EMERYVILLE, Calif.,
Nov. 8, 2021 /PRNewswire/
-- Amyris, Inc. (Nasdaq: AMRS), a leading synthetic
biotechnology company accelerating the world to sustainable
consumption through its Lab-to-MarketTM operating
platform, today announced financial results for its third quarter
ended September 30, 2021.
"Amyris delivered another strong quarter along with solid
strategic execution amid challenging external global supply chain
conditions," said John Melo,
President and Chief Executive Officer. "Once again, we realized
record underlying revenue and record consumer revenue demonstrating
continued year-over-year and sequential growth. We launched four
new consumer brands in the quarter further expanding our foothold
in clean beauty and personal care end-markets. Rose
Inc.TM clean color cosmetics, JVNTM clean
haircare and Terasana® clean skincare are each formulated with one,
or a combination, of our unique sustainable ingredients that we
created and manufacture leveraging the power of our
Lab-to-MarketTM operating platform. Additionally, we
launched OlikaTM. We completed three acquisitions
including Olika, Beauty Labs and MG Empower adding strategic
digital, online influencer and social selling capabilities as
approximately 50% of our consumer revenue is being generated from
e-commerce which is our fastest growing and best gross margin
business channel."
"Our science and partnerships continue to deliver new
opportunities. We are very excited about our JV partnership with
ImmunityBio for the commercialization of a second generation
COVID-19 vaccine which expands our business into biopharma. We
continued to progress the construction of our new Brazil ingredients plant with expected
production in early 2022 as well as the establishing our consumer
production facility in Reno,
Nevada by the middle of next year."
"Worldwide supply chain disruptions combined with late quarter
launches of the new brands resulted in lower-than-expected revenue.
Shipping delays impacted supply of raw materials and customer
shipments while freight expense significantly increased. Although
global in nature and persisting in the fourth quarter, we believe
these are short-term issues and that they have no impact on our
long-term growth targets. We continue to experience very robust
demand that more than supports our outlook. Looking ahead to 2022,
we are taking control of our supply chain with the investments in
Brazil and Reno to reduce our third-party dependency and
our exposure to shipping delays resulting in lower operating costs
and expanded gross margins. We now expect full year 2021 total
revenue to be in the $330 -
$370 million range, doubling full
year 2020. We have the inventory on hand to deliver within this
range and subject to easing supply chain headwinds could attain
upside."
"We continue to strategically progress our capital structure to
eliminate remaining legacy debt and bring in growth capital to
support our ambitious operational and financial growth
targets."
Business and Operational Highlights
- Record Q3 underlying revenue of $48
million increased 40% continuing the year-over-year and
sequential growth trajectory. Record consumer revenue of
$23 million increased 89% versus Q3
2020. The total number of consumer brands grew from 1 in 2018, and
3 in 2019, to 8 in Q3 2021. Year-to-date Q3 2021 consumer revenue
of $60 million grew from $6 million for the same period in 2018, 10.7X or
a 121% CAGR.
- During September, Rose Inc. and JVN hosted a number of launch
events in the U.S. and internationally, including social media
campaigns to accelerate brand awareness and educate consumers on
the power of Squalane, Hemi-Squalane and Biosilica as
differentiated core ingredients to these brands. JVN was launched
with 9 SKUs in 62 Sephora stores with stores expected to triple
over the next quarter. Rose Inc. was launched with 16 SKUs in
Sephora North America and Space NK
in the U.K. Both brands are accelerating revenue into the fourth
quarter and are expected to exceed $20
million revenue each in their first 12 months. This would be
our strongest performance for new brands
- Biossance®'s international expansion continued through Space NK
in the U.K. and can now be found in 14 different retailer chains
worldwide. Pipette continued to deliver on its commitment to
improve the accessibility of clean products for babies, mothers and
families. Pipette can now be found in 236 new stores across
Canada and also launched in 118
new stores in the U.S. during Q3.
