Form 8-K - Current report

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 19, 2024

 

 

DANIMER SCIENTIFIC, INC.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-39280	84-1924518
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
140 Industrial Boulevard
Bainbridge, Georgia				39817
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 229 243-7075

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Class A Common stock, $0.0001 par value per share		DNMR		The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On November 19, 2024, Danimer Scientific, Inc. (“Danimer”) issued a press release announcing its financial results for the third quarter ended September 30, 2024. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The press release contains the following non-GAAP measures: “Adjusted EBITDA”, “Adjusted Gross Profit”, and “Adjusted Gross Margin”. Danimer believes that each of Adjusted EBITDA, Adjusted Gross Profit, and Adjusted Gross Margin are useful to investors in evaluating Danimer’s performance because each measure considers the performance of Danimer’s operations, excluding decisions made with respect to capital investment, financing and other non-recurring charges. Danimer believes these non-GAAP metrics offer additional financial information that, when coupled with the GAAP results and the reconciliation to GAAP results, provides a more complete understanding of its results of operations and the factors and trends affecting its business. The non-GAAP measures are reconciled to comparable GAAP financial measures within the press release. Danimer cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, Danimer’s reported GAAP results. Additionally, Danimer notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of Danimer, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

Item 7.01 Regulation FD Disclosure

Attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference is the form of presentation to be used by Danimer in presentations for certain of its stockholders and other persons. The information in this Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of Danimer, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

Item 9.01 Financial Statements and Exhibits.

d) Exhibits.

Exhibit No.		Description
99.1		Press Release, dated November 19, 2024, reporting financial results for the third quarter ended September 30, 2024 (furnished only).
99.2		Form of Investor Presentation (furnished only).
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

			Danimer Scientific, Inc
Date:	November 19, 2024	By:	/s/ Stephen A. Martin
			Stephen A. Martin Chief Legal Officer and Corporate Secretary

 

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Danimer Scientific Announces Third Quarter 2024 Results

--Additional Resin Orders and Deliveries Continue to Support 20-Million Pound Cutlery Award –-

-- 100% Compostable Skittles® Bag Made with Nodax® PHA Featured at NFL Game --

 

BAINBRIDGE, GA – November 19, 2024 – Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next generation bioplastics company focused on the development and production of biodegradable materials, announced today financial results for its third quarter ended September 30, 2024.

Richard N. Altice, Interim Chief Executive Officer of Danimer, commented, “We completed the third quarter in line with our expectations considering the temporary impact of Starbucks’ reapportionment of their Nodax-based straw business between our converter partners. We believe these headwinds are behind us, and it is important to reiterate that we have retained 100% of this business. We remain on track to continue to grow our PHA business into fiscal 2025.

“Our significant cutlery award continues to progress as we work toward the 20-million-pound annual run rate that we anticipate reaching in mid-2025. Consistent with the end customer’s ramp plan, we have received orders for over 250,000 pounds of cutlery resin and film resin to date. The end customer has invested significant capital in cutlery molds for each of our converter partners in support of the program scale-up and testing is proceeding well.

“We are excited about the soft launch of 100% compostable Skittles packaging made with our Nodax PHA resin. This packaging was featured at a Seattle Seahawks NFL game in October 2024. This long-standing development partnership with Mars Wrigley is a great example of how our biodegradable resins can help combat the end-of-life problem of petroleum-based plastics.

“While we remain focused on executing these commercial opportunities, we are mindful of managing our indebtedness levels and near-term constraints on liquidity as we enter our anticipated significant commercial ramp over the next twelve months. We are focused on preserving liquidity and analyzing a variety of transactions to strengthen our capital structure.”

Third Quarter 2024 Financial Highlights:

•

Revenues of $8.6 million in the third quarter of 2024 were down by $2.3 million compared to revenue of $10.9 million in the third quarter of 2023. PHA revenue of $6.6 million decreased by $1.8 million in the quarter as compared with the prior year quarter. This was primarily due to the reapportionment of Starbucks’ straw business which led to significant disruptions in order patterns of the Company’s converter partners. PLA revenue of $1.3 million decreased by $0.6 million quarter-over-quarter, primarily due to decreased customer demand.

•

Gross profit of $(7.3) million was in line with $(7.7) million in the third quarter of 2023. Adjusted gross profit was $(2.3) million compared to $(2.6) million in the third quarter of 2023.

