ORGN Origin Materials, Inc.

Overview and Growth

Origin Materials, Inc. generated $18.92M of revenue in fiscal 2025, with net loss of $249.70M and an operating cash outflow of $32.79M. Revenue of $18.92M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Compared with $31.28M in fiscal 2024, revenue decreased 39.5%, a top-line contraction that reduced operating scale. Diluted earnings per share were -$50.55, translating the period’s attributable earnings into the amount reported for each diluted share. Diluted shares averaged 4.94M; this is the reported share base over which the company’s diluted per-share earnings were spread. Diluted shares moved 3.5% from 4.77M in fiscal 2024, leaving the current share base higher year over year. At period end, total assets were $157.66M, framing the scale of the company’s operating and financing commitments. Revenue equaled 0.12x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The reported operating result was an operating loss of $259.09M, reflecting costs that exceeded gross profit. After all below-operating-line items, the company recorded a net loss of $249.70M for the fiscal year. The company reported negative EBITDA of $247.92M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. Before income taxes, the company recorded a loss of $249.08M, bridging the operating result to the final net loss. The company recognized $621.00K of income tax for the period, completing the transition from pretax income to net income. Relative to period-end equity, the net loss represented 239.6%. The net loss equaled 158.4% of period-end assets, showing the deficit relative to the asset base. Compared with a $83.70M net loss in fiscal 2024, the current loss increased to $249.70M.

Liquidity and Capital Structure

The company held $157.66M of assets against $53.45M of liabilities and $104.21M of equity, revealing how the asset base was financed. The near-term balance sheet paired $80.88M of current assets with $28.53M of current liabilities at the reporting date. The current ratio was 2.83x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $32.92M in cash and equivalents, a narrower liquidity measure than total current assets. Measured only with cash and equivalents, coverage of current liabilities was 115.4%, excluding receivables and other current assets. Equity equaled 66.1% of assets, showing the shareholder-capital layer within the company’s balance sheet. The liabilities-to-assets relationship was 33.9%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 20.9%, comparing reported cash and equivalents with the full positive asset balance. The asset base changed 58.3% from $378.03M in fiscal 2024, leaving current total assets lower year over year. Reported equity changed 69.2% from $338.37M in fiscal 2024, placing the current capital base lower year over year. Compared with $56.31M in fiscal 2024, the current cash balance moved 41.5% and finished lower.

Cash Flow and Earnings Quality

Cash flow from operations was an outflow of $32.79M, showing that operations absorbed cash during the period. Capital expenditures used $30.21M in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $63.00M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 332.9% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 40.0% of the period-end asset base. Cash absorbed by operations decreased from $50.83M in fiscal 2024 to $32.79M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.