Danimer Scientific Q4 2023 Earnings Call Transcript

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Provided by Quartr
March 28, 2024

There are 8 speakers on the call.

Operator

Welcome to the Danamer Scientific 2023 4th Quarter Earnings Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a question and answer session. Instructions will be provided at that time for you to queue up for a question. I would now like to turn the presentation over to Mr.

Operator

Blake Chamblee, the company's Investor Relations representative. Please go ahead.

Speaker 1

Thank you, operator. Good afternoon, everyone, and thank you for joining us today for Danamer Scientific's 2023 4th quarter earnings call. Leading the call today are Steve Croskry, Chairman and Chief Executive Officer and Mike Hajus, Chief Financial Officer. I'd like to note that there is a slide deck that accompanies today's discussion, which is available on the Investor Relations section of our website atdanemerscientific.com. As we begin, I'll call your attention to the company's Safe Harbor language, which is published in our SEC filings and on Slide 2 of the presentation I just referenced.

Speaker 1

On today's call, we may discuss forward looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Forward looking statements include, among other things, statements regarding future results of operations, including margins, profitability, capacity, production, customer programs and market demand levels. Actual results could differ materially from what is expressed or implied in our forward looking statements. The company assumes no obligation to update any forward looking statements to reflect events or circumstances after the date hereof, except as required by law. Today's presentation also includes references to non GAAP financial measures within the meaning of SEC Regulation G.

Speaker 1

We believe these non GAAP measures have analytical value, but note that they should be taken as supplementary measures of performance and not as alternative to GAAP results. We have provided reconciliations for non GAAP financial measures to the most comparable GAAP financial measures in our earnings release and our presentation.

Speaker 2

Thank you. It is

Speaker 1

now my pleasure to turn the call over to Steve Crossgreed, Chairman and Chief Executive Officer of Danamer Scientific.

Speaker 3

Good afternoon and thank you for joining us. The conclusion of the Q4 of 2023 marks the end of a challenging year as Danamer experienced delays in anticipated commercial launches. Despite these delays, we are greatly encouraged by our successes during the year and we believe we remain well ahead of competition in both deep understanding of the biodegradable plastics industry and the available production capacity to meet our current and future customers' needs. Some examples of our recent successes include the previously announced £20,000,000 PHA resin cutlery award for a large quick service restaurant chain or QSR, the start of a NO DAX based straw scale up with another large QSR as well as the commercial launch of home compostable certified mini carrot bags under the Bolthouse Farms brand completed a conjunction with our converter partner Columbia Packaging Group. We are excited about our partnership with Delta Coffees and the development of single use coffee pods that will meet stringent EU environmental standards.

Speaker 3

Additionally, we have made great strides in research and development efforts with several of our customers, including Mars Wrigley, Chimera, Eagle Fishing and Pepsi. We have also announced the completion of our Renovo pilot plant in Rochester, New York. This allows us to demonstrate the capabilities of this unique PHA material in meeting our end customers' needs and provides an important proof of concept supporting our designs for commercial scale production. We remain engaged with a major oil and gas company as a co location partner for a commercial facility and are also in negotiations with another partner to engage in research applications using our Renovo PHA. Our work with Chevron Phillips Chemical to develop and commercialize cast extrusion films, blown extrusion films, injection molded parts and rotation molded parts using Renovo Polymers continues to progress in a very positive manner.

Speaker 3

Our primary focus remains our development and commercialization efforts in the quick service restaurant channel. We work closely with the top 3 QSRs as measured by U. S. System wide sales for a variety of end use products, including straws, cutlery, film wrappers, bowls and container lids. Our previously announced £20,000,000 annual awards provide cutlery resin to a large global QSR chain continues to progress as we anticipated.

Speaker 3

We have entered the 1st stage of scale up and expect the 1st commercial shipments in the Q2 of 2024 with cutlery being delivered to at least one customer distribution center during the Q3 of 2024. We expect this award to reach full run rate in the Q2 of 2025. We have also recently learned of an opportunity to expand both in geography, specifically into Asian markets, including Japan, and into additional end product categories, including straws and film wrappers for cutlery with this same customer. Scale up of our NODAX based straw resin with another large QSR has progressed and is expected to enter commercial launch during 2024. The success of these trials has also led to a joint development agreement with the same QSR for lids and coated paper containers.

