Danimer Scientific, a US bioplastics company, has reported a net loss of $155.47m for financial year 2023 (FY23), marking an improvement from a net loss of $179.75m reported in FY22.
The company's basic loss per share for the year was $1.52, compared to $1.78 in the previous year.
Revenues of Danimer for the year ending 31 December 2023 stood at $46.68m, a decline from $53.21m in FY22.
Sales related to its bioplastic resin polyhydroxyalkanoates (PHAs) increased by 6% over the previous year, accounting for 69% of the company's 2023 product revenues.
However, polylactic acid-based product sales saw a decline of $6.1m from the prior year, primarily due to the conflict in Ukraine.
Danimer's adjusted loss before interest, taxes, depreciation, and amortisation was $39.0m for the full year of 2023, an improvement from a loss of $45.0m for the full year of 2022.
In the fourth quarter (Q4) of FY23, Danimer's net loss was $39.43m, compared to a net loss of $28.05m in the same period a year ago.
Its revenues for the quarter were $10.94m, down from $15.32m in Q4 FY22.
The company's adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) for the quarter was negative $10.7m, compared to negative $8.6m in the prior year's quarter.
Danimer chair and CEO Stephen Croskrey said: “While 2023 was a challenging year for the company, we are greatly encouraged by the successes we had and we believe we remain well ahead of the competition in both deep understanding of the biodegradable plastics industry and the available production capacity to meet current and future customers’ needs.
“We are excited for the year ahead and focused on leveraging our global market-leadership position in PHA-based materials to drive value to our customers, partners and shareholders.”
Looking ahead to FY24, Danimer forecasts its adjusted EBITDA to range between negative $22m and negative $32m.
Danimer CFO Michael Hajost said: “We are intently focused on revenue growth, which we expect to accelerate during the second half of 2024. As a result, we expect improvement in operating margins and operating cash flow as we move through the year."
