It has been just over a week since the company has announced the start-up of its first industrial scale manufacturing facility. Origin 1 came online last Monday, being billed as the "world's first commercial CMF plant." It is a major accomplishment for the Sarnia project, which was first announced in 2017.
“The commercialization of a molecule like CMF is historic, on the order of an ethylene. After working with CMF for over a decade at pilot scale, we couldn’t be more excited to begin commercial production here in Sarnia.”
-- Origin co-founder and co-CEO John "Chemperor" Bissell
Despite the significant milestone and first step in de-risking, the stock price has failed to maintain any gains. After a major gap up on the morning of the announcement, the downward momentum continued where the price still remains in its current channel. The stock is actually down 12.79% for the month, despite the positive news.
So just what is Wall Street waiting on? Perhaps an announcement of first production, first delivery of product, or perhaps the first quarterly earnings report showing significant revenue. The Q2 earnings call will likely be sometime in early August. But, with the plant only being online for less than a week before the period's end, it is not likely any such sales will appear in the report.
Despite this, the company is still guiding $40-60 million in sales for 2023. This is in-line with the $60 million listed on the original presentation from the Artius SPAC, when Origin Materials was announced as the target company back in February 2021.
According to Sarnia This Week, there are more than 25 workers at O1 with plans to hire more employees in the future. Sarnia Mayor Mike Bradley said, "It's excellent news...a demonstration project we can show outside the community."
The company shared the startup news on LinkedIn via a company post, and here are some select comments:
Additional comments from those close to the project:
Perhaps discouraging to some more than others has been the perception that insiders have painted by selling (and not buying) any shares in the company. It is what it is. To me, the amount of shares being sold and frequency is not concerning.
Eric Schuler, Electrochemical Process Engineer at Avantium, shared this photo from the Green Chemistry and Engineering Conference in Long Beach, CA.
In attendance was Origin Materials Principal Research Scientist William Gong. After spending nearly three decades at BP/Amoco, Mr. Gong joined Origin in 2019.
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