Amyris on track to achieve profitability in 2015
Amyris Inc. has released financial results for the first quarter of 2014, reporting strong operational performance with combined inflows from product sales and collaboration inflows of $17.9 million. According to Amryris CEO John Melo, the company is on track to become cash flow positive during the second half of the year and profitable in 2015.
The company has reported revenues of $6.24 million for the quarter, below the $8.96 million reported for the same period of last year. Product sales accounted for $2.85 million of that during the first quarter, compared to $2.98 million during the same period of 2013.
During a call to discuss the quarterly results, Melo noted that the company has resumed industrial production at the Brotas refinery in Brazil following planned maintenance and facility upgrades. He also stressed that the plant has already achieved fermentation superior to the company’s best fermentation runs last year. “We’ve had no operational issues since the restart,” Melo said. “Our strains are performing better than expected and we are achieving some of our best recovery yields to date.”
With regard to business collaborations, Melo noted that Amyris currently has more than 10 different partners and expects to add additional partners later this year. We are very pleased with our continued performance in the first quarter of $15 million of collaboration inflows, and remain on track for $60 to $70 million in collaboration inflows for 2014, with over 50 percent of this already contracted,” he said.
In its first quarter results, Amryis also announced that the company has validated downstream processes and quality systems for its growing product pipeline being commercialized soon, including jet fuel.
According to Melo, this is the final week of the last committee balloting prior to ASTM validation for Amyris’s jet fuel, which will mark a key milestone for airlines to begin using the jet fuel in commercial aircraft globally. “We expect to be in a position to start selling jet fuel in late Q2 or early Q3 and are in active negotiations with our first few customers,” Melo said.