Speaker 3

We also continue to advance in the commercialization process of compostable cups using our PHA resins for both aqueous and extrusion coatings. This has been a technically challenging area, but we are very close to a successful outcome. Our partner, Chimera, has recently exercised an option to extend their license and exclusivity with us to commercialize biodegradable aqueous barrier coatings to be used on paper based food and beverage applications. This extension builds on our long standing successful development partnership, which began in 2020 and bodes well for the future. The QSR industry continues to rapidly move towards more sustainable solutions and we are thrilled to be a part of this transformation.

Speaker 3

We partnered with Delta Coffee, a coffee roaster and coffee packaging company in Portugal to develop a compostable single use capsule for their Delta Q line of ground espresso. We have begun commercial shipments of this resin in the Q1 of 2024. These pods are in full compliance with proposed new EU regulations requiring any coffee pods sold to meet new compost standards. These capsules degrade inside industrial composting environments leaving no microplastics or other residues that would harm natural ecosystems. As a reminder, coffee pods and tea bags represent a potential £500,000,000 opportunity in the European marketplace.

Speaker 3

We've also expanded our research and development contract with Mars Wrigley to further our relationship with their snacking division, including the completion of testing and validation of a unique product packaging using fully biodegradable PHA materials this year. Our partnership has also made significant progress towards the development of compostable PHA packaging that showcases the desired performance for products in Mars Pet Care and Food and Nutrition businesses. Another promising R and D project is focused on the sports fishing industry. Eagle Fishing, an innovation leader in the industry, has partnered with us to develop a new PHA technology for soft fish baits. Development of this new PHA soft plastic technology is nearing completion and full scale testing should be underway by mid year, which will help to replace the plasticized PVC lures that harm our aquatic ecosystems.

Speaker 3

This is an exciting market for us as we continue to grow in new directions and end applications with our Nodex PHA based resins. We have successfully completed a joint development agreement with PepsiCo to create home compostable multi layer films for use in snack food packaging. Our combined R and D efforts have led to the development of a multi layer packaging structure that meets the practical requirements for protecting the product while offering a sustainable disposable alternative. The expected demand growth for our PHA based products allows us to reaffirm our projected profitability timeline for our Kentucky operation and the company in total. We expect our Kentucky facility on a standalone basis to become EBITDA positive during the second half of twenty twenty four at plant capacity utilization of just over 30%.

Speaker 3

We expect the total company will become EBITDA positive when our Kentucky facility reaches 70% to 80% capacity utilization near the start of 2025. To support the customer revenue growth outlined above, we decided to further augment our liquidity position to help ensure an adequate cash runway. As we previously announced, we recently completed an equity offering generating $13,500,000 of additional cash after customary closing fees. This additional liquidity along with our projections for a decreasing cash burn rate as volumes increase in our Kentucky facility will aid us in meeting our forward cash needs. I would like to now draw your attention to Slides 56 in our investor presentation, which provides a visual reminder of our sales cycle process.

Speaker 3

From the initial lead to commercialization, this can

Speaker 4

be a

Speaker 3

lengthy, iterative process rather than a linear one, but we have been at this a long time. We currently have 85 customers in the material selection cycle ranging from initial sample production to larger scale trials to market testing to regulatory and certification work. This cycle establishes the long term sales pipeline for our business. We recently announced 2 new Board members. We are honored to welcome Doctor.

Speaker 3

David J. Moody and Mr. Richard Altais to the Danner Scientific Board of Directors. Doctor. Moody, who was appointed to the Board on January 17th this year is the former Chief Executive Officer of JADEX Incorporated, a U.

Speaker 3

S.-based manufacturing and material science company. He has over 30 years of experience managing chemical and polymer related businesses. Mr. Richard Altheis, whose appointment will be effective April 15, 2024 is the former President and CEO of NatureWorks, a developer and manufacturer of biopolymers. He has over 30 years of sales, marketing, operational and management experience in the specialty chemicals and biopolymer industries.

Speaker 3

These new board members bring valuable industry perspective and experience as we seek to rapidly grow our business and we are very excited about adding these seasoned executives to our team. Finally, we are entering the final stages of our due diligence work with the DOE Loans Program Office and we look forward to negotiations on a projected term sheet. I will now turn the call over to Mike Hajjost, our Chief Financial Officer to update you on the financial results for the Q4 and on our outlook for 2024.

