News Business Danimer Scientific Reports FY23 Financials: Net Loss Improvement and PHA Sales
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Danimer Scientific Reports FY23 Financials: Net Loss Improvement and PHA Sales

Published on April 2, 2024

Danimer Scientific, a leading US bioplastics company, recently disclosed its financial performance for the fiscal year 2023 (FY23). Let's delve into the key highlights:

Net Loss Reduction

The company reported a net loss of $155.47 million for FY23, demonstrating progress from the previous year's net loss of $179.75 million in FY22.

Revenue and Product Sales

Despite the net loss, Danimer achieved noteworthy milestones:

  • Revenues: Total revenues for the year ending December 31, 2023, amounted to $46.68 million, reflecting a decline from the previous year's $53.21 million in FY22.
  • PHA Products: Sales related to the company's bioplastic resin polyhydroxyalkanoates (PHAs) increased by 6% over the previous year, constituting 69% of the company's 2023 product revenues.
  • Polylactic Acid (PLA) Sales: However, sales of PLA-based products experienced a decline of $6.1 million due to geopolitical tensions, particularly the conflict in Ukraine.

Adjusted EBITDA and Outlook

Danimer's adjusted loss before interest, taxes, depreciation, and amortization (EBITDA) improved to $39.0 million for FY23, compared to a loss of $45.0 million in FY22. Looking ahead to FY24, the company forecasts its adjusted EBITDA to range between negative $22 million and negative $32 million.

CEO's Perspective

Danimer's Chair and CEO, Stephen Croskrey, expressed optimism despite the challenges faced in 2023. He emphasized the company's deep understanding of the biodegradable plastics industry and its commitment to meeting customer needs.

Future Growth

Michael Hajost, Danimer's CFO, highlighted their focus on revenue growth, anticipating acceleration in the second half of 2024. As they leverage their global market-leadership position in PHA-based materials, Danimer aims to create value for customers, partners, and shareholders.

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