# EDGAR Filing Document

**Accession Number:** 0001779020
**File Stem:** 0000950170-23-010298
**Filing Date:** 2023-3
**Character Count:** 51893
**Document Hash:** 2111fc1d7115f1a63cdd926b402e079e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-010298.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0000950170-23-010298

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20230328

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Danimer Scientific, Inc.
- **CENTRAL INDEX KEY:** 0001779020
- **STANDARD INDUSTRIAL CLASSIFICATION:** PLASTICS, MATERIALS, SYNTH RESINS & NONVULCAN ELASTOMERS [2821]
- **IRS NUMBER:** 841924518
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39280
- **FILM NUMBER:** 23769767

**BUSINESS ADDRESS:**
- **STREET 1:** 140 INDUSTRIAL BOULEVARD
- **CITY:** BAINBRIDGE
- **STATE:** GA
- **ZIP:** 39817
- **BUSINESS PHONE:** 229-243-7075

**MAIL ADDRESS:**
- **STREET 1:** 140 INDUSTRIAL BOULEVARD
- **CITY:** BAINBRIDGE
- **STATE:** GA
- **ZIP:** 39817

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Danimer Scientific, Inc
- **DATE OF NAME CHANGE:** 20201229

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Live Oak Acquisition Corp
- **DATE OF NAME CHANGE:** 20200106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Foxhound Merger Partners, Inc.
- **DATE OF NAME CHANGE:** 20190605

?xml version="1.0" encoding="ASCII"? 8-K

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549**

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**FORM** 8-K

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**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported):** March 28, 2023<br>

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DANIMER SCIENTIFIC, INC.

**(Exact name of Registrant as Specified in Its Charter)**

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| | | |
|:---|:---|:---|
| Delaware | 001-39280 | 84-1924518 |
| **(State or Other Jurisdiction<br>of Incorporation)** | **(Commission File Number)** | **(IRS Employer<br>Identification No.)** |
| 140 Industrial Boulevard |  |  |
| Bainbridge**,** Georgia |  | 39817 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code:** 229 243-7075 <br>

**(Former Name or Former Address, if Changed Since Last Report)**

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **<br>Title of each class** | **Trading<br>Symbol(s)** | **<br>Name of each exchange on which registered** |
| Class A Common stock, $0.0001 par value per share | DNMR | The New York Stock Exchange |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On March 28, 2023, Danimer Scientific, Inc. ("Danimer") issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2022. A copy of this press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

The press release contains the following non-GAAP measures: "Adjusted EBITDA", "Adjusted EBITDAR" "Adjusted Gross Profit", and "Adjusted Gross Margin". Danimer believes that each of Adjusted EBITDA, Adjusted EBITDAR, Adjusted Gross Profit, and Adjusted Gross Margin are useful to investors in evaluating Danimer's performance because each measure considers the performance of Danimer's operations, excluding decisions made with respect to capital investment, financing and other non-recurring charges. Danimer believes these non-GAAP metrics offer additional financial information that, when coupled with the GAAP results and the reconciliation to GAAP results, provides a more complete understanding of its results of operations and the factors and trends affecting its business. The non-GAAP measures are reconciled to comparable GAAP financial measures within the press release. Danimer cautions that non-GAAP measures should be considered in addition to, but not as a substitute for, Danimer's reported GAAP results. Additionally, Danimer notes that there can be no assurance that the above referenced non-GAAP financial measures are comparable to similarly titled financial measures used by other publicly traded companies.

The information in this Item 2.02 of this Current Report on Form 8-K and Exhibit 99.1 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of Danimer, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

**Item 7.01 Regulation FD Disclosure**

Attached as Exhibit 99.2 to this Current Report on Form 8-K and incorporated herein by reference is the form of presentation to be used by Danimer in presentations for certain of its stockholders and other persons. The information in this Item 7.01 of this Current Report on Form 8-K and Exhibit 99.2 attached hereto shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing of Danimer, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing.

**Item 9.01 Financial Statements and Exhibits.**

d) Exhibits.

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [<u>Press Release, dated March 28, 2023, reporting financial results for the fourth quarter and year ended December 31, 2022 (furnished only)</u>](dnmr-ex99_1.htm). |
| 99.2 | [<u>Form of Investor Presentation (furnished only).</u>](dnmr-ex99_2.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
|  |  |  | Danimer Scientific, Inc |
| Date: | March 28, 2023 | By:  | /s/ Michael A. Hajost |
|  |  |  | Michael A. Hajost<br>Chief Financial Officer |

---

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## Ex-99

**Danimer Scientific Announces Fourth Quarter and Full Year 2022 Results**

 **-- Results In-Line with March 20 Preannouncement --**

**-- Issues FY23 Guidance with Expectation for Accelerating Growth and Margin Improvement --**

**--Kentucky Facility Fully Commissioned and Achieving Throughput and Efficiency Targets --**

**-- Announces Submission of Part II Application for DoE Loan Guarantee Program --**

**BAINBRIDGE, GA – March 28, 2023 –** 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 financial results for its fourth quarter and full year, ended December 31, 2022.

