DNMRW Danimer Scientific Inc (QX)

 

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): August 08, 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:

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 August 8, 2024, Danimer Scientific, Inc. (“Danimer”) issued a press release announcing its financial results for the second quarter ended June 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 August 8, 2024, reporting financial results for the first quarter ended June 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:	August 8, 2024	By:	/s/ Stephen A. Martin
			Stephen A. Martin Chief Legal Officer and Corporate Secretary

 

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Danimer Scientific Announces Second Quarter 2024 Results

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

-- Company Forecasting Annualized PHA Revenues to More Than Triple by End of Q2 2025 --

-- Pro-Rata Warrant Dividend Transaction Provides Balance Sheet Deleveraging Opportunity --

BAINBRIDGE, GA – August 8, 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 second quarter ended June 30, 2024.

Stephen E. Croskrey, Chief Executive Officer of Danimer, commented, “We completed the second 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 will continue into the third quarter, but at a lesser degree than experienced during the second quarter. It is important to reiterate that we have retained 100% of this business, and we remain on track to continue to grow our PHA business during 2024.”

Mr. Croskrey continued, “Our 20-million-pound cutlery award continues to progress. Our converter partners have received initial molds for testing, and some have purchased new injection molding equipment. To date, we have received four commercial orders, with one order having been delivered and the others expected to ship by the end of this month. We expect this award to reach full run rate in mid-2025."

Mr. Croskrey concluded, “Our recently completed pro-rata warrant dividend transaction has provided a potential new avenue to deleverage our balance sheet, strengthen our capital structure and maximize stockholder value. We are pleased that we have been able to retire $6.1 million of our 3.25% convertible notes as of the date of this release.”

Second Quarter 2024 Financial Highlights:

Capital Structure

At June 30, 2024, the Company reported total debt outstanding of $393.9 million, which included approximately $45.7 million dollars of low-interest New Markets Tax Credit loans that the Company expects will be forgiven beginning in 2026.

As previously disclosed, on April 19, 2024, the Company entered into a $20 million asset-based lending agreement (ABL) revolving credit facility that is secured primarily by its accounts receivable and inventory, subject to borrowing base limitations. The Company had borrowed $5.2 million against this facility as of

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June 30, 2024 and continues to explore additional avenues to manage its liquidity position and enable it to maintain strategic and operational flexibility as it executes its growth strategy.

On July 12, 2024, the Company distributed warrants to stockholders of record as of May 13, 2024, who received one warrant (“Dividend Warrant”) for each three shares of common stock. Holders of the Company’s 3.250% convertible senior notes and its pre-funded common stock purchase warrants as of the record date also received Dividend Warrants on a pass-through basis. For additional information on the Dividend Warrant, please see the FAQs on the Investor Relations section of the Company’s website at https://ir.danimerscientific.com/.

Outlook

The Company reported second quarter results that were consistent with its expectations including the impact of the reapportionment related to the Starbucks straw resin business. The Company anticipates that these headwinds will continue into the third quarter but with a much lower impact compared to the second quarter. As such, the Company is making the following adjustments to annual guidance:

Additionally, the Company is now forecasting annualized PHA revenues to more than triple by the end of the second quarter of 2025, based solely on demand from existing customer relationships and their indicated volumes, including the aforementioned 20-million-pound cutlery award.

Webcast, Conference Call and 10-Q Filing

The Company will host a webcast and conference call today, Thursday August 8, 2024, at 4:30 p.m. Eastern time to review second quarter 2024 results, discuss recent events and conduct a question-and-answer session. 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 1-800-717-1738 or 1-646-307-1865, respectively. Upon dialing in, please request to join the Danimer Scientific Second 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.

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Forward-looking statements include, without limitation, statements regarding expectations for the full year 2024 capital expenditures, Adjusted EBITDA and liquidity, 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 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; 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: 770-337-6570

ir@danimer.com

 

 

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Danimer Scientific, Inc.

Condensed Consolidated Balance Sheets

 

