Amyris, Inc. (AMRS) 10-K Annual Report March 2021

Page | 1 FOR IMMEDIATE RELEASE AMYRIS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2020 FINANCIAL RESULTS Record Q4 and Full Year Product Revenue Expanded Product Gross Margins and Positive Q4 Adjusted EBITDA Emeryville, CA – March 2, 2021 – Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company active in the Clean Health and Beauty markets through its consumer brands, today announced financial results for its fourth quarter and full year ended December 31, 2020. "2020 was a year of transformative execution for Amyris," said John Melo, President and Chief Executive Officer of Amyris. "We delivered the third consecutive quarter of record Product sales revenue in Q4 while also expanding Product gross margins. We continued to see strong growth with our Consumer brands and delivered Q4 Consumer revenue equivalent to the entire year 2019. This revenue and margin growth combined with the completion of the strategic transaction resulted in positive adjusted EBITDA in the quarter.” Mr. Melo added, “The Amyris team made significant progress in 2020 on our strategic initiatives. We delivered six new ingredients at scale, completed a successful $200 million equity financing and significantly reduced our total debt. With the momentum in our product revenue we believe that we are well positioned to continue to drive sector leading growth into the future. We expect 2021 to be another record year with underlying total revenue in the $240 million range and reported total revenue of around $400 million, when including the potential impact of the strategic transactions. With our business momentum and these transactions, we expect to deliver full year 2021 positive adjusted EBITDA.” Q4 2020 Financial Highlights  Record sales revenue of $80 million nearly doubled versus the prior year quarter. Record Product revenue of $35 million increased 71% compared to the prior year quarter driven by a record quarter for Consumer which, with $17 million in revenue and 161% growth, delivered as much revenue in Q4 as the entire year 2019. Ingredients revenue of $18 million grew 29%. Q4 revenue included $40 million for the Farnesene strategic transaction.  Gross margin of 66% improved from 56% in the prior year quarter and increased $30 million year- over-year. Product-related gross margin grew $6 million versus the prior year quarter with the remaining $24 million primarily attributable to the year-over-year impact from strategic transactions.  Cash operating expense of $50 million increased by $5 million or 10% versus the prior year quarter, primarily due to marketing investments in our consumer brands and new R&D programs.  Adjusted EBITDA was positive $1 million and improved $26 million year-over-year due to higher revenue, improved Product gross margins, and income from the Q4 strategic transaction.

The following information was filed by Amyris, Inc. (AMRS) on Tuesday, March 2, 2021 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amyris, Inc.'s 10-K Annual Report:

Financial - Expense Highlight
Equipment-related expense, including depreciation, decreased as the result of our replacing equipment rentals with financing leases, which replaced monthly rental expense with depreciation expense over a 3- to 5-year useful life for capitalized equipment.

Financial - Expense Highlight
The reduction in interest expense was primarily due to a decrease in debt discount accretion, along with lower average debt principal balances during 2020 as compared to the prior year.
Financial - Cash Flow Highlight
Cash and cash equivalents of $30.2 million as of December 31, 2020 are not sufficient to fund expected future negative cash flows from operations and cash debt service obligations through March 2022.
Revenue - Product Highlight
Our most critical accounting estimates include: Recognition of revenue including arrangements with multiple performance obligations; Valuation and allocation of fair value to various elements of complex related party transactions; 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.
Financial - Cash Flow Highlight
Liquidity and Capital Resources Liquidity We have incurred operating losses since our inception, and we expect to continue to incur losses and negative cash flows from operations through at least the next 12 months following the issuance of this Annual Report on Form 10-K.
Revenue - Product
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Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 3.10: Articles Of Incorporation

Exhibit 4.48: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.49: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.50: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 10.17: Material Contract

Exhibit 10.38: Material Contract

Exhibit 10.57: Material Contract

Exhibit 10.65: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.01: Consents Of Experts And Counsel

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-K Annual Report
Accession Number: 0001365916-21-000007
Submitted to the SEC: Fri Mar 05 2021 5:11:43 PM EST
Accepted by the SEC: Fri Mar 05 2021
Period: Thursday, December 31, 2020
Industry: Industrial Organic Chemicals