- Amyris and ImmunityBio (Nasdaq: IBRX) announced a JV for the
commercialization of a next-generation COVID-19 RNA vaccine. Upon
completion of successful human trials, the joint-venture's goal is
to deliver one billion doses of the new vaccine in 2022 addressing
the unmet needs of access to vaccines in developing countries and
other regions of the world, addressing cold-chain and durability
challenges facing the world today.
- Through the end of Q3 sales volumes for Squalane, used in skin
care and other products, surpassed total 2020 sales volumes. Demand
for Hemi-Squalane for haircare, is driven by increasing regulatory
pressure to reduce the use of environmentally harmful
silicones.
- Q3 was critical for our consumer supply chain to support brand
launches and to also prepare for the end-of-year holiday season.
90% of projected product demand is in our distribution centers
available for sale. During Q3 we experienced supply chain
challenges with significant port delays for critical raw materials
due to labor shortages affecting the production of Squalane and
Hemi-Squalane. These delays resulted in a 20% shortfall in our
Squalane production target. We incurred additional cost from
increased shipping expense and expedited air shipping. We
anticipate shipping and port unloading issues to continue in
Q4.
- We continued to manage COVID-19 with a very successful
management and monitoring program while having 250-300 construction
workers at the Brazil ingredients
plant construction site. Commodity cost increases affected the cost
of construction materials such as steel. Commissioning of the plant
remains on schedule for early 2022.
- We expect to finalize negotiations for three new consumer
brands over the next three months. These are strategic additions
and represent significant opportunity for our ingredient
portfolio.
Q3 and YTD 2021 Sales Revenue
|
Three Months
Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
(In
millions)
|
2021
|
2020
|
YoY%
|
|
2021
|
2020
|
YoY%
|
Consumer
|
$23.2
|
$12.3
|
89%
|
|
$
59.6
|
$34.4
|
73%
|
Ingredients
|
13.3
|
18.8
|
-30%
|
|
42.5
|
42.2
|
1%
|
Product
|
$36.5
|
$31.1
|
17%
|
|
$102.1
|
$76.6
|
33%
|
R&D and Other
Services
|
11.4
|
3.1
|
264%
|
|
21.4
|
12.0
|
78%
|
Underlying
Total
|
$47.9
|
$34.3
|
40%
|
|
$123.4
|
$88.6
|
39%
|
Other1
|
0.0
|
0.0
|
-
|
|
153.6
|
4.8
|
3090%
|
Reported
Total
|
$47.9
|
$34.3
|
40%
|
|
$277.0
|
$93.4
|
197%
|
|
|
|
|
|
|
|
|
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).
Q3 2021 Financial Highlights
- Total revenue of $47.9 million,
increased 40% compared to Q3 2020 revenue of $34.3 million. Product revenue of $36.5 million increased 17% compared to Q3 2020
product revenue of $31.1 million
driven by record consumer revenue of $23.2
million, an 89% increase, which was partially offset by a
decrease in ingredient sales.
- Non-GAAP gross margin of $17.7
million, or 37% of revenue, grew from $14.2 million, or 41% of revenue in Q3 2020
primarily due to increased consumer revenue.
- Cash operating expense of $81.4
million increased by $38.1
million, or 88%, compared to Q3 2020, primarily due to a
$28.1 million increase in selling
expense due to higher headcount, growth driven fulfillment and
shipping expense and launches of new brands. R&D and G&A
expense increased by $4.4 million and
$5.6 million respectively due to
higher headcount, M&A expense and comparatively low prior year
travel expense due to COVID-19.
- Adjusted EBITDA of -$73.1 million
decreased $40 million year-over-year,
primarily due to higher operating expense.
- GAAP net income/loss is significantly influenced by non-cash
mark-to-market adjustments related to changes in the fair value of
debt and derivatives. GAAP net loss of $32.9
million or $0.11 per share
compared to a loss of $83.5 million
or $0.37 per share in Q3 2020.
