Q3--12-310001830033falsehttp://fasb.org/us-gaap/2025#UsefulLifeTermOfLeaseMemberhttp://fasb.org/us-gaap/2025#UsefulLifeTermOfLeaseMemberAugust 31, 2030August 31, 2030October 01, 2028October 01, 2028December 01, 2042December 01, 2042September 30, 2027August 31, 20300330001830033us-gaap:SeriesBPreferredStockMember2025-07-012025-09-300001830033pct:PublicWarrantsMember2025-07-012025-09-300001830033pct:A2020ABondSeriesMaturingDecember12042Memberpct:RevenueBondsMember2025-09-300001830033us-gaap:LandMember2025-09-300001830033pct:SubscriptionAgreementsMemberpct:SeriesCWarrantsMemberus-gaap:PrivatePlacementMember2024-09-1100018300332025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2025-09-300001830033us-gaap:MachineryAndEquipmentMember2025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-300001830033pct:SeriesAWarrantsMemberpct:SylebraMember2024-12-310001830033us-gaap:AdditionalPaidInCapitalMember2025-03-310001830033pct:SamlynMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberpct:ThirdPartyBondsMember2025-09-300001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2025-09-300001830033us-gaap:CommonStockMember2025-03-310001830033us-gaap:RetainedEarningsMember2025-07-012025-09-300001830033srt:MinimumMemberpct:GreenConvertibleSeniorNotesDue2030Membersrt:AffiliatedEntityMemberus-gaap:ConvertibleDebtMember2023-08-220001830033us-gaap:SeriesBPreferredStockMember2025-06-012025-06-300001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:SamlynMemberpct:SeriesCWarrantsMember2024-12-310001830033us-gaap:MachineryAndEquipmentMember2024-12-310001830033us-gaap:SeriesAPreferredStockMemberpct:SylebraMember2024-12-3100018300332024-01-012024-09-300001830033us-gaap:SeriesBPreferredStockMember2024-07-012024-09-300001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMemberpct:PurePlasticMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2025-01-012025-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-09-300001830033pct:SubscriptionAgreementsMemberus-gaap:PrivatePlacementMember2025-02-052025-02-050001830033us-gaap:LandMember2024-12-310001830033pct:PublicWarrantsMemberus-gaap:CommonStockMember2025-07-012025-09-300001830033pct:RestrictedStockAwardMember2024-01-012024-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001830033us-gaap:RevolvingCreditFacilityMember2025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:RevenueBondsMemberpct:A2020ABondSeriesMaturingDecember12030Member2025-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001830033us-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantLiabilityClassifiedMember2024-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:ThirdPartyBondsMember2025-09-300001830033us-gaap:OperatingExpenseMember2024-01-012024-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2024-12-310001830033us-gaap:SeriesAPreferredStockMember2024-09-130001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:ThirdPartyBondsMember2024-12-310001830033us-gaap:ConstructionInProgressMember2024-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:GreenConvertibleNotesMember2024-12-310001830033pct:SubscriptionAgreementsMemberus-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2025-06-162025-06-160001830033us-gaap:MeasurementInputOptionVolatilityMemberpct:SeriesBWarrantsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMember2024-12-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:SeriesCWarrantsMember2024-07-012024-09-300001830033pct:PrivateWarrantsMember2024-07-012024-09-3000018300332024-03-082024-03-080001830033pct:SeriesCWarrantsMember2024-09-132024-09-130001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001830033us-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001830033us-gaap:StockOptionMember2025-01-012025-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001830033us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001830033us-gaap:AdditionalPaidInCapitalMember2025-06-300001830033us-gaap:FurnitureAndFixturesMember2024-12-310001830033pct:SamlynMemberus-gaap:SeriesAPreferredStockMember2025-01-012025-09-300001830033pct:SamlynMemberpct:SeriesAWarrantsMember2025-09-300001830033us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-07-012025-09-300001830033us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001830033us-gaap:SeriesAPreferredStockMember2024-09-132024-09-130001830033pct:PublicWarrantMember2024-01-012024-12-310001830033pct:A2020ABondSeriesMaturingDecember12025Memberpct:RevenueBondsMember2020-10-072020-10-070001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:ContingentlyIssuableSharesMember2025-01-012025-09-300001830033us-gaap:NonrelatedPartyMemberus-gaap:ConvertibleDebtMember2024-01-012024-12-310001830033us-gaap:LeaseholdImprovementsMembersrt:MinimumMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001830033us-gaap:ConvertibleDebtSecuritiesMember2024-01-012024-09-300001830033pct:SubscriptionAgreementsMemberus-gaap:PrivatePlacementMemberus-gaap:SeriesBPreferredStockMember2025-06-162025-06-160001830033pct:RelatedPartyNotesPayableMember2024-01-012024-09-300001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMember2024-12-310001830033us-gaap:RetainedEarningsMember2024-12-3100018300332023-09-142023-09-140001830033us-gaap:PerformanceSharesMember2024-01-012024-09-300001830033us-gaap:PerformanceSharesMember2024-01-012024-09-300001830033pct:RTIWarrantMember2024-01-012024-12-310001830033us-gaap:RevolvingCreditFacilityMember2025-06-202025-06-200001830033us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2024-12-310001830033pct:SeriesCWarrantsMember2024-01-012024-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001830033pct:A2020BBondSeriesMaturingDecember12025Memberpct:RevenueBondsMember2020-10-072020-10-070001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:SeriesBWarrantsMember2025-07-012025-09-300001830033us-gaap:SeriesAPreferredStockMember2024-12-310001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMembersrt:MaximumMember2024-12-310001830033pct:AgreementWithFormerChiefFinancialOfficerMemberus-gaap:RestrictedStockUnitsRSUMember2024-12-312024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:MeasurementInputRiskFreeInterestRateContinuousMemberpct:SeriesCWarrantsMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantLiabilityClassifiedMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:SeriesBMember2025-01-012025-09-300001830033pct:SeriesBWarrantsMemberpct:PurePlasticMember2024-12-310001830033us-gaap:SeriesBPreferredStockMember2024-01-012024-09-300001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMembersrt:MaximumMember2025-09-300001830033us-gaap:NonrelatedPartyMember2024-12-310001830033us-gaap:PrivatePlacementMemberus-gaap:RelatedPartyMember2025-02-052025-02-050001830033us-gaap:RetainedEarningsMember2024-07-012024-09-300001830033pct:PrivateWarrantsMember2025-01-012025-09-300001830033us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001830033us-gaap:CommonStockMember2023-08-210001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2025-09-300001830033pct:SeriesCWarrantsMember2024-01-012024-09-3000018300332024-04-012024-06-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001830033pct:A2020CBondSeriesMaturingDecember12027Memberpct:RevenueBondsMember2020-10-070001830033us-gaap:RetainedEarningsMember2024-03-310001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300001830033us-gaap:OperatingExpenseMember2024-07-012024-09-300001830033us-gaap:CommonStockMember2024-07-012024-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-300001830033us-gaap:WarrantMember2024-07-012024-09-300001830033us-gaap:RevolvingCreditFacilityMemberus-gaap:SubsequentEventMember2025-11-042025-11-040001830033pct:SharesIssuableUponConversionOfSeriesBConvertiblePerpetualPreferredStockMember2025-07-012025-09-300001830033us-gaap:SeriesAPreferredStockMember2024-07-012024-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001830033us-gaap:FairValueMeasurementsNonrecurringMemberpct:RelatedPartyBondsMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMember2025-01-012025-09-300001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMember2024-01-012024-12-310001830033us-gaap:FairValueInputsLevel2Memberpct:PrivateWarrantLiabilityClassifiedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:PerformanceSharesMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantLiabilityClassifiedMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2024-07-012024-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesBWarrantsMember2025-01-012025-09-300001830033pct:PublicWarrantsMember2025-09-300001830033pct:RevenueBondsMemberpct:A2020ABondSeriesMaturingDecember12030Member2020-10-072020-10-070001830033us-gaap:SeriesAPreferredStockMemberpct:SylebraMember2025-07-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:RelatedPartyBondsMