- Record consumer revenue of $34.6
million increased 121% compared to Q1 2021
- Barra Bonita commissioning on track to commence ingredients
production in Q2
EMERYVILLE, Calif., May 10, 2022
/PRNewswire/ -- Amyris, Inc. (Nasdaq: AMRS), a leading
synthetic biotechnology company accelerating the world's transition
to sustainable consumption through its Lab-to-MarketTM
technology platform, today announced financial results for the
first quarter ended March 31,
2022.
"We continued to advance our growth roadmap, delivering 75% core
revenue growth and growing consumer revenue by 121% versus the
prior year quarter to a new record of $35
million. Technology access revenue grew 33% year-over-year
to $23 million in the quarter. We
experienced strong demand for our consumer and ingredients
products, an estimated $7 million
more than we had capacity to deliver, particularly in ingredients
due to reliance on third party manufacturing. We began
commissioning our strategic fermentation plant in Barra Bonita,
Brazil keeping us on track to
start commercial production in the second quarter. This investment
is critical to meet demand, reduce our reliance on costly
third-party ingredients manufacturing and the delivery of
substantial margin improvement starting this year," said
John Melo, President and Chief
Executive Officer.
"Demand is very robust for our high-performance and
environmentally responsible consumer products. During the first
quarter, we completed the acquisitions of MenoLabs, a
science-backed menopause-focused women's wellness brand, and
EcoFabulous, our new Gen Z brand, with MenoLabs contributing new
revenue in the first quarter. We remain on track to launch
EcoFabulous and Stripes, a menopause brand in partnership with
Naomi Watts, in the third quarter of
this year. These three brands, along with JVNTM clean
haircare and Rose Inc.TM clean color cosmetics, are
expected to deliver significant new revenue in the quarters ahead,"
Melo continued.
"Over the past 12 months, we have been focused on incubating,
acquiring and investing in our consumer portfolio, which has paved
the way for our current rate of consumer growth. We have built the
leading portfolio of consumer brands in the categories we serve. We
are now transitioning our focus to execution, efficiency and
portfolio management," stated Melo. "We plan to further optimize
our portfolio and are in discussions for the licensing of marketing
rights of two ingredients which we expect can deliver over
$250 million of proceeds by the end
of this year, evidencing the quality and depth of our
technology-driven asset base. Our products address the needs of
over 300 million consumers globally while reducing reliance on
unsustainable and environmentally harmful ingredients. The world is
becoming powered by Amyris' technology as we all seek ways to
address global supply chain volatility, ingredient and product
safety, and personal health and wellness."
Business and Operational Highlights
Core revenue comprises consumer and technology access revenue.
Technology access includes ingredient product revenue, R&D
collaboration, and technology licenses. Core revenue excludes
strategic transactions and other one-off items.
Consumer
- Record consumer revenue of $34.6
million increased 121% compared to Q1 2021 primarily due to
solid year-over-year growth of Amyris' legacy brands, as well as
strong contribution from new brands, led by JVN and Rose, Inc.
- 57% of Q1 2022 consumer revenue was direct-to-consumer (DTC)
from Amyris ecommerce, while 43% originated from retail (in-store
and online sales). Around 90% of revenue originated from
North America. Consumer retail
traffic is back strong and above expectations, and we are expanding
internationally. We expect both factors to drive additional growth
in the second quarter and beyond.
- Amyris brands continued to gain traction with large omnichannel
distributors and major retailers. In addition to recently taking to
shelves in Walgreens, PipetteTM recently entered
Walgreens and is also expanding its presence in Target stores and
Walmart during 2022 representing an additional 10,000 new selling
points. OLIKATM clean wellness products experienced
increased revenues following its recent launch in Walmart.
Technology Access
- Q1 2022 technology access sales growth of 33% was due to growth
in demand for Flavors & Fragrances (F&F) and Sweetener
ingredients, and a $8.8 million
earnout related to the strategic DSM F&F transaction completed
in Q1 2021, partly offset by third party contract manufacturing
capacity constraints for the production of squalane and
hemisqualane.
- Ingredients demand growth is driven by a shift to sustainably
sourced ingredients, away from crude oil supply sources. Current
third-party capacity constraints are expected to be alleviated by
Amyris' strategic investment in its large-scale fermentation plant
in Barra Bonita, Brazil which
Amyris began commissioning during Q2 2022. A video demonstrating
the progress and scale of this project is available on Amyris'
YouTube channel.
