EMERYVILLE, Calif.,
Aug. 5, 2021 /PRNewswire/ -- Amyris,
Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company
active in the Clean Health, Beauty and Wellness markets through its
consumer brands and a top supplier of sustainable and natural
ingredients, today announced financial results for its second
quarter ended June 30, 2021.
![Amyris Logo (PRNewsfoto/Amyris, Inc.) Amyris Logo (PRNewsfoto/Amyris, Inc.)](https://mma.prnewswire.com/media/1436515/Amyris_Logo.jpg)
"With Q2 we completed another quarter of strong strategic and
operational execution," said John
Melo, President and Chief Executive Officer. "We delivered
record underlying revenue driven by record consumer revenue while
significantly improving margins year-over-year. Two of our
homegrown clean beauty brands, Biossance and Pipette, delivered
record revenue with Biossance doubling revenue versus the prior
year quarter. The performance of these brands is evidence of the
rapidly growing consumer demand for high performance, affordable,
and sustainable clean beauty products. In addition to our reported
revenue, we had sales of $2.4 million
that did not make the quarter cutoff. During Q2, we made
significant efforts and investments in marketing and supply chain
for the Q3 launch of our new brands: Rose Inc., JVN, Terasana and
Olika which will add significant new revenue to our consumer
portfolio in the second half."
"We are making good progress with the construction of our new
Brazil ingredients manufacturing
plant and expect to complete construction by the end of this year,"
Mr. Melo added. "Early in the quarter, we completed a strategic
transaction with Ingredion for the exclusive licensing of our Reb M
sweetener from fermentation. We are aggressively working towards
human trials to support worldwide accessibility to our RNA COVID-19
vaccine. Pre-clinical results have demonstrated a strong potential
to become a highly competitive booster and RNA delivery
technology."
"2021 is on track to be another record year with expected total
revenue north of $400
million and positive adjusted EBITDA. As leaders in the
creation of sustainable ingredients and products through clean
chemistry and a strong product commercialization track record, we
set ambitious operational and financial goals and are planning to
reach $2 billion revenue in 2025.
With our expanding ingredients pipeline and partnerships, strong
manufacturing demand, and rapid consumer sales growth, we have
confidence that we can achieve our objectives, while constantly
finding ways to challenge the status quo and effect positive change
for people and the planet," concluded Mr. Melo.
Q2 2021 Financial Highlights
- Total revenue of $52.3 million
included record underlying and consumer revenue and included
$10 million of proceeds resulting
from the strategic Reb M sweetener transaction. Total underlying
revenue (product and collaboration revenue) increased 41% to
$42.3 million compared to Q2 2020
revenue driven by a 59% increase in consumer sales, and a 25%
increase in ingredient sales. Q2 consumer revenue achieved a new
record with Biossance doubling its revenue compared to the prior
year quarter.
- Non-GAAP gross margin of $27
million, or 51% of revenue, improved from $11 million or 36% of revenue in Q2 2020.
Excluding the $10 million
contribution from the strategic Reb M sweetener transaction, gross
margin of $17 million represented a
$6 million improvement compared to Q2
2020 due to consumer-related margin growth.
- Cash operating expense of $63
million increased by $20
million, or 46% compared to Q2 2020 primarily due to a
$13 million increase in selling
expense, of which $5 million related
to pre-launch investments in new consumer brands, and $5 million to additional R&D spend. Prior
year benefited from reduced business activity due to COVID.
- Adjusted EBITDA of -$42 million
decreased $6 million year-over-year
due to higher operating expense, partially offset by higher
revenue, improved gross margin and proceeds from a strategic
transaction.
- GAAP net income was $15 million
compared to a loss of $104 million in
Q2 2020 due to lower interest expense and favorable non-cash
mark-to-market adjustments related to changes in the fair value of
debt and derivatives. GAAP EPS was $0.05 compared to -$0.56 in Q2 2020, a $0.61 improvement. Adjusted net loss of
$49 million, or $0.15 per share, improved $9 million, or $0.16 per share, compared to an adjusted net loss
of $58 million, or $0.31 per share, for Q2 2020.