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:MeasurementInputRiskFreeInterestRateContinuousMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033pct:SeriesAWarrantsMemberpct:GlocknerMember2025-07-282025-07-280001830033us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-01-012024-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033us-gaap:NonrelatedPartyMemberpct:OtherDebtMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedDividendRateMemberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-3100018300332024-12-310001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-06-012025-06-300001830033pct:SeriesAWarrantsMember2025-01-012025-09-300001830033pct:PrivateWarrantsMember2025-07-012025-09-300001830033pct:SamlynMemberus-gaap:RelatedPartyMemberpct:RevenueBondsMember2025-09-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberpct:ThirdPartyBondsMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2024-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-300001830033srt:MinimumMemberus-gaap:BuildingMember2025-09-300001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:RevenueBondsMemberpct:A2020BBondSeriesMaturingDecember12027Member2025-09-300001830033pct:SeriesBWarrantsMember2024-05-102024-05-100001830033us-gaap:PerformanceSharesMember2025-09-300001830033us-gaap:LeaseholdImprovementsMember2025-09-300001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:ResearchAndDevelopmentExpenseMember2025-07-012025-09-300001830033pct:CscEquipmentFinancingPayableMemberus-gaap:NonrelatedPartyMemberus-gaap:PrimeRateMember2025-01-012025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001830033us-gaap:MemberUnitsMember2025-01-012025-09-300001830033us-gaap:NonrelatedPartyMember2025-09-3000018300332024-01-012024-12-310001830033pct:AgreementWithFormerChiefFinancialOfficerMemberus-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300001830033us-gaap:SeriesBPreferredStockMember2025-01-012025-09-300001830033us-gaap:FurnitureAndFixturesMembersrt:MaximumMember2025-09-300001830033pct:SeriesAWarrantsMember2024-01-012024-09-300001830033us-gaap:LandImprovementsMember2025-09-300001830033us-gaap:MeasurementInputOptionVolatilityMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-06-300001830033pct:SeriesAWarrantsMemberpct:PureCrownLLCMember2025-09-300001830033pct:RTIWarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:SeriesAWarrantsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033pct:A2020ABondSeriesMaturingDecember12042Memberus-gaap:RelatedPartyMemberpct:RevenueBondsMember2025-09-300001830033pct:PublicWarrantMember2025-09-300001830033pct:A2020ABondSeriesMaturingDecember12042Memberus-gaap:RelatedPartyMemberpct:RevenueBondsMember2025-01-012025-09-300001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-08-220001830033pct:ThirtyDayPromissoryNoteMember2025-06-012025-06-300001830033pct:RTIWarrantMember2024-07-012024-09-300001830033us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001830033us-gaap:RevolvingCreditFacilityMember2025-06-160001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001830033us-gaap:RelatedPartyMembersrt:MinimumMemberpct:RevenueBondsMember2025-09-300001830033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2024-12-310001830033us-gaap:SeriesAPreferredStockMember2025-01-012025-09-300001830033pct:RTIWarrantMember2025-09-300001830033us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2024-12-310001830033us-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:SellingGeneralAndAdministrativeExpensesMember2024-07-012024-09-300001830033pct:PrivateWarrantsMember2025-09-300001830033us-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:RelatedPartyBondsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:GreenConvertibleNotesMember2025-09-300001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2024-12-310001830033pct:SeriesBWarrantsMemberpct:PurePlasticMember2025-09-300001830033pct:A2020CBondSeriesMaturingDecember12027Memberpct:RevenueBondsMember2020-10-072020-10-070001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:GreenConvertibleNotesMember2025-09-300001830033pct:RestrictedStockAwardMember2025-07-012025-09-300001830033us-gaap:ConvertibleDebtSecuritiesMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033pct:A2021EquityAndIncentiveCompensationPlanMember2025-09-300001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-08-212023-08-210001830033pct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033pct:SharesIssuableUponConversionOfSeriesBConvertiblePerpetualPreferredStockMember2025-01-012025-09-300001830033us-gaap:ConvertibleDebtSecuritiesMember2025-07-012025-09-300001830033us-gaap:AccountsPayableAndAccruedLiabilitiesMember2024-01-012024-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesAWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033pct:RestrictedStockAwardMember2024-07-012024-09-300001830033pct:RevenueBondsMember2020-10-070001830033pct:LimitedConsentAndSeventhAmendmentToCreditAgreementMembersrt:MinimumMember2025-02-050001830033us-gaap:CommonStockMember2024-04-012024-06-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberpct:GreenConvertibleNotesMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001830033us-gaap:PerformanceSharesMember2024-01-012024-12-310001830033pct:A2020CBondSeriesMaturingDecember12027Memberpct:RevenueBondsMember2025-09-300001830033us-gaap:RevolvingCreditFacilityMember2025-05-282025-05-280001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-07-012025-09-300001830033pct:SubscriptionAgreementsMemberus-gaap:PrivatePlacementMemberus-gaap:SeriesBPreferredStockMember2025-07-012025-09-300001830033us-gaap:AccountsPayableAndAccruedLiabilitiesMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesCWarrantsMember2025-01-012025-09-300001830033us-gaap:SuretyBondMember2025-09-300001830033us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-300001830033us-gaap:CommonStockMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033pct:SeriesAWarrantsMemberpct:GlocknerMember2024-12-310001830033pct:CscEquipmentFinancingPayableMemberus-gaap:NonrelatedPartyMember2024-12-310001830033pct:SylebraMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:BuildingMembersrt:MaximumMember2025-09-300001830033us-gaap:SeriesAPreferredStockMemberpct:SylebraMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesBWarrantsMember2024-12-310001830033pct:PureCrownLLCMemberus-gaap:SeriesBPreferredStockMember2025-09-300001830033us-gaap:RetainedEarningsMember2025-03-310001830033pct:SeriesCWarrantsMember2025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-12-310001830033us-gaap:WarrantMember2025-01-012025-09-300001830033us-gaap:RetainedEarningsMember2024-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-300001830033pct:RevenueBondsMemberpct:A2020ABondSeriesMaturingDecember12030Member2020-10-070001830033us-gaap:PerformanceSharesMember2025-07-012025-09-300001830033us-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2024-12-310001830033us-gaap:RetainedEarningsMember2023-12-310001830033pct:SeriesAWarrantsMember2022-03-072022-03-070001830033pct:PrivateWarrantsMember2024-12-310001830033us-gaap:RetainedEarningsMember2024-04-012024-06-300001830033us-gaap:PerformanceSharesMember2024-07-012024-09-300001830033us-gaap:MachineryAndEquipmentMembersrt:MinimumMember2025-09-300001830033pct:RTIWarrantMember2025-07-012025-09-300001830033us-gaap:BuildingMember2024-12-310001830033pct:ContingentlyIssuableSharesMember2024-01-012024-09-300001830033pct:SubscriptionAgreementsMemberus-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2025-02-052025-02-050001830033pct:SubscriptionAgreementsMemberus-gaap:PrivatePlacementMemberus-gaap:SeriesBPreferredStockMember2025-06-160001830033us-gaap:RelatedPartyMember2025-01-012025-09-300001830033us-gaap:RelatedPartyMember2024-12-310001830033us-gaap:CommonStockMember2024-03-310001830033us-gaap:BuildingMember2025-09-300001830033us-gaap:SuretyBondMember2025-01-012025-09-300001830033pct:GlocknerMember2025-07-280001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2024-12-310001830033pct:RTIWarrantMember2024-12-310001830033pct:SeriesBWarrantsMember2025-01-012025-09-300001830033us-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantLiabilityClassifiedMember2025-09-300001830033us-gaap:SeriesBPreferredStockMember2025-06-3000018300332025-11-040001830033pct:PublicWarrantMember2025-01-012025-09-300001830033us-gaap:CommonStockMember2023-12-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:CommonStockMemberpct:RTIWarrantMember2025-01-162025-01-160001830033pct:SeriesAWarrantsMember2024-12-310001830033pct:A2021EquityAndIncentiveCompensationPlanMember2021-03-170001830033pct:A2020ABondSeriesMaturingDecember12025Memberpct:RevenueBondsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2024-12-310001830033pct:PublicWarrantsMember2021-03-170