Solazyme reports “good progress”

Renewable oil and specialty ingredients company Solazyme has announced results for the second quarter ended June 30, 2015. “We are making good progress against our core deliverables, the commercialization of high value products across food, personal care and industrial markets, and the delivery of key milestones at the Moema JV production facility in Brazil,” said Jonathan Wolfson, […]

Renewable oil and specialty ingredients company Solazyme has announced results for the second quarter ended June 30, 2015.

“We are making good progress against our core deliverables, the commercialization of high value products across food, personal care and industrial markets, and the delivery of key milestones at the Moema JV production facility in Brazil,” said Jonathan Wolfson, CEO of Solazyme. “While there is a lot of work ahead, I am proud of the Solazyme team, and what they have accomplished so far this year. I am excited about what is to come.”

“We are maintaining financial discipline in our operations and focusing our sales efforts on strategic revenue streams,” said Tyler Painter, COO and CFO of Solazyme. “On the commercial side, our product portfolio is well aligned with trends across our targeted end markets, and we are seeing a growing number of projects and customers today.”

Solazyme said that it has a growing number of application projects in process with a variety of food and beverage manufacturers and is starting to see conversions from projects to customers. Most recently, a division of a major multinational food company launched a series of baking mixes using the AlgaVia protein and a new beverage company is launching a meal replacement drink made with an AlgaWise oil.

Total revenue for the second quarter ended June 30, 2015 was $11.7 million compared with $15.9 million in the second quarter of 2014. The year over year decline in revenues was due to expected decreases in funded program revenue as well as in product revenue due to the timing of certain Algenist sales activities and slower than anticipated adoption rates for Encapso. GAAP net loss was $37.2 million for the second quarter of 2015, compared to net loss of $42.9 million in the prior year period. On a non-GAAP basis, the net loss was $31.7 million for the second quarter of 2015, compared with net loss of $32.9 million in the prior year quarter.