Speaker 2

Thank you, Steve. Good afternoon, everyone. I'll start with our financial results on Slide 7 of our presentation for those of you following along. 4th quarter total revenue was $10,900,000 compared to $15,300,000 led by a product revenue decline of $4,000,000 or 28% compared to the prior year level. PHA based resin sales grew by 11% in the quarter compared to last year and we continue to experience steady growth.

Speaker 2

But PLA based resin sales fell 74% compared to last year, primarily due to the ongoing issues associated with the Ukraine conflict. We reported a Q4 2023 gross loss of $6,400,000 as compared to the prior year quarter's gross loss of 2,700,000 The year over year increase is primarily due to overall lower PLA sales as well as higher depreciation expenses. After adjusting for depreciation and stock based compensation, we reported an adjusted gross loss of $1,200,000 as compared to an adjusted gross profit of $2,000,000 in the Q4 of 2022, primarily due to the lower PLA sales. R and D and SG and A expenses, excluding depreciation, amortization, stock based compensation and certain non recurring items totaled $9,400,000 in the Q4 of 2023 compared to $10,500,000 in the Q4 of last year. Our continued cost control initiatives across many areas of the business created this $1,100,000 year over year improvement.

Speaker 2

Adjusted EBITDA loss was $10,700,000 in the Q4 of 2023 and was a loss of $8,600,000 in the Q4 of 2022. For the full year, we had an adjusted EBITDA loss of $39,000,000 which was in line with our latest guidance range of minus $37,000,000 to minus 40,000,000 dollars On a year over year basis, this represents a $6,000,000 improvement over prior year's adjusted EBITDA loss of 45,000,000 dollars Adjusted EBITDA excludes stock based compensation, depreciation, amortization, interest and other non recurring items as reconciled in the appendix. Cash and equivalents at the end of the 4th quarter was $59,200,000 as compared to $62,800,000 at the end of 2022. Restricted cash was $14,300,000 which is mainly held for future interest payments under our senior secured term loan. Capital expenditures were $2,000,000 in the 4th quarter and $27,700,000 for the full year, which was in line with our latest guidance range of $27,000,000 to 29,000,000 dollars We ended the 4th quarter with a total debt balance of $382,800,000 comprised mainly of our convertible senior notes, the senior secured term loan and our new market tax credit loans, which we expect will be forgiven starting in 2026.

Speaker 2

We continue to view the magnitude and timing of the customer ramp for PHA based resins and our increased utilization to serve that demand from our Kentucky operations as the largest factors for variability in our short term financial results. With the customer expectations described earlier that will improve cash flow from our Kentucky operations, we are set to release our full year 2024 guidance. We believe our adjusted EBITDA will be in the range of minus $22,000,000 to minus 32,000,000 dollars With very little required spend on the greenfield project in 2024, we're expecting our total capital expenditures for the company to be in the range of $8,000,000 to $10,000,000 We also expect to end 2024 with an unrestricted cash balance in the range of $20,000,000 to $25,000,000 The pending cash balance range is driven by the adjusted EBITDA range as a proxy for cash flow, the 2024 CapEx range, known cash interest for the year based on our current debt structure, the net cash received from our recent equity issuance and significant improvements in working capital. The working capital improvements will be led by our opportunities to reduce inventory from artificially high current levels and our ability to improve our overall receivables collections to include collections from completed R and D contracts.

Speaker 2

This ending cash balance range does not include potential cash or liquidity from other financing transactions that are available to us. I'll now hand the call back to Steve for his closing remarks.

Speaker 3

Thanks Mike. In conclusion and as we look towards 2024, we are focused on the immense long term opportunity to transform the plastics market. With our developmental expertise, capacity footprint and a growing blue chip customer base, we believe we remain well ahead of any competition and have a clear path to deliver on our goals for 2024 and beyond. Thank you for your time today and we look forward to updating you on our progress. We will now open the line for questions.

Operator

Thank you. Ladies and gentlemen, we will now begin the question and answer Your first question is from Jon Tanwanteng from CJS Securities. Please ask your question.

Speaker 4

Hey guys, thank you for taking my questions. My first one is, could you talk a little bit more about your expectations for timing and ramp up through the year? It sounds like you're getting a little bit better visibility just as related to the cutlery and some of the other contracts and ramps here. But I'm wondering if you have any more detailed breakdown as to how this ramped by quarter?