Adjusted net loss of $80.1 million,
or $0.27 per share, compared to an
adjusted net loss of $50.0 million,
or $0.22 per share in Q3 2020.
- Cash at the end of the quarter was $115
million, compared to $38
million at the end of Q3 2020.
- Total debt principal at the end of the quarter was $102 million, compared to $175 million at the end of Q3 2020. Interest
expense for Q3 2021 was $4 million
compared to $7 million in Q3 2020 due
to reduced debt.
YTD 2021 Financial Highlights
- Total YTD revenue of $277.0
million improved 197% versus the prior year period. Total
revenue included $153.6 million of
proceeds resulting from strategic transactions. Total underlying
revenue (product and R&D and other services) increased 39% to
$123.4 million compared to
$88.6 million in first 9 months of
2020. Product revenue of $102.1
million increased $25.5
million, or 33%, compared to the first 9 months of 2020
driven by a $25.2 million, or 73%,
increase in consumer sales.
- Non-GAAP gross margin of $205.0
million, or 74% of revenue, grew from $43.5 million or 47% of revenue in first nine
months of 2020. Excluding the contribution from the strategic
transactions, gross margin of $51.4
million grew $12.8 million
compared to first nine months of 2020 primarily due to
consumer-related growth.
- Cash operating expense of $198.0
million increased by $67.5
million, or 52%, compared to first 9 months of 2020
primarily due to investments in consumer brands, new consumer brand
launches, increased headcount and additional R&D spend.
- Adjusted EBITDA of -$12.2 million
improved $84.4 million year-over-year
due to revenue and margin growth and proceeds from strategic
transactions.
- GAAP net loss was $308.0 million
or $1.07 per share compared to a loss
of $273.2 million or $1.44 per share in the first 9 months of 2020.
Adjusted net loss was $34.2 million,
or $0.12 per share compared to
adjusted net loss of $152.2 million,
or $0.80 per share, for the first 9
months of 2020.
Outlook – Update to Guidance Provided on August 5, 2021
- Amyris now expects reported total revenue for the full year,
inclusive of strategic transactions of $154
million, to be in a range of $330 - $370
million.
Conference Call
Amyris will host its third quarter 2021 conference call
today at 4:30 pm ET (1:30 pm
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: (844) 850-0551. International Dial-In
Number: (412) 902-4203.
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 revenue less non-GAAP cost of products sold divided by GAAP
revenue. Non-GAAP cost of products sold 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, contract credit loss reserve, and R&D
performance agreement termination.
EBITDA is calculated as GAAP net income (loss) less
interest, expense, income tax expense, depreciation and
amortization expense, 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, inventory lower of cost or net
realizable value adjustments, non-recurring transaction and
acquisition expense, stock-based compensation expense, R&D
performance agreement termination, manufacturing capacity fee
adjustment and contract asset credit loss reserve.
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/loss 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, other income/expense, and
gain/loss from investment in affiliate.
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 leading
synthetic biotechnology company, transitioning the Clean Health
& Beauty and Flavors & Fragrances markets to sustainable
ingredients through fermentation and the company's proprietary
Lab-to-MarketTM operating platform. This Amyris platform
leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products. For more information, please visit
http://www.amyris.com.
Amyris, the Amyris logo, No Compromise, Biossance, Pipette,
Purecane, Terasana, Rose Inc. 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 the remainder of
2021 and beyond; Amyris' expectations regarding supply chain issues
in Q4 and beyond and the limited impact of such issues on long-term
growth targets; Amyris' expectations about increasing consumer
demand for sustainable products and the acceleration of revenue of
newly launched brands; Amyris' expectations regarding its JV
partnership with ImmunityBio and the development, manufacturing,
and commercialization of its COVID-19 vaccine which expands its
business into biopharma and the timing thereof; Amyris' expectation
of adding three new consumer brands and the timing thereof; and
Amyris' expectations regarding the commissioning of its
Brazil manufacturing facility, the
timing thereof and benefits thereof in alleviating cost pressures.
