Record Production and Operational Progress
Q3 was one of the highest quarters of production in the company's history, with September reaching a record 3.3 million pounds. Denver processed 9.4 million pounds of feedstock in Q3 and 4.4 million pounds in October.
Expansion and Capacity Increase
Denver's capacity is expected to reach approximately 100 million pounds annually with the addition of a third shift. The 100 million pound compounding expansion at Ironton is on track for mechanical completion in December.
Successful Product Development and Partnerships
Major strides in product development, notably with white thermoform coffee lids, leading to progress with 3 of the top 5 quick service restaurant companies, expected to ship in Q4 and ramp in 2026.
Financial Strength and Innovation Grants
Ended the quarter with over $234 million of unrestricted cash. The proposal to the EU Innovation Fund was accepted, expecting a grant of up to EUR 40 million by the end of Q1 2026.
Positive Commercial Outlook
Scheduled shipments to P&G in Q4 and plans for other applications in Q1. Overall demand from key projects expected to reach 40-50 million pounds annually, with strong potential demand exceeding supply capacity.