Danimer Scientific, Inc. (NYSE:DNMR) Q3 2022 Results Conference Call November 8, 2022 5:00 PM ET Company Participants Steve Croskrey - CEO Mike Hajost - CFO Conference Call Participants Jon Tanwanteng - CJS Securities Laurence Alexander - Jefferies Thomas Boyes - Cowen & Company Operator Thank you for standing by. This is the conference operator. Welcome to the Danimer Scientific, Inc. Third Quarter 2022 Earnings Conference Call. As a reminder, all participants are in a listen-only mode and the conference i ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number: 001-39280 | --- | --- | --- | |----------------------------------------------------------------------------------------------------- ...

Danimer Scientific, Inc. (NYSE:DNMR) Q2 2022 Earnings Conference Call August 9, 2022 5:00 PM ET Company Participants Russ Zukowski - President, Corporate Finance Stephen Croskrey - CEO Mike Hajost - CFO Conference Call Participants Pete Lucas - CJS Securities Thomas Boyes - Cowen & Company Operator Greetings. Welcome to the Danimer Scientific Second Quarter 2022 Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Oper ...

PART I. FINANCIAL INFORMATION Presents unaudited condensed consolidated financial statements for Q2 2022, detailing cash, operating losses, and capital expenditures [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Presents unaudited condensed consolidated financial statements for Q2 2022, including balance sheets, operations, equity, and cash flows [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Cash and cash equivalents decreased to **$140.4 million** by June 30, 2022, due to capital expenditures, with total assets slightly declining Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 (in thousands) | December 31, 2021 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $140,388 | $286,487 | | Total current assets | $202,043 | $340,358 | | Property, plant and equipment, net | $408,885 | $316,181 | | Total assets | $790,717 | $838,597 | | **Liabilities & Equity** | | | | Total current liabilities | $30,611 | $43,475 | | Long-term debt, net | $262,032 | $260,934 | | Total liabilities | $318,862 | $338,332 | | Total stockholders' equity | $471,855 | $500,265 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2022 reported a **$30.4 million net loss**, a reversal from prior year, due to lower revenue, higher costs, and increased operating expenses Condensed Consolidated Statements of Operations Highlights (in thousands, except per share data) | Metric | Q2 2022 (in thousands) | Q2 2021 (in thousands) | Six Months 2022 (in thousands) | Six Months 2021 (in thousands) | | :--- | :--- | :--- | :--- | :--- | | Total revenue | $12,703 | $14,471 | $27,446 | $27,652 | | Cost of revenue | $14,934 | $12,460 | $30,999 | $24,185 | | **Gross (Loss) Profit** | **($2,231)** | **$2,011** | **($3,553)** | **$3,467** | | Loss from operations | ($32,120) | ($21,076) | ($62,809) | ($32,359) | | Gain (loss) on remeasurement of private warrants | $2,012 | $58,740 | $7,007 | ($21,957) | | **Net (Loss) Income** | **($30,445)** | **$39,248** | **($56,831)** | **($55,486)** | | Diluted net (loss) income per share | ($0.30) | $0.39 | ($0.56) | ($0.64) | [Condensed Consolidated Statements of Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Stockholders'%20Equity) Total stockholders' equity decreased to **$471.9 million** by June 30, 2022, primarily due to a **$56.8 million net loss** partially offset by stock-based compensation - The accumulated deficit grew from **$(118.9) million** at the beginning of the year to **$(175.7) million** by the end of Q2 2022, reflecting the net loss of **$56.8 million** incurred during the period[16](index=16&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities increased to **$37.4 million**, while investing activities more than doubled to **$108.8 million** for facility expansions Condensed Consolidated Statements of Cash Flows Highlights (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2022 (in thousands) | Six Months Ended June 30, 2021 (in thousands) | | :--- | :--- | :--- | | Net cash used in operating activities | ($37,393) | ($22,641) | | Net cash used in investing activities | ($108,809) | ($51,566) | | Net cash provided by financing activities | $71 | $111,189 | | **Net (decrease) increase in cash** | **($146,131)** | **$36,982** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed accounting policies and financial item disclosures, including the Novomer acquisition, debt composition, and ongoing legal proceedings - On August 11, 2021, the company acquired Novomer, Inc. for **$153.9 million** in cash, integrating it as Danimer Catalytic Technologies to produce Rinnovo PHA[22](index=22&type=chunk) - Due to COVID-related delays on an R&D project, a partner cancelled the arrangement, leading the company to record a **$1.2 million** reserve against the outstanding contract asset in Q2 2022[56](index=56&type=chunk) - As of June 30, 2022, total long-term debt was **$264.3 million** (net), with **$240 million** in 3.25% Convertible Senior Notes due 2026 as the largest component[41](index=41&type=chunk)[42](index=42&type=chunk) - The company is subject to consolidated class action lawsuits and shareholder derivative lawsuits, as well as a non-public, fact-finding inquiry from the SEC, with no estimable potential loss[65](index=65&type=chunk)[67](index=67&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2022 financial performance, highlighting decreased revenue, a gross loss from product mix, increased operating expenses, and capital expansion needs [Results of Operations](index=25&type=section&id=Results%20of%20Operations) Q2 2022 total revenue decreased to **$12.7 million**, resulting in a **$2.2 million gross loss** and a **$32.1 million loss from operations** due to product mix and higher costs - PHA-based products constituted **61% of total revenue** in Q2 2022, up from **29%** in Q2 2021, reflecting a strategic shift towards lower-margin, pre-scale production[95](index=95&type=chunk) - The decline in gross profit was primarily due to the sales mix shift to lower-margin PHA products, lower R&D revenue, and higher per-unit costs for PLA products due to lower volume[96](index=96&type=chunk) - The increase in R&D expense was driven by costs from the newly acquired Danimer Catalytic Technologies (**$2.4 million**), a **$1.2 million** reserve for a cancelled contract asset, and higher consulting and personnel costs[97](index=97&type=chunk) [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) Liquidity relies on **$140.4 million cash** and debt, with significant capital expenditures for facility expansion requiring additional financing - As of June 30, 2022, the company had **$140.4 million** in cash and cash equivalents[112](index=112&type=chunk) - The company has invested **$136 million** in its Greenfield Facility, but its completion requires additional financing[112](index=112&type=chunk) - On August 5, 2022, the company terminated its Credit Agreement with Truist Bank, anticipating a **$1.4 million** loss on early debt extinguishment in Q3 2022[112](index=112&type=chunk)[68](index=68&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=30&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risk from commodity price fluctuations for raw materials, particularly canola oil, impacted by the Ukraine conflict - The company is exposed to price volatility in raw materials, with the Russian invasion of Ukraine specifically impacting canola oil prices, a key feedstock for PHA production[123](index=123&type=chunk)[89](index=89&type=chunk) [Item 4. Controls and Procedures](index=30&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were ineffective as of June 30, 2022, due to previously identified material weaknesses in internal control - The principal executive officer and principal financial officer concluded that disclosure controls and procedures were not effective as of the end of the period[125](index=125&type=chunk) - The ineffectiveness is due to previously disclosed material weaknesses, and remediation plans are currently being implemented[125](index=125&type=chunk)[127](index=127&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20Legal%20Proceedings) The company is defending against class action and derivative lawsuits and cooperating with an SEC inquiry, unable to estimate potential losses - The company is involved in four consolidated class action lawsuits alleging materially false and misleading statements between October 2020 and May 2021[65](index=65&type=chunk) - The company has been responding to information requests from the SEC as part of a non-public, fact-finding inquiry that began in May 2021[65](index=65&type=chunk)[67](index=67&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported from those disclosed in the 2021 Annual Report on Form 10-K - No material changes in risk factors were reported from those disclosed in the 2021 Form 10-K[131](index=131&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=31&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds occurred during the reporting period [Item 5. Other Information](index=31&type=section&id=Item%205.%20Other%20Information) The company terminated its Credit Agreement with Truist Bank on August 5, 2022, expecting a **$1.4 million loss** on early debt extinguishment - The company terminated its Credit Agreement with Truist Bank on August 5, 2022, and expects to incur a **$1.4 million** loss on early debt extinguishment in Q3 2022[132](index=132&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including the Truist Credit Agreement payoff, CEO/CFO certifications, and XBRL data

