty. Additionally, these obligations may be subject to differing applications and interpretations, which may be inconsistent or in conflict among jurisdictions. Preparing for and complying with these obligations requires us to devote significant resources (including, without limitation, financial and time-related resources). These obligations may necessitate changes to our information technologies, systems, and practices and to those of any third parties that process personal data on our behalf. In addition, these obligations may require us to change our business model.

Although we endeavor to comply with all applicable data privacy and security obligations, we may at times fail (or be perceived to have failed) to do so. Moreover, despite our efforts, our personnel or third parties with whom we work may fail to comply with such obligations, which could negatively impact our business operations and compliance posture. For example, any failure by a third-party processor to comply with applicable law, regulations, or contractual obligations could result in material adverse effects, including inability to or interruptions in our ability to operate our business and proceedings against us by governmental entities or others.

If we or the third parties with whom we work fail, or are perceived to have failed, to address or comply with data privacy and security obligations, we could face significant consequences. These consequences may include, but are not limited to, government enforcement actions (e.g., investigations, fines, penalties, audits, inspections, and similar); litigation (including class-related claims); additional reporting requirements and/or oversight; bans on processing personal data; and orders to destroy or not use personal data.

Any of these events could have a material adverse effect on our reputation, business, or financial condition, including but not limited to: loss of customers; interruptions or stoppages in our business operations; inability to process personal data or to operate in certain jurisdictions; limited ability to develop or commercialize our products; expenditure of time and resources to defend any claim or inquiry; adverse publicity; or revision or restructuring of our operations.

***If our information technology systems or data, or those of third parties with whom we work, are or were compromised, we could experience adverse consequences resulting from such compromise, including but not limited to regulatory investigations or actions; litigation; fines and penalties; disruptions of our business operations; reputational harm; loss of revenue or profits; loss of customers; and other adverse consequences.***

In the ordinary course of our business, we and the third parties with whom we work process proprietary, confidential, and sensitive data, including personal data, intellectual property, and trade secrets (collectively, sensitive information).

Cyberattacks, malicious internet-based activity, and online and offline fraud are prevalent and continue to increase. These threats are becoming increasingly difficult to detect and come from a variety of sources, including traditional computer "hackers," threat actors, personnel (such as through theft or misuse), sophisticated nation-states, and nation-state-supported actors. Some actors now engage and are expected to continue to engage in cyber-attacks, including without limitation nation-state actors for geopolitical reasons and in conjunction with military conflicts and defense activities. During times of war and other major conflicts, we and the third parties with whom we work may be vulnerable to a heightened risk of these attacks, including retaliatory cyber-attacks, that could materially disrupt our systems and operations, supply chain, and ability to produce, sell and distribute our products.

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We and the third parties with whom we work are subject to a variety of evolving threats, including but not limited to social-engineering attacks (including through deep fakes, which may be increasingly more difficult to identify as fake, and phishing attacks), malicious code (such as viruses and worms), malware (including as a result of advanced persistent threat intrusions), denial-of-service attacks credential stuffing, credential harvesting, personnel misconduct or error, ransomware attacks, supply-chain attacks, software bugs, server malfunctions, software or hardware failures, loss of data or other information technology assets, adware, telecommunications failures, earthquakes, fires, floods, attacks enhanced or facilitated by AI and other similar threats.

Ransomware attacks, including those perpetrated by organized criminal threat actors, nation-states, and nation-state-supported actors, are becoming increasingly prevalent and severe – particularly for companies like ours that are engaged in manufacturing – and can lead to significant interruptions in our operations, loss of data and income, reputational harm, and diversion of funds. Extortion payments may alleviate the negative impact of a ransomware attack, but we may be unwilling or unable to make such payments due to, for example, applicable laws or regulations prohibiting such payments. Additionally, remote work has increased risks to our information technology systems and data, as our employees utilize network connections, computers and devices outside our premises or network, including working at home, while in transit and in public locations. Future or past business transactions (such as acquisitions or integrations) could also expose us to additional cybersecurity risks and vulnerabilities, as our systems could be negatively affected by vulnerabilities present in acquired or integrated entities' systems and technologies. A security incident or other interruption could result in unauthorized, unlawful, or accidental acquisition, modification, destruction, loss, alteration, encryption, disclosure of, or access to our sensitive information. A security incident or other interruption could disrupt our ability (and that of third parties with whom we work) to provide our products. Furthermore, we may discover security issues that were not found during due diligence of such acquired or integrated entities, and it may be difficult to integrate companies into our information technology environment and security program.

We rely on third-parties to operate critical business systems to process sensitive information in a variety of contexts, including, without limitation, third-party providers of cloud-based infrastructure, encryption and authentication technology, employee email, content delivery to customers, manufacturing processing, process orders and invoices, payments, inventory management and other functions. We also depend on these systems to respond to customer inquiries, support our overall internal control process, maintain property, plant and equipment records, and pay amounts due to vendors and other creditors. Our ability to monitor these third parties' information security practices is limited, and these third parties may not have adequate information security measures in place. While we may be entitled to damages if a third party with whom we work fails to satisfy their privacy or security-related obligations to us, any award may be insufficient to cover our damages, or we may be unable to recover such award. In addition, supply-chain attacks have increased in frequency and severity, and we cannot guarantee that third parties' infrastructure in our supply chain or that the third-parties with whom we work have not been compromised. We may share or receive sensitive information with or from third parties including, for example, information generated by or stored on our CapFormer Systems, which are operated and maintained by our manufacturing partners and to which we and others may have remote access. Such sensitive information could be stolen or accessed without authorization, or the systems on which the information is generated or stored, or the connections used to transmit the information, may be compromised as a result of our or others' configuration or misconfiguration of those systems and connections or as a result of cybersecurity attacks on our systems or those of our manufacturing partners. While we have implemented security measures and configuration policies that seek to protect sensitive information and the systems and connections on which such information is generated, stored, and transmitted, we cannot guarantee that those measures and policies will be sufficient to protect the information.

We may expend significant resources or modify our business activities in an effort to protect against security incidents. Certain data privacy and security obligations have required us to implement and maintain specific security measures, industry-standard or reasonable security measures to protect our information technology systems and sensitive information.

While we have implemented security measures designed to protect against security incidents, there can be no assurance that these measures will be effective. We take steps to detect and remediate vulnerabilities in our information systems (such as our hardware and/or software, including that of third parties with whom we work). However, we may not be able to detect and remediate all vulnerabilities, including in a timely basis. Therefore, such vulnerabilities could be exploited and result in a security incident. These vulnerabilities pose material risks to our business.

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Despite our efforts to identify and remediate vulnerabilities, if any, in our information technology systems, our efforts may not be successful. Further, we may experience delays in developing and deploying remedial measures designed to address any such identified vulnerabilities. Applicable data privacy and security obligations may require us, or we may choose, to notify relevant stakeholders including affected individuals, customers, regulators, and investors, of security incidents or to take other actions, such as providing credit monitoring and identity theft protection services. Such disclosures and related actions are costly, and the disclosures or the failure to comply with such requirements could lead to adverse consequences.

If we (or third parties with whom we work) experience a security incident or are perceived to have experienced a security incident, we may experience adverse consequences. These consequences may include: government enforcement actions (for example, investigations, fines, penalties, audits, and inspections); additional reporting requirements and/or oversight; restrictions on processing data (including personal data); litigation (including class-action claims); indemnification obligations; negative publicity; reputational harm; monetary fund diversions; interruptions in our operations (including availability of data); financial loss; and other similar harms. Security incidents and attendant material consequences may negatively impact our ability to grow and operate our business. Our contracts may not contain limitations of liability, and even where they do, there can be no assurance that limitations of liability in our contracts are sufficient to protect us from liabilities, damages, or claims related to our data privacy and security obligations. We cannot be sure that our insurance coverage will be adequate or sufficient to protect us from or to mitigate liabilities arising out of our data privacy and security practices, that such coverage will continue to be available on commercially reasonable terms or at all, or that such coverage will pay future claims. In addition to experiencing a security incident, third parties may gather, collect, or infer sensitive information about us from public sources, data brokers, or other means that reveals competitively sensitive details about our organization and could be used to undermine our competitive advantage or market position.

**Risks Related to Ownership of Our Shares** 

***Our Certificate of Incorporation provides, subject to limited exceptions, that the Delaware Court of Chancery is the sole and exclusive forum for certain stockholder litigation matters, which could limit our stockholders' ability to obtain a chosen judicial forum for disputes with us or our directors, officers, employees or stockholders.***

Our Certificate of Incorporation requires, to the fullest extent permitted by law, that derivative actions brought in our name, actions against directors, officers and employees for breach of fiduciary duty and other similar actions may be brought in the Delaware Court of Chancery or, if that court lacks subject matter jurisdiction, another federal or state court situated in the State of Delaware. Any person or entity purchasing or otherwise acquiring any interest in shares of our capital stock shall be deemed to have notice of and consented to the forum provisions in our Certificate of Incorporation. In addition, our Certificate of Incorporation provides that the federal district courts of the United States shall be the exclusive forum for the resolution of any complaint asserting a cause of action under the Securities Act.

This choice of forum provision may limit a stockholder's ability to bring a claim in a judicial forum of its choosing for disputes with us or any of our directors, officers, other employees or stockholders, which may discourage lawsuits with respect to such claims. Alternatively, if a court were to find the choice of forum provision contained in our Certificate of Incorporation to be inapplicable or unenforceable in an action, we may incur additional costs associated with resolving such action in other jurisdictions, which could harm our business, operating results and financial condition.

***Our charter documents and Delaware law could prevent a takeover that stockholders consider favorable and could also reduce the market price of our stock.***

Our Certificate of Incorporation and Bylaws contain provisions that could delay or prevent a change in control of us. These provisions could also make it more difficult for stockholders to elect directors and take other corporate actions. These provisions include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• authorizing our Board to issue Preferred Stock with voting or other rights or preferences that could discourage a takeover attempt or delay changes in control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting cumulative voting in the election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing that vacancies on our Board may generally be filled only by a majority of directors then in office, even though less than a quorum;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting the adoption, amendment or repeal of the Bylaws or the repeal of the provisions of our Certificate of Incorporation regarding the election and removal of directors without the required approval of at least two-thirds of the shares entitled to vote at an election of directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting stockholder action by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting the persons who may call special meetings of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring advance notification of stockholder nominations and proposals.

These provisions may frustrate or prevent any attempts by our stockholders to replace or remove our current management by making it more difficult for stockholders to replace members of our Board, which is responsible for appointing the members of our management. In addition, the provisions of Section 203 of the General Corporation Law of the State of Delaware ("DGCL") will govern us. These provisions may prohibit large stockholders, in particular those owning 15% or more of our outstanding voting stock, from merging or combining with us for a certain period of time without the consent of our Board. These and other provisions in our Certificate of Incorporation and our Bylaws under Delaware law could discourage potential takeover attempts, reduce the price investors might be willing to pay in the future for shares of our common stock and result in the market price of our common stock being lower than it would be without these provisions.

***Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.***

Our Certificate of Incorporation and Bylaws provide that we will indemnify our directors and officers, in each case to the fullest extent permitted by Delaware law.

In addition, as permitted by Section 145 of the DGCL, the Bylaws and its indemnification agreements that we entered into with our directors and officers provide that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will indemnify our directors and officers for serving us in those capacities or for serving other business enterprises at our request, to the fullest extent permitted by Delaware law. Delaware law provides that a corporation may indemnify such person if such person acted in good faith and in a manner such person reasonably believed to be in or not opposed to the best interests of the registrant and, with respect to any criminal proceeding, had no reasonable cause to believe such person's conduct was unlawful;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may, in our discretion, indemnify employees and agents in those circumstances where indemnification is permitted by applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be required to advance expenses, as incurred, to our directors and officers in connection with defending a proceeding, except that such directors or officers shall undertake to repay such advances if it is ultimately determined that such person is not entitled to indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will not be obligated pursuant to our Bylaws to indemnify a person with respect to proceedings initiated by that person against us or our other indemnities, except with respect to proceedings authorized by our Board or brought to enforce a right to indemnification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rights conferred in the Bylaws are not exclusive, and we are authorized to enter into indemnification agreements with our directors, officers, employees and agents and to obtain insurance to indemnify such persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not retroactively amend our Bylaw provisions to reduce our indemnification obligations to directors, officers, employees and agents.

***We do not intend to pay dividends for the foreseeable future.***

We have has never declared or paid any cash dividends on our capital stock and do not intend to pay any cash dividends in the foreseeable future. We expect to retain future earnings, if any, to fund the development and growth of our business. Any future determination to pay dividends on our capital stock will be at the discretion of our Board. In addition, our loan agreements contain restrictions on our ability to pay dividends.

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***The market price and trading volume of our common stock has been and may be volatile and could decline significantly.***

The stock markets, including The Nasdaq Capital Market on which we have listed the shares of our common stock under the symbol "ORGN," have from time to time experienced significant price and volume fluctuations. Even if an active, liquid and orderly trading market is sustained for our common stock, the market price of our common stock has been and may be volatile and could decline significantly. In addition, the trading volume in our common stock may fluctuate and cause significant price variations to occur. If the market price of our common stock declines significantly, you may be unable to resell your shares at or above the market price of our common stock at which you purchased our common stock. We cannot assure you that the market price of common stock will not fluctuate widely or decline significantly in the future in response to a number of factors, including, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the realization of any of the risk factors presented in this Annual Report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or anticipated differences in our estimates, or in the estimates of analysts, for our revenues, results of operations, level of indebtedness, liquidity or financial condition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additions and departures of key personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with the listing requirements of Nasdaq;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to comply with the Sarbanes-Oxley Act or other laws or regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• future issuances, sales, resales or repurchases or anticipated issuances, sales, resales or repurchases, of our securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• publication of research reports about us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance and market valuations of other similar companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commencement of, or involvement in, litigation involving us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broad disruptions in the financial markets, including sudden disruptions in the credit markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• speculation in the press or investment community;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual, potential or perceived control, accounting or reporting problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in accounting principles, policies and guidelines; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other events or factors, including those resulting from infectious diseases, health epidemics and pandemics, natural disasters, war, acts of terrorism or responses to these events.

In the past, securities class-action litigation has often been instituted against companies following periods of volatility in the market price of their shares. This type of litigation, including the matter in which we are currently involved, could result in substantial costs and divert our management's attention and resources, which could materially adversely affect us.

In addition, litigation, including securities class action litigation, has often followed announcements of significant business transactions, such as the sale of a company or announcement of any other strategic transaction, or the announcement of negative events, such as negative earnings results. We are, and may in the future be, the target of this type of litigation. These events may also result in investigations by the SEC.

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***Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.***

Our quarterly operating results may fluctuate significantly because of several factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• labor availability and costs for hourly and management personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• profitability of our products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of long-lived assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• macroeconomic conditions, such as inflation and increasing interest rates, tariffs and other trade restrictions, which may increase the risk of a potential recession;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity relating to products we serve;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer preferences and competitive conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expansion to new markets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in commodity prices.

If securities or industry analysts who follow us do not publish or cease publishing research or reports about us, our business, or our market, or if they change their recommendations regarding our common stock adversely, then the price and trading volume of our common stock could decline.

The trading market for our common stock will be influenced by the research and reports that industry or securities analysts may publish about us, our business, our market, or our competitors. Accordingly, we must maintain confidence among current and future analysts, ratings agencies and other parties in our long-term financial viability and business prospects. Maintaining such confidence may be particularly complicated by certain factors including those that are largely outside of our control, such as limited operating history, market unfamiliarity, any delays in scaling manufacturing to meet demand and our eventual production and sales performance compared with the market expectations. If any of the analysts who may cover us change their recommendation regarding our common stock adversely, or provide more favorable relative recommendations about our competitors, the price of our common stock would likely decline. If any analyst who may cover us were to cease coverage of us, which occurred in November 2023 and may occur again in the future, or if any analyst fails to regularly publish reports on us, we could lose in the financial markets, which could cause our stock price or trading volume to decline.

***Future issuances of debt securities and equity securities may adversely affect us, including the market price of our common stock and may be dilutive to existing stockholders.***

In the future, we may incur debt, such as the Convertible Notes we issued to an institutional purchaser pursuant to the Purchase Agreement we entered into in November 2025, or issue equity ranking senior to our common stock. Those securities will generally have priority upon liquidation. Such securities also may be governed by an indenture or other instrument, like the Convertible Notes, containing covenants restricting its operating flexibility. Additionally, any convertible or exchangeable securities that we issue in the future may have rights, preferences and privileges more favorable than those of our common stock. Because our decision to issue debt or equity in the future will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing, nature or success of our future capital raising efforts. As a result, future capital raising efforts may reduce the market price of our common stock and be dilutive to existing stockholders.

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***We currently do not meet the listing standards of Nasdaq and as a result our common stock may be delisted, which could have a material adverse effect on its liquidity.***

Our common stock and Public Warrants are currently listed on The Nasdaq Capital Market. If we fail to continue to satisfy the continued listing requirements of Nasdaq, such as the corporate governance or public float requirements, or the minimum closing bid price requirement, Nasdaq will take steps to delist our common stock. The per share price of our common stock has declined below the minimum bid price threshold required for continued listing. On April 7, 2025, we received a deficiency letter from the Listing Qualifications Department of the Nasdaq, notifying us that, for the last 31 consecutive business days, the closing bid price for our common stock had closed below the minimum $1.00 per share required for continued listing on the Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2) ("Rule 5550(a)(2)"). In accordance with Nasdaq's listing rule 5810(c)(3)(A), we were provided 180 calendar days, or until October 6, 2025, to regain compliance with the minimum bid price requirement. On October 7, 2025, we received written notice from Nasdaq notifying us that it had determined that we were eligible for an additional 180-day calendar period, or until April 6, 2026, to regain compliance. The determination was based upon us meeting the applicable market value of publicly held shares requirement for continued listing and all other applicable requirements for initial listing on The Nasdaq Capital Market (except for the Minimum Bid Requirement), and our written notice of our intention to cure the deficiency by effecting a reverse stock split, if necessary. If we do not regain compliance with the Minimum Bid Requirement by April 6, 2026, Nasdaq will provide written notification to us that our common stock will be delisted. In the event we receive notice that our common stock is being delisted, Nasdaq rules permit us to appeal any delisting determination by the Staff to a Hearings Panel.

On March 19, 2026, we filed an amendment of our amended and restated certificate of incorporation to effect a reverse split of our common stock at a ratio of one-for-thirty (the "Reverse Stock Split"). Following the Reverse Split, our common stock must trade above the minimum $1.00 per share price for 10 consecutive trading days in order to regain compliance with the minimum bid price requirement. There can be no assurance that we will, in fact, regain compliance with the minimum bid price requirement or be successful in maintaining our listing of our common stock on The Nasdaq Capital Market.

There are many factors that may adversely affect our minimum bid price. Many of these factors are outside of our control. As a result, even if we regain compliance, we may not be able to sustain compliance with Rule 5550(a)(2) in the long term. A failure to meet the requirements of the listing standards of Nasdaq may result in additional deficiency letters in the future. Any potential delisting of our common stock from The Nasdaq Capital Market would likely result in decreased liquidity and increased volatility for our common stock and would adversely affect our ability to raise additional capital or to enter into strategic transactions, in addition to adversely impacting the perception of our financial condition and could cause reputational harm to investors and parties conducting business with us. Any potential delisting of our common stock from The Nasdaq Capital Market would also make it more difficult for our stockholders to sell our common stock.

Additionally, if our common stock is delisted from The Nasdaq Capital Market, the liquidity of our common stock would be adversely affected, the market price of our common stock could decrease, our ability to obtain sufficient additional capital to fund our operations and to continue to operate as a going concern would be substantially impaired and transactions in our common stock could lose federal preemption of state securities laws. Furthermore, there could also be a further reduction in our coverage by securities analysts and the news media and broker-dealers may be deterred from making a market in or otherwise seeking or generating interest in our common stock, which could cause the price of our common stock to decline further. Moreover, delisting may also negatively affect our clients', customers' and employees' confidence in us and employee morale.

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***We completed a reverse stock split of our shares of common stock, which may reduce and limit the market trading liquidity of the shares due to the reduced number of shares outstanding, and may have an anti-takeover effect.***

The liquidity of our common stock may be adversely affected by the Reverse Stock Split as a result of the reduced number of shares outstanding. The Reverse Stock Split may increase the number of stockholders who own odd lots of our common stock, creating the potential for such stockholders to experience an increase in the cost to sell their shares and greater difficulty associated with such sales. Reducing the number of outstanding shares of our common stock through the Reverse Stock Split is intended to increase the per share market price of our common stock. However, other factors, such as our financial results, market conditions, and the market perception of our business may adversely affect the market price of our common stock. As a result, there can be no assurance that the Reverse Stock Split will produce its intended benefits, that the market price of our common stock will remain higher following the Reverse Stock Split, or that the market price of our common stock will not decrease in the future.

***Sales of a substantial number of shares of our common stock by our existing stockholders could cause the price of our common stock to decline.***

At any time, sales of a substantial number of shares of our common stock in the public market could occur, or there could be a perception in the market that the holders of a large number of shares of common stock intend to sell shares, and any such event could reduce the market price of our common stock. Additionally, vesting of equity awarded to our employees, officers, and directors has in the past and may in the future result in a large number of sell-to-cover transactions over a short period to cover tax withholding obligations, putting downward pressure on the market price of our common stock. Substantially all of the shares of our common stock outstanding and shares issued upon the exercise of stock options outstanding under our equity incentive plans, subject to applicable securities law restrictions and excluding shares of restricted stock that will remain unvested, may be able to be sold in the public market. We are unable to predict the effect that sales may have on the prevailing market price of common stock and Public Warrants.

***There is no guarantee that the Public Warrants will be in the money at the time they become exercisable, and they may expire worthless.***

Following our Reverse Stock Split, the exercise price for our Public Warrants is $345.00 per whole share of common stock. There is no guarantee that the Public Warrants will be in the money prior to their expiration in June 2026 and, as such, the Public Warrants may expire worthless.

Our Public Warrants are issued in registered form under the Warrant Agreement between the warrant agent and us. The Warrant Agreement provides that the terms of the Public Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision, but requires the approval by the holders of at least 50% of the then-outstanding Public Warrants to make any change that adversely affects the interests of the registered holders of Public Warrants. Accordingly, we may amend the terms of the Public Warrants in a manner adverse to a holder if holders of at least 50% of the then-outstanding Public Warrants approve of such amendment. Although our ability to amend the terms of the Public Warrants with the consent of at least 50% of the then-outstanding Public Warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the exercise price of the Warrants, convert the Warrants into cash or stock (at a ratio different than initially provided), shorten the exercise period or decrease the number of shares of our common stock purchasable upon exercise of a Warrant.

***We may redeem unexpired Warrants prior to their exercise at a time that is disadvantageous to warrant holders, thereby making such Warrants worthless.***

We have the ability to redeem outstanding Warrants at any time after they become exercisable and prior to their expiration, at a price of $0.01 per Warrant, provided that the last reported sales price of our common stock equals or exceeds $540.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30 trading-day period ending on the third trading day prior to the date on which we give proper notice of such redemption and provided certain other conditions are met. If and when the Warrants become redeemable by us, we may exercise our redemption right even if we are unable to register or qualify the underlying securities for sale under all applicable state securities laws. Redemption of the outstanding Warrants could force you (a) to exercise your Warrants and pay the exercise price therefor at a time when it may be disadvantageous for you to do so, (b) to sell your Warrants at the then-current market price when you might otherwise wish to hold your Warrants or (c) to accept the nominal redemption price which, at the time the outstanding Warrants are called for redemption, is likely to be substantially less than the market value of your Warrants.

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In addition, we may redeem your Warrants after they become exercisable for a number of shares of common stock determined based on the redemption date and the fair market value of our common stock. Any such redemption may have similar consequences to a cash redemption described above. In addition, such redemption may occur at a time when the Warrants are "out-of-the-money," in which case, you would lose any potential embedded value from a subsequent increase in the value of our common stock had your Warrants remained outstanding.

***We may issue additional shares of common stock or other equity securities without shareholder approval, which would dilute shareholders' ownership interests and may depress the market price of our common stock.***

As of December 31, 2025 we have 35,476,627 Warrants outstanding. The Public warrant holders will need to exercise 30 warrants for an aggregate exercise price of $345.00 to receive one share of common stock. No fractional shares will be issued upon the exercise of the Public Warrants. Pursuant to the Merger Agreement, we may issue up to 833,333 shares of our common stock as Earnout Shares. In addition, pursuant to the 2021 Equity Incentive Plan and the ESPP, we may issue an aggregate of up to 1,213,076 shares of common stock, which amount is subject to increase from time to time. We may also issue additional shares of common stock or other equity securities of equal or senior rank in the future in connection with, among other things, future acquisitions or repayment of outstanding indebtedness, without stockholder approval, in a number of circumstances. The issuance of additional shares or other equity securities of equal or senior rank would have the following effects:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing stockholders' proportionate ownership interest in us will decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the amount of cash available per share, including for payment of dividends in the future, may decrease;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relative voting strength of each previously outstanding share of common stock may be diminished; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the market price of the common stock may decline.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

***Risk Management and Strategy***

We have implemented and maintain information security processes designed to identify, assess, and manage material risks from cybersecurity threats to our critical computer networks, third-party hosted services, communications systems, hardware and software, and our critical data, including intellectual property and confidential information that is proprietary, strategic, or competitive in nature ("Information Systems and Data").

Our Director of IT, together with our managed service provider ("MSP"), are responsible for helping to identify, assess and manage the Company's cybersecurity threats and risks by monitoring and evaluating our threat environment using, among other things, manual processes, automated tools, internal audits, threat and vulnerability assessments, evaluating threats reported to us, evaluating our and our industry's risk profile, and subscribing to reports and services that identify cybersecurity threats.

Depending on the environment, we implement and maintain various technical, physical, and organizational measures, processes, standards, and policies designed to manage and mitigate material risks from cybersecurity threats to our information systems and data. These include, for example, an incident response plan and team, data encryption, risk assessments, network security and access controls, physical security, asset management, tracking, and disposal, systems monitoring, employee training including tabletop exercises and other simulated cybersecurity threats, and cybersecurity insurance. In addition, to oversee and identify any risks associated with our use of third-party service providers, we review Service Organization Controls ("SOC") reports of such third-party service providers when onboarding the provider and annually thereafter. We also maintain proper essential information sharing and access controls, aiding in the secure exchange of information between us and our third-party service providers.

Assessment and management of material risks from cybersecurity threats are integrated into the Company's overall risk management processes. For example, the Director of IT coordinates with representatives of the Company's departments and teams to evaluate the Company's risk profile and identify and mitigate cybersecurity threats. Our General Counsel/Chief Compliance Officer evaluates material risks from cybersecurity threats and reports to both the Company's executive

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management team and the Audit Committee of the Board of Directors. We also use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including for example cybersecurity consultants, data backup and recovery providers, cyber insurers, and legal counsel.

For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 1A. Risk Factors in this Annual Report on Form 10-K.

***Governance*** 

Our Board of Directors (the "Board") addresses the Company's cybersecurity risk management as part of its general oversight function and has delegated to the Audit Committee primary responsibility for monitoring the Company's cybersecurity risk management processes, including mitigation of cybersecurity threats.

