Amyris expects to deliver positive EBITDA next year
During a call to discuss second quarter financial results, John Melo, president and CEO of Amyris Inc., indicated the company is on track to deliver positive operational cash flow during the second half of the year and positive EBITDA in 2015.
Amyris reported total revenues of $9.3 million for the second quarter on a GAAP basis, with combined inflows from product sales and collaborations of $8.2 million on a non-GAAP basis. The company also reported continued progress in reducing operating expenses, with a 9 percent drop for the quarter when compared with the same period of last year. Capital expenses for the first half of the year were $2.1 million. According to information released by the company, non-GAAP EBITDA was -$18 million or, -23 cents per share. On a GAAP basis, the company reported a net loss of $35.5 million, or 45 per share.
During the second quarter, Amryris achieved its lowest-cost production of farnesene at the Brotas, Brazil, refinery. According to Melo, the company is currently producing farnesene at a level near $3 per liter, and has “good visibility toward the mid-$2-per-liter level.”
“We achieved our best operational performance to date at our plant in Brotas during the second quarter, added new collaboration partners in strategic areas and continued progress on building our renewable product sales pipeline,” Melo said. “We remain on track to double our renewable product sales this year against 2013 and deliver positive operational cash flow in the second half of this year.”
According to information released by Amyris, the company recently commenced production of its first fragrance oil molecules at the Brotas facility, with initial commercial shipments underway. The company has also produced and shipped jet-grade farnesene, which is now used in commercial flights in a 10 percent blend.
"We rounded out our developing product portfolio for the tire industry when Braskem joined our collaboration to develop and produce renewable isoprene, and our expanded collaboration with Kuraray for liquid rubber. With Total, we obtained industry certification for sales of our renewable jet fuel and have begun sales of jet fuel. We continue to experience strong demand for sustainable products that perform better than the alternative and are cost competitive, while solving the supply challenges our customers face in growing their business," Melo said in a statement.