- Cash at the end of the quarter was $215
million, compared to $100
million at the end of Q2 2020. This included proceeds from
the strategic Reb M sweetener transaction and primary offering
completed during the quarter.
- Total debt at the end of the quarter was $105 million, compared to $176 million at the end of Q2 2020, and
$115 million at the end of Q1 2021.
Interest expense for Q2 2021 was $5
million compared to $20
million in Q2 2020 due to reduced debt.
Q2 and H1 2021 Sales Revenue
|
Three Months
Ended
June 30,
|
|
Six Months
Ended
June 30,
|
(In
millions)
|
2021
|
2020
|
YoY%
|
|
2021
|
2020
|
YoY%
|
Consumer
|
$
20.7
|
$
13.0
|
59%
|
|
$
36.3
|
$
22.1
|
65%
|
Ingredients
|
16.5
|
13.2
|
25%
|
|
29.2
|
23.4
|
25%
|
Product
|
$
37.2
|
$
26.2
|
42%
|
|
$
65.5
|
$
45.4
|
44%
|
Collaborations and
Grants
|
5.1
|
3.8
|
34%
|
|
10.0
|
8.9
|
13%
|
Underlying
Total
|
$
42.3
|
$
30.0
|
41%
|
|
$
75.6
|
$
54.3
|
39%
|
Other1
|
10.0
|
0.0
|
-
|
|
153.6
|
4.8
|
3090%
|
Reported
Total
|
$
52.3
|
$
30.0
|
74%
|
|
$
229.2
|
$
59.1
|
288%
|
|
1 Other: $4.8m
Vitamin E transaction (Q1 2020), $143.6m DSM F&F transaction (Q1 2021),
$10.0m Ingredion Reb M transaction
(Q2 2021).
H1 2021 Financial Highlights
- Total H1 revenue of $229 million
improved 288% versus the prior year period. Total revenue included
$154 million of proceeds resulting
from strategic transactions. Total underlying revenue (product and
collaboration revenue) increased 39% to $76
million compared to $54
million in H1 2020. Product revenue of $66 million increased $20
million or 44% compared to H1 2020 driven by a $14 million, or 65%, increase in consumer sales,
predominantly from Biossance, and a $6
million, or 25%, increase in ingredient sales with growth
seen from all ingredients.
- Non-GAAP gross margin of $187
million, or 82% of revenue, improved from $29 million or 50% of revenue in H1 2020.
Excluding the contribution from the strategic transactions, gross
margin of $34 million represented a
$10 million improvement compared to
H1 2020 due to consumer-related margin growth.
- Cash operating expense of $117
million increased by $29
million, or 34%, compared to H1 2020 primarily due to
investments in consumer brands and additional R&D spend.
- Adjusted EBITDA of $61 million
improved $124 million year-over-year
due to revenue and margin growth and proceeds from strategic
transactions.
- GAAP net loss was $275 million
compared to a loss of $191 million in
H1 2020 primarily due to non-cash mark-to-market adjustments. GAAP
EPS was -$0.98 compared to
-$1.12 in H1 2020. Adjusted net
income was $46 million, or
$0.16 per share compared to adjusted
net loss of $102 million, or
$0.60 per share, for H1 2020.
Outlook
- Reported total revenue for the full year, inclusive of
strategic transactions, is expected to be north of $400 million.
- Continued growth combined with strategic transactions expected
to result in positive full year adjusted EBITDA.
- Debt expected to be below $100
million by year-end, $50
million of which is convertible to equity.
Operational Highlights
1. Lab-to-Market™ Science and
Technology
On June 30, Amyris signed an
exclusive license with Nant Africa
relating to the development and use of the RNA COVID vaccine in
Africa. The partnership with
Nant Africa provides a fast path to
market for the Amyris and IDRI RNA technology. The license
includes the funding of human clinical trials, which, when
successfully completed and approved, are expected to be followed by
the production and scaling of the vaccine in South Africa with a target of reaching people
by the end of the year.