001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:FurnitureAndFixturesMember2025-09-300001830033us-gaap:ConvertibleDebtMember2024-07-012024-09-300001830033pct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:CscEquipmentFinancingPayableMemberus-gaap:NonrelatedPartyMemberus-gaap:PrimeRateMember2024-01-012024-12-310001830033us-gaap:PerformanceSharesMember2024-07-012024-09-300001830033us-gaap:EmployeeStockOptionMember2024-01-012024-09-300001830033us-gaap:CommonStockMember2024-01-012024-03-310001830033us-gaap:RetainedEarningsMember2024-01-012024-03-310001830033us-gaap:CommonStockMember2025-01-012025-03-310001830033pct:SubscriptionAgreementsMemberus-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2025-02-050001830033us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001830033us-gaap:CommonStockMemberus-gaap:RelatedPartyMemberus-gaap:PrivatePlacementMember2025-02-052025-02-050001830033us-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:NonrelatedPartyMemberpct:RevenueBondsMember2025-01-012025-09-300001830033pct:RestrictedStockAwardMember2025-01-012025-09-300001830033pct:PublicWarrantsMember2025-01-012025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-300001830033us-gaap:SeriesAPreferredStockMember2024-09-172024-09-170001830033pct:MillikenAndCompanyMember2025-01-012025-09-300001830033us-gaap:RevolvingCreditFacilityMember2025-04-112025-04-110001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputExpectedTermMember2025-09-300001830033us-gaap:NonrelatedPartyMemberpct:OtherDebtMember2024-12-310001830033us-gaap:NonrelatedPartyMemberpct:RevenueBondsMember2025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2025-09-300001830033us-gaap:OperatingExpenseMember2025-01-012025-09-300001830033us-gaap:RevolvingCreditFacilityMemberpct:DebtInstrumentApplicableMarginPeriodFiveMember2023-03-152023-03-150001830033us-gaap:RelatedPartyMemberpct:SylebraMemberpct:RevenueBondsMember2025-09-300001830033pct:CscEquipmentFinancingPayableMemberus-gaap:NonrelatedPartyMember2025-01-012025-09-3000018300332025-01-012025-03-310001830033pct:SeriesAWarrantsMemberus-gaap:MeasurementInputOptionVolatilityMember2025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2025-09-300001830033us-gaap:LeaseholdImprovementsMembersrt:MinimumMember2025-09-300001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMember2025-01-012025-09-3000018300332025-01-012025-09-300001830033pct:SamlynMemberus-gaap:SeriesBPreferredStockMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2024-12-310001830033us-gaap:ConvertibleDebtSecuritiesMember2024-07-012024-09-300001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantLiabilityClassifiedMember2025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2023-12-310001830033pct:PublicWarrantMember2024-12-310001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMemberpct:PurePlasticMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300001830033us-gaap:LeaseholdImprovementsMember2024-12-310001830033pct:MillikenAndCompanyMember2025-07-012025-09-300001830033us-gaap:RetainedEarningsMember2025-04-012025-06-300001830033pct:SeriesCWarrantsMember2025-07-012025-09-300001830033us-gaap:RelatedPartyMemberpct:ThirtyDayPromissoryNoteMember2025-06-300001830033pct:SeriesAWarrantsMemberpct:SylebraMember2025-09-300001830033pct:SubscriptionAgreementsMemberus-gaap:PrivatePlacementMember2024-09-112024-09-1100018300332025-03-310001830033pct:AgreementWithFormerChiefFinancialOfficerMemberus-gaap:RestrictedStockUnitsRSUMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-300001830033pct:RevenueBondsMember2025-09-300001830033us-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-3000018300332024-01-012024-03-310001830033us-gaap:StockOptionMember2024-07-012024-09-300001830033us-gaap:CommonStockMember2025-06-300001830033srt:MinimumMemberus-gaap:BuildingMember2024-12-310001830033us-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-08-240001830033pct:SeriesBWarrantsMember2024-01-012024-12-310001830033pct:A2020ABondSeriesMaturingDecember12042Memberpct:RevenueBondsMember2020-10-070001830033pct:SamlynMemberus-gaap:SeriesAPreferredStockMember2025-07-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMember2025-09-3000018300332024-09-300001830033us-gaap:ConvertibleDebtMember2024-01-012024-09-300001830033us-gaap:LeaseholdImprovementsMembersrt:MaximumMember2024-12-310001830033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2025-09-300001830033us-gaap:CommonStockMember2024-12-310001830033us-gaap:StockOptionMember2024-01-012024-09-300001830033us-gaap:FairValueInputsLevel2Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033pct:CscEquipmentFinancingPayableMemberus-gaap:NonrelatedPartyMember2024-01-012024-12-310001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-06-302023-06-300001830033us-gaap:SeriesBPreferredStockMember2025-04-012025-06-300001830033us-gaap:RestrictedStockMembersrt:ChiefExecutiveOfficerMember2025-06-162025-06-160001830033us-gaap:EmployeeStockOptionMember2025-09-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberpct:ThirdPartyBondsMember2025-09-300001830033pct:SeriesAWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:WarrantMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantLiabilityClassifiedMember2025-09-300001830033us-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMember2024-12-310001830033us-gaap:StockOptionMember2025-07-012025-09-300001830033us-gaap:SeriesBMember2024-01-012024-09-300001830033us-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2024-12-3100018300332023-12-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001830033pct:CscEquipmentFinancingPayableMemberus-gaap:SubsequentEventMember2025-10-312025-10-310001830033us-gaap:AdditionalPaidInCapitalMember2025-07-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputOptionVolatilityMemberpct:PrivateWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:SeriesBPreferredStockMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMember2025-01-012025-09-300001830033pct:ContingentlyIssuableSharesMember2025-07-012025-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001830033pct:GreenConvertibleSeniorNotesDue2030Membersrt:AffiliatedEntityMemberus-gaap:ConvertibleDebtMember2023-08-220001830033pct:RevenueBondsMemberpct:A2020BBondSeriesMaturingDecember12027Member2020-10-070001830033pct:PrivateWarrantsMember2024-01-012024-09-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberpct:RelatedPartyBondsMember2025-09-300001830033pct:SeriesCWarrantsMember2024-12-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:ThirdPartyMember2024-01-012024-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033pct:SeriesAWarrantsMemberpct:PureCrownLLCMember2024-12-310001830033pct:SylebraLineOfCreditMember2025-01-012025-06-300001830033us-gaap:SecuredOvernightFinancingRateSofrMemberpct:SylebraLineOfCreditMember2025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-300001830033pct:PrivateWarrantsMember2021-03-170001830033us-gaap:RestrictedStockUnitsRSUMember2025-07-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:RestrictedStockUnitsRSUMember2024-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:PerformanceSharesMember2025-07-012025-09-300001830033us-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2024-12-310001830033pct:SeriesCWarrantsMember2024-09-130001830033us-gaap:EmployeeStockOptionMember2025-07-012025-09-300001830033pct:ThirdPartyMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:PutOptionMember2024-12-310001830033us-gaap:NonrelatedPartyMemberus-gaap:ConvertibleDebtMember2025-01-012025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantLiabilityClassifiedMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-08-242023-08-240001830033us-gaap:FairValueInputsLevel2Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:A2020BBondSeriesMaturingDecember12025Memberpct:RevenueBondsMember2020-10-070001830033pct:SylebraLineOfCreditMember2025-09-300001830033us-gaap:PerformanceSharesMembersrt:MaximumMember2025-01-012025-09-300001830033us-gaap:RestrictedStockUnitsRSUMember2025-09-300001830033pct:RTIWarrantMember2025-01-012025-09-300001830033pct:SeriesBWarrantsMember2024-07-012024-09-300001830033pct:RTIWarrantMember2025-01-162025-01-160001830033pct:SubscriptionAgreementsMemberus-gaap:CommonStockMemberus-gaap:PrivatePlacementMember2024-09-110001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001830033us-gaap:RevolvingCreditFacilityMember2023-03-150001830033srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2025-09-300001830033us-gaap:EmployeeStockOptionMember2025-01-012025-09-300001830033srt:MinimumMemberus-gaap:FurnitureAndFixturesMember2024-12-3100018300332025-06-300001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesBWarrantsMember2025-09-300001830033pct:SylebraMemberpct:SeriesCWarrantsMember2024-12-310