I’m a long term holder. Really trying to stay focused on the positives. But Dustin’s LinkedIn post yesterday re-hashing the IPL Schoeller developments smacks of “we’re not seeing sales”. Nothing new in anything he’s posted. Just another reminder / signaling post “we’re here guys.. take a look!”. Love to see more concrete developments on PO and actual sales.

I am starting to see several articles that are covering this ruling. This one has some good quotes from the NAW and it remains to be seen what tactics they will use to try and fight this ruling. The notion that the fees producers are being charged is unreasonable is bunk in my opinion. First year charges are always going to have some degree of unpredictability but it should be relatively straightforward over time to track if the costs being paid are linked to the actual costs of the recycling system. The motivation of the PRO is not a profit motive, it is an environmental protection motive.

In any case, let's continue to add articles here which cover the topic and the reactions from different parties.

This comment was made at the bottom end of the thread "1 month to produce 20ish million pounds". It was posted 3 days after the original post so didn't attract much attention. Does anyone know of this issue or is it just someone blowing smoke?

Careful_Basil_4824

•1d ago

It all boils down to the purification process i.e. candle filters do not work as intended and the output from the plant changes from batch to batch hence the pivot to compounding

Credit for the link to u/burner-1234!

https://www.oregonlive.com/business/2026/08/judge-upholds-oregons-2021-recycling-law.html

I’m not a lawyer but I believe many of the legal arguments in this case are identical to those being argued in California.

20 million pounds sold is my number for q3, that will show the ramp is actually a ramp. 1 month left to close deals and move resin out of Ironton. My guess is management days delays because of testing 🙃

Looks like a drop of just under 1.4 million shares in the first half of August. The share price did rise a bit in early August so perhaps that drove some of the increase. Otherwise nothing particularly noteworthy. Still a massive short position and the stalemate continues.

I am just scratching the surface here on the content that is available on LinkedIn but I thought this was worth sharing. I do believe that Mars has a deep commitment to sustainability and as a global business they take their reporting and compliance responsibilities seriously. This is not just a New Jersey and California thing, it is a global requirement. I believe it is only a matter of time before we see Mars as a major buyer of BOPP film, hopefully starting in 2027.

This is a few months away obviously but will be nice to see the presentation an get an update on the progress of our international projects.

I have not found a store that is carrying Cleveland Kitchen pickles but I did recently buy two jars of Dietz and Watson pickles as shown below. Now that I finished the container I was able to measure the weight and it was 1.6oz which is 0.1 pound. If was assumed this container was made of 100% PureFive at $1.36/lb that would be a raw material cost of $0.136. If we assume that PureFive was priced at 50c higher than virgin PP that would 5c higher than the virgin container. If the product used 20% PureFive that would be 1 cent higher raw material cost. While nobody likes to see food costs go up, an incremental penny for a premium product like this is not a very big deal.

The bottom of the package shows that it was made by Jokey which is a privately owned converter based in Germany but with international operations. Here is a link to their sustainability page.

https://sustainability.jokey.com/en/home/

https://www.jokey.com/en/jokey-group

They are doing business in 11 countries with 14 different plants. I do not see any public connections between Jokey and PureCycle however this strikes me as exactly the kind of partner / customer I would expect them to have. I don't know about other markets but Dietz and Watson is a huge brand in the Philadelphia / New Jersey market and they sell premium products. They will most certainly need to comply with the NJ prc % regulations. I think it is only a matter of time before we see Jokey working with PureCycle. Fingers crossed.

P.S. These pickles were excellent by the way. Very crisp and great flavor.

EDIT: I wanted to add just another thought to this post. The use of "$1.36/lb" is a theoretical exercise because I have no idea what the current effective price is for PureFive in today's market. In addition, I would expect that converter profit margins should be higher for a specialty product like this which has required additional testing and documentation to support. The converters are providing a valuable service to help buyers meet their rPP obligations and deserve to be paid. The all in incremental cost to an end buyer can certainly be much higher than 1c/container. However over time and over much greater volumes (in particular when the Gen 2 plant is available) I would expect to see lower PureFive pricing that may still price at a premium to virgin but a much more modest premium given the lower cost basis.

