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November 15 , 2021 danimer scientific A Biotechnology Company Danimer Scientific Announces Third Quarter 2021 Results BAINBRIDGE , Ga .-- ( BUSINESS WIRE ) -- Danimer Scientific , Inc. ( NYSE : DNMR ) ( " Danimer " or the “ Company " ) , a leading next generation bioplastics company focused on the development and production of biodegradable materials , announced today its financial results for the third quarter ended September 30 , 2021 . Stephen E. Croskrey , Chairman and Chief Executive Officer of Danimer commented , " The third quarter marked another period of continued progress on our path to deliver best - in class solutions for biodegradable packaging and other products which address the global plastic waste crisis . During the quarter , we executed further on several key objectives , including the initial integration of our recent acquisition of Novomer , continued application development work as well as negotiating development and supply agreements with our blue chip customers . We remain on schedule with scaling up our Kentucky phase I operations in addition to the construction of our Kentucky facility phase II operations , and we now expect to break ground on our planned state - of - the - art greenfield facility in Bainbridge , Georgia later this month . As we look to the remainder of the year , we are confident in the trajectory of our business and our ability to build further upon the strength of our leading application development expertise . We are excited by our progress year - to - date and believe we are still in the very early stages of an immense opportunity for long - term growth and value creation . " Third Quarter 2021 Financial Highlights • Revenues increased 4 % to $ 13.4 million compared to the third quarter of 2020 , primarily driven by 10 % growth in product revenue due to the scale up of PHA production for Phase 1 of the Kentucky facility brought on line in 2020. PHA - based product sales grew over 180 % year - over - year , expanding to 32 % of total revenue compared to 12 % in the third quarter of 2020. Higher PHA - based revenue offset a decrease in PLA - based product sales , which resulted from PLA customer pre - buy activity during the prior year to protect against potential pandemic - related supply chain disruptions . 1 • Gross profit was $ ( 0.2 ) million compared to $ 3.6 million in the third quarter of 2020 . Adjusted gross profit¹ was $ 2.6 million compared to $ 4.6 million in the third quarter of 2020. Adjusted gross margin¹ was 19.7 % for the third quarter of 2021 and was 35.8 % in the third quarter of 2020 , primarily due to elevated fixed - cost absorption as production scales up at the Kentucky facility . The Company expects the average cost per unit at its existing facilities to improve as PHA production continues to increase and efficiency measures are implemented . Adjusted gross profit excludes stock - based