001830033us-gaap:RevolvingCreditFacilityMember2023-03-152023-03-150001830033srt:MinimumMemberus-gaap:PrivatePlacementMemberus-gaap:RelatedPartyMember2025-02-052025-02-050001830033us-gaap:FairValueMeasurementsNonrecurringMemberpct:RelatedPartyBondsMember2025-09-300001830033us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-12-310001830033us-gaap:SeriesAPreferredStockMember2025-09-300001830033us-gaap:EmployeeStockOptionMember2025-07-012025-09-300001830033pct:SeriesAWarrantsMember2022-03-070001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberpct:ThirdPartyBondsMember2024-12-310001830033us-gaap:SellingGeneralAndAdministrativeExpensesMember2025-01-012025-09-300001830033us-gaap:LeaseholdImprovementsMembersrt:MaximumMember2025-09-3000018300332025-07-012025-09-300001830033us-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033us-gaap:SeriesAPreferredStockMember2024-01-012024-09-300001830033pct:RTIWarrantMember2024-01-012024-09-300001830033us-gaap:AdditionalPaidInCapitalMember2024-03-3100018300332025-04-012025-06-300001830033pct:SamlynMemberpct:SeriesAWarrantsMember2024-12-310001830033pct:SubscriptionAgreementsMemberus-gaap:PrivatePlacementMemberus-gaap:SeriesBPreferredStockMember2025-01-012025-09-300001830033pct:DenhamBlytheArbitrationMember2023-06-162023-06-160001830033us-gaap:MeasurementInputRiskFreeInterestRateMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:SeriesCWarrantsMember2024-12-310001830033us-gaap:FairValueMeasurementsNonrecurringMember2025-09-300001830033us-gaap:RetainedEarningsMember2025-06-3000018300332024-06-300001830033pct:SeriesBWarrantsMember2024-05-100001830033us-gaap:PerformanceSharesMember2024-12-310001830033us-gaap:FurnitureAndFixturesMembersrt:MaximumMember2024-12-310001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2025-09-300001830033pct:ContingentlyIssuableSharesMember2024-07-012024-09-300001830033us-gaap:RelatedPartyMember2024-01-012024-09-300001830033us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-09-300001830033us-gaap:CommonStockMember2024-06-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberpct:GreenConvertibleNotesMember2024-12-310001830033us-gaap:MeasurementInputOptionVolatilityMemberus-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:ConvertibleDebtMember2025-01-012025-09-300001830033pct:SeriesAWarrantsMember2024-07-012024-09-300001830033us-gaap:CommonStockMember2025-04-012025-06-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2024-12-310001830033pct:SylebraLineOfCreditMember2025-01-012025-09-300001830033us-gaap:ConvertibleDebtMember2025-09-300001830033pct:RelatedPartyNotesPayableMember2025-01-012025-09-300001830033pct:RevenueBondsMember2024-03-050001830033us-gaap:RelatedPartyMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:GreenConvertibleNotesMember2024-12-310001830033pct:RevenueBondsMemberpct:A2020BBondSeriesMaturingDecember12027Member2020-10-072020-10-070001830033pct:A2020BBondSeriesMaturingDecember12025Memberpct:RevenueBondsMember2025-09-300001830033srt:MinimumMemberpct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-08-242023-08-240001830033us-gaap:NonrelatedPartyMemberpct:RevenueBondsMember2024-01-012024-12-310001830033us-gaap:RelatedPartyMemberpct:RevenueBondsMember2025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMember2025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:RelatedPartyBondsMember2024-12-310001830033pct:SylebraLineOfCreditMember2024-12-310001830033us-gaap:CommonStockMember2024-09-300001830033us-gaap:WarrantMember2025-07-012025-09-300001830033pct:PublicWarrantsMemberus-gaap:CommonStockMember2025-01-012025-09-300001830033pct:CscEquipmentFinancingPayableMemberus-gaap:NonrelatedPartyMember2025-09-300001830033us-gaap:BuildingMembersrt:MaximumMember2024-12-310001830033pct:SeriesAWarrantsMember2025-07-012025-09-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberpct:GreenConvertibleNotesMember2024-12-310001830033pct:SubscriptionAgreementsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:PrivatePlacementMember2024-09-110001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedDividendRateMemberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:RelatedPartyBondsMember2025-09-300001830033pct:SeriesBWarrantsMember2024-12-310001830033pct:RTIWarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:CommonStockMember2025-09-300001830033us-gaap:RevolvingCreditFacilityMemberpct:SylebraMemberus-gaap:SubsequentEventMember2025-11-040001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-3000018300332024-03-310001830033us-gaap:PerformanceSharesMember2025-01-012025-09-300001830033us-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-300001830033us-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2025-09-300001830033us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-300001830033us-gaap:RetainedEarningsMember2025-09-300001830033pct:SamlynMemberus-gaap:SeriesAPreferredStockMember2024-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMember2025-09-300001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-09-300001830033us-gaap:ConvertibleDebtMember2024-12-310001830033us-gaap:ConstructionInProgressMember2025-09-300001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001830033us-gaap:FairValueMeasurementsNonrecurringMemberpct:GreenConvertibleNotesMember2025-09-300001830033pct:SubscriptionAgreementsMembersrt:MinimumMemberus-gaap:PrivatePlacementMemberus-gaap:SeriesBPreferredStockMember2025-06-162025-06-160001830033us-gaap:NonrelatedPartyMemberpct:RevenueBondsMember2024-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:ThirdPartyBondsMember2024-12-310001830033us-gaap:SeriesAPreferredStockMemberpct:SylebraMember2025-09-300001830033us-gaap:RelatedPartyMembersrt:MinimumMemberpct:RevenueBondsMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesCWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-12-310001830033us-gaap:EmployeeStockOptionMember2024-07-012024-09-300001830033pct:SeriesBWarrantsMember2024-01-012024-09-300001830033us-gaap:LandImprovementsMember2024-12-310001830033pct:GreenConvertibleSeniorNotesDue2030Memberus-gaap:ConvertibleDebtMember2023-08-210001830033us-gaap:CommonStockMember2025-07-012025-09-300001830033us-gaap:OperatingExpenseMember2025-07-012025-09-300001830033pct:SeriesCWarrantsMember2025-01-012025-09-300001830033pct:SubscriptionAgreementsMemberus-gaap:CommonStockMember2024-09-112024-09-110001830033pct:A2020ABondSeriesMaturingDecember12042Memberpct:RevenueBondsMember2020-10-072020-10-070001830033us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Memberpct:RelatedPartyBondsMember2024-12-310001830033us-gaap:SecuredOvernightFinancingRateSofrMemberpct:SylebraLineOfCreditMember2024-12-310001830033pct:SamlynMemberus-gaap:SeriesAPreferredStockMember2025-09-300001830033us-gaap:RetainedEarningsMember2024-06-300001830033pct:SeriesAWarrantsMemberpct:GlocknerMember2025-09-300001830033pct:SeriesAWarrantsMember2024-01-012024-12-310001830033us-gaap:NonrelatedPartyMemberus-gaap:ConvertibleDebtMember2025-09-300001830033pct:RevenueBondsMember2025-01-012025-09-300001830033pct:SylebraMemberus-gaap:SeriesBPreferredStockMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsNonrecurringMemberpct:ThirdPartyBondsMember2025-09-300001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMember2025-09-300001830033us-gaap:ConvertibleDebtMember2025-07-012025-09-300001830033pct:PrivateWarrantsMember2024-01-012024-12-310001830033us-gaap:PerformanceSharesMembersrt:MinimumMember2025-01-012025-09-300001830033pct:RTIWarrantMemberus-gaap:CommonStockMember2025-01-162025-01-160001830033pct:SubscriptionAgreementsMemberus-gaap:SeriesAPreferredStockMemberus-gaap:PrivatePlacementMember2024-09-112024-09-110001830033us-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033us-gaap:RevolvingCreditFacilityMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2025-09-300001830033pct:SeriesAWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001830033pct:SeriesBWarrantsMember2025-09-300001830033us-gaap:RetainedEarningsMember2025-01-012025-03-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:PutOptionMember2024-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:SeriesBWarrantsMember2024-12-310001830033us-gaap:WarrantMember2024-01-012024-09-300001830033pct:A2020ABondSeriesMaturingDecember12025Memberpct:RevenueBondsMember2020-10-070001830033us-gaap:SeriesBPreferredStockMember2025-06-162025-06-160001830033us-gaap:EmployeeStockOptionMember2025-01-012025-09-300001830033us-gaap:MachineryAndEquipmentMembersrt:MaximumMember2025-09-300001830033us-gaap:NonrelatedPartyMemberus-gaap:ConvertibleDebtMember2024-12-310001830033us-gaap:FairValueMeasurementsRecurringMember2025-09-3000018300332024-07-012024-09-30xbrli:purepct:Votexbrli:sharespct:QuarterlyPaymentspct:Tradingdayiso4217:USDiso4217:USDxbrli:sharespct:Series

