BioFuels Journal

Emeryville, CA - May 15, 2017 - Amyris, Inc. (Nasdaq:AMRS), the industrial bioscience company, today announced financial results for the first quarter ended March 31, 2017.

"We are pleased with our continued execution delivering increased product sales and very healthy revenue growth for Amyris," said John Melo, Amyris President & CEO.

"We are very excited to join with Royal DSM to accelerate product sales in health and nutrition markets, deliver better performing products and accelerate market access.

"With their support and that of our investors we have significantly strengthened our balance sheet and the company's foundation as a leading company in its sector."

Continued Melo, "Our product portfolio is growing at a faster rate than we expected within nutraceuticals, skin care and fragrance ingredients.

"We have evolved our business to predictable quarter on quarter product sales and continue to deliver on our strategic milestones for delivery of our collaboration revenue.

"While our competitors struggle to deliver material revenue and predictable growth we expect to deliver around $60 million of product revenue for 2017, or more than double from 2016, and we expect total revenue to be better than our 2017 plan."

Key Highlights

Other key operating and development highlights during the first quarter and more recently included:

• Recorded record quarterly Biossance sales following successful launch into Sephora with the brand delivering high growth and expected to drive much better than expected 2017 results — growing from approximately $500,000 in 2016 total retail sales to over $10 million expected for 2017

• Growing Farnesene for Vitamin E oil from around $6 million in 2016 to around $20 million in 2017

• Significant progress in healthy sweeteners with expected commercial production in 2018 of low cost, best performing healthy sweetener to focus on sugar replacement market

• Announced up to $95 million in anticipated equity financing led by Royal DSM along with institutional investors over two tranches and announced in-process reduction of the company's debt by approximately $75 million, significantly strengthening the company's balance sheet

Financial Performance First Quarter 2017

• Revenues for first quarter 2017 were $13.0 million compared with $8.8 million for the first quarter of 2016.

The increase was driven by a significant increase in product sales, primarily in the personal care and health and nutrition markets, offset by a slight decline in collaboration revenue.

Collaboration revenues contributed $4.7 million and were down from $5.7 million for the same quarter of 2016.

Product sales of $8.3 million for the quarter were up 164% over $3.1 million for the first quarter of 2016.

• Q1 2017 selling, general and administrative expenses were $12.8 million, up slightly from $12.3 million for the same period a year ago.

Research and development expenses of $14.8 million for the quarter were up from $11.9 million for first-quarter 2016 due to the company's collaboration activity with the Defense Advanced Research Projects Agency (DARPA), Department of Energy (DOE) and Ginkgo Bioworks.

• Net loss attributable to Amyris common stockholders for the first quarter of 2017 was $37.4 million, or $0.13 per basic and diluted share.

The net loss calculation included non-cash items such as a gain from changes in fair value of embedded derivatives and stock-based compensation expense.

Adjusted net loss, excluding these items as well as gains and losses from debt extinguishment and tangible and non-tangible asset impairments, was $38.2 million, or $0.13 per basic share.

For more information, please contact Peter DeNardo at 510-740-7481.

See Related Websites/Articles:

• Amyris

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