US-based biodegradable material company Danimer Scientific has recorded revenue of $14.7m in the first quarter (Q1) of the fiscal year 2022 (FY22), up 12% from a year earlier.
The increase was driven by strong growth in product revenue due to higher sales of the company’s polyhydroxy acid (PHA) based products.
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During the quarter, sales of Danimer’s PHA-based products doubled from last year, representing 52% of its total revenue, against 29% in the first quarter of FY21.
The company’s gross profit for the three months to 31 March dropped to $1.3m from $1.5m in Q1 2021, while its adjusted gross profit was $2.6m in Q1 2022, up from $3.9m in the prior-year period.
Danimer’s adjusted gross margin for the first quarter was 17.5%, against 29.2% in the same period a year ago.
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The company recorded a net loss of $26.4m and diluted net loss per share of $0.26 for the three-month period.
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By GlobalDataIts adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) loss was $10.6m in the first quarter of FY22, compared with a loss of $2.3m in Q1 2021.
Danimer chairman and CEO Stephen Croskrey said: “During the first quarter, we progressed further on our journey to deliver leading biodegradable packaging solutions for a variety of in-demand customer applications.
“We were also able to continue negotiating various development and supply agreements with customers.”
For the full year, Danimer expects its adjusted EBITDA to be between $45m and $35m, compared with $22.6m in FY21.
The company expects to invest and drive profitability from its PHA-based business during the year.
Earlier this month, Danimer Scientific signed an exclusive licence and supply agreement with Finnish chemical company Kemira.
The multi-year agreement builds on an existing partnership between the two firms, which was announced in December 2020.
