DNMR - Danimer Scientific sinks after Q3 net loss raises capex outlook

Danimer Scientific (DNMR -17.5%) plunges after Q3 results missed expectations and the company raised its full-year capital expense guidance. Danimer says Q3 saw a $200K loss compared to a $3.6M profit in the year-ago quarter, with adjusted gross profit falling to $2.6M from $4.6M a year earlier and adjusted gross margin fell to 19.7% from 35.8%, primarily due to elevated fixed-cost absorption as production scales up at the Kentucky facility. Q3 adjusted EBITDA was a loss of $7.4M, vs. a $500K loss a year earlier. Q3 revenues rose 4% Y/Y to $13.4M, driven by 10% growth in product revenue due to the scale up of PHA production for phase 1 of the Kentucky facility brought on line in 2020. PHA-based product sales increased 180% Y/Y, expanding to 32% of total revenue from 12% in the year-ago quarter. The company also ramped up guidance for full-year capital spending to $200M-$210M from

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Danimer Scientific sinks after Q3 net loss, raises capex outlook