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Origin is a technology company with a mission to enable the world s transition to sustainable materials. Our innovations include PET closures for an estimated global closures market opportunity of greater than $65 billion.
The business is unprofitable at the operating level (-1369.27% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 39.5% YoY. Margins deteriorated 1098.0pp alongside, both lines moving the wrong way.
ROIC dropped from -17.18% to -86.08%, capital efficiency is deteriorating. Negative free cash flow of -$63M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$14M
▼ -39.5% YoY
Net Income (TTM)
-$241M
▼ -198.3% YoY
Op. Margin
-1739.43%
▼ -1098.0pp YoY
ROIC
-90.23%
▼ -68.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$59M
▼ -5.4% YoY
Op. Cash Flow (TTM)
-$29M
▲ +35.5% YoY
Net Debt
-$17M
Net Cash Position
Cash & Equiv.
$33M
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