•

Net loss was $(21.8) million in the third quarter of 2024 which improved as compared to $(40.2) million in the third quarter of 2023.

•

Adjusted EBITDA was $(8.9) million in the third quarter of 2024 which improved as compared to $(9.3) million in the third quarter of 2023.

Capital Structure

At September 30, 2024, the Company reported total debt outstanding of $387.9 million, which included approximately $45.7 million of low-interest New Markets Tax Credit loans that the Company expects will be forgiven beginning in 2026.

 

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The Company has taken actions to reduce its operating costs across all areas of the business, including reductions in discretionary spending, reduced labor costs through employee headcount rationalization, postponement of capital expenditures and the temporary suspension of operations at the Danimer Catalytic Technologies business. The Company has also heightened its focus on collections of accounts receivable and has launched an initiative to reduce on-hand inventory levels.

In light of the substantial leverage position, the Company continues to analyze a variety of transactions and mechanisms designed to reduce debt and/or provide additional liquidity.

Outlook

The Company reported third quarter results that were consistent with its expectations including the impact of the reapportionment related to the Starbucks straw resin business. As such, the Company is providing the following guidance for the remainder of the fiscal year:

•

Adjusted EBITDA through the third quarter is ($27.4) million. We expect fourth quarter Adjusted EBITDA to be in the range of ($7.0) million to ($7.5) million resulting in a full year Adjusted EBITDA total of ($34.4) million to ($34.9) million which is within the previously disclosed guidance range of $(30) million to $(35) million.

•

We expect full-year capital expenditures will be between $8 million and $9 million, within the previously disclosed guidance range of $8 million to $10 million. This range will support existing commitments related to the Bainbridge greenfield facility, maintenance expenditures and other capital projects.

•

Given ongoing efforts to analyze a variety of transactions and mechanisms designed to provide additional liquidity, the Company is not providing a year-end liquidity outlook at this time.

Webcast, Conference Call and 10-Q Filing

The Company will host a webcast and conference call today, Tuesday November 19, 2024, at 10:00 AM Eastern time to review third quarter 2024 results and discuss recent events. The live webcast of the conference call can be accessed on the Investor Relations section of the Company’s website at https://ir.danimerscientific.com. For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-800-445-7795 or 1-785-424-1699, respectively. Please use Conference ID: DSQ324 for entrance into the meeting. Upon dialing in, please request to join the Danimer Scientific Third Quarter 2024 Earnings Conference Call. The archived webcast will be available for replay on the Company's website after the call.

 

About Danimer Scientific

Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer holds more than 480 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com.

Forward Looking Statements

Please note that this press release may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding expectations for the full year 2024

 

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capital expenditures, Adjusted EBITDA and liquidity, and statements regarding expected PHA revenue growth. Forward-looking statements are made based on expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. The Company cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; our ability to maintain sufficient liquidity by realizing near-term revenue growth and related cash returns and preserving cash until such cash returns, if any are obtained; the effect on our borrowing facilities of an event of default, including if an Annual Report on Form 10-K contains a Report of Independent Registered Public Accounting Firm that includes disclosure regarding going concern; our ability to maintain our exchange listing; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; the outcomes of any litigation matters; the impact on our business, operations and financial results from the ongoing conflicts in Ukraine and the Middle East; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release and speak only as of the date hereof. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

Contact:

Investor Relations and Media

Blake Chamblee

Phone: [phone]

[e-mail]

 

 

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Danimer Scientific, Inc.

Condensed Consolidated Balance Sheets

 

