Solazyme Reports Second Quarter 2012 Results

Solazyme, Inc. (NASDAQ:SZYM), a renewable oil and bioproducts company, announced today financial results for the second quarter ended June 30, 2012 and recent key corporate highlights.

“During the quarter, we continued to execute on the commercialization of our technology, and we are proud to say that we have continued to meet our key milestones. Among our achievements this quarter, we broke ground on our first 100,000 MT facility in Brazil and successfully commissioned our integrated biorefinery in Peoria, both on schedule,” said Jonathan Wolfson, CEO of Solazyme. “Our team remains focused on building out our renewable oil production capacity, working with industry leading partners to commercialize our tailored triglyceride oils, and continuing to demonstrate how our technology platform opens new market opportunities for our customers.”

Financial Results

Total revenue for the second quarter ended June 30, 2012 was $13.5 million compared with $7.4 million in the second quarter of 2011. Second quarter GAAP net loss attributable to Solazyme, Inc. common stockholders was $19.2 million, which compares with net loss attributable to common stockholders of $17.0 million in the prior year period. On a non-GAAP basis, the net loss attributable to Solazyme, Inc. common stockholders was $16.3 million for the second quarter of 2012, compared with net loss attributable to common stockholders of $10.0 million in the prior year quarter. A reconciliation of GAAP to non-GAAP results is included below.

“We have a strong balance sheet and all of our current projects are fully funded,” said Tyler Painter, CFO of Solazyme. “Solazyme has been built on carefully managing every dollar we spend building our business and we will continue to focus on prudently deploying our capital to maximize future returns. Most importantly, we continue to create long-term stockholder value by executing on our commercialization plan and investing in our technology platform.”

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