NASDAQ: ORGN

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Market Opportunity

Our PET closures are designed to address the estimated $65 billion global closures market. This market is comprised of a number of differentiated segments. Our current strategic prioritization targets five large functional segments including water ($7 billion), carbonated soft drinks (“CSD”–$6 billion), other beverage applications (hot fill, ready-to-drink, beer, wine, milk, sports–$18 billion), non-beverage (food and pharmaceutical–$20 billion), and other non-beverage ($17 billion). Each segment utilizes different cap formats to achieve unique performance characteristics required by the product.

Our Addressable Markets

Within the estimated $65 billion closures market, we believe there is strong and growing demand for solutions offering superior performance and sustainability characteristics. We believe there is particularly strong demand for products that are designed for circularity, thus enabling the re-use and recycling of materials, as opposed to waste and downcycling. We designed our PET closures to outperform today’s incumbent high density polyethylene (“HDPE”) and polypropylene caps in ways that can improve product shelf life without relying on custom polymers, which can compromise the purity of the recycling system. Our technology enables the lightest cap for a wide variety of containers, reducing plastic waste and improving sustainability. We expect to make PET closures in a wide variety of formats for not only beverage containers but food containers and others as well.

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Competitive Landscape

Although a few other companies are currently developing PET closures, in August 2025, Origin became the first and only company to put commercially scalable PET caps on beverage products into store shelves, partnering with a California-based alkaline water brand. We hold a strong IP position for our differentiated PET cap and cap production technology, which we call CapForming. We believe that CapForming is the only approach to PET cap production that can use thermoforming. We believe our technology differentiates our PET cap production from any known alternative being developed today and all known past attempts to develop a PET cap, creating a strong competitive moat.

In the closures market, we anticipate potential competition from traditional HDPE and polypropylene cap producers and other companies who may develop and launch PET caps. Following the trend of lightweighting, competitors may continue to develop lighter weight caps. We expect our caps to be among the lightest of their kind; however, if alternative caps continue to become lighter, this could reduce our currently expected advantage with respect to this trait. We may also face competition from manufacturers of non-plastic containers. Apart from competition, we believe there are opportunities for cooperation with incumbent cap producers who could help commercialize and increase adoption of our PET closures.

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Our Competitive Strengths

We believe that our PET closure technology and products offer a breakthrough in performance and sustainability for packaging. Our competitive strengths related to that technology and product portfolio include:

•Mono-Material Solution for Improved Recycling Circularity. Mono-material products are made with one type of material. They are typically easier to recycle than products made from multiple materials. For Origin PET closures, there is no need to separate caps from bottles during the recycling process, as there is with containers whose caps and bottles are made of different materials. We believe this could be especially valuable for tethered cap solutions. We are developing a tethered PET closure, which we anticipate will be the first commercially produced tethered PET closure.

•Can Make Products Last Longer. We believe our caps have the potential to extend product shelf life because they are made from PET, which offers improved gas barrier properties compared with common cap materials HDPE and polypropylene, preventing oxygen from getting in and CO2 from getting out.

•Enables Lighter Weight Products. Because PET offers improved mechanical properties compared with other common cap materials, less plastic is needed to achieve the same or better performance, such as gas barrier, when produced with our proprietary approach. Lighter weight caps provide an important advantage in a market in which our potential customers have publicly declared targets for reducing plastic consumption and efforts to make caps as light as possible, also known as "lightweighting."

•Expands Use of Recycled PET. Our caps can be made with any type of PET, whether virgin PET, bio-based PET, or recycled PET ("rPET"), without the need for custom polymers, enabling customers to produce containers with higher rPET content.

•Attractive Clarity and User Experience. Our PET closure provides a satisfying user experience, from its feel to the sound it makes when opened. This is key to product adoption because it meets the expectations of consumers and the world’s leading food and beverage brands. Our PET caps offer aesthetically pleasing clarity and transparency, differentiating them from incumbent caps.

•Cost Competitive. We expect that our patent-pending PET closures will have a commercially competitive cost basis when compared with HDPE and polypropylene, which to date no other PET cap has been able to achieve, despite past attempts within the industry. This competitive cost stems from Origin’s our unique manufacturing system, technology, and process.

•Diverse Product Formats and Applications. Our manufacturing system for producing PET closures, which we call the Origin CapFormer System, is highly versatile, capable of producing many different formats of closures for a wide variety of food and beverage applications. Our first cap is the PCO compliant 1881

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closure for beverages. We announced a tethered version of that closure in 2024. Future formats could include different beverage formats, food closures, and more, allowing us broad access to the $65 billion closures market.

Business Strategy

Our goal is to build a commercially successful business that can scale and meet current and future expected demand for sustainable and performance enhanced materials. As we advance and scale up our PET closures business, we expect to introduce manufacturing capacity, which may include acquiring production lines that can produce sustainable materials and product applications. We also expect to continue to develop new materials and product applications, together with our partners, to maintain and increase our competitive advantages.