Our cybersecurity risk assessment and management processes are implemented and maintained by certain members of the Company's management. In particular, the Director of IT is responsible for hiring appropriate personnel and helping to integrate cybersecurity risk considerations into the Company's overall risk management strategy, and communicating key priorities to relevant personnel, helping prepare for cybersecurity incidents, approving cybersecurity processes and technologies, and reviewing security assessments and other security-related reports. In addition, the General Counsel/Chief Compliance Officer provides regular reports to the Audit Committee concerning the Company's cybersecurity posture and significant threats and risks and the processes to address them.

Our security incident response plan ("SIRP") is designed to escalate certain cybersecurity incidents to members of the Company's executive management team depending on the circumstances. Our Director of IT, General Counsel/Chief Compliance Officer, and MSP, along with relevant department heads, work with our incident response team to help the Company mitigate and remediate cybersecurity incidents of which they are notified. The SIRP provides for escalation of potentially material cybersecurity incidents to the Audit Committee.

**Item 2. Properties**

Our corporate headquarters, pilot-scale plant and research and development laboratories are located in West Sacramento, California, where we occupy approximately 41,443 square feet of office, plant and laboratory space. Our leases for this facility will expire on December 31, 2033. We believe that the facility that we currently lease is adequate for our needs for the immediate future and that, should it be necessary, we can lease additional space to accommodate any future growth.

We also own a production facility in Sarnia, Ontario, Canada. This facility, Origin 1, is on approximately two acres of land and contains a construction trailer complete with approximately 5,402 square feet of office space. The land is owned by our wholly owned subsidiary, Origin Materials Canada Pioneer Limited and the offices are leased by our wholly owned subsidiary, Origin Materials Canada Polyesters Limited.

We purchased of approximately 183 acres in Geismar, Louisiana in third quarter 2022 in the amount of $8.5 million. We concluded that we will not construct an Origin 2 plant on the land owned in Geismar during the third quarter of 2024. In April 2025, we sold 35 acres of land held for sale for proceeds of $2.2 million, which approximates the carrying value. The remaining property is included in the land held for sale in the consolidated balance sheets as of December 31, 2025.

**Item 3. Legal Proceedings**

Please see Note 17 "Commitments and Contingencies" in the notes to the consolidated financial statements in Item 8 of this Annual Report, which is incorporated herein by reference.

From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. There are currently no claims or actions pending against us, the ultimate disposition of which we believe could have a material adverse effect on our results of operations, financial condition or cash flows.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Part II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Market Information**

Our common stock and Public Warrants are listed on the Nasdaq Capital Market under symbols "ORGN" and "ORGNW", respectively.

**Holders**

As of close of business on March 20, 2026, there were 32 holders of record of our common stock and 1 holder of record for our Public Warrants. The actual number of holders of our common stock and Public Warrants is greater than the number of record holders, and includes holders who are beneficial owners, but whose shares or warrants are held in street name by brokers or other nominees.

**Dividend Policy**

We have never declared or paid any dividends and do not anticipate paying any dividends on our common stock in the foreseeable future.

**Recent Sales of Unregistered Equity Securities**

None.

**Issuer Purchases of Equity Securities**

None.

**Item 6. Reserved**

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**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

**Overview** 

Origin is a technology company with a mission to enable the world's transition to sustainable materials. Our innovations include PET closures for an estimated global closures market opportunity of greater than $65 billion. Our PET closures enable fully-recyclable PET beverage containers and reduce waste through light-weighting, while providing enhanced performance such as greater oxygen and CO2 barrier properties that can increase shelf-life. As a result, we anticipate that our PET closure solutions can be transformative for packaging.

Our first Origin CapFormer System, a PET closure manufacturing line, successfully completed its Factory Acceptance Testing ("FAT"), which involves a series of tests performed on the system to ensure that the system meets the requirements and functions as intended, in September 2024. Since September 2024, our CapFormer System has produced caps for commercial qualification and has been delivered to our operations and manufacturing center in Reed City, Michigan, where it commenced production in February 2025. Our second Origin CapFormer System completed its Site Acceptance Testing ("SAT") at Reed City facility in October 2025 with the third and fourth Systems, and our first extruder, completing their FATs in September 2025 with SATs to follow. Our scale-up strategy entails six CapFormer lines procured and projected to be installed by the end of 2026.

In addition to our closures business, we developed a number of technologies related to furanics, a class of chemicals with properties enabling the production of widespread and valuable materials, like plastics. To minimize ongoing costs, in February 2026, we indefinitely suspended investment in our furanics technology together with plant operations. See Note 2 "Summary of Significant Accounting Policies" to the consolidated financial statements in Item 8 of this Annual Report for additional details related to impairment of long-lived assets.

The following discussion and analysis should be read in conjunction with our consolidated financial statements and the related notes appearing elsewhere in this Annual Report. This discussion may contain forward-looking statements based upon current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth in the sections titled "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" as set forth elsewhere in this Annual Report. Unless the context otherwise requires, references in this section to "Legacy Origin", "Origin", "the Company", "we", "us" and "our" refer to the business and operations of Legacy Origin and its consolidated subsidiaries prior to the Merger and to Origin Materials, Inc. and its consolidated subsidiaries, following the closing of the Merger.

**Going Concern**

Based on our liquidity positions as of December 31, 2025, including $53.5 million in cash, cash equivalents, and marketable securities, and our operating plan, including the planned purchase of equipment to scale up our PET closures business, we expect to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. We expect that our general and administrative expenses will increase as we develop our PET closures business, increase spending on strategic partnerships, increase sales and marketing activities, produce materials, and operate as a public company. There is no guarantee when, if ever, we will become profitable. Management consequently has determined there is substantial doubt about our ability to continue as a going concern for a period of twelve months from the date the consolidated financial statements contained in this Annual Report are issued.

While we have made significant strides in commercializing our PET closures, including a limited pilot launch of a still water product in August 2025, substantial additional development work may be necessary to make our closures commercially ready for more demanding applications, such as pressurized water or carbonated soft drinks, and for our prospective customers to consider purchasing closures in the volumes necessary to sustain our business. We will require a large amount of financing, in addition to our cash on hand, to complete this development work, operate our business, meet obligations as they become due, and continue to build out our manufacturing capability. Our inability to raise additional capital when required will harm our business, financial condition, and results of operations. Absent near-term financing and reductions in operating expenses, including reductions in force, to extend our planned operations, we currently estimate that our existing cash and cash equivalents will allow us to continue our planned operations into the third quarter of 2026.

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We believe our uncertain development timeline limits our ability to raise the necessary financing from strategic partners, while our market capitalization and stock price severely constrain our access to equity capital. We were able to secure a $100.0 million convertible debt facility in connection with a strategic review our Board commenced in August 2025. To date, however, due to the significant decline in our stock price following the effective date of the convertible debt facility, we have been able to make limited use of the equity feature of this facility to service the outstanding debt at reasonable conversion values in order to preserve our cash for operations. We do not currently meet the requirements to make further use of the facility. Servicing the outstanding debt with cash has had, and will continue to have, an adverse impact on our liquidity. See the section titled "Strategic Review," below, Note 1 "Organization and Business" to the consolidated financial statements in Item 8 of this Annual Report, and Part I, Item 1A - Risk Factors under the heading "Risks Related to Our Business" for additional information.

If we become unable to continue our planned operations, we may need to dispose of our assets and might realize significantly less than the values at which those assets are carried on our condensed consolidated financial statements. These actions may cause our shareholders to lose all or part of their investment in our common stock.

***Strategic Review***

In August 2025, our Board initiated a broad strategic review to maximize shareholder value and we engaged Royal Bank of Canada ("RBC") as our strategic and financial advisor to assist with this review. As a result of doubt about our ability to continue as a going concern, we are intensifying our focus on potential strategic arrangements that we believe could help accelerate value creation from our technology for the benefit of our shareholders, including a potential business combination, equity and debt financing, divestiture of assets, technology licensing, and other arrangements.. Some of these arrangements may leverage potential synergies with partners or create options that may be unavailable to us acting alone.

In connection with the foregoing process, in November 2025, we entered into a securities purchase agreement, as amended (the "Purchase Agreement") with an institutional purchaser, providing for the issuance in tranches of senior secured convertible notes with a principal face amount of up to $100.0 million. To date, we have received $15 million from issuance of Convertible Notes with an aggregate principal amount of $16.7 million. We do not currently meet, and there is no guarantee we will ever be able to meet, the conditions for issuance of additional Convertible Notes.

We do not intend to disclose further developments or guidance on the process for evaluating strategic alternatives unless and until it is determined that further disclosure is appropriate or necessary. There is no assurance this review process will result in a strategic alternative of any kind, nor any guarantee of a particular alternative's outcome or timing.

***February 2026 Restructuring***

In February 2026, we implemented an organizational realignment to enhance our cash resources and reduce the amount of additional capital required to achieve cash-positive operations, while maintaining the required expertise and personnel to successfully launch our PET closures. The reorganization will result in an approximately $11.0 million reduction in our annual operating expenses by reducing headcount, ceasing further investments in our furanics platform, narrowing PET closure format development initiatives in 2026 by deferring non-beverage format development to 2027, and limiting CapFormer line build-out in 2026 to the six lines already procured and scheduled to be installed by year end. The reorganization resulted in a reduction of approximately 32% of our global workforce, which was substantially completed in the first quarter of 2026.

We anticipate that we will incur approximately $0.9 million in restructuring charges in connection with the workforce reduction, primarily consisting of cash expenditures of approximately $0.9 million for severance and benefits costs a majority of which was incurred in first quarter of 2026. We may incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the workforce reduction.

**Business Environment and Trends** 

Our business and financial performance depend on worldwide economic conditions. We face global macroeconomic challenges, particularly in light of increases and volatility in interest rates, uncertainty in markets, inflationary trends, navigating complex and evolving regulatory frameworks, and the dynamics of the global trade environment. We continue to observe market uncertainty, civil unrest, global sanctions, bank failures, inflationary pressures, supply constraints and labor shortages in the past few quarters, and potential and actual changes in tariffs and trade barriers on major trading partners of the U.S. including Canada, Mexico, and European countries from which we source equipment to manufacture some of our products. The recent military actions by the United States and Israel against Iran, and actions by Iran against neighboring states and other countries, have created global security concerns that driven up oil prices, which could have lasting impacts on the cost of transportation and raw materials (including PET), as well as on regional and global economies. See Part I, Item 1A - Risk Factors under the heading "Risks Related to Our Operations and Industry" for

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additional information. These market dynamics have impacted and may continue to impact our business and financial results, including costs and revenues, and we expect them to continue for the foreseeable future.

Historically, demand for PET closures has been strong. However, no company has yet been able to successfully commercialize a PET closure at meaningful scale because of technical challenges inherent in making caps from PET cost-effectively in a way that customers have been willing to accept, among other factors. We have approached the problem of PET closure production with novel applications of thermoforming and slit and fold technologies, as well as key proprietary design elements, and other innovations. Our solution does not entail the use of custom polymers. As a result, we believe our PET closure is the first capable of commercial viability.

Our PET closures can enable our customers to fulfill sustainability and performance objectives including lighter packaging weights, increased recycled content, enhanced container recyclability, and improved product shelf life due to the superior gas barrier properties of PET compared with HDPE and polypropylene. For leading food and beverage companies that have embraced the vision of the circular economy, to minimize waste and keep valuable materials in circulation, our PET closures offer clear value propositions.

Our commercial strategy is focused initially on development and validation of an 1881 PET closure for flat and pressurized water products, then expanding into new product types like carbonated soft drinks and new formats such as the 1810 finish.

**Key Factors and Trends Affecting Our Operating Results** 

We are in the early stages of generating revenue. We believe that our performance and future success depend on several factors. These include, in particular, our need to procure substantial additional financing to continue PET closure development work, operate our business, meet our obligations, and build out our manufacturing capability, as well as others discussed under "Risk Factors.*"* During 2025, we remained focused on the priority build-out of our CapFormer lines, progressing through order placement, manufacturing, testing, and shipping these lines. We experienced a number of delays during this process, including slower subcomponent delivery, procurement, and delivery times, often due to tariff administration and logistics with consequent delays to CapFormer system FATs. We now expect manufacturing initially projected to commence in 2026 to instead begin in 2027, delaying our previously projected revenue and profitability, and impacting our ability to meet customer demand. To mitigate the impact of U.S. tariffs and maintain our ability to meet customer demand, we diversified our manufacturing footprint to incorporate a European mass production partner. And, as noted above, we implemented an organizational realignment to reduce expenses and enhance our cash position, and we are intensifying our efforts to identify opportunities to enhance the company's access to strategic capital.

**Basis of Presentation** 

We currently conduct our business through one operating segment and our historical results are reported under accounting principles generally accepted in the United States of America ("U.S. GAAP") and in U.S. Dollars. Upon commencement of commercial operations, we expect to expand our operations substantially in the United States and in other countries. As a result, we expect our future results to be sensitive to foreign currency transaction and translation risks and other financial risks that are not reflected in our historical financial statements. The financial results we report for periods after we begin commercial operations will therefore not be comparable to the financial results included in this Annual Report.

**Components of Results of Operations** 

We are in the relatively early stages of recognizing revenue and our historical results may not be indicative of our future results for reasons that may be difficult to anticipate. Accordingly, the drivers of our future financial results, as well as the components of such results, may not be comparable to our historical or projected results of operations.

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***Revenues***

We evaluate financial performance and make resource allocation decisions based upon the results of our single operating and reportable segment. We generally procure, will produce, and sell product to be utilized in the manufacturing of finished products, for which we recognize revenue upon shipment. We purchase materials from various vendors and sell them to our customers for a moderate margin under our supply chain activation program as we establish the logistics and invoicing capabilities for our own products. Our service contracts generally pay us at the commencement of the agreement and then at additional intervals as outlined in each contract. We recognize revenue as we satisfy the related performance obligations.

***Cost of Revenues***

Cost of revenues for product sales consists primarily of cost associated with the purchase of finished goods. Cost of revenues for service agreements is based on the actual cost incurred, which mainly consists of the direct cost from vendors and overhead costs such as payroll and benefit related to our employees who provide the services to customers.

***Research and Development Expenses***

Our research and development ("R&D") expenses have consisted primarily of development of a new manufacturing process for PET closures that is different from the injection and compression molding methods traditionally used for HDPE and polypropylene closures. Different closure formats have different geometries and technical needs, including tolerances to pressure and temperature. We are advancing the practice of thermoforming to meet the performance demands of closures. Our R&D expenses also include personnel-related costs like stock-based compensation and professional fees.

***General and Administrative Expenses***

General and administrative expenses consist primarily of personnel-related costs, including stock-based compensation and professional fees, including, the costs of accounting, audit, legal, regulatory and tax compliance.

***Other Income (Expenses)***

Our other income (expenses) consists of income from governmental grant programs, interest expenses for notes payable and other liabilities, interest and investment income (expenses) on marketable securities, realized gain or loss on marketable securities, investment fee, and gain or loss related to changes in the fair value of derivative assets and liabilities. We expect to incur incremental income (expenses) for the fair value adjustments of these assets and liabilities at the end of each reporting period.

***Gain (Loss) in Fair Value of Common Stock Warrants Liability***

The gain (loss) in fair value of common stock warrants liability consists of the change in fair value of the Warrants (the Public Warrants together with the Private Placement Warrants, the "Common Stock Warrants" or "Warrants"). We expect to incur incremental income (expenses) for the fair value adjustments for the outstanding common stock warrants liability at the end of each reporting period or through the exercise of the warrants.

***Gain (Loss) in Fair Value of Earnout Liability***

The gain (loss) in fair value of earnout liability consists of the change in fair value of the future contingent equity shares related to the Merger. We recognize incremental income (expenses) for the fair value adjustments of the outstanding liability at the end of each reporting period.

***Gain in Fair Value of Convertible Notes***

The gain in fair value of convertible notes consists of the change in fair value of the Convertible Notes, and we utilized the Black-Scholes Merton model which incorporates inherent uncertainties and generally requires significant judgment including factors such as the risk-free interest rate and the expected volatility of the price of the underlying stock to value the Convertible Notes. We measure the fair value at each reporting period.

***Income Tax Provision***

Our income tax provision consists of an estimate for U.S. federal, state, and foreign income taxes based on enacted rates, as adjusted for allowable credits, deductions, uncertain tax positions, changes in deferred tax assets and liabilities, and changes in the tax law. We maintain a valuation allowance against the full value of our U.S. federal, state and foreign net deferred tax assets because we believe the recoverability of the tax assets is not more likely than not.

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**Results of Operations** 

***Comparison of the years ended December 31, 2025 and 2024***

The following table summarizes our results of operations with respect to the items set forth in such table for the years ended December 31, 2025 and 2024 together with the change in such items in dollars and as a percentage.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | | |
| (in thousands) | **2025** | **2024** | **Variance $** | **Variance %** |
| Revenues: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Products | $18922 | $31279 | $(12357) | (40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Services |  | 3 | (3) | (100)% |
| Total revenues | 18922 | 31282 | (12360) | (40)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization shown separately below) | 18381 | 30864 | (12483) | (40)% |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 13749 | 18554 | (4805) | (26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 39074 | 40766 | (1692) | (4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11175 | 10715 | 460 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 195636 | 15246 | 180390 | 1183% |
| Total operating expenses | 259634 | 85281 | 174353 | 204% |
| Loss from operations | (259093) | (84863) | (174230) | 205% |
| Other income (expenses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment income | 4014 | 6783 | (2769) | (41)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | (123) | (371) | 248 | (67)% |
| &nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain in fair value of derivatives | (15) | 290 | (305) | (105)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) in fair value of common stock warrants liability | 4399 | (3225) | 7624 | (236)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) in fair value of earnout liability | 2462 | (703) | 3165 | (450)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain in fair value of convertible notes | 5 |  | 5 | 100% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses, net | (726) | (939) | 213 | (23)% |
| Total other income, net | 10016 | 1835 | 8180 | 446% |
| Loss before income tax provision | (249077) | (83028) | (166050) | 200% |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | (621) | (669) | 48 | (7)% |
| Net loss | $(249698) | $(83697) | $(166001) | 198% |

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***Revenues***

Revenues decreased $12.4 million, or 40%, during the year ended December 31, 2025 compared to 2024. The decrease in product revenue is primarily due to the planned reduction in our supply chain activation program. For additional information regarding our supply chain activation program, see Note 4 "Revenues" to the consolidated financial statements in Item 8 of this Annual Report.

***Cost of Revenues***

Cost of revenues decreased $12.5 million, or 40%, during the year ended December 31, 2025 compared to 2024. The decrease is primarily attributable to the decrease in revenue associated with our supply chain activation program.

***Research and Development Expenses***

Research and development expenses decreased $4.8 million, or 26%, during the year ended December 31, 2025 compared to 2024. The decrease is mainly attributable to a $2.2 million decrease in insurance and facilities expenses as Origin 1 is paused for plant operations, and a $2.8 million decrease in payroll expenses.

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***General and Administrative Expenses***

General and administrative expenses decreased $1.7 million, or 4%, during the year ended December 31, 2025 compared to 2024. The decrease is primarily driven by a $2.4 million decrease in equipment, maintenance and repairs, partially offset by a $2.3 million increase in legal and professional fees, and a $1.3 million increase in insurance and facilities expenses.

***Investment Income***

Investment income decreased $2.8 million, or 41%, during the year ended December 31, 2025 compared to 2024. The decrease is mainly driven by the decline in the marketable securities balances.

***Impairment of Assets***

Impairment of assets increased $180.4 million, or 1183%, during the year ended December 31, 2025 compared to 2024. The increase is mainly attributable to the non-cash impairment loss of $195.6 million in 2025, of which $134.5 million and $31.4 million related to the capitalized costs for the Origin 1 and Origin 2 asset groups, respectively, due to indefinitely suspending the furanics platform development, $16.6 million related to the agreement for conversion of materials produced by Origin 1 (see Note 17 "Commitments and Contingencies" to the consolidated financial statements in Item 8 of this Annual Report for additional details), $12.9 million related to a nonrefundable deposit for a nonexclusive patent license agreement for use in connection with production for Origin 2 (see Note 17 "Commitments and Contingencies" to the consolidated financial statements in Item 8 of this Annual Report for additional details) and $0.2 million write-down of other current assets to fair market value of purchased product, compared to the non-cash impairment loss of $15.2 million in 2024, of which $12.3 million was related to the capitalized costs specific to the Louisiana site for Origin 2 that were deemed not recoverable and a $2.9 million write-down of other current assets to fair value of purchased product.

***Changes in Fair Value of Derivatives, Common Stock Warrants Liability, and Earnout Liability***

We recognized an aggregate gain related to the changes in fair values of derivatives, common stock warrants liability, and earnout liability of $6.8 million during the year ended December 31, 2025 compared to an aggregate loss of $3.6 million in 2024. The aggregate gain related to the change in fair values increased $10.5 million. The increase in the gain related to the change in fair value of earnout liability of $3.2 million is the result of the revaluation of the earnout liability with the fair value of such liability decreasing significantly in the year ended December 31, 2025 as compared to increasing the fair value of liability during 2024. The $7.6 million increase in the gain related to the change in fair value of common stock warrants liability is the result of a significant decrease in the fair value of the common stock warrants during the year ended December 31, 2025 as compared to an increase in the fair value in 2024. The movement in these instruments' fair values is driven by the change in the value of our stock price. This increase was offset by the decrease of $0.3 million in the loss from change in fair value of derivative associated with our foreign currency exchange purchases or sales.

***Changes in Fair Value of Convertible Notes***

We entered into the Purchase Agreement with an institutional purchaser in November 2025, providing for the issuance in tranches of the Convertible Notes. We have elected to account for the Convertible Notes at fair value under the fair value option, under which the Convertible Notes are initially measured at fair value and subsequently remeasured at each reporting period. We recognized a gain of less than $0.1 million related to the changes in fair values of Convertible Notes during the year ended December 31, 2025. (see Note 8 "Convertible Notes" to the consolidated financial statements in Item 8 of this Annual Report for additional details)

**Non-GAAP Measures** 

To provide investors with additional information in connection with our results as determined in accordance with U.S. GAAP, we disclose Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization ("Adjusted EBITDA") as a non-GAAP measure. Adjusted EBITDA is a key metric used by management and our board to assess our financial performance. Adjusted EBITDA is also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other U.S. GAAP measures. We use Adjusted EBITDA to supplement U.S. GAAP measures of performance to evaluate the effectiveness of our business strategies, make budgeting decisions and compare our performance against that of other companies using similar measures. This measure is not a financial measure calculated in accordance with U.S. GAAP, and it should not be considered as a substitute for net income, operating income, or any other measure calculated in accordance with U.S. GAAP, and may not be comparable to similarly titled measures reported by other companies.

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***Adjusted EBITDA***

We believe that the presentation of Adjusted EBITDA is appropriate to provide additional information to investors about our operating profitability adjusted for certain non-cash items, non-routine items that we do not expect to continue at the same level in the future, as well as other items that are not core to our operations. Further, we believe Adjusted EBITDA provides a meaningful measure of operating profitability because we use it for evaluating our business performance, making budgeting decisions, and comparing our performance against that of other peer companies using similar measures.

We define Adjusted EBITDA as net loss adjusted for certain non-cash and non-recurring items, including (i) stock-based compensation, (ii) depreciation and amortization, (iii) impairment of assets, (iv) investment income, (v) interest expenses, (vi) change in fair value of derivatives, (vii) change in fair value of common stock warrants liability, (viii) change in fair value of earnout liability, (ix) change in fair value of convertible notes, (x) other expenses, net, (xi) income tax provision and (xii) cash severance.

***Reconciliation of GAAP net loss to non-GAAP adjusted EBITDA***

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| (in thousands) | **2025** | **2024** |
| Net loss | $(249698) | $(83697) |
| Stock-based compensation  | 8914 | 10080 |
| Depreciation and amortization | 11175 | 10715 |
| Impairment of assets | 195636 | 15246 |
| Investment income | (4014) | (6783) |
| Interest expenses | 123 | 371 |
| Loss (gain) in fair value of derivatives | 15 | (290) |
| (Gain) loss in fair value of common stock warrants liability | (4399) | 3225 |
| (Gain) loss in fair value of earnout liability | (2462) | 703 |
| Gain in fair value of convertible notes | (5) |  |
| Other expenses, net | 726 | 939 |
| Income tax provision | 621 | 669 |
| Cash severance  |  | 455 |
| Adjusted EBITDA | $(43368) | $(48367) |

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**Liquidity and Capital Resources** 

***Sources of Liquidity***

As of December 31, 2025, we had $53.5 million in cash, cash equivalents, and marketable securities. We have experienced net losses and negative cash flows from operating activities since our inception and had an accumulated deficit of $287.8 million as of December 31, 2025. We incurred a net loss of $249.7 million and net cash used in operating activities was $32.8 million for the twelve months ended December 31, 2025. Our cash equivalents are invested primarily in U.S. Treasury money market funds and our marketable securities are primarily U.S. government and agency securities, corporate bonds, asset-backed securities, foreign government and agency securities, and municipal bonds. We are winding down our legacy supply chain activation program in 2025, and we expect to collect all of our accounts receivables, with a balance of $13.0 million at December 31, 2025, in due course, resulting in a significant source of cash. Additionally, as of December 31, 2025, we had $9.1 million of land held for sale in Geismar, Louisiana, and we expect the sale of this land to result in an additional significant source of cash.

***Indebtedness***

As of December 31, 2025 and 2024, we had $16.8 million and $14.4 million of indebtedness under a Canadian government program, respectively, of which $1.7 million and $8.1 million was received during the years ended December 31, 2025 and 2024, respectively. Additionally, as of December 31, 2025, we had liability balances consisting of $1.7 million notes payable, short-term, and less than $0.1 million of unpaid accrued interest recorded in other liabilities, current. As of

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December 31, 2024, we had liability balances consisting of $1.7 million notes payable, long-term, $3.8 million notes payable, short-term, $0.1 million unpaid accrued interest recorded in other liabilities, current, and a $2.5 million customer prepayment recorded in other liabilities, current.

In November 2016, Legacy Origin received a $5.0 million prepayment from a legacy stockholder for product from Origin 1 pursuant to an "Offtake Agreement," a type of agreement that generally provides for binding take-or-pay commitments to purchase certain annual volumes of product from our planned manufacturing facilities at specified prices, subject to satisfaction of certain conditions precedent, which was amended through August 2022. The prepayment was to be credited against the purchase of products over the term of the Offtake Agreement and was secured by a promissory note to be repaid in cash in the event that the prepayment could not be credited against the purchase of product. The repayments in the amount of $2.7 million and $1.9 million were made on September 1, 2024 and 2025, respectively, and $1.8 million is due on September 1, 2026 (inclusive of accrued but unpaid interest of 3.5% per annum). At December 31, 2025 the total note principal outstanding balance was $1.7 million in notes payable, short-term, and unpaid accrued interest of less than $0.1 million was recorded in other liabilities, current. At December 31, 2024, the outstanding note principal balance was $3.5 million, of which $1.7 million was included in notes payable, long-term, and $1.8 million in notes payable, short-term, and unpaid accrued interest of less than $0.1 million was recorded in other liabilities, current. In addition, the legacy stockholder has exercised its option to enter into a new Offtake Agreement to buy a specified annual amount of product from Origin 2 for an initial term of up to 10 years.

