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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.

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