		September 30,				December 31,
(in thousands, except share and per share data)		2024				2023
Assets:
Current assets:
Cash and cash equivalents		$	22,187			$	59,170
Accounts receivable, net			11,745				15,227
Other receivables, net			125				652
Inventories, net			26,043				25,270
Prepaid expenses and other current assets			5,395				4,714
Contract assets, net			4,377				3,005
Total current assets			69,872				108,038
Property, plant and equipment, net			430,231				445,153
Intangible assets, net			75,762				77,790
Right-of-use assets			19,163				19,160
Leverage loans receivable			31,446				31,446
Restricted cash			14,116				14,334
Other assets			3,180				2,210
Total assets		$	643,770			$	698,131
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable		$	4,542			$	5,292
Accrued liabilities			6,131				4,726
Unearned revenue and contract liabilities			914				1,000
Current portion of lease liability			3,724				3,337
Current portion of long-term debt, net			6,021				1,368
Total current liabilities			21,332				15,723
Long-term lease liability, net			21,418				21,927
Long-term debt, net			381,874				381,436
Warrant liability			6,315				5
Other long-term liabilities			1,238				1,020
Total liabilities		$	432,177			$	420,111
Stockholders' equity:
Common stock, $0.0001 par value; 600,000,000 shares authorized: 120,771,640 and 102,832,103 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively		$	13			$	10
Additional paid-in capital			737,464				732,131
Accumulated deficit			(525,884	)			(454,121	)
Total stockholders’ equity			211,593				278,020
Total liabilities and stockholders’ equity		$	643,770			$	698,131

 

 

 

 

 

 

 

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Danimer Scientific, Inc.

Condensed Consolidated Statements of Operations

 

		Three Months Ended September 30,								Nine Months Ended September 30,
(in thousands, except share and per share data)		2024				2023				2024				2023
Revenue:
Products		$	7,972			$	10,454			$	25,173			$	33,724
Services			658				494				1,309				2,015
Total revenue			8,630				10,948				26,482				35,739
Costs and expenses:
Cost of revenue			15,945				18,685				47,011				56,327
Selling, general and administrative			6,861				16,555				20,482				52,098
Research and development			4,580				6,883				15,031				21,667
Loss on sale of assets			65				64				630				234
Total costs and expenses			27,451				42,187				83,154				130,326
Loss from operations			(18,821	)			(31,239	)			(56,672	)			(94,587	)
Nonoperating income (expense):
(Loss) gain on remeasurement of warrants			(206	)			132				5,635				99
Interest, net			(9,631	)			(8,584	)			(27,541	)			(21,132	)
Gain (loss) on loan extinguishment			6,821				-				6,821				(102	)
Total nonoperating expense:			(3,016	)			(8,452	)			(15,085	)			(21,135	)
Loss before income taxes			(21,837	)			(39,691	)			(71,757	)			(115,722	)
Income taxes			(2	)			(468	)			(6	)			(317	)
Net loss		$	(21,839	)		$	(40,159	)		$	(71,763	)		$	(116,039	)
Basic and diluted net loss per share		$	(0.18	)		$	(0.39	)		$	(0.63	)		$	(1.14	)
Weighted average shares outstanding			119,713,087				102,025,684				113,337,922				101,953,827

 

 

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Danimer Scientific, Inc.

Condensed Consolidated Statements of Cash Flows

		Nine Months Ended
		September 30,
(in thousands)		2024				2023
Cash flows from operating activities:
Net loss		$	(71,763	)		$	(116,039	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			22,345				22,005
Gain on remeasurement of warrants			(5,635	)			(99	)
Amortization of debt issuance costs			8,951				6,209
Stock-based compensation			1,693				42,227
Warrant issuance costs			867				-
Loss on disposal of assets			630				234
Accounts receivable reserves			610				(1,462	)
Inventory reserves			513				540
Amortization of right-of-use assets and lease liability			(124	)			(278	)
(Gain) loss on loan extinguishment			(6,821	)			102
Deferred income taxes			-				(199	)
Other			-				941
Changes in operating assets and liabilities:
Accounts receivable			2,873				7,029
Other receivables			528				555
Inventories, net			(1,287	)			5,475
Prepaid expenses and other current assets			(239	)			1,816
Contract assets			(759	)			(1,244	)
Other assets			76				(119	)
Accounts payable			(638	)			(2,061	)
Accrued liabilities			1,588				1,893
Other long-term liabilities			217				706
Unearned revenue and contract liabilities			(85	)			438
Net cash used in operating activities			(46,460	)			(31,331	)
Cash flows from investing activities:
Purchases of property, plant and equipment and intangible assets			(7,486	)			(25,722	)
Proceeds from disposals of property, plant and equipment			1,167				18
Net cash used in investing activities			(6,319	)			(25,704	)
Cash flows from financing activities:
Proceeds from issuance of warrants, net of issuance costs			8,888				-
Proceeds from issuance of common stock, net of issuance costs			4,517				-
Proceeds from long-term debt			20,716				130,000
Principal payments on long-term debt			(17,594	)			(12,437	)
Cash paid for debt issuance costs			(1,097	)			(33,296	)
Proceeds from employee stock purchase plan			176				282
Employee taxes related to stock-based compensation			(28	)			(61	)
Net cash provided by financing activities			15,578				84,488
Net (decrease) increase in cash and cash equivalents and restricted cash			(37,201	)			27,453
Cash and cash equivalents and restricted cash-beginning of period			73,504				64,401
Cash and cash equivalents and restricted cash-end of period		$	36,303			$	91,854

