Amyris, Inc. Reports Third Quarter 2021 Financial Results | 2021-11-08 | Press Releases

EMERYVILLE, Calif., Nov. 8, 2021 /PRNewswire/ — Amyris, Inc. (Nasdaq: AMRS), a number one artificial biotechnology firm accelerating the world to sustainable consumption by its Lab-to-MarketTM working platform, right this moment introduced monetary outcomes for its third quarter ended September 30, 2021.”Amyris delivered one other robust quarter together with strong strategic execution amid difficult exterior international provide chain circumstances,” mentioned John Melo, President and Chief Executive Officer. “Once once more, we realized file underlying income and file shopper income demonstrating continued year-over-year and sequential progress. We launched 4 new shopper manufacturers within the quarter additional increasing our foothold in clear magnificence and private care end-markets. Rose Inc.TM clear colour cosmetics, JVNTM clear haircare and Terasana® clear skincare are every formulated with one, or a mix, of our distinctive sustainable components that we created and manufacture leveraging the facility of our Lab-to-MarketTM working platform. Additionally, we launched OlikaTM. We accomplished three acquisitions together with Olika, Beauty Labs and MG Empower including strategic digital, on-line influencer and social promoting capabilities as roughly 50% of our shopper income is being generated from e-commerce which is our quickest rising and finest gross margin enterprise channel.””Our science and partnerships proceed to ship new alternatives. We are very enthusiastic about our JV partnership with ImmunityBio for the commercialization of a second technology COVID-19 vaccine which expands our enterprise into biopharma. We continued to progress the development of our new Brazil components plant with anticipated manufacturing in early 2022 in addition to the establishing our shopper manufacturing facility in Reno, Nevada by the center of subsequent 12 months.””Worldwide provide chain disruptions mixed with late quarter launches of the brand new manufacturers resulted in lower-than-expected income. Shipping delays impacted provide of uncooked supplies and buyer shipments whereas freight expense considerably elevated. Although international in nature and persisting within the fourth quarter, we consider these are short-term points and that they haven’t any influence on our long-term progress targets. We proceed to expertise very sturdy demand that greater than helps our outlook. Looking forward to 2022, we’re taking management of our provide chain with the investments in Brazil and Reno to cut back our third-party dependency and our publicity to delivery delays leading to decrease working prices and expanded gross margins. We now count on full 12 months 2021 complete income to be within the $330 – $370 million vary, doubling full 12 months 2020. We have the stock readily available to ship inside this vary and topic to easing provide chain headwinds may attain upside.””We proceed to strategically progress our capital construction to eradicate remaining legacy debt and usher in progress capital to assist our bold operational and monetary progress targets.” Business and Operational Highlights
Record Q3 underlying income of $48 million elevated 40% persevering with the year-over-year and sequential progress trajectory. Record shopper income of $23 million elevated 89% versus Q3 2020. The complete variety of shopper manufacturers grew from 1 in 2018, and three in 2019, to eight in Q3 2021. Year-to-date Q3 2021 shopper income of $60 million grew from $6 million for a similar interval in 2018, 10.7X or a 121% CAGR.
During September, Rose Inc. and JVN hosted quite a lot of launch occasions within the U.S. and internationally, together with social media campaigns to speed up model consciousness and educate customers on the facility of Squalane, Hemi-Squalane and Biosilica as differentiated core components to those manufacturers. JVN was launched with 9 SKUs in 62 Sephora shops with shops anticipated to triple over the subsequent quarter. Rose Inc. was launched with 16 SKUs in Sephora North America and Space NK within the U.Ok. Both manufacturers are accelerating income into the fourth quarter and are anticipated to exceed $20 million income every of their first 12 months. This can be our strongest efficiency for brand new manufacturers
Biossance®’s worldwide growth continued by Space NK within the U.Ok. and might now be present in 14 totally different retailer chains worldwide. Pipette continued to ship on its dedication to enhance the accessibility of fresh merchandise for infants, moms and households. Pipette can now be present in 236 new shops throughout Canada and likewise launched in 118 new shops within the U.S. throughout Q3.
Amyris and ImmunityBio (Nasdaq: IBRX) introduced a JV for the commercialization of a next-generation COVID-19 RNA vaccine. Upon completion of profitable human trials, the joint-venture’s objective is to ship one billion doses of the brand new vaccine in 2022 addressing the unmet wants of entry to vaccines in creating nations and different areas of the world, addressing cold-chain and sturdiness challenges dealing with the world right this moment.
Through the tip of Q3 gross sales volumes for Squalane, utilized in skincare and different merchandise, surpassed complete 2020 gross sales volumes. Demand for Hemi-Squalane for haircare, is pushed by rising regulatory strain to cut back the usage of environmentally dangerous silicones.
Q3 was vital for our shopper provide chain to assist model launches and to additionally put together for the end-of-year vacation season. 90% of projected product demand is in our distribution facilities obtainable on the market. During Q3 we skilled provide chain challenges with important port delays for vital uncooked supplies on account of labor shortages affecting the manufacturing of Squalane and Hemi-Squalane. These delays resulted in a 20% shortfall in our Squalane manufacturing goal. We incurred further value from elevated delivery expense and expedited air delivery. We anticipate delivery and port unloading points to proceed in This fall.
We continued to handle COVID-19 with a really profitable administration and monitoring program whereas having 250-300 development staff on the Brazil components plant development web site. Commodity value will increase affected the price of development supplies resembling metal. Commissioning of the plant stays on schedule for early 2022.
We count on to finalize negotiations for 3 new shopper manufacturers over the subsequent three months. These are strategic additions and signify important alternative for our ingredient portfolio.
Q3 and YTD 2021 Sales Revenue