Key elements of our strategy include:

Near-term revenue generation through the sale of PET closures:

•We are focusing our available human and cash resources on developing near-term, recurring revenues through our PET closures. We expect new near-term revenues to be derived from products sold into the closures markets.

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Scale-up of our closures business:

•Growth levers include adding additional production lines, technology advancements that could increase throughput and efficiency per line, developing new formats including non-beverage formats, and developing additional product features such as tethers designed to keep caps connected to bottles.

•Licensing Origin CapFormer Systems to commercial partners for the production of PET closures may also play a role in revenue generation.

Category leading innovation in PET:

•We expect to develop a portfolio of products from our PET closure technology and manufacturing process. Research and development will enable continual improvement and the development and refinement of novel products from this technology platform. We are beginning with the 1881 closure format for water and we expect to develop larger caps for different beverage types as well as caps for food and non-food containers.

Operational and manufacturing excellence:

•We believe that our manufacturing excellence will drive continual improvements in process efficiency in the production of PET closures, through a combination of in-house expertise and strategic partners specializing in operations. PET closure manufacturing entails the procurement of PET sheet, processing sheet into closures with our CapFormer Systems, and the delivery of closures to customers who will apply our closures to bottles using commercial bottling lines.

•We plan to continue to expand and develop new partnerships across the value chain. Our strategy includes, among other things, entering into strategic partnerships with subsystem manufacturers whose equipment is used in Origin CapFormer Systems. We will partner with organizations capable of providing us with best-in-class capabilities to efficiently build, ship, and assemble CapFormer Systems as well as operators who will assist in the production process.

Raw Materials Supply

The Origin CapFormer System can produce PET closures from any type of PET, whether virgin PET, rPET, bio-based PET, or blends of these, depending on customer preference. The ability to incorporate rPET into closures increases the amount of recycled content for products and supports customers’ ability to make and claim 100% PET (or even rPET) containers, including the caps. Our raw materials are established commodities and we do not require custom polymers to produce our caps. We believe we will be able to source materials as needed to manufacture closures.

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Research and Development

Research and development is important to the success of our closures business. Origin’s innovation involves a new manufacturing process for PET closures that is different from the injection and compression molding methods traditionally used for HDPE and polypropylene closures. Different closure formats have different geometries and technical needs, including tolerances to pressure and temperature. We are advancing the practice of thermoforming to meet the performance demands of closures, performing research and development to define and refine the thermoforming process to meet the geometries, tolerances, and performance specifications of producing PET closures using our technologies. Our research and development enables technology advancements designed to increase line throughput and efficiency, develop new formats beyond beverages, and develop additional features such as tethers. At times, we perform research and development with third-party research organizations, strategic partners, and equipment subsystem manufacturers. Our first PET closure production line is located in our manufacturing center in Reed City, Michigan, where we partner with Reed City Group, a company with an extensive plastic material knowledge.

Intellectual Property

Our PET closures and furanics technology platforms (see Furanics Technology Platform below) are protected by patents, trade secrets, and know-how.

Patents. Our patent portfolio is comprised of 10 issued patents focused on PET closures and their production and 31 issued patents focused on the conversion of biomass to CMF and HTC and downstream derivatives thereof. We currently have 11 pending U.S. filings and 50 international patent applications directed to our PET closures technology in jurisdictions that include ARIPO, Argentina, Australia, Brazil, Canada, China, Europe, India, Israel, Japan, Mexico, Saudi Arabia, South Africa, Taiwan, and the United Kingdom. In addition, we currently have 6 pending U.S. filings and 22 patent international applications focused on the conversion of biomass to CMF and HTC and downstream derivatives thereof in jurisdictions that include Brazil, China, Europe, Japan, Korea, Mexico and Malaysia.

The term of individual patents depends upon the legal term of the patents in the countries in which they are obtained. In most countries, including the United States, the patent term is generally 20 years from the earliest date of filing a non-provisional patent application in the applicable country. In the United States, a patent’s term may, in certain cases, be lengthened by patent term adjustment, which compensates a patent holder for administrative delays by the United States Patent and Trademark Office ("U.S.PTO") in examining and granting a patent. A patent’s term also may be shortened if the patent is terminally disclaimed over a commonly-owned patent or a patent naming a common inventor that has an earlier expiration date.

Trade secrets. We maintain a secure digital vault of our trade secrets with heightened confidentiality protections. Access to this vault is limited to a select group and is granted on a need-to-know basis. Further, the information in the vault is left strategically incomplete and requires corroboration from referenced internal documents to ensure that the entirety of any trade secret is known only by someone who has access to each such document. Our employees are required to participate in invention assignment and non-disclosure protocols to further ensure the protection of our trade secrets.

Know-how. An important aspect of our intellectual property, in addition to our patent portfolio and trade-secrets, is the depth of understanding and proficiency we gained in the behavior of Origin’s technology platforms including, for example, chemical reactions, handling of feedstocks, and storage, transport, and process conditions, and customer product and processing interactions. This know-how is carefully captured in many ways, such as by being photographed, recorded, measured, quantified, summarized, compared, and otherwise described. Within this information set, we have identified many key insights without which we believe a would-be competitor would be at a comparative disadvantage in our industry and could not easily replicate our results.

