Danimer Scientific Announces Fourth Quarter and Full Year 2023 Results
- None.
- Revenues decreased in Q4 2023 compared to Q4 2022, with a net reduction in product revenue due to loss of shipments to customers affected by the conflict in Ukraine.
- Gross profit and Adjusted gross profit were negative in Q4 2023, indicating a decline compared to Q4 2022.
- Full year 2023 saw a decline in revenues compared to the prior year, with a negative gross profit and Adjusted gross profit.
- Total debt outstanding at the end of 2023 was $382.8 million, with $45.7 million of low-interest New Markets Tax Credit loans.
- The Company executed an equity offering on March 20, 2024, providing over $13 million in additional liquidity.
- Adjusted EBITDA for the full year 2023 was $(39.0) million, reflecting the Company's expense control measures.
- The Company expects an improvement in operating margins and operating cash flow in the second half of 2024, with a projected range of $(22) million to $(32) million for full-year Adjusted EBITDA in 2024.
Insights
The financial results reported by Danimer Scientific, Inc. reflect a mixed scenario that investors need to dissect carefully. Starting with the revenue contraction from $53.2 million to $46.7 million year-over-year, it's evident that the company faced significant headwinds. The decline in PLA-based product sales due to geopolitical conflicts highlights the vulnerability of global supply chains and the company's exposure to international markets. However, the 6 percent growth in PHA-related sales indicates resilience in their core product line, which may be a positive signal for the company's long-term trajectory.
The full-year Adjusted EBITDA improvement from $(45.0) million to $(39.0) million, despite the revenue drop, suggests effective cost control measures. Investors should note the company's strategic focus on efficiency and cost reductions, which could enhance profitability as sales volumes recover. The guidance for 2024, with an expected range of $(22) million to $(32) million for Adjusted EBITDA, implies a significant anticipated improvement, likely factoring in economies of scale from the Kentucky manufacturing operations and ongoing initiatives.
The capital expenditure projection for 2024 is considerably lower than the previous year, which may point to a shift from expansion to optimization of existing assets. This could be a strategic move to stabilize the financial position before pursuing further growth initiatives. The projected year-end unrestricted cash balance also provides insight into the company's expected cash flow management and liquidity status.
From a financial perspective, Danimer's equity offering completed on March 20, 2024, is a critical event. The infusion of over $13 million in additional liquidity is a strong indicator of the company's proactive measures to maintain financial health. This capital injection should be factored into investors' assessments of the company's ability to fund operations and growth initiatives without immediately resorting to further debt financing.
Speaking of debt, the company's total outstanding debt of $382.8 million is a significant figure, especially when considering the net loss reported. The mention of low-interest New Markets Tax Credit loans that are expected to be forgiven starting in 2026 introduces a future potential relief from debt obligations, albeit with some uncertainty. This aspect requires careful monitoring by investors as it impacts future cash flows and the company's leverage ratio.
Lastly, the operational liquidity runway provided by the recent equity offering and the current unrestricted cash position of $59.2 million (excluding restricted cash) offers the company a cushion to navigate short-term challenges. However, the forecasted year-end cash balance range of $20 to $25 million raises questions about cash burn rates and the need for potential additional financing in the future.
From a sustainability and industry trend perspective, Danimer's emphasis on PHA-based biodegradable materials is particularly relevant. As global awareness and regulatory pressures regarding plastic pollution increase, the company's strategic positioning in the bioplastics market could provide a competitive advantage. The reported growth in PHA-related sales, despite overall declining revenues, suggests a growing demand for sustainable alternatives to traditional plastics.
The company's focus on leveraging their global market-leadership in PHA materials could be a significant driver for future growth. This aligns with broader market trends towards sustainability, which could lead to increased adoption rates of biodegradable materials across various industries. The long-term impact on the business could be substantial if Danimer can capitalize on this shift and scale its operations effectively.
