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Danimer Scientific, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $8.63 million from $10.95 million in the same quarter the previous year. The decrease is attributed to reduced sales in PHA-based products due to a reallocation of business among converters by a significant customer.
Cost of revenue for the quarter was $15.95 million, down from $18.69 million in the previous year. This decrease is primarily due to reduced sales volumes and cost reduction efforts.
The company reported a gross loss of $7.32 million for the quarter, compared to a gross loss of $7.74 million in the previous year.
Selling, general, and administrative expenses decreased to $6.86 million from $16.56 million, primarily due to a reduction in stock-based compensation expenses.
Research and development expenses also decreased to $4.58 million from $6.88 million, reflecting a decrease in stock-based compensation expenses.
A gain of $6.82 million was recorded from the extinguishment of debt related to the retirement of convertible notes.
Net loss for the quarter was $21.84 million, compared to $40.16 million in the previous year.
Cash used in operating activities was $46.46 million, while cash used in investing activities was $6.32 million. Cash provided by financing activities was $15.58 million.
The company acknowledges substantial doubt about its ability to continue as a going concern due to negative cash flows and lack of financial resources.
Danimer is exploring options to address liquidity challenges, including restructuring existing debt and seeking additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Danimer Scientific Inc. quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.