From a process development perspective, Amyris completed the
third and largest CBG (Cannabigerol) production campaign to date
with five times the volume versus previous production, and highest
purity yet. We also achieved productivity improvements with other
ingredients, including Patchouli (F&F), and Hemi-Squalane
(personal care). Hemi-Squalane is a key ingredient for the new JVN
haircare brand to be launched during Q3.
2. Ingredients and Manufacturing
Amyris completed its third planned strategic ingredient
transaction of 2021 in May. Partnering with Ingredion, Amyris
exchanged the exclusive license of Amyris' zero-calorie,
sustainably sourced, fermented Reb M sweetener for an estimated
value of $100 million with an upfront
license payment of $10 million at
closing, which was recognized as revenue during the quarter. The
transaction value included $75
million for the exclusive license to sell and market Reb M
from fermentation along with a minority participation in the new
Brazil manufacturing plant.
Additional value is expected from future profit share from Reb M
sales and R&D collaboration.
Second quarter ingredient revenue increased 30% sequentially,
and 25% versus the prior year quarter evidencing Amyris'
development, scale-up and manufacturing capabilities. Q2 saw record
sales revenue of Squalane, one of Amyris' leading ingredients that
is marketed through business-to-business channels and is also a
differentiating ingredient for formulation in Amyris' clean beauty
and personal care products.
Amyris continues to expand its manufacturing capability to meet
growing demand for its current ingredients, as well as anticipated
demand for its pipeline products. Amyris' construction efforts on
its ingredients plant in Barra
Bonita, Brazil continues to
meet completion milestones while maintaining rigorous safety
protocols due to the region's COVID-19 concerns. Amyris expects
plant construction to be completed by end of 2021 and first
production to commence early 2022.
3. No Compromise® Consumer Brands
Consumer revenue increased 32% sequentially and 59% compared to
the second quarter of 2020. Higher revenue was driven by improved
brand awareness, consumer demand, and increased levels of
brick-and-mortar retail activity resulting from an easing of
pandemic-related restrictions in certain areas.
Biossance, Amyris' clean skincare brand, generated the largest
quarterly revenue in the brand's history. Direct-to-consumer sales
through Biossance.com remained strong. Internationally, Biossance
experienced strong growth, particularly in southeast Asia and Australia. Demand for clean, pure, sustainable
products is growing globally, and Biossance will continue to
innovate and provide new skin care options to meet the needs of
these consumers.
Pipette, Amyris' clean baby and family care brand delivered
strong quarterly revenue. Brand performance in Target stores was
exceptional with Pipette being recognized as a leading new brand in
baby and homecare categories. Pipette recently finalized agreements
to launch its bestselling items through multiple retail channels
including Rite Aid, Wakefern, Wegmans, KeHE and Kroger.com in 2021,
and in 7,000 Walgreens stores during the first half of 2022.
Direct-to-consumer sales through Pipettebaby.com and Amazon
continued to grow during the second quarter and are expected to
benefit from expanded retail presence in the future.
During the second quarter, Amyris continued to prepare for the
upcoming Q3 launches of new consumer brands, including Rose, Inc.,
JVN, Terasana and Olika which are all expected to generate new
revenue during H2 of 2021. Amyris made significant investments to
support marketing, supply chain expansion, logistics, brand
awareness, consumer education, and other costs associated with its
high profile brand launches.
Conference Call
Amyris will host its second quarter
2021 conference call today at 9:00 am
ET (6:00 am PT) to discuss its
financial results and provide a business and financial update.
Live audio webcast/conference call:
Webcast: please visit http://investors.amyris.com.
U.S. Dial-In Number: (877) 870-4263. International Dial-In Number:
(412) 317-0790.