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 particularly in
the supply chain, 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
|
September 30,
2021
|
December 31,
2020
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
114,887
|
$
30,152
|
Restricted
cash
|
286
|
309
|
Accounts receivable,
net
|
34,920
|
32,846
|
Accounts receivable -
related party, net
|
10,841
|
12,110
|
Contract
assets
|
3,513
|
4,178
|
Contract assets -
related party
|
2,000
|
1,203
|
Inventories
|
72,062
|
42,862
|
Deferred cost of
products sold - related party
|
9,182
|
9,801
|
Prepaid expenses and
other current assets
|
30,373
|
13,103
|
Total current
assets
|
278,064
|
146,564
|
Property, plant and
equipment, net
|
53,124
|
32,875
|
Deferred cost of
products sold, noncurrent - related party
|
3,061
|
9,939
|
Restricted cash,
noncurrent
|
961
|
961
|
Recoverable taxes
from Brazilian government entities
|
13,005
|
8,641
|
Right-of-use assets
under financing leases, net
|
7,996
|
9,994
|
Right-of-use assets
under operating leases, net
|
10,989
|
10,136
|
Goodwill
|
128,692
|
-
|
Intangible assets,
net
|
39,662
|
-
|
Other
assets
|
6,753
|
3,704
|
Total
assets
|
$
542,307
|
$
222,814
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
80,645
|
$
41,045
|
Accrued and other
current liabilities
|
62,681
|
30,707
|
Financing lease
liabilities
|
1,182
|
4,170
|
Operating lease
liabilities
|
6,786
|
5,226
|
Contract
liabilities
|
3,486
|
4,468
|
Debt, current
portion
|
24,614
|
54,748
|
Related party debt,
current portion
|
280,633
|
22,689
|
Total current
liabilities
|
460,027
|
163,053
|
Long-term debt, net
of current portion
|
12,099
|
26,170
|
Related party debt,
net of current portion
|
5,000
|
159,452
|
Financing lease
liabilities, net of current portion
|
63
|
-
|
Operating lease
liabilities, net of current portion
|
7,722
|
9,732
|
Derivative
liabilities
|
21,465
|
8,698
|
Acquisition-related
contingent consideration
|
65,077
|
-
|
Other noncurrent
liabilities
|
24,179
|
22,754
|
Total
liabilities
|
595,632
|
389,859
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently
redeemable common stock
|
5,000
|
5,000
|
Redeemable
noncontrolling interest
|
28,520
|
-
|
Stockholders'
deficit:
|
|
|
Preferred
stock
|
-
|
-
|
Common
stock
|
31
|
24
|
Additional paid-in
capital
|
2,358,441
|
1,957,224
|
Accumulated other
comprehensive loss
|
(52,134)
|
(47,375)
|
Accumulated
deficit
|
(2,395,506)
|
(2,086,692)
|
Total Amyris, Inc.
stockholders' deficit
|
(89,168)
|
(176,819)
|
Noncontrolling
interest
|
2,323
|
4,774
|
Total stockholders'
deficit
|
(86,845)
|
(172,045)
|
Total liabilities,
mezzanine equity and stockholders' deficit
|
$
542,307
|
$
222,814
|
Amyris,
Inc.
