Origin Matters在获得价值1亿美元的新PET瓶盖合同后股价飙升

Origin Materials (NASDAQ:ORGN) +25.5% in Friday's trading to an 11-month high after reporting a Q2 loss but announcing a major milestone with its first major customer signed for PET caps and closures, expecting to generate $100M in revenues during the initial two-year term.

Origin (ORGN) also indicated the start of commercial production of PET caps in Q4, with revenue ramping up starting in Q1 2025, supported by partnerships with Reed City Group in the U.S. and the Bachmann Group in Europe.

Following the news, Bank of America's Steve Byrne upgrades Origin (ORGN) to Buy from Neutral with a $3 price target, raised from $1.35, saying that while he sees long-term value in the company's biomass conversion technology, the ramp in PET closures pulls forward his estimate of EBITDA breakeven to 2027 from 2029 previously, with potential for profitability in 2026 due to additional discussions underway for closures contracts and/or licenses.

"We remain positive on the end market demand for Origin's bio-based products and its technology, and the long-term opportunity for partnerships to build additional production facilities," Byrnewrites. "The company's differentiated development of a process to product PET caps and closures is a near-term revenue source and reduces the risk of an equity raise."