However, the current financial challenges highlighted by the negative gross profit and Adjusted EBITDA figures indicate that the path to profitability through sustainable products is not without its obstacles. Investors should weigh the potential long-term benefits of Danimer's market position against the near-term financial realities and the company's ability to execute on its growth strategy while managing costs.
-- Results In-Line with March 20 Preannouncement --
-- Issues FY24 Guidance with Expectation for Accelerating Sales Growth --
Stephen E. Croskrey, Chairman and Chief Executive Officer of Danimer, commented, “While 2023 was a challenging year for the Company, we are greatly encouraged by the successes we had and we believe we remain well ahead of the competition in both deep understanding of the biodegradable plastics industry and the available production capacity to meet current and future customers’ needs. We are excited for the year ahead and focused on leveraging our global market-leadership position in PHA-based materials to drive value to our customers, partners and shareholders.
Croskrey continued, “We maintain a strong belief that we will significantly grow our business in 2024 as we continue to fulfill our mission to eliminate plastic pollution from petroleum-based plastics through the adoption and use of PHA-based materials as biodegradable alternatives in a variety of end markets. Our recently completed equity offering transaction enhances our operational liquidity runway and should enable us to support this expected growth.”
Fourth Quarter 2023 Financial Highlights:
-
Revenues were
$10.9 million $15.3 million $0.9 million Ukraine reduced the quarter-over-quarter PLA revenue by$4.9 million $4.0 million -
Gross profit was
$(6.4) million $(2.7) million $(1.2) million $2.0 million -
Adjusted EBITDA was
$(10.7) million $(8.6) million
Full Year 2023 Financial Highlights:
-
Revenues were
$46.7 million $53.2 million $6.1 million Ukraine . -
Gross profit for 2023 was
$(27.0) million $(10.4) million $(6.5) million $2.0 million -
Adjusted EBITDA was
$(39.0) million $(45.0) million -
Unrestricted cash and cash equivalents at December 31, 2023 was
$59.2 million $14.3 million $130 million -
Full-year capital expenditures were
$27.7 million $27 million $29 million
Capital Structure
At December 31, 2023, the Company reported total debt outstanding of
On March 20, 2024, we executed an equity offering which provided the Company with over
Outlook
Michael Hajost, Danimer’s Chief Financial Officer, commented, “We are intently focused on revenue growth, which we expect to accelerate during the second half of 2024. As a result, we expect improvement in operating margins and operating cash flow as we move through the year.
For the full year 2024, the Company today provided the following guidance:
-
Full-year Adjusted EBITDA is expected to be in the range of
$(22) million $(32) million $(39.0) million Kentucky manufacturing operations. In addition, the Company’s on-going initiatives to improve efficiency and reduce costs are expected to have a favorable year-over-year impact on both R&D and SG&A expenses. -
Full-year capital expenditures are anticipated to be in the range of
$8 million $10 million Bainbridge greenfield facility, maintenance expenditures and other capital projects. -
The Company's unrestricted cash balance is expected to be in the range of
$20 $25 million
Webcast, Conference Call and 10-K Filing
The Company will host a webcast and conference call today, Thursday, March 28, 2024, at 4:30 p.m. Eastern time to review fourth quarter and full-year 2023 results, discuss recent events and conduct a question-and-answer session. The live webcast of the conference call can be accessed on the Investor Relations section of the Company’s website at https://ir.danimerscientific.com. For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-888-886-7786 or 1-416-764-8658, respectively. Upon dialing in, please request to join the Danimer Scientific Fourth Quarter 2023 Earnings Conference Call. The archived webcast will be available for replay on the Company's website after the call.
About Danimer Scientific
Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer holds more than 480 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com.
