Strong Interest in PET Cap Solutions
Over 20 companies, including 6 Fortune 500 companies, are in the process of qualifying Origin's PET cap solutions. Customer interest remains robust with 65 new inquiries in the last six weeks.
Strategic Customer Agreement
A signed strategic customer agreement was announced with a multibillion-dollar packaging company for the development of large format PET closures for the ready-to-drink, wine, and spirits market.
CapFormer Technology Improvements
Improvements in CapFormer technology have led to expected increases in throughput, with lines 2 and 3 expected to achieve double the original throughput of line 1, and lines 4 and beyond tripling line 1's output.
Financial Health
The company ended the quarter with $83 million in cash, cash equivalents, and marketable securities. Efforts to line up debt financing for CapFormer equipment purchases are underway with a goal of 50% to 70% total coverage.