Danimer Scientific, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2022
August 09, 2022 at 05:08 pm
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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. Its technologies include Polyhydroxyalkanoate (PHA)-based Resins, Polylactic acid (PLA)-based Resins and Rinnovo. It harvests the PHA from the bacteria, then purifies and filters the bioplastic before forming the non-formulated 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. It sells the PHA under its proprietary Nodax brand name. PLA is made from dextrose derived from corn, sugar beets and sugar cane, among other sources. Applications for biopolymers include additives, aqueous coatings, fibers, filaments, films, thermoforming, and injection-molded articles. The Company primarily markets its products to consumer packaging brand owners, converters and manufacturers in the plastics industry.