Please connect to the website or dial in to the conference call
15 minutes prior to the start of the call to avoid connection
delays. If a participant will be listen-only, they are encouraged
to listen via the webcast on Amyris' investor page.
A replay of the webcast will be available on the Investor
Relations section of Amyris' website.
FINANCIAL RESULTS AND NON-GAAP INFORMATION
To supplement our financial results and guidance presented in
accordance with U.S. generally accepted accounting principles
(GAAP), we use certain non-GAAP financial measures that we believe
are helpful in understanding our financial results. These non-GAAP
financial measures are among the factors management uses in
planning and forecasting future periods. These non-GAAP financial
measures also facilitate management's internal comparisons to
Amyris' historical performance as well as comparisons to the
operating results of other companies. Management believes these
non-GAAP financial measures, when considered together with
financial information prepared in accordance with GAAP, can enhance
investors' and analysts' abilities to meaningfully compare our
results from period to period, identify operating trends in our
business, and track and model our financial performance. In
addition, our management believes that these non-GAAP financial
measures allow for greater transparency into the indicators used by
management to understand and evaluate our business and make
operating decisions.
Non-GAAP financial information is not prepared under a
comprehensive set of accounting rules, and therefore, should only
be read in conjunction with financial information reported under
GAAP in order to understand Amyris' operating performance. A
reconciliation of the non-GAAP financial measures presented in this
release to the most directly comparable GAAP financial measure, is
provided in the tables attached to this press release.
Our Non-GAAP financial measures include the following:
Non-GAAP Gross Margin (Gross Margin) is calculated
as GAAP revenues divided by non-GAAP cost of products sold (which
excludes other costs/provisions, inventory lower of cost or net
realizable value adjustments, excess capacity, manufacturing
capacity fee adjustments, stock-based compensation expense,
depreciation and amortization).
Non-GAAP Cash Operating Expense is calculated as
GAAP Operating Expense minus non-cash stock-based compensation,
depreciation and amortization, non-recurring transaction and
acquisition expense, and R&D performance agreement
termination.
EBITDA is calculated as GAAP net income (loss) less
interest, expense, income tax expense, depreciation and
amortization, deemed dividends to preferred stockholders, and loss
allocated to participating securities.
Adjusted EBITDA is calculated as EBITDA less income
attributable to noncontrolling interest, gain/loss from change in
fair value of derivatives, gain/loss from changes in the fair value
of debt, loss upon debt extinguishment, other income/expense, loss
from investment in affiliate, income attributable to
non-controlling interest, inventory lower of cost or net realizable
value adjustments, non-recurring transaction and acquisition
expense, and stock-based compensation expense.
Adjusted net income (loss) is calculated as GAAP net
income/loss excluding stock-based compensation expense, gain/loss
from change in fair value of derivatives, gain/ loss from changes
in the fair value of debt, losses upon debt extinguishment, income
attributable to noncontrolling interest, loss allocated to
participating securities, inventory lower of cost or net realizable
value adjustments, R&D performance agreement termination,
manufacturing capacity fee adjustments, non-recurring transaction
and acquisition expense, and other income/expense and income/loss
attributable to noncontrolling interest.
Adjusted EPS is calculated by dividing adjusted net
income (loss) by the weighted average shares, basic outstanding for
the period.
About Amyris
Amyris (Nasdaq: AMRS) is a science and
technology leader in the research, development and production of
sustainable ingredients for the Clean Health & Beauty and
Flavors & Fragrances markets. Amyris uses an impressive array
of exclusive technologies, including state-of-the-art machine
learning, robotics and artificial intelligence. Our ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris is proud to own
and operate a family of consumer brands - all built around its No
Compromise® promise of clean ingredients: Biossance® clean beauty
skincare, Pipette® clean baby skincare, and Purecane™, a
zero-calorie sweetener naturally derived from sugarcane. For more
information, please visit http://www.amyris.com.