Speaker 3

Yes, John, I don't know that we can give you a detailed ramp by quarter, but I can try to color it in here. Most of this is going to be driven by the Colori award, which is significantly larger than some of the other opportunities. As we mentioned already, we expect to be in distribution centers by Q3 and to be at full run rate with that by Q2 of next year. Where the project is right now, the converters that have been aware of the business are in the process of getting tools built specifically for this program. One converter has ordered about $9,000,000 worth of new equipment that will be delivered in April.

Speaker 3

So it's well underway. We don't have specific production requirements yet, but we know what the goals of the customer are that support our point that this will be at full run rate by Q2 of next year. And I'll just point out, that's £20,000,000 and that will more than double our PHA sales. And one of the exciting things now is that we are also going to be doing the plastic wrap for the cutlery and that's going to also add significantly to the award. Thanks for the question.

Speaker 4

Got it. That's helpful. 2nd, I was wondering if you could give us an update on the DOE loan program and if there's any movement there or any changes to expectations?

Speaker 3

Okay. We are at the point now where the DOE is nearing completion of its due diligence and we expect to be negotiating the terms and are looking for a conditional offer, conditional commitment by sometime in Q3.

Speaker 4

Got it. And the funds would be available around Q4 in that timeline. Is that fair to think about?

Speaker 3

Well, that's possible, John. But yes, that's possible, John, but it will also depend on what the actual conditional commitment is. So depending on what requirements there might be, we know what we've asked for, but we don't really know exactly what we're getting. So there could still potentially be monies that have to be raised. And so it just kind of depend on how much in terms of how long that could take.

Speaker 3

But we're hopeful that we can get it done by Q4, but until we actually see the term sheet, it's really hard to predict exactly.

Speaker 4

Understood. And then lastly, as you think about the greenfield and the time line, it might go up and depending on what you get financing for. Are you seeing any movement in customers who are willing to take commit to either an anchor customer or volume indications, which may indicate they may need the greenfield?

Speaker 3

Yes. I would tell you that some of our customers that are included in this current ramp are moving forward with the expectation that we're going to get the Greenfield deal done because they know that we won't be able to handle their entire requirements just out of Kentucky. So we think that's a favorable thing obviously. And we expect as we continue to get some of these other development projects across the finish line that as we've said many times, there's multiples more demand in our pipeline than what we can handle even with the greenfield. So and I would point to one specific need, which are compostable cups, drinking cups.

Speaker 3

As we get that over the finish line, that's going to create a tremendous amount of demand and will require the greenfield to support that.

Speaker 2

Okay, great. I'll

Speaker 4

jump back in queue. Thank you.

Speaker 3

Thanks, John.

Operator

Thank you. Your next question is from Thomas Moise from TD Cowen. Please ask your question.

Speaker 5

Thanks for taking the questions. Maybe just a follow on just a bit on the DOE loan, more on the process kind of a high level. Assuming that the loan conditional improvement comes in 3Q of 'twenty four, for the $180,000,000 that you've already spent on Bainesbridge, would you get 80% of that all at one time? Is that kind of how that works? And then maybe would it be fair to assume that there's a 1 quarter lag on CapEx that you spent in 1Q of 'twenty five showing up in 2Q and then 3 and 4 and so on and so forth.

Speaker 5

Is that kind of how the timing you think works?

Speaker 3

Thanks for the question, Thomas. Let me make sure I I'll try to answer it and make sure I'm answering the right question. So we're going to get as part of the term sheet an LTV, a loan to value. So we'll get credit for the roughly 190,000,000 ish that we've already got into the project that will count towards our equity. And whatever if there's a gap, we'll have to raise additional equity.

Speaker 3

If there's not a gap, we'll just get started right away and it will be an immediate draw against the loan proceeds. So there won't be like a step thing each month or anything like that. It will just be when the loan closes, it will all be available.

Speaker 6

Okay. That's helpful. And then just

Speaker 5

as for my second one,

Speaker 2

could you talk a little

Speaker 5

bit more about the joint development agreement for the lids and coated paper containers? I know you already have made significant progress internally on lids and in theory, could that speed up the sales process that you've outlined in the deck?