In September 2025, Origin Closures, LLC, our wholly-owned subsidiary, executed a Secured Promissory Note (the "Note") with Starlinger & Co Gesellschaft m.b.H. ("Starlinger"), one of our manufacturers, in the principal amount of €9.5 million (approximately $11.2 million based on the exchange rate in effect on September 22, 2025) to finance the purchase of certain equipment used to produce PET sheet. The Note is effective as of October 7, 2025, the date that Starlinger executed and delivered the Note to us. Interest under the Note accrues at a rate of 10.6% per annum and the Note is to be repaid in semi-annual installments of principal and interest on the last day of April and October, respectively, beginning in April 2026 and continuing until fully repaid in October 2029. We received partial equipment as of December 31, 2025 and recorded the total outstanding principal of $7.2 million, of which $2.8 million was recorded in notes payable, short-term and $4.4 million was recorded in notes payable, long-term with $0.1 million accrued interest outstanding was recorded in other liabilities, current.

In November 2025, we entered into a securities purchase agreement (the "Purchase Agreement") with an institutional purchaser, providing for the issuance in tranches of senior secured convertible notes (the "Convertible Notes") with a principal face amount of up to $100.0 million and a 10.0% original issue discount. The Convertible Notes bear no interest rate (except upon event of default) and, unless earlier converted or redeemed, will mature on the date that is the thirty-month anniversary of the last day of the month in which the closing with respect to the applicable Convertible Notes occurs. The Convertible Notes will be convertible, at any time at the holder's option, into shares of the Company's common stock, par value $0.0001 per share, at an initial conversion price per share of $0.62616 (the "Conversion Shares") and $18.78 (after the reverse stock split), which conversion price is subject to adjustment pursuant to the terms of the Convertible Notes. The conversion price is subject to customary adjustments upon any stock dividend, stock split, stock combination, reclassification, recapitalization, or similar transaction that proportionately decreases or increases the price of our common stock. At the initial closing, the Company issued $16.7 million in aggregate principal amount of Convertible Notes and received $15.0 million, net with the original issue discount. In February, 2026, we obtained stockholder approval to permit the issuance of Conversion Shares in excess of 20.0% of its outstanding common stock as of the date of Purchase Agreement. Accordingly, we may consummate additional closings of up to $83.3 million in tranches of up to $25.0 million in aggregate principal amount of Convertible Notes not to exceed $50.0 million in total Convertible Notes issued during any 12-month period, subject to the prior satisfaction of certain conditions. Commencing on December 1, 2025, and on the first trading day of the month for each month thereafter, and on the maturity date (each such date is referred to herein as an "Installment Date"), unless deferred as described below, we are required to make monthly amortization payments (the "Installment Amount") which, at our option, may be satisfied in cash or, subject to the satisfaction of certain equity conditions set forth in the Convertible Notes, by permitting the holder to convert the monthly amortization payment into shares of common stock over the course of the applicable month. Such installment conversions shall be satisfied in common stock at a conversion price equal to the lower of (but no lower than the floor price which is initially $0.10152 (subject to adjustment for stock splits, stock dividends or stock combinations)) and $3.05 (after the reverse stock split) (i) the conversion price then in effect and (ii) 92.0% of the lowest volume weighted average price during the seven consecutive trading days prior to the applicable date of conversion. Upon conversion, the Company will deliver shares of common stock. The Installment Amount equals (i) $3.0 million if paid in cash or (ii) if satisfied with shares of common stock, an amount equal to the greater of (x) $2.0 million and (y) 20.0% of the aggregate daily traded volume of the common stock on The Nasdaq Capital Market over the course of the applicable month.

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In December 2025, we entered into an Amendment to Securities Purchase Agreement and Note (the "Amendment"), amending that certain Securities Purchase Agreement, between us and the institutional purchaser, which provides for the Convertible Notes. Among other things, the Amendment (i) requires the purchaser to purchase Convertible Notes in additional closings of up to $83.3 million in tranches of up to $25.0 million in aggregate principal amount of the Convertible Notes at our request, subject to the satisfaction of certain conditions, and (ii) allows us to guaranty obligations of its subsidiaries with respect to permitted indebtedness and sale leaseback transactions.

At December 31, 2025 the outstanding balance of the Convertible Notes was $15.0 million, net of issuance costs. We utilized the Black-Scholes Merton model to value the Convertible Notes. The key inputs and assumptions used in the Black-Scholes Merton model, including volatility and risk-free rate, were utilized to estimate the fair value of the associated liability. We measure the fair value at each reporting period, with changes in fair value recorded within gain in fair value of convertible notes on the consolidated statements of operations and comprehensive loss. We recognized a gain of less than $0.1 million related to the changes in fair values of convertible debt during the year ended December 31, 2025.

***Cash Flows for the Year Ended December 31, 2025 Compared to the Year Ended December 31, 2024***

The following table shows a summary of cash flows for the years ended December 31, 2025 and 2024:

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| (in thousands) | **2025** | **2024** |
| Net cash used in operating activities | $(32793) | $(50830) |
| Net cash (used in) provided by investing activities | (1068) | 28559 |
| Net cash provided by financing activities | 10659 | 3556 |
| Effects of foreign exchange rate changes on the balance of cash and cash equivalents held in foreign currencies | (182) | (480) |
| Net decrease in cash and cash equivalents | $(23384) | $(19195) |

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***Cash Used in Operating Activities***

Net cash used in operating activities for the year ended December 31, 2025 was $32.8 million. Non-cash expenses recognized that were added back to the net loss of $249.7 million include $195.6 million impairment loss, $11.2 million depreciation and amortization, and $8.9 million stock-based compensation, which was partially offset by $4.4 million change in fair value of common stock warrants liability and $2.5 million change in fair value of earnout liability. In addition, there were $5.8 million decrease in accounts receivable and other receivables and $1.5 million increase in accrued expenses which was partially offset by $1.2 million decrease in accounts payable.

Net cash used in operating activities for the year ended December 31, 2024 was $50.8 million. Non-cash expenses recognized that were added back to the net loss of $83.7 million include $15.2 million impairment loss, $10.7 million depreciation and amortization, $10.1 million stock-based compensation and $3.2 million change in fair value of common stock warrants liability. These adjustments were partially offset by the $3.4 million increase in accounts receivable and other receivables, $4.8 million increase in other long-term assets, and $3.6 million decrease in accrued expenses.

***Cash (Used in) Provided by Investing Activities***

Net cash used in investing activities was $1.1 million for the year ended December 31, 2025, compared to net cash provided by investing activities of $28.6 million in 2024. The change was primarily related to the increase in purchases of property, plant and equipment of $21.3 million and the decrease in maturities of marketable securities of $85.7 million. These adjustments were partially offset by the increase in net sales of marketable securities of $74.9 million and the proceeds from land held for sale of $2.1 million.

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***Cash Provided by Financing Activities***

Net cash provided by financing activities was $10.7 million for the year ended December 31, 2025, compared to net cash provided by financing activities of $3.6 million in 2024. The change was primarily related to the proceeds from convertible notes of $15.0 million which was partially offset by the decrease in proceeds from Canadian Government Research and Development Program of $6.4 million and the increase on the notes payable payment of $1.5 million.

***Material Cash Requirements from Known Contractual and Other Obligations***

Our material cash requirements from known contractual and other obligations as of December 31, 2025, consisted of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating lease liabilities included on our consolidated balance sheets consist of future non-cancelable minimum rental payments under operating leases for our office space, research and development space, and leases of various office equipment, warehouse space. Operating lease liabilities of $0.3 million are short term and the remaining $3.5 million is long-term. For additional information regarding our operating lease liabilities, see Note 16 "Leases" to the consolidated financial statements in Item 8 of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** In the near-term, we anticipate making payments related to the repayment agreement associated with the notes payable. The repayment in the amount of $1.8 million is due on September 1, 2026 (inclusive of accrued but unpaid interest). However, the prepayment could be used to credit against the purchase of products over the term of the associated Offtake Agreement. For additional information regarding this repayment, see Note 7 "Notes Payable" to the consolidated financial statements in Item 8 of this Annual Report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We anticipate making monthly payment to repay the Convertible Notes. The Convertible Notes bear no interest rate (except upon event of default) and, unless earlier converted or redeemed, will mature on the date that is the 30-month anniversary of the last day of the month in which the closing with respect to the applicable Convertible Notes occurs. The Installment Amount equals (i) $3.0 million if paid in cash or (ii) if satisfied with shares of common stock, an amount equal to the greater of (x) $2.0 million and (y) 20.0% of the aggregate daily traded volume of the common stock on The Nasdaq Capital Market over the course of the applicable month. At the initial closing, we issued $16.7 million in aggregate principal amount of Convertible Notes and received $15.0 million, net with the original issue discount. The monthly repayment started in December 1, 2025 and the first repayment was made in January 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Lastly, we expect to need substantial external funding, in addition to our available cash, cash equivalents, and marketable securities, to fund our ongoing operating losses.

**Critical Accounting Policies and Estimates** 

Our financial statements have been prepared in accordance with U.S. GAAP. In the preparation of these consolidated financial statements, we are required to use judgment in making estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements, as well as the reported expenses incurred during the reporting periods. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.

We consider an accounting judgment, estimate or assumption to be critical when (1) the estimate or assumption is complex in nature or requires a high degree of judgment and (2) the use of different judgments, estimates and assumptions could have a material impact on the consolidated financial statements. Our significant accounting policies are described in Note 2 "Summary of Significant Accounting Policies" to our consolidated financial statements included in Item 8 of this Annual Report. We have the critical accounting policies and estimates which are described below.

***Revenue Recognition***

We recognize revenue in accordance with Accounting Standards Codification ("ASC") 606, *Revenue from Contracts with Customers ("ASC 606")*. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or service to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as we fulfill our obligations under our product revenue and service agreements, we perform the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Identifying the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Identifying the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Determining the transaction price;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Allocating the transaction price to the performance obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Recognizing revenue when, or as, the performance obligations are satisfied.

We account for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Non-cancellable purchase orders received from customers to deliver a specific quantity of product, when combined with our order confirmation, in exchange for future consideration, create enforceable rights and obligations on both parties and constitute a contract with a customer.

Our service agreements are customized, specified, and often include various stages at which transaction prices are agreed to. These service agreements often include multiple performance obligations within each stage. We identify each performance obligation at contract inception and allocate the consideration to each distinct performance obligation based on the stand-alone selling price of each performance obligation. Our services are tailored to each individual customer and the stand-alone selling prices are not directly observable. As our service agreements include customers that are not in similar geographic markets and for different services, therefore we use the expected cost plus margin approach to estimate the stand-alone selling price for each of our performance obligations. We recognize revenue from the service agreements over the period during which the services are performed and recognize the associated costs as they are incurred.

In general, we recognize revenue when, or as, our performance obligations under the terms of a contract with our customer are satisfied. We consider this to be is a critical accounting policy and estimate.

***Impairment of Long -Lived Assets***

Long-lived assets are assessed for potential impairment in accordance with U.S. GAAP. We review our long-lived assets, including property, plant and equipment, operating lease right-of-use ("ROU") assets, intangible assets and other long-term assets, for impairment whenever there is evidence that events and circumstances related to our financial performance and economic environment indicate the carrying amount of the assets may not be recoverable. When impairment indicators are identified, the determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition or its estimated fair value. As the Company decided to indefinitely suspend operations at Origin 1, we evaluated the fair value of the Origin 1 asset group under an orderly liquidation approach as the primary valuation methodology, with corroborative consideration given to an alternative use undiscounted cash flow and eventual disposition approach. The Company recognized an impairment charge of $134.5 million as the estimated fair value was less than the carrying amount of the asset group. While we believe that the assumptions and estimates utilized were appropriate based on the information available to management, different assumptions, judgments and estimates could materially affect our impairment assessments for our long-lived assets. Therefore, we consider this to be a critical accounting estimate.

***Fair Value of the Convertible Notes***

The Company utilized the Black-Scholes Merton model to estimate the fair value of the Convertible Notes. The Black-Scholes Merton model incorporates both observable and unobservable inputs and is classified as a Level 3 measurement in the fair value hierarchy. There are key inputs and assumptions used in the valuation that require significant judgment including the risk-free interest rate and the expected volatility of the price of the underlying stock. The Company measures the fair value at each reporting period, with changes in fair value recorded within gain in fair value of convertible notes on the consolidated statements of operations and comprehensive loss.

***Recent Accounting Pronouncements*** 

See Note 3 "Recent Accounting Pronouncements" to the consolidated financial statements in Item 8 of this Annual Report for more information about recent accounting pronouncements, the timing of their adoption, and our assessment, to the extent we have made one, of their potential impact on our financial condition and results of operations and cash flows.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

As a "smaller reporting company" as defined by Item 10 of Regulation S-K, we are not required to provide the information required by Item 305 of Regulation S-K.

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**Item 8. Financial Statements**

**INDEX TO CONSOLIDATED FINANCIAL INFORMATION**

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| | |
|:---|:---|
| | **Pages** |
| <u>[Report of Independent Registered Public Accounting Firm](#i802dab86479544b2bc9322b9ff28e76c_88)</u> (*PCAOB ID: 34)* | <u>[59](#i802dab86479544b2bc9322b9ff28e76c_88)</u> |
| <u>[Consolidated Balance Sheets](#i802dab86479544b2bc9322b9ff28e76c_91)</u> | <u>[61](#i802dab86479544b2bc9322b9ff28e76c_91)</u> |
| <u>[Consolidated Statements of Operations and Comprehensive Loss](#i802dab86479544b2bc9322b9ff28e76c_94)</u> | <u>[62](#i802dab86479544b2bc9322b9ff28e76c_94)</u> |
| <u>[Consolidated Statements of Stockholders](#i802dab86479544b2bc9322b9ff28e76c_97)['](#i802dab86479544b2bc9322b9ff28e76c_97)[Equity](#i802dab86479544b2bc9322b9ff28e76c_97)</u> | <u>[63](#i802dab86479544b2bc9322b9ff28e76c_97)</u> |
| <u>[Consolidated Statements of Cash Flows](#i802dab86479544b2bc9322b9ff28e76c_100)</u> | <u>[64](#i802dab86479544b2bc9322b9ff28e76c_100)</u> |
| <u>[Notes to Consolidated Financial Statements](#i802dab86479544b2bc9322b9ff28e76c_103)</u> | <u>[65](#i802dab86479544b2bc9322b9ff28e76c_103)</u> |

---

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the stockholders and the Board of Directors of Origin Materials, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Origin Materials, Inc. and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, stockholders' equity, and cash flows, for each of the two years in the period ended December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered net losses and negative cash flows from operating activities since inception that raise substantial doubt about its ability to continue as going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

***Property, Plant and Equipment, Net — Impairment of Long-Lived Assets — Refer to Notes 2 and 6 to the financial statements***

*Critical Audit Matter Description*

The Company reviews long-lived assets for impairment whenever there is evidence that events and circumstances related to their financial performance and economic environment indicate the carrying amount of the assets may not be recoverable.

------

When impairment indicators are identified, the determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition or its estimated fair value. As the Company decided to indefinitely suspend operations at Origin 1, they evaluated the fair value of the Origin 1 asset group under an orderly liquidation approach as the primary valuation methodology, with corroborative consideration given to an alternative use undiscounted cash flow and eventual disposition approach. The Company recognized an impairment charge of $134.5 million as the estimated fair value was less than the carrying amount of the asset group.

We identified the Company's impairment assessment of the Origin 1 asset group a critical audit matter because of the significant judgments made to determine the fair value. This required a high degree of auditor judgment, and an increased extent of effort including the need to involve our valuation specialists, when performing audit procedures to evaluate the reasonableness of management's estimates and assumptions related to the determining the fair value for the Origin 1 asset group.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the Company's estimates and assumptions used in determining fair value for the Origin 1 asset group included the following, among others:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the Company's process and analysis for identifying qualitative and quantitative impairment indicators for the Origin 1 asset group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performed corroborative inquiries with management and reviewed internal communications to the Board of Directors to understand and evaluate the reasonableness of the Company's plans for the Origin 1 asset group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Performed corroborative inquiries with management, including individuals responsible for developing the data used by management in making the significant estimates and assumptions utilized in the fair value analysis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Compared the historical cost data used in estimating the fair value of the Origin 1 asset group to the Company's underlying accounting records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• With the assistance of our fair value specialists, we evaluated the reasonableness of the methods and assumptions used by management to estimate the fair value of the Origin 1 asset group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Evaluated the Company's disclosures related to the impairment of long-lived assets to assess their conformity with the applicable accounting standards.

/s/ DELOITTE & TOUCHE LLP

Sacramento, California

March 27, 2026

We have served as the Company's auditor since 2023.

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**ORIGIN MATERIALS, INC.**

**CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
| <u>(In thousands, except share and per share data)</u> | **December 31,<br>2025** | **December 31,<br>2024** |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $32923 | $56307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 20545 | 46613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable net of allowance for credit losses of $828 and $1,230, respectively | 13049 | 19179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 2101 | 2526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 684 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2448 | 2401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land held for sale | 9126 | 11282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 80876 | 139174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 72852 | 203919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use asset | 3149 | 3735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangible assets, net | 32 | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets |  | 621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 751 | 30505 |
| **Total assets** | $**157660** | $**378027** |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $3568 | $2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 4947 | 2779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 306 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, short-term | 4511 | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible notes, net of issuance costs | 14970 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, current | 231 | 2754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 28533 | 12549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnout liability | 24 | 2486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canadian Government Research and Development Program liability | 16776 | 14399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock warrants liability | 167 | 4566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable, long-term | 4386 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | 3533 | 3858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, long-term | 30 | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 53449 | 39662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments and contingencies (See Note 17) |  |  |
| **STOCKHOLDERS' EQUITY** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $0.0001 par value, 10,000,000 shares authorized; no shares issued and outstanding as of December 31, 2025 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value, 1,000,000,000 shares authorized; 5,173,884 and 4,952,476, issued and outstanding as of December 31, 2025 and 2024, respectively (including 50,000 and 100,000, respectively, of Sponsor Vesting Shares) | 15 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 402378 | 393186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (287825) | (38127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (10357) | (16709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 104211 | 338365 |
| **Total liabilities and stockholders' equity** | $**157660** | $**378027** |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**ORIGIN MATERIALS, INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| <u>(In thousands, except share and per share data)</u> | **2025** | **2024** |
| Revenues: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Products | $18922 | $31279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services |  | 3 |
| Total revenues | 18922 | 31282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization shown separately below) | 18381 | 30864 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research and development | 13749 | 18554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 39074 | 40766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11175 | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 195636 | 15246 |
| Total operating expenses | 259634 | 85281 |
| Loss from operations | (259093) | (84863) |
| Other income (expenses): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment income | 4014 | 6783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expenses | (123) | (371) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) gain in fair value of derivatives | (15) | 290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) in fair value of common stock warrants liability | 4399 | (3225) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain (loss) in fair value of earnout liability | 2462 | (703) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain in fair value of convertible notes | 5 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses, net | (726) | (939) |
| Total other income, net | 10016 | 1835 |
| Loss before income tax provision | (249077) | (83028) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | (621) | (669) |
| Net loss | (249698) | (83697) |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on marketable securities | 679 | 2197 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 5673 | (12974) |
| Total other comprehensive income (loss) | 6352 | (10777) |
| Total comprehensive loss | $(243346) | $(94474) |
| Net loss per share, basic | $(50.55) | $(17.54) |
| Net loss per share, diluted | $(50.55) | $(17.54) |
| Weighted-average common shares outstanding, basic | 4939958 | 4773088 |
| Weighted-average common shares outstanding, diluted | 4939958 | 4773088 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**ORIGIN MATERIALS, INC.**

**CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

*(In Thousands, Except Share Amounts)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | **Additional<br>Paid-in<br>Capital** | **Retained Earnings (Accumulated**<br>**Deficit)**  | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**loss** | **Total<br>Stockholders'<br>Equity** |
| | **Common Stock** | **Common Stock** | **Additional<br>Paid-in<br>Capital** | **Retained Earnings (Accumulated**<br>**Deficit)**  | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**loss** | **Total<br>Stockholders'<br>Equity** |
| | **Shares** | **Amount** | **Additional<br>Paid-in<br>Capital** | **Retained Earnings (Accumulated**<br>**Deficit)**  | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**loss** | **Total<br>Stockholders'<br>Equity** |
| **Balance at December 31, 2023** | 4856885 | $15 | $382854 | $45570 | $(5932) | $422507 |
| Common stock issued upon exercise of stock options | 35803 |  | 252 |  |  | 252 |
| Vested common stock awards | 109788 |  |  |  |  |  |
| Sponsor vesting shares forfeited | (50000) |  |  |  |  |  |
| Stock-based compensation |  |  | 10080 |  |  | 10080 |
| Net loss |  |  |  | (83697) |  | (83697) |
| Other comprehensive loss |  |  |  |  | (10777) | (10777) |
| **Balance at December 31, 2024** | 4952476 | 15 | 393186 | (38127) | (16709) | 338365 |
| Common stock issued upon exercise of stock options | 48737 |  | 253 |  |  | 253 |
| Shares issued for convertible notes | 2023 |  | 25 |  |  | 25 |
| Vested common stock awards | 207583 |  |  |  |  |  |
| PSU vested in 2022 and released | 13065 |  |  |  |  |  |
| Sponsor vesting shares forfeited | (50000) |  |  |  |  |  |
| Stock-based compensation |  |  | 8914 |  |  | 8914 |
| Net loss |  |  |  | (249698) |  | (249698) |
| Other comprehensive income |  |  |  |  | 6352 | 6352 |
| **Balance at December 31, 2025** | 5173884 | $15 | $402378 | $(287825) | $(10357) | $104211 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**ORIGIN MATERIALS, INC.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| (in thousands) | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| Net loss | $(249698) | $(83697) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11175 | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for credit losses | 744 | 1230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 8914 | 10080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on reserves |  | 639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 195636 | 15246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized loss on marketable securities | 228 | 946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of premium and discount of marketable securities, net | (139) | (190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of derivative | 15 | (290) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of common stock warrants liability | (4399) | 3225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of earnout liability | (2462) | 703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of convertible notes | (5) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax provision | 621 | 640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash expenses | 783 | 518 |
| Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable net and other receivables | 5810 | (3359) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 182 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (272) | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term assets | 213 | (4750) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1160) | 373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1529 | (3590) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (311) | (350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, current | (154) | (1362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities, long-term | (43) |  |
| **Net cash used in operating activities** | (32793) | (50830) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, plant, and equipment | (30207) | (8953) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from land held for sale | 2117 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of property, plant, and equipment | 341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of marketable securities | (1067964) | (1817317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales of marketable securities | 1077050 | 1751508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturities of marketable securities | 17595 | 103321 |
| **Net cash (used in) provided by investing activities** | (1068) | 28559 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of notes payable and other liabilities | (6272) | (4793) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from convertible notes | 15000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from Canadian Government Research and Development Program | 1678 | 8097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options | 253 | 252 |
| **Net cash provided by financing activities** | 10659 | 3556 |
| Effects of foreign exchange rate changes on the balance of cash and cash equivalents held in foreign currencies | (182) | (480) |
| **Net decrease in cash and cash equivalents** | (23384) | (19195) |
| **Cash and cash equivalents beginning of the period** | 56307 | 75502 |
| **Cash and cash equivalents end of the period** | $32923 | $56307 |
| **Supplemental disclosure of cash flow information** |  |  |
| Purchases of fixed assets included in accounts payable and accrued expenses | $3755 | $1308 |
| **Non-cash investing activity** |  |  |
| Purchases of property, plant, and equipment included in notes payable | $7167 | $— |
| **Cash paid during the year** |  |  |
| Income taxes payment | $— | $23 |
| Interest payment | $171 | $1708 |

---

The accompanying notes are an integral part of these consolidated financial statements.

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**ORIGIN MATERIALS, INC.** 

**NOTES TO CONSOLIDATED FINANCIAL STATEMENTS** 

**1. Organization and Business**

Unless the context otherwise requires, references in these notes to "Origin", "the Company", "we", "us" and "our" and any related terms are intended to mean Origin Materials, Inc. and its consolidated subsidiaries.

In June 2021, Artius Acquisition Inc. ("Artius"), a special purpose acquisition company, completed a merger with Micromidas, Inc., a Delaware corporation (now known as Origin Materials Operating, Inc. ("Legacy Origin")). Pursuant to the terms of the Merger Agreement (the agreement formalizing the business combination between Artius and Legacy Origin), Legacy Origin became a wholly-owned subsidiary of Artius (the "Merger") and Artius changed its name to Origin Materials, Inc. (together with its subsidiaries, the "Company"). The Company is a technology company with a mission to enable the world's transition to sustainable materials. Origin has developed multiple sustainable and performance-enhanced solutions for improving recycling and circularity, including our polyethylene terephthalate ("PET") closures, as well as low-carbon material solutions for a wide variety of products and applications. The Company's furanics technology can transform sustainable feedstocks, such as sustainably harvested wood, agricultural waste, wood waste and corrugated cardboard, into materials and products that are currently made from fossil feedstocks, such as petroleum and natural gas.

Origin announced its PET closures business in August 2023 after several years of application development related to its furanics technologies. Origin's announced products include the PCO 1881 compliant PET closure and a tethered PET closure designed to comply with European cap tethering mandates and keep caps connected to bottles. Origin has announced several manufacturing partnerships with machine subsystem suppliers, including slit and fold specialists and a provider of visual inspection systems. Mass production partnerships are in place in Europe and North America. In September 2024, Origin's first PET closure manufacturing system ("CapFormer") successfully completed its Factory Acceptance Test ("FAT"), which involves a series of tests performed on the system to ensure that it meets our requirements and functions as intended.

The Company achieved the mechanical completion of its first furanics manufacturing plant in Ontario, Canada ("Origin 1"). In order for the Company to achieve cash-positive operations while maintaining the required expertise and resources to successfully commercialize its PET caps in 2026, the decision was made to indefinitely suspend all further furanics platform development and plant operations for Origin 1.

***Reverse Stock Split***

On February 17, 2026, the Company held a special meeting of stockholders at which its stockholders approved the amendment of its amended and restated certificate of incorporation to effect a reverse split of its common stock at a ratio in the range of one-for-two to one-for-fifty, such ratio to be determined in the discretion of its board of directors, On March 4, 2026, the Company's board of directors approved the filing of a certificate of amendment with the Secretary of State of the State of Delaware to effect a one-for-thirty reverse stock split of its outstanding common stock. On March 19, 2026, the Company filed the certificate of amendment with the Secretary of State of Delaware to effect the reverse split. All issued and outstanding common stock, options to purchase common stock, and per share amounts contained in the consolidated financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented.

The Company's publicly traded warrants will continue to trade on the Nasdaq Capital Market under the symbol "ORGNW" with an exercise price of $11.50 per share; however, warrant holders will need to exercise 30 warrants for an aggregate exercise price of $345.00 to receive one share of common stock. No fractional shares will be issued upon the exercise of the warrants.

***Liquidity, capital resources, and going concern***

As reflected in the consolidated financial statements, the Company had $53.5 million in cash, cash equivalents, and marketable securities as of December 31, 2025. The Company has experienced net losses and negative cash flows from operating activities since its inception and had an accumulated deficit of $287.8 million as of December 31, 2025. The Company has incurred a net loss of $249.7 million and net cash used in operating activities was $32.8 million for the twelve months ended December 31, 2025, respectively. The Company expects to continue to incur net losses and negative cash flows from operating activities for the foreseeable future. These conditions raise substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the date these consolidated financial statements are issued.