Forward‐Looking Statements
Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our expectations for the full year 2024 capital expenditures, Adjusted EBITDA and cash balances. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in
Danimer Scientific, Inc. |
||||||||
Condensed Consolidated Balance Sheets |
||||||||
December 31, |
|
December 31, |
||||||
| (in thousands, except share and per share data) | 2023 |
|
|
2022 |
||||
| Assets: | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ |
59,170 |
|
$ |
62,792 |
|
||
| Accounts receivable, net |
|
15,227 |
|
|
17,989 |
|
||
| Other receivables, net |
|
652 |
|
|
1,635 |
|
||
| Inventories, net |
|
25,270 |
|
|
32,743 |
|
||
| Prepaid expenses and other current assets |
|
4,714 |
|
|
5,225 |
|
||
| Contract assets, net |
|
3,005 |
|
|
4,687 |
|
||
| Total current assets |
|
108,038 |
|
|
125,071 |
|
||
| Property, plant and equipment, net |
|
445,153 |
|
|
453,949 |
|
||
| Intangible assets, net |
|
77,790 |
|
|
80,941 |
|
||
| Right-of-use assets |
|
19,160 |
|
|
19,028 |
|
||
| Leverage loans receivable |
|
31,446 |
|
|
31,446 |
|
||
| Restricted cash |
|
14,334 |
|
|
1,609 |
|
||
| Other assets |
|
2,210 |
|
|
226 |
|
||
| Total assets | $ |
698,131 |
|
$ |
712,270 |
|
||
| Liabilities and Stockholders' Equity: | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ |
5,292 |
|
$ |
14,977 |
|
||
| Accrued liabilities |
|
4,726 |
|
|
5,001 |
|
||
| Unearned revenue and contract liabilities | 1,000 |
|
- |
|
||||
| Current portion of lease liability |
|
3,337 |
|
|
3,337 |
|
||
| Current portion of long-term debt, net |
|
1,368 |
|
|
1,972 |
|
||
| Total current liabilities |
|
15,723 |
|
|
25,287 |
|
||
| Long-term lease liability, net |
|
21,927 |
|
|
22,114 |
|
||
| Long-term debt, net |
|
381,436 |
|
|
286,398 |
|
||
| Deferred income taxes |
|
- |
|
|
200 |
|
||
| Other long-term liabilities |
|
1,025 |
|
|
659 |
|
||
| Total liabilities | $ |
420,111 |
|
$ |
334,658 |
|
||
| Stockholders' equity: | ||||||||
| Common stock, |
$ |
10 |
|
$ |
10 |
|
||
| Additional paid-in capital |
|
732,131 |
|
|
676,250 |
|
||
| Accumulated deficit |
|
(454,121 |
) |
|
(298,648 |
) |
||
| Total stockholders’ equity |
|
278,020 |
|
|
377,612 |
|
||
| Total liabilities and stockholders’ equity | $ |
698,131 |
|
$ |
712,270 |
|
||
Danimer Scientific, Inc. |
||||||||||||||||
Condensed Consolidated Statements of Operations |
||||||||||||||||
Years Ended December 31, |
|
Years Ended December 31, |
||||||||||||||
| (in thousands, except share and per share data) |
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
| Revenue: | ||||||||||||||||
| Products | $ |
10,476 |
|
$ |
14,530 |
|
$ |
44,200 |
|
$ |
48,420 |
|
||||
| Services |
|
469 |
|
|
794 |
|
|
2,484 |
|
|
4,798 |
|
||||
| Total revenue |
|
10,945 |
|
|
15,324 |
|
|
46,684 |
|
|
53,218 |
|
||||
| Costs and expenses: | ||||||||||||||||
| Cost of revenue |
|
17,317 |
|
|
18,026 |
|
|
73,644 |
|
|
63,632 |
|
||||
| Selling, general and administrative |
|
16,885 |
|
|
19,547 |
|
|
68,983 |
|
|
81,589 |
|
||||
| Research and development |
|
7,575 |
|
|
7,470 |
|
|
29,242 |
|
|
31,939 |
|
||||
| Loss on sale of assets |
|
12 |
|
|
- |
|
|
246 |
|
|
1 |
|
||||
| Impairment of long-lived assets |
|
188 |
|
|
- |
|
|
188 |
|
|
63,491 |
|
