PureCycle loses $182M in 2025

Orlando, Florida-based PureCycle Technologies Inc., which uses a chemical recycling process to recycle polypropylene (PP) plastic scrap, has reported a smaller net loss in 2025 compared with 2024, but still lost more than $182.5 million last year.

PureCycle recorded more than $8.35 million in revenue last year, which it attributes in part to the production of 3,750 tons of PureFive recycled-content PP (rPP) in last year’s fourth quarter at its facility in Ironton, Ohio.

The company says it also ramped up operations at a plastic scrap sorting facility in Denver, Pennsylvania.

“The fourth quarter was another period of progress and execution for PureCycle,” says Dustin Olson, Chief Executive Officer of PureCycle Technologies. “We ramped our operations in Denver and Ironton, advanced our customer pipeline, and made meaningful progress on our growth in Thailand. I have never felt better about our ability to reliably supply Ironton as we ramp toward full production rates.”

Outside North America, PureCycle calls the Thailand project on track for breaking ground this year and for 2027 mechanical completion. The firm says it has signed nine feedstock letters of intent to feed the production line there.

In Europe, PureCycle says it expects to break ground in the second half of this year in Antwerp, Belgium, on a chemical recycling plant it targets for completion by 2028.

The PureCycle fourth quarter and full year 2025 10-K form filed with the United States Securities and Exchange Commission (SEC) spells out the $182.5 million loss last year. It follows a 2024 in which PureCycle recorded a $289.1 million loss.

While the firm did record more than $8 million in revenue last year (compared with none listed for 2024), several of the firm’s costs and expenses rose by considerable amounts.

PureCycle recorded $109.3 million in operating expenses in 2025, spending more than $23 million on operations compared with its 2024 operating expense figure. The company’s interest expenses also rose by more than 13 percent, from about $56.8 million in 2024 to more than $64.4 million last year.

In text in the SEC filing, PureCycle says, “Future expansion is dependent, in part, on successful completion of additional capital raise and/or project financing.”

The company also writes, “Our ability to continue as a going concern longer term is dependent on continued improvement in operations at the Ironton Facility, which is the first commercial-scale recycling facility, the commercialization of our PureFive resin product, and the successful construction and sale of product from our planned future Augusta [Georgia], Thailand and Belgium Facilities. We continue to evaluate different strategies and may pursue additional actions to further increase our liquidity position.”

In Georgia, PureCycle held a groundbreaking ceremony in 2022 for a chemical recycling plant to be built in Augusta. Construction of that facility did not immediately follow, and PureCycle mentions a “revised construction timeline” involving “start of construction no later than March 2028” in its most recent SEC filing.