Basic and diluted net loss per share in the reported quarter, which ended 30 September 2023, was $0.39 while the same was $0.94 in the previous year’s same quarter.
This continued loss, according to the company, reflects a non-recurring, non-cash goodwill impairment charge of $62.7m registered in the previous year.
Revenue in Q3 2023 totalled $10.94m, slightly up from $10.44m reported during the same quarter last year.
This increase in revenue can be attributed to strong sales of polyhydroxyalkanoates-(PHA) based products in the company.
Sales of PHA-based products alone contributed approximately 78% of the total revenue generated in the current year’s Q3 while it was 51% in Q3 2022.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
Meanwhile, Danimer’s polylactic acid-based resin sales were down by $1.8m relative to last year, mainly due to business interruptions caused by the ongoing Russia-Ukraine conflict.
In Q3 2023, service revenue stood at $0.49m, compared to $1.34m in the previous year’s Q3.
Gross loss during the latest reported quarter was $7.73m versus $4.05m in Q3 2022.
Adjusted gross loss was $2.64m in Q3 2023, compared with $1.46m reported during the same quarter in 2022.
The company posted $9.25m in adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) while it was $12.94m in Q3 2022.
Danimer chair and CEO Stephen E Croskrey said: “We are excited to announce that new business awards associated with a large quick service restaurant programme for [our] Nodax-based biodegradable cutlery have been issued to several of our converter partners.
“Total demand for our product is expected to be approximately 20 million pounds per year at full run-rate, with first shipments expected to begin in the second half of next year.
“With these cutlery awards, we have now opened another significant product category for our PHA-based resins, which further validates our product in the marketplace and will continue to drive volume across our manufacturing assets.”