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


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

For the quarterly period ended September 30, 2025


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

For the transition period from ________to ________

Commission File Number: 001-40234

PureCycle Technologies, Inc.

(Exact name of registrant as specified in its charter)

     Delaware

     86-2293091

     (State or other jurisdiction of incorporation or organization)

     (I.R.S. Employer
Identification No.)

20 North Orange Avenue, Suite 106

Orlando, Florida 32801

(877) 648-3565

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)

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


Title of each class	Trading Symbols	Name of each exchange on which registered
Common Stock, par value $0.001 par value per share	PCT	The Nasdaq Stock Market LLC
Warrants, each exercisable for one share of Common Stock, $0.001 par value per share, at an exercise price of $11.50 per share	PCTTW	The Nasdaq Stock Market LLC
Units, each consisting of one share of Common Stock, $0.001 par value per share, and three quarters of one warrant	PCTTU	The Nasdaq Stock Market LLC

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, a 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 is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of November 4, 2025, there were approximately 180,198,340 shares of the registrant's Common Stock, par value $0.001 per share, outstanding.

PureCycle Technologies, Inc.

QUARTERLY REPORT ON FORM 10-Q

TABLE OF CONTENTS


	Page
PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of September 30, 2025 (Unaudited) and December 31, 2024	3

Condensed Consolidated Statements of Comprehensive Loss for the Three and Nine Months ended September 30, 2025 and 2024 (Unaudited)	4

Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity for the Three and Nine Months ended September 30, 2025 and 2024 (Unaudited)	5

Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2025 and 2024 (Unaudited)	7

Notes to the Condensed Consolidated Financial Statements (Unaudited)	8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	38

Item 3. Quantitative and Qualitative Disclosures About Market Risk	50

Item 4. Controls and Procedures	50

PART II - OTHER INFORMATION

Item 1. Legal Proceedings	51

Item 1A. Risk Factors	51

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	51

Item 5. Other Information	52

Item 6. Exhibits	53

SIGNATURES	55

PART I - FINANCIAL INFORMATION

Item 1. Financial Statements

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)


(in thousands, except per share data)	September 30, 2025			December 31, 2024
ASSETS
CURRENT ASSETS
Cash and cash equivalents	$	234,359		$	15,683
Restricted cash – current		3,582			16,656
Accounts receivable, net		1,595			—
Inventory		10,725			8,087
Prepaid expenses and other current assets		15,185			13,473
Total current assets		265,446			53,899
Restricted cash – noncurrent		9,312			9,172
Operating lease right-of-use assets		54,957			56,833
Property, plant and equipment, net		655,974			674,079
Prepaid expenses and other noncurrent assets		3,434			4,402
TOTAL ASSETS	$	989,123		$	798,385

LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY
CURRENT LIABILITIES
Accounts payable	$	4,408		$	6,596
Accrued expenses and other current liabilities		23,494			43,259
Accrued interest		6,434			7,626
Current portion of warrant liability		60,235			10,109
Current portion of long-term debt		10,289			12,932
Current portion of related party bonds payable		13,540			10,355
Total current liabilities		118,400			90,877
NONCURRENT LIABILITIES
Deferred revenue		5,000			5,000
Long-term debt, less current portion		276,853			256,886
Related party bonds payable, less current portion		78,405			66,471
Warrant liability, less current portion		62,258			120,090
Operating lease right-of-use liabilities		53,055			54,665
Series A Preferred Stock liability		26,259			18,433
Other noncurrent liabilities		1,370			5,514
TOTAL LIABILITIES		621,600			617,936

COMMITMENTS AND CONTINGENCIES (NOTE 10)

MEZZANINE EQUITY
Series B Convertible Perpetual Preferred Stock - $0.001 par value, 300 and no shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		299,304			—

STOCKHOLDERS' EQUITY
Common Stock - $0.001 par value, 450,000 shares authorized; 180,191 and 173,566 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		180			174
Additional paid-in capital		865,444			813,573
Accumulated other comprehensive (loss)/income		(251	)		78
Accumulated deficit		(797,154	)		(633,376	)
TOTAL STOCKHOLDERS' EQUITY		68,219			180,449
TOTAL LIABILITIES, MEZZANINE EQUITY, AND STOCKHOLDERS’ EQUITY	$	989,123		$	798,385

