PureCycle Technologies, Inc.

Worth knowing

• Paying shareholders without free cash flow. Paid out $8M over the 3 fiscal years to 2025 with -$633M of free cash flow.

  PureCycle Technologies returned $8M in buybacks and dividends over three fiscal years while its free cash flow totalled -$633M. The money came from its cash pile or from borrowing.

• Shareholders being diluted. Shares outstanding up 23% from December 2022 to August 2026.

  PureCycle Technologies had 23% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.PureCycle Technologies had 23% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

• Stock pay outran buybacks. Stock-based pay expense $38M vs $8M spent repurchasing shares over the 3 fiscal years to 2025.

  Over three fiscal years PureCycle Technologies recorded $38M of stock-based pay expense and spent $8M repurchasing shares (repurchases can include shares withheld to cover employees' taxes). Repurchases were smaller than the stock pay, so they did little to offset new employee shares.Over three fiscal years PureCycle Technologies recorded $38M of stock-based pay expense and spent $8M repurchasing shares. Repurchases were smaller than the stock pay, so they did little to offset new employee shares.

• Stock-based pay is a large cost. Stock pay was 179% of revenue in 2025.

  PureCycle Technologies paid employees $15M in stock in 2025, 179% of its $8M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.