Shares of Origin Materials tumbled to an all-time low Thursday after the company delayed its Origin 2 project and raised its budget.
The stock was recently down 67% to $1.45, after sliding to $1.24. Shares have fallen 70% this year.
The West Sacramento, Calif.-based sustainable materials company on Wednesday pushed back the timeline and raised the budget for its Origin 2 project, which involves the production of certain liquid biofuels.
The company expects the project to be completed in two phases, with the first phase completed in late 2026 or 2027 and the second finished in 2028. Origin previously anticipated the project’s completion in mid-2025.
Origin Materials said the capital budget for the first phase would be $400 million, with $1.2 billion allocated for the second phase. The company initially planned for a total capital budget of $1.07 billion.
The company updated its plans for Origin 2 along with second-quarter results. Origin Materials reported a loss of $6.46 million, or 5 cents a share, compared with a profit of $46.9 million, or 33 cents a share, a year earlier. Analysts polled by FactSet expected a per-share loss of 12 cents.
The company reported revenue of $6.9 million, after reporting no revenue in the year-ago quarter.