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

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)



	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except per share data)	2025			2024			2025			2024
Revenues	$	2,430		$	—		$	5,660		$	—
Operating expenses
Cost of operations		29,570			16,965			82,843			60,379
Research and development		1,443			1,544			4,381			4,940
Selling, general and administrative		10,350			12,789			40,688			44,883
Total operating costs and expenses		41,363			31,298			127,912			110,202
Operating loss		(38,933	)		(31,298	)		(122,252	)		(110,202	)
Other expense/(income):
Interest expense		16,235			14,567			48,939			41,676
Interest income		(2,850	)		(414	)		(3,850	)		(4,530	)
Change in fair value of warrants		(23,745	)		44,899			1,881			54,532
Loss on extinguishment of debt		—			—			—			21,214
Other (income)/expense		(203	)		289			(5,444	)		1,364
Total other (income)/expense		(10,563	)		59,341			41,526			114,256
Net loss	$	(28,370	)	$	(90,639	)	$	(163,778	)	$	(224,458	)

Loss per share
Basic	$	(0.19	)	$	(0.54	)	$	(0.95	)	$	(1.36	)
Diluted	$	(0.31	)	$	(0.54	)	$	(1.07	)	$	(1.36	)
Weighted average common shares
Basic		180,069			166,513			179,024			165,224
Diluted		184,551			166,513			180,518			165,224

Other comprehensive (loss)/income
Cumulative translation adjustment	$	(20	)	$	(66	)	$	(329	)	$	(41	)
Unrealized gain on debt securities available for sale		—			—			—			18
Total comprehensive loss	$	(28,390	)	$	(90,705	)	$	(164,107	)	$	(224,481	)

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

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

(Unaudited)


	For the Three and Nine Months Ended September 30, 2025
	Mezzanine Equity					Stockholders' Equity
	Series B Convertible Perpetual Preferred Stock					Common Stock					Additional Paid-in Capital			Accumulated Other Comprehensive Income/(Loss)			Accumulated Deficit			Total Stockholders' Equity
(in thousands)	Shares		Amount			Shares			Amount
Balance, December 31, 2024		—	$	—			173,566		$	174	$	813,573		$	78		$	(633,376	)	$	180,449
Issuance of Common Stock		—		—			4,091			4		33,148			—			—			33,152
Warrants exercised		—		—			1,511			1		14,216			—			—			14,217
Share repurchase		—		—			(187	)		—		(1,697	)		—			—			(1,697	)
Equity-based compensation		—		—			554			1		3,353			—			—			3,354
Cumulative translation adjustment		—		—			—			—		—			(94	)		—			(94	)
Net income		—		—			—			—		—			—			8,832			8,832
Balance, March 31, 2025		—		—			179,535			180		862,593			(16	)		(624,544	)		238,213
Issuance of Series B Convertible Perpetual Preferred Stock		300		293,475			—			—		—			—			—			—
Accrued dividends on Series B Convertible Perpetual Preferred Stock		—		583			—			—		(583	)		—			—			(583	)
Issuance of Common Stock		—		—			—			—		155			—			—			155
Share repurchase		—		—			(105	)		—		(1,103	)		—			—			(1,103	)
Equity-based compensation		—		—			406			—		6,411			—			—			6,411
Reclassification of warrant liability to equity		—		—			—			—		233			—			—			233
Cumulative translation adjustment		—		—			—			—		—			(215	)		—			(215	)
Net loss		—		—			—			—		—			—			(144,240	)		(144,240	)
Balance, June 30, 2025		300		294,058			179,836			180		867,706			(231	)		(768,784	)		98,871
Accrued dividends on Series B Convertible Perpetual Preferred Stock		—		5,344			—			—		(5,344	)		—			—			(5,344	)
Series B Convertible Perpetual Preferred Stock issuance costs		—		(98	)		—			—		—			—			—			—
Issuance of Common Stock		—		—			—			—		155			—			—			155
Warrants exercised		—		—			106			—		1,751			—			—			1,751
Share repurchase		—		—			(126	)		—		(1,727	)		—			—			(1,727	)
Equity-based compensation		—		—			375			—		2,903			—			—			2,903
Cumulative translation adjustment		—		—			—			—		—			(20	)		—			(20	)
Net loss		—		—			—			—		—			—			(28,370	)		(28,370	)
Balance, September 30, 2025		300	$	299,304			180,191		$	180	$	865,444		$	(251	)	$	(797,154	)	$	68,219

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

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS’ EQUITY

(Unaudited)


	For the Three and Nine Months Ended September 30, 2024
	Mezzanine Equity				Stockholders' Equity
	Series B Convertible Perpetual Preferred Stock				Common Stock					Additional Paid-in Capital			Accumulated Other Comprehensive (Loss)/Income			Accumulated Deficit			Total Stockholders' Equity
(in thousands)	Shares		Amount		Shares			Amount
Balance, December 31, 2023		—	$	—		164,279		$	164	$	764,344		$	(32	)	$	(344,240	)	$	420,236
Issuance of Common Stock		—		—		16			—		92			—			—			92
Share repurchase		—		—		(99	)		—		(598	)		—			—			(598	)
Equity-based compensation		—		—		416			1		2,681			—			—			2,682
Unrealized gain on available for sale debt securities		—		—		—			—		—			18			—			18
Cumulative translation adjustment		—		—		—			—		—			16			—			16
Net loss		—		—		—			—		—			—			(85,607	)		(85,607	)
Balance, March 31, 2024		—		—		164,612			165		766,519			2			(429,847	)		336,839
Share repurchase		—		—		(14	)		—		(97	)		—			—			(97	)
Equity-based compensation		—		—		148			—		3,072			—			—			3,072
Cumulative translation adjustment		—		—		—			—		—			9			—			9
Net loss		—		—		—			—		—			—			(48,212	)		(48,212	)
Balance, June 30, 2024		—		—		164,746			165		769,494			11			(478,059	)		291,611
Issuance of Common Stock		—		—		8,529			8		38,102			—			—			38,110
Share repurchase		—		—		(87	)		—		(483	)		—			—			(483	)
Equity-based compensation		—		—		306			—		2,883			—			—			2,883
Cumulative translation adjustment		—		—		—			—		—			(66	)		—			(66	)
Net loss		—		—		—			—		—			—			(90,639	)		(90,639	)
Balance, September 30, 2024		—	$	—		173,494		$	173	$	809,996		$	(55	)	$	(568,698	)	$	241,416

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

PureCycle Technologies, Inc.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)



