Amyris revenues down 20%, loss widens, as company targets production stability, efficiency, growth

In California, Amyris reported Q1 revenues of $29.5 million, down from versus $37.2 million in Q1 2011, and a net loss of $94.5 million, compared to $33.1 million in the same quarter of 2011. The company attributed changes to a decline in Amyris Fuels sales as Amyris executes the planned wind-down of this business line, and a charge of $36.7 million related to losses on purchase commitments and write-off of production assets.

“Since the beginning of the year, in addition to a considerable private placement, we improved our production stability and efficiency and saw growth in our renewable product sales,” said John Melo, CEO of Amyris. We remain on track with the construction of our own industrial production facility at Paraíso, we have restructured our management and are rationalizing our contract manufacturing footprint. This enables us to focus and execute on the continued growth and commercialization of our technology.”

The company’s cash on hand was $103.5 million at quarter’s end.