PureCycle Technologies (PCT)
NASDAQ:PCT
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PureCycle Technologies
(NASDAQ:PCT)
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Rating:48Neutral
Price Target:
$5.00
▼(-9.42% Downside)
Action:ReiteratedDate:03/20/26
The score is held down primarily by weak financial performance (large losses and heavy cash burn despite initial revenue traction) and a bearish technical setup (price below key moving averages with negative MACD). Offsetting factors include a constructive earnings-call backdrop with improving operations and commercial pipeline growth, and some balance-sheet de-risking from the sharp reduction in debt; valuation is difficult to assess given negative earnings and no dividend yield provided.
Positive Factors
Food‑grade qualification & regulatory acceptance
Achieving APR certification and multi-jurisdictional regulatory acceptance creates durable market access for food‑grade recycled PP. This lowers customer adoption barriers, enables participation in mandated PCR/EPR programs, and supports sustained demand from brands seeking certified recycled content.
Negative Factors
High cash burn and negative cash flow
Sustained, large negative operating and free cash flows indicate the business is not yet self‑funding. Continued cash burn necessitates external financing, increasing dilution or execution risk and constraining the firm’s ability to scale without consistent capital access.
Read all positive and negative factors
Positive Factors
Negative Factors
Food‑grade qualification & regulatory acceptance
Achieving APR certification and multi-jurisdictional regulatory acceptance creates durable market access for food‑grade recycled PP. This lowers customer adoption barriers, enables participation in mandated PCR/EPR programs, and supports sustained demand from brands seeking certified recycled content.
Read all positive factors
PureCycle Technologies (PCT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$996.91M
Dividend YieldN/A
Average Volume (3M)5.40M
Price to Earnings (P/E)―
Beta (1Y)2.42
Revenue GrowthN/A
EPS Growth12.57%
CountryUS
Employees157
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.14
Shares Outstanding180,599,410
10 Day Avg. Volume4,014,534
30 Day Avg. Volume5,404,072
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)33.57
Price to Sales (P/S)184.37
P/FCF Ratio-8.39
Enterprise Value/Market Cap1.61
Enterprise Value/Revenue191.95
Enterprise Value/Gross Profit-11.91
Enterprise Value/Ebitda-18.95
Forecast
1Y Price Target
$13.25Price Target Upside140.04% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.96
Revenue Forecast (FY)$49.50M
PureCycle Technologies Business Overview & Revenue Model
Company Description
PureCycle Technologies, Inc. produces recycled polypropylene (PP). The company holds a license for restoring waste PP into ultra-pure recycled resin. Its recycling process separates color, odor, and other contaminants from plastic waste feedstock ...
How the Company Makes Money
PureCycle makes money primarily by selling recycled polypropylene resin produced at its purification recycling facilities. Its core revenue stream is sales of UPR polypropylene pellets/resin to customers (often brand owners and converters) seeking...
PureCycle Technologies Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call conveyed materially positive operational and strategic progress: clear quarter-over-quarter production gains, a rapidly expanding commercial pipeline (from ~100 to >170 projects), successful qualification in high-value food-grade applications, on-site compounding coming online, tangible Gen 2 economics that could put costs below virgin PP, and active international expansion (Thailand and Antwerp). Offsetting these positives are slower-than-expected commercial revenue conversion, regulatory delays (notably New Jersey), meaningful near-term cash burn and sizable project/spend and debt-service requirements that require financing execution. On balance, management presented strong technical and operational momentum and multiple financing pathways, while acknowledging timing and market-adoption risks.Positive Updates
Operational Ramp and Throughput Gains
Denver added a third shift and processed 44% more feed versus Q3, ramping to 14.0 million pounds (a 35% increase over the prior quarterly high). Ironton set a quarterly record with 7.5 million pounds produced and achieved higher daily records; successful rate tests were run at ~12,500 and 14,000 lbs/hour. Feed flexibility improved with purchases from >15 suppliers and procurement costs reduced by $0.06 per pound over the last 12 months.
Negative Updates
Slower-than-expected Revenue Ramp and Commercial Delays
Management acknowledged that 2025 experienced material commercial delays versus earlier projections; revenue ramp has been delayed by customer adoption timing despite technical successes. Q4 revenue remains modest at $2.7M and many pipeline opportunities remain in trial/qualification stages rather than fully contracted.
Read all updates
Q4-2025 Updates
Positive
Negative
Operational Ramp and Throughput Gains
Denver added a third shift and processed 44% more feed versus Q3, ramping to 14.0 million pounds (a 35% increase over the prior quarterly high). Ironton set a quarterly record with 7.5 million pounds produced and achieved higher daily records; successful rate tests were run at ~12,500 and 14,000 lbs/hour. Feed flexibility improved with purchases from >15 suppliers and procurement costs reduced by $0.06 per pound over the last 12 months.