	Nine Months Ended September 30,
(in thousands)	2025			2024
Cash flows from operating activities
Net loss	$	(163,778	)	$	(224,458	)
Adjustments to reconcile net loss to net cash used in operating activities
Equity-based compensation		12,668			8,637
Change in fair value of warrants		1,881			54,532
Change in fair value of derivative		(3,443	)		395
Depreciation expense		21,875			23,853
Amortization of debt issuance costs and debt discounts		17,335			10,505
Accretion of discount on debt securities		—			(330	)
Operating lease amortization expense		3,398			2,281
Loss on extinguishment of debt		—			21,214
Loss on disposal of equipment		3,765			—
Impairment of operating right-of-use asset		—			757
Other		938			—
Changes in operating assets and liabilities
Accounts receivable		(1,595	)		—
Inventory		(2,638	)		(1,829	)
Prepaid expenses and other current assets		(1,779	)		(347	)
Prepaid expenses and other noncurrent assets		968			(63	)
Accounts payable		(2,062	)		675
Accrued expenses and other current liabilities		(578	)		(3,379	)
Accrued interest		1,820			(3,334	)
Other noncurrent liabilities		—			33
Operating lease right-of-use liabilities		(2,827	)		(2,127	)
Net cash used in operating activities		(114,052	)		(112,985	)
Cash flows from investing activities
Purchase of property, plant and equipment		(27,504	)		(33,989	)
Purchase of debt securities, available for sale		—			(30,586	)
Sale and maturity of debt securities, available for sale		—			79,161
Net cash (used in)/provided by investing activities		(27,504	)		14,586
Cash flows from financing activities
Proceeds from issuance of Series B Convertible Perpetual Preferred Stock		300,000			—
Proceeds from issuance of Series A Preferred shares, inclusive of put option		—			21,840
Proceeds from issuance of Common Stock		33,462			38,110
Proceeds from issuance of revenue bonds to third parties		16,808			8,000
Proceeds from issuance of revenue bonds to related parties		10,063			40,000
Payments on related party revenue bonds		(535	)		(475	)
Payment to purchase revenue bonds		—			(253,230	)
Proceeds from revolving credit facility and related party note payable		14,900			—
Payments on revolving credit facility and related party note payable		(14,900	)		—
Proceeds from exercise and issuance of warrants		6,616			30,050
Proceeds from equipment lease financing		—			9,536
Payments on equipment financing		(7,663	)		(3,118	)
Preferred stock and debt issuance costs		(7,624	)		(1,119	)
Payments to repurchase shares		(4,527	)		(1,178	)
Other financing activities		698			1,122
Net cash provided by/(used in) financing activities		347,298			(110,462	)
Net increase/(decrease) in cash and restricted cash		205,742			(208,861	)
Cash and cash equivalents and restricted cash, beginning of period		41,511			302,514
Cash and cash equivalents and restricted cash, end of period	$	247,253		$	93,653
Supplemental disclosure of cash flow information
Operating activities
Interest paid during the period	$	29,247		$	33,786
Non-cash investing activities
Additions to property, plant, and equipment in accounts payable and accrued expenses		13,466			19,546
Non-cash financing activities
PIK dividends on Series B Convertible Perpetual Preferred Stock		5,927			—
PIK interest on Series A Preferred Stock		3,005			—
Carrying value of shareholder loan exchanged for revenue bonds payable to related parties		—			44,386
Initial fair value of warrant liability issued to satisfy shareholder loan prepayment penalty		—			6,802
PIK interest on related party note payable		—			1,938
Reconciliation of cash and cash equivalents and restricted cash reported in the consolidated balance sheet
Cash and cash equivalents	$	234,359		$	83,673
Restricted cash - current		3,582			241
Restricted cash - noncurrent		9,312			9,739
Total cash and cash equivalents and restricted cash	$	247,253		$	93,653

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

PureCycle Technologies, Inc.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1 - ORGANIZATION

PureCycle Technologies, Inc. and its consolidated subsidiaries (“PCT” or the “Company”) is a Florida-based corporation focused on commercializing a patented purification recycling technology (the “Technology”), originally developed by The Procter & Gamble Company (“P&G”), for restoring waste polypropylene into resin, called PureFive™ resin, which has similar properties and applicability for reuse as virgin polypropylene. PCT has a global license for the Technology from P&G. PCT’s goal is to introduce an important new product to the global polypropylene market that will assist multinational corporations in meeting their sustainability goals as well as federal and state regulations and mandates, providing consumers with polypropylene-based products that are sustainable, and reducing overall polypropylene waste in the world’s landfills and oceans.

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries. The condensed consolidated financial statements are presented in U.S. Dollars. Certain information in footnote disclosures normally included in annual financial statements was condensed or omitted for the interim periods presented in accordance with the rules and regulations of the Securities and Exchange Commission ("SEC") and accounting principles generally accepted in the United States of America (“U.S. GAAP”). Intercompany balances and transactions were eliminated upon consolidation. The accompanying condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of management, necessary to present a fair statement of the results for the interim periods presented.

The unaudited condensed consolidated financial statements should be read in conjunction with the information contained in the Annual Report on Form 10-K for the year ended December 31, 2024. The results of operations for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the entire year ending December 31, 2025.

Reclassifications

Certain amounts in prior periods have been reclassified to conform with the current year presentation.

Restricted Cash

Cash pledged as collateral for future capital purchases and leased properties is deemed restricted and included within this definition. Restricted cash that is expected to be spent or released from restriction within twelve months is classified as current on the Condensed Consolidated Balance Sheets. Restricted cash that is expected to be spent or released from restriction after twelve months is classified as noncurrent on the Condensed Consolidated Balance Sheets.

PureCycle Technologies, Inc.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

(Unaudited)

Revenue Recognition

The Company’s revenue is primarily generated from the sale of finished products or byproducts to customers. Those sales predominantly contain a single performance obligation and revenue is recognized at the point in time when control of the product is transferred to customers, along with the title, risk of loss and rewards of ownership. Depending on the arrangement with the customer, these criteria are met either at the time the product is shipped or when the product is made available or delivered to the destination specified in the agreement with the customer. Sales revenue is recognized in an amount that reflects the consideration the Company expects to be entitled to in exchange for that finished product. Amounts billed to customers related to freight are included in revenues and freight costs are included in cost of operations in the accompanying Condensed Consolidated Statements of Comprehensive Loss.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of expenses for the period presented. The Company's most significant estimates and judgments involve valuation of the Company's liability-classified warrants and the related fair value assumptions. Although these estimates are based on management’s best knowledge of current events and actions that the Company may undertake in the future, actual results may be different from these estimates.

Segment Information

Under Accounting Standards Codification ("ASC") 280, Segment Reporting, operating segments are defined as components of an enterprise where discrete financial information is available that is evaluated regularly by the chief operating decision maker ("CODM"), in deciding how to allocate resources and in assessing performance. Therefore, the Company's Chief Executive Officer, who is also the CODM, makes decisions and manages the Company's operations as a single operating segment, which encompasses integrated business activities related to the recycling of polypropylene into resins. To date, the Company has limited operations and measures performance on a consolidated basis. Management has determined that the measure of segment performance determined most in accordance with U.S. GAAP is consolidated net income or loss, as applicable. The Company’s Condensed Consolidated Statements of Comprehensive Loss include the significant expense categories provided to the CODM on a consolidated basis, and the CODM does not review significant classifications of expenses outside of those shown on the Condensed Consolidated Statements of Comprehensive Loss. The CODM primarily reviews certain operating key performance indicators for evaluating performance and allocating resources.

Recently Issued Accounting Pronouncements

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2025-06 - Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The amendment simplifies the capitalization guidance by removing all references to software development project stages so that the guidance is neutral to different software development methods. The amendments to this update are effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption of this update is permitted. The Company does not expect this guidance to have a material impact on its financial statements and disclosures.

PureCycle Technologies, Inc.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

(Unaudited)

In November 2024, the FASB issued ASU No. 2024-04 – Debt – Debt with Conversion and Other Options: Induced Conversions of Convertible Debt Instruments, which improves the relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt-Debt with Conversion and Other Options. Specifically, the guidance is intended to clarify how to determine whether a settlement of convertible debt (particularly cash convertible instruments) at terms that differ from the original conversion terms should be accounted for under the induced conversion or extinguishment guidance. The amendments in this update are effective for all entities for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for all entities that have adopted the amendments in ASU 2020-06. The Company is currently evaluating the impact that the updated standard will have on its financial statements.

