Origin Materials
Results for Fourth Quarter and Full Year 2022
Cash, cash equivalents and marketable securities were $323.8 million as of December 31, 2022.
Operating expenses for the fourth quarter were $13.0 million compared to $7.8 million in the prior-year period. Full year 2022 operating expenses were $38.9 million compared to $26.9 million in the prior-year period.
Net income was $16.0 million for the fourth quarter compared to net income of $5.2 million in the prior-year period. Full year 2022 net income was $78.6 million compared to $42.1 million in the prior-year period.
Adjusted EBITDA loss was $9.2 million for the fourth quarter compared to a loss of $6.6 million in the prior-year period. Full year 2022 Adjusted EBITDA loss was $31.0 million compared to $20.0 million in the prior-year period, consistent with prior guidance.
Shares outstanding as of December 31, 2022 were 143.0 million including 4.5 million shares held by a certain stockholder that are subject to forfeiture based on share price performance targets previously disclosed in our filings.
Full Year 2023 Outlook
Based on current business conditions, business trends and other factors, the Company is providing the following guidance for revenue and Adjusted EBITDA for fiscal year 2023:
Revenue $40 to $60 million
Adjusted EBITDA loss of $50 million to $60 million
For a reconciliation of a non-GAAP figure to the applicable GAAP figure please see the table captioned ‘Reconciliation of GAAP and Non-GAAP Results' set forth at the end of this press release. These expectations do not consider, or give effect to, among other things, unforeseen events, including changes in global economic conditions.