The Buzz

Solazyme Reports Q2 Financial Results

August 4, 2011
AlgaeIndustryMagazine.com

Solazyme, Inc. has announced financial results for the second quarter ended June 30, 2011 and recent key corporate highlights. “We are focused on rapidly ramping up our capacity and operations to meet significant demand in the marketplace for our high value tailored oils,” said Jonathan Wolfson, CEO, Solazyme. “The success of our recent initial public offering will help us accelerate efforts to enter into commercial partnerships, secure feedstock and enable the commercial expansion of our manufacturing capability.”

Financial Results

Total revenues for the second quarter ended June 30, 2011 were $7.4 million versus $4.4 million in the second quarter of 2010. Second quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $17.0 million, which compares to $6.4 million in the prior year period. The GAAP net loss attributable to Solazyme, Inc. common stockholders included a one-time non-cash charge of $3.2 million or $0.11 per share related to the conversion of venture debt warrants at the close of the initial public offering. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $10.0 million for the second quarter of 2011, compared to $5.9 million in the prior year period. A reconciliation of GAAP to non-GAAP results is included below.

“In May 2011, we completed our initial public offering, increasing our cash and marketable securities position to over $266 million at the end of the second quarter,” said Tyler Painter, CFO, Solazyme. “Our strong balance sheet, proven technology and partnerships position us well to meet our capacity target of over 500,000 MT by 2015.”

Other business highlights pointed out in the report include:

  1. Further solidifying its relationship with the U.S. Navy, Solazyme has completed production of over 283,000 liters of in-spec marine diesel fuel, HRF-76, for the U.S. Navy, in fulfillment of the first phase of its Defense Logistic Agency (DLA) contract that calls for production of up to 550,000 liters in two phases. The initial fuel production for phase 1 of this contract was completed ahead of schedule and is currently expected to be delivered ahead of the contract delivery date. Additionally, the U.S. Navy has indicated its intent to exercise its phase 2 option and has transferred funding to the DLA, which is set aside exclusively for the phase 2 modification, which is currently being negotiated. The phase 2 fuel would be produced through the first half of 2012.
  2. Sephora Canada and The Shopping Channel® have agreed to distribute Solazyme’s anti-aging skincare line, Algenist™, throughout Canada. This increases the brand’s physical retail presence by 26 stores and, starting in July 2011, has been featured on The Shopping Channel’s highest rated beauty programming. The launch into Canada accompanies Algenist™’s debut in the United Kingdom, which includes distribution in all 60 Space NK locations throughout the country.
  3. Rogerio Manso joined the company as Chief Commercialization Officer, Tailored Oils on July 26, 2011. Mr. Manso is a seasoned executive with deep international experience in the sugar, oil and biofuel industry. He spent 28 years at Petrobras where he led the development of markets for oil products throughout the US, Europe, Latin America, Africa and Asia, while also overseeing the company’s Refining and Marketing, Petrochemicals, Transportation and Logistics infrastructure. Mr. Manso will be instrumental in leading the global commercialization of Solazyme’s tailored oil platform.
  4. Solazyme will shift the location of its integrated biorefinery to its Peoria facility. Solazyme began the build-out of this recently acquired facility, adding fermentation capacity and performing upgrades after completion of the acquisition in May 2011. The fermentation portion of this facility is expected to be operational in the second half of 2011, with end-to-end manufacturing expected in the first half of 2012.

Go to HOME Page

Copyright ©2010-2011 AlgaeIndustryMagazine.com. All rights reserved. Permission granted to reprint this article in its entirety. Must include copyright statement and live hyperlinks. Contact editorial@algaeindustrymagazine.com. A.I.M. accepts unsolicited manuscripts for consideration, and takes no responsibility for the validity of claims made in submitted editorial.

Visit the A.I.M. Archives

AIM interview ArchivesAlgae 101 ArchivesHot Products ArchivesInnovations ArchivesMoney ArchivesProcess ArchivesResearch ArchivesScale Up ArchivesThe Buzz Archives

FREE Algae News & Updates

Sign up to receive breaking A.I.M. updates!

From The A.I.M. Archives

— Refresh Page for More Choices
As of March 1, 2015, bbi-biotech GmbH, of Berlin, Germany, has begun integrating IGV Biotech GmbH’s photobioreactors into its own life science product portfolio. A former...
Montague, Prince Edward Island-based Solarvest has announced that it has used its algal-based production platform to express bioactive therapeutic proteins. The proof of ...
Jeff Gelski writes in foodbusinessnews.net that algae oil is now in the toolbox of alternative oils shown to replace partially hydrogenated oils (PHOs), which cause trans...
Sami Zaatari writes for the Middle East’s Gulf News that Abu Dhabi’s coastal sabkhas – the Arabic phonetic translation for salt flats – hold great potential for solar pow...
Five years ago, on April 20, 2010, an explosion on the Deepwater Horizon rig caused a release of 200 million gallons of oil into the Gulf of Mexico before the well was ca...
Scientists from the J. Craig Venter Institute (JCVI), a not-for-profit genomic research organization in La Jolla, California, have published a paper outlining new synthet...
Algae “red tide” events often create dazzling nighttime light shows of blue-green bioluminescence resulting from the force generated by breaking waves. While many mysteri...
SciDev.Net’s South Asia desk reports that Indian scientists working on producing biofuel from algae cultured in municipal wastewater are enthused by the findings of a rec...
While aquafarmers in Maine have been harvesting seaweed for nearly 80 years, for a variety of uses and products, in recent years wild harvests have not been able to meet ...
Using microalgae to capture CO2 is a complex process, especially in flue gas environments, reports an editorial by IEA Clean Coal Centre in worldcoal.com. There are many ...
OriginClear Inc. and partner AlgEternal have announced that, based on AlgEternal’s field tests, they believe their pure algae concentrate, harvested with OriginClear tech...
Biocrude oil obtained from hydrothermal liquefaction (HTL) of algae can be an energy-efficient replacement for the fossil crude oil normally used in the production of fue...
Scientists have been investigating the likely future impact of changing environmental conditions on ocean phytoplankton, which forms the basis of all the oceans' food cha...
Algiran, an Iranian algal biotech company, has recently established a pilot scale algal cultivation demonstration facility at the Chabahar Free Zone, in the Baluchistan P...
You know algae are a great food source for you. But what are the best ways to eat it? Jami Foss writes in shape.com about 10 ways to eat algae that are common, healthy an...