|
|
|
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except shares and per share amounts)
|
2021
|
2020
|
|
2021
|
2020
|
Revenue:
|
|
|
|
|
|
Renewable
products
|
$
36,508
|
$
27,577
|
|
$
101,859
|
$
70,619
|
Licenses and
royalties
|
6,006
|
3,563
|
|
160,806
|
9,714
|
Collaborations,
grants and other
|
5,352
|
3,118
|
|
14,376
|
13,060
|
Total
revenue
|
47,866
|
34,258
|
|
277,041
|
93,393
|
Cost and operating
expenses:
|
|
|
|
|
|
Cost of products
sold(1)
|
40,252
|
25,822
|
|
93,332
|
60,710
|
Research and
development(1)
|
23,824
|
18,197
|
|
69,580
|
52,288
|
Sales, general and
administrative(1)
|
70,635
|
38,321
|
|
162,897
|
100,838
|
Total cost and
operating expenses
|
134,711
|
82,340
|
|
325,809
|
213,836
|
Loss from
operations
|
(86,845)
|
(48,082)
|
|
(48,768)
|
(120,443)
|
Other income
(expense):
|
|
|
|
|
|
Interest
expense
|
(4,321)
|
(6,627)
|
|
(14,857)
|
(41,747)
|
Gain (loss) from
change in fair value of derivative instruments
|
4,778
|
1,999
|
|
(12,826)
|
(6,498)
|
Gain (loss) from
change in fair value of debt
|
52,294
|
34,360
|
|
(204,359)
|
2,908
|
Loss upon
extinguishment of debt
|
(680)
|
(2,606)
|
|
(27,058)
|
(51,954)
|
Other income
(expense), net
|
690
|
(49)
|
|
40
|
1,452
|
Total other income
(expense), net
|
52,761
|
27,077
|
|
(259,060)
|
(95,839)
|
Loss before income
taxes and loss from investment in affiliate
|
(34,084)
|
(21,005)
|
|
(307,828)
|
(216,282)
|
Provision for income
taxes
|
(58)
|
(83)
|
|
(170)
|
(273)
|
Gain (loss) from
investment in affiliate
|
181
|
(366)
|
|
(567)
|
(1,058)
|
Net loss
|
(33,961)
|
(21,454)
|
|
(308,565)
|
(217,613)
|
Less: (income) loss
attributable to noncontrolling interest
|
1,017
|
(1,702)
|
|
(249)
|
(3,809)
|
Net loss attributable
to Amyris, Inc.
|
(32,944)
|
(23,156)
|
|
(308,814)
|
(221,422)
|
Less: deemed dividend
to preferred stockholders upon conversion of Series E preferred
stock
|
-
|
(67,151)
|
|
-
|
(67,151)
|
Less: losses
allocated to participating securities
|
-
|
6,832
|
|
787
|
15,369
|
Net loss attributable
to Amyris, Inc. common stockholders, basic
|
$
(32,944)
|
$
(83,475)
|
|
$
(308,027)
|
$
(273,204)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, basic
|
300,888,579
|
227,267,553
|
|
286,919,463
|
189,192,973
|
Loss per share
attributable to common stockholders, basic
|
$
(0.11)
|
$
(0.37)
|
|
$
(1.07)
|
$
(1.44)
|
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
of common stock, diluted
|
317,568,913
|
242,732,234
|
|
286,919,463
|
191,506,499
|
Loss per share
attributable to common stockholders, diluted
|
$
(0.27)
|
$
(0.41)
|
|
$
(1.07)
|
$
(1.46)
|
|
|
|
|
|
|
(1)Includes stock-based compensation
expense as follows:
|
|
|
|
|
|
Cost of products
sold
|
$
79
|
$
51
|
|
$
215
|
$
51
|
Research and
development
|
1,565
|
928
|
|
3,945
|
2,774
|
Sales, general and
administrative
|
7,261
|
2,441
|
|
17,772
|
7,030
|
|
$
8,905
|
$
3,420
|
|
$
21,932
|
$
9,855
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In thousands,
except per share data)
|
2021
|
2020
|
|
2021
|
2020
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(32,944)
|
$
(83,475)
|
|
$
(308,027)
|
$
(273,204)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Non-recurring
transaction and acquisition expense
|
2,216
|
-
|
|
5,522
|
-
|
Stock-based
compensation expense
|
8,905
|
3,420
|
|
21,932
|
9,855
|
(Gain) loss from
change in fair value of derivative instruments
|
(4,778)
|
(1,999)
|
|
12,826
|
6,498
|
(Gain) loss from
change in fair value of debt
|
(52,294)
|
(34,360)
|
|
204,359
|
(2,908)
|
(Gain) loss upon
extinguishment of debt
|
680
|
2,606
|
|
27,058
|
51,954
|
Income (loss)
attributable to noncontrolling interest
|
(1,017)