 

 

 

 

 

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Non-GAAP Financial Measures

This press release includes the non-GAAP financial measures “Adjusted EBITDA”, “Adjusted gross profit” and "Adjusted gross margin". Danimer management views these metrics as a useful way to look at the performance of its operations between periods and to exclude decisions on capital investment and financing that might otherwise impact the review of profitability of the business based on present market conditions.

Adjusted EBITDA is defined as net income or loss plus net interest expense, income taxes, depreciation and amortization, as adjusted to add back certain charges or gains that Danimer may record each period such as remeasurement of warrants, stock-based compensation expense, as well as non-recurring charges such as (i) asset disposal gains or losses as well as other significant gains or losses such as debt extinguishments and impairment of goodwill; (ii) legal settlements; or (iii) other discrete non-recurring items. Danimer believes these items are not considered an indicator of ongoing performance. Adjusted EBITDA is not a measure of performance defined in accordance with GAAP. The measure is used as a supplement to GAAP results in evaluating certain aspects of Danimer’s business, as described below.

Adjusted gross profit is defined as gross profit plus depreciation, stock-based compensation and other nonrecurring items.

Adjusted gross margin is defined as adjusted gross profit divided by total revenue.

Danimer believes that each of Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin is useful to investors in evaluating the Company’s performance because each measure considers the performance of the Company’s operations, excluding decisions made with respect to capital investment, financing and other non-recurring charges as outlined in the preceding paragraph. Danimer believes these non-GAAP metrics offer additional financial information that, when coupled with the GAAP results and the reconciliation to GAAP results, provides a more complete understanding of its results of operations and the factors and trends affecting its business.

Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin should not be considered as an alternative to net income or loss as an indicator of its performance or as alternatives to any other measure prescribed by GAAP as there are limitations to using such non-GAAP measures. Although Danimer believes that Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin may enhance an evaluation of its operating performance based on recent revenue generation and product/overhead cost control because it excludes the impact of prior decisions made about capital investment, financing and other expenses, (i) other companies in Danimer’s industry may define Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin differently than Danimer does and, as a result, they may not be comparable to similarly titled measures used by other companies in its industry, and (ii) Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin exclude certain financial information that some may consider important in evaluating Danimer’s performance.

Danimer compensates for these limitations by providing disclosure of the differences between Adjusted EBITDA, Adjusted gross profit and Adjusted gross margin and GAAP results, including providing a reconciliation to GAAP results, to enable investors to perform their own analysis of Danimer’s operating results. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, reconciliations to GAAP financial measures are not provided for forward-looking non-GAAP measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
 

 

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Danimer Scientific, Inc.

Reconciliation of Adjusted EBITDA to Net Loss (Unaudited)

 

		Three Months Ended September 30,
		2024				2023
(in thousands)
Net loss		$	(21,839	)		$	(40,159	)
Interest, net			9,631				8,584
Depreciation and amortization			7,376				7,253
(Gain) loss on loan extinguishment			(6,821	)			-
Transaction and other related			1,197				-
Stock-based compensation			744				14,324
Strategic reorganization and related			522				382
Loss (gain) on remeasurement of warrants			206				(132	)
Litigation and other legal related			101				28
Income taxes			2				468
Adjusted EBITDA		$	(8,881	)		$	(9,252	)

 

 

 

Reconciliation of Adjusted Gross Profit to Gross Profit (Unaudited)

		Three Months Ended September 30,
		2024				2023
(in thousands)
Total revenue		$	8,630			$	10,948
Cost of revenue			15,945				18,685
Gross profit			(7,315	)			(7,737	)
Depreciation			5,049				5,086
Stock-based compensation			3				2
Adjusted gross profit		$	(2,263	)		$	(2,649	)
Adjusted gross margin			(26.2	%)			(24.2	%)