Q1 2022 Sales Revenue
|
Three Months
Ended March 31,
|
(In
millions)
|
2022
|
2021
|
YoY%
|
Consumer
|
$34.6
|
$
15.7
|
121%
|
|
|
|
|
Ingredients (excl. one
offs)
|
10.8
|
12.5
|
-14%
|
R&D & Other
servicess (excl one offs)
|
3.5
|
4.9
|
-29%
|
Technology
Licenses
|
8.9
|
0.0
|
-
|
Technology
Access
|
23.2
|
17.4
|
33%
|
|
|
|
|
Core
|
57.7
|
33.1
|
75%
|
Strategic
Transactions/One-Off Items1
|
0.0
|
143.8
|
-100%
|
|
|
|
|
Reported
Total
|
$57.7
|
$176.9
|
-67%
|
|
|
|
|
1Strategic
Transactions/One-Off Items includes $143.6m DSM F&F transaction
(Q1 2021) and $0.2m discontinued ingredients value share (Q1
2021)
|
Q1 2022 Financial Highlights
- Core revenue of $57.7 million
increased 75% compared to Q1 2021 revenue of $33.1 million. Q1 2022 core revenue included
record consumer revenue of $34.6
million, or 121% versus the prior year quarter, and
technology access revenue of $23.2
million, or 33% versus the prior year quarter.
- Total revenue of $57.7 million
decreased 67% versus the prior year quarter as Q1 2021 revenue
included one-off $143.8 million
revenue principally related to the strategic DSM F&F
transaction.
- Non-GAAP core gross margin of $26.8
million, or 46% of revenue, increased from $17.0 million, or 51% of revenue in Q1 2021. Q1
2022 reflects lower gross margin as a percentage of revenue due to
a change in consumer brand and channel mix, higher ingredients
input costs due to unfavorable contract manufacturing economics,
and lower R&D collaboration revenue.
- Cash operating expense of $117.1
million increased by $63.5
million compared to Q1 2021 due to an increase of
$46.1 million in selling expense,
$3.5 million in R&D expense, and
$14.0 million in G&A. The
increases were primarily driven by a combination of increased
headcount (both organic and from acquisitions), brand investments
in paid media and advertising, growth-driven consumer order
fulfillment and shipping expense, increased activity at Barra
Bonita ahead of commissioning, and comparatively low prior year
travel expense due to COVID-19.
- Adjusted EBITDA of -$107.5
million decreased $66.2
million, excluding the $143.8
million from the Q1 2021 strategic transaction, primarily
due to higher operating expense, freight costs, including
significant air shipping, and lower ingredients product gross
margins, partly offset by increased consumer margin
contribution.
- GAAP net income/loss was significantly influenced by non-cash
mark-to-market adjustments related to changes in the fair value of
debt and derivatives. GAAP net loss of $107.3 million, or $0.34 per share, compared to a loss of
$289.2 million, or $1.08 per share, in Q1 2021. Adjusted net loss of
$115.2 million, or $0.37 per share, compared to adjusted net income
of $94.5 million, or $0.35 per share in Q1 2021.
- Cash at the end of Q1 2022 was $288
million, compared to $144
million at the end of Q1 2021, and $483 million at the end of 2021.
2022 Financial Outlook
Based on current consumer
revenue performance, along with the launch of new brands and new
in-house ingredients capacity from Barra Bonita taking full effect
in the second half of the year, Amyris is reiterating its full year
2022 financial outlook and expects to be on the higher end of the
stated range, including the following:
- Consumer revenue is expected to grow more than 150%
year-over-year.
- Technology Access revenue is estimated to grow around 40%
year-over-year. This growth includes an estimated $39 million from a 3-year earnout related to the
DSM F&F transaction.
Conference Call
Amyris will host a conference call
today at 9:00 am ET (6:00 am
PT) to discuss its Q1 2022 financial results and provide a
business and financial update.
Live audio webcast/conference call:
Webcast: please visit http://investors.amyris.com.
U.S. Dial-In Number: (844) 850-0551. International Dial-In Number:
(412) 902-4203.
Please connect to the website or dial in to the conference call
15 minutes prior to the start of the call to avoid connection
delays. If a participant will be listen-only, they are encouraged
to listen via the webcast on Amyris' investor page.
A replay of the webcast will be available on the Investor
Relations section of Amyris' website.