The Company is evaluating additional strategies to obtain funding for future operations. These strategies may include, but are not limited to, obtaining funding through equity, equity-linked, and/or debt securities, debt financings, collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, or other capital sources and/or

------

strategic transactions. The Company may also enter into additional strategic partnerships to finance the development of its closures manufacturing lines. The Company will need to raise additional funds in order to operating its business and meet its current and future obligations as they come due. Based on the Company's current operational plans and assumptions, which may not be realized, the Company expects to use the net proceeds from the Purchase Agreement entered in November 2025 (see Note 8 for additional details). However, the Company's ability to utilize certain of its in-place financing arrangements or execute on new sources of liquidity are dependent on various factors outside of the Company's control, including market conditions and the performance of the Company's common stock.

The accompanying consolidated financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company's consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.

**2. Summary of Significant Accounting Policies**

***Basis of Presentation***

The Company's consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") as determined by the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") and pursuant to the regulations of the U.S. Securities and Exchange Commission ("SEC").

***Use of Estimates***

The preparation of the consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of revenues, costs and expenses during the reporting periods. Estimates made by the Company include, but are not limited to, allowance for credit losses, valuation of the convertible debt, valuation of the earnout liability, carrying amount and useful lives of property, plant and equipment and intangible assets, impairment assessments, stock-based compensation expense and probabilities of achievement of performance conditions on performance-based stock unit ("PSU") awards, among others. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.

***Principles of Consolidation***

The consolidated financial statements have been prepared in accordance with U.S. GAAP and applicable rules and regulations of the SEC and include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

***Concentration of Credit Risk***

Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash and cash equivalents at financial institutions insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000 per institution. As the account balances at each institution periodically exceed the FDIC insurance coverage, there is a concentration of credit risk related to amounts in excess of such coverage. While the Company has not experienced losses of these deposits to date, future disruptions of financial institutions where we bank or have credit arrangements, or disruptions of the financial services industry in general, could adversely affect the Company's ability to access our cash and cash equivalents. If the Company is unable to access its cash and cash equivalents as needed, its financial position and ability to operate its business could be adversely affected. The Company's marketable securities consist of investment-grade securities diversified among security types that are held at financial institutions that management believes to be of high credit quality.

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The Company records the provision for credit losses within general and administrative expenses on the consolidated statements of operations and comprehensive loss, up to the amount of total outstanding accounts receivable to date. The Company's top two customers from product sales, in the aggregate, accounted for approximately 100.0% and 93.0% as of December 31, 2025 and 2024, respectively, of total accounts receivable outstanding balances and accounted for approximately 100.0% and 96.0% of total revenues for the twelve months ended December 31, 2025 and 2024, respectively.

***Cash and Cash Equivalents***

The Company considers all highly liquid investments with an initial maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are comprised of money market funds.

***Marketable Securities***

The Company's investment policy requires the Company to purchase investments that are consistent with the classification of available-for-sale securities. The Company does not buy and hold securities principally for the purpose of selling them in the near future. The Company's policy is focused on the preservation of capital, liquidity, and return. The Company considers all of its marketable debt securities as available for use in current operations, including those with maturity dates beyond one year, and therefore classifies these securities within current assets on the consolidated balance sheets. Securities are classified as available for sale and are carried at fair value, with the change in unrealized gains and losses reported as a separate component on the consolidated statements of operations and comprehensive loss until realized. Fair value is determined based on quoted market rates when observable or utilizing data points that are observable, such as quoted prices, interest rates and yield curves. Securities with an amortized cost basis in excess of estimated fair value are assessed to determine what amount of the excess, if any, is caused by expected credit losses. Expected credit losses on securities are recognized in other expenses, net on the consolidated statements of operations and comprehensive loss, and any remaining unrealized gains and losses are included in accumulated other comprehensive loss on the consolidated statements of stockholders' equity. For the purposes of computing realized and unrealized gains and losses, the cost of securities sold is based on the specific-identification method. Amortization of discounts and premiums, net, and interest on securities classified as available for sale are included as a component of investment income within other income (expenses).

The nature of these financial instruments include instruments for which quoted prices are available but traded less frequently, instruments whose fair value has been derived using a model where inputs to the model are directly observable in the market, or can be derived principally from or corroborated by observable market data, and instruments that are fair valued using other financial instruments, the parameters of which can be directly observed. Level 2 financial instruments include agency mortgage-backed securities, corporate fixed income securities infrequently traded, and other securities, which primarily consist of sovereign debt, U.S. government agency securities, loans, and state and municipal securities.

***Derivative Financial Instruments***

The Company enters into foreign currency derivative contracts with financial institutions to reduce foreign exchange risk related to marketable securities. The Company uses forward currency derivative contracts to minimize the Company's exposure to balances primarily denominated in the British Pound Sterling and Australian Dollar. The Company's foreign currency derivative contracts, which are not designated as hedging instruments, are used to reduce the exchange rate risk associated primarily with marketable securities. The Company's derivative financial instruments program is not designated for trading or speculative purposes. Outstanding foreign currency derivative contracts in asset and liability positions are recorded at fair value on the consolidated balance sheets within prepaid expenses and other current assets and derivative liability, respectively.

Foreign currency derivative contracts are marked-to-market at the end of each reporting period with gains and losses recognized in the change in fair value of derivatives within other income (expenses). While the contract or notional amount is often used to express the volume of foreign currency derivative contracts, the amounts potentially subject to credit risk are generally limited to the amounts, if any, by which the counterparties' obligations under the agreements exceed the obligations of the Company to the counterparties.

***Fair Value of Financial Instruments***

The Company applies the fair value measurement accounting standard whenever other accounting pronouncements require or permit fair value measurements. Fair value is defined in the accounting standard as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

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The fair value hierarchy under current accounting guidance prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2, and Level 3).

Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3 inputs are unobservable inputs for the asset or liability and reflect the Company's own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk) in a principal market.

***Accounts Receivable Net***

Accounts receivables are recorded at their estimated net realizable value, and we do not typically charge interest. The allowance for credit losses, known as the Current Expected Credit Losses model, is our best estimate of the amount of probable credit losses associated with our accounts receivable. We determine the allowance based on current conditions, and reasonable and supportable forecasts. Past-due balances and an evaluation of the potential risk of loss associated with the accounts are reviewed individually for collectability. We charge off account balances against the allowance after we have exhausted all means of collection and we consider the potential for recovery to be remote. Our accounts receivable generally have net 30 to net 90-day payment terms, and we usually receive consideration in accordance with the payment terms of the contract. Unbilled receivables arise when the timing of our billing to customers differs from the timing of revenue recognition for the obligations performed. Accounts receivable net consisted of the following as of:

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| | | |
|:---|:---|:---|
| <u>(in thousands)</u> | **December 31, 2025** | **December 31, 2024** |
| Accounts receivable | $13877 | $20409 |
| Allowance for credit losses | (828) | (1230) |
| Accounts receivable and unbilled receivable, net | $13049 | $19179 |

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Accounts receivable balance of $13.0 million at December 31, 2025, is comprised of receivables associated with the Company's legacy supply chain activation program being wound down in 2025.

***Other Receivables***

Other receivables consist of amounts due from foreign governmental entities related to the Canadian harmonized sales tax and goods and services tax for goods and services transacted in Canada, and amounts due from cash collateral held by others for foreign currency derivative contracts.

***Inventory***

Inventory is stated at the lower of cost or net realizable value. Cost is determined using a weighted-average cost approach, assuming full absorption of direct and indirect manufacturing costs, or based on cost of purchasing from our vendors. If inventory costs exceed expected net realizable value due to obsolescence or lack of demand, valuation adjustments are recorded for the difference between the cost and the expected net realizable value. Inventory consisted of the following as of:

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| | | |
|:---|:---|:---|
| <u>(in thousands)</u> | **December 31, 2025** | **December 31, 2024** |
| Raw materials | $594 | $— |
| Finished goods | 49 | 827 |
| Spare parts | 41 | 39 |
| Total | $684 | $866 |

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***Property, Plant, and Equipment***

Additions to property, plant, and equipment are recorded at cost and depreciated or amortized using the straight-line method over the estimated economic useful lives of the respective assets. The estimated useful lives of assets are as follows:

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| | |
|:---|:---|
| Computer equipment and software | 3 years |
| Lab equipment | 5 years |
| Furniture, fixtures, and machinery | 5 years |
| Leasehold improvements | 1-5 years |
| Closure manufacturing equipment | 20 years |
| Land improvements and infrastructure | 20 years |
| Manufacturing equipment and pilot plant | 25 years |

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Land is non-amortizing. Computer equipment and software includes an immaterial amount of internal use software. Major additions and improvements are capitalized, while replacements, repairs, and maintenance that do not extend the life of an asset are charged to operations as incurred.

Upon retirement or sale, the cost of assets disposed and the related accumulated depreciation or amortization are removed from the accounts and any resulting gain or loss is charged to income or loss from operations. Costs incurred to acquire, construct or install property, plant, and equipment during the construction stage of a capital project are capitalized in conjunction with major improvements that have not yet been placed in service are recorded as construction in progress, and accordingly are not currently being depreciated. The Company capitalizes stock-based compensation expenses and interest expenses incurred on funds used to qualifying property, plant and equipment under construction. Capitalized interest costs are included in property, plant and equipment and are depreciated over the useful life of the related asset. Capitalized interest was $0.1 million and zero for the years ended December 31, 2025 and 2024, respectively.

***Intangible Assets***

Intangible assets are recorded at cost and are amortized using the straight-line method over the estimated useful lives of the respective assets, ranging from 7 to 15 years. The cost of servicing the Company's patents is expensed as incurred. Upon retirement or sale, the cost of intangible assets is disposed of and the related accumulated amortization is removed from the accounts. Intangible assets consisted of the following as of:

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| | | |
|:---|:---|:---|
| <u>(in thousands)</u> | **December 31, 2025** | **December 31, 2024** |
| Patents | $367 | $381 |
| Less accumulated amortization | (335) | (308) |
| Total intangible assets | $32 | $73 |

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The remaining useful life of the patent was 1.00 year as of December 31, 2025. For the years ended December 31, 2025 and 2024, amortization expense was immaterial and annual amortization expense over the remaining useful life is not expected to be material.

***Held for Sale Classification***

Assets are classified as held for sale when management having the authority to approve the action commits to a plan to sell the assets, the sale is probable to occur within the next 12 months at a price that is reasonable in relation to its current fair value and certain other criteria are met. The assets classified as held for sale are recorded at the lower of their carrying amount or estimated fair value less cost to sell. When the proceeds expected to be received from the sale exceed the carrying amount of the assets, a gain is recognized when the sale closes. Assets classified as held for sale are presented separately on the face of the consolidated balance sheets. (See Note 6 for additional details)

In April 2025, the Company sold 35 of the total 183 acres of land held for sale for proceeds of $2.2 million, which approximated the carrying value.

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***Impairment of Long-Lived Assets***

The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be fully recoverable. If indicators of impairment exist, management identifies the asset group which includes the potentially impaired long-lived asset, at the lowest level at which there are separate, identifiable cash flows. The determination of recoverability is based on an estimate of undiscounted cash flows expected to result from the use of an asset group and its eventual disposition or its estimated fair value based on the best information available. If the total of the expected undiscounted future net cash flows or the estimated fair value for the asset group is less than the carrying amount of the asset group, a loss is recognized for the difference between the estimated fair value and carrying amount of the asset group.

In order for the Company to achieve cash-positive operations while maintaining the required expertise and resources to successfully commercialize its PET caps in 2026, the decision was made to indefinitely suspend all further furanics platform development and plant operations for Origin 1. As a result, during the year ended December 31, 2025, the Company determined that indicators of impairment existed for the Origin 1 asset group. We evaluated the fair value of the Origin 1 asset group under an orderly liquidation approach as the primary valuation methodology, with corroborative consideration given to an alternative use undiscounted cash flow and eventual disposition approach. The fair value of the Origin 1 asset group was approximated at $18.0 million. As such, the Company recorded an impairment charge of $134.5 million. During the year ended December 31, 2024, the Company determined that indicators of impairment existed for the Origin 1 asset group. The significant assumptions used by the Company to determine the undiscounted cash flows expected to result from the use of Origin 1 included additional capital expenditure requirements, projected revenue, and general operating costs. The Company determined that the estimated undiscounted cash flows were greater than the carrying amount of the long-lived assets related to the Origin 1 asset group. As such, the Company concluded that there was no impairment for the Origin 1 asset group as of December 31, 2024.

The Company determined that indicators of impairment existed for Origin 2 asset group, as well, with the decision to indefinitely suspend the furanics platform development. The Company concluded the carrying costs of the labor, benefits and external engineering fees that had been capitalized to construction in progress for the Origin 2 asset group were no longer recoverable. As such, the Company recorded an impairment charge of $31.4 million to impairment of assets on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2025. In addition, the Company had entered into a nonexclusive patent license agreement for use in connection with the production of Origin 2 and made nonrefundable payments totaling $12.9 million in prior years (see Note 17 for additional details) towards securing a license. The Company believes that the payments made towards the license agreement are no longer recoverable and recorded an impairment charge of $12.9 million to impairment of assets on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025.

During the year ended December 31, 2024, the Company determined that indicators of impairment existed for the Origin 2 asset group as it concluded it would not construct a plant on the land owned in Geismar, Louisiana. The Company determined the estimated fair value of the land using appraisal information and determined the estimated fair value of the costs capitalized to construction in progress equated to the costs incurred to date that were not specific to the Geismar, Louisiana site. As a result of the analysis, the Company determined that the estimated fair value of the Origin 2 asset group was $43.1 million, and recorded an impairment charge of $12.3 million to impairment of assets on the consolidated statements of operations and comprehensive loss for the year ended December 31, 2024. Management believed the Origin 2 asset group's remaining costs capitalized to construction in progress of $31.8 million and land held for sale of $11.3 million approximated the total fair value of the asset group as of December 31, 2024.

***Convertible Notes***

In November 2025, the Company entered into a securities purchase agreement (the "Purchase Agreement") with an institutional purchaser, providing for the issuance in tranches of senior secured convertible notes (the "Convertible Notes") with a principal face amount of up to $100.0 million and a 10.0% original issue discount, as discussed in Note 8. The Convertible Notes bear no interest rate (except upon event of default) and, unless earlier converted or redeemed, will mature on the date that is the thirty-month anniversary of the last day of the month in which the closing with respect to the applicable Convertible Notes occurs. The Convertible Notes will be convertible, at any time at the holder's option, into shares of the Company's common stock, par value $0.0001 per share, at an initial conversion price per share of $0.62616 (the "Conversion Shares") and $18.78 (after the reverse stock split), which conversion price is subject to adjustment pursuant to the terms of the Convertible Notes. The conversion price is subject to customary adjustments upon any stock

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dividend, stock split, stock combination, reclassification, recapitalization, or similar transaction that proportionately decreases or increases the price of our common stock.

The Company has elected to account for the Convertible Notes at fair value under the fair value option, under which the Convertible Notes are initially measured at fair value and subsequently remeasured during each reporting period. Changes in fair value will be reflected within gain in fair value of convertible notes on the consolidated statements of operations and comprehensive loss, except for the portions, if any, related to the instrument specific credit risk which would be recorded in other comprehensive income (loss). Please see note 8 for further discussion.

***Common Stock Warrants Liability***

The Company assumed 24,149,960 public warrants (the "Public Warrants") and 11,326,667 private placement warrants (the "Private Placement Warrants", and the Public Warrants together with the Private Placement Warrants, the "Common Stock Warrants" or "Warrants") upon the Merger, all of which were issued in connection with Artius' initial public offering and entitle each holder to purchase one share of common stock at an exercise price of at $11.50 per share; however, warrant holders will need to exercise 30 warrants for an aggregate exercise price of $345.00 to receive one share of common stock. No fractional shares will be issued upon the exercise of the warrants. As of December 31, 2025 and 2024, 24,149,960 Public Warrants and 11,326,667 Private Placement Warrants are outstanding. The Public Warrants are publicly traded and are exercisable for cash unless certain conditions occur, such as the failure to have an effective registration statement related to the shares issuable upon exercise or redemption by the Company under certain conditions, at which time the Public Warrants may be cashless exercised. The Private Placement Warrants are transferable, assignable or salable in certain limited exceptions. The Private Placement Warrants are exercisable for cash or on a cashless basis, at the holder's option, and are non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will cease to be Private Placement Warrants, and become Public Warrants and be redeemable by the Company and exercisable by such holders on the same basis as the other Public Warrants. There were no Private Placement Warrants that became Public Warrants through December 31, 2025.

The Company evaluated the Common Stock Warrants under ASC 815-40, *Derivatives and Hedging-Contracts in Entity's Own Equity ("ASC 815-40")*, and concluded they do not meet the criteria to be classified in stockholders' equity. Specifically, the exercise of the Common Stock Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves 50.0% or more of the Company's Class A stockholders. Because not all of the voting stockholders need to participate in such tender offer or exchange to trigger the potential cash settlement and the Company does not control the occurrence of such an event, the Company concluded that the Common Stock Warrants do not meet the conditions to be classified in equity. Since the Common Stock Warrants meet the definition of a derivative under ASC 815, the Company recorded these Warrants as liabilities on the consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in the gain (loss) in fair value of common stock warrants liability within the consolidated statements of operations and comprehensive loss at each reporting date. The Public Warrants were publicly traded and thus had an observable market price to estimate fair value, and the Private Placement Warrants were effectively valued similar to the Public Warrants, as described in Note 5.

***Earnout Liability***

The Company has recorded an earnout liability related to future contingent equity shares related to the Merger (Note 10 for additional details). The Company recorded these instruments as liabilities on the consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in earnings at each reporting date.

***Leases***

We determine if an arrangement is a lease at inception. Where an arrangement is a lease, we determine if it is an operating lease or a finance lease. The Company has leases for office space and equipment, some of which have escalating rentals during the initial lease term and during subsequent optional renewal periods. The Company accounts for its leases under ASC 842, *Leases*. The Company recognizes an ROU asset and lease liability for leases based on the net present value of future minimum lease payments. Lease expense is recognized on a straight-line basis over the non-cancelable lease term and renewal periods that are considered reasonably certain to be exercised.

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Certain operating leases contain options to extend the lease. The Company included the periods covered by these options as we are reasonably certain to exercise the options for all leases. For leases with the option to extend on a month-to-month basis after the defined extension periods, the Company is reasonably certain to extend for the same term as related leases. As such, lease terms for all leased assets located at the same locations have the same end dates. Rent deposits relating to leases are included within other long-term assets on the consolidated balance sheets. Variable lease costs include operating expenses for the shared common area, and the amount is based on an annual estimate of the actual common area expenses from the preceding year and are payable monthly.

The Company elected the accounting policy election to account for lease and nonlease components as a single lease component for all asset classes. Further, the Company elects to recognize lease payments on short-term leases in profit or loss on a straight-line basis over the lease term for all asset classes, excluding such leases from recognition requirements under ASC 842.

To calculate the ROU assets and lease liabilities, the Company uses the discount rate implicit in lease agreements when available. When the implicit discount rates are not readily determinable, the Company uses the incremental borrowing rate, determined as of the later of the date of adoption for ASC 842, date of lease inception or date of lease modification. This rate is determined for individual leases based on available information regarding jurisdiction, lease term, and asset class. Further, the interest environment was considered, including analysis of benchmark rates from promissory notes, credit curve yields for bonds, and synthetic curves based on discount margin spreads.

***Revenue Recognition***

The Company's revenues are from product sales and service agreements. The majority of the Company's contracts with customers typically contain multiple products and services. The Company accounts for individual products and services separately if they are distinct—that is, if a product or service is separately identifiable from other items in the contract and if a customer can benefit from it on its own or with other resources that are readily available to the customer.

The Company recognizes revenue in accordance with ASC 606, *Revenue from Contracts with Customers ("ASC 606")*. The core principle of ASC 606 requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods or services. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under its product revenue and service agreements, the Company performs the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Identifying the contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Identifying the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Determining the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Allocating the transaction price to the performance obligations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Recognizing revenue when, or as, the performance obligations are satisfied.

The Company accounts for a contract with a customer when there is approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. Non-cancellable purchase orders received from customers to deliver a specific quantity of product, when combined with the Company's order confirmation, in exchange for future consideration, create enforceable rights and obligations on both parties and constitute a contract with a customer.

The Company's service agreements are customized, specified, and often include various stages at which transaction prices are agreed to. These service agreements often include multiple performance obligations within each stage. The Company identifies each performance obligation at contract inception and allocates the consideration to each distinct performance obligation based on the stand-alone selling price of each performance obligation. The Company's services are tailored to each individual customer and the stand-alone selling prices are not directly observable. Because the Company's service agreements include customers that are not in similar geographic markets and for different services, the Company uses the expected cost plus margin approach to estimate the stand-alone selling price for each of its performance obligations. The Company recognizes revenue from the service agreements over the period during which the services are performed and recognizes the associated costs as they are incurred.

In general, the Company recognizes revenue when, or as, its performance obligations under the terms of a contract with its customer are satisfied. For product sales, this happens when the Company transfers control of its products and risk of loss to the customer or when title passes upon shipment. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products. Taxes collected from customers and remitted to governmental

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authorities are excluded from revenues. The Company recognizes its revenue from direct product sales which is recognized at a point in time when the performance obligation is satisfied upon delivery of the product.

For service agreements, the timing of satisfying performance obligations may differ from the timing of the invoicing of customers and the receipt of customer payments. The Company records a receivable prior to payment if there is an unconditional right to payment. Alternatively, when payment precedes the provision of the related services, the Company records contract liability (deferred revenue) until the performance obligations are satisfied.

Revenue is recorded in an amount that reflects that consideration the Company expects to be entitled to in exchange for those goods or services. The Company has elected to treat shipping and handling activities as fulfillment costs.

***Cost of Revenues***

Cost of revenues for product sales consists primarily of cost associated with the purchase of finished goods. Cost of revenues for service agreements is based on the actual cost incurred, which mainly consists of the direct cost from vendors and overhead costs such as payroll and benefit related to our employees who provide the services to customers.

***Research and Development Cost***

Costs related to research and development are expensed as incurred.

***Stock-Based Compensation***

The Company has issued common stock awards under three equity incentive plans. Origin measures stock options and other stock-based awards granted to employees, directors and other service providers based on their fair value on the date of grant and recognizes compensation expenses of those awards over the requisite service period, which is generally the vesting period of the respective award. In addition, the Company capitalizes stock-based compensation related to employees whose costs are necessary to bring the asset to its intended use. For awards with performance conditions, compensation is recorded once there is sufficient objective evidence the performance conditions are considered probable of being met. Origin applies the straight-line method of expense recognition to all awards with only service-based vesting conditions. Origin estimates the fair value of each stock option grant on the date of grant using the Black-Scholes option-pricing model and the grant date closing stock price for restricted stock unit ("RSU") awards and PSU awards. The Black-Scholes option-pricing model requires the use of highly subjective assumptions including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Expected term* – The expected term of the options is based on the simplified method, which takes into consideration the grant's contractual life and vesting period and assumes that all options will be exercised between the vesting date and the contractual term of the option which averages an award's vesting term and its contractual term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Expected volatility* – The Company uses the trading history of various companies in its industry sector in determining an estimated volatility factor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Expected dividend* – The Company has not declared common stock dividends and does not anticipate declaring any common stock dividends in the foreseeable future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Forfeiture* – The Company estimates forfeitures based on historical activity and considers voluntary and involuntary termination behavior as well as analysis of actual historical option forfeitures, netting the estimated expense by the derived forfeiture rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Risk-free interest rate* – The Company bases the risk-free interest rate on the implied yield currently available on U.S. Treasury zero-coupon issues with the same or substantially equivalent remaining term.

***Income Taxes***

Deferred income taxes are determined using the asset and liability method. Under this method, deferred income tax assets and liabilities are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when the expected recognition of a deferred income tax asset is considered to be unlikely.

The Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the tax authorities, based on the technical merits of the position. The tax benefit is measured based on the largest benefit that has a greater than 50.0% likelihood of being realized upon ultimate settlement. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense.

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***Functional Currency Translation***

The functional currency of the Company's wholly-owned Canadian subsidiaries is the Canadian dollar, whereby their assets and liabilities are translated at period-end exchange rates except for non-monetary capital transactions and balances, which are translated at historical rates. All income and expense amounts of the Company are translated at average exchange rates for the respective period. Translation gains and losses are not included in determining net loss but are accumulated in a separate component of stockholders' equity. Foreign currency transaction gains and losses are included in the determination of net loss in the period in which they occur. These amounts are included in other expenses, net, on the consolidated statements of operations and comprehensive loss.

***Comprehensive Loss***

The Company's comprehensive loss consists of net loss and other comprehensive income (loss). Foreign currency translation gains or losses and unrealized gains or losses on available-for-sale marketable debt securities are included in the Company's other comprehensive income (loss).

***Basic and Diluted Net Loss Per Share***

Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For the purposes of the diluted net loss per share calculation, common stock options, RSU awards, performance stock awards, warrants, earnout shares, and Sponsor Vesting Shares (as defined in Note 10) are considered to be potentially dilutive securities. For the periods presented that the Company has reported a net loss, diluted net loss per common share is the same as basic net loss per common share for those periods.

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**3. Recent Accounting Pronouncements**

***Recently Adopted Accounting Pronouncements***

In July 2025, the FASB issued ASU 2025-05, *Financial Instruments – Credit Losses ("Topic 326") – Measurement of Credit Losses for Accounts Receivable and Contract Assets*, to provide a practical expedient for all entities to address the challenges encountered when applying the guidance in Topic 326, Financial Instruments – Credit losses, to current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. All entities may elect a practical expedient that assumes the current conditions as of the balance sheet date do not change the remaining life of the asset to reduce the complexity in developing the reasonable and supportable forecasts as part of estimating expected credit losses. ASU 2025-05 is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and early adoption is permitted. The Company adopted the new standard as of September 30, 2025. The adoption of the standard had no material impact on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes ("Topic 740") - Improvements to Income Tax Disclosures,* which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance should be applied on a prospective basis; however, a retrospective application is permitted. The standard became effective on January 1, 2025 and will be effective for the Company for annual periods beginning after December 15, 2024. Accordingly, the standard was adopted on a prospective basis for the Company's Annual Report on Form 10-K for the year ended December 31, 2025. The adoption of the standard does not have any material impact on the Company's financial position, results of operations or cash flows, other than additional disclosures, which were included in Note 15.

***Recently Issued Accounting Pronouncements Not Yet Adopted as of December 31, 2025***

In December 2025, the FASB issued ASU 2025-11, *Interim Reporting (Topic 270): Narrow-Scope Improvements*, which is intended to improve the navigability of the guidance in ASC 270, *Interim Reporting*, and clarify when it applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance with GAAP. ASU 2025-11 also addresses the form and content of such financial statements, interim disclosures requirements, and establishes a principle under which an entity must disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40),* to enhance the transparency and decision usefulness of financial information presented in the income statement by requiring disaggregated information about certain income statement expense line items. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, and early adoption is permitted. The Company does not expect that the adoption of this guidance will have a material impact on its consolidated financial statements, other than additional disclosures in the notes to the consolidated financial statements.

The Company has determined that all other recently issued accounting pronouncements will not have a material impact on the Company's consolidated financial statements or do not apply to its operations.

