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TerraVia Reports First Quarter Results

May 5, 2016
AlgaeIndustryMagazine.com

TerraVia’s just introduced AlgaPrime™ DHA brings the power of algae to the aquaculture industry with a traceable, sustainable, high-quality alternative to fish oil.

TerraVia’s just introduced AlgaPrime™ DHA brings the power of algae to the aquaculture industry with a traceable, sustainable, high-quality alternative to fish oil.

TerraVia™, formerly Solazyme, Inc., has announced results for the first quarter ended March 31, 2016. Results for the quarter reflect the Company’s recently announced focus on the food, nutrition and specialty ingredient categories.

Total revenue for the first quarter of 2016 was $10.9 million compared with $12.6 million in the first quarter of 2015 reflecting a de-emphasis in industrial revenue partially offset by increased food ingredient revenue. GAAP net loss narrowed to $26.5 million for the first quarter of 2016, from a net loss of $34.7 million in the prior year period as the Company begins to benefit from reductions in cash operating expenditures.

“TerraVia’s emergence as a food, nutrition and specialty ingredients focused company is well underway,” said Jonathan Wolfson, CEO of TerraVia. “Over the last two months, we’ve expanded the customer base for our AlgaVia Lipid-Rich Whole Algae Powders and Proteins, and we’ve initiated deliveries to Unilever under our new $200 million supply agreement.

“Today, we introduced AlgaPrime DHA for the aquaculture market with our partner Bunge, including the announcement of AlgaPrime DHA’s first supply agreement with a global aquaculture leader,” said Mr. Wolfson. “These and other initiatives are designed to leverage our transformational algae platform to deliver true and much-needed innovation in food, nutrition, and specialty ingredients. We’re excited about the momentum we’re building at a time when consumer demand for healthier alternatives is on the rise.”

“The significant steps we’ve taken to streamline our operating expense structure are taking hold and we are on plan with our spending and investment goals for the year,” said Tyler Painter, COO and CFO of TerraVia. “These efforts, along with opportunistic, ongoing initiatives to enhance our balance sheet and liquidity position, will provide important support as we execute on our commercialization strategy in foods, nutrition and specialty ingredients.”

TerraVia plans to change the company’s ticker listing to NASDAQ: TVIA and to formalize a legal name change to TerraVia Holdings, Inc. this month.

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