Speaker 3

Yes. I can't really offer too much more, Thomas, to that other than it's for major QSR. But these are lids. It's very similar to lids for cups, but these are lids specifically for food containers. So it's a little different, but every time we do one of these projects, we learn things and we learn things that we can translate into other areas.

Speaker 3

So it's all good.

Speaker 5

Got it. And if I could sneak one more in, just any update on feedstock pricing, which you're seeing in the market that you've locked in would be helpful.

Speaker 3

Yes. Mike, do you want to take that one?

Speaker 2

Yes, sure, Thomas.

Speaker 7

Yes, I think overall, in Q4, our canola prices averaged right around $0.86 a pound and we're seeing really about the same type of price here in Q1. It's as we look forward here for the rest of the year where we can projecting those prices to move down to about $0.70 by mid year And we're also expecting to kind of end the year somewhere in the mid-0.60 dollars range. So we're seeing a nice decrease in the prices and we're starting to lock some of those in.

Speaker 5

Appreciate it. I'll hop back in queue. Thanks.

Operator

Thank you. Your next question is from Laurence Alexander from Jefferies. Please ask your question.

Speaker 6

Good afternoon. Just want to start with the filtration process for 85 that you mentioned, does that materially change the aggregate potential demand pool that you have compared to what you've talked about previously? Or can you give some sense of kind of if all of those customers did ramp up, how many plants of potential demand that would represent?

Speaker 3

Yes. Lawrence, in kind of just big round numbers, I would say that those customers represent at least 3 times more capacity than is available in Kentucky and the Greenfield. And I would say that's a conservative number without throwing like everything at it. That's just the specific projects we're working on. And to be clear, that the 85 doesn't necessarily represent a change.

Speaker 3

It's just we've been looking for a way to try to demonstrate to help investors kind of understand the process better and to kind of see where things are. And so this is something we're going to we'll continue to refine, but we'll continue to track this in the future and present that kind of information. So any feedback we get on how that looks and how we might do it better would be helpful.

Speaker 6

You'll probably get too many metrics we all want. Speaking of which, one that would be helpful is in terms of the customers who you won earlier and who you've been ramping up with, can you just give a sense for how much churn you've had, kind of the customers that are increasing the volumes they take versus customers who are dropping out because products either didn't hit their specs or their needs changed?

Speaker 3

Sure, Laurence. If you look on Slide 5 and look at the customers on the right, those customers are all growing. And I would say we have never lost a customer once we had them at kind of full run rate. We might we had had maybe one customer in the past and this has been a number of years ago where they launched they probably didn't understand their own specification. It was a smaller company and we launched and then they found out things after the fact that didn't work for them.

Speaker 3

But other than that, we have not lost a customer. All these customers are happy and growing with us.

Speaker 6

Okay, great. And then just what's the current market expectation or customer expectation or your messaging to them around when you do the greenfield, do they expect as volumes ramp a significant drop in ASPs or we'd be thinking about kind of flat to a modest erosion in mix as you get economies of sale?

Speaker 3

Yes, sure. I understand your question. We have talked with some of the larger customers. We've kind of shown them some

Speaker 5

expectations over like a 10 year

Speaker 3

period of what that can look like. Never specifically offered anybody better lower pricing once the greenfield comes online or had any specific discussions like that.

Speaker 6

Great. And then just lastly, can you update kind of the market prospects for the Novomer technology, particularly into the aqueous film applications?

Speaker 3

Sure. So we are as you know, we've just completed the scale up of the new pilot plant and that will allow us enough volume to be able to sample some of these customers that will be able to create demand by validating the material. We have are in the middle of negotiations with another major chemical company for a development agreement to support that. And as you know, we're working with Chevron Phillips on a couple of those projects as well. And we have a kind of just call it a verbal agreement at this point with because we're waiting on the customer traction now, but we have an agreement with another major oil and gas company for a co location venture.

Speaker 3

We can't I can't talk to anything on the aqueous side, but on the film side itself, what we're seeing is, if you remember, Lawrence, when we bought that, that one of the things we were chatting was that the barrier properties of that material is much better than other commercial biopolymers, significantly so. And what we're seeing now is it's also better than fossil fuel based products. So I keep telling people we have a killer app here. When we can get that commercialized and combine it with Nodeax, we're going to be able to create applications that none of the other biopolymer competitors that are in the market today or even the ones that are trying to get into the market would be able to compete with on the snack food side because of the barrier properties.