Amyris, the Amyris logo, No Compromise, Biossance, Pipette,
Purecane, and Lab-to-Market are trademarks or registered trademarks
of Amyris, Inc. in the U.S. and/or other countries.
Forward-Looking Statements
This release contains
forward-looking statements, and any statements other than
statements of historical fact could be deemed to be forward-looking
statements. These forward-looking statements include, among other
things, statements regarding future events, such as Amyris'
financial outlook and goals for 2021 and beyond; Amyris'
expectations regarding the production, scaling and distribution of
its RNA vaccine to people in Africa and the timing thereof and the
potential of such vaccine to become a highly competitive booster
and RNA delivery technology; Amyris' expectations regarding the
commissioning of its Brazil
manufacturing facility and the timing thereof and additional value
from future profit share from Reb M sales and R&D
collaboration; and Amyris' expectations of launching four new
brands, the timing thereof and the significant contribution to
consumer revenue therefrom. These statements are based on
management's current expectations and actual results and future
events may differ materially due to risks and uncertainties,
including risks related to Amyris' liquidity and ability to fund
operating and capital expenses, risks related to its financing
activities, risks related to potential delays or failures in
completing and integrating planned acquisitions, risks related to
potential delays or failures in development, regulatory approval,
launch, production and commercialization of products, risks related
to Amyris' reliance on third parties, and other risks detailed from
time to time in filings Amyris makes with the Securities and
Exchange Commission, including Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Amyris disclaims any obligation to update information contained in
these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Financial Tables Follow
Amyris,
Inc.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
(In
thousands
|
June 30,
2021
|
December 31,
2020
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
214,424
|
$
30,152
|
Restricted
cash
|
250
|
309
|
Accounts receivable,
net
|
36,875
|
32,846
|
Accounts receivable -
related party, net
|
4,741
|
12,110
|
Contract
assets
|
2,393
|
4,178
|
Contract assets -
related party
|
2,000
|
1,203
|
Inventories
|
54,261
|
42,862
|
Deferred cost of
products sold - related party
|
7,181
|
9,801
|
Prepaid expenses and
other current assets
|
27,081
|
13,103
|
Total current
assets
|
349,206
|
146,564
|
Property, plant and
equipment, net
|
41,967
|
32,875
|
Deferred cost of
products sold, noncurrent - related party
|
5,881
|
9,939
|
Restricted cash,
noncurrent
|
961
|
961
|
Recoverable taxes
from Brazilian government entities
|
10,850
|
8,641
|
Right-of-use assets
under financing leases, net
|
8,609
|
9,994
|
Right-of-use assets
under operating leases, net
|
9,688
|
10,136
|
Goodwill
|
4,013
|
-
|
Intangible assets,
net
|
7,972
|
-
|
Other
assets
|
6,672
|
3,704
|
Total
assets
|
$
445,819
|
$
222,814
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
48,610
|
$
41,045
|
Accrued and other
current liabilities
|
28,267
|
30,707
|
Financing lease
liabilities
|
2,305
|
4,170
|
Operating lease
liabilities
|
5,759
|
5,226
|
Contract
liabilities
|
2,190
|
4,468
|
Debt, current
portion
|
1,143
|
54,748
|
Related party debt,
current portion
|
6,563
|
22,689
|
Total current
liabilities
|
94,837
|
163,053
|
Long-term debt, net
of current portion
|
13,835
|
26,170
|
Related party debt,
net of current portion
|
354,015
|
159,452
|
Operating lease
liabilities, net of current portion
|
7,867
|
9,732
|
Derivative
liabilities
|
26,243
|
8,698
|
Other noncurrent
liabilities
|
31,534
|
22,754
|
Total
liabilities
|
528,331
|
389,859
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
30
|
24
|
Additional paid-in
capital
|
2,285,100
|
1,957,224
|
Accumulated other
comprehensive loss
|
(44,640)
|
(47,375)
|
Accumulated
deficit
|
(2,362,562)
|
(2,086,692)
|
Total Amyris, Inc.
