Shares of PureCycle Technologies Inc. (PCT) are soaring 17.27% in pre-market trading on Friday, building upon the previous day's 10.82% gain. This surge comes in the wake of a strong corporate update that showcased record production figures and significant market expansion for the recycling technology company.
According to the latest report, PureCycle achieved a record quarterly production of 7.2 million pounds of PureFive resin at its Ironton facility, with September alone hitting a monthly record of 3.3 million pounds. The company's Denver site has also ramped up operations, now running on a second shift with plans to add a third shift in the coming quarter. These production milestones demonstrate PureCycle's growing operational efficiency and capacity to meet increasing demand.
Investors are particularly encouraged by PureCycle's progress on commercial and operational fronts. The company has successfully qualified its resin for use in white thermoformed coffee lids for a major global quick service restaurant brand, with sales expected to commence next quarter. Additionally, PureCycle received certification for recycled content and REACH compliance, opening doors for sales into the European market. The company is also in advanced discussions with multinational corporations for long-term supply contracts and is engaged in over 100 opportunities across key market segments, including automotive, flexible packaging, thermoformed packaging, and injection molding. These developments signal strong potential for future revenue growth and market penetration, likely contributing to the stock's significant pre-market rise.
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