FINANCIAL RESULTS AND NON-GAAP INFORMATION
To supplement our financial results and guidance presented in
accordance with U.S. generally accepted accounting principles
(GAAP), we use certain non-GAAP financial measures that we believe
are helpful in understanding our financial results. These non-GAAP
financial measures are among the factors management uses in
planning and forecasting future periods. These non-GAAP financial
measures also facilitate management's internal comparisons to
Amyris' historical performance as well as comparisons to the
operating results of other companies. Management believes these
non-GAAP financial measures, when considered together with
financial information prepared in accordance with GAAP, can enhance
investors' and analysts' abilities to meaningfully compare our
results from period to period, identify operating trends in our
business, and track and model our financial performance. In
addition, our management believes that these non-GAAP financial
measures allow for greater transparency into the indicators used by
management to understand and evaluate our business and make
operating decisions.
Non-GAAP financial information is not prepared under a
comprehensive set of accounting rules, and therefore, should only
be read in conjunction with financial information reported under
GAAP in order to understand Amyris' operating performance. A
reconciliation of the non-GAAP financial measures presented in this
release to the most directly comparable GAAP financial measure, is
provided in the tables attached to this press release.
Our Non-GAAP financial measures include the following:
Non-GAAP Gross Margin (Gross Margin) is calculated
as GAAP revenue less non-GAAP cost of products sold divided by GAAP
revenue. Non-GAAP cost of products sold excludes other
costs/provisions, inventory lower of cost or net realizable value
adjustments, excess capacity, manufacturing capacity fee
adjustments, 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 loss reserve, and R&D
performance agreement termination.
EBITDA is calculated as GAAP net income (loss) less
interest, expense, income tax expense, depreciation and
amortization expense, deemed dividends to preferred stockholders,
and loss allocated to participating securities.
Adjusted EBITDA is calculated as EBITDA less income
attributable to noncontrolling interest, gain/loss from change in
fair value of derivatives, gain/loss from changes in the fair value
of debt, loss upon debt extinguishment, other income/expense, loss
from investment in affiliate, inventory lower of cost or net
realizable value adjustments, non-recurring transaction and
acquisition expense, stock-based compensation expense, R&D
performance agreement termination, manufacturing capacity fee
adjustment and contract asset credit loss reserve.
Adjusted net income (loss) is calculated as GAAP net
income/loss excluding stock-based compensation expense, gain/loss
from change in fair value of derivatives, gain/ loss from changes
in the fair value of debt, losses upon debt extinguishment,
income/loss attributable to noncontrolling interest, loss allocated
to participating securities, inventory lower of cost or net
realizable value adjustments, R&D performance agreement
termination, manufacturing capacity fee adjustments, non-recurring
transaction and acquisition expense, other income/expense, and
gain/loss from investment in affiliate.
Adjusted EPS is calculated by dividing adjusted net
income (loss) by the weighted average shares, basic outstanding for
the period.
About Amyris
Amyris (Nasdaq: AMRS) is a leading
synthetic biotechnology company, transitioning the Clean Health
& Beauty and Flavors & Fragrances markets to sustainable
ingredients through fermentation and the company's proprietary
Lab-to-MarketTM technology platform. This Amyris
platform leverages state-of-the-art machine learning, robotics and
artificial intelligence, enabling the company to rapidly bring new
innovation to market at commercial scale. Amyris ingredients are
included in over 20,000 products from the world's top brands,
reaching more than 300 million consumers. Amyris also owns and
operates a family of consumer brands that is constantly evolving to
meet the growing demand for sustainable, effective and accessible
products. For more information, please visit
http://www.amyris.com.
Amyris, the Amyris logo, Biossance, JVN, Lab-to-Market, OLIKA,
Pipette, Purecane, and Rose Inc. are trademarks or registered
trademarks of Amyris, Inc. or its subsidiaries in the U.S. and/or
other countries.