stockholders' deficit
|
(122,072)
|
(176,819)
|
Noncontrolling
interest
|
34,560
|
4,774
|
Total stockholders'
deficit
|
(87,512)
|
(172,045)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
445,819
|
$
222,814
|
|
|
|
Amyris,
Inc.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except shares and per share amounts)
|
2021
|
2020
|
|
2021
|
2020
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
37,172
|
$
25,188
|
|
$
65,351
|
$
43,042
|
Licenses and
royalties
|
11,000
|
990
|
|
154,800
|
6,151
|
Grants and
collaborations
|
4,144
|
3,827
|
|
9,024
|
9,942
|
Total
revenue
|
52,316
|
30,005
|
|
229,175
|
59,135
|
Cost and operating
expenses:
|
|
|
|
|
|
Cost of products
sold(1)
|
30,421
|
23,098
|
|
53,080
|
34,888
|
Research and
development(1)
|
22,424
|
16,965
|
|
45,756
|
34,091
|
Sales, general and
administrative(1)
|
54,340
|
30,503
|
|
92,262
|
62,517
|
Total cost and
operating expenses
|
107,185
|
70,566
|
|
191,098
|
131,496
|
Income (loss) from
operations
|
(54,869)
|
(40,561)
|
|
38,077
|
(72,361)
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(4,723)
|
(20,118)
|
|
(10,536)
|
(35,120)
|
Gain (loss) from
change in fair value of derivative instruments
|
5,141
|
(11,779)
|
|
(17,604)
|
(8,497)
|
Gain (loss) from
change in fair value of debt
|
70,132
|
(14,949)
|
|
(256,653)
|
(31,452)
|
Gain (loss) upon
extinguishment of debt
|
935
|
(22,029)
|
|
(26,378)
|
(49,348)
|
Other income
(expense), net
|
28
|
1,497
|
|
(650)
|
1,501
|
Total other income
(expense), net
|
71,513
|
(67,378)
|
|
(311,821)
|
(122,916)
|
Income (loss) before
income taxes and loss from investment in affiliate
|
16,644
|
(107,939)
|
|
(273,744)
|
(195,277)
|
Provision for income
taxes
|
(57)
|
(99)
|
|
(112)
|
(190)
|
Loss from investment
in affiliate
|
(1,140)
|
(277)
|
|
(748)
|
(692)
|
Net income
(loss)
|
15,447
|
(108,315)
|
|
(274,604)
|
(196,159)
|
Less: income
attributable to noncontrolling interest
|
(66)
|
(2,107)
|
|
(1,266)
|
(2,107)
|
Net income (loss)
attributable to Amyris, Inc.
|
15,381
|
(110,422)
|
|
(275,870)
|
(198,266)
|
(Income) losses
allocated to participating securities
|
(13)
|
6,361
|
|
1,086
|
7,435
|
Net income (loss)
attributable to Amyris, Inc. common stockholders, basic
|
15,368
|
(104,061)
|
|
(274,784)
|
(190,831)
|
|
|
Weighted-average
shares of common stock outstanding used in computing earnings
(loss) per share of common stock, basic
|
320,088,143
|
184,827,330
|
|
279,819,520
|
169,946,482
|
Earnings (loss) per
share attributable to common stockholders, basic
|
$
0.05
|
$
(0.56)
|
|
$
(0.98)
|
$
(1.12)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing earnings
(loss) per share of common stock, diluted
|
338,807,849
|
184,827,330
|
|
279,819,520
|
169,946,482
|
Earnings (loss) per
share attributable to common stockholders, diluted
|
$
(0.16)
|
$
(0.56)
|
|
$
(0.98)
|
$
(1.12)
|
|
|
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
|
|
|
Cost of products
sold
|
$
73
|
$
-
|
|
$
137
|
