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
University of Adelaide researchers are using nanotechnology and the fossils of diatoms to develop a novel chemical-free and resistance-free way of protecting stored grain...
The University of Greenwich is leading a €10m international project, called the ‘D-Factory,’ to build a biorefinery to develop the microalga Dunaliella as a sustainable r...
Biomass abounds on Earth, as forests, fields, sewage and seaweed. But only a small fraction, mostly human or agricultural waste, can be harvested without posing environme...
In a global scenario where increasing attention is being directed towards issues of sustainability and limited food supplies, algal sources offer immense scope for the ra...
Valensa International and Contract Biotics have announced that Contract Biotics has started construction of an additional six acres of algae production units at the compa...
Algatechnologies (“Algatech”), Israel, has announced a more than 100% expansion of its production capacity of AstaPure® brand natural astaxanthin. This doubling of capaci...
Libourne, France-based Fermentalg, an industrial biotechnology company that specializes in the production of oils and proteins derived from microalgae, has completed a su...
“Proterro has reached its Q1 sugar-production pilot milestones,” CEO Kef Kasdin reported at the recent Advanced Biofuels Leadership Conference, in Washington, D.C. “In fo...
Algenist®, Solazyme’s anti-aging skincare brand featuring microalgae, has announced its launch in Nordstrom locations throughout the United States. The launch into Nordst...
Four years after the first optimistic calculations, the experimental cultivation of algae at Wageningen University in the Netherlands appears to be meeting expectations. ...
Kazuaki Nagata reports from Japan that while the Fukushima nuclear disaster has prompted vigorous discussion about alternative energy in Japan, there is a lack of a paral...
Algae Industry Magazine is pleased to announce a new Algae 101 series by our popular blogger, Mark Edwards, Professor, Arizona State University. The Algae Solutions to Na...
Perth, Western Australia-based Algae.Tec Limited has announced that the Reliance Group has converted the first tranche of options following the positive progress achieved...
Following a request from the European Commission, the European Food Safety Authority (EFSA) Panel on Dietetic Products, Nutrition and Allergies (NDA) was recently asked t...
The EPA has released the Annual Use of Pesticides in the U.S. Report. We now know that American farmers apply roughly a billion pounds of toxic chemicals intentionally in...
Expanding from its initial work in algal biofuels, General Atomic’s (GA’s) Advanced Biological Processes team has focused on the rising need for food globally, specifical...
Portuguese cement facility, Secil, and microalgae biotechnology company, A4F, also based in Portugal, have formed AlgaFarm, a joint venture to develop the use of cement f...
Arizona is taking advantage of its open land and ample sunshine to assume a leadership position in the algae biofuel field. The state is home to two national algae testbe...