		June 30,				December 31,
(in thousands, except share and per share data)		2024				2023
Assets:
Current assets:
Cash and cash equivalents		$	40,254			$	59,170
Accounts receivable, net			10,928				15,227
Other receivables, net			580				652
Inventories, net			26,277				25,270
Prepaid expenses and other current assets			5,907				4,714
Contract assets, net			2,928				3,005
Total current assets			86,874				108,038
Property, plant and equipment, net			434,257				445,153
Intangible assets, net			76,415				77,790
Right-of-use assets			19,163				19,160
Leverage loans receivable			31,446				31,446
Restricted cash			14,167				14,334
Other assets			4,218				2,210
Total assets		$	666,540			$	698,131
Liabilities and Stockholders' Equity:
Current liabilities:
Accounts payable		$	2,880			$	5,292
Accrued liabilities			4,781				4,726
Unearned revenue and contract liabilities			850				1,000
Current portion of lease liability			3,723				3,337
Current portion of long-term debt, net			6,976				1,368
Total current liabilities			19,210				15,723
Long-term lease liability, net			21,461				21,927
Long-term debt, net			386,910				381,436
Warrant liability			3,914				5
Other long-term liabilities			1,017				1,020
Total liabilities		$	432,512			$	420,111
Stockholders' equity:
Common stock, $0.0001 par value; 200,000,000 shares authorized: 116,608,522 and 102,832,103 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively		$	12			$	10
Additional paid-in capital			738,061				732,131
Accumulated deficit			(504,045	)			(454,121	)
Total stockholders’ equity			234,028				278,020
Total liabilities and stockholders’ equity		$	666,540			$	698,131

 

 

 

 

 

 

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Danimer Scientific, Inc.

Condensed Consolidated Statements of Operations

 

		Three Months Ended June 30,								Six Months Ended June 30,
(in thousands, except share and per share data)		2024				2023				2024				2023
Revenue:
Products		$	7,246			$	12,174			$	17,201			$	23,270
Services			382				691				651				1,521
Total revenue			7,628				12,865				17,852				24,791
Costs and expenses:
Cost of revenue			14,531				19,433				31,066				37,642
Selling, general and administrative			6,752				16,844				13,621				35,543
Research and development			5,109				7,709				10,451				14,784
Loss on sale of assets			565				-				565				170
Total costs and expenses			26,957				43,986				55,703				88,139
Loss from operations			(19,329	)			(31,121	)			(37,851	)			(63,348	)
Nonoperating income (expense):
Gain (loss) on remeasurement of warrants			5,742				1,083				5,841				(33	)
Interest, net			(9,072	)			(9,162	)			(17,910	)			(12,548	)
Loss on loan extinguishment			-				(102	)			-				(102	)
Total nonoperating expense:			(3,330	)			(8,181	)			(12,069	)			(12,683	)
Loss before income taxes			(22,659	)			(39,302	)			(49,920	)			(76,031	)
Income taxes			(2	)			61				(4	)			151
Net loss		$	(22,661	)		$	(39,241	)		$	(49,924	)		$	(75,880	)
Basic and diluted net loss per share		$	(0.19	)		$	(0.38	)		$	(0.45	)		$	(0.74	)
Weighted average shares outstanding			116,465,086				101,938,376				110,114,660				101,917,585

 

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Danimer Scientific, Inc.

Condensed Consolidated Statements of Cash Flows

		Six Months Ended
		June 30,
(in thousands)		2024				2023
Cash flows from operating activities:
Net loss		$	(49,924	)		$	(75,880	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization			14,969				14,752
(Gain) loss on remeasurement of warrants			(5,841	)			33
Amortization of debt issuance costs			5,821				3,485
Stock-based compensation			1,169				27,974
Warrant issuance costs			867				-
Loss on disposal of assets			565				170
Accounts receivable reserves			437				(948	)
Inventory reserves			(313	)			464
Amortization of right-of-use assets and lease liability			(83	)			(237	)
Deferred income taxes			-				(155	)
Other			-				1,046
Changes in operating assets and liabilities:
Accounts receivable			3,863				5,939
Other receivables			74				38
Inventories, net			(694	)			2,383
Prepaid expenses and other current assets			(751	)			1,130
Contract assets			(185	)			(959	)
Other assets			70				(120	)
Accounts payable			(2,078	)			(2,377	)
Accrued liabilities			227				600
Other long-term liabilities			(4	)			636
Unearned revenue and contract liabilities			(150	)			875
Net cash used in operating activities			(31,961	)			(21,151	)
Cash flows from investing activities:
Purchases of property, plant and equipment and intangible assets			(3,770	)			(23,041	)
Net cash used in investing activities			(3,770	)			(23,041	)
Cash flows from financing activities:
Proceeds from issuance of common warrants, net of issuance costs			8,883				-
Proceeds from issuance of common stock, net of issuance costs			4,658				-
Proceeds from long-term debt			11,326				130,000
Principal payments on long-term debt			(7,227	)			(11,744	)
Cash paid for debt issuance costs			(1,095	)			(33,295	)
Proceeds from employee stock purchase plan			118				129
Employee taxes related to stock-based compensation			(15	)			(61	)
Net cash provided by financing activities			16,648				85,029
Net (decrease) increase in cash and cash equivalents and restricted cash			(19,083	)			40,837
Cash and cash equivalents and restricted cash-beginning of period			73,504				64,401
Cash and cash equivalents and restricted cash-end of period		$	54,421			$	105,238

