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
A new, outdoor system at the University of Dayton Research Institute has been producing a high volume of algae since its installation in the summer of 2013, even through ...
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...
A University of New South Wales (UNSW)-led team of researchers has discovered how algae that survive in very low levels of light are able to switch on and off a weird qua...
Gilbert, AZ-based Heliae has announced a partnership with Sincere Corporation, a Japanese waste management and recycling company, to form a joint venture and develop a co...
Kyae Mone Win reports in the Myanmar Times that spirulina has been harvested from Twin Daung lake in Sagaing’s Bu Ta Lin township for over a decade, but climate change an...
Starting in the early 70s, agencies in the former USSR invested more than 20,000 person-years of research and development to produce Bio-Algae Concentrates (BAC) that hel...
A recent discovery in the multicellular green alga, Volvox carteri,has revealed the origin of male and female sexes, showing how they evolved from a more primitive mating...
In an effort to propel the algae industry forward, the Algae Testbed Public Private Partnership (ATP3) offers a series of hands-on specialized workshops suited for partic...
Matthew Carr was recently named executive director of the Algae Biomass Organization (ABO), the leading trade association for the algae industry. His presence will soon b...
Channelnewsasia.com reports on three young Spaniards who harvest seaweed, a culinary delicacy, as a way for them to stay out of Spain’s troubled financial waters. 35-year...
Bookending the upcoming Algae Biomass Summit, Sept. 29-Oct.2 in San Diego, will be industry tours to give attendees a first-hand look at the latest progress in technical ...
SCHOTT AG, of Mitterteich, Germany, and Algatechnologies Ltd. (Algatech), based at Israel’s Kibbutz Ketura, have signed an R&D agreement to strengthen their partnersh...
U.S. farmers and biofuels makers are watching for the Environmental Protection Agency’s (EPA’s) final decision on the 2014 Renewable Fuel Standard rules, which will set t...
With their new CO₂ processing-platform called AstaCos, AlgaeBiotech can produce waxy particles of only 50-100 µm in size with a loading of 25% astaxanthin oleoresin. The ...
Renewable fuels company Muradel has launched Australia’s first integrated demonstration plant to sustainably convert algae into green crude, as a first step towards a com...
Hortidaily.com reports that in Nevele, Belgium, Tomalgae is growing algae in a former tomato greenhouse. Their company was formed when tomato cultivation entrepreneurs Pi...
On September 25, 2014, a photobioreactor for the cultivation of algae was officially unveiled during a seminar at Thomas More University College in Mechelen, Belgium. Und...