pct-20220331

false000183003312/312022Q1http://fasb.org/us-gaap/2021-01-31#AccountingStandardsUpdate202006Member50P3DP3Dhttp://fasb.org/us-gaap/2021-01-31#AccruedLiabilitiesCurrent00018300332022-01-012022-03-310001830033us-gaap:CommonStockMember2022-01-012022-03-310001830033us-gaap:WarrantMember2022-01-012022-03-310001830033us-gaap:MemberUnitsMember2022-01-012022-03-3100018300332022-05-10xbrli:shares00018300332022-03-31iso4217:USD00018300332021-12-31iso4217:USDxbrli:shares00018300332021-01-012021-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-12-310001830033us-gaap:PreferredClassBMemberus-gaap:PreferredStockMember2021-12-310001830033pct:PreferredClassB1Memberus-gaap:PreferredStockMember2021-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-12-310001830033us-gaap:AdditionalPaidInCapitalMember2021-12-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001830033us-gaap:RetainedEarningsMember2021-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonStockMember2022-01-012022-03-310001830033us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001830033us-gaap:RetainedEarningsMember2022-01-012022-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonStockMember2022-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-03-310001830033us-gaap:PreferredClassBMemberus-gaap:PreferredStockMember2022-03-310001830033pct:PreferredClassB1Memberus-gaap:PreferredStockMember2022-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassCMember2022-03-310001830033us-gaap:AdditionalPaidInCapitalMember2022-03-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001830033us-gaap:RetainedEarningsMember2022-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonStockMember2020-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassAMember2020-12-310001830033us-gaap:PreferredClassBMemberus-gaap:PreferredStockMember2020-12-310001830033pct:PreferredClassB1Memberus-gaap:PreferredStockMember2020-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassCMember2020-12-310001830033us-gaap:AdditionalPaidInCapitalMember2020-12-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001830033us-gaap:RetainedEarningsMember2020-12-3100018300332020-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-01-012021-03-310001830033us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-3100018300332020-01-012020-12-310001830033srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:AdditionalPaidInCapitalMember2020-12-310001830033us-gaap:RetainedEarningsMembersrt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001830033srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2020-12-310001830033us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-01-012021-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-01-012021-03-310001830033us-gaap:PreferredClassBMemberus-gaap:PreferredStockMember2021-01-012021-03-310001830033pct:PreferredClassB1Memberus-gaap:PreferredStockMember2021-01-012021-03-310001830033us-gaap:RetainedEarningsMember2021-01-012021-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonStockMember2021-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-03-310001830033us-gaap:PreferredClassBMemberus-gaap:PreferredStockMember2021-03-310001830033pct:PreferredClassB1Memberus-gaap:PreferredStockMember2021-03-310001830033us-gaap:CommonStockMemberus-gaap:CommonClassCMember2021-03-310001830033us-gaap:AdditionalPaidInCapitalMember2021-03-310001830033us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001830033us-gaap:RetainedEarningsMember2021-03-3100018300332021-03-3100018300332021-03-172021-03-1700018300332021-03-17utr:D00018300332021-03-182021-03-310001830033us-gaap:PrivatePlacementMember2022-03-070001830033pct:SeriesAWarrantsMemberus-gaap:PrivatePlacementMember2022-03-070001830033us-gaap:PrivatePlacementMemberus-gaap:CommonStockMember2022-03-172022-03-170001830033pct:SeriesAWarrantsMemberus-gaap:PrivatePlacementMember2022-03-170001830033us-gaap:PrivatePlacementMember2022-03-172022-03-1700018300332022-03-172022-03-170001830033srt:RevisionOfPriorPeriodErrorCorrectionAdjustmentMember2021-01-012021-03-31xbrli:pure0001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2020-10-060001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2020-10-070001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2020-10-062020-10-060001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2021-04-152021-04-150001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2021-10-152021-10-150001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2021-04-152021-10-150001830033pct:SeniorNotesPurchaseAgreementMemberus-gaap:ConvertibleDebtMember2021-10-012021-12-310001830033us-gaap:ConvertibleDebtMember2022-01-012022-03-310001830033us-gaap:ConvertibleDebtMember2021-01-012021-03-310001830033us-gaap:ConvertibleDebtMember2022-03-310001830033us-gaap:ConvertibleDebtMember2021-03-310001830033pct:PureCycleOhioLLCMemberus-gaap:NotesPayableToBanksMember2020-10-07pct:serie0001830033pct:RevenueBondsMember2020-10-070001830033pct:RevenueBondsMember2021-03-170001830033pct:RevenueBondsMember2021-07-310001830033pct:RevenueBondsMember2022-01-310001830033us-gaap:NotesPayableToBanksMember2020-10-070001830033us-gaap:NotesPayableToBanksMember2022-03-310001830033pct:RevenueBondsMember2022-01-012022-03-310001830033pct:RevenueBondsMember2021-01-012021-03-31pct:vote0001830033pct:A2020EquityIncentivePlanMember2022-03-310001830033us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310001830033us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-03-310001830033pct:ShareBasedCompensationArrangementRestrictedStockUnitsMemberus-gaap:RestrictedStockUnitsRSUMemberpct:FormerChiefFinancialOfficerMember2021-12-110001830033pct:ShareBasedCompensationArrangementRestrictedStockUnitsMemberus-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheOneMemberpct:FormerChiefFinancialOfficerMember2021-12-112021-12-110001830033pct:ShareBasedCompensationArrangementRestrictedStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:RestrictedStockUnitsRSUMemberpct:FormerChiefFinancialOfficerMember2021-12-112021-12-110001830033us-gaap:RestrictedStockUnitsRSUMember2020-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2021-03-310001830033us-gaap:RestrictedStockUnitsRSUMember2021-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-12-310001830033us-gaap:RestrictedStockUnitsRSUMember2022-03-310001830033us-gaap:EmployeeStockOptionMember2022-01-012022-03-310001830033us-gaap:EmployeeStockOptionMember2021-01-012021-03-310001830033us-gaap:EmployeeStockOptionMemberpct:FormerChiefFinancialOfficerMember2022-01-012022-03-3100018300332021-01-012021-12-310001830033us-gaap:PerformanceSharesMember2022-01-012022-03-310001830033us-gaap:PerformanceSharesMember2021-01-012021-03-310001830033pct:ShareBasedPaymentArrangementPerformanceSharesMemberpct:FormerChiefFinancialOfficerMember2022-03-310001830033us-gaap:PerformanceSharesMember2020-12-310001830033us-gaap:PerformanceSharesMember2020-01-012020-12-310001830033us-gaap:PerformanceSharesMember2021-03-310001830033us-gaap:PerformanceSharesMember2021-12-310001830033us-gaap:PerformanceSharesMember2021-01-012021-12-310001830033us-gaap:PerformanceSharesMember2022-03-310001830033us-gaap:CommonStockMember2020-11-202020-11-200001830033us-gaap:CommonStockMember2020-12-310001830033us-gaap:CommonStockMember2020-01-012020-12-310001830033us-gaap:CommonStockMember2021-01-012021-03-310001830033us-gaap:CommonStockMember2021-03-310001830033us-gaap:CommonStockMember2021-12-310001830033us-gaap:CommonStockMember2021-01-012021-12-310001830033us-gaap:CommonStockMember2022-01-012022-03-310001830033us-gaap:CommonStockMember2022-03-310001830033pct:PublicWarrantsAndPrivateWarrantsMember2021-03-170001830033pct:PublicWarrantsAndPrivateWarrantsMember2021-03-172021-03-170001830033pct:PublicWarrantMember2021-03-310001830033pct:PublicWarrantMember2022-03-310001830033pct:PrivateWarrantMember2021-03-310001830033pct:PrivateWarrantMember2022-03-310001830033pct:SeriesAWarrantsMember2022-03-172022-03-170001830033pct:SeriesAWarrantsMember2022-03-170001830033pct:SeriesAWarrantsMemberus-gaap:MeasurementInputOptionVolatilityMember2022-03-310001830033pct:SeriesAWarrantsMember2022-03-310001830033us-gaap:BuildingMember2022-03-310001830033us-gaap:MachineryAndEquipmentMember2022-03-310001830033us-gaap:LeaseholdImprovementsMember2022-03-310001830033us-gaap:FurnitureAndFixturesMember2022-03-310001830033us-gaap:LandImprovementsMember2022-03-310001830033us-gaap:LandMember2022-03-310001830033us-gaap:ConstructionInProgressMember2022-03-310001830033us-gaap:BuildingMember2021-12-310001830033us-gaap:MachineryAndEquipmentMember2021-12-310001830033us-gaap:LeaseholdImprovementsMember2021-12-310001830033us-gaap:FurnitureAndFixturesMember2021-12-310001830033us-gaap:LandImprovementsMember2021-12-310001830033us-gaap:LandMember2021-12-310001830033us-gaap:ConstructionInProgressMember2021-12-310001830033pct:ProctorGambleMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2015-10-16pct:phasepct:employee0001830033pct:ProctorGambleMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2019-04-300001830033pct:ProctorGambleMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2021-01-010001830033pct:ProctorGambleMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2021-07-010001830033pct:ProctorGambleMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2022-03-310001830033pct:ProctorGambleMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2021-12-310001830033pct:ImpactRecyclingLimitedMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2019-11-132019-11-130001830033pct:ImpactRecyclingLimitedMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2020-01-012020-12-310001830033pct:ImpactRecyclingLimitedMemberus-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMember2021-01-012021-03-310001830033us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMemberpct:TotalPetrochemicalsRefiningSANVMember2020-06-232020-06-230001830033us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMemberpct:NestleLtdMember2018-12-130001830033us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMemberpct:NestleLtdMember2018-12-132018-12-130001830033us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMemberpct:NestleLtdMember2022-03-310001830033us-gaap:CollaborativeArrangementTransactionWithPartyToCollaborativeArrangementMemberpct:NestleLtdMember2021-12-310001830033us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2022-03-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2022-03-310001830033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2022-03-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-12-310001830033us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MunicipalBondsMember2021-12-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:RTIWarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:RTIWarrantMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:RTIWarrantMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:RTIWarrantMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:RTIWarrantMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2021-12-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:SeriesAWarrantsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001830033pct:PrivateWarrantMember2022-01-012022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputExpectedDividendRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputOptionVolatilityMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputOptionVolatilityMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputRiskFreeInterestRateMemberus-gaap:FairValueMeasurementsRecurringMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputExpectedTermMemberpct:PrivateWarrantMember2022-03-310001830033us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MeasurementInputExpectedTermMemberpct:PrivateWarrantMember2021-12-310001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMember2022-01-012022-03-310001830033us-gaap:FairValueInputsLevel3Memberpct:PrivateWarrantMember

SEC Form 10-Q filed by PureCycle Technologies Inc.