Danimer Scientific, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 09, 2022 at 05:08 pm EDT
Share
Danimer Scientific, Inc. reported earnings results for the second quarter and six months ended June 30, 2022. For the second quarter, the company reported revenue was USD 12.7 million compared to USD 14.47 million a year ago. Net loss was USD 30.45 million compared to net income of USD 39.25 million a year ago. Basic loss per share from continuing operations was USD 0.3 compared to basic earnings per share from continuing operations of USD 0.44 a year ago. Diluted loss per share from continuing operations was USD 0.3 compared to diluted earnings per share from continuing operations of USD 0.39 a year ago.
For the six months, revenue was USD 27.45 million compared to USD 27.65 million a year ago. Net loss was USD 56.83 million compared to USD 55.49 million a year ago. Basic loss per share from continuing operations was USD 0.56 compared to USD 0.64 a year ago. Diluted loss per share from continuing operations was USD 0.56 compared to USD 0.64 a year ago.
Danimer Scientific, Inc. is a performance polymer company. The Company specializes in bioplastic replacements for traditional petroleum-based plastics. It is a producer of polyhydroxyalkanoate (PHA), a biodegradable ingredient in a range of engineered materials that are plastic alternatives, which the Company sells under the Nodax brand name. It harvests the PHA from the bacteria, then purify and filter the bioplastic before forming the PHA into pellets. Its PHA is a naturally occurring bioplastic that effectively biodegrades in both anaerobic environments, such as a waste treatment facility, and aerobic environments. Its polylactic acid (PLA) is made from dextrose derived from corn, sugar beets and sugar cane. The Company markets its products to consumer packaging brand owners, converters and manufacturers in the plastics industry. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films, thermoforming, and injection-molded articles.