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**4. Revenues** 

The Company recognizes revenues when, or as, its performance obligations under the terms of a contract with its customer are satisfied (see Note 2 for additional details). The Company generally procures, will produce, and sells product to be utilized in the manufacturing of finished products, for which it recognizes revenue upon shipment. Currently, the majority of the Company's revenue is generated from the supply chain activation program in which the Company purchases materials from various vendors and sells them to its customers for a moderate margin as it establishes the logistics and invoicing capabilities for its own products. The Company's service contracts generally pay the Company at the commencement of the agreement and then at additional intervals as outlined in each contract. The Company recognizes contract liabilities for such payments and then recognizes revenue as it satisfies the related performance obligations. To the extent collectible revenue recognized under this method exceeds the consideration received, the Company recognizes contract assets for such unbilled consideration. The Company recognizes revenue from the service agreements over the period during which the services are performed.

The Company did not receive payment before the provision of services for the years ended December 31, 2025 and 2024. Therefore, deferred revenue was zero.

**5. Fair Value Measurement** 

The Company's financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for such measurements were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | |
| <u>(in thousands)</u> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Cash equivalents | $21171 | $— | $— | $21171 |
| Marketable securities |  | 20545 |  | 20545 |
| Total fair value | $21171 | $20545 | $— | $41716 |
| **Liabilities:** |  |  |  |  |
| Common stock warrants (Public) | $114 | $— | $— | $114 |
| Common stock warrants (Private Placement) |  | 53 |  | 53 |
| Earnout liability |  |  | 24 | 24 |
| Convertible notes, net of issuance costs |  |  | 14970 | 14970 |
| **Total fair value** | $114 | $53 | $14994 | $15161 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | **Fair Value as of December 31, 2024** | |
| <u>(in thousands)</u> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets:** |  |  |  |  |
| Cash equivalents | $46953 | $— | $— | $46953 |
| Marketable securities |  | 46613 |  | 46613 |
| Derivative asset |  | 15 |  | 15 |
| Total fair value | $46953 | $46628 | $— | $93581 |
| **Liabilities:** |  |  |  |  |
| Common stock warrants (Public) | $3108 | $— | $— | $3108 |
| Common stock warrants (Private Placement) |  | 1458 |  | 1458 |
| Earnout liability |  |  | 2486 | 2486 |
| **Total fair value** | $3108 | $1458 | $2486 | $7052 |

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The Company performs routine procedures such as comparing prices obtained from independent sources to ensure that appropriate fair values are recorded. The cash equivalents and Public Warrants are categorized as Level 1 instruments as the fair value was determined based on the unadjusted quoted prices are available in active markets for identical assets or liabilities as of the reporting date. The marketable securities and derivative asset are categorized as Level 2 instruments as the estimated fair value was determined based on the estimated or actual bids and offers of the marketable securities in an over-the-counter market on the last business day of the year. The Private Placement Warrants are classified within Level 2 because the transfer of Private Placement Warrants to anyone outside of certain permitted transferees of Artius Acquisition Partners LLC (the "Sponsor") would result in the Private Placement Warrants having substantially the same terms as the Public Warrants, the Company determined that the fair value of each Private Placement Warrant is consistent with that of a Public Warrant. Accordingly, the Private Placement Warrants are classified as Level 2 financial instruments.

The value of the earnout liability is classified as Level 3 measurements under the fair value hierarchy, as these liabilities have been valued based on significant inputs not observable in the market (see Note 10 for additional details). A gain of $2.5 million and a loss of $0.7 million for the years ended December 31, 2025 and 2024, respectively, was recorded on the consolidated statements of operations and comprehensive loss in the gain (loss) in fair value of earnout liability.

The value of the convertible notes, net of issuance costs is classified as a Level 3 measurements under the fair value hierarchy, as these liabilities have been valued based on significant inputs that are both observable and unobservable in the market. The Company utilized the Black-Scholes Merton model to estimate the fair value of the convertible notes. The key inputs and assumptions used in the Black-Scholes Merton model, including volatility and risk-free rate, were utilized to estimate the fair value of the associated liability (see Note 8 for additional details).

The following table summarizes the activities for the earnout liability for the years ended:

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| | | |
|:---|:---|:---|
| <u>(in thousands)</u> | **December 31, 2025** | **December 31, 2024** |
| Balance at beginning of year | $2486 | $1783 |
| (Gain) loss in fair value of earnout liability | (2462) | 703 |
| Balance at end of year | $24 | $2486 |

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As of December 31, 2025 and 2024, the carrying values of accounts receivable and unbilled receivable, other receivables, accounts payable, and accrued expenses approximate their respective fair values due to their short-term nature. The Company has determined the fair value of notes payable and Canadian government research and development program liability approximates the carrying value due to the standard terms of the arrangement including but not limited to the amount borrowed, the term, and the interest rate.

***Nonrecurring Fair Value Measurements***

The Company estimates the value of certain long-lived assets associated with suspension of the furanics platform development and land held of sale using Level 3 measurements under the fair value hierarchy due to the absence of observable market prices and significant reliance on management judgment and estimation techniques. These assets include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assets meeting the held for sale classification that are actively being marketed for sale. We utilized an estimated fair market based on a portion of the land sold previously, including costs to sell, as there were no observable market prices available. We expect to complete the sale of land in fiscal year 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Origin 1 plant which included property, plant, and equipment, net, that do not meet the held for sale classification but are capable of being sold through alternate use purposes. These assets were evaluated for recoverability and the impairment loss was measured using an orderly liquidation valuation approach. The impairment loss was recognized as the difference between the estimated liquidation value and the net book value of the assets as of December 31, 2025. There have been no significant changes in the estimated net realizable value for the remaining assets as of December 31, 2025.

The table below presents the nonrecurring fair value measurements of these long-lived assets, categorized within the fair value hierarchy:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | **Fair Value as of December 31, 2025** | |
| <u>(in thousands)</u> | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Assets: |  |  |  |  |
| Land held for sale | $— | $— | $9126 | $9126 |
| Origin 1 (within property, plant, and equipment, net) |  |  | 18041 | 18041 |
| Total fair value | $— | $— | $27167 | $27167 |

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***Marketable Securities***

The Company's marketable securities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy. Amortized cost net of unrealized gain (loss) is equal to fair value. The following table summarizes the marketable securities by major security type as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <u>(in thousands)</u> | **Amortized Cost** | **Unrealized Gains** | **Unrealized Losses** | **Fair Value** |
| Corporate bonds | $3480 | $10 | $(2) | $3488 |
| Asset-backed securities | 11195 | 8 | (518) | 10685 |
| U.S. government and agency securities | 6434 | 1 | (63) | 6372 |
| Total marketable securities | $21109 | $19 | $(583) | $20545 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| <u>(in thousands)</u> | **Amortized Cost** | **Unrealized Gains** | **Unrealized Losses** | **Fair Value** |
| Corporate bonds | $3741 | $30 | $— | $3771 |
| Asset-backed securities | 36309 | 39 | (1349) | 34999 |
| U.S. government and agency securities | 7829 | 14 |  | 7843 |
| Total marketable securities | $47879 | $83 | $(1349) | $46613 |

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The realized gains and losses are included in other expenses, net in the consolidated statements of operations and comprehensive loss.

The Company sold marketable securities for proceeds of $1,077.0 million and $1,751.5 million for the years ended December 31, 2025 and 2024, respectively. As a result of those sales, the Company realized a loss of $0.2 million and $0.9 million for the years ended December 31, 2025 and 2024, respectively. The Company regularly reviews its available-for-sale marketable securities in an unrealized loss position and evaluate the current expected credit loss by considering factors such as historical experience, market data, issuer-specific factors, and current economic conditions. The aggregate fair value of the marketable securities in an unrealized loss position was $10.8 million and $26.6 million as of December 31, 2025 and 2024, respectively. The unrealized losses were attributable to changes in interest rates that impacted the value of the investments, and not related to increased credit risk. Accordingly, the Company has not recorded an allowance for credit losses associated with these investments.

The contractual maturities of the investments classified as marketable securities are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <u>(in thousands)</u> | **Mature within one year** | **Mature after one year through two years** | **Mature over two years** | **Fair Value** |
| Corporate bonds | $1392 | $2096 | $— | $3488 |
| Asset-backed securities |  |  | 10685 | 10685 |
| U.S. government and agency securities | 5269 |  | 1103 | 6372 |
| Total marketable securities | $6661 | $2096 | $11788 | $20545 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
| <u>(in thousands)</u> | **Mature within one year** | **Mature after one year through two years** | **Mature over two years** | **Fair Value** |
| Corporate bonds | $— | $2869 | $902 | $3771 |
| Asset-backed securities |  |  | 34999 | 34999 |
| U.S. government and agency securities | 5984 |  | 1859 | 7843 |
| Total marketable securities | $5984 | $2869 | $37760 | $46613 |

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***Derivative Asset and Liabilities***

The Company entered into foreign currency derivative contracts with financial institutions to reduce foreign exchange risk related to certain marketable securities denominated in foreign currency. Foreign currency derivative contracts are marked-to-market at the end of each reporting period with gains and losses recognized as other income (expenses). For the years ended December 31, 2025 and 2024, the Company recognized a net loss of less than $0.1 million and a net gain of $0.3 million, respectively, on the fair value adjustment of the foreign currency derivative contracts. The notional amount of foreign currency derivative contracts as of December 31, 2025 and 2024 was zero and $1.2 million, respectively.

**6. Property, Plant and Equipment** 

Property, plant, and equipment consisted of the following as of:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Land | $56 | $56 |
| Land improvements and infrastructure | 13281 | 58452 |
| Closure manufacturing equipment | 4149 |  |
| Manufacturing equipment and pilot plant | 28890 | 111053 |
| Computer equipment and software | 2268 | 2726 |
| Lab equipment | 3637 | 3496 |
| Furniture, fixtures, and machinery | 389 | 372 |
| Leasehold improvements | 4766 | 4765 |
| Total | 57436 | 180920 |
| Less accumulated depreciation and amortization | (28654) | (17332) |
| Construction in progress | 44070 | 40331 |
| Total property, plant, and equipment, net | $72852 | $203919 |

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For the years ended December 31, 2025 and 2024, depreciation and amortization expense totaled $11.1 million and $10.7 million, respectively.

As of December 31, 2025, the Company received partial equipment of $7.2 million for the closure business that was financing through note payable (see Note 7 for additional details), which was included in construction in progress.

As of December 31, 2025, the land purchased in Geismar, Louisiana in 2022 met the criteria to be presented as asset held for sale. It is the Company's intention to complete the sale of the land within the next 12 months. The carrying value of $9.1 million, classified as land held for sale, was included in total current assets in the consolidated balance sheets.

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**7. Notes Payable**

In November 2016, Legacy Origin received a $5.0 million prepayment from a legacy stockholder for product from Origin 1 pursuant to an "Offtake Agreement," a type of agreement that generally provides for binding take-or-pay commitments to purchase certain annual volumes of product from our planned manufacturing facilities at specified prices, subject to satisfaction of certain conditions precedent, which was amended through August 2022. The prepayment was to be credited against the purchase of products over the term of the Offtake Agreement and was secured by a promissory note to be repaid in cash in the event that the prepayment could not be credited against the purchase of product. The repayment in the amount of $2.7 million and $1.9 million were paid on September 1, 2024 and 2025, respectively, and $1.8 million is due on September 1, 2026 (inclusive of accrued but unpaid interest of 3.5% per annum). At December 31, 2025, the total remaining note principal outstanding balance was $1.7 million in notes payable, short-term, and unpaid accrued interest of less than $0.1 million was recorded in other liabilities, current. At December 31, 2024, the outstanding note principal balance was $3.5 million, of which $1.7 million was included in notes payable, long-term, and $1.8 million in notes payable, short-term, and unpaid accrued interest of less than $0.1 million was recorded in other liabilities, current. In addition, the amendment reflected the legacy stockholder's exercise of its option to enter into a new Offtake Agreement to buy a specified annual amount of product from Origin 2 for an initial term of up to 10 years.

Legacy Origin received a $5.0 million prepayment from a legacy stockholder for product from Origin 1 pursuant to an Offtake Agreement entered into in November 2016, as amended through February 2024. The agreement was collateralized substantially by Origin 1 and other assets of Origin Material Canada Pioneer Limited. The agreement bore an annual interest rate of the three-month Secured Overnight Financing Rate ("SOFR") plus 0.3% (4.9% at December 31, 2024). The outstanding principal was zero as of December 31, 2025, and the outstanding principal of $2.0 million at December 31, 2024 was recorded in notes payable, short-term and less than $0.1 million accrued interest outstanding was recorded in other liabilities, current.

In September 2025, Origin Closures, LLC, a wholly-owned subsidiary of the Company, executed a Secured Promissory Note (the "Note") with Starlinger & Co Gesellschaft m.b.H. ("Starlinger"), one of the Company's manufacturers, in the principal amount of €9.5 million (approximately $11.2 million based on the exchange rate in effect on September 22, 2025) to finance the purchase of certain equipment used to produce PET sheet. The Note is effective as of October 7, 2025, the date that Starlinger executed and delivered the Note to the Company. Interest under the Note accrues at a rate of 10.6% per annum and the Note is to be repaid in semi-annual installments of principal and interest on the last day of April and October, respectively, beginning in April 2026 and continuing until fully repaid in October 2029. The Company received partial equipment as of December 31, 2025 and recorded the total outstanding principal of $7.2 million, of which $2.8 million was recorded in notes payable, short-term and $4.4 million was recorded in notes payable, long-term with $0.1 million accrued interest outstanding was recorded in other liabilities, current.

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 **8. Convertible Notes** 

In November 2025, the Company entered into the Purchase Agreement with an institutional purchaser, providing for the issuance in tranches of the Convertible Notes with a principal face amount of up to $100.0 million and a 10.0% original issue discount. The Convertible Notes bear no interest rate (except upon event of default) and, unless earlier converted or redeemed, will mature on the date that is the thirty-month anniversary of the last day of the month in which the closing with respect to the applicable convertible notes occurs. The Convertible Notes will be convertible, at any time at the holder's option, into shares of the Company's common stock, par value $0.0001 per share, at an initial conversion price per share of $0.62616 (the "Conversion Shares") and $18.78 (after the reverse stock split), which conversion price is subject to adjustment pursuant to the terms of the Convertible Notes. The conversion price is subject to customary adjustments upon any stock dividend, stock split, stock combination, reclassification, recapitalization, or similar transaction that proportionately decreases or increases the price of our common stock.

At the initial closing, the Company issued $16.7 million in aggregate principal amount of Convertible Notes and received $15.0 million, net with the original issue discount. On February 17, 2026, the Company obtained stockholder approval to permit the issuance of Conversion Shares in excess of 20.0% of its outstanding common stock as of the date of Purchase Agreement. Accordingly, the Company may consummate additional closings of up to $83.3 million in tranches of up to $25.0 million in aggregate principal amount of Convertible Notes not to exceed $50.0 million in total Convertible Notes issued during any 12-month period, subject to the prior satisfaction of certain conditions.

Commencing on December 1, 2025, and on the first trading day of the month for each month thereafter, and on the maturity date (each such date is referred to herein as an "Installment Date"), unless deferred as described below, the Company is required to make monthly amortization payments (the "Installment Amount") which, at the Company's option, may be satisfied in cash or, subject to the satisfaction of certain equity conditions set forth in the Convertible Notes, by permitting the holder to convert the monthly amortization payment into shares of common stock over the course of the applicable month. Such installment conversions shall be satisfied in common stock at a conversion price equal to the lower of (but no lower than the floor price which is initially $0.10152 (subject to adjustment for stock splits, stock dividends or stock combinations)) and $3.05 (after the reverse stock split) (i) the conversion price then in effect and (ii) 92.0% of the lowest volume weighted average price during the seven consecutive trading days prior to the applicable date of conversion. Upon conversion, the Company will deliver shares of common stock. The Installment Amount equals (i) $3.0 million if paid in cash or (ii) if satisfied with shares of common stock, an amount equal to the greater of (x) $2.0 million and (y) 20.0% of the aggregate daily traded volume of the common stock on The Nasdaq Capital Market ("Nasdaq") over the course of the applicable month.

On December 22, 2025, the Company entered into an Amendment to Securities Purchase Agreement and Note (the "Amendment"), amending that certain Securities Purchase Agreement, between the Company and an institutional purchaser, which provides for the Convertible Notes. Among other things, the Amendment (i) requires the purchaser to purchase Convertible Notes in additional closings of up to $83.3 million in tranches of up to $25.0 million in aggregate principal amount of the Convertible Notes at the Company's request, subject to the satisfaction of certain conditions, and (ii) allows for the Company to guaranty obligations of its subsidiaries with respect to permitted indebtedness and sale leaseback transactions.

In addition, the Company may, at its option, at any time, upon written notice to the holder and as long as the option redemption conditions are satisfied, redeem all, but not less than all, of the Convertible Notes for an amount in cash equal to the early redemption Amount, which is the sum of (a) 110.0% of the then outstanding principal of the Convertible Notes, (b) any accrued but unpaid interest, and (c) all other amounts due in respect of the Convertible Notes and other transaction documents. In connection with each redemption, the Company shall issue to the holder a warrant to purchase shares of common stock for a number of shares equal to 65.0% of the principal amount of the Convertible Notes being redeemed divided by the conversion price then in effect, which shall be immediately exercisable for a period equal to the remaining time between the optional redemption date that specified by the Company and the maturity date plus six months, and shall provide for registration rights and cashless exercise. Based on the amount at the initial closing with such short amortization payment schedule and the significant early redemption premium, the optional redemption is considered to be unlikely. As such, it was determined that the fair value of the warrant was zero at December 31, 2025.

At December 31, 2025 the outstanding balance of the Convertible Notes was $15.0 million, net of issuance costs. The Company utilized the Black-Scholes Merton model to value the Convertible Notes. The key inputs and assumptions used in the Black-Scholes Merton model, including volatility and risk-free rate, were utilized to estimate the fair value of the associated liability. The Company measures the fair value at each reporting period, with changes in fair value recorded within gain in fair value of convertible notes on the consolidated statements of operations and comprehensive loss. The Company recognized a gain of less than $0.1 million related to the changes in fair values of convertible debt during the year ended December 31, 2025. The Company was in compliance with all financial covenants as of December 31, 2025.

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**9. Other Liabilities**

In September 2019, Legacy Origin entered into a $5.0 million prepayment agreement with a counterparty for the purchase of products from Origin 1. In November 2024, the parties entered into a second memorandum of understanding providing for the return of the counterparty's first $2.5 million prepayment, termination of the prepayment agreement, and a waiver of each party's rights, claims, and demands associated with that agreement. As of December 31, 2025 the outstanding amount was zero, and the total amount outstanding under this agreement as of December 31, 2024 was $2.5 million which was included in other liabilities, current.

**10. Earnout Liability**

As additional consideration for the Merger, within ten business days after the occurrence of a "Triggering Event," as defined below, the Company shall issue or cause to be issued to each Legacy Origin stockholder a certain number of shares of the Company Class A common stock. The number of such shares is equal to the product of (i) the number of shares of Company common stock, Company Series A Preferred Stock, Company Series B Preferred Stock, Company Series C Preferred Stock, and the net number of shares of Company Capital Stock that would be issuable in respect of "Vested Company Options" in the event such options were exercised (on a net exercise basis with respect to only the applicable exercise price, immediately prior to the "Closing" and settled in the applicable number of shares of Company common stock, rounded down to the nearest whole share) held by such Legacy Origin stockholder as of immediately prior to the "Effective Time"; and (ii) the "Earnout Exchange Ratio" (such issued shares of Artius Class A common stock, collectively, the "Earnout Shares"), where "Vested Company Options," "Closing," "Effective Time," and "Earnout Exchange Ratio" have the meanings set forth in the Merger Agreement. The Company cannot be required to issue more than 833,333 Earnout Shares in the aggregate. Additionally, such Earnout Shares will also become issuable in the event the Company enters into a definitive agreement with respect to an Artius Sale (as defined in the Merger Agreement) on or before the fifth anniversary of the Closing Date. A Triggering Event is defined as the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the volume weighted average price of Common Stock ("VWAP") equaling on exceeding $450.00 for ten consecutive trading days during the three year period following the closing date of June 25, 2021, ending June 25, 2024;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the VWAP equaling or exceeding $600.00 for ten consecutive trading days during the four year period following the closing date, ending June 25, 2025; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)the VWAP equaling or exceeding $750.00 for ten consecutive trading days during the five year period following the closing date, ending June 25, 2026.

A Sponsor Letter Agreement was delivered in connection with the Merger such that 150,000 of the shares held by Sponsor ("Sponsor Vesting Shares") shall be subject to forfeiture based on the same vesting requirements as the Earnout Shares. The first and second Triggering Events were not met by the respective June 25, 2024 and June 25, 2025 deadlines, and the number of Plan Sponsor Shares valued in the Earnout Liability balance were reduced accordingly. The 50,000 shares that expired on June 25, 2025 were cancelled on July 1, 2025. The remaining 50,000 shares shall not be transferred prior to the date in which they vest. Dividends and other distributions with respect to Sponsor Vesting Shares shall be set aside by the Company and shall be paid to the Sponsor upon the vesting of such Sponsor Vesting Shares.

The Company evaluated the earnout liability under ASC 815-40, *Derivatives and Hedging-Contracts in Entity's Own Equity ("ASC 815-40")*, and concluded they do not meet the criteria to be classified in stockholders' equity. Specifically, there are contingent exercise provisions and settlement provisions that exist. Holders may receive differing amounts of shares depending on the company's stock price or the price paid in a change of control. All remaining shares would be issuable (or the forfeiture provisions would lapse) upon any change of control involving the Company and all remaining shares would be issuable (or the forfeiture provisions would lapse) upon a bankruptcy or insolvency of the company. This means that settlement is not solely impacted by the share price of the Company (that is, the share price observed in or implied by a qualifying change-in-control event), but also by the occurrence of a qualifying change-in-control event. This causes the arrangement to not be indexed to the Company's own shares and liability classification is appropriate. The Company records these instruments as liabilities on the consolidated balance sheets at fair value, with subsequent changes in their respective fair values recognized in earnings at each reporting date. The earnout liability was fair valued using a Monte Carlo open-ended model. The inputs used for the model were a dividend yield of 0% and 0%, volatility of 100.0% and 136.0%, and interest rate of 3.9% and 4.1% at December 31, 2025 and 2024, respectively.

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**11. Canadian Government Research and Development Program Liability** 

In April 2019, the Company entered into a contribution agreement related to the research and development and construction associated with the operation of Origin 1 in which the Company will participate in a Canadian government research and development program (the "R&D Agreement"). Pursuant to the R&D Agreement, the Company received funding for eligible expenditures incurred through March 31, 2023 up to the lesser of approximately 18.5% of eligible costs and $23.0 million (in Canadian dollars).

The funding will be repaid over 15 years after completion of Origin 1, commencing no sooner than the third fiscal year of consecutive revenues from a commercial plant, but no later than March 2028. The maximum amount to be repaid by the Company under the R&D Agreement is 1.25 times the actual funding received, subject to the repayment ceiling formula.

In October 2025, the Company entered into an amendment for the R&D Agreement (the "R&D Agreement Amendment"). Pursuant to the R&D Agreement Amendment, the first annual repayment amount will be due on April 30, 2027, with subsequent annual repayment amounts due on or before April 30th of each year through 2041, or until such time as the maximum amount to be repaid is reached, whichever comes first. The annual repayment amounts will be determined using a formula that considers the repayment rate and changes of the fiscal year gross business revenue, as defined in the R&D Agreement Amendment. The Company received $1.7 million and $8.1 million for the years ended December 31, 2025 and 2024, respectively, related to the eligible expenditures incurred before March 31, 2023.

**12. Common Stock Warrants** 

As of December 31, 2025 and 2024, there are 35,476,627 warrants outstanding.

As part of Artius's initial public offering, 24,149,960 Public Warrants were sold. The Public Warrants entitle the holder thereof to purchase 1/30th of one share of common stock at a price of $11.50 per share, subject to adjustments. The Public warrant holders will need to exercise 30 warrants for an aggregate exercise price of $345.00 to receive one share of common stock. No fractional shares will be issued upon the exercise of the Public Warrants. The Public Warrants will expire on June 25, 2026 at 5:00p.m., New York City time, or earlier upon redemption or liquidation. The Public Warrants are listed on The Nasdaq Capital Market under the symbol "ORGNW."

The Company may redeem the Public Warrants when exercisable, in whole and not in part, at a price of $0.01 per warrant, so long as the Company provides not less than 30 days' prior written notice of redemption to each warrant holder, and if, and only if, the reported last sale price of the common stock equals or exceeds $540.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date the Company sends the notice of redemption to the warrant holders.

Simultaneously with Artius's initial public offering, Artius consummated a private placement of 11,326,667 Private Placement Warrants with the Sponsor. The Private Placement Warrant holders will need to exercise 30 warrants for an aggregate exercise price of $345.00 to receive one share of common stock. No fractional shares will be issued upon the exercise of the Private Placement Warrants. The Private Placement Warrant expires on June 25, 2026 or earlier upon redemption or liquidation. The Private Placement Warrants are identical to the Public Warrants, except that: (1) the Private Placement Warrants and the shares of common stock issuable upon exercise of the Private Placement Warrants are not transferable, assignable or salable until the earliest to occur of: (i) 365 days after the date of the Closing; (ii) the first day after the date on which the closing price of the Public Shares (or any successor securities thereto) equals or exceeds $360.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150 days after the date of the Closing; or (iii) the date on which Artius completes a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all of Artius's Public Shareholders having the right to exchange their Public Shares (or any successor securities thereto) for cash, securities or other property, subject to certain limited exceptions, (2) the Private Placement Warrants will be exercisable on a cashless basis and be non-redeemable, except if the reference value equals or exceeds $300.00 and is less than $540.00 (as described above), so long as they are held by the initial purchasers or their permitted transferees, and (3) the Private Placement Warrants and the Class A ordinary shares issuable upon exercise of the Private Placement Warrants will be entitled to registration rights. If the Private Placement Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Placement Warrants will be redeemable under all redemption scenarios by the Company and exercisable by such holders on the same basis as the Public Warrants.

The Company concluded the Public Warrants and Private Placement Warrants, or Common Stock Warrants, meet the definition of a derivative under ASC 815 and are recorded as liabilities. Upon consummation of the Merger, the fair value of the Common Stock Warrants was recorded on the consolidated balance sheets. The fair value of the Common Stock Warrants was remeasured as of December 31, 2025 and 2024 (see Note 5 for additional details), and a gain of $4.4 million and a loss of $3.2 million, respectively, was recorded on the consolidated statements of operations and comprehensive loss.

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**13. Stockholders' Equity**

***Common Stock***

Holders of the common stock are entitled to dividends when, as, and if, declared by the board of directors (the "Board"), subject to the rights of the holders of all classes of stock outstanding having priority rights to dividends. As of December 31, 2025, the Company had not declared any dividends. The holder of each share of common stock is entitled to one vote.

***Employee Stock Purchase Plan***

The Company maintains an Employee Stock Purchase Plan ("ESPP"). The ESPP permits participants to purchase shares of our common stock with the purchase price of the shares at a price determined by our Board, which shall not be less than 85.0% of the lower of the fair market value of our common stock on the first day of an offering or on the date of purchase.

Initially, following adoption of the ESPP, the maximum number of shares of the Company's common stock that could be issued under the ESPP was 61,557. The ESPP contains an "evergreen" share reserve feature that automatically increases the number of shares of common stock reserved for issuance under the plan on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031 in an amount equal to the lesser of (1) one percent (1.0%) of the fully-diluted shares of the Company's common stock on December 31st of the preceding calendar year, (2) 123,114 of common stock, or (3) such lesser number of shares as determined by the Board. As of December 31, 2025, the number of shares available for issuance under the ESPP was 187,998. The Board made the decision not to increase the number of shares of common stock reserved for issuance under the ESPP as of January 1, 2026 as no stock has been offered or issued to employees under the ESPP to date. Shares subject to purchase rights granted under the ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the ESPP.

