Each branch is a paragraph in Risk Factors with nothing like it in the 10-K filed Feb 27, 2025. A box jumps to the paragraph as filed, below.
11 paragraphs in Risk Factors of the 10-K filed Feb 26, 2026 with nothing like them in the 10-K filed Feb 27, 2025. Quoted exactly. Paragraphs that were only edited are under 10-K change.
PCT relies principally on the commercialization of its PureFive® resin, and any other products PCT may develop in the future, to generate revenue growth. This includes establishing sales, marketing and distribution capabilities to effectively market and sell PureFive® resin products in the U.S., Europe, Asia, and in other territories; expanding the number of Purification plants and Feed PreP facilities; and maintaining and growing relationships with offtake partners, feedstock suppliers, customers, and other strategic partners. Achieving these objectives also requires procuring and maintaining all required regulatory approvals.
Market uncertainties, particularly related to demand for PureFive® resin, and any other products PCT may develop in the future, pricing dynamics and feedstock costs, make it difficult to predict the timing or amount of increased expenses or the timing, if ever, of achieving profitability. If demand for PureFive® resin products does not grow as anticipated, or if PCT cannot secure sufficient feedstock, offtake commitments or favorable pricing, revenue levels may not increase as expected. Even if adoption improves, adverse market conditions, cost pressures or execution risks may prevent PCT from generating sufficient revenue to achieve or sustain profitability. PCT currently has no other material lines of business or sources of revenue beyond PureFive® resin products, and this lack of diversification may limit its ability to adapt to changing business conditions and could adversely affect its business, financial condition, results of operations and prospects.
vulnerability to market conditions, operational challenges, and changes in law or regulations. In addition, PCT’s ability to obtain additional financing for capital expenditures, and other needs may be impaired; by its existing debt and related covenants, as well as by general market conditions.
Capital project execution for larger projects is inherently complex. Project execution will likely impact PCT’s current and future earnings and ability to grow. If PCT is unable to achieve its scheduled and operability targets, this could result in a loss of stakeholder confidence and damage to its enterprise value.
enforcement actions and securities litigation in the wake of a material cyber incident. Emerging artificial intelligence technologies may intensify these cybersecurity risks and introduce new governance and compliance obligations under evolving AI-related laws and guidance in the U.S. and abroad. In addition, PCT relies on third party software-as-a service and cloud providers for critical business functions, and any disruptions, misconfiguration or breach in these services could materially impact the Company's business. Increasing costs associated with cybersecurity protections may be costly and may also adversely affect the financial condition of PCT. While PCT attempts to mitigate these risks, PCT’s systems, data, networks, products, solutions and services remain potentially vulnerable to advanced and persistent cybersecurity threats.
commercialization activities, PCT may not be able to further develop product candidates and PCT’s business, financial condition, results of operations and prospects may be materially and adversely affected.
The use of PureFive® resin will also be subject to foreign regulatory schemes in Europe and Asia, including, but not limited to, the EC, the EFSA, the Federal Agency for the Safety of the Food Chain (the “FASFC”) in Belgium, the Association of Southeast Asian Nations (the “ASEAN”), and the Thai Food and Drug Administration (the “TFDA”) in Thailand. The EU has a general framework of rules for clearing and marketing food packaging materials through a positive list system as well as specific rules for recycled plastics. PCT is currently advancing the authorization process in Europe and hopes to receive the final authorizations in 2026.
Future sales of shares of the Company's Common Stock by existing stockholders may depress its stock price.
In connection with the closing of the Business Combination (as defined below), holders of the Class A Units, Class B preferred Units, Class B-1 preferred Units and Class C Units of PCT LLC and the holders of such units, the “PCT Unitholders”) representing at least 70% of PCT LLC’s outstanding membership interests entered into the Investor Rights Agreement, whereby such PCT Unitholders agreed, with certain limited exceptions, to lock up the shares of Company's Common Stock they received in the Business Combination (the “IRA Lock-up”). On March 17, 2026, the IRA Lock-up will expire pursuant to its terms, and the PCT Unitholders will be able to sell the final 33.33% of such PCT Unitholder’s shares of the Company’s Common Stock (or 50% of such PCT Unitholder’s shares of the Company’s Common Stock with respect to certain affiliates of PCT LLC at the time of the Business Combination).
Following the expiration of the IRA Lock-up, the PCT Unitholders will not be restricted from selling their shares of the Company’s Common Stock, other than by applicable securities laws. The timing or volume of sales or possible sales of these shares could have the effect of increasing the volatility in PCT’s share price or the market price of the Company’s shares of Common Stock could decline if a large amount of the Company’s shares of Common Stock are sold by the PCT Unitholders or if a large amount of the PCT Unitholders are perceived by the market as intending to sell the shares of Company Common Stock held by them. These sales, or the possibility that these sales could occur, may make it more difficult for the Company or its stockholders to sell equity securities in the future at a time and at a price that the Company or its stockholders deem appropriate.
The conversion of some or all of the $250.0 million in aggregate principal amount of 7.25% Green Convertible Senior Notes issued on August 24, 2023 (the "Green Convertible Notes") or the Series B Convertible Perpetual Preferred Stock issued to certain investors pursuant to binding subscription agreements entered into on June 16, 2025 (the “Convertible Preferred Shares”) may dilute the ownership interests of PCT stockholders.
New in the latest 10-Q
21 paragraphs in the 10-Q filed Nov 4, 2026 with nothing like them in the 10-Q filed Aug 6, 2026 (at least half the words must differ; new numbers alone do not count). Quoted exactly, grouped by the item heading above them. This is text that changed, not a judgement of how serious it is.
As of September 30, 2026, the Company was in compliance with all covenants under the Indenture.
