ORGNW

• Secured financing: Strengthened balance sheet with $15 million by end of month, with option to access up to $90 million. Also added $20 million in equipment-backed financing capacity, totaling ~$30 million.
• Manufacturing capacity: CapFormer deployment on track; Line 6 factory acceptance testing to end 2025; Lines 7 and 8 start-up extended to Q1 2027. Made progress on impact resistance and multi-day heated horizontal stress testing for PET caps.
• Go-to-market: Strong water customer demand; received first order from Berlin Packaging; sales momentum globally in North America, Europe, South America, and Asia.
• Litigation: Settled securities litigation, avoiding distractions.
• Strategic review: Engaged with RBC Capital Markets, with productive engagement from potential counterparties.

• Revenue: 2026 revenues expected $20M-$30M, 2027 revenues $100M-$200M; EBITDA adjusted run rate breakeven expected in 2027.
• Financing: Anticipate drawing additional tranches in 2026 as needed, at discretion meeting certain equity and financial conditions.

No specific detailed financial performance for product segments provided in the transcript.

Risks associated with forward-looking statements, actual results differing materially from expectations, and factors discussed in SEC filings including quarterly report on Form 10-Q.

Q: Can you describe the milestones for additional convertible debt funding?

A: Best to wait for 8-K with deal terms for detailed mileposts.

Q: What's the outlook for burn rate in the next couple of quarters?

A: Burn rate is ~$15M in Q3, with OpEx and CapEx split roughly 50-50 for foreseeable future.

Q: When will Lines 2 and 4 start generating acceptable product quality?

A: Making good progress, expect significant progress through end of Q1, focusing on getting lines up and running for customer qualification.

Q: Any color on the first order from Berlin Packaging?

A: Excited to ship, waiting for customer feedback, with customer support set up.

Q: Explain qualification phases for lines?

A: Differentiated between customer qualification (product on customer lines) and line qualification (own cap forming lines, including factory acceptance testing (FAT) and site acceptance testing (SAT) for equipment).

Q: Customer demand in Europe vs US?

A: Strong demand for end-of-life recycling sustainability in both, PET favored.

Q: Developments from trade shows?

A: Lots of inbound interest, but concrete deals take time.

Q: What to be excited about in the future?

A: Capacity online, new product features, financing, ability to solve cap and sustainability for large customers.