***Equity Incentive Plans***

The Company maintains the following equity incentive plans: the 2010 Stock Incentive Plan, the 2020 Equity Incentive Plan, and the 2021 Equity Incentive Plan, each as amended (together, the "Stock Plans"). Upon closing of the Merger, awards under the 2010 Stock Incentive Plan and 2020 Equity Incentive Plan were converted at the Exchange Ratio, which has the meaning set forth in the Merger Agreement, and the 2021 Equity Incentive Plan was adopted and approved.

Origin may grant a wide variety of equity securities under the Stock Plans, including incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, RSU awards, PSU awards, and other awards. The Company has granted incentive stock options, RSU awards, and PSU awards under the Stock Plans. Under the Stock Plans, options must be issued at exercise prices no less than the estimated fair value of the stock on the date of grant and are exercisable for a period not exceeding 10 years from the date of grant. Options granted to employees under the Stock Plans generally vest 25.0% one year from the vesting commencement date and 1/36th per month thereafter, although certain arrangements call for vesting over other periods. Options granted to non-employees under the Stock Plan vest over periods determined by the Board (generally immediate to four years). RSU awards granted to employees under the 2021 Equity Incentive Plan require a service period of three years and generally vest 33.3% annually over the three-year service period. Under the Stock Plans, the fair value of RSU awards and PSU awards are determined to be the grant date closing stock price. For awards with performance-based conditions, compensation is recorded once there is sufficient objective evidence the performance conditions are considered probable of being met. The PSU awards are subject to vesting based on a performance-based condition and a service-based condition. The PSU awards will vest in a percentage of the target number of shares between 0% and 300.0%, depending on the extent the performance conditions are achieved.

Initially, following adoption of the 2021 Equity Incentive Plan, there were 615,570 shares of common stock reserved for issuance under the Stock Plans. The 2021 Equity Incentive Plan contains an "evergreen" share reserve feature that automatically increases the number of shares of common stock reserved for issuance under the plan on January 1 of each year for a period of ten years commencing on January 1, 2022 and ending on (and including) January 1, 2031 in an amount equal to five percent (5.0%) of the fully-diluted common stock on December 31 of the preceding year unless the Board acts prior to January 1 to increase the share reserve by a lesser amount. The number of shares added to the share reserve on January 1 of a given year is reduced automatically to the extent necessary to avoid causing the share reserve to exceed fifteen percent (15.0%) of the fully-diluted common stock on December 31 of the preceding year. As of December 31, 2025, the number of shares available for issuance under the 2021 Equity Incentive Plan was 1,025,078 which exceeded fifteen percent of the fully-diluted common stock on January 1, 2026, therefore the share was not automatically increased pursuant to the 2021 Equity Incentive Plan's "evergreen" provision. As of December 31, 2025, there were 240,810 shares available for grant.

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The following tables summarize stock option activity under the Stock Plans for the year ended December 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| *(In thousands, except for share and per share amounts)* | **Outstanding**<br>**Options**  | **Weighted<br>Average<br>Exercise<br>Price** | **Weighted Average<br>Remaining<br>Contractual Life (in<br>years)** | **Aggregate intrinsic value (in thousands)** |
| Balance as of December 31, 2024 | 130599 | $5.10 | 5.52 |  |
| Exercised | (48737) | 5.10 |  |  |
| Expired | (35) | 36.30 |  |  |
| Balance as of December 31, 2025 | 81827 | $4.80 | 4.77 |  |
| Vested and expected to vest at December 31, 2025 | 81827 | $4.80 | 4.77 | $172 |
| Vested and exercisable at December 31, 2025 | 46552 | $5.40 | 4.72 | $96 |

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The total intrinsic value of the options exercised for the years ended December 31, 2025 and 2024 was $0.7 million and $0.5 million, respectively. The intrinsic value of options exercised during each fiscal year is calculated as the difference between the market value of the stock at the time of exercise and the exercise price of the stock option. The total fair value of options vested for the years ended December 31, 2025 and 2024 was less than $0.1 million and $0.3 million, respectively. As of December 31, 2025, the Company had stock-based compensation of less than $0.1 million, related to unvested stock options not yet recognized that is expected to be recognized over an estimated weighted average period of 4.8 years.

The following table summarizes the RSU activity for the year ended December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Unvested outstanding | Weighted-average grant date fair value | Vested-deferred outstanding | Weighted-average grant date fair value | Total |
| Balance at December 31, 2024 | 447766 | $36.90 | 23561 | $36.90 | 471327 |
| Granted - RSU awards | 74401 | 19.20 |  |  | 74401 |
| RSU awards vested and converted to shares | (182056) | 42.60 | (20467) | 42.60 | (202523) |
| RSU awards vested and deferred | (35730) | 42.60 | 35730 | 42.60 |  |
| Forfeited - RSU awards | (22980) | 36.30 | **—** | **—** | (22980) |
| Balance at December 31, 2025 | 281401 | $28.20 | 38824 | $28.20 | 320225 |

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The RSU awards entitle the holder upon vesting to be issued on a future date the number of shares of common stock that is equal to the number of restricted stock units subject to the RSU awards. The total fair value of shares vested for the years ended December 31, 2025 and 2024 was $2.7 million and $4.6 million, respectively. As of December 31, 2025 the unvested-deferred outstanding balance of 38,824 RSU awards has been deferred at the election of the participant. The common shares for the deferred RSUs will be released sixty days following the participant's departure from the Company.

The vesting period for RSU awards is generally three years. Total remaining compensation expense for RSU awards to be recognized under the 2021 Equity Incentive Plan is $6.6 million as of December 31, 2025, which is expected to be recognized over an estimated weighted average period of 1.2 years.

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The following table summarizes the PSU award activity for the year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| | Outstanding | Weighted-average grant date fair value |
| Unvested balance at December 31, 2024 | 53007 | $159.90 |
| Granted - PSU awards | 26174 | 25.20 |
| PSU awards vested and converted to shares | (5060) | 27.90 |
| Forfeited - PSU awards | (32485) | 218.10 |
| Unvested balance December 31, 2025 | 41636 | $50.40 |

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The performance conditions for the PSU awards granted in 2023 were met and for the PSU awards granted in 2025 were partially met, therefore PSU stock-based compensation expense of $0.2 million and $0.1 million for the years ended December 31, 2025 and 2024, respectively. The performance conditions for the remaining outstanding PSU awards granted in 2021 were not probable of being met, therefore no PSU stock-based compensation expense was recorded for such awards for the years ended December 31, 2025 and 2024. Also, there were 13,065 PSU stock awards vested during 2022 and released during the year ended December 31, 2025.

As of December 31, 2025, the maximum amount of stock-based compensation expenses for the unvested PSU awards, assuming maximum performance, is $2.1 million. Total remaining compensation expenses for PSU awards will be recognized over the requisite service periods once the performance-based conditions are met or deemed to be probable.

For the years ended December 31, 2025 and 2024, stock-based compensation expenses of $6.8 million and $7.7 million, respectively, was recognized in general and administrative expenses in the consolidated statements of operations and comprehensive loss, and stock-based compensation expense of $2.1 million and $2.4 million, respectively, was recognized in research and development expenses in the consolidated statements of operations and comprehensive loss.

**14. Segment Reporting** 

Operating segments are identified as components of an enterprise for which separate discrete financial information is available for evaluation by the chief operating decision maker ("CODM") for purposes of making decisions regarding resource allocation and evaluating financial performance. As of the year ended December 31, 2025, the Company has determined that its Chief Executive Officer and Chief Financial Officer/Chief Operating Officer are the CODMs. The CODMs review the consolidated results of operations when making decisions about allocating resources and assessing the performance of the Company as a whole as the Company is still in an early stage of business. The Company does not distinguish between markets or segments for the purpose of internal reporting. Accordingly, the Company has determined that it operates in a single operating and single reportable segment at the consolidated entity level. The CODMs use net loss and loss from operations as the key performance measures to make key operating decisions.

Revenues are based on the location where services are provided and products are sold. All of the Company's revenues are attributable to the U.S. for the periods presented. Reported segment net loss and loss from operations for the Company's single reportable segment are shown in the consolidated statements of operations and comprehensive loss.

The following table presents the significant segment expenses that are regularly provided to the CODMs:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Total revenues | $18922 | $31282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | 18381 | 30864 |
| Operating expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Personnel Expenses | 18497 | 22274 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses | 34326 | 37046 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 11175 | 10715 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 195636 | 15246 |
| Total operating expenses | 259634 | 85281 |
| Loss from operations | $(259093) | $(84863) |

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The personnel expenses represent payroll expenses excluding stock-based compensation. The other expenses represent research and development excluding personnel expenses, and general and administrative excluding personnel expenses.

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| | | |
|:---|:---|:---|
| **Long-lived assets (excluding deferred tax assets) by geography** | **Long-lived assets (excluding deferred tax assets) by geography** | **Long-lived assets (excluding deferred tax assets) by geography** |
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| United States | $57652 | $82530 |
| Non United States | 19132 | 155702 |
| Total | $76784 | $238232 |

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**15. Income Taxes**

Income before income tax (provision) benefit consisted of the following for the years ended:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| United States | $(115659) | $(84452) |
| Foreign | (133418) | 1424 |
| Loss before income tax provision | $(249077) | $(83028) |

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The federal, state, and foreign income and deferred tax (provision) benefit are summarized as follows for the years ended:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Current |  |  |
| &nbsp;&nbsp;Federal | $— | $— |
| &nbsp;&nbsp;State |  | (29) |
| &nbsp;&nbsp;Foreign |  |  |
| Total current tax (provision) benefit |  | (29) |
| Deferred |  |  |
| &nbsp;&nbsp;Federal |  |  |
| &nbsp;&nbsp;State |  |  |
| &nbsp;&nbsp;Foreign | (621) | (640) |
| Total deferred tax (provision) benefit | (621) | (640) |
| Total income tax (provision) benefit | $(621) | $(669) |

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Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and operating losses and tax credit carryforwards.

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The tax effects of significant items comprising the Company's deferred taxes are as follows as of:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Deferred tax assets |  |  |
| &nbsp;&nbsp;Net operating loss carryforwards | $66604 | $45734 |
| &nbsp;&nbsp;Available for sale marketable securities | 141 | 288 |
| &nbsp;&nbsp;Lease liabilities | 1012 | 945 |
| &nbsp;&nbsp;Other | 229 | 263 |
| &nbsp;&nbsp;Fixed assets and intangibles | 577 |  |
| &nbsp;&nbsp;Capitalized research and development costs | 10045 | 7715 |
| &nbsp;&nbsp;Stock Compensation | 916 | 1636 |
| &nbsp;&nbsp;R&D Credits | 3817 |  |
| &nbsp;&nbsp;Impairment of assets | 46792 |  |
| Total deferred tax assets | 130133 | 56581 |
| Valuation allowance | (128466) | (53775) |
| Deferred tax liabilities |  |  |
| &nbsp;&nbsp;ROU asset | (832) | (835) |
| &nbsp;&nbsp;Fixed assets and intangibles | (835) | (1350) |
| Total deferred tax liabilities | (1667) | (2185) |
| Net deferred tax assets | $— | $621 |

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ASC 740 requires that the tax benefit of net operating losses, temporary differences and credit carryforwards be recorded as an asset to the extent that management assesses that realization is more likely than not. Realization of the future tax benefits is dependent on the Company's ability to generate sufficient taxable income within the carryforward period. Due to its cumulative losses and doubt about its ability to generate future taxable income, the Company has provided a valuation allowance against the U.S. and foreign net deferred tax assets.

The valuation allowance increased by $74.7 million and $12.4 million for the years ended December 31, 2025 and 2024, respectively.

At December 31, 2025, we had federal net operating loss carryforwards of approximately $268.5 million to offset future federal taxable income, with $43.9 million available through 2037. We have state net operating loss carryforward of $168.8 million, available through 2045. At December 31, 2025, we had federal research and development credits of approximately $5.7 million available through 2045. We have state research and development credits of approximately $2.5 million available indefinitely.

Under certain provisions of the Internal Revenue Code of 1986, as amended, a portion of the federal and state net operating loss carryforwards may be subject to an annual utilization limitation as a result of a change in ownership of the Company. Federal and California tax laws impose significant restrictions on the utilization of net operating loss carryforwards in the event of a change in ownership of the Company, as defined by Internal Revenue Code Section 382 ("Section 382"). The Company has experienced ownership changes as defined by IRC Section 382 and the impact of those changes has been reflected in the consolidated financial statements. In addition, in the future the Company may experience ownership changes, which may limit the utilization of net operating loss carryforwards or other tax attributes.

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The effective tax rate of the Company's income tax (provision) benefit differs from the federal statutory rate as follows for the years ended:

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| (in thousands, except percentages) | **Amount** | **Percent** |
| U.S. Federal statutory tax rate | $52306 | (21.0)% |
| State and local income taxes, net of federal income tax effect |  | —% |
| Effect of cross-border tax laws |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;GILTI/sub-part F income | (47) | —% |
| Tax credits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal R&D credits | 2428 | (1.0)% |
| Change in Valuation Allowance | (25926) | 10.4% |
| Nondeductible items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | (2024) | 0.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrants and other equity items | 1441 | (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (161) | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible notes | 1 | —% |
| Foreign tax effects for Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign rate differential | 7338 | (3.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada change in valuation allowance | (36329) | 14.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 352 | (0.1)% |
| Total | $(621) | 0.3% |

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| | | |
|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** |
| (in thousands, except percentages) | **Amount** | **Percent** |
| Statutory rate | $17436 | (21.0)% |
| State tax | (1764) | 2.1% |
| Valuation allowance | (12843) | 15.5% |
| Other | (321) | 0.4% |
| Warrants and other equity items | (825) | 1.0% |
| Foreign rate differential | (78) | 0.1% |
| Stock-based compensation | (2274) | 2.7% |
| Total | $(669) | 0.8% |

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In 2025, the state income taxes which comprise the majority of the state income taxes, net of federal effect category are: California, Missouri, and Connecticut.

No cash was paid for federal, state, or foreign income taxes in 2025.

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A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

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| | | |
|:---|:---|:---|
| (in thousands) | **2025** | **2024** |
| January 1 | $— | $— |
| Additions based on tax positions related to current year | 463 |  |
| Additions for tax positions of prior years | 3613 |  |
| Reductions for tax positions of prior years |  |  |
| Lapse of the applicable statute of limitations |  |  |
| Settlements |  |  |
| December 31 | $4076 | $— |

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The Company files income tax returns in the United States, various U.S. states, and Canada. All tax years remain open in all jurisdictions. The Company is not currently under examination by income tax authorities in federal, state or other foreign jurisdictions. The Company does not anticipate any significant changes within 12 months of this reporting date of its uncertain tax positions. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. As of December 31, 2025, there is no interest or penalties recognized on uncertain tax positions.

On July 4, 2025, the bill commonly referred to as the "One Big Beautiful Bill Act" was signed into law. Among other provisions, the bill extends permanently, with modifications, tax provisions enacted as part of the 2017 Tax Cuts and Jobs Act and restores and makes permanent many business provisions, such as full expensing for research and development and capital investments. Based on the guidance available thus far, we do not expect this legislation to have a material impact on our condensed consolidated financial statements, but we will continue to evaluate it as additional guidance and clarification becomes available.

**16. Leases**

The Company leases office space and research and development space in Sacramento, California and Sarnia, Ontario under non-cancelable lease agreements and leases various office equipment, and warehouse space. The Company's operating leases have remaining lease terms of one to eight years.

The components of lease cost and cash flow information were as follows for the years ended:

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Operating lease cost | $665 | $790 |
| Variable lease cost | 128 | 188 |
| Total lease cost | $793 | $978 |

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| | | |
|:---|:---|:---|
| (in thousands) | **December 31, 2025** | **December 31, 2024** |
| Cash paid for amounts included in the measurement of lease liabilities: |  |  |
| &nbsp;&nbsp;Operating cash flows from operating leases | $607 | $668 |
| Operating lease ROU assets obtained in exchange for lease obligations | $— | $— |

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Other information related to operating leases is as follows as of:

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Weighted average remaining lease term (in years) | 8.00 | 8.86 |
| Weighted average discount rate | 7.4% | 7.4% |

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Maturities of operating lease liabilities as of December 31, 2025 were as follows:

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| | |
|:---|:---|
| (in thousands) | **December 31** |
| 2026 | $577 |
| 2027 | 595 |
| 2028 | 612 |
| 2029 | 631 |
| 2030 | 650 |
| Thereafter | 2068 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total lease payments | 5133 |
| Less: imputed interest | (1294) |
| Less: operating lease liabilities, current | (306) |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | $3533 |

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**17. Commitments and Contingencies**

***Commitments***

In connection with the closing of the Merger, the Company entered into the Investor Rights Agreement on June 25, 2021 (the "Investor Rights Agreement"), pursuant to which the holders of Registrable Securities (as defined therein) became entitled to, among other things, customary registration rights, including demand, piggy-back and shelf registration rights. The Investor Rights Agreement also provides that the Company will pay certain expenses relating to such registrations and indemnify the registration rights holders against (or make contributions in respect of) certain liabilities which may arise under the Securities Act. On July 15, 2021, the Company registered the Registrable Securities for resale pursuant to a Registration Statement on Form S-1, as amended (File No. 333-257931), which became effective on July 30, 2021. The Company filed Post-Effective Amendment No. 2 to the Registration Statement on Form S-1 on Form S-3 (File No. 333-257931), which became effective on August 8, 2022.

The Company entered into multiple purchase agreements with various vendors to purchase equipment to fulfill a near-term demand for its PET closures during 2024. Pursuant to the agreements, the Company committed to purchase the equipment with installment payments. The Company made payments totaling $38.0 million through December 31, 2025 and has recorded the amount in property, plant, and equipment, net on the consolidated balance sheets. The Company is obligated to make additional payments toward the remaining balances of up to approximately $22.6 million subject to the achievement of certain milestones.

In April 2023, the Company entered into an agreement for conversion of materials produced by Origin 1 into certain derivatives. Pursuant to the agreement, the Company agreed to purchase conversion services for a certain minimum quantity of product on a take-or-pay basis for a term of 5 years beginning in 2025 for an aggregate total cost of $33.0 million. Accordingly, the Company was obligated to purchase not less than $5.0 million during 2025 and a minimum of $7.0 million each of 2026 through 2029. The Company made advance payments totaling $16.6 million to the counterparty as of December 31, 2024, which is included in the foregoing aggregate total, and the agreement provided for the Company to be fully reimbursed for the advance payments in the form of a discount on conversion services over the term. The Company recorded the advance payments in other long-term assets on the consolidated balance sheets. On April 4, 2025, the Company entered and executed an agreement with the counterparty to discharge the advance payments of $16.6 million paid and future commitment under the take-or-pay agreement. The Company also paid an additional $0.4 million to the counterparty in April 2025 for capital expenses in connection with the agreement. As such, the Company recorded an impairment charge of $16.6 million to impairment of assets and $0.4 million in general and administrative expense on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025. The Company does not have any commitments for this contract as of December 31, 2025 and going forward.

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In February 2023, the Company entered into a nonexclusive patent license agreement for use in connection with production at a specific licensed facility. The license expires upon cessation of production at that facility. The Company made a nonrefundable $5.0 million deposit in 2022 toward securing the license and, as a result of signing the license agreement, made an additional nonrefundable payment of $7.9 million during 2023 and may make additional payments depending on the achievement of certain milestones. The total payment of $12.9 million is included in other long-term assets on the consolidated balance sheets. The Company also entered into a conditional offtake agreement under which, subject to certain conditions being met, the licensor was to supply the Company with a certain amount of the same type of products to be produced at the licensed facility in order to accelerate market development for these products and related applications. In July 2025, the Company terminated the conditional offtake agreement and entered into an umbrella sale and purchase agreement with the licensor, which does not contain any minimum purchase volumes. The Company made the decision to indefinitely suspend further development of the furanics platform development and determined the value of the payments made for the nonexclusive license were not recoverable. As a result, the Company recorded an impairment charge of $12.9 million to impairment of assets on the consolidated statements of operations and comprehensive loss for the years ended December 31, 2025.

In December 2016, the Company entered into a patent license agreement for $0.5 million, which expires upon expiration of the last to expire of the licensed patents. Under this agreement, if the Company manufactures specific products at Origin 1 based on the patents and sells those products, the Company would pay a royalty up to a cumulative $0.5 million. Thereafter, no further payments will be due for any production at Origin 1. If production of products based on the licensed patents occurs at other facilities, the Company will pay an upfront license fee royalty and a variable royalty based on production at that subsequent facility, capped at an aggregate $10.0 million per such facility. Certain products that the Company is currently developing, if sold, are expected to utilize these patents. The Company does not currently anticipate such sales. No payments have been made under this agreement through December 31, 2025.

In September 2011, the Company entered into a nonexclusive patent license agreement, which expires upon expiration of the patent. Under this agreement, if the Company develops and sells specific products based on the patent, the Company would pay a royalty up to $2.0 million per year and $10.0 million in the aggregate. Certain products that the Company is currently developing, if sold, are expected to utilize these patents. The Company does not currently anticipate such sales. There were $0.1 million and $0.1 million payments for the royalties made for the years ended December 31, 2025 and 2024, respectively.

The Company enters into supply and service arrangements in the normal course of business. Supply arrangements are primarily for fixed-price manufacture and supply. Service agreements are primarily for the development of manufacturing processes and certain studies. Commitments under service agreements are subject to cancellation at our discretion which may require payment of certain cancellation fees. The timing of completion of service arrangements is subject to variability in estimates of the time required to complete the work.

***Contingencies***

At times there may be claims and legal proceedings generally incidental to the normal course of business that are pending or threatened against the Company. Since August 2023, the Company has been litigating a putative securities class action in the United States District Court for the Eastern District of California (the "Court") against the Company and certain of its officers alleging violations of the federal securities laws in connection with the Company's announcement on August 9, 2023, that it expected the timeline for construction of its Origin 2 project to be delayed (*In re Origin Materials, Inc. Sec. Litig.*, No. 2:23-cv-01816-WBS-JDP (E.D. Cal.)). In March 2025, two shareholders each filed a derivative complaint in the Eastern District of California against certain of the Company's current and former directors, with the Company as a nominal defendant. The cases are *Thomas Kaspar v. John Bissell, et al.*, Case No. 2:25-at-00326 (E.D. Cal. Mar. 7, 2025) and *Travis Tanasse v. John Bissell, et al.*, Case No. 2:25-at-00331 (E.D. Cal. Mar. 10, 2025). The complaints alleged breaches of fiduciary duty and related state and federal claims in connection with the same August 9, 2023 announcement by the Company that is at issue in the *In re Origin Materials, Inc. Sec. Litig.* case. As relief, purportedly on behalf of the Company, each plaintiff has sought unspecified damages, fees and costs, and governance changes. In October 2025, the Company entered into binding agreements to settle the putative shareholder class action lawsuit and the related derivative litigation. On January 7, 2026, the Court granted preliminary approval of the settlement of the securities class action, and on January 20, 2026, the Court granted final approval of the settlement of the derivative litigation.

------

**18. Basic and Diluted Net Loss Per Share**

The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders. Basic net loss per share is computed by dividing net loss for the period by the weighted-average number of common shares outstanding during the period, which excludes Sponsor Vesting Shares which are legally outstanding, but subject to return to the Company. Diluted net loss per share is computed by dividing net loss for the period by the weighted-average common shares outstanding during the period, plus the dilutive effect of the stock options and RSU awards, as applicable pursuant to the treasury stock method. The following table sets forth the computation of basic and diluted net loss per share:

---

| | | |
|:---|:---|:---|
| *(In thousands, except for share and per share amounts)* | **December 31, 2025** | **December 31, 2024** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders—Basic | $(249698) | $(83697) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to common stockholders—Diluted | $(249698) | $(83697) |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding—Basic (1) | 4939958 | 4773088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding—Diluted (1) | 4939958 | 4773088 |
| Net loss per share—Basic | $(50.55) | $(17.54) |
| Net loss per share—Diluted | $(50.55) | $(17.54) |

---

(1)Excludes weighted-average Sponsor Vesting Shares subject to return of 74,247 and 124,247 shares for the years ended December 31, 2025 and 2024, respectively.

Diluted net loss per share reflects the potential dilution of securities that could dilute share in the earnings of an entity. The following potentially dilutive securities for common stock were outstanding and excluded from diluted net loss per share as they are subject to performance or market conditions that were not achieved as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Options to purchase common stock | 35,274 | 35,274 |
| PSU awards | 41,636 | 53,007 |
| Earnout shares | 833,333 | 833,333 |
| Sponsor vesting shares | 50,000 | 100,000 |

---

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Options to purchase common stock | 46,553 | 95,325 |
| Warrants to purchase common stock | 1,182,554 | 1,182,554 |
| RSU awards | 281,401 | 471,327 |
| Convertible notes (if converted) | 885,911 |  |

---

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures**

None.

**Item 9A. Controls and Procedures**

------

**Limitations on Effectiveness of Controls and Procedures**

In designing and evaluating our "disclosure controls and procedures," as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and "internal controls over financial reporting," as such term is defined in Rule 13a-15(f) under the Exchange Act, our management, including our Chief Executive Officer and Chief Financial Officer/Chief Operating Officer, believe that our disclosure controls and procedures and our internal control over financial reporting are designed to provide reasonable assurance of achieving their objectives and are effective at the reasonable assurance level. Our management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all instances of fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control deficiencies and instances of fraud, if any, have been detected. The design of any system of controls also is based partly on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions.

**Evaluation of Disclosure Controls and Procedures**

Our management, under the direction of our Chief Executive Officer and Chief Financial Officer/Chief Operating Officer, has evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based on this evaluation, our management, including our Chief Executive Officer and Chief Financial Officer/Chief Operating Officer, has concluded that, as of December 31, 2025, our disclosure controls and procedures were effective at the reasonable assurance level.

**Management's Annual Report on Internal Control Over Financial Reporting**

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Our management, under the supervision and with the participation of our Chief Executive Officer and Chief Financial Officer/Chief Operating Officer, conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this evaluation, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control—Integrated Framework (2013). Based upon the results of its evaluation, our management concluded that, as of December 31, 2025, our internal control over financial reporting was effective.

This annual report does not include an attestation report of the Company's registered public accounting firm regarding internal control over financial reporting. The Company's internal control over financial reporting was not subject to attestation by the Company's registered public accounting firm as we are a non-accelerated filer.

Our management will continue to monitor and evaluate the effectiveness of its disclosure controls and procedures, as well as its internal control over financial reporting, on an ongoing basis, and is committed to taking further action and implementing additional improvements, as necessary and as funds allow. Our management believes that there are no material inaccuracies or omissions of material fact and, to the best of its knowledge, believes that the consolidated financial statements included in this annual report present fairly, in all material respects, our financial position, results of operations, and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States.

**Changes in Internal Control Over Financial Reporting**

There has been no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fourth quarter of the fiscal year ended December 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

Not applicable.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

------

**Part III** 

Certain information required by Part III is omitted from this Annual Report on Form 10-K and incorporated by reference to our Proxy Statement, to be filed with the SEC pursuant to Regulation 14A of the Exchange Act. If our Proxy Statement is not filed within 120 days after the end of the fiscal year covered by this Annual Report on Form 10-K, the omitted information will be included in an amendment to this Annual Report on Form 10-K filed not later than the end of such 120-day period.