Read all positive updates
Company Guidance
Management guided that 2026 is about converting technical success into accelerated commercial revenue growth, citing Q4 operational progress: Denver added a third shift and processed 44% more feed vs Q3, ramping to 14.0 million pounds (a 35% increase over its prior quarterly high), while Ironton set quarterly and daily production records at 7.5 million pounds and ran successful rate tests at ~12,500–14,000 lb/hr with a planned mid‑April–mid‑May outage to improve reliability and approach nameplate. Commercially, Q4 revenue was $2.7 million (fourth consecutive quarterly growth) with shipments to 11 customers, a pipeline >170 active projects (vs ~100 a year ago), 40–50 million pounds of near‑term run‑rate demand plus an incremental 20–25 million pounds added (one near‑term ~10 million lb opportunity), and 15–30 million pounds of near‑term demand contingent on New Jersey approval (NJ applications represent ~300 million lb/yr); co‑product prices are $0.25–0.30/lb and feed procurement costs are down ~$0.06/lb year‑over‑year. Financial guidance included operating/corporate cash burn roughly $8–9 million/month (Q4 ops & corporate costs $24.5M), Q1 2026 project spend $19–20M (including $7–8M for Ironton), FY2026 project spend $39–45M (with $14–16M R&D), Q1 debt service ≈ $11.1M, Series A and public/private warrant extensions preserving ~ $273M of potential proceeds (15.7M and 5.7M shares; Series A reduced redemption $14.38), ~$75M of revenue bonds to monetize, EUR 40M EIF grants for Antwerp, a potential Thailand BOI tax holiday (~$100M avoided cash taxes), and encouraging Gen‑2 engineering showing up to ~500 million lb capacity with greenfield capex ~ $1.50/lb, brownfield ~ $1.00/lb and a line of sight to cash costs below virgin PP.PureCycle Technologies Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
14
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.36M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | -134.62M | -34.71M | -18.86M | -26.56M | -10.55M |
| EBITDA | -83.48M | -197.66M | -97.97M | -79.54M | -67.30M |
| Net Income | -182.56M | -289.14M | -101.72M | -84.75M | -77.50M |
Balance Sheet | |||||
| Total Assets | 922.67M | 798.38M | 1.04B | 861.34M | 664.68M |
| Cash, Cash Equivalents and Short-Term Investments | 170.32M | 15.68M | 121.64M | 162.48M | 200.78M |
| Total Debt | 776.18M | 401.31M | 543.80M | 250.13M | 232.51M |
| Total Liabilities | 876.78M | 617.94M | 619.14M | 350.45M | 283.15M |
| Stockholders Equity | 45.89M | 180.45M | 420.24M | 510.88M | 381.54M |
Cash Flow | |||||
| Free Cash Flow | -183.59M | -200.41M | -248.81M | -352.67M | -191.90M |
| Operating Cash Flow | -142.74M | -144.83M | -94.91M | -65.48M | -54.51M |
| Investing Cash Flow | -54.47M | -7.01M | -102.10M | -218.39M | -305.57M |
| Financing Cash Flow | 323.73M | -109.17M | 272.00M | 247.53M | 293.37M |
PureCycle Technologies Technical Analysis
Neutral
5.52
Price Trends
7.30
Negative
8.33
Negative
10.93
Negative
Market Momentum
-0.50
Negative
41.36
Neutral
58.42
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PCT, the sentiment is Neutral. The current price of 5.52 is above the 20-day moving average (MA) of 5.52, below the 50-day MA of 7.30, and below the 200-day MA of 10.93, indicating a neutral trend. The MACD of -0.50 indicates Negative momentum. The RSI at 41.36 is Neutral, neither overbought nor oversold. The STOCH value of 58.42 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for PCT.
PureCycle Technologies Risk Analysis
PureCycle Technologies disclosed 29 risk factors in its most recent earnings report. PureCycle Technologies reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
PureCycle Technologies Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
67 Neutral | $2.06B | 42.25 | 16.53% | ― | 29.86% | 331.33% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $566.32M | 31.61 | 11.92% | ― | 0.10% | 1.50% | |
56 Neutral | $39.61M | -20.77 | -5.70% | ― | -5.66% | -397.46% | |
50 Neutral | $98.12M | -2.58 | -25.66% | ― | 7.20% | -2951.61% | |
48 Neutral | $996.91M | -8.44 | -161.85% | ― | ― | 12.57% | |
46 Neutral | $17.66M | -1.35 | -73.79% | ― | 10.97% | 44.99% |
* Industrials Sector Average
PCT
PureCycle Technologies
5.52
-0.40
-6.76%
ARQ
Arq Inc
2.29
-1.21
-34.66%
CECO
Ceco Environmental
62.61
42.70
214.47%
ERII
Energy Recovery
10.72
-3.88
-26.58%
FTEK
Fuel Tech
1.29
0.32
32.72%
LIQT
LiqTech International
1.78
0.30
20.75%
PureCycle Technologies Corporate Events
Business Operations and Strategy
PureCycle Showcases Global Expansion Strategy at ROTH Conference
Positive
Mar 20, 2026
PureCycle Technologies, Inc., a U.S.-based recycler of polypropylene plastic using a patented dissolution process licensed from Procter Gamble, produces high-purity PureFive resin designed to be recycled and reused multiple times across consumer ...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresRegulatory Filings and Compliance
PureCycle Extends Warrants and Appoints New Chief Financial Officer
Positive
Feb 26, 2026
On February 25, 2026, PureCycle amended its warrant agreements to extend the expiry of its public and private PCT warrants to June 17, 2026, and, with holder consent received on February 20, 2026, extended its Series A warrants by one year while l...
Business Operations and Strategy
PureCycle Revises Augusta Recycling Facility Milestones and Obligations
Negative
Jan 13, 2026
On December 29, 2025, PureCycle Technologies entered into a Construction Progress Agreement with the Development Authority of Augusta, Georgia to revise and supplement construction milestones and obligations for its second-generation polypropylene...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.