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Danimer Scientific (DNMR) investor relations material
Danimer Scientific Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q3 2024 revenue declined 21% year-over-year, mainly due to lower PHA and PLA sales from customer reallocations and reduced demand.
Interim CEO Rich Altais highlighted the company's leadership transition and focus on biodegradable materials, with a permanent CEO search ongoing.
Cost reduction efforts, including headcount rationalization and operational suspensions, were implemented to preserve liquidity.
Commercial progress includes a major QSR cutlery contract, partnerships with Eagle Beverage, Delta Cafes, WinCup, and Mars Wrigley, and new product launches.
The company faces substantial doubt about its ability to continue as a going concern due to negative cash flows and limited liquidity.
Financial highlights
Q3 2024 revenue was $8.6M, down from $10.9M in Q3 2023; PHA resin sales fell 22% to $6.6M; PLA sales were $1.3M.
Q3 gross loss was $7.3M; adjusted gross loss improved to $2.3M from $2.6M; adjusted EBITDA loss improved to $8.9M from $9.3M.
Net loss narrowed to $21.8M from $40.2M, aided by a $6.8M gain on loan extinguishment.
Cash and cash equivalents at quarter-end were $22.2M; restricted cash was $14.1M; total debt was $387.9M.
Operating cash outflow for nine months was $46.5M; net cash from financing was $15.6M.
Outlook and guidance
Full-year 2024 adjusted EBITDA expected between -$34.4M and -$34.9M; Q4 adjusted EBITDA projected between -$7M and -$7.5M.
Full-year capital expenditures expected between $8M and $9M.
No year-end 2024 liquidity outlook provided due to ongoing analysis; liquidity is insufficient to sustain operations until anticipated 2025 revenue growth.
Evaluating restructuring, additional debt or equity issuances, and asset sales to address liquidity shortfall.
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