**Item 10. Directors, Executive Officers and Corporate Governance**

Our Code of Business Conduct and Ethics applies to all of our employees, officers and directors. This includes our Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or controller, or persons performing similar functions. The full text of our Code of Business Conduct and Ethics may be viewed at the investors relations portion of our website at https://investors.originmaterials.com/, in the section entitled "Investors—Governance—Governance Documents." We intend to satisfy the disclosure requirements under Item 5.05 of the SEC Form 8-K regarding an amendment to, or waiver from, a provision of our Code of Business Conduct and Ethics by posting such information on our website at the website address and location specified above.

We have adopted an Insider Trading Policy governing the purchase, sale and/or other dispositions of our securities by our directors, officers and employees. A copy of the Insider Trading Policy is filed as an exhibit to this Annual Report on Form 10-K. In addition, it is our practice to comply with the applicable laws and regulations relating to insider trading.

Other information required by this item is incorporated by reference to the information to be set forth under the caption "Directors, Executive Officers and Corporate Governance" in our Proxy Statement.

**Item 11. Executive Compensation**

The information required by this item is incorporated by reference to the information to be set forth under the captions "Director Compensation" and "Executive Compensation" in our Proxy Statement.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

The information required by this item is incorporated by reference to the information to be set forth under the captions "Equity Compensation Plan Information" and "Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters" in our Proxy Statement.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

The information required by this item is incorporated by reference to the information to be set forth under the captions "Directors, Executive Officers and Corporate Governance" and "Certain Relationships and Related Transactions, and Director Independence" in our Proxy Statement.

**Item 14. Principal Accounting Fees and Services**

The information required by this item is incorporated by reference to the information to be set forth under the captions "Principal Accounting Fees and Services" and "Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm" in our Proxy Statement.

**Part IV**

**Item 15. Exhibit and Financial Statement Schedules** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exhibits.

The exhibits listed below are filed as part of this Annual Report on Form 10-K (or are incorporated by reference herein):

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** |
| **Exhibit<br>No.** | **Description** | **Form** | **File No.** | **Exhibit** | **Filing Date** |
| 2.1+ | <u>[Agreement and Plan of Merger, dated as of February 16, 2021.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521172503/d147960ds4a.htm#anna)</u> | S-4/A | 333-254012 | 2.1 | May 25, 2021 |
| 2.2 | <u>[Letter Agreement, dated as of March 5, 2021.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521172503/d147960ds4a.htm#annb)</u> | S-4/A | 333-254012 | 2.2 | May 25, 2021 |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of the Company](https://www.sec.gov/Archives/edgar/data/1802457/000119312521206309/d152805dex33.htm).</u>  | 8-K | 001-39378 | 3.3 | July 1, 2021 |
| 3.2 | <u>[Amended and Restated Bylaws of the Company](https://www.sec.gov/Archives/edgar/data/1802457/000180245725000082/originmaterialsinc-amend.htm).</u>  | 8-K | 001-39378 | 3.1 | December 11, 2025 |
| 4.1 | <u>[Specimen Common Stock Certificate of the Company.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex45.htm)</u> | S-4/A | 333-254012 | 4.5 | May 25, 2021 |
| 4.2 | <u>[Specimen Warrant Certificate of the Company.](https://www.sec.gov/Archives/edgar/data/1802457/000119312520186768/d869424dex43.htm)</u> | S-1/A | 333-239421 | 4.3 | July 2, 2020 |
| 4.3 | <u>[Warrant Agreement between the Company and Continental Stock Transfer & Trust Company, dated July 13, 2020.](https://www.sec.gov/Archives/edgar/data/1802457/000119312520194067/d53738dex41.htm)</u> | 8-K | 001-39378 | 4.1 | July 16, 2020 |
| 4.4 | <u>[Certificate of Corporate Domestication of Artius.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex46.htm)</u> | S-4/A | 333-254012 | 4.6 | May 25, 2021 |
| 4.5 | <u>[Description of Securities.](https://www.sec.gov/Archives/edgar/data/1802457/000180245722000007/orgn-20211231xexx45.htm)</u> | 10-K | 001-39378 | 4.5 | March 1, 2022 |
| 10.1# | <u>[Form of Performance Stock Unit Agreement under the Origin Materials 2021 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1802457/000180245721000008/orgn-2021x0901xexx101.htm)</u> | 10-Q | 001-39378 | 10.1 | November 12, 2021 |
| 10.2# | <u>[Form of Restricted Stock Unit Agreement under the Origin Materials 2021 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1802457/000180245721000008/orgn-2021x0901xexx102.htm)</u> | 10-Q | 001-39378 | 10.2 | November 12, 2021 |
| 10.3# | <u>[Form of Director Stock Unit Agreement under the Origin Materials 2021 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1802457/000180245721000008/orgn-2021x0901xexx103.htm)</u> | 10-Q | 001-39378 | 10.3 | November 12, 2021 |
| 10.4\* | <u>[Amendment No. 1 to Offtake Supply Agreement by and between Origin Materials Inc. and Danone Asia Pte Ltd. dated August 1, 2022](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000018/danone_originxotaorigin2.htm)</u> | 10-K | 001-39378 | 10.4 | February 23, 2023 |
| 10.5 | <u>[Investor Rights Agreement, by and between the Company and certain stockholders, dated June 25, 2021.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521206309/d152805dex105.htm)</u>  | 8-K | 001-39378 | 10.5 | June 25, 2021 |
| 10.6# | <u>[Form of Indemnification Agreement.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521206309/d152805dex106.htm)</u> | 8-K | 001-39378 | 10.6 | June 25, 2021 |
| 10.7#\* | <u>[Fourth](exhibit107.htm)[Amended and Restated Non-Employee Director Compensation Policy.](exhibit107.htm)</u> | 10-K | 001-39378 | 10.7 | March 27, 2026 |
| 10.8# | <u>[Micromidas, Inc. 2010 Stock Incentive Plan, as amended.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521172503/d147960ds4a.htm#annf)</u> | S-4/A | 333-254012 | 10.1 | May 25, 2021 |
| 10.9# | <u>[Forms of Incentive Stock Option Award Notice, Incentive Stock Option Award Agreement, Exercise Notice and Investment Representation Statement under the 2010 Stock Incentive Plan.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex102.htm)</u>  | S-4/A | 333-254012 | 10.2 | May 25, 2021 |
| 10.10# | <u>[Micromidas, Inc. 2020 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521172503/d147960ds4a.htm#anng)</u> | S-4/A | 333-254012 | 10.3 | May 25, 2021 |
| 10.11# | <u>[Forms of Stock Option Grant Notice, Option Agreement and Exercise Notice under the 2020 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex104.htm)</u> | S-4/A | 333-254012 | 10.4 | May 25, 2021 |
| 10.12# | <u>[Origin Materials 2021 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521206309/d152805dex1012.htm)</u> | 8-K | 001-39378 | 10.12 | June 25, 2021 |
| 10.13# | <u>[Form of Stock Option Grant Notice, Stock Option Agreement, Restricted Stock Unit Grant Notice and Restricted Stock Unit Award Agreement under the 2021 Equity Incentive Plan.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521206309/d152805dex1013.htm)</u> | 8-K | 001-39378 | 10.13 | June 25, 2021 |
| 10.14# | <u>[Origin Materials 2021 Employee Stock Purchase Plan.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521206309/d152805dex1014.htm)</u> | 8-K | 001-39378 | 10.14 | June 25, 2021 |
| 10.15# | <u>[Offer Letter, dated January 9, 2018, by and between Micromidas, Inc. and Joshua Lee.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex108.htm)</u>  | S-4/A | 333-254012 | 10.8 | May 25, 2021 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 10.16 | <u>[Standard Industrial/Commercial Multi-Tenant Lease for 930 Riverside Parkway, Suites 10-30, West Sacramento, CA 95605, by and between Harsch Investment Properties, LLC and Micromidas, Inc., dated May 22, 2020.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex1010.htm)</u> | S-4/A | 333-254012 | 10.10 | May 25, 2021 |
| 10.17 | <u>[Standard Industrial/Commercial Multi-Tenant Lease for 970 Riverside Parkway, Suite 40, West Sacramento, CA 95605, by and between Harsch Investment Properties, LLC and Micromidas, Inc., dated February 28, 2013.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex1011.htm)</u>  | S-4/A | 333-254012 | 10.11 | May 25, 2021 |
| 10.18 | <u>[Second Amendment to Lease for 970 Riverside Parkway, Suite 40, West Sacramento, CA 95605, by and between Harsch Investment Properties, LLC and Micromidas, Inc., dated May 11, 2015.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex1012.htm)</u> | S-4/A | 333-254012 | 10.12 | May 25, 2021 |
| 10.19 | <u>[Third Amendment to Lease for 970 Riverside Parkway, Suite 40, West Sacramento, CA 95605, by and between Harsch Investment Properties, LLC and Micromidas, Inc., dated May 22, 2020.](https://www.sec.gov/Archives/edgar/data/0001802457/000119312521073546/d147960dex1013.htm)</u> | S-4/A | 333-254012 | 10.13 | May 25, 2021 |
| 10.20 | <u>[Form of Sponsor Letter Agreement.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521172503/d147960ds4a.htm#annj)</u> | S-4/A | 333-254012 | 10.16 | May 25, 2021 |
| 10.21 | <u>[Private Placement Warrants Purchase Agreement between the Company and Artius Acquisition Partners LLC.](https://www.sec.gov/Archives/edgar/data/1802457/000119312520194067/d53738dex103.htm)</u> | 8-K | 001-39378 | 10.3 | July 16, 2020 |
| 10.22 | <u>[Amended and Restated Secured Promissory Note, by and among Micromidas, Inc., Origin Materials Canada Holding Limited, Origin Materials Canada Pioneer Limited and Danone Asia Pte Ltd, dated May 17, 2019.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1033.htm)</u> | S-4/A | 333-254012 | 10.33 | May 25, 2021 |
| 10.23 | <u>[First Amendment to Amended and Restated Secured Promissory Note, by and among Micromidas, Inc., Origin Materials Canada Holding Limited, Origin Materials Canada Pioneer Limited and Danone Asia Pte Ltd, dated November 8, 2019.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1034.htm)</u> | S-4/A | 333-254012 | 10.34 | May 25, 2021 |
| 10.24 | <u>[Second Amendment to Amended and Restated Secured Promissory Note, by and among Micromidas, Inc., Origin Materials Canada Holding Limited, Origin Materials Canada Pioneer Limited and Danone Asia Pte Ltd, dated May 21, 2020.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1035.htm)</u> | S-4/A | 333-254012 | 10.35 | May 25, 2021 |
| 10.25 | <u>[Third Amendment to Amended and Restated Secured Promissory Note, by and among Micromidas, Inc., Origin Materials Canada Holding Limited, Origin Materials Canada Pioneer Limited and Danone Asia Pte Ltd, dated January 22, 2021.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1036.htm)</u> | S-4/A | 333-254012 | 10.36 | May 25, 2021 |
| 10.26+^ | <u>[Offtake Supply Agreement, by and between Micromidas, Inc. and Pepsi-Cola Advertising and Marketing, Inc., dated August 3, 2018.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1042.htm)</u> | S-4/A | 333-254012 | 10.42 | May 25, 2021 |
| 10.27^ | <u>[Amendment No. 1 to Offtake Supply Agreement, by and between Micromidas, Inc. and Pepsi-Cola Advertising and Marketing, Inc., dated October 24, 2019.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1043.htm)</u> | S-4/A | 333-254012 | 10.43 | May 25, 2021 |
| 10.28+^ | <u>[Amended and Restated Offtake Supply Agreement, by and between Micromidas, Inc. and Danone Asia Pte Ltd, dated May 17, 2019.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1044.htm)</u> | S-4/A | 333-254012 | 10.44 | May 25, 2021 |
| 10.29+^ | <u>[Offtake Supply Agreement, by and between Micromidas, Inc. and Packaging Equity Holdings, LLC, dated December 13, 2020.](https://www.sec.gov/Archives/edgar/data/1802457/000119312521146737/d147960dex1046.htm)</u> | S-4/A | 333-254012 | 10.46 | May 25, 2021 |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 10.30+^ | <u>[Offtake Supply Agreement (Origin 2) by and between Origin Materials Operating, Inc. and Danone Asia Pte Ltd, dated August 1, 2022](https://www.sec.gov/Archives/edgar/data/1802457/000162828022020662/exhibit1051-posamsx3.htm)</u>. | POS-AM | 333-257931 | 10.51 | August 3, 2022 |
| 10.31+^ | <u>[Fourth Amendment to Amended and Restated Secured Promissory Note by and between Origin Materials Operating, Inc. and Danone Asia Pte Ltd, Origin Materials Canada Holding Limited, and Origin Materials Canada Pioneer Limited, dated August 1, 2022](https://www.sec.gov/Archives/edgar/data/1802457/000162828022020662/exhibit1052-posamsx3.htm)</u>. | POS-AM | 333-257931 | 10.52 | August 3, 2022 |
| 10.32+^ | <u>[Amendment No. 2 to Offtake Supply Agreement (Origin 2) by and between Origin Materials Operating, Inc. and Pepsi-Cola Advertising and Marketing, Inc., dated May 10, 2023.](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000049/orgn-20230331xexx33.htm)</u> | 10-Q | 001-39378 | 3.3 | May 10, 2023 |
| 10.33^ | <u>[Second Amendment to the Offtake Supply Agreement by and between Danone Asia Pte Ltd. and the Company, dated as of July 10, 2023](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000089/danone_originxofftakeamend.htm)</u>. | 10-Q | 001-39378 | 10.1 | August 9, 2023 |
| 10.34^ | <u>[First Amendment to Lease for 930 Riverside Parkway, Suite 40-60, West Sacramento, CA 95605, by and between Schnitzer Properties, LLC and Origin Materials Operating, Inc., dated August 1, 2023](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000089/firstamendmenttoleasefor93.htm)</u>. | 10-Q | 001-39378 | 10.2 | August 9, 2023 |
| 10.35^ | <u>[First Amendment to Lease for 930 Riverside Parkway, Suite 70, West Sacramento, CA 95605, by and between Schnitzer Properties, LLC and Origin Materials Operating, Inc., dated August 1, 2023](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000089/firstamendmenttoleasefor93a.htm)</u>. | 10-Q | 001-39378 | 10.3 | August 9, 2023 |
| 10.36^ | <u>[Second Amendment to Lease for 930 Riverside Parkway, Suite 10-30, West Sacramento, CA 95605, by and between Schnitzer Properties, LLC and Origin Materials Operating, Inc., dated August 1, 2023](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000089/secondamendmenttoleasefor9.htm)</u>. | 10-Q | 001-39378 | 10.4 | August 9, 2023 |
| 10.37^ | <u>[Fifth Amendment to Lease for 970 Riverside Parkway, Suite 40, West Sacramento, CA 95605, by and between Schnitzer Properties, LLC and Origin Materials Operating, Inc., dated August 1, 2023](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000089/fifthamendmenttoleasefor97.htm)</u>. | 10-Q | 001-39378 | 10.5 | August 9, 2023 |
| 10.38^ | <u>[Offer Letter, dated September 25, 2023, by and between Origin Materials, Inc. and Matthew Plavan](https://www.sec.gov/Archives/edgar/data/1802457/000180245723000097/orgn-20238kxex101.htm)</u>. | 8-K | 001-39378 | 10.1 | October 1, 2023 |
| 10.39\* | <u>[Separation and Advisory Agreement, dated December 17, 2024, by and between the Company and Rich Riley.](https://www.sec.gov/ix?doc=/Archives/edgar/data/1802457/000180245724000070/orgn-20241213.htm)</u> | 8-K | 001-39378 | 10.1 | December 17, 2024 |
| 10.40 | <u>[Secured Promissory Note, by and between the Company and Starlinger & Co Gesellschaft m.b.H., dated September 22, 2025](https://www.sec.gov/Archives/edgar/data/1802457/000180245725000072/orgn-20258xkitem101ex101.htm)</u> | 8-K | 001-39378 | 10.1 | October 7, 2025 |
| 10.41 | <u>[Guaranty Agreement, by and between the Company and Starlinger & Co Gesellschaft m.b.H., dated September 22, 2025](https://www.sec.gov/Archives/edgar/data/1802457/000180245725000072/orgn-20258xkitem101ex102.htm)</u> | 8-K | 001-39378 | 10.2 | October 7, 2025 |
| 10.42 | <u>[Securities Purchase Agreement, dated November 13, 2025, by and among the Company and the purchaser.](https://www.sec.gov/Archives/edgar/data/1802457/000180245725000076/ex101orgnsecuritiespurch.htm)</u> | 8-K | 001-39378 | 10.1 | November 17, 2025 |
| 10.43 | <u>[Security Agreement, dated November 17, 2025, by and among the Company and the purchaser.](https://www.sec.gov/Archives/edgar/data/1802457/000180245725000076/ex102orgnsecuritiespurch.htm)</u> | 8-K | 001-39378 | 10.2 | November 17, 2025 |
| 10.44 | <u>[Amendment to Securities Purchase Agreement and Note, dated December 22, 2025, by and among the Company and the Purchaser](https://www.sec.gov/Archives/edgar/data/1802457/000180245725000087/exhibit101.htm)</u>. | 8-K | 001-39378 | 10.1 | December 23, 2025 |

---

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 10.45#\* | <u>[F](exhibit1045.htm)[orm of Executive](exhibit1045.htm)[Officer Retention Agreements](exhibit1045.htm)</u> | 10-K | 001-39378 | 10.45 | March 27, 2026 |
| 19.1\* | <u>[Insider Trading Policy](https://www.sec.gov/Archives/edgar/data/1802457/000180245724000019/originmaterials-insidert.htm)</u>. | 10-K | 001-39378 | 19.1 | March 4, 2024 |
| 21.1\* | <u>[List of subsidiaries](orgn-20251231xexx211.htm)</u>. | 10-K | 001-39378 | 21.1 | March 27, 2026 |
| 23.1\* | <u>[Consent of Deloitte & Touche LLP, independent registered public accounting firm.](orgn-20251231xexx231.htm)</u> |  |  |  |  |
| 24.1\* | Power of Attorney (included on signature page). |  |  |  |  |
| 31.1\* | <u>[Certification of Principal Executive Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended.](orgn-20251231xexx311.htm)</u> |  |  |  |  |
| 31.2\* | <u>[Certification of Principal Financial Officer pursuant to Rules 13a-14(a) and 15d-14(a) promulgated under the Securities Exchange Act of 1934, as amended.](orgn-20251231xexx312.htm)</u> |  |  |  |  |
| 32.1\*% | <u>[Certification of Principal Executive Officer and Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](orgn-20251231xexx321.htm)</u> |  |  |  |  |
| 97.1\* | <u>[Incentive Compensation Recoupment Policy](https://www.sec.gov/Archives/edgar/data/1802457/000180245724000019/originmaterials-incentiv.htm)</u>. | 10-K | 001-39378 | 97.1 | March 4, 2024 |
| 101.INS\* | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |  |  |  |  |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema with Embedded Linkbase Documents |  |  |  |  |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |  |  |  |  |

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______________

\*Filed herewith.

^&nbsp;&nbsp;&nbsp;&nbsp; Certain confidential portions (indicated by brackets and asterisks) have been omitted from this exhibit in accordance with the rules of the Securities and Exchange Commission.

+ Schedules and exhibits have been omitted pursuant to Items 601(a)(5) and 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.

#&nbsp;&nbsp;&nbsp;&nbsp; Indicates a management or compensatory plan

%&nbsp;&nbsp;&nbsp;&nbsp;Furnished herewith and not deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Statement Schedules.

Schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes thereto.

**Item 16. Form 10-K Summary**

None.

------

**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | ORIGIN MATERIALS, INC. | ORIGIN MATERIALS, INC. |
| Date: March 27, 2026 | By: | /s/ John Bissell |
|  |  | John Bissell |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

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**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below hereby constitutes and appoints John Bissell, and Matthew Plavan, and each of them, his or her true and lawful attorneys-in-fact and agents, each with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to do any and all things and execute any and all instruments that such attorney may deem necessary or advisable under the Securities Exchange Act of 1934, as amended, and any rules, regulations and requirements of the Securities and Exchange Commission in connection with this Annual Report and any and all amendments hereto, as fully and for all intents and purposes as he or she might do or could do in person, and hereby ratifies and confirms all that each of said attorneys-in-fact and agents, or his or her substitute or substitutes may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Annual Report has been signed below by the following persons, being a majority of the Board of Directors of Origin Materials, Inc., on behalf of the registrant on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ John Bissell | Chief Executive Officer and Director | March 27, 2026 |
| John Bissell | (Principal Executive Officer) |  |
| /s/ Matthew Plavan | Chief Financial Officer and Chief Operating Officer | March 27, 2026 |
| Matthew Plavan | (Principal Financial and Accounting Officer) |  |
| /s/ R. Tony Tripeny | Chairperson of the Board | March 27, 2026 |
| R. Tony Tripeny |  |  |
| /s/ Kathleen B. Fish | Director | March 27, 2026 |
| Kathleen B. Fish |  |  |
| /s/ William J. Harvey | Director | March 27, 2026 |
| William J. Harvey |  |  |
| /s/ John Hickox | Director | March 27, 2026 |
| John Hickox |  |  |
| /s/ Craig A. Rogerson | Director | March 27, 2026 |
| Craig A. Rogerson |  |  |
| /s/ Jim Stephanou | Director | March 27, 2026 |
| Jim Stephanou |  |  |

---

## Exhibit 10.7

![](exhibit107001.jpg)

1 324989369 v3 ORIGIN MATERIALS, INC. FOURTH AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION POLICY Each member of the Board of Directors (the "Board") who is not (i) also serving as an employee of, or consultant to, Origin Materials, Inc. (the "Company") or any of its subsidiaries, or (ii) affiliated with Artius Acquisition Partners LLC (each such member, an "Eligible Director") will receive the compensation described in this Fourth Amended and Restated Non-Employee Director Compensation Policy (as amended or amended and restated from time to time, this "Policy") for his or her Board service. An Eligible Director may decline all or a portion of his or her compensation by giving notice to the Company prior to the date quarterly cash payments are to be paid, or equity awards are to be granted, subject to compliance with applicable laws. This Policy is effective as of October 30, 2025 (the "Effective Date") and may be amended at any time in the sole discretion of the Board. I. Annual Cash Compensation The annual cash compensation set forth below will be payable in arrears to Eligible Directors in equal quarterly installments. If an Eligible Director joins the Board or a committee of the Board at a time other than effective as of the first day of a fiscal quarter, each annual retainer set forth below will be pro-rated based on days served in the applicable fiscal quarter, with the pro-rated amount paid for the first fiscal quarter in which the Eligible Director provides the service and regular full quarterly payments thereafter. All annual cash fees are vested upon payment. 1. Annual Cash Service Retainer: a. All Eligible Directors: $50,000 2. Annual Committee Chair Service Retainer: a. Chair of the Audit Committee: $20,000 b. Chair of the Compensation Committee: $15,000 c. Chair of the Nominating & Corporate Governance Committee: $15,000 d. Chair of the Operational Excellence Committee: $15,000 3. Annual Committee Member Service Retainer (not applicable to Committee Chairs): a. Member of the Audit Committee: $10,000 b. Member of the Compensation Committee: $5,000 c. Member of the Nominating & Corporate Governance Committee: $5,000 d. Member of the Operational Excellence Committee: $5,000 II. Expenses The Company will reimburse Eligible Directors for ordinary, necessary and reasonable out-of-pocket travel expenses to cover in-person attendance at, and participation in, Board and committee meetings; provided, that the Eligible Director timely submits to the Company appropriate documentation substantiating such expenses in accordance with the Company's travel and expense policy, as in effect from time to time. Exhibit 10.7

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![](exhibit107002.jpg)

2 324989369 v3 III. Equity Compensation The equity compensation set forth below will be granted under the Company's 2021 Equity Incentive Plan (the "Plan"). All equity awards granted under this Policy will be documented on the applicable form of equity award agreement most recently approved for use by the Board or the Compensation Committee of the Board (the "Compensation Committee") for Eligible Directors. 1. Initial Grants: For each Eligible Director who is first elected or appointed to the Board on or following the Effective Date, on the date of such Eligible Director's initial election or appointment to the Board (or, if such date is not a market trading day, the first market trading day thereafter), the Eligible Director will automatically, and without further action by the Board, be granted a number of restricted stock units ("RSUs") with a value of $150,000 (the "Initial Grant"). The Initial Grant will vest in substantially equal installments on each of the first three anniversaries of the date of grant, subject to the Eligible Director's continuing service on the Board through each such vesting date. In addition to the Initial Grant, any Eligible Director who is first appointed or elected by the Board on a date other than an annual stockholder meeting of the Company will automatically, and without further action by the Board, be granted an additional number of RSUs (the "Prorated Annual Grant") with a value of $130,000 (or, in the case of the Chairman of the Board, $205,000); provided, that such value will be prorated to reflect the Eligible Director's partial year of service, with such proration calculated by multiplying $130,000 (or, in the case of the Chairman of the Board, $205,000), by a fraction (the numerator of which will equal the number of calendar months during the period beginning with the month in which the Eligible Director's election or appointment date occurs and ending with the month in which the next annual stockholder meeting will occur (or, if such month is unknown, the month in which the first anniversary of the most recent annual stockholder meeting will occur) and the denominator of which will equal 12). The Prorated Annual Grant will vest in full on the first anniversary of the date of grant, subject to the Eligible Director's continuing service on the Board through such vesting date; provided, that the Prorated Annual Grant will in any case be fully vested on the date of the Company's next annual stockholder meeting, subject to the Eligible Director's continuing service on the Board through such vesting date. 2. Annual Grants: On the date of each annual stockholder meeting of the Company held on or after the Effective Date, each Eligible Director who continues to serve as a non-employee member of the Board following such stockholder meeting (including any Eligible Director who is first appointed or elected by the Board at such meeting) will automatically, and without further action by the Board, be granted RSUs with a value of $130,000 (or, in the case of the Chairman of the Board, $205,000) (the "Annual Grant"). The Annual Grant will vest in full on the first anniversary of the date of grant, subject to the Eligible Director's continuing service on the Board through such vesting date; provided, that the Annual Grant will in any case be fully vested on the date of the Company's next annual stockholder meeting, subject to the Eligible Director's continuing service on the Board through such vesting date. 3. Change in Control: Notwithstanding the foregoing, for each Eligible Director who remains in continuous service on the Board until immediately prior to the closing of a Change in Control (as defined in the Plan), the RSUs and any Cash Award (as defined below) that were granted pursuant to this Policy will become fully vested and, as applicable, due and payable immediately prior to the closing of such Change in Control. 4. Calculation of RSU Awards: Notwithstanding anything to the contrary herein, the number of shares of Common Stock (as defined in the Plan) subject to each Initial Grant, each Prorated Annual Grant, and each Annual Grant shall be determined by dividing (i) the applicable value indicated for the grant above by (ii) the Share Price (as defined below), rounded down to the nearest whole share. "Share Price" means the average closing price of a share of Common Stock, as reported on the primary U.S. exchange for the Common Stock, for the 60 consecutive trading days preceding the date of grant.