Forward-Looking Statements
This release contains
forward-looking statements, and any statements other than
statements of historical fact could be deemed to be forward-looking
statements. These forward-looking statements include, among other
things, statements regarding future events, such as Amyris'
financial outlook for 2022; Amyris' 2022 goals and future
milestones, including planned launches of new brands, the
completion of its Barra Bonita plant, planned expansion of retail
store and distribution arrangements, and the timing thereof;
Amyris' expectations regarding the benefits of its investments in
its Barra Bonita plant, including improvements in gross margin and
mitigation of third party capacity constraints; Amyris'
expectations regarding revenue contribution of its consumer brands
during 2022; and Amyris' plans to further optimize its portfolio
and potentially license marketing rights of two ingredients which
could deliver over $250 million of
proceeds by year end. These statements are based on management's
current expectations and actual results and future events may
differ materially due to risks and uncertainties, including risks
related to Amyris' liquidity and ability to fund operating and
capital expenses, risks related to its financing activities, risks
related to potential delays or failures in completing and
integrating planned acquisitions, risks related to potential delays
or failures in development, regulatory approval, launch, production
and commercialization of products, risks related to the COVID-19
pandemic and any other geopolitical events, including Russia's invasion of Ukraine, resulting in global economic,
financial and supply chain disruptions that may negatively impact
Amyris' business operations and financial results or cause market
volatility, risks related to Amyris' reliance on third parties
particularly in the supply chain, and other risks detailed from
time to time in filings Amyris makes with the Securities and
Exchange Commission, including Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.
Amyris disclaims any obligation to update information contained in
these forward-looking statements, whether as a result of new
information, future events, or otherwise.
Financial Tables Follow
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
|
|
|
|
(In
thousands
|
March 31,
2022
|
December 31,
2021
|
Assets
|
|
|
Current
assets:
|
|
|
Cash and cash
equivalents
|
$
287,886
|
$
483,462
|
Restricted
cash
|
174
|
199
|
Accounts receivable,
net
|
37,400
|
37,074
|
Accounts receivable -
related party, net
|
7,279
|
5,667
|
Contract
assets
|
3,883
|
4,227
|
Contract assets -
related party
|
8,816
|
-
|
Inventories
|
82,296
|
75,070
|
Prepaid expenses and
other current assets
|
43,202
|
33,513
|
Total current
assets
|
470,936
|
639,212
|
Property, plant and
equipment, net
|
125,264
|
72,835
|
Restricted cash,
noncurrent
|
4,651
|
4,651
|
Recoverable taxes from
Brazilian government entities
|
22,572
|
16,740
|
Right-of-use assets
under financing leases, net
|
457
|
7,342
|
Right-of-use assets
under operating leases, net
|
58,937
|
32,428
|
Goodwill
|
136,005
|
131,259
|
Intangible assets,
net
|
56,094
|
39,265
|
Other assets
|
23,534
|
10,566
|
Total assets
|
$
898,450
|
$
954,298
|
Liabilities,
Mezzanine Equity and Stockholders' Deficit
|
|
|
Current
liabilities:
|
|
|
Accounts
payable
|
$
88,292
|
$
79,666
|
Accrued and other
current liabilities
|
80,554
|
71,457
|
Financing lease
liabilities
|
12
|
140
|
Operating lease
liabilities
|
8,120
|
7,689
|
Contract
liabilities
|
1,554
|
2,530
|
Debt, current
portion
|
1,055
|
896
|
Related party debt,
current portion
|
86,630
|
107,427
|
Total current
liabilities
|
266,217
|
269,805
|
Long-term debt, net of
current portion
|
672,005
|
309,061
|
Financing lease
liabilities, net of current portion
|
58
|
61
|
Operating lease
liabilities, net of current portion
|
37,059
|
19,829
|
Derivative
liabilities
|
5,247
|
7,062
|
Acquisition-related
contingent consideration
|
40,251
|
64,762
|
Other noncurrent
liabilities
|
3,490
|
4,510
|
Total
liabilities
|
1,024,327
|
675,090
|
Commitments and
contingencies
|
|
|
Mezzanine
equity:
|
|
|
Contingently redeemable
common stock
|
5,000
|
5,000
|
Redeemable
noncontrolling interest
|
31,437
|
28,520
|
Stockholders' (deficit)
equity:
|
|
|
Common stock
|
32
|
31
|
Additional paid-in
capital
|
2,337,634
|
2,656,838
|
Accumulated other
comprehensive loss
|
(37,483)
|
(52,769)
|
Accumulated
deficit
|
(2,458,973)
|
(2,357,661)
|
Total Amyris, Inc.
stockholders' (deficit) equity
|
(158,790)
|
246,439
|
Noncontrolling
interest
|
(3,524)
|
(751)
|
Total stockholders'
(deficit) equity
|
(162,314)
|
245,688
|
Total liabilities,
mezzanine equity and stockholders' (deficit) equity
|
$
898,450
|
$
954,298
|
Amyris,
Inc.