Three Months Ended
September 30,

Nine Months Ended
September 30,

(In thousands and thousands)

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 income of $47.9 million, elevated 40% in comparison with Q3 2020 income of $34.3 million. Product income of $36.5 million elevated 17% in comparison with Q3 2020 product income of $31.1 million pushed by file shopper income of $23.2 million, an 89% enhance, which was partially offset by a lower in ingredient gross sales.
Non-GAAP gross margin of $17.7 million, or 37% of income, grew from $14.2 million, or 41% of income in Q3 2020 primarily on account of elevated shopper income.
Cash working expense of $81.4 million elevated by $38.1 million, or 88%, in comparison with Q3 2020, primarily on account of a $28.1 million enhance in promoting expense on account of greater headcount, progress pushed success and delivery expense and launches of latest manufacturers. R&D and G&A expense elevated by $4.4 million and $5.6 million respectively on account of greater headcount, M&A expense and relatively low prior 12 months journey expense on account of COVID-19.
Adjusted EBITDA of -$73.1 million decreased $40 million year-over-year, primarily on account of greater working expense.
GAAP web revenue/loss is considerably influenced by non-cash mark-to-market changes associated to modifications within the honest worth of debt and derivatives. GAAP web lack of $32.9 million or $0.11 per share in comparison with a lack of $83.5 million or $0.37 per share in Q3 2020. Adjusted web lack of $80.1 million, or $0.27 per share, in comparison with an adjusted web lack of $50.0 million, or $0.22 per share in Q3 2020.
Cash on the finish of the quarter was $115 million, in comparison with $38 million on the finish of Q3 2020.
Total debt principal on the finish of the quarter was $102 million, in comparison with $175 million on the finish of Q3 2020. Interest expense for Q3 2021 was $4 million in comparison with $7 million in Q3 2020 on account of lowered debt.
YTD 2021 Financial Highlights
Total YTD income of $277.0 million improved 197% versus the prior 12 months interval. Total income included $153.6 million of proceeds ensuing from strategic transactions. Total underlying income (product and R&D and different providers) elevated 39% to $123.4 million in comparison with $88.6 million in first 9 months of 2020. Product income of $102.1 million elevated $25.5 million, or 33%, in comparison with the primary 9 months of 2020 pushed by a $25.2 million, or 73%, enhance in shopper gross sales.
Non-GAAP gross margin of $205.0 million, or 74% of income, grew from $43.5 million or 47% of income in first 9 months of 2020. Excluding the contribution from the strategic transactions, gross margin of $51.4 million grew $12.8 million in comparison with first 9 months of 2020 primarily on account of consumer-related progress.
Cash working expense of $198.0 million elevated by $67.5 million, or 52%, in comparison with first 9 months of 2020 primarily on account of investments in shopper manufacturers, new shopper model launches, elevated headcount and extra R&D spend.
Adjusted EBITDA of -$12.2 million improved $84.4 million year-over-year on account of income and margin progress and proceeds from strategic transactions.
GAAP web loss was $308.0 million or $1.07 per share in comparison with a lack of $273.2 million or $1.44 per share within the first 9 months of 2020. Adjusted web loss was $34.2 million, or $0.12 per share in comparison with adjusted web lack of $152.2 million, or $0.80 per share, for the primary 9 months of 2020.
Outlook – Update to Guidance Provided on August 5, 2021
Amyris now expects reported complete income for the complete 12 months, inclusive of strategic transactions of $154 million, to be in a spread of $330 – $370 million.
Conference NameAmyris will host its third quarter 2021 convention name right this moment at 4:30 pm ET (1:30 pm PT) to debate its monetary outcomes and supply a enterprise and monetary replace.Live audio webcast/convention name: Webcast: please go to http://traders.amyris.com.U.S. Dial-In Number: (844) 850-0551. International Dial-In Number: (412) 902-4203. Please connect with the web site or dial in to the convention name quarter-hour previous to the beginning of the decision to keep away from connection delays. If a participant will likely be listen-only, they’re inspired to hear by way of the webcast on Amyris’ investor web page.A replay of the webcast will likely be obtainable on the Investor Relations part of Amyris’ web site.FINANCIAL RESULTS AND NON-GAAP INFORMATIONTo complement our monetary outcomes and steering introduced in accordance with U.S. typically accepted accounting ideas (GAAP), we use sure non-GAAP monetary measures that we consider are useful in understanding our monetary outcomes. These non-GAAP monetary measures are among the many components administration makes use of in planning and forecasting future durations. These non-GAAP monetary measures additionally facilitate administration’s inner comparisons to Amyris’ historic efficiency in addition to comparisons to the working outcomes of different corporations. Management believes these non-GAAP monetary measures, when thought of along with monetary info ready in accordance with GAAP, can improve traders’ and analysts’ skills to meaningfully examine our outcomes from interval to interval, determine working traits in our enterprise, and monitor and mannequin our monetary efficiency. In addition, our administration believes that these non-GAAP monetary measures enable for higher transparency into the symptoms utilized by administration to grasp and consider our enterprise and make working selections.Non-GAAP