Solazyme revenues up 76%; loss widens as capacity ramp-up continues

In California, Solazyme, announced Q1 revenues of $13.6 million compared with $7.7 million in the first quarter of 2011. First quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $16.8 million, which compares with net loss attributable to common stockholders of $7.3 million in the prior year period. During the quarter, the company formed a Joint Venture with Bunge, signed a contingent offtake Agreement and joint development agreement with Dow, and partnered with Volkswagen to demonstrate renewable diesel in passenger vehicles.

“We’ve just wrapped up a great quarter in which we’ve made progress ramping our production capacity, partnering with industry leaders to commercialize our products, and tailoring new valuable triglyceride oils,” said Jonathan Wolfson, CEO of Solazyme. “We remain focused on executing upon our near-term commercialization plans, and we are very excited about the ultimate value we expect to achieve.”

“We have a strong balance sheet with approximately $219 million in cash, cash equivalents and marketable securities, our partnerships continue to advance, and we are well positioned to continue commercializing our technology,” said Tyler Painter, CFO of Solazyme.