|
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except shares and per share amounts)
|
2022
|
2021
|
Revenue:
|
|
|
Renewable
products
|
$
43,465
|
$
28,179
|
Licenses and
royalties
|
9,313
|
143,800
|
Collaborations, grants
and other
|
4,931
|
4,880
|
Total
revenue
|
57,709
|
176,859
|
Cost and operating expenses:
|
|
|
Cost of products
sold(1)
|
48,995
|
22,659
|
Research and
development(1)
|
26,358
|
23,332
|
Sales, general and
administrative(1)
|
106,916
|
37,922
|
Total cost and
operating expenses
|
182,269
|
83,913
|
(Loss) income from
operations
|
(124,560)
|
92,946
|
Other income (expense):
|
|
|
Interest
expense
|
(5,263)
|
(5,813)
|
Gain (loss) from change
in fair value of derivative instruments
|
1,815
|
(22,745)
|
Gain (loss) from change
in fair value of debt
|
20,796
|
(326,785)
|
Loss upon
extinguishment of debt
|
-
|
(27,313)
|
Other expense,
net
|
(3,052)
|
(678)
|
Total other income
(expense), net
|
14,296
|
(383,334)
|
Loss before income
taxes and loss from investment in affiliate
|
(110,264)
|
(290,388)
|
Provision for income
taxes
|
820
|
(55)
|
(Loss) gain from
investment in affiliate
|
(789)
|
392
|
Net loss
|
(110,233)
|
(290,051)
|
Less: loss (income)
attributable to noncontrolling interest
|
2,928
|
(1,200)
|
Net loss attributable
to Amyris, Inc.
|
(107,305)
|
(291,251)
|
Less: loss allocated to
participating securities
|
-
|
2,099
|
Net loss attributable
to Amyris, Inc. common stockholders, basic
|
$
(107,305)
|
$
(289,152)
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing income (loss) per
share of common stock, basic
|
312,896,452
|
267,733,555
|
Loss per share
attributable to common stockholders, basic
|
$
(0.34)
|
$
(1.08)
|
|
|
|
Weighted-average shares
of common stock outstanding used in computing loss per share of
common stock, diluted
|
323,711,682
|
267,733,555
|
Loss per share
attributable to common stockholders, diluted
|
$
(0.37)
|
$
(1.08)
|
|
|
|
(1)
Includes stock-based compensation expense
as follows:
|
|
|
Cost of products
sold
|
$
78
|
$
63
|
Research and
development
|
1,617
|
1,062
|
Sales, general and
administrative
|
9,893
|
3,156
|
|
$
11,588
|
$
4,281
|
Amyris,
Inc.
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
(In thousands,
except per share data)
|
2022
|
2021
|
Net loss
attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(107,305)
|
$
(289,152)
|
Non-GAAP
adjustments:
|
|
|
Loss allocated to
participating securities
|
-
|
(2,099)
|
Manufacturing capacity
fee adjustment
|
1,412
|
1,482
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(966)
|
(161)
|
R&D Performance
Agreement termination
|
-
|
1,850
|
Hand sanitizer
write-off
|
(94)
|
-
|
M&A transaction
legal expense
|
1,835
|
-
|
Stock-based
compensation expense
|
11,588
|
4,281
|
(Gain) loss from change
in fair value of derivative instruments
|
(1,815)
|
22,745
|
(Gain) loss from change
in fair value of debt
|
(20,796)
|
326,785
|
(Gain) loss upon
extinguishment of debt
|
-
|
27,313
|
Income (loss)
attributable to noncontrolling interest
|
(2,928)
|
1,200
|
Other expense, net, and
loss (gain) from investment in affiliate, net
|
3,841
|
286
|
Net (loss) income
attributable to Amyris, Inc. common stockholders
(non-GAAP)
|
$
(115,228)
|
$
94,530
|
|
|
|
Weighted-average
shares outstanding
|
|
|
Weighted-average shares
of common stock outstanding used in computing loss per share
attributable to Amyris, Inc. common stockholders, basic (GAAP and
non-GAAP)
|
312,896,452
|
267,733,555
|
|
|
|
Earnings (loss) per
share attributable to Amyris, Inc. common stockholders - Basic
(GAAP)
|
$
(0.34)
|
$
(1.08)
|
Non-GAAP
adjustments:
|
|
|
Loss allocated to
participating securities
|
-
|
(0.01)
|
Manufacturing capacity
fee adjustment
|
0.00
|
0.01
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(0.00)
|
(0.00)
|
R&D Performance
Agreement termination
|
-
|
0.01
|
Hand sanitizer
write-off
|
(0.00)
|
-
|
M&A transaction
legal expense
|
0.01
|
-
|
Stock-based
compensation expense
|
0.04
|
0.02
|
(Gain) loss from change
in fair value of derivative instruments
|
(0.01)
|
0.08
|
(Gain) loss from change
in fair value of debt
|
(0.07)
|
1.22
|
(Gain) loss upon
extinguishment of debt
|
-
|
0.10
|
Income (loss)
attributable to noncontrolling interest
|
(0.01)
|
0.00
|
Other expense, net, and
loss (gain) from investment in affiliate, net
|
0.01
|
0.00
|
Loss per share
attributable to Amyris, Inc. common stockholders
(non-GAAP)(1)
|
$
(0.37)
|
$
0.35
|
(1)
Amounts may not sum due to
rounding.