In November 2024, the FASB issued ASU No. 2024-03, Income Statement – Reporting Comprehensive Income – Disaggregation Disclosures. In January 2025, the FASB issued ASU 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This guidance requires more detailed disclosure about the types of expenses presented within the expense captions of the financial statements. Specifically, disclosure of purchases of inventory, employee compensation, depreciation, and intangible asset amortization are required on both an interim and annual basis. In addition, a qualitative description of remaining amounts in relevant expense captions that have not separately been disaggregated will be required on an interim and annual basis. On an annual basis, disclosure of an entity’s definition of selling expenses and the amount of selling expenses is required. The amendments to this update are effective for annual reporting periods beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption of this update is permitted. The Company is currently evaluating the impact that the updated standard will have on its financial statements.

In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The amendments in this update address investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information and includes certain other amendments to improve the effectiveness of income tax disclosures. The updated standard is effective for annual periods beginning after December 15, 2024. Early adoption is permitted. The Company will adopt this guidance for its annual period ending December 31, 2025, which will include the expanded disclosures.

NOTE 3 - LIQUIDITY AND GOING CONCERN

The Company has determined that the going concern conclusion as previously disclosed in Note 2 to the condensed consolidated financial statements included in its quarterly filing on Form 10-Q for the period ended March 31, 2025 is no longer applicable for at least the twelve-month period from the issuance date of these financial statements. In the Form 10-Q filing for the period ended March 31, 2025, the Company disclosed there were conditions that raised substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements were issued. Those conditions were alleviated by management’s plans, as outlined in that Form 10-Q filing.

The improvement in the Company's financial condition is attributable to the Company raising proceeds from the sale of the Series B Convertible Perpetual Preferred Stock, as described below and in more detail in Note 11 - Mezzanine Equity and Stockholders' Equity.

PureCycle Technologies, Inc.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

(Unaudited)

In June 2025, the Company entered into binding subscription agreements with certain investors, including related parties, to which the Company agreed to sell to the investors, in a private placement transaction, an aggregate of 300,000 shares of the Company’s Series B Convertible Perpetual Preferred Stock, par value $0.001 per share, at an initial issue price of $1,000 per share. The gross proceeds to the Company from these subscription agreements were approximately $300.0 million before deducting fees and expenses.

This development has led management to conclude that the previous substantial doubt about the Company's ability to continue as a going concern for a twelve-month period following the date that these financial statements were available to be issued is no longer present. The Company's current financial projections support the Company's ability to meet its obligations as they become due for at least one year from the issuance of these financial statements. The Company’s ability to continue as a going concern longer term is dependent on continued improvement in operations at the Company's first commercial-scale recycling facility in Lawrence County, Ohio (the "Ironton Facility"), the commercialization of its PureFiveTM resin product, and the successful construction and sale of product from its future Thailand and Antwerp facilities. Management continues to evaluate different strategies and may pursue additional actions to further increase its liquidity position.

NOTE 4 - RELATED PARTY TRANSACTIONS

The Company identifies and discloses transactions with related parties in accordance with ASC 850, Related Party Disclosures. The Company's related party transactions are primarily related to financing activities.

The Company’s condensed consolidated financial statements reflect transactions with certain principal owners of PCT and their affiliates, including Sylebra Capital Management (“Sylebra”), Samlyn Capital, LLC (“Samlyn”), Pure Plastic LLC (“Pure Plastic”), and Pure Crown LLC ("Pure Crown"). The Company's condensed consolidated financial statements also reflect transactions with companies affiliated with PCT, including Glockner Family Venture Fund LP, Glockner Enterprises, and Glockner Oil (collectively, "Glockner"), as well as Milliken & Company ("Milliken").

PCT purchased $0.3 million and $0.8 million of certain chemicals used in its purification process from Milliken during the three and nine months ended September 30, 2025, respectively.

PCT currently has a $200.0 million Revolving Credit Facility (the "Revolving Credit Facility") pursuant to a credit agreement with Sylebra. On May 28, 2025, the Company borrowed $10.0 million from the Revolving Credit Facility. Borrowings under the Revolving Credit Facility accrued interest at a rate of 21.8%. The Company repaid the $10.0 million in borrowings plus accrued interest of $0.2 million on June 20, 2025. On November 4, 2025, the Company entered into the Tenth Amendment to the Revolving Credit Agreement, which extended the maturity date of the Revolving Credit Facility from September 30, 2026 to September 30, 2027 and added a clause regarding the potential redemption of Series A Preferred Stock. If, on or prior to March 17, 2026, sufficient proceeds are received from the exercise of Series A Warrants and the Board of Directors approve, then the Company shall redeem in full the Series A Preferred Stock. The Company incurred $1.0 million in fees for this amendment. Refer to Note 8 - Long-Term Debt and Bonds Payable for further information.

During June 2025, the Company executed a 30-day promissory note with Pure Plastic for $4.9 million at a rate of 1.0% interest per month. The promissory note was repaid on June 20, 2025 along with accrued interest in the amount of $0.02 million.

During the nine months ended September 30, 2025, the Company sold $11.4 million in aggregate par amount of Series A Bonds owned by PCT LLC to related parties at a purchase price of $880 per $1,000 principal amount under a bond purchase agreement for gross proceeds of $10.1 million. Refer to Note 8 - Long-Term Debt and Bonds Payable for further information.

PureCycle Technologies, Inc.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS — CONTINUED

(Unaudited)

During June 2025, the Company entered into binding subscription agreements with certain investors, including investment entities affiliated with Sylebra, Samlyn, and Pure Crown, pursuant to which the Company agreed to sell in a private placement transaction shares of the Company’s Series B Convertible Perpetual Preferred Stock, as further described in Note 11 - Mezzanine Equity and Stockholders' Equity.

During the three and nine months ended September 30, 2025, the Company issued 4,003 shares of its Series A Preferred Stock (as defined below) for in kind payment of dividends on the instruments, 2,001 of which were issued to Sylebra, and 2,002 were issued to Samlyn.

On July 28, 2025, Glockner, a related party of the Company, exercised 0.1 million of their outstanding Series A Warrants. The Company received $1.2 million in cash and issued 0.1 million shares of the Company's Common Stock, par value $0.001 per share ("Common Stock") to Glockner.

The table below summarizes the related party balances and transactions reflected in the condensed consolidated financial statements as of September 30, 2025 and December 31, 2024:


	September 30, 2025										December 31, 2024
	Sylebra		Samlyn		Pure Plastic		Pure Crown LLC		Glockner		Sylebra		Samlyn		Pure Plastic		Pure Crown LLC		Glockner
Debt Instruments (dollars in thousands)
Related Party Bonds Payable (Note 8)	$	785	$	3,900	$	112,045	$	—	$	—	$	—	$	—	$	105,830	$	—	$	—

Preferred stock and warrants (shares in thousands)
Series A Preferred Stock (Note 11)		27		27		—		—		—		25		25		—		—		—
Series B Convertible Perpetual Preferred Stock (Note 11)		40		50		—		5		—		—		—		—		—		—
Series A Warrants (Note 13)		10,250		2,857		—		1,071		614		10,250		2,857		—		1,071		714
Series B Warrants (Note 13)		—		—		3,064		—		—		—		—		3,064		—		—
Series C Warrants (Note 13)		2,500		2,500		—		—		—		2,500		2,500		—		—		—

NOTE 5 - INVENTORY

The Company's inventory is as follows:


(in thousands)	September 30, 2025		December 31, 2024
Raw materials	$	5,487	$	4,485
Work in process		370		824
Finished goods		4,868

PureCycle Technologies, Inc. 10-Q