monetary info just isn’t ready below a complete set of accounting guidelines, and subsequently, ought to solely be learn at the side of monetary info reported below GAAP so as to perceive Amyris’ working efficiency. A reconciliation of the non-GAAP monetary measures introduced on this launch to probably the most immediately comparable GAAP monetary measure, is offered within the tables hooked up to this press launch.Our Non-GAAP monetary measures embody the next:Non-GAAP Gross Margin (Gross Margin) is calculated as GAAP income much less non-GAAP value of merchandise bought divided by GAAP income. Non-GAAP value of merchandise bought excludes different prices/provisions, stock decrease of value or web realizable worth changes, extra capability, manufacturing capability price changes, 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 score loss reserve, and R&D efficiency settlement termination. EBITDA is calculated as GAAP web revenue (loss) much less curiosity, expense, revenue tax expense, depreciation and amortization expense, deemed dividends to most popular stockholders, and loss allotted to taking part securities.Adjusted EBITDA is calculated as EBITDA much less revenue attributable to noncontrolling curiosity, acquire/loss from change in honest worth of derivatives, acquire/loss from modifications within the honest worth of debt, loss upon debt extinguishment, different revenue/expense, loss from funding in affiliate, stock decrease of value or web realizable worth changes, non-recurring transaction and acquisition expense, stock-based compensation expense, R&D efficiency settlement termination, manufacturing capability price adjustment and contract asset credit score loss reserve. Adjusted web revenue (loss) is calculated as GAAP web revenue/loss excluding stock-based compensation expense, acquire/loss from change in honest worth of derivatives, acquire/ loss from modifications within the honest worth of debt, losses upon debt extinguishment, revenue/loss attributable to noncontrolling curiosity, loss allotted to taking part securities, stock decrease of value or web realizable worth changes, R&D efficiency settlement termination, manufacturing capability price changes, non-recurring transaction and acquisition expense, different revenue/expense, and acquire/loss from funding in affiliate.Adjusted EPS is calculated by dividing adjusted web revenue (loss) by the weighted common shares, fundamental excellent for the interval.About Amyris
Amyris (Nasdaq: AMRS) is a number one artificial biotechnology firm, transitioning the Clean Health & Beauty and Flavors & Fragrances markets to sustainable components by fermentation and the corporate’s proprietary Lab-to-MarketTM working platform. This Amyris platform leverages state-of-the-art machine studying, robotics and synthetic intelligence, enabling the corporate to quickly carry new innovation to market at business scale. Amyris components are included in over 20,000 merchandise from the world’s prime manufacturers, reaching greater than 300 million customers. Amyris additionally owns and operates a household of shopper manufacturers that’s always evolving to fulfill the rising demand for sustainable, efficient and accessible merchandise. For extra info, please go to http://www.amyris.com. Amyris, the Amyris emblem, No Compromise, Biossance, Pipette, Purecane, Terasana, Rose Inc. and Lab-to-Market are emblems or registered emblems of Amyris, Inc. within the U.S. and/or different nations.Forward-Looking StatementsThis launch accommodates forward-looking statements, and any statements aside from statements of historic truth might be deemed to be forward-looking statements. These forward-looking statements embody, amongst different issues, statements relating to future occasions, resembling Amyris’ monetary outlook and objectives for the rest of 2021 and past; Amyris’ expectations relating to provide chain points in This fall and past and the restricted influence of such points on long-term progress targets; Amyris’ expectations about rising shopper demand for sustainable merchandise and the acceleration of income of newly launched manufacturers; Amyris’ expectations relating to its JV partnership with ImmunityBio and the event, manufacturing, and commercialization of its COVID-19 vaccine which expands its enterprise into biopharma and the timing thereof; Amyris’ expectation of including three new shopper manufacturers and the timing thereof; and Amyris’ expectations relating to the commissioning of its Brazil manufacturing facility, the timing thereof and advantages thereof in assuaging value pressures. These statements are primarily based on administration’s present expectations and precise outcomes and future occasions could differ materially on account of dangers and uncertainties, together with dangers associated to Amyris’ liquidity and talent to fund working and capital bills, dangers associated to its financing actions, dangers associated to potential delays or failures in finishing and integrating deliberate acquisitions, dangers associated to potential delays or failures in growth, regulatory approval, launch, manufacturing and commercialization of merchandise, dangers associated to Amyris’ reliance on third events notably within the provide chain, and different dangers detailed every now and then in filings Amyris makes with the Securities and Exchange Commission, together with Annual Reports on Form 10-Ok, Quarterly Reports on Form 10-Q and Current Reports on Form 8-Ok. Amyris disclaims any obligation to replace info contained in these forward-looking statements, whether or not on account of new info, future occasions, or in any other case.Financial Tables Follow