|
1,702
|
|
249
|
3,809
|
Deemed dividend to
preferred stockholders upon conversion of Series E preferred
stock
|
-
|
67,151
|
|
-
|
67,151
|
Loss allocated to
participating securities
|
-
|
(6,832)
|
|
(787)
|
(15,369)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
50
|
1,337
|
|
(1,183)
|
374
|
R&D Performance
Agreement termination
|
-
|
-
|
|
1,850
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
1,482
|
-
|
Other (income)
expense, net, and (gain) loss from investment in affiliate,
net
|
(871)
|
415
|
|
527
|
(394)
|
Net loss
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
(80,053)
|
$
(50,035)
|
|
$
(34,192)
|
$
(152,234)
|
|
|
|
|
|
|
Weighted-average
shares outstanding
|
|
|
|
|
|
Weighted-average
shares of common stock outstanding used in computing loss per share
attributable to Amyris, Inc. common stockholders, diluted (GAAP and
non-GAAP)
|
317,568,913
|
242,732,234
|
|
286,919,463
|
191,506,499
|
|
|
|
|
|
|
Loss per share
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.11)
|
$
(0.37)
|
|
$
(1.07)
|
$
(1.44)
|
Non-GAAP
adjustments:
|
|
|
|
|
|
Non-recurring
transaction and acquisition expense
|
0.01
|
-
|
|
0.02
|
-
|
Stock-based
compensation expense
|
0.03
|
0.02
|
|
0.08
|
0.05
|
(Gain) loss from
change in fair value of derivative instruments
|
(0.02)
|
(0.01)
|
|
0.04
|
0.03
|
(Gain) loss from
change in fair value of debt
|
(0.17)
|
(0.15)
|
|
0.71
|
(0.02)
|
(Gain) loss upon
extinguishment of debt
|
0.00
|
0.01
|
|
0.09
|
0.27
|
Income (loss)
attributable to noncontrolling interest
|
(0.00)
|
0.01
|
|
0.00
|
0.02
|
Deemed dividend to
preferred stockholders upon conversion of Series E preferred
stock
|
-
|
0.30
|
|
-
|
0.35
|
Loss allocated to
participating securities
|
-
|
(0.03)
|
|
(0.00)
|
(0.08)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
0.00
|
0.01
|
|
(0.00)
|
0.00
|
R&D Performance
Agreement termination
|
-
|
-
|
|
0.01
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
0.01
|
-
|
Other (income)
expense, net, and (gain) loss from investment in affiliate,
net
|
(0.00)
|
0.00
|
|
0.00
|
(0.00)
|
Loss per share
attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
(0.27)
|
$
(0.22)
|
|
$
(0.12)
|
$
(0.80)
|
(1)Amounts
may not sum due to rounding.
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
ADJUSTED
EBITDA
|
2021
|
2020
|
|
2021
|
2020
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$
(32,944)
|
$
(83,475)
|
|
$
(308,027)
|
$
(273,204)
|
Interest
expense
|
4,321
|
6,627
|
|
14,857
|
41,747
|
Income
taxes
|
58
|
83
|
|
170
|
273
|
Depreciation and
amortization
|
2,571
|
1,905
|
|
7,007
|
5,300
|
Loss allocated to
participating securities
|
-
|
(6,832)
|
|
(787)
|
(15,369)
|
Deemed dividend to
preferred stockholders upon conversion of Series E preferred
stock
|
-
|
67,151
|
|
-
|
67,151
|
EBITDA
|
(25,994)
|
(14,541)
|
|
(286,780)
|
(174,102)
|
Income (loss)
attributable to noncontrolling interest
|
(1,017)
|
1,702
|
|
249
|
3,809
|
(Gain) loss from
change in fair value of derivative instruments and debt, (gain)
loss upon extinguishment of debt, other (income) expense, and
(gain) loss from investment in affiliate
|
(57,263)
|
(33,338)
|
|
244,770
|
55,150
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
50
|
1,337
|
|
(1,183)
|
374
|
R&D performance
agreement termination
|
-
|
-
|
|
1,850
|
-
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
1,482
|
-
|
Stock-based
compensation
|
8,905
|
3,420
|
|
21,932
|
9,855
|
Contract asset credit
loss reserve
|
-
|
8,342
|
|
-
|
8,399
|
Non-recurring
transaction and acquisition expense
|
2,216
|
-
|
|
5,522
|
-
|
Adjusted
EBITDA
|
$
(73,103)
|
$
(33,078)
|
|
$
(12,158)
|
$
(96,515)
|
Amyris,
Inc.
