Origin Materials, Inc. (ORGN), a carbon-negative materials company, has surged 4.01% in the premarket trading session. As a result, ORGN stock is trading at $6.23 at the time of the writing. Data suggests that short-term investors are the major contributor to this surge. On Friday, ORGN closed the day at $5.99 after a slight increase of 1.87% during regular trading hours.
ORGN Q3 2021 Operational Results
On 11th November, ORGN released the operational results for the third quarter of the fiscal year 2021. The quarter ended on 30th September. The company bore total operating expenses of $7.12 million against $2 million for the same period of 2020. The net income generated by the company during the three months was $27.8 million against the net loss of $3.1 million for the same period of 2020. The net income per basic and diluted share for the three months was $0.20 against the net loss of $0.05 per basic and diluted share for the same period of 2020.
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Key Highlights of Quarter
Alongside the operational results, ORGN also released the key highlights of the quarter. The company partnered with Kolon Industries to industrialize advanced carbon-negative chemicals and materials. Its partnership with Drive+ was aimed at developing sustainability along the automotive supply chain. During the quarter, it also partnered with Alliance to end plastic waste, an alliance that is working toward the goal of ending plastic waste across the globe.
Executive Commentary
Rich Riley, Co-Chief Executive Officer of ORGN, while commenting on the results said that the company has continued to make progress toward its mission to enable world transition to sustainable materials. The company’s efforts to commercialize the business have resulted in increased offtake agreements and capacity reservations from the customers and partners.
Future Outlook for ORGN
During the last month, ORGN stock has declined approximately 20%. The uncertainty associated with environmentally concerned companies, like ORGN, impacts their stock. But analysts believe that the stock would be able to attract investors during the upcoming months. Hence, potential investors should keep a close eye on the performance of the stock.