 

 

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Third Quarter 2024 Earnings Presentation November 19, 2024

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This presentation (“Presentation”) is for informational purposes only. This Presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful. No representations or warranties, express or implied, are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will Danimer Scientific, Inc. (the “Company”) or any of its subsidiaries, stockholders, affiliates, representatives, directors, officers, employees, advisers, or agents be responsible or liable for a direct, indirect, or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. The Company has not independently verified the data obtained from these sources and cannot assure you of the data’s accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of investigations as an investor may deem necessary. FORWARD-LOOKING STATEMENTS Please note that in this Presentation, the Company may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our expectations for full year 2024 capital expenditures and Adjusted EBITDA and statements regarding expected PHA revenue growth, as well as statements regarding the exercise of Dividend Warrants using 3.250% convertible senior notes to pay the exercise price. Forward-looking statements are made based on management’s expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. The Company cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this Presentation include, but are not limited to, the overall level of consumer demand on its products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; the Company’s ability to maintain its exchange listing; the Company’s ability to maintain sufficient liquidity by realizing near-term revenue growth and related cash returns and preserving cash until such cash returns, if any, are obtained; access to available capital to meet our operating requirements and to service our debt instruments; the effect on our borrowing facilities of an event of default, including if an Annual Report on Form 10-K containing a Report of Independent Registered Public Accounting Firm that includes disclosure regarding going concern disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to its products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; the outcome of any litigation matters; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, its information systems; the ability of its information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; its ability to properly maintain, protect, repair or upgrade its information technology systems or information security systems, or problems with its transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; its ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this Presentation are based upon information available to the Company as of the date of this Presentation and speak only as of the date hereof. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this presentation. USE OF PROJECTIONS This Presentation contains projected financial information with respect to the Company. Such projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive, and other risks and uncertainties. See “Forward-Looking Statements” above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES Some of the financial information and data contained in this Presentation, such as Adjusted EBITDA, and Adjusted Gross Profit have not been prepared in accordance with United States generally accepted accounting principles (“GAAP”). The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company’s financial condition and results of operations. The Company’s management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. A reconciliation of these non-GAAP financial measures to the closest GAAP measure is included in the Appendix to the Presentation. You should review the Company’s audited financial statements prepared in accordance with GAAP, which are included in its Annual Report on Form 10-K filed with the SEC. Forward-looking non-GAAP financial measures are presented without reconciliations to GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis, and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. TRADEMARKS This Presentation contained trademarks, service marks, trade names, and copyrights of, the Company, and other companies, which are the property of their respective owners. The information contained herein is as of November 19, 2024, and does not reflect any subsequent events. Forward-Looking Statements and Non-GAAP Financial Results 2

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FAST FACTS Founded in 2004(went public in 2020) Over 480 patents & pending patent applications 15 partnerships with major brands and distributors 183 Teammates 2018 and 2020 recipient of PLASTICS Innovation in Bioplastics Award Locations in Georgia, Kentucky and New York Manufacturer and developer of PHA biopolymers and PHA-based biodegradable resins marketed under the NODAX® brand. Provider of responsible and sustainable alternatives to petroleum-based plastics across many end-use applications. 3

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Q3 2024 Financial Summary Q3’24 sales decreased by $2.3 million compared to Q3’23 driven by lower PHA sales of $1.8M impacted by the Starbucks straw resin reapportionment, as well as lower PLA sales of $0.6 million due to decreased customer demand. Decreased adjusted gross loss primarily impacted by cost reduction efforts partially offset by unfavorable cost absorption and inflationary impacts. Q3 2024 Comments Financial Summary 4

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Appendix

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Adjusted EBITDA Reconciliation 6

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Adjusted Gross Profit Reconciliation 7

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THANK YOU

Document And Entity Information	Nov. 19, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 19, 2024
Entity Registrant Name	DANIMER SCIENTIFIC, INC.
Entity Central Index Key	0001779020
Entity Emerging Growth Company	false
Entity File Number	001-39280
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-1924518
Entity Address, Address Line One	140 Industrial Boulevard
Entity Address, City or Town	Bainbridge
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	39817
City Area Code	229
Local Phone Number	243-7075
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Class A Common stock, $0.0001 par value per share
Trading Symbol	DNMR
Security Exchange Name	NYSE

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