|
-
|
-
|
|
Three Months Ended
March 31,
|
ADJUSTED
EBITDA
|
2022
|
2021
|
GAAP net loss
attributable to Amyris, Inc. common stockholders - Basic
|
$
(107,305)
|
$
(289,152)
|
Interest
expense
|
5,263
|
5,813
|
Income taxes
|
(820)
|
55
|
Depreciation and
amortization
|
3,292
|
2,114
|
Loss allocated to
participating securities
|
-
|
(2,099)
|
EBITDA
|
(99,570)
|
(283,269)
|
Manufacturing capacity
fee adjustment
|
1,412
|
1,482
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
(966)
|
(161)
|
Hand sanitizer
write-off
|
(94)
|
-
|
R&D Performance
Agreement termination
|
-
|
1,850
|
M&A transaction
legal expense
|
1,835
|
-
|
Stock-based
compensation expense
|
11,588
|
4,281
|
(Gain) loss from change
in fair value of derivative instruments and debt, (gain) loss upon
extinguishment of debt, other (income) expense, and (gain) loss
from investment in affiliate
|
(18,770)
|
377,129
|
(Loss) income
attributable to noncontrolling interest
|
(2,928)
|
1,200
|
Adjusted
EBITDA
|
$
(107,493)
|
$ 102,512
|
Amyris,
Inc.
|
|
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL INFORMATION
(Unaudited)
|
|
|
|
Three Months Ended
March 31,
|
(In
thousands)
|
2022
|
2021
|
Revenue (GAAP and
non-GAAP)
|
|
|
Renewable
products
|
$
43,465
|
$
28,179
|
Licenses and
royalties
|
9,313
|
143,800
|
Collaborations, grants
and other
|
4,931
|
4,880
|
Revenue (GAAP and
non-GAAP)
|
$
57,709
|
$
176,859
|
|
|
|
Cost of products
sold (GAAP)
|
$
48,995
|
$
22,659
|
Other costs and
provisions
|
(16,523)
|
(4,473)
|
Manufacturing capacity
fee adjustment
|
(1,412)
|
(1,482)
|
Hand sanitizer
write-off
|
94
|
-
|
Excess
capacity
|
(663)
|
(205)
|
Inventory
lower-of-cost-or-net realizable value adjustment
|
966
|
161
|
Stock-based
compensation expense
|
(78)
|
(63)
|
Depreciation and
amortization
|
(490)
|
(514)
|
Cost of products
sold (non-GAAP)
|
$
30,889
|
$
16,083
|
|
|
|
Adjusted gross
profit (non-GAAP)
|
$
26,820
|
$
160,776
|
Gross margin
%
|
46%
|
91%
|
|
|
|
Research and
development expense (GAAP)
|
$
26,358
|
$
23,332
|
Stock-based
compensation expense
|
(1,617)
|
(1,062)
|
Depreciation and
amortization
|
(1,482)
|
(1,321)
|
R&D performance
agreement termination
|
-
|
(1,850)
|
Research and
development expense (non-GAAP)
|
$
23,259
|
$
19,099
|
|
|
|
Sales, general and
administrative expense (GAAP)
|
$ 106,916
|
$
37,922
|
Stock-based
compensation expense
|
(9,893)
|
(3,156)
|
Depreciation and
amortization
|
(1,320)
|
(279)
|
M&A transaction
legal expense
|
(1,835)
|
-
|
Sales, general and
administrative expense (non-GAAP)
|
$
93,868
|
$
34,487
|
|
|
|
Cash operating
expense
|
$ 117,127
|
$
53,586
|
View original
content:https://www.prnewswire.com/news-releases/amyris-inc-reports-first-quarter-2022-financial-results-301543427.html
SOURCE Amyris, Inc.