|
|
|
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP
FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
(In
thousands)
|
2021
|
2020
|
|
2021
|
2020
|
Revenue (GAAP and
non-GAAP)
|
|
|
|
|
|
Renewable
products
|
$ 36,508
|
$
27,577
|
|
$
101,859
|
$
70,619
|
Licenses and
royalties
|
6,006
|
3,563
|
|
160,806
|
9,714
|
Collaborations,
grants and other
|
5,352
|
3,118
|
|
14,376
|
13,060
|
Revenue (GAAP and
non-GAAP)
|
$ 47,866
|
$
34,258
|
|
$
277,041
|
$
93,393
|
|
|
|
|
|
|
Cost of products
sold (GAAP)
|
$ 40,252
|
$
25,822
|
|
$
93,332
|
$
60,710
|
Other
costs/provisions
|
(8,690)
|
(3,848)
|
|
(17,372)
|
(8,937)
|
Manufacturing
capacity fee adjustment
|
-
|
-
|
|
(1,482)
|
-
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(50)
|
(1,337)
|
|
1,183
|
(374)
|
Excess
capacity
|
(762)
|
(90)
|
|
(1,799)
|
(571)
|
Stock-based
compensation expense
|
(79)
|
(51)
|
|
(215)
|
(51)
|
Depreciation and
amortization
|
(554)
|
(407)
|
|
(1,618)
|
(846)
|
Cost of products
sold (non-GAAP)
|
$ 30,117
|
$
20,089
|
|
$
72,029
|
$
49,931
|
|
|
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$ 17,749
|
$
14,169
|
|
$
205,012
|
$
43,462
|
Gross margin
%
|
37%
|
41%
|
|
74%
|
47%
|
|
|
|
|
|
|
Research and
development expense (GAAP)
|
$ 23,824
|
$
18,197
|
|
$
69,580
|
$
52,288
|
Stock-based
compensation expense
|
(1,565)
|
(928)
|
|
(3,945)
|
(2,774)
|
Depreciation and
amortization
|
(1,366)
|
(1,271)
|
|
(4,037)
|
(3,763)
|
R&D performance
agreement termination
|
-
|
-
|
|
(1,850)
|
-
|
Research and
development expense (non-GAAP)
|
$ 20,893
|
$
15,998
|
|
$
59,748
|
$
45,751
|
|
|
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$ 70,635
|
$
38,321
|
|
$
162,897
|
$
100,838
|
Stock-based
compensation expense
|
(7,261)
|
(2,441)
|
|
(17,772)
|
(7,030)
|
Depreciation and
amortization
|
(651)
|
(227)
|
|
(1,352)
|
(691)
|
Contract asset credit
loss reserve
|
-
|
(8,342)
|
|
-
|
(8,399)
|
Non-recurring
transaction and acquisition expense
|
(2,216)
|
-
|
|
(5,522)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$ 60,507
|
$
27,311
|
|
$
138,251
|
$
84,718
|
|
|
|
|
|
|
Cash operating
expense
|
$ 81,400
|
$
43,309
|
|
$
197,999
|
$
130,469
|
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SOURCE Amyris, Inc.