Danimer Scientific, Inc. (NYSE:DNMR) Q1 2022 Earnings Conference Call May 10, 2022 5:00 PM ET Company Participants Russ Zukowski - VP, Corporate Finance Stephen Croskrey - CEO Michael Hajost - CFO Conference Call Participants Jon Tanwanteng - CJS Securities Laurence Alexander - Jefferies Thomas Boyes - Cowen & Company Operator Greetings, and welcome to the Danimer Scientific First Quarter 2022 Conference Call. At this all participants are in a listen-only mode. A question-and-answer session will follow the ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from Commission File Number: 001-39280 DANIMER SCIENTIFIC, INC. (Exact Name of Registrant as Specified in its Charter) Delaware 84-1924518 ( State or other jurisdict ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39280 DANIMER SCIENTIFIC, INC. (Exact name of Registrant as specified in its Charter) Delaware 84-1924518 (State or other jurisdictio ...

Danimer Scientific, Inc. (NYSE:DNMR) Q4 2021 Earnings Conference Call February 28, 2022 5:00 PM ET Company Participants Russ Zukowski - VP, Corporate Finance Stephen Croskrey - CEO & Chairman John Dowdy - CFO & Secretary Michael Hajost - Incoming CFO Conference Call Participants Laurence Alexander - Jefferies Jonathan Tanwanteng - CJS Securities Thomas Boyes - Cowen and Company Operator Greetings, and welcome to Danimer Scientific Fourth Quarter and Full Year 2021 Earnings Call. [Operator Instructions]. As ...

Danimer Scientific, Inc. (NYSE:DNMR) Q3 2021 Earnings Conference Call November 15, 2021 5:00 PM ET Company Participants Steve Croskrey – CEO Jad Dowdy – CFO Russ Zukowski – Vice President, Corporate Finance Phillip Van Trump – Chief Science and Technology Conference Call Participants Laurence Alexander – Jefferies Jon Tanwanteng – CJS Securities Thomas Boyes – Cowen and Company Operator Greetings and welcome to the Danimer Scientific Third Quarter 2021 Earnings Call. At this time, all participants are in a ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common stock, $0.0001 par value per share DNMR New York Stock Exchange FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fr ...