Amyris, Inc.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In 1000’s

September 30, 2021

December 31, 2020

Assets

Current property:

Cash and money equivalents

$ 114,887

$ 30,152

Restricted money

286

309

Accounts receivable, web

34,920

32,846

Accounts receivable – associated occasion, web

10,841

12,110

Contract property

3,513

4,178

Contract property – associated occasion

2,000

1,203

Inventories

72,062

42,862

Deferred value of merchandise bought – associated occasion

9,182

9,801

Prepaid bills and different present property

30,373

13,103

Total present property

278,064

146,564

Property, plant and gear, web

53,124

32,875

Deferred value of merchandise bought, noncurrent – associated occasion

3,061

9,939

Restricted money, noncurrent

961

961

Recoverable taxes from Brazilian authorities entities

13,005

8,641

Right-of-use property below financing leases, web

7,996

9,994

Right-of-use property below working leases, web

10,989

10,136

Goodwill

128,692

Intangible property, web

39,662

Other property

6,753

3,704

Total property

$ 542,307

$ 222,814

Liabilities, Mezzanine Equity and Stockholders’ Deficit

Current liabilities:

Accounts payable

$ 80,645

$ 41,045

Accrued and different present 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, present portion

24,614

54,748

Related occasion debt, present portion

280,633

22,689

Total present liabilities

460,027

163,053

Long-term debt, web of present portion

12,099

26,170

Related occasion debt, web of present portion

5,000

159,452

Financing lease liabilities, web of present portion

63

Operating lease liabilities, web of present 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 fairness:

Contingently redeemable frequent inventory

5,000

5,000

Redeemable noncontrolling curiosity

28,520

Stockholders’ deficit:

Preferred inventory

Common inventory

31

24

Additional paid-in capital

2,358,441

1,957,224

Accumulated different complete loss

(52,134)

(47,375)

Accumulated deficit

(2,395,506)

(2,086,692)

Total Amyris, Inc. stockholders’ deficit

(89,168)

(176,819)

Noncontrolling curiosity

2,323

4,774

Total stockholders’ deficit

(86,845)

(172,045)

Total liabilities, mezzanine fairness 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 1000’s, besides shares and per share quantities)

2021

2020

2021

2020

Revenue:

Renewable merchandise

$ 36,508

$ 27,577

$ 101,859

$ 70,619

Licenses and royalties

6,006

3,563

160,806

9,714

Collaborations, grants and different

5,352

3,118

14,376

13,060

Total income

47,866

34,258

277,041

93,393

Cost and working bills:

Cost of merchandise bought(1)

40,252

25,822

93,332

60,710

Research and growth(1)

23,824

18,197

69,580

52,288

Sales, common and administrative(1)

70,635

38,321

162,897

100,838

Total value and working bills

134,711

82,340

325,809

213,836

Loss from operations

(86,845)

(48,082)

(48,768)

(120,443)

Other revenue (expense):

Interest expense

(4,321)

(6,627)

(14,857)

(41,747)

Gain (loss) from change in honest worth of spinoff devices

4,778

1,999

(12,826)

(6,498)

Gain (loss) from change in honest worth of debt

52,294

34,360

(204,359)

2,908

Loss upon extinguishment of debt

(680)

(2,606)

(27,058)

(51,954)

Other revenue (expense), web

690

(49)

40

1,452

Total different revenue (expense), web

52,761

27,077

(259,060)

(95,839)

Loss earlier than revenue taxes and loss from funding in affiliate

(34,084)

(21,005)

(307,828)

(216,282)

Provision for revenue taxes

(58)

(83)

(170)

(273)

Gain (loss) from funding in affiliate

181

(366)

(567)

(1,058)

Net loss

(33,961)

(21,454)

(308,565)

(217,613)

Less: (revenue) loss attributable to noncontrolling curiosity

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 most popular stockholders upon conversion of Series E most popular inventory

(67,151)

(67,151)

Less: losses allotted to taking part securities

6,832

787

15,369

Net loss attributable to Amyris, Inc. frequent stockholders, fundamental

$ (32,944)

$ (83,475)

$ (308,027)

$ (273,204)

Weighted-average shares of frequent inventory excellent utilized in computing loss per share of frequent inventory, fundamental

300,888,579

227,267,553

286,919,463

189,192,973

Loss per share attributable to frequent stockholders, fundamental

$ (0.11)

$ (0.37)

$ (1.07)

$ (1.44)

Weighted-average shares of frequent inventory excellent utilized in computing loss per share of frequent inventory, diluted

317,568,913

242,732,234

286,919,463

191,506,499

Loss per share attributable to frequent stockholders, diluted

$ (0.27)

$ (0.41)

$ (1.07)

$ (1.46)

(1)Includes stock-based compensation expense as follows:

Cost of merchandise bought

$ 79

$ 51

$ 215

$ 51

Research and growth

1,565

928

3,945

2,774

Sales, common 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 1000’s, besides per share information)

2021

2020

2021

2020

Net loss attributable to Amyris, Inc. frequent stockholders – Basic (GAAP)

$ (32,944)

$ (83,475)

$ (308,027)

$ (273,204)

Non-GAAP changes:

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 honest worth of spinoff devices

(4,778)

(1,999)

12,826

6,498

(Gain) loss from change in honest worth 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 curiosity

(1,017)

1,702

249

3,809

Deemed dividend to most popular stockholders upon conversion of Series E most popular inventory

67,151

67,151

Loss allotted to taking part securities

(6,832)

(787)

(15,369)

Inventory lower-of-cost-or-net realizable worth adjustment

50

1,337

(1,183)

374

R&D Performance Agreement termination

1,850

Manufacturing capability price adjustment

1,482

Other (revenue) expense, web, and (acquire) loss from funding in affiliate, web

(871)

415

527

(394)

Net loss attributable to Amyris, Inc. frequent stockholders (non-GAAP)

$ (80,053)

$ (50,035)

$ (34,192)

$ (152,234)