 

 

 

 

Non-GAAP Financial Measures

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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 June 30,
		2024				2023
(in thousands)
Net loss		$	(22,661	)		$	(39,241	)
Interest, net			9,072				9,162
Depreciation and amortization			7,438				7,173
(Gain) loss on remeasurement of warrants			(5,742	)			(1,083	)
Transaction and other related			807				-
Strategic reorganization and related			738				28
Litigation and other legal related			280				37
Stock-based compensation			199				13,666
Income taxes			2				(61	)
Loss on extinguishment of debt			-				102
Adjusted EBITDA		$	(9,867	)		$	(10,217	)

 

 

 

Reconciliation of Adjusted Gross Profit to Gross Profit (Unaudited)

		Three Months Ended June 30,
		2024				2023
(in thousands)
Total revenue		$	7,628			$	12,865
Cost of revenue			14,531				19,433
Gross profit			(6,903	)			(6,568	)
Depreciation			5,105				4,934
Stock-based compensation			3				2
Adjusted gross profit		$	(1,795	)		$	(1,632	)
Adjusted gross margin			(23.5	%)			(12.7	%)

 

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Second Quarter 2024 Earnings Presentation August 8, 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, we 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; 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 has 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 August 8, 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 196 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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Lead Evaluation Pre-Commercial Launch Material Selection Trials R&D / Product Development Certification Work Market Testing Regulatory Initial Sample New leads are screened by sales first, then a joint committee with R&D & sales if necessary; many do not make it past this stage 1 – 5 Years 6 Months – 2 Years 3 - 6 Months Sales Cycle 1 – 5 Years 4

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Material Selection ~ 104 customers currently in “Material Selection” zone. Material selection zone is an iterative process, not necessarily a linear process. Sales Cycle (continued) Material Selection Trials R&D / Product Development Certification Work Market Testing Regulatory Initial Sample 5

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Provides unique opportunity to deleverage our balance sheet and reset our capital structure. 1 for 3 Pro-Rata Dividend – Record Date May 13, 2024 1 dividend warrant awarded for each 3 common shares outstanding Approximately 46.7 million warrants were issued to eligible participants $5.00 Exercise Price – Cash or Face Value of Convertible Notes 200 warrants may be exercised at $5.00 each with $1,000 of cash OR 200 warrants may be exercised at $5.00 each with one $1,000 par convertible note Currently includes of one-half Bonus Share – Effective $3.33 share price Our Convertible Notes Last Traded At 14.86% Of Par on May 13th, 2024 Debt retirement, assuming exercise including Bonus Share If all Dividend Warrants are exercised by Noteholders - ~$234M of debt would be retired for 70 million shares To date – we have retired $6.1 million in Convertible Notes through this program For additional information, please see the FAQs available at our website: https://ir.danimerscientific.com Completed Pro-Rata Dividend Warrant Distribution 6 No Offer or Solicitation This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. A Form 8-A registration statement and prospectus supplement describing the terms of the Warrants will be filed with the SEC and will be available on the SEC’s website located at http://www.sec.gov. Holders of the Company’s Common Stock should read the prospectus supplement carefully, including the Risk Factors section included and incorporated by reference therein. This communication contains a general summary of the Warrants. Please read the warrant agreement when it becomes available as it will contain important information about the terms of the Warrants.

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Q2 2024 Financial Summary Q2’24 sales overall decreased compared to Q2’23 driven by lower PHA sales of $2.5M impacted by the Starbucks straw resin reapportionment, as well as lower PLA sales of $2.4 million due to the impact of the Ukraine conflict. Increased adjusted gross loss primarily impacted by unfavorable fixed cost absorption driven by lower sales as compared to prior year second quarter. Lower total R&D and SG&A spending reflects successful cost control initiatives. Q2 2024 Comments Financial Summary 7

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Adjusted EBITDA guidance now expected to be between $(30) million to ($35) million. Capital expenditures guidance range of $8 million to $10 million. Year-end liquidity, which comprises our unrestricted cash and projected availability under the revolver, will now be in the range of $15 million to $20 million. Guidance reflects anticipated timing of revenues associated with customer product launches. 8 Fiscal 2024 Guidance Summary PHA-Based Resin Sales PLA Profit Contribution Total Gross Margin SG&A & R&D As % of Sales 2024E Adj EBITDA of ($35) – ($30) Million PHAGross Margin Near-Term Path to Profitability Change vs 2023A

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Appendix

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Adjusted EBITDA Reconciliation 10

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Adjusted Gross Profit Reconciliation 11

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THANK YOU

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Document And Entity Information	Aug. 08, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 08, 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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