$
-
|
Research and
development
|
1,318
|
781
|
|
2,380
|
1,846
|
Sales, general and
administrative
|
7,355
|
2,150
|
|
10,511
|
4,589
|
|
$
8,746
|
$
2,931
|
|
$
13,028
|
$
6,435
|
|
|
|
|
|
|
|
|
|
|
|
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In thousands,
except per share data)
|
2021
|
2020
|
|
2021
|
2020
|
Net income (loss)
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
15,368
|
$
(104,061)
|
|
$
(274,784)
|
$
(190,831)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Non-recurring
transaction and acquisition expense
|
3,306
|
-
|
|
3,306
|
-
|
Stock-based
compensation expense
|
8,746
|
2,931
|
|
13,028
|
6,435
|
(Gain) loss from
change in fair value of derivative instruments
|
(5,141)
|
11,779
|
|
17,604
|
8,497
|
(Gain) loss from
change in fair value of debt
|
(70,132)
|
14,949
|
|
256,653
|
31,452
|
(Gain) loss upon
extinguishment of debt
|
(935)
|
22,029
|
|
26,378
|
49,348
|
Income attributable
to noncontrolling interest
|
66
|
2,107
|
|
1,266
|
2,107
|
Income (loss)
allocated to participating securities
|
13
|
(6,361)
|
|
(1,086)
|
(7,435)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(1,072)
|
(347)
|
|
(1,233)
|
(963)
|
R&D Performance
Agreement termination
|
-
|
-
|
|
1,850
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
1,482
|
-
|
Other (income)
expense, net, and loss from investment in affiliate
|
1,112
|
(1,220)
|
|
1,398
|
(809)
|
Net income (loss)
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
(48,669)
|
$
(58,194)
|
|
$
45,862
|
$
(102,199)
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing earnings
(loss) per share attributable to Amyris, Inc. common stockholders,
diluted (GAAP and non-GAAP)
|
338,807,849
|
184,827,330
|
|
279,819,520
|
169,946,482
|
|
|
|
|
|
|
Earnings (loss)
per share attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
0.05
|
$
(0.56)
|
|
$
(0.98)
|
$
(1.12)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Non-recurring
transaction and acquisition expense
|
0.01
|
-
|
|
0.01
|
-
|
Stock-based
compensation expense
|
0.03
|
0.02
|
|
0.05
|
0.04
|
(Gain) loss from
change in fair value of derivative instruments
|
(0.02)
|
0.06
|
|
0.06
|
0.05
|
(Gain) loss from
change in fair value of debt
|
(0.22)
|
0.08
|
|
0.92
|
0.19
|
(Gain) loss upon
extinguishment of debt
|
(0.00)
|
0.12
|
|
0.09
|
0.29
|
Income attributable
to noncontrolling interest
|
0.00
|
0.01
|
|
0.00
|
0.01
|
Income (loss)
allocated to participating securities
|
0.00
|
(0.03)
|
|
(0.00)
|
(0.04)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(0.00)
|
(0.00)
|
|
(0.00)
|
(0.01)
|
R&D Performance
Agreement termination
|
-
|
-
|
|
0.01
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
0.01
|
-
|
Other (income)
expense, net, and loss from investment in affiliate
|
0.00
|
(0.01)
|
|
0.00
|
(0.00)
|
Earnings (loss)
per share attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
(0.15)
|
$
(0.31)
|
|
$
0.16
|
$
(0.60)
|
(1)Amounts
may not sum due to rounding.
|
-
|
-
|
|
-
|
-
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
ADJUSTED
EBITDA
|
2021
|
2020
|
|
2021
|
2020
|
GAAP net income
(loss) attributable to Amyris, Inc. common stockholders -
Basic
|
$
15,368
|
$
(104,061)
|
|
$
(274,784)
|
$
(190,831)
|
Interest
expense
|
4,723
|
20,118
|
|
10,536
|
35,120
|
Income
taxes
|
57
|
99
|
|
112
|
190
|
Depreciation and
amortization
|
2,321
|
1,675
|
|
4,435
|
3,395
|
Income (loss)
allocated to participating securities
|
13
|
(6,361)
|
|
(1,086)
|
(7,435)
|
EBITDA
|
22,482
|
(88,530)
|
|
(260,787)
|
(159,561)
|
Income attributable
to noncontrolling interest
|
66
|
2,107
|
|
1,266
|
2,107
|
(Gain) loss from
change in fair value of derivative instruments and debt, (gain)
loss upon extinguishment of debt, other (income) expense, and loss
from investment in affiliate
|
(75,096)
|
47,537
|
|
302,033
|
88,488
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(1,072)
|
(347)
|
|
(1,233)
|
(963)
|
R&D performance
agreement termination
|
-
|
-
|
|
1,850
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
1,482
|
-
|
Stock-based
compensation
|
8,746
|
2,931
|
|
13,028
|
6,435
|
Non-recurring
transaction and acquisition expense
|
3,306
|
-
|
|
3,306
|
-
|
Adjusted
EBITDA
|
$
(41,568)
|
$
(36,302)
|
|
$
60,945
|
$
(63,494)
|
|
|
|
Amyris,
Inc.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
Three Months Ended
June 30,
|
|
Six Months Ended
June 30,
|
(In
thousands)
|
2021
|
2020
|
|
2021
|
2020
|
Revenue (GAAP and
non-GAAP)
|
|
|
|
|
|
Renewable
products
|
$
37,173
|
$
25,188
|
|
$
65,352
|
$
43,042
|
Licenses and
royalties
|
10,999
|
990
|
|
154,799
|
6,151
|
Grants and
collaborations
|
4,144
|
3,827
|
|
9,024
|
9,942
|
Revenue (GAAP and
non-GAAP)
|
$
52,316
|
$
30,005
|
|
$
229,175
|
$
59,135
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$
30,421
|
$
23,098
|
|
$
53,080
|
$
34,888
|
Other
costs/provisions
|
(3,137)
|
(3,312)
|
|
(8,930)
|
(4,127)
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
(1,482)
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
1,072
|
347
|
|
1,233
|
963
|
Excess
capacity
|
(832)
|
(415)
|
|
(1,037)
|
(481)
|
Stock-based
compensation expense
|
(73)
|
-
|
|
(137)
|
-
|
Depreciation
and amortization
|
(550)
|
(206)
|
|
(1,064)
|
(440)
|
Cost of products
sold (non-GAAP)
|
$
26,901
|
$
19,512
|
|
$
41,663
|
$
30,803
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$
25,415
|
$
10,493
|
|
$
187,512
|
$
28,332
|
Gross margin
%
|
49%
|
35%
|
|
82%
|
48%
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$
22,424
|
$
16,965
|
|
$
45,756
|
$
34,091
|
Stock-based
compensation expense
|
(1,318)
|
(781)
|
|
(2,380)
|
(1,846)
|
Depreciation
and amortization
|
(1,350)
|
(1,267)
|
|
(2,671)
|
(2,491)
|
R&D
performance agreement termination
|
-
|
-
|
|
(1,850)
|
-
|
Research and
development expense (non-GAAP)
|
$
19,756
|
$
14,917
|
|
$
38,855
|
$
29,754
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$
54,340
|
$
30,503
|
|
$
92,262
|
$
62,517
|
Stock-based
compensation expense
|
(7,355)
|
(2,150)
|
|
(10,511)
|
(4,589)
|
Depreciation
and amortization
|
(422)
|
(202)
|
|
(700)
|
(464)
|
Non-recurring
transaction and acquisition expense
|
(3,306)
|
-
|
|
(3,306)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$
43,257
|
$
28,151
|
|
$
77,745
|
$
57,464
|
|
|
|
|
|
|
Cash operating
expense
|
$
63,013
|
$
43,068
|
|
$
116,600
|
$
87,218
|
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SOURCE Amyris, Inc.