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Danimer Scientific, Inc. (DNMR) is a leading innovator in the bioplastics industry, specializing in the production of sustainable and renewable biopolymers. Located in Bainbridge, Georgia, Danimer is at the forefront of developing biodegradable and compostable polymers, notably Polyhydroxyalkanoates (PHA) under the proprietary brand name, Nodax.
This innovative company transforms natural, renewable resources, such as cold-pressed canola oil, into high-performance bioplastics. These bioplastics match or surpass the quality and cost-effectiveness of traditional petroleum-based plastics, offering a greener alternative that reduces environmental impact.
Danimer's products are capable of biodegrading in environments such as soil, freshwater, and marine waters, thereby helping to combat plastic pollution. The company's technology is utilized in a broad range of applications, including additives, aqueous coatings, fibers, filaments, films, and injection-molded articles.
Beyond its core business of biopolymer production, Danimer also provides specialty toll manufacturing services. This includes access to state-of-the-art production equipment, advanced laboratories, comprehensive material handling and logistics, and a team of experienced, trained personnel.
The company's operations are not confined to the United States, although it remains the primary market. Danimer also has a significant presence in Europe, including Germany, Poland, and Belgium.
Danimer's continuous efforts in innovation and sustainability have earned it numerous partnerships with global brands looking to incorporate environmentally responsible materials into their products. With a commitment to reducing the world's reliance on non-renewable resources, Danimer is paving the way towards a more sustainable future.
Danimer Scientific announced its Q2 2024 financial results, reporting revenue of $7.6 million, a decline from $12.9 million in Q2 2023. PHA revenue decreased to $5.9 million due to Starbucks’ straw business reapportionment, while PLA revenue fell to $1.4 million, impacted by the Ukraine conflict.
The company reported a gross loss of $6.9 million and an adjusted EBITDA of $(9.9) million, slightly improved from Q2 2023. Danimer highlighted their 20-million-pound cutlery award and projected annualized PHA revenues to triple by Q2 2025. Additionally, a pro-rata warrant dividend transaction was completed to deleverage the balance sheet, resulting in the retirement of $6.1 million of 3.25% convertible notes.
Looking ahead, the company adjusted its full-year adjusted EBITDA guidance to a range of $(30) million to $(35) million, with capital expenditures between $8 million and $10 million, and year-end liquidity between $15 million and $20 million.
Danimer Scientific (NYSE: DNMR), a leading bioplastics company, has announced the release date for its second quarter 2024 financial results. The company will disclose its results after market close on Thursday, August 8, 2024, followed by a webcast and conference call at 4:30 p.m. Eastern Time on the same day. The call will include a review of Q2 results, recent events, and a Q&A session.
Investors can access the live webcast through the Investor Relations section of Danimer's website. For those unable to join the webcast, a conference call option is available by dialing 1-800-717-1738 (domestic) or 1-646-307-1865 (international). An archived version of the webcast will be available for replay on the company's website after the call.
Danimer Scientific has completed the pro-rata dividend distribution of warrants to holders of its Class A Common Stock as of May 13, 2024. Each shareholder received one Dividend Warrant for every three shares held, rounding down for fractional shares. The Dividend Warrants, trading under 'DNMRW' on the OTCQX market from July 15, 2024, can be exercised at an initial price of $5.00 per share. Holders can use cash or Convertible Notes to exercise the warrants until July 15, 2025. A Bonus Share Fraction offers an additional half share of Common Stock if exercised before the expiration date. The warrants are redeemable by the company after August 1, 2024, if certain conditions are met.
Danimer Scientific (NYSE: DNMR), a bioplastics company, has received a notice from the NYSE on May 21, 2024, for non-compliance with the Minimum Price Standard, which requires an average closing price of at least $1.00 per share over 30 consecutive trading days. This notice does not lead to immediate delisting. On May 23, 2024, Danimer notified the NYSE of its plan to meet the Minimum Price Standard within six months. The stock will continue to trade on the NYSE during this period. The company had previously addressed a similar notice in January 2024 and regained compliance by March 28, 2024.
Danimer Scientific (NYSE: DNMR) has announced the retirement of CEO Stephen E. Croskrey by the end of the year. Croskrey, who has led the company for nine years, will also step down as Chairman of the Board on May 20, 2024, but will remain on the Board and be a nominee for reelection. Richard J. Hendrix will take over as Chairman and serve as Interim Executive Chairman during the transition. The Board has formed an Executive Committee to oversee the search for a new CEO and manage strategy and shareholder engagement. Under Croskrey's leadership, Danimer expanded its production capabilities and secured significant partnerships, including supplying biodegradable materials to Starbucks and Wincup.
Danimer Scientific, Inc. (NYSE: DNMR) announced its first quarter 2024 financial results, including a 64% year-over-year increase in PHA revenue, a new commercial order for cutlery, and a $20 million credit facility. However, the company faced challenges with Starbucks shifting its straw business. Despite lower PLA revenue and adjusted EBITDA, Danimer remains optimistic about growth.
Danimer Scientific, Inc. (NYSE: DNMR) unveils new branding and commercial applications based on PHA at NPE 2024, showcasing its signature PHA, Nodax®, as a sustainable polymer alternative. The company focuses on addressing plastic pollution and microplastics proliferation with its biodegradable PHA products, produced using canola oil as a renewable feedstock. Danimer's PHA is poised for significant growth in various applications such as cutlery, flexible food packaging, and paper coatings, supported by partnerships with key brands. The company's commitment to sustainability and innovation highlights its leadership in the bioplastics industry.
Danimer Scientific, a leading bioplastics company, announced a proposed pro-rata distribution of Dividend Warrants to its stockholders, Convertible Notes holders, and pre-funded warrants holders. The distribution is subject to stockholder approval to increase the authorized shares. The Dividend Warrants will be listed on the OTCQX market and will entitle holders to purchase Common Stock. The distribution aims to improve leverage, strengthen capital structure, and maximize stockholder value.
Danimer Scientific, a bioplastics company, will release its first quarter 2024 financial results on May 7, 2024. A webcast and conference call will be held to review the results and recent events.
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