Read in the 10-Q
The Series B Convertible Perpetual Preferred Stock ranks, with respect to dividend rights and rights upon any liquidation, dissolution or winding up of the Company (a “Liquidation Event”): (a) senior to the Company’s Common Stock and other capital stock of the Company, the terms of which do not expressly provide that such class or series ranks senior to or on a parity with the Series B Convertible Perpetual Preferred Stock other than the Company’s Series A Preferred Stock, as to dividend rights and rights upon Liquidation Events; (b) on a parity with any other class or series of capital stock of the Company, the terms of which expressly provide that such class or series ranks on a parity with the Series B Convertible Perpetual Preferred Stock as to dividend rights and rights upon Liquidation Events; (c) junior to the Series A Preferred Stock and any other class or series of capital stock of the Company, the terms of which expressly provide that such class or series ranks senior to the Series B Convertible Perpetual Preferred Stock as to dividend rights and rights upon Liquidation Events; and (d) junior to all existing and future indebtedness of the Company.
Read in the 10-Q
Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value
Read in the 10-Q
During the nine months ended September 30, 2026, 21,104 public warrants were exercised for total proceeds of $0.2 million.
Read in the 10-Q
stockholders Less: Dilutive impact of - Private Warrants - 69 - 69 Series A Warrants - 17,224 - 17,224 Series B Warrants - 2,452 - 2,452 Series C Warrants - 4,100 - 4,100 Diluted net income/(loss) attributable to common $ 953 $ (57,559) $ (185,314) $ (193,550)
Read in the 10-Q
Cost of operations increased approximately $3.5 million for the three months ended September 30, 2026 as compared to the three months ended September 30, 2025. Our PureFive® production decreased from 7.3 million pounds during the third quarter of 2025 to 5.2 million pounds during the third quarter of 2026. The lower production volumes reflect operational issues during the third quarter, which were resolved, that limited the production during the quarter. Cost of operations for the three months ended September 30, 2026 included $3.1 million higher production and labor-related costs primarily driven by the addition of onsite compounding activities.
Read in the 10-Q
Interest expense decreased $3.4 million for the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025. The decrease was primarily attributed to the reasons cited above.
Read in the 10-Q
On August 28, 2026, we entered into the Twelfth Amendment to the Revolving Credit Agreement, which extended the maturity date of the Revolving Credit Facility from September 30, 2027 to September 30, 2028. We incurred $1.0 million in fees for this amendment.
Read in the 10-Q
Our Series A Preferred Stock is mandatorily redeemable for cash on September 13, 2027 at $1,050 per share, or approximately $61.2 million based on the shares outstanding as of September 30, 2026, and is classified as a current liability. We expect to fund the redemption from cash on hand and other available sources of liquidity.
Read in the 10-Q
During the nine months ended September 30, 2026, we paid approximately $42.0 million of total project spend, which was comprised of upgrades to our Ironton Facility, including $15.0 million of cash paid to settle the DB arbitration as described below, and continued progress on the Thailand Facility and Belgium Facility projects.
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was $287.5 million and the total gross proceeds on the 2026 Common Stock Offering were $163.0 million.
Read in the 10-Q
(i) Condensed Consolidated Balance Sheets as of September 30, 2026 (Unaudited) and December 31, 2025.
Read in the 10-Q
(ii) Unaudited Condensed Consolidated Statements of Comprehensive Income/(Loss) for the Three and Nine Months Ended September 30, 2026 and 2025.
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10.1 Tri-Party Agreement, dated as of July 9, 2026, by and among Southern Ohio Port Authority, U.S. Bank Trust Company, National Association, and UMB Bank, N.A.*†
Read in the 10-Q
31.1 Rule 13a – 14(a) Certification by Dustin Olson, Chief Executive Officer, for the quarter ended September 30, 2026*
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31.2 Rule 13a – 14(a) Certification by Donald Carpenter, Chief Financial Officer, for the quarter ended September 30, 2026*
Read in the 10-Q
32.1 Section 1350 Certification by Dustin Olson, Chief Executive Officer, for the quarter ended September 30, 2026^
Read in the 10-Q
32.2 Section 1350 Certification by Donald Carpenter, Chief Financial Officer, for the quarter ended September 30, 2026^
Read in the 10-Q
101.1 The following financial statements from PureCycle Technologies, Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026, formatted in Inline XBRL (eXtensible Business Reporting Language):
Read in the 10-Q
(iii) Unaudited Condensed Consolidated Statements of Mezzanine Equity and Stockholders' Equity for the Three and Nine Months Ended September 30, 2026 and 2025.
Read in the 10-Q
104.1 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101.1)
Read in the 10-Q
Item 1A of the 10-Q filed Nov 4, 2026 against Item 1A of the 10-K filed Feb 26, 2026.
A 10-Q repeats only the risks that changed, so a 10-K paragraph that is missing from it is not counted as removed.
Added is a paragraph with nothing like it in the 10-K, Reworded a sentence that is in both with several words changed,
Quiet changes a sentence in both where one to four words changed and one is a hedge or a modal
(cut words struck through, new words highlighted).
Text on the page, not a score; each links to the filing at sec.gov.
The first 25 of 70 are shown (at most 12 of each type).
Two-word phrases in Risk Factors of the 10-K filed Feb 26, 2026 that are in none of the 1 earlier 10-Ks stored, back to Feb 27, 2025
Used at least twice, small words left out. Counted, not picked: a phrase can be new because the company renamed something.
8 paragraphs of last year's Risk Factors with nothing like them now. The longest are quoted.
Item 1A of each 10-K and 10-Q on EDGAR, quoted exactly. Each paragraph links to the filing at sec.gov.
10-K change: what was reworded or cut, section by section.
Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/PCT/export.csv") into a cell.
