Amyris reports reduced farnesene production costs in Q3 results
Amyris Inc. has released its financial results for the third quarter of 2013, reporting progress with farnesene production in Brazil. According to the company, all six fermenters at its farnesene plant in Brotas, São Paulo, Brazil operated during the entire quarter. Amyris also reported it achieved the lowest quarterly average farnesene production cash cost, which was less than $5 per liter, down from approximately $12 at the beginning of the year. Production cash costs are expected to drop to approximately $4 per liter or better by the end of the year.
Aggregate revenues for the quarter were $7 million, down from $19.1 million during the same quarter of last year. According to Amyris, the $7 million in revenue it reported for the third quarter of 2013 includes $4.1 million in renewable product sales and $2.9 million in collaboration and grant revenue. The company’s third quarter 2012 revenue included $1.7 million in sales related to its ethanol and ethanol-blended gasoline business, which Amyris transitioned out of during the third quarter of last year. In addition, last year’s revenue for the quarter included only $3 million in renewable product sales and $14.4 million in collaboration and grant revenue.
Aggregate revenues for the first nine months of 2013 were $25.7 million, compared to $67.8 million for the same period of last year. The $25.7 million in revenue reported so far for 2013 includes $11.3 million in renewable product sales and $14.4 million in collaboration and grant revenue.
During a call to discuss the results, John Melo, president and CEO of Amyris, noted that the Brazilian farnesene plant achieved its highest production run rate to date, producing more than 1 million liters in a 45-day period. “This production performance achievement was an important milestone related to our recent financing, and we are on track to meet the remaining milestones,” Melo said, adding that the facility is on track to produce more than 4 million liters this year.
During the call, Melo also noted the Brazilian plant is scheduled to shut down for annual planned maintenance for several weeks early in the first quarter of 2014. Work during the shutdown is expected to include normal preventative maintenance activities as well as some modifications to improve plant performance.