Amyris, Inc. Reports Second Quarter 2020 Results

EMERYVILLE, Calif., Aug. 6, 2020

Highlights

• Completed $200 million private placement during Q2; largest raise in the history of the company
• Reduced debt by $121 million or 40% since start of 2020. Improves H2 2020 debt servicing cash costs by $30 million
• Q2 Recurring Revenue for Consumer & Ingredients of $26 million more than doubled YOY. Record quarter for Consumer brands with revenue tripling YOY from strong online sales
• Cash Operating Expenses of $43 million were the lowest in the five sequential quarters and down 6% versus prior year. Lower G&A and R&D expense was partly reinvested in consumer brands
• Signed commercial partnership for Purecane™ in commercial baking applications with AB Mauri
• Signed term sheet for a scientific partnership with Infectious Disease Research Institute (IDRI) to create RNA vaccine platform

Management Comments
"Our business and our people have shown strong resilience during these unprecedented times. Keeping everyone safe has been our number one priority while continuing to grow revenue and improve operations. COVID has certainly had an impact in how we operate the business. For example, COVID has impacted progress with third party manufacturing," said John Melo, President and Chief Executive Officer. "Lower consumer revenue from store closures was mitigated by consumers transitioning online. Our consumer brands saw record revenue in the quarter and, for the first time, was equal in size to our ingredients portfolio. We expect second half consumer revenue to more than double that of the first half of this year. This shift in our portfolio will continue with significantly larger sustainable and predictable product revenue relative to collaboration programs."

Continued Melo, "We have executed on commercial and scientific strategic partnerships such as Purecane in commercial baking applications with AB Mauri and to create an RNA vaccine platform with IDRI. Our focus on improvement of operational economics as it relates to scale-up of both new ingredients and our young brands continues, and we made significant progress on improving our capital structure. During Q2, we raised $200 million from a private placement with high-quality investors of which 70% were new and 90% with a health care, biotechnology and/or long orientation."

Strategic Priorities
The strategic priorities we set out at the start of 2020 support our goals for growth, sustained cash generation, and profitability.

	Strategic Priorities ARIVA.DE Börsen-Geflüster Kurse Amyris Inc 0,0015 $ +50,0%	Q2 Progress
1	High growth consumer brands	· Record quarter for Consumer brands with revenue tripling YOY from strong online sales · Pipette brand grew 10X versus Q1 2020
2	Scientific and commercial collaboration	· Commercial partnership with AB Mauri for Purecane in commercial baking applications · Scientific partnership with IDRI for rights to their RNA vaccine platform
3	Supply chain optimization	· Continued production efficiencies with squalane for Clean Beauty and Personal Care · 60% higher ingredients production output in H1 and improved unit costs · Advanced squalene adjuvant to commercial scale-up · Construction of our Brazil plant continues with full commissioning expected by Q4 of 2021
4	Improved balance sheet, earnings and cash flow	· Completed $200 million private placement · Reduced debt by $121 million or 40% since start of 2020. Improves H2 2020 cash debt servicing by $30 million

Sequential Sales Revenue

• Q2 Recurring Revenue of $30 million showed continued growth year-over-year (+36%) and was +23% versus the prior quarter
• Q2 was a record quarter for Consumer & Ingredients with Revenue more than doubling to $26 million year-over year. Revenue of Consumer brands tripled year-over-year from strong online sales. Ingredients Revenue grew in excess of 50% year-over-year
• Collaboration Revenue of $4 million was below the prior-year quarter and continues to be choppy as expected

Q2 2020 Results
Variance $ and Variance % in the following tables and comments may not foot due to rounding
$ Million except EPS

As Reported	2020	2019	Variance $	Variance %
Sales Revenue	30	63	(33)	(52%)
Gross Margin	36%	84%	-4800bps	--
Net Income	(104)	(71)	(33)	(47%)
Adj. Net Income	(58)	(14)	(44)	(306%)
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