||||
| Total costs and expenses |
|
41,977 |
|
|
45,043 |
|
|
172,303 |
|
|
240,652 |
|
||||
| Loss from operations |
|
(31,032 |
) |
|
(29,719 |
) |
|
(125,619 |
) |
|
(187,434 |
) |
||||
| Nonoperating income (expense) | ||||||||||||||||
| Gain on remeasurement of private warrants |
|
108 |
|
|
752 |
|
|
207 |
|
|
9,366 |
|
||||
| Interest, net |
|
(8,509 |
) |
|
474 |
|
|
(29,641 |
) |
|
(1,723 |
) |
||||
| Loss on loan extinguishment |
|
- |
|
|
- |
|
|
(102 |
) |
|
(1,500 |
) |
||||
| Other, net |
|
1 |
|
|
399 |
|
|
1 |
|
|
723 |
|
||||
| Total nonoperating income (expense): |
|
(8,400 |
) |
|
1,625 |
|
|
(29,535 |
) |
|
6,866 |
|
||||
| Loss before income taxes |
|
(39,432 |
) |
|
(28,094 |
) |
|
(155,154 |
) |
|
(180,568 |
) |
||||
| Income taxes |
|
(2 |
) |
|
43 |
|
|
(319 |
) |
|
810 |
|
||||
| Net loss | $ |
(39,434 |
) |
$ |
(28,051 |
) |
$ |
(155,473 |
) |
$ |
(179,758 |
) |
||||
| Basic net loss per share | $ |
(0.39 |
) |
$ |
(0.28 |
) |
$ |
(1.52 |
) |
$ |
(1.78 |
) |
||||
| Weighted average shares outstanding |
|
102,144,873 |
|
|
101,397,811 |
|
|
102,001,812 |
|
|
101,095,341 |
|
||||
Danimer Scientific, Inc. |
||||||||
Condensed Consolidated Statements of Cash Flows |
||||||||
Years Ended |
||||||||
December 31, |
||||||||
| (in thousands) |
|
2023 |
|
|
|
2022 |
|
|
| Cash flows from operating activities: | ||||||||
| Net loss | $ |
(155,473 |
) |
$ |
(179,758 |
) |
||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Impairment of long-lived assets |
|
188 |
|
|
63,491 |
|
||
| Stock-based compensation |
|
56,035 |
|
|
56,958 |
|
||
| Depreciation and amortization |
|
29,377 |
|
|
20,453 |
|
||
| Amortization of debt issuance costs |
|
8,990 |
|
|
2,104 |
|
||
| Accounts receivable reserves |
|
(1,422 |
) |
|
1,904 |
|
||
| Inventory reserves |
|
949 |
|
|
101 |
|
||
| Loss on extinguishment of debt |
|
102 |
|
|
1,500 |
|
||
| Contract asset reserve |
|
- |
|
|
1,216 |
|
||
| Gain on remeasurement of private warrants |
|
(207 |
) |
|
(9,366 |
) |
||
| Deferred income taxes |
|
(199 |
) |
|
(814 |
) |
||
| Amortization of right-of-use assets and lease liability |
|
(319 |
) |
|
(367 |
) |
||
| Loss on disposal of assets |
|
246 |
|
|
- |
|
||
| Other |
|
967 |
|
|
62 |
|
||
| Changes in operating assets and liabilities, net of effects of acquisition: | ||||||||
| Accounts receivable |
|
4,184 |
|
|
(3,056 |
) |
||
| Other receivables |
|
595 |
|
|
2,513 |
|
||
| Inventories, net |
|
6,481 |
|
|
(11,170 |
) |
||
| Prepaid expenses and other current assets |
|
2,599 |
|
|
2,662 |
|
||
| Contract assets |
|
(1,011 |
) |
|
(1,853 |
) |
||
| Other assets |
|
(119 |
) |
|
(479 |
) |
||
| Accounts payable |
|
(635 |
) |
|
(1,565 |
) |
||
| Accrued liabilities |
|
604 |
|
|
(5,969 |
) |
||
| Other long-term liabilities |
|
(196 |
) |
|
(190 |
) |
||
| Unearned revenue and contract liabilities |
|
1,000 |
|
|
(214 |
) |
||
| Net cash used in operating activities |
|
(47,264 |
) |
|
(61,837 |
) |
||
| Cash flows from investing activities: | ||||||||
| Purchases of property, plant and equipment and intangible assets |
|
(27,685 |
) |
|
(164,486 |
) |
||
| Investment in leverage loans receivable related to NMTC financing |
|
- |
|
|
(18,037 |
) |
||
| Acquisition of Novomer, net of cash acquired |
|
- |
|
|
(14 |
