DNMR - Danimer Scientific GAAP EPS of -$0.94 misses by $0.77 revenue of $10.45M misses by $2.02M
- Danimer Scientific press release ( NYSE: DNMR ): Q3 GAAP EPS of -$0.94 misses by $0.77 .
- Revenue of $10.45M (-21.8% Y/Y) misses by $2.02M .
- Adjusted EBITDA 1 was $(12.9) million in the third quarter of 2022 compared to $(7.4) million in the third quarter of 2021, primarily due to the decline in gross profit as well as higher R&D expense associated with a full quarter of costs related to Danimer Catalytic Technologies, acquired in August 2021, and increases in staffing to support additional product development.
- Outlook: Based on results through September 2022 and increased visibility through year end, the Company is narrowing its Adjusted EBITDA outlook for the full year 2022, which it now expects to be in the range of $(45) million to $(40) million, compared to $(22.6) million in 2021. The Company now expects full year capital expenditures to be in the range of $165 million to $170 million, inclusive of capitalized interest and internal labor and overhead, with a year-end cash balance to be in the range of $60 million to $65 million.
- Looking beyond 2022, the Company expects its PHA-based revenues to drive a significant increase in the Company’s overall profitability. The Company remains confident in its ability to execute against its objectives with a prudent focus on profitability and cash management.
- Shares +2.04% .
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Danimer Scientific GAAP EPS of -$0.94 misses by $0.77, revenue of $10.45M misses by $2.02M