Furanics technology platform. In addition to its PET closures technologies, Origin holds significant intellectual property related to furans, a class of chemicals with properties enabling the production of widespread materials, like plastics, with a potential long-term addressable market estimated at over $1 trillion. This includes proprietary technology for transforming biomass into versatile intermediate chemicals such as chloromethylfurfural ("CMF") and hydrothermal carbon (“HTC”), which we collectively refer to as Furanic Intermediates. CMF can be converted into numerous commodity and specialty chemicals, with target markets that include food and beverage packaging, apparel, carpet fibers, adhesives, coatings and plasticizers. HTC is a diverse, high-potential material whose development targets include carbon black replacement for tires, foams and dyes, paint and coating applications, and agriculture and soil products. To minimize ongoing costs while preserving Origin’s capability for long lead-time production that could support exploration of furanics technology scale-up with strategic partners, we have indefinitely suspended investment in the Company’s furanics technology together with plant operations.

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Regulatory

Several states like California, Maine, and New Jersey, as well as Canada and the European Union, have enacted or are considering “minimum recycled content” regulations mandating certain minimum post-consumer recycled content in certain types of packaging, including, specifically, plastic beverage containers. Legislative and regulatory measures to mandate or encourage waste reduction and recycling also have been considered, or are under consideration, in jurisdictions where we expect to produce or sell our products. These regulations may present new opportunities for sustainable products like our PET closures, which can be made from recycled PET and be recycled together with the PET containers on which they are used. PET closures may involve food contact and will be regulated by the U.S. Food and Drug Administration (the “FDA”), the European Food Safety Authority (“EFSA”) or government authorities in other jurisdictions. For example, our PET closures sold in the European Union are required to be tethered to the bottle or container based on recent regulatory requirements in the region.

The production of chemicals and intermediates, including CMF and HTC, for ongoing research and development activities and strategic partnerships may require authorizations or exemptions under the Toxic Substances Control Act (“TSCA”) administered by the U.S. Environmental Protection Agency (the “EPA”) and the Canadian Environmental Protection Act (“CEPA”) administered by Health Canada and Environment and Climate Change Canada. Future commercial production processes are subject to regulations and permit requirements relating to air emissions, wastewater discharges, waste generation and disposal, and other environmental matters.

Employees and Workplace Culture

Intentional Culture and Leadership. At Origin, our values inform our decision making and how we act. We are deliberate, open, and transparent about our dedication to our core purpose; to enable the world’s transition to sustainable materials. We have assembled an exceptional team of operations specialists, scientists, engineers, and business leaders to develop and execute our strategic plans.

Human Capital. We believe that our ability to attract, retain and motivate exceptional employees is vital to our long-term competitive advantage. As such, our compensation practices, including long-term equity incentive plans, are designed to drive sustainable performance and align employee incentives with shareholder values. As of December 31, 2025, we had approximately 91 employees located in the United States and 7 employees in Canada, all of whom were full-time employees. None of our employees is subject to a collective bargaining agreement and we believe we have a good relationship with our employees.

Corporate Information

Origin was formerly known as Artius Acquisition Inc. (“Artius”). Artius was originally registered under the Companies Law of the Cayman Islands on January 24, 2020, as a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or other similar business combination with one or more target businesses. On June 25, 2021, we consummated a merger pursuant to that certain Agreement and Plan of Merger and Reorganization, dated as of February 16, 2021 (as amended by the letter agreement dated March 5, 2021, the “Merger Agreement”), by and among Artius, Zero Carbon Merger Sub Inc., a Delaware corporation and a direct, wholly owned subsidiary of Artius (the “Merger Sub”), and Micromidas, Inc., a Delaware corporation doing business as Origin Materials (“Legacy Origin”). Pursuant to the terms of the Merger Agreement, Artius effected a business combination with Legacy Origin through the merger of Merger Sub with and into Legacy Origin, with Legacy Origin as the surviving company and as our wholly-owned subsidiary. We refer to this as the “Merger” and, collectively with the other transactions described in the Merger Agreement, the “Business Combination.” In connection with the closing of the Business Combination (such time is referred to herein as the “Effective Time”), we changed our name to Origin Materials, Inc. Unless the context indicates otherwise, references in this Annual Report to the “Company,” “Origin,” “we,” “us,” “our” and similar terms refer to Origin Materials, Inc. (f/k/a Artius Acquisition Inc.) and its consolidated subsidiaries (including Legacy Origin). References to “Artius” refer to the predecessor company prior to the consummation of the Business Combination.

Additional Information

Origin’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports are available free of charge on the Company’s website at https://investors.originmaterials.com as soon as

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reasonably practicable after such material is electronically filed with, or furnished to, the Securities and Exchange Commission.