Weighted-average shares excellent

Weighted-average shares of frequent inventory excellent utilized in computing loss per share attributable to Amyris, Inc. frequent 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. frequent stockholders – Basic (GAAP)

$ (0.11)

$ (0.37)

$ (1.07)

$ (1.44)

Non-GAAP changes:

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 honest worth of spinoff devices

(0.02)

(0.01)

0.04

0.03

(Gain) loss from change in honest worth 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 curiosity

(0.00)

0.01

0.00

0.02

Deemed dividend to most popular stockholders upon conversion of Series E most popular inventory

0.30

0.35

Loss allotted to taking part securities

(0.03)

(0.00)

(0.08)

Inventory lower-of-cost-or-net realizable worth adjustment

0.00

0.01

(0.00)

0.00

R&D Performance Agreement termination

0.01

Manufacturing capability price adjustment

0.01

Other (revenue) expense, web, and (acquire) loss from funding in affiliate, web

(0.00)

0.00

0.00

(0.00)

Loss per share attributable to Amyris, Inc. frequent stockholders (non-GAAP)(1)

$ (0.27)

$ (0.22)

$ (0.12)

$ (0.80)

(1)Amounts could not sum on account of rounding.

Three Months Ended September 30,

Nine Months Ended September 30,

ADJUSTED EBITDA

2021

2020

2021

2020

GAAP web loss attributable to Amyris, Inc. frequent 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 allotted to taking part securities

(6,832)

(787)

(15,369)

Deemed dividend to most popular stockholders upon conversion of Series E most popular inventory

67,151

67,151

EBITDA

(25,994)

(14,541)

(286,780)

(174,102)

Income (loss) attributable to noncontrolling curiosity

(1,017)

1,702

249

3,809

(Gain) loss from change in honest worth of spinoff devices and debt, (acquire) loss upon extinguishment of debt, different (revenue) expense, and (acquire) loss from funding in affiliate

(57,263)

(33,338)

244,770

55,150

Inventory lower-of-cost-or-net realizable worth adjustment

50

1,337

(1,183)

374

R&D efficiency settlement termination

1,850

Manufacturing capability price adjustment

1,482

Stock-based compensation

8,905

3,420

21,932

9,855

Contract asset credit score 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 1000’s)

2021

2020

2021

2020

Revenue (GAAP and non-GAAP)

Renewable merchandise

$ 36,508

$ 27,577

$ 101,859

$ 70,619

Licenses and royalties

6,006

3,563

160,806

9,714

Collaborations, grants and different

5,352

3,118

14,376

13,060

Revenue (GAAP and non-GAAP)

$ 47,866

$ 34,258

$ 277,041

$ 93,393

Cost of merchandise bought (GAAP)

$ 40,252

$ 25,822

$ 93,332

$ 60,710

Other prices/provisions

(8,690)

(3,848)

(17,372)

(8,937)

Manufacturing capability price adjustment

(1,482)

Inventory lower-of-cost-or-net realizable worth adjustment

(50)

(1,337)

1,183

(374)

Excess capability

(762)

(90)

(1,799)

(571)

Stock-based compensation expense

(79)

(51)

(215)

(51)

Depreciation and amortization

(554)

(407)

(1,618)

(846)

Cost of merchandise bought (non-GAAP)

$ 30,117

$ 20,089

$ 72,029

$ 49,931

Adjusted gross revenue (non-GAAP)

$ 17,749

$ 14,169

$ 205,012

$ 43,462

Gross margin %

37%

41%

74%

47%

Research and growth 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 efficiency settlement termination

(1,850)

Research and growth expense (non-GAAP)

$ 20,893

$ 15,998

$ 59,748

$ 45,751

Sales, common 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 score loss reserve

(8,342)

(8,399)

Non-recurring transaction and acquisition expense

(2,216)

(5,522)

Sales, common and administrative expense (non-GAAP)

$ 60,507

$ 27,311

$ 138,251

$ 84,718

Cash working expense

$ 81,400

$ 43,309

$ 197,999

$ 130,469

View unique content material to obtain multimedia:https://www.prnewswire.com/news-releases/amyris-inc-reports-third-quarter-2021-financial-results-301419008.htmlSOURCE Amyris, Inc.

https://stockhouse.com/information/press-releases/2021/11/08/amyris-inc-reports-third-quarter-2021-financial-results

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