The following is a summary of the Danimer Scientific, Inc. (DNMR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Danimer Scientific reported a decline in its Q1 2024 total revenue to $10.2 million mainly due to a drop in PLA-based resin sales.

• The company experienced increased sales of the PHA-based resin, making up 82% of total product revenue for the quarter.

• The company reported a gross loss of $6.3 million, unchanged from the same period the year prior.

Business Progress:

• Danimer experienced a significant increase (64% YoY) in PHA revenues and anticipates this to be a larger proportion of total revenue throughout 2024.

• Through various partnerships, the company is advancing in the commercialization of resin with applications across various products like cutlery, straws, single-use coffee pot capsules, and fish baits.

• The company also secured $13.5 million through equity offerings and a $20 million revolving asset-based credit agreement, positioning the company for continued operation and capacity utilization at their Kentucky facility.

More details: Danimer Scientific IR

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