Speaker 6

And then just sorry, one last one and then I'll hop back in the queue. Is there a would all of those agreements, if they did pan out, do those represent any significant capital requirements on your part? Or is the goal on that side of the business to be mostly capital light?

Speaker 3

Well, the goal is to be capital light. But worst case, if we do a co location, which we're going to do, that's just how it's going to be done because those suppliers, they have the raw materials that we need, these big oil and gas companies. And so that's just the natural way that it will work. If we do that, that will reduce the CapEx requirement because we will piggyback off of their infrastructure for things like utilities, chillers and electricity and things like that. So we can reduce our capital requirement that way.

Speaker 3

We're hopeful that we'll find a partner through this process on the commercial side that would like to participate. And we think if we get that, then we think the co location partner will also want to participate and we can reduce our CapEx requirement even more. But the beauty of this product is that the CapEx cost on a per pound basis is 1 5th of the cost of a NODAX plant. And so even if we have to foot the bill, we expect to be able to do it on a project financing basis.

Operator

And your next question is from Jon Tanwanteng from CJS Securities. Please ask your question.

Speaker 4

Hi. Yes. I just wanted to follow-up on that last one with the catalytic PHA. I was wondering, when is the earliest you think you could see commercial volumes in that product, just given the deals that you're working on now, the partners and then kind of the with the pilots starting up?

Speaker 3

Yes. Look, I think you've got to kind of assume a couple of years to build a plant. I mean, it can be done more quickly, but just to be safe or fair in the analysis here, I'd just call it 2 years to build a plant. And since we're we don't actually have that customer partner ready to negotiate. We've got the customer partners that we think we're going to be negotiating with, but they've got to validate the material with their customers first.

Speaker 3

So I think you got to add probably add a year to that 2 years at any given time. So I think 3 years out is a fair as in terms of an earliest date.

Speaker 4

Okay, great. That's helpful. Mike, if you could just any thoughts on OpEx this year and that's going to be remain relatively stable or if there's any growth planned in the budget and guidance?

Speaker 2

Yes. I mean, I

Speaker 7

think we're really pleased with how we've been driving OpEx cost down. If you look at the Q4, we were down another $1,000,000 year over year for the whole year 2023 versus 2022, I think we drove down $14,400,000 and we're expecting to reduce those operating costs again in 2024 year over year versus 2023 in the range of about $4,000,000 or so. We've gone through rationalizing headcount. We've gotten rid of a lot of outside services and consultants. We're utilizing our own staffing capabilities to do a lot of those things.

Speaker 7

We've gotten some better insurance rates. So a number of things across all the boards. We're looking everywhere. That's kind of where we ended up, which we're really pleased because it's just been a nice year over year change now for a couple of years and getting those costs down.

Speaker 4

Got it. That's helpful and good to hear. And just last before I go, just any thoughts on volumes in Q1 since we're pretty closely in the quarter anyways?

Speaker 3

Yes, we can we mentioned in our press release that our year over year growth with PHA for the quarter will be approximately 60% and I think it will probably exceed 60% at this point.

Speaker 7

John, if I can add more color on

Speaker 3

the OpEx. I'm sorry, John.

Speaker 4

Go ahead, John. Was there a PLA in Q1 last year?

Speaker 3

Yes, but we're not we haven't provided any guidance on that.

Speaker 4

Okay. Sorry, go ahead. Yes.

Speaker 2

John, I want to just add one thing. I think it'd

Speaker 7

be good for everybody to know in terms of your models, all that stock based comp, it's been running up close to $56,000,000 a year, I think in 2023. And a lot of those large grants are falling off. We're expecting something that's closer to about $4,000,000 for full year 2024. So I think that's just a good thing for everyone to kind of know not to have that large piece of noise in your models.

Speaker 4

Got it. Thank you. Okay.

Operator

Thank you. There are no further questions at this time. I will now hand the call back to Steve Crossgray for the closing remarks.

Speaker 3

Thank you for your time everybody and your interest in Danamer Scientific. We're pleased with our recent progress and additional customer opportunities that have been presented to us and we look forward to talking to you again soon when we present our Q1 earnings, which will be coming up in just several weeks now. Thank you.

Operator

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.

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Earnings Conference Call
Danimer Scientific Q4 2023
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