Amyris, Inc. (AMRS) 10-K Annual Report March 2022

FOR IMMEDIATE RELEASE AMYRIS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2021 FINANCIAL RESULTS • 2021 full year total revenue grew 97% year-over-year to $342 million • Q4 and full year 2021 consumer revenue +86% and +78% respectively versus prior year • Accelerating consumer growth and new partnerships expected to double core revenue in 2022 Emeryville, CA – March 1, 2022 – Amyris, Inc. (Nasdaq: AMRS), a leading synthetic biotechnology company accelerating the world’s transition to sustainable consumption through its Lab-to-MarketTM technology platform, today announced financial results for its fourth quarter and full year ended December 31, 2021. “Accelerating growth of our consumer brands resulted in record levels for our consumer and core revenue,” said John Melo, President and Chief Executive Officer. “Biossance and Pipette, together with better than expected performance of our recently launched clean beauty brands, JVN and Rose Inc., contributed to strong consumer revenue. We now have established offerings in skincare, hair, mother and baby, and color cosmetics, and we expect to continue to expand our offering throughout 2022 with menopause and Gen-Z beauty brands. Our brands are loved by consumers and offer high quality, science backed solutions that allow consumers to choose sustainable products without compromising product performance.” “We made substantial progress in the construction of our fermentation plant in Barra Bonita, Brazil which we expect to be operational in the second quarter of 2022. Additionally, we continue to expand and integrate our consumer supply chain. We expect both our Brazil plant and consumer production consolidation to help us meet the growing demand for sustainable alternatives to existing chemistry. As the year progresses, we expect these investments to notably improve our gross margin, reduce our operating expenses and provide greater flexibility in meeting our production targets.” “We completed joint ventures with ImmunityBio and Minerva Foods demonstrating the power of our Lab-to- Market technology capabilities. Everyone in our organization has worked tirelessly to position us for success. As a result of these efforts, based on 2021 exit rates, strong 2022 consumer performance to date and future plans, we estimate 2022 total revenue to be approximately double 2021 core revenue.” Business and Operational Highlights In line with the evolution of Amyris’ business model we are now reporting core revenue which comprises consumer and technology access revenue. Technology access includes ingredient product revenue, R&D collaboration, and technology licenses. Core revenue excludes strategic transactions and other one-off items. Consumer • Record consumer revenue of $32.2 million increased 86% versus Q4 2020. Consumer revenue comprised record revenue from the Company’s three legacy brands, Biossance, Pipette, and Purecane, and strong early-stage performance of brands introduced during H2 of 2021, particularly Rose, Inc. and JVN. • 53% of Q4 2021 consumer revenue originated from direct-to-consumer (DTC) selling via the brands ecommerce platforms, and 47% from retail, with a combination of in-store and online sales. This compares to 59% DTC in Q4 of 2020. This shift is a result of more stores being closed at this time last year due to COVID-19, our further expansion into specialty and mass retail and a change in brand mix. • Pipette Q4 2021 record revenue nearly doubled when compared to the prior year quarter and we are preparing to launch Pipette in Walgreens in 2022. In Q4 2021, Olika, shipped its first products for sale in

The following information was filed by Amyris, Inc. (AMRS) on Tuesday, March 1, 2022 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:

Revenue - Geography Highlight
However, our ability to execute our planned operations, including the completion of our new specialty ingredients fermentation facility in Brazil, will depend in large part, on our ability to (i) minimize the anticipated negative cash flows from operations during the 12 months from the date of this filing and (ii) achieve certain milestones under the March 2021 DSM transaction and the June 2021 Ingredion transaction (see Note 10, "Revenue" and Note 5, "Mezzanine Equity", respectively in Part II, Item 8 of this Annual Report on Form 10-K for additional information), all of which are uncertain and/or outside of our control.

Revenue - Product Highlight
Our operating plan for 2022 contemplates a significant reduction in net operating cash outflows as compared to the year ended December 31, 2021, resulting from (i) revenue growth from sales of existing and new products with positive gross margins, (ii) reduced production costs as a result of technical developments and transitioning to the new manufacturing facility during the second half of 2022, and (iii) an increase in cash inflows from milestone royalties under the DSM and Ingredion license agreements.
Financial - Expense Highlight
The reduction in interest expense was due to a decrease in debt discount accretion, along with lower average debt principal balances in 2021 as compared to 2020.
Other - Other Highlight
The swing from a loss to a gain in change in fair value of derivative instruments was primarily due to a 12% decrease in our stock price during 2021; see Note 3, "Fair Value Measurement" in Part II, Item 8 of this Annual Report on Form 10-K for details regarding our outstanding derivative instruments.
Financial - Debt Highlight
The $105.7 million decrease was primarily comprised of a $51.2 million decrease in loss from change in fair value of debt, a $22.3 million decrease in interest expense, a $19.5 million decrease in loss upon extinguishment of debt, and a $12.8 million swing from a loss to a gain in change in fair value of derivative instruments.
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

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

Exhibit 5.1: Opinion Regarding Legality

Exhibit 10.26: Material Contract

Exhibit 10.27: 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: 0001365916-22-000032
Submitted to the SEC: Wed Mar 09 2022 6:19:29 AM EST
Accepted by the SEC: Wed Mar 09 2022
Period: Friday, December 31, 2021
Industry: Industrial Organic Chemicals