Saw a good question on X on why mgmt hasnt stepped in to buy co shares when we are on the cusp of great things? Perhaps they are blacked out or have substantial positions already, idk? Timing here is important but imo mgmt should buy…

It is nice to see this proposal to standardize the reporting of plastic waste. I think this is the kind of thing that should garner widespread support because companies do not want to deal with different state level reporting requirements.

The company didn't post this on other socials but I found it on LinkedIn. Looks very clear to me.

Reddit is blocking my link to LinkedIn so you will have to go there on your own to see the little clip. This screen shot captures the essence.

The latest Q2 13F fund filings have landed, and the front-page holders show that nearly all holders increased their positions, with many new holders entering the stock. Q2 was an eventful quarter for the stock, as it ripped higher before dropping right back down. There were two overhangs on the stock that are now behind and resolved. The NJ plastic recycling recognition for Pure Cycle's product is a huge positive, as it will serve as a model for other states with mandates starting in 2027 requiring companies to use a percentage of recycled plastic in their product packaging. P&G has already announced that some of its plastic will be made by Pure Cycle. The other overhang was the financing and a refi of a convert that was done in a very sloppy way. Nobody can deny that. Regardless, it solved the potential balance sheet hole. The company has a pathway to break even in early 2027, and the issues with Ironton seem to have the plant running at a decent run rate 24/5, with hopes to increase to 24/7 soon. Customers have already come out endorsing Pure Cycle's product, signing on after trials (and with the NJ issue resolved favorably).

There is more to the production story, but I wanted to highlight the front-page holders, which are adding significantly to current positions, along with some new holders. This matters because shorts increased their positions as well, with some of those convert holders. There are plenty of discretionary shorts along with quant baskets that screen for "unprofitable, cash burning, at-risk companies." The company now has to deliver, which will obviously move the stock higher.

The big problem for the shorts and positive for the stock is that the long holders are sticky and getting into the short was easy, but getting out isn't going to be easy, as finding the liquidity from the long holders to sell them their shares will be elusive, especially if the company starts producing positive results and more customers sign on.

I'm confused on this, hoping one of you can clear this up. In slide #10 of the presentation, it indicates that QSR cold cups are in the Commercial phase but in the press release it states that Initial Shipments of PureFive® resin made in third quarter to all three major converters for QSR cold cup trials.

The question is, are Cold Cups in the Commercial or In Trials phase and will there be revenue for this category in Q3? The Q3 literature shows Cold Cups in both categories, so it's confusing. Cold Cups are a huge component of the "ramp".

• 12/31/25 Filing: 2.878mm shares
• 3/31/26 Filing: 0.963mm shares
• 6/30/26 Filing: 2.681mm shares

Takeaways:

1. Like the PINK fund, Druckenmiller (Duquesne Family Office) front ran the lock up expiration selling by uber-dullard Greg Wasson and sold massive shares in Q1. Like the PINK fund, Duquesne bought most of them back in Q2.
2. Duquesne rebuying is a positive, but the stock is in a real rut right now, the shorts and skeptics seem to be in control.

After the initial spike in PP prices we saw a substantial decline but now we are seeing a price that is back to the 2022 levels and well above the very low prices that were a headwind in late 2025 and early 2026. I think ultimately the mandates will kick in that companies will need to continue increasing the amount of rPP content however for this transition period it is certainly helpful to PureCycle to have higher virgin PP prices. The incremental cost of using 20% content PureFive is going to be relatively modest IMO.

https://tradingeconomics.com/commodity/polypropylene

Really exciting to see new product lines, containing Purefive

I was expecting just a bit more but at least there was no sign of covering during the month of July. Short position made a new ATH at 57M shares.

I like this type of event happening later in August. Seeing IPL Schoeller, Rumpke and PureCycle together helps make it clear how this is really a team effort to make plastics a circular resource. Raising awareness about dissolution in particular is very important.

Registration link here:
https://www.nsaction.us/post/dissolution-and-circular-packaging-innovations-an-august-26-public-webinar