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![](exhibit107003.jpg)

3 324989369 v3 IV. Elections 1. Deferral Elections. Unless and until otherwise determined by the Board and subject to the terms of this Policy, each Eligible Director may elect to defer the delivery of shares in settlement of any RSUs granted pursuant to this Policy that would otherwise be delivered to such Eligible Director on or following the date such RSUs vest (a "Deferral Election"). 2. Retainer Grant Elections. Unless and until otherwise determined by the Board and subject to the terms of this Policy, an Eligible Director may elect to forego receiving payment of all (but not less than all) of the compensation the Eligible Director is otherwise eligible to receive in cash under Article I of this Policy and instead receive fully vested RSUs (such RSUs, the "Retainer Grant" and such election, a "Retainer Grant Election"). If an Eligible Director timely makes a Retainer Grant Election, such Eligible Director will be automatically, and without any further action by the Board or the Compensation Committee, granted a Retainer Grant on the last trading day of each applicable fiscal quarter. Each Retainer Grant will cover a number of RSUs equal to (a) the aggregate amount of cash compensation under Article I of this Policy that such Eligible Director is eligible to receive for the applicable fiscal quarter divided by (b) the average closing price of a share of Common Stock, as reported on the primary U.S. exchange for the Common Stock, for the 60 consecutive trading days preceding the grant date, rounded down to the nearest whole share. An Eligible Director who does not make a timely Retainer Grant Election will not receive a Retainer Grant and instead will receive the cash compensation under Article I of this Policy. 3. Cash in Lieu of Annual Grant Election. Unless and until otherwise determined by the Board and subject to the terms of this Policy, an Eligible Director may elect to forego receiving the Annual Grant (but not less than the full amount of the Annual Grant) the Eligible Director is eligible to receive under Article III.2 of this Policy and shall instead receive a cash amount equal to the applicable value of the Annual Grant set forth above divided by the applicable Share Price for the Annual Grant, rounded down to the nearest dollar (such election, a "Cash Election" and each such cash award, a "Cash Award"). The Cash Award shall automatically, and without any further action by the Board or the Compensation Committee, be granted on the date the Annual Grant, in respect of which such election relates, would have been granted absent such Cash Election. The Cash Award will vest and be payable on the first anniversary of the date of grant, subject to the Eligible Director's continuing service on the Board through such vesting date; provided, that the Cash Award will in any case be fully vested on the date of the Company's next annual stockholder meeting, subject to the Eligible Director's continuing service on the Board through such vesting date. Notwithstanding anything to the contrary herein, unless the Board or the Compensation Committee determines otherwise, as an additional condition to receiving a Cash Award, the Eligible Director shall use all cash the Eligible Director receives as a payment in connection with vesting of a Cash Award to purchase shares of Common Stock as soon as practicable following payment of such cash but no earlier than the first date the Eligible Director would be permitted to both (i) purchase such shares without violating the Company's Insider Trading Policy and (ii) purchase such shares without violating Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The Eligible Director shall not be required to use such cash payment (or any portion thereof) to purchase any shares of Common Stock that would cause the Eligible Director to hold more than the applicable number of Required Shares (as defined below). An Eligible Director who does not have an effective Cash Election in place on the date of an annual meeting of the Company's stockholders will not receive a Cash Award and instead will be eligible to receive the Annual Grant under and subject to the terms of Article III.2. 4. Election Procedures. Unless otherwise determined by the Board, for any such Deferral Election, Retainer Grant Election or Cash Election (each, an "Election") to be effective, it must be submitted to the Company's General Counsel (or such other individual as the Company designates) no later than: (a) with respect to a Deferral Election or Retainer Grant Election, on or prior to the last day of the calendar

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![](exhibit107004.jpg)

4 324989369 v3 year immediately prior to the calendar year in which the compensation to which the Election relates is earned or granted, or within 30 days after the applicable Eligible Director first becomes eligible to participate in the Policy; provided, that such Deferral Election or Retainer Grant Election will be applicable only to the portion of the compensation earned after the date such election is irrevocable (consistent with the requirements of Section 409A (as defined in the Plan)) and (b) with respect to a Cash Election, prior to the date of the annual meeting of the stockholders of the Company at which the Annual Grant that is covered by such election would be granted absent the Cash Election being properly and timely submitted. Further, an Eligible Director may only make a Retainer Grant Election and Cash Election during a period in which the Company is not in a quarterly or special blackout period and the Eligible Director is not aware of any material non-public information. As further conditions to making a Cash Election, an Eligible Director may not make a Cash Election unless (a) the Eligible Director resides outside the U.S. and (b) such election is made for non-U.S. tax planning purposes, as determined by the Company's General Counsel (or such other individual as the Company designates) in his or her sole discretion, and may not make a Cash Election if he or she is in violation of the Guidelines (as defined below). A Retainer Grant Election will be effective beginning with the first fiscal quarter following the fiscal quarter in which the Retainer Grant Election is made. A Cash Election will be effective on the date it is properly and timely submitted to the Company, provided that a Cash Election shall not be deemed effective on, and shall be deemed to have terminated immediately prior to, the date of any annual meeting of stockholders of the Company if the Eligible Director is not in compliance with the Guidelines as of such date, notwithstanding anything to the contrary herein. An Election will be irrevocable, and will be subject to such rules, conditions and procedures as shall be determined by the Board in its sole discretion, which rules, conditions and procedures shall at all times comply with the requirements of Section 409A (as defined in the Plan), unless otherwise specifically determined by the Board. Elections shall be made pursuant to a form of election approved by the Board. Elections will continue in effect and will be applicable to the applicable compensation paid or granted pursuant to this Policy in all subsequent calendar years, unless and until such Election is modified or terminated pursuant to this Policy. An Eligible Director may modify an Election by submitting a new Election to the Company's General Counsel (or such other individual as the Company designates) before the first day of any subsequent calendar year or, in the case of a Cash Election, before the date of the annual meeting of stockholders of the Company at which the Annual Grant that the new Cash Election would first cover would be granted, provided that any such modified Retainer Grant Election or Cash Election may only be made during a period in which the Company is not in a quarterly or special blackout period and the Eligible Director is not aware of any material non-public information. Any modified Election will commence effective with respect to such subsequent calendar year or, in the case of a Cash Election, on the date it is properly and timely submitted to the Company, but subject to the conditions of effectiveness for a Cash Election set forth above in this paragraph. V. Non-Employee Director Compensation Limit Notwithstanding the foregoing, the aggregate value of all compensation granted or paid, as applicable, to any individual for service as a Non-Employee Director (as defined in the Plan) shall in no event exceed the limits set forth in Section 3(d) of the Plan. VI. Share Ownership Guidelines 1. Purpose. These share ownership guidelines (these "Guidelines") are intended to align the interests of Eligible Directors with the interests of the stockholders of the Company and to further promote the Company's commitment to sound corporate governance. 2. Calculation of Required Shares. The number of Eligible Shares (as defined below) that an Eligible Director must hold to satisfy these Guidelines shall be calculated by dividing (a) the dollar amount equal to five times the Eligible Director's annual cash compensation under this Policy as of the Effective Date (or, if later, the calendar year of the Eligible Director's election or appointment) by (b) the

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![](exhibit107005.jpg)

5 324989369 v3 average closing price of a share of Common Stock, as reported on the primary U.S. exchange for the Common Stock, for the 60 consecutive trading days preceding December 31, 2022 (or, if later, the 60 consecutive trading days preceding December 31st of the calendar year of the Eligible Director's election or appointment) (such number of shares rounded up to the nearest whole share, "Required Shares"). Except as provided in Section 7 below, the applicable number of Required Shares shall not be recalculated and no Eligible Director shall be required to hold more Eligible Shares than the number of Required Shares by virtue of any decrease in the price of the Eligible Shares used to calculate the applicable number of Required Shares. 3. Compliance Period. Each Eligible Director must hold the applicable number of Required Shares by the fifth anniversary of such Eligible Director's election or appointment to the Board (the "Compliance Period"). During the Compliance Period, Eligible Directors are expected to make reasonable progress toward the applicable number of Required Shares on an annual basis. 4. Tracking Compliance with these Guidelines. An Eligible Director's ownership shall be reviewed annually by the Compensation Committee based on the number of such Eligible Director's Eligible Shares as of the last day of each calendar year to determine if such Eligible Director continues to hold the applicable number of Required Shares (or, during the Compliance Period, to assess progress towards meeting these Guidelines). If these Guidelines are deemed met for such year, the Eligible Director shall be deemed to comply with these Guidelines for the entire following year. 5. Eligible Shares. The following shares of Common Stock are "Eligible Shares" that shall be included in the calculation of an Eligible Director's share ownership, whether or not purchased on the open market or obtained through the exercise of options or vesting of equity awards granted by the Company to such Eligible Director: a. shares owned outright by the Eligible Director and by members of his or her immediate family (as defined in Rule 16a-1(e) under the Exchange Act) ("Family Member"); b. shares held in trust for the benefit of the Eligible Director or for the benefit of a Family Member of such Eligible Director; c. shares owed by an entity for which the Eligible Director serves as a partner or is otherwise materially affiliated with (as determined in the sole discretion of the Compensation Committee); and d. vested RSUs and unvested RSUs provided such RSUs are subject only to time-based vesting. 6. Failure to Comply with these Guidelines. If an Eligible Director fails to hold the applicable number of Required Shares by the end of the Compliance Period or, following the Compliance Period, on the last day of each calendar year, as applicable, the Compensation Committee may take the actions it determines appropriate. 7. Exceptions. These Guidelines may be temporarily suspended, at the discretion of the Compensation Committee (with any affected Eligible Director recusing himself or herself), if compliance would create severe hardship or prevent an Eligible Director from complying with a court order or applicable law. 8. Administration. The Compensation Committee shall administer these Guidelines and may delegate to members of management to assist it in carrying out its administrative functions hereunder, such as making calculations and tracking compliance.

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![](exhibit107006.jpg)

1 1 324989369 v3 ORIGIN MATERIALS, INC. FOURTH AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION POLICY Election Form For Eligible Directors Please complete and return this Election Form (the "Election Form"), as described below, [for existing non-employee directors making elections: by December 31, [insert calendar year that is immediately prior to the calendar year in which the compensation to which the election relates will be earned or granted] [for new non-employee directors: within 30 days following the date you join the Board] (the "Submission Deadline"). The grant of RSUs remains subject to the terms of the Company's Fourth Amended and Restated Non- Employee Director Compensation Policy (as may be hereinafter amended or amended and restated from time to time, the "Policy"). Neither the provision of this Election Form, nor your completion of this Election Form, represents a commitment by the Company to grant any RSUs to you. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Policy or the Plan, as applicable. I understand that my timely submission of this Election Form will become effective and irrevocable as of the Submission Deadline, provided that if this Election Form is properly submitted within 30 days following the date I first join the Board, it will become effective and irrevocable on the date I submit it. I. PERSONAL INFORMATION (Please print) Participant Name: II. DEFERRAL ELECTION I hereby elect to be issued all of the shares of Common Stock subject to my Deferred Awards (as defined below) that become vested on the earliest to occur of the following dates/events: • The sixtieth (60th) day following the date of my Separation from Service. However, if I am a "specified employee" for purposes of Section 409A, then the shares will be issued on the earlier of (i) the date of my death, or (ii) the date that is six months and one day after the date of my Separation from Service. • The date of a Section 409A Change in Control. My "Deferred Awards" are the awards of RSUs granted to me after the Submission Deadline, or on or prior to the Submission Deadline to the extent granted on or within 30 days following the effective date that I was first elected or appointed to the Board, that I have indicated below by placing a mark next to the award (any mark next to an award that is not eligible for deferral will be disregarded): Initial Grant Prorated Annual Grant Annual Grant Retainer Grants.

------

![](exhibit107007.jpg)

2 2 324989369 v3 Notwithstanding the foregoing, for each award of RSUs granted prior to the Submission Deadline that I have selected to be a Deferred Award, the number of RSUs subject to the award that will constitute a Deferred Award will be equal to the product of (i) the total number of RSUs subject to the award at the time of grant times (ii) the Proration Fraction (as defined below), rounded down to the nearest whole RSU, and the remainder of the RSUs subject to such award will not constitute (or otherwise be part of) a Deferred Award. "Proration Fraction" means a fraction, the numerator of which is the number of days remaining in the vesting period for the applicable award after the date this Election Form becomes effective and irrevocable and the denominator of which is the total number of days in the vesting period for the applicable award. Unless I select "Single Year Election" below, my Deferral Election will continue in effect and will be applicable to the Deferred Awards granted to me in all subsequent calendar years until my Deferral Election is revoked or modified by a new Deferral Election, submitted in accordance with the terms of the Policy. Single Year Election. My Deferral Election is limited to my Deferred Awards granted to me [for existing non-employee directors: in the calendar year following the Submission Deadline] [for new non-employee directors: in calendar year [insert year in which service commences]]. Unless I timely submit a new Deferral Election, any RSUs granted to me pursuant to the Policy after such calendar year will be settled as and when they become vested, in accordance with the terms of the Policy, the Plan and the applicable RSU Award Agreement. I understand that if I do not indicate that I wish to make a Deferral Election by failing to include a mark in the applicable space above or fail to submit this Election Form properly completed on or before the Submission Deadline, all of the shares of Common Stock subject to my RSUs granted pursuant to the Policy that are not otherwise subject to an effective Deferral Election will be settled as and when they become vested, in accordance with the terms of the Policy, the Plan and the applicable RSU Award Agreement, unless and until I timely complete and submit an effective Deferral Election pursuant to the Policy that covers such RSUs. In addition, any RSUs granted pursuant to the Policy that are not marked above as a Deferred Award and are not otherwise subject to an effective Deferral Election will also be settled as and when they become vested, in accordance with the terms of the Policy, the Plan and the applicable RSU Award Agreement, unless and until I timely complete and submit an effective Deferral Election pursuant to the Policy that covers such RSUs. III. RETAINER GRANT ELECTION I elect to forego receiving payment of all (but not less than all) of the compensation I am otherwise eligible to receive in cash under Article I of the Policy for each fiscal quarter, beginning with the first fiscal quarter following the fiscal quarter in which this Election Form is effective and irrevocable, and to receive Retainer Grants in lieu thereof, as described in the Policy. I understand that if I do not indicate I wish to make this Retainer Grant Election by failing to include a mark in the applicable space indicated above or fail to submit this Election Form properly completed on or before the Submission Deadline, I will not receive Retainer Grants and will instead be eligible to receive the applicable cash compensation under Article I of the Policy. I further understand that if the Retainer Grants I am eligible to receive are Deferred Awards, they will be settled at the applicable time required by Article II of this Election Form and, to the extent such Retainer Grants are not Deferred Awards, they will be settled as and when they become vested, in accordance with the terms of the Policy, the Plan and the applicable RSU Award Agreement. Unless I select "Single Year Election" below, my Retainer Grant Election will continue in effect and will be applicable to the cash compensation I am eligible to receive under Article I of the Policy for

------

![](exhibit107008.jpg)

3 3 324989369 v3 all subsequent calendar years until my Retainer Grant Election is revoked or modified by a new Election, submitted in accordance with the terms of the Policy. Single Year Election. My Retainer Grant Election is limited to the cash compensation I am eligible to receive under Article I of the Policy [for existing non-employee directors: for the calendar year following the Submission Deadline] [for new non-employee directors: for each fiscal quarter in calendar year [insert year in which service commences or if the election is made in the last fiscal quarter of the year in which service commences, insert the year immediately after the year in which service commences] that follows the fiscal quarter that this Elective Form is effective and irrevocable]. Unless I timely submit a new Retainer Grant Election, I will not receive Retainer Grants instead of any cash compensation I am eligible to receive under Article I of the Policy after such calendar year. IV. REVOCATION OF ELECTIONS I hereby revoke my existing Deferral Election (in its entirety) for each Revoked Deferred Award (as defined below) granted to me, and understand that, as a result, any Revoked Deferred Award that I receive will be settled as and when it becomes vested, in accordance with the terms of the Policy, the Plan and the applicable RSU Award Agreement unless and until I make a new, effective Deferral Election in accordance with the terms of the Policy. My "Revoked Deferred Awards" are the awards of RSUs granted to me after the Submission Deadline that I have indicated below by placing a mark next to the award: Annual Grant Retainer Grants I hereby revoke my existing Retainer Grant Election for the cash compensation I am eligible to receive under Article I of the Policy for each calendar year following the calendar year in which the Election Form is effective and irrevocable, and understand that as a result I will not receive Retainer Grants instead of the cash compensation I am eligible to receive under Article I of the Policy for such subsequent calendar years unless and until I make a new, effective Retainer Grant Election in accordance with the terms of the Policy. V. PARTICIPANT ACKNOWLEDGEMENTS AND SIGNATURE 1. I agree to all of the terms and conditions of this Election Form. 2. I acknowledge that I have received and read a copy of the Plan's prospectus and that I am familiar with the terms and provisions of the Plan. 3. I agree to the right of the Board to amend or terminate my Deferral Elections or Retainer Grant Elections at any time and for any reason, with or without notice; provided that such termination or amendment is performed in compliance with Section 409A (as determined by the Company in its sole discretion). 4. I understand that the obligation of the Company to settle any Deferred Awards or Retainer Grants is unfunded and that no assets of any kind have been segregated in a trust or otherwise set aside to satisfy any obligation under this Election Form. I also understand that any election to defer the settlement of any RSUs pursuant to this Election Form will make me only a general, unsecured creditor of the Company.

------

![](exhibit107009.jpg)

4 4 324989369 v3 5. I understand that any amounts deferred will be taxable as ordinary income in the year settled. Notwithstanding, I agree and understand that the Company does not guarantee in any way whatsoever the tax treatment of any deferrals or payments made under the Policy or this Election Form. I understand that I will be responsible for all taxes and any other costs owed with respect to any deferrals or payments made with respect to my Deferred Awards. 6. I understand that the Company will be under no obligation to settle any Deferred Awards or Retainer Grants until any applicable tax withholding obligations are satisfied, and that if I fail to satisfy any such tax withholding obligations, I will forfeit my right to receive the shares subject to my Deferred Awards or Retainer Grants, as applicable. I understand that the Company has the right (but not the obligation) to withhold taxes from my Deferred Awards and Retainer Grants (including pursuant to net share withholding) in any amount and through such procedure as the Company deems necessary or desirable to satisfy any income or other tax obligations incurred with respect to my Deferred Awards or Retainer Grants, as applicable. 7. I understand that, upon receipt of any Deferred Awards or Retainer Grants, in addition to federal taxes, I may owe taxes to the state where I resided at the time of vesting in the Deferred Awards or Retainer Grants and/or to the state where I reside when the Deferred Awards or Retainer Grants are settled, if different. 8. I understand, acknowledge and agree that the Board has the discretion to make all determinations and decisions regarding any Deferral Elections or Retainer Grant Elections set forth on this Election Form. 9. I understand that this Election Form and the Deferral Elections and Retainer Grant Elections made herein are intended to comply with the requirements of Section 409A so that none of the Deferred Awards or Retainer Grants will be subject to the tax acceleration and additional penalty taxes imposed under Section 409A, and any ambiguities herein will be interpreted to so comply. If applicable, I understand that I am solely responsible for any accelerated income taxes, additional taxes and tax penalties imposed by Section 409A. 10. I also understand that this Election Form, the Deferral Elections and Retainer Grant Elections made hereunder will in all respects be subject to the terms and conditions of the Policy, the applicable RSU Award Agreement and the Plan, as applicable. Should any inconsistency exist between this Election Form, the Policy, the Plan, the RSU Award Agreement under which a Deferred Award or Retainer Grant was granted, and/or any applicable law, then the provisions of either the applicable law (including, but not limited to, Section 409A) or the Plan will control, with the Plan subordinated to the applicable law and the RSU Award Agreement and the Policy subordinated to this Election Form. [Signature Page Follows]

------

![](exhibit107010.jpg)

5 By signing below, I authorize the implementation of the above Deferral Elections and Retainer Grant Elections, as applicable. I understand that my Deferral Elections and Retainer Grant Elections are irrevocable as of the Submission Deadline (or if made within 30 days of me first joining the Board, as of the date submitted) and may not be changed in the future, except in accordance with the requirements of Section 409A and the procedures specified by the Policy. Printed Name Signature Date IMPORTANT DEADLINE: Please remember that if you wish to make any Deferral Election or Retainer Grant Election set forth on this Election Form, the properly completed Election Form must be signed by you and returned ON OR BEFORE THE SUBMISSION DEADLINE to Joshua Lee, General Counsel of Origin Materials, Inc., by e-mail to jlee@originmaterials.com.

------

## Exhibit 10.45

![](exhibit1045001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.45 Origin Materials 930 Riverside Parkway Suite 10 West Sacramento, CA 95605 P. 916.231.9329 E. hello@originmaterials.com originmaterials.com DATE Employee Name address Re: Retention Agreement Dear Employee: This letter sets forth a retention agreement (the "Agreement") between you and Origin Materials Operating, Inc. (the "Company"). You will receive the following retention benefits pursuant to this Agreement: (1) If the Company terminates your employment without "Cause" (as defined below) and the Milestone 1, Milestone 2, and Milestone 3 bonus payments described below (each a "Bonus Payment" and collectively, the "Bonus Payments") are not both earned by you prior to such termination, you will receive a payment, in cash, equivalent to (a) two months of your base salary (or, if non-exempt, regular wages) plus an additional two weeks of your base salary (or, if non-exempt, regular wages) for each year of continuous service to the Company as of the time of such termination, and (b) the equivalent of four months of COBRA premium payments (collectively, (a) and (b) are referred to herein as the "Cash Severance"); provided, however, that in order to earn the Cash Severance you must first provide the Company with an effective release in a form to be provided by the Company (the "Release"), and the base salary (or, if non-exempt, regular wages) portion of the Cash Severance will be capped at 4 months of base salary (or, if non-exempt, regular wages). The Cash Severance will be paid within ten days after the effective date of the Release (provided that, if your review period for the Release spans two calendar years, the Cash Severance will be paid in the later calendar year, regardless of when you execute the Release). If you earn the Bonus Payments, the Cash Severance (assuming your employment is thereafter terminated without Cause and you provide the Release) will be reduced by fifty percent (the "Reduction"). Your eligibility to receive the Cash Severance will end upon the earlier of (1) earning all Bonus Payments and (2) twelve months from the date of this Agreement. In the event you become ineligible for the Cash Severance due to having earned all Bonus Payments, you will remain eligible to receive severance, if any, in accordance with the Company's ERISA Severance Policy (as amended February 10, 2026). In addition to the Cash Severance, if your employment is terminated without Cause and you provide the Release, you will receive outplacement assistance, at Company expense, beginning not later than sixty days after the termination date.

------

![](exhibit1045002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) You will be eligible to receive Bonus Payments in an aggregate amount of [AMOUNT] (the "Bonus Amount"), conditional upon achievement of certain milestones, as follows: (a) a first Bonus Payment equal to forty percent of the Bonus Amount, which will be earned by you if and when the Company receives, before the end of July 2026, at least $23 million of additional cash from either its existing convertible debt facility or another source ("Milestone 1"), (b) a second Bonus Payment equal to thirty percent of the Bonus Amount, which will be earned by you if and when the Company receives, before the twelve-month anniversary of this Agreement, at least $33 million of additional cash (inclusive of any amount raised in connection with Milestone 1) from either its existing convertible debt facility or another source ("Milestone 2"), and (c) a third Bonus Payment equal to thirty percent of the Bonus Amount, which will be earned by you if and when Milestone 2 has been earned and you have maintained 6 months of continuous, full-time employment after the achievement date of Milestone 2 ("Milestone 3"). Payment of each Bonus Payment, if any, will be made in the payroll period following the Company's receipt of the cash amount associated with the applicable milestone. (3) Promptly after signing this Agreement, you will be granted an option to purchase [NUMBER] shares of the Company's common stock (the "Option") with a grant date of March 4, 2026, subject to the terms of the Company's 2021 Equity Incentive Plan (the "Plan") and the grant documents issued to you in connection with the Option. The Option will have a two-year vesting period beginning February 17, 2026, with 50% of the Options fully vested as of the one-year anniversary of its vesting start date and 50% of the Options fully vested as of the two-year anniversary of its vesting start date.. "Cause" as defined in this Agreement is as defined in the Plan. If your employment is terminated within 90 days of a "Change in Control," as defined in the Plan and you have not yet earned all Bonus Payments, you will receive the Cash Severance and vesting of the Option will be accelerated in full to a date immediately prior to the effective time of such employment termination; provided, however, that to receive such benefits you must timely sign and provide the Company with an effective Release. Your eligibility to receive this accelerated vesting of the Option will end upon the earlier of (1) earning all Bonus Payments and (2) twelve months from the date of its grant. All retention benefits provided pursuant to this Agreement will be less applicable deductions and withholdings. Nothing in this Agreement is intended to change the at-will status of your employment with the Company. This Agreement constitutes the full understanding between the Company and you with respect to its subject matter and cannot be modified except in a writing signed by an officer of the Company and you.

------

![](exhibit1045003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If this Agreement is acceptable to you, please sign below and return the original to me by 5 p.m. Pacific on March 13, 2026. Sincerely, /s/ Director, FP&A and Human Resources Origin Materials, Inc. I have read, understand, and agree fully to the foregoing Agreement: _________________________________________ _______________________________ [Employee] Date

------

## Exhibit 21.1

**Exhibit 21.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Subsidiaries of Origin Materials. Inc**

**<u>Name of Subsidiary</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Jurisdiction of Organization</u>**

Origin Materials Operating, Inc&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware

&nbsp;&nbsp;&nbsp;&nbsp;Origin US Megasite Holding, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin US Megasite 1, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Materials Canada Holding Limited&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Materials Canada Pioneer Limited&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Materials Canada Polyesters Limited&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Materials Canada Research Limited&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Closures Holding, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Closures, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Closures IP, LLC&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware

## Exhibit 23.1

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement Nos. 333-285791, 333-279790, 333-269952, 333-264798 and 333-259147 on Form S-8 and Registration Statement No. 333-257931 and 333-289615 on Form S-3, of our report dated March 27, 2026, relating to the financial statements of Origin Materials, Inc. appearing in this Annual Report on Form 10-K for the year ended December 31, 2025.

/s/ Deloitte & Touche LLP

Sacramento, California

March 27, 2026

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, John Bissell, certify that:

1. I have reviewed this Annual Report on Form 10-K of Origin Materials, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ John Bissell |
|  |  | John Bissell |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION PURSUANT TO**

**RULES 13a-14(a) AND 15d-14(a) UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Matthew Plavan, certify that:

1. I have reviewed this Annual Report on Form 10-K of Origin Materials, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ Matthew Plavan |
|  |  | Matthew Plavan |
|  |  | Chief Financial Officer and Chief Operating Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. § 1350), John Bissell, Chief Executive Officer of Origin Materials, Inc. (the "Company"), and Matthew Plavan, Chief Financial Officer and Chief Operating Officer of the Company, each hereby certifies, that, to the best of their knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, to which this Certification is attached as Exhibit 32.1 (the "Annual Report"), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.The information contained in the Annual Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 27, 2026 | By: | /s/ John Bissell |
|  |  | John Bissell |
|  |  | Chief Executive Officer |
|  |  | (Principal Executive Officer) |
|  | By: | /s/ Matthew Plavan |
|  |  | Matthew Plavan |
|  |  | Chief Financial Officer and Chief Operating Officer |
|  |  | (Principal Financial and Accounting Officer) |

---

*This certification accompanies the Form 10-K to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Origin Materials, Inc. under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Form 10-K), irrespective of any general incorporation language contained in such filing.*

<br>