) |
||
| Proceeds from sales of property, plant and equipment |
|
22 |
|
|
55 |
|
||
| Net cash used in investing activities |
|
(27,663 |
) |
|
(182,482 |
) |
||
| Cash flows from financing activities: | ||||||||
| Proceeds from long-term debt |
|
130,000 |
|
|
24,700 |
|
||
| Cash paid for debt issuance costs |
|
(33,296 |
) |
|
(1,591 |
) |
||
| Principal payments on long-term debt |
|
(13,030 |
) |
|
(1,504 |
) |
||
| Proceeds from employee stock purchase plan |
|
281 |
|
|
377 |
|
||
| Proceeds from issuance of common stock, net of issuance costs |
|
225 |
|
|
(236 |
) |
||
| Proceeds from exercise of stock options |
|
- |
|
|
215 |
|
||
| Employee taxes related to stock-based compensation |
|
(150 |
) |
|
(154 |
) |
||
| Cost related to warrants |
|
- |
|
|
(55 |
) |
||
| Net cash provided by financing activities |
|
84,030 |
|
|
21,752 |
|
||
| Net increase (decrease) in cash and cash equivalents and restricted cash |
|
9,103 |
|
|
(222,567 |
) |
||
| Cash and cash equivalents and restricted cash-beginning of period |
|
64,401 |
|
|
286,968 |
|
||
| Cash and cash equivalents and restricted cash-end of period | $ |
73,504 |
|
$ |
64,401 |
|
||
Non-GAAP Financial Measures
This press release includes the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted gross profit” and "Adjusted gross margin". Danimer management views these metrics as a useful way to look at the performance of its operations between periods and to exclude decisions on capital investment and financing that might otherwise impact the review of profitability of the business based on present market conditions.
Adjusted EBITDA is defined as net income or loss plus net interest expense, income taxes, depreciation and amortization, as adjusted to add back certain charges or gains that Danimer may record each period such as remeasurement of private warrants, stock-based compensation expense, as well as non-recurring charges such as (i) asset disposal gains or losses as well as other significant gains or losses such as debt extinguishments and impairment of goodwill; (ii) legal settlements; or (iii) other discrete non-recurring items. Danimer believes these items are not considered an indicator of ongoing performance. Adjusted EBITDA is not a measure of performance defined in accordance with GAAP. The measure is used as a supplement to GAAP results in evaluating certain aspects of Danimer’s business, as described below.
Adjusted gross profit is defined as gross profit plus depreciation, stock-based compensation and other nonrecurring items.
Adjusted gross margin is defined as adjusted gross profit divided by total revenue.
Danimer believes that each of Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin is useful to investors in evaluating the Company’s performance because each measure considers the performance of the Company’s operations, excluding decisions made with respect to capital investment, financing and other non-recurring charges as outlined in the preceding paragraph. Danimer believes these non-GAAP metrics offer additional financial information that, when coupled with the GAAP results and the reconciliation to GAAP results, provides a more complete understanding of its results of operations and the factors and trends affecting its business.
Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin should not be considered as an alternative to net income or loss as an indicator of its performance or as alternatives to any other measure prescribed by GAAP as there are limitations to using such non-GAAP measures. Although Danimer believes that Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin may enhance an evaluation of its operating performance based on recent revenue generation and product/overhead cost control because it excludes the impact of prior decisions made about capital investment, financing and other expenses, (i) other companies in Danimer’s industry may define Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin differently than Danimer does and, as a result, they may not be comparable to similarly titled measures used by other companies in its industry, and (ii) Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin exclude certain financial information that some may consider important in evaluating Danimer’s performance.
Danimer compensates for these limitations by providing disclosure of the differences between Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin and GAAP results, including providing a reconciliation to GAAP results, to enable investors to perform their own analysis of Danimer’s operating results. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, reconciliations to GAAP financial measures are not provided for forward-looking non-GAAP measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Danimer Scientific, Inc. |
||||||||
Reconciliation of Adjusted EBITDA to Net Loss (Unaudited) |
||||||||
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||
2023 |
|
2022 |
|
2023 |
|
2022 |
||
| (in thousands) | ||||||||
| Net loss |
|
|
|
|
||||
| Stock-based compensation | 12,906 |
14,218 |
55,839 |
56,768 |
||||
| Interest, net | 8,509 |
(474) |
29,641 |
1,723 |
||||
| Depreciation and amortization | 7,372 |
7,281 |
29,377 |
20,453 |
||||
| Gain on remeasurement of private warrants | (108) |
(752) |
(207) |
(9,366) |
||||
| Income taxes | 2 |
(43) |
319 |
(810) |
||||
| Litigation and other legal related | 84 |
146 |
207 |
2,082 |
||||
| Inventory reserve | - |
|
(495) |
|
- |
|
- |
|
| Loss on extinguishment of royalty agreement | - |
|
- |
|
549 |
|
- |
|
| Strategic reorganization and related | - |
|
- |
|
410 |
|
- |
|
| Loss on sale of assets | - |
|
- |
|
246 |
|
1 |
|
| Loss on loan extinguishment | - |
|
- |
|
102 |
|
1,500 |
|
| Impairment of goodwill | - |
|
- |
|
- |
|
62,663 |
|
| Public company transition costs | - |
|
- |
|
- |
|
481 |
|
| Other, net | - |
|
(399) |
|
- |
|
(723) |
|
| Adjusted EBITDA |
|
|
|
|
||||
Reconciliation of Adjusted Gross Profit to Gross Profit (Unaudited) |
||||||||||||||||
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
||||||||||||||
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
||
| (in thousands) | ||||||||||||||||
| Total revenue | $ |
10,945 |
|
$ |
15,324 |
|
$ |
46,684 |
|
$ |
53,218 |
|
||||
| Cost of revenue |
|
17,317 |
|
|
18,026 |
|
|
73,644 |
|
|
63,632 |
|
||||
| Gross profit |
|
(6,372 |
) |
|
(2,702 |
) |
|
(26,960 |
) |
|
(10,414 |
) |
||||
| Depreciation |
|
5,153 |
|
|
5,161 |
|
|
20,386 |
|
|
12,249 |
|
||||
| Inventory reserve |
|
- |
|
|
(495 |
) |
|
- |
|
|
- |
|
||||
| Loss on sale of assets |
|
- |
|
|
- |
|
|
77 |
|
|
- |
|
||||
| Stock-based compensation |
|
2 |
|
|
- |
|
|
10 |
|
|
60 |
|
||||
| Adjusted gross profit | $ |
(1,217 |
) |
$ |
1,964 |
|
$ |
(6,487 |
) |
$ |
1,895 |
|
||||
| Adjusted gross margin |
|
-11.1 |
% |
|
12.8 |
% |
|
-13.9 |
% |
|
3.6 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240328566875/en/
Investors
Blake
Phone: 770-337-6570
ir@danimer.com
Media
Richard Ivey
Phone: 229-254-7688
rivey@danimer.com
Source: Danimer Scientific, Inc.
FAQ
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