Amyris, Inc. (AMRS) 10-Q Quarterly Report May 2020

– Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company in Clean Health and Beauty markets through its consumer brands and a top supplier of sustainable and natural ingredients, today announced financial results for its first quarter ended March 31, 2020.

Keeping our people, partners and communities safe and healthy while benefiting from strong product demand has been our number one priority during these unprecedented times with COVID-19.

Management Comments

“COVID-19 has dominated all of our lives with a significant impact both from a health and economic perspective. Keeping our people, our partners and our communities safe and healthy while delivering on very strong product demand from consumers has been our number one priority. This meant that we had to adjust our ways of working across our supply chain, innovation center and offices. Our people have been amazing, and we have continued to deliver on our commitments to our customers,” said John Melo, President and Chief Executive Officer. “We play a critical role in helping those who have been impacted by the pandemic. This includes rapidly launching a new hand sanitizer of which we have donated over 20,000 units to frontline healthcare workers. Also, we supply key ingredients for household cleaning and personal care products and are exploring how our science can be further utilized to fight the virus.”

Continued Melo, “We are pleased with our first quarter results for what is typically our lowest sales quarter of the year due to seasonality. We have seen limited impact to our business performance from COVID-19. During the month of April we delivered our best single month of consumer product sales. We are experiencing significant demand for our ingredients into cleaning products and personal care products. We are encouraged by the growth in our top and bottom-line performance and see continued opportunity with our strong portfolio of branded consumer products and functional ingredients. Our focus on higher margin product sales and reducing unit costs by adapting our supply chain are

The following information was filed by Amyris, Inc. (AMRS) on Friday, May 8, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1365916/000136591620000074/amrs-20200331.htm

View differences made from one quarter to another to evaluate Amyris, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Amyris, Inc..

Continue

Assess how Amyris, Inc.'s management team is paid from their Annual Proxy

Amyris, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Financial

Revenue

Other

Filter Subcategory:

All

Debt

Expense

Product

Cash Flow

Earnings

Geography

Other

Inside Amyris, Inc.'s 10-Q Quarterly Report:

Financial - Debt Highlight
The loss upon extinguishment of debt and loss from change in fair value of debt in the first quarter of 2020 and the increase in interest expense from the first quarter of 2019 to the first quarter of 2020 were primarily related to (i) the write-off of unamortized debt discounts upon the modification of a debt instrument accounted for as an extinguishment, (ii) upfront expense recognition of fees paid to lenders and the fair value of warrants issued in connection with debt principal conversions, refinancing and forbearance agreements and (iii) default interest related to events of default under most of our debt instruments.

Financial - Expense Highlight
During this transition, we solidified the business model of partnering with our customers to create sustainable, high performing, low-cost molecules that replace an ingredient in their supply chain, commercially scale and manufacture those molecules, and share in the profits earned by our customers once our customer sells its product into these specialty markets.
Revenue - Product Highlight
Further, our operating plan for 2020 contemplates a significant reduction in our net operating cash outflows as compared to the year ended December 31, 2019, resulting from (i) revenue growth from sales of existing and new products with positive gross margins, (ii) reduced production costs as a result of manufacturing and technical developments, (iii) reduced spending in general and administrative areas, and (iv) an increase in cash inflows from collaborations and grants.
Other - Other Highlight
These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in Part II, Item 1A, "Risk Factors" in this Quarterly Report on Form 10-Q, in Part I, Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 (the 2019 Form 10-K) and in our other filings with the Securities and Exchange Commission.
Revenue - Product Highlight
Our most critical accounting estimates include: Recognition of revenue for arrangements with service delivery over time and multiple performance obligations; Valuation and allocation of fair value to various elements of complex related party transactions; 44 The valuation of freestanding and embedded derivatives, which impacts gains or losses on such derivatives, the carrying value of debt, interest expense and deemed dividends; and The valuation of debt for which we have elected fair value accounting.
Revenue - Product
These forward-looking statements include, but...Read more
Financial - Expense
Cost of products sold decreased...Read more
Financial - Cash Flow
Further, our cash and cash...Read more
Financial - Shares
In May 2020, we obtained...Read more
Revenue - Product
In April 2019, we assigned...Read more
Financial - Cash Flow
We have incurred significant operating...Read more
Other - Other
In such a scenario, the...Read more
Revenue - Product
The Brotas facility was built...Read more
Financial - Expense
The inefficiencies we experienced included...Read more
Financial - Debt
If such indebtedness is accelerated,...Read more
Financial - Cash Flow
In addition to repaying the...Read more
Revenue - Product
Renewable products revenue increased by...Read more
Revenue - Product
The increase was comprised of...Read more
Financial - Earnings
Several years ago, we made...Read more
Financial - Expense
Our partners for these molecules...Read more
Other - Other
Our first major milestone came...Read more
Financial - Debt
Our debt agreements contain various...Read more
Other - Other
In June 2018, we received...Read more
Revenue - Product
Licenses and royalties revenue increased...Read more
Revenue - Product
Sales, General and Administrative Expenses...Read more
Revenue - Product
45 Results of Operations Revenue...Read more
Other - Other
Finally, on May 5, 2020,...Read more
Financial - Cash Flow
Cash Flows during the Three...Read more
Revenue - Geography
We have focused on accessing...Read more
Revenue - Product
Since the launch, the product...Read more
Financial - Expense
Research and Development Expenses Research...Read more
Revenue - Geography
As a result, we are...Read more
Financial - Debt
A failure to comply with...Read more
Financial - Earnings
We monetized the use of...Read more
Other - Other
Also, we received waivers from...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Amyris, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 4.06: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.04: Material Contract

Exhibit 10.05: Material Contract

Exhibit 20.1: Additional Documents To Security Holders

Exhibit 31.01: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.02: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.01: Section 1350 Certification

Exhibit 32.02: Section 1350 Certification

Ticker: AMRS
CIK: 1365916
Form Type: 10-Q Quarterly Report
Accession Number: 0001365916-20-000074
Submitted to the SEC: Mon May 11 2020 5:19:54 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Tuesday, March 31, 2020
Industry: Industrial Organic Chemicals