Pavel Molchanov: Thanks for taking the question. So whenever we see revenue guidance coming down by EBITDA improving, obviously that speaks to a negative margin profile. In that context, I guess you’re not formally giving guidance for 2024 yet, but will you be attempting to minimize cash burn by minimizing production or the opposite where you’ll want to kind of test out the full capacity of origin one and be willing to burn some extra cash along the way?
Rich Riley: Yeah, we’re very focused on cash. And so generating products to support our funded JDA revenues, obviously continuing to learn and advance the development for Origin 2 and other potential plants. And so, you know, we’re focused on cash, but we’re also advancing our technology platform. So we’ll continue to do the things we need to do to keep learning and keep innovating and keep moving forward.
Pavel Molchanov: Okay. I’ve asked this question on a couple of previous calls. I thought I would maybe get an update. When you compare everything that’s changed between the original SPAC guidance up through today in terms of the price of outputs, but also the cost of inputs, right? Everything is generally inflated. Which side is winning? In other words, is the platform benefiting disproportionately on the top line or kind of losing ground because of a higher cost structure?
Rich Riley: Yeah, it’s obviously an interesting question given the last couple of years. I’d say, you know, we don’t try to track on a day-by-day basis sort of what all that looks like. We try to look at that on a sort of medium to long-term basis, especially since we’re looking at a plant that’s going to get built in a few years or be running, I should say, in a few years. But I think, generally speaking, inputs and outputs right now are actually relatively consistent compared to the projections that we provided a few years ago. I think if — I don’t remember if you asked this question, but I don’t think so. But if you’d asked it in a particular quarter in 2021, my answer might have been different, right, because energy prices got quite high at a particular point.
So from an instantaneous perspective, energy prices went up quite a bit. And that was obviously one of our inputs. I think the thing that we’ve seen that’s the biggest change that relates to us is actually generic across the industry, which is that capital costs are significantly up. I think that’s relatively obvious, both for us and in the industry, but it really does have a meaningful impact. I’ll say what we haven’t seen yet is product prices come up commensurate with capital cost increases. I think that from that perspective, we’re just going to have to see existing capacity fill up and be utilized before the investment economics of new plants with higher capital costs start to impact pricing downstream?
Pavel Molchanov: Okay. That’s it. I appreciate the color on that. Last question, are you receiving any RINs or any other Section 45 x or z credits from your sales in Origin 1, assuming you have some sales in the US?
John Bissell : Yes. So we aren’t anticipating receiving rents there. Generally speaking, the product that we’re producing off of Organ 1 is for the vast majority of it is going to be going into chemicals and materials applications rather than fuel applications, although there will be some that goes into fuels, but win component of that is not a major part of our calculus.
Pavel Molchanov: Understood. Thank you, guys.
Operator: [Operator Instructions] And that concludes today’s live Q&A segment. I will now turn it over to Ashish Gupta, Investor Relations, to conduct the next segment of our investor Q&A. Please go ahead.
Ashish Gupta: Thank you, Jen. As in prior calls, we have invited all investors to submit questions as part of our sorting campaign. We want to thank everyone who participated many questions were answered during prepared remarks and Q&A. We would now like to highlight a few more. Starting with John or I guess all the questions are for John today. On OM1, what is the intended near-term journey for the intermediates you’re producing?
John Bissell : Yes. So one of the questions, as you mentioned, was around the destination for those intermediates. And then specifically, we had a couple of questions around whether those were going to be going towards care the answer is yes, some of them will be going to paraxylene. We have some proprietary chemistry that we developed to both to make that reduction to the diameter and then also the deals older for democracy so we are going to be doing that at sort of an instantaneous rate scales, maybe a little smaller. But actually, the vast majority of the material coming off of OM1 will be going towards other applications. And that’s — there’s a whole variety of them. As we mentioned in our prepared remarks, there are a lot of different things that those materials be going towards.
And frankly, that’s part of the value of One is that we get to see the value of our intermediates going into other applications, making completely new chemicals that we really haven’t gotten a chance to play it at those large scales before neither of our customers.
Ashish Gupta: Thank you for that added color, John. Moving to unit economics and margins, we’ve received multiple questions around economics and margins associated with our products. some of which we touched on here. But can you provide us some additional color?
John Bissell: Yes. This sort of is related to Joel’s question. I think so far, we really haven’t seen enough data out of 01 to say more than yields are looking really good, and the performance of the plant in general is good. But as we collect additional data, we’ll get a chance to compare that to the unit economics that we expect to see off of an OM2 or sort of an OM2 scale plant going forward. So we know people interested. We’re interested to. We’d like to be able to communicate it out on that more precisely, just not quite an updated yet.