Stephen E. Croskrey, Chairman and Chief Executive Officer of Danimer, commented, "We are pleased to have achieved results consistent with our guidance for 2022, excited for the year ahead and focused on leveraging our global market-leadership position in PHA-based materials to drive value to our customers, partners and shareholders. Our Kentucky facility, now fully commissioned, is the first commercial scale production facility for highly engineered PHA-based materials in the world. We are confident that, as this year progresses, it will become increasingly clear that we have all the capabilities and advantages necessary to begin to disrupt the large, entrenched position of polluting plastics in markets around the world."

Mr. Croskrey continued, "Our unique, high-performance biodegradable resins and the manufacturing capabilities to produce them at scale are the result of decades of investment and advances in biotechnology, process engineering and material science. We, along with a growing number of committed customers and partners, are poised to meet the call from consumers for environmentally responsible solutions and a range of stringent new standards for packaging that are rapidly emerging in the United States, Europe and many other important international markets. We believe our recently completed financing transaction enhances operational liquidity and ensures an open runway as we work to fully utilize the capacity now available to us in Winchester, Kentucky."

All major processes and production equipment in the Company's Kentucky facility have now been successfully tested and commissioned for operation and are performing to expected or better-than-expected levels of throughput. The Company continues to have confidence that it can achieve annual production capacity for approximately 32.5 million pounds of neat PHA which, after blending and extrusion, would comprise roughly 65 million pounds of finished resin for shipment to customers. At current average pricing and mix, 65 million pounds of finished product from the Kentucky facility would generate estimated revenues to the Company of approximately $190 million.

Danimer commented that it has submitted its Part II Application for the U.S. Department of Energy (DOE) Title XVII Loan Guarantee Program for its greenfield manufacturing facility in Bainbridge, Georgia. At full utilization of its design capacity this facility is forecasted to support approximately $400 million of revenues from PHA-based formulated resins which, combined with our Kentucky facility, would enable a total of $590 million of annual revenues.

Mr. Croskrey concluded, "We have also begun commissioning of our demonstration-scale facility that showcases a highly efficient catalytic production pathway to Rinnovo®, a PHA with improved flexibility and barrier properties. We are in advanced discussions intended to form potentially powerful partnerships to take advantage of the door we have opened to low-cost PHA-based materials.

**Fourth Quarter 2022 Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues were $15.3 million in the fourth quarter of 2022 compared to $17.7 million in the fourth quarter of 2021. A $1.6 million reduction in product revenue was primarily the result of

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an unfavorable shift in the timing of PHA-based resin sales to a large customer and lower PLA-based resin sales due to the cessation of shipments to customers affected by the conflict in Ukraine. Services revenue of $0.8 million compared to $1.7 million reflects the completion of long-term funded R&D projects over the course of the year with customers now moving to commercialize those investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit was $(2.7) million compared to $(2.4) million in the fourth quarter of 2021. Adjusted gross profit was $2.6 million compared to $0.4 million in the fourth quarter of 2021. The improvement in adjusted gross profit reflects a favorable shift in the sales mix that more than offset the impact of reduced revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net loss for the fourth quarter was $(28.1) million compared with $(12.4) million in the prior year period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Adjusted EBITDA improved to $(8.6) million in the fourth quarter of 2022 compared to $(10.2) million in the fourth quarter of 2021, due primarily to the above-mentioned improvements in gross profit.

**Full Year 2022 Financial Highlights:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenues were $53.2 million for the full year of 2022 compared to $58.7 million in the prior year. PHA-related sales grew by 34 percent over the prior year and represented 53 percent of 2022 revenue. PLA-based product sales declined $9.9 million from the prior year, which included $9.1 million of shipments to certain customers that sell product in Ukraine, which did not recur in 2022 due to the ongoing war there.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Gross profit for 2022 was $(10.4) million compared to $0.9 million for the prior period. Adjusted gross profit was $4.4 million in 2022 compared to $11.0 million in 2021, primarily driven by an increased mix of PHA-based resins, which currently have lower margins due to the cost of increased capacity compared to the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full-year 2022 net loss was $(179.8) million, which included a charge of $(62.7) million for goodwill impairment in the third quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full-year 2022 Adjusted EBITDA was $(45.0) million, consistent with the guidance range the Company first provided in May of 2022 and its most recent guidance of $(45.0) million to $(40.0) million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cash and cash equivalents at year-end was $62.8 million, consistent with the Company's most recent guidance of $60 million to $65 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full-year capital expenditures were $164.5 million, consistent with the Company's most recent guidance of $165 million to $170 million.

**Capital Structure** 

At December 31, 2022, the Company reported total debt outstanding of $288.4 million, which included approximately $45.7 million dollars of low-interest New Markets Tax Credit loans that the Company expects will be forgiven beginning in 2026.

On March 20, 2023, the Company announced a new senior secured term loan with an aggregate principal amount of $130 million that expands its capital structure, significantly improves its near-term liquidity position, and enables it to maintain strategic and operational flexibility as it executes its growth strategy. The Company noted that the effects of this recent transaction are not reflected in its December 31, 2022, financial statements.

**Outlook**

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Michael Hajost, Danimer's Chief Financial Officer, commented, "We are intently focused on revenue growth, which we expect to accelerate starting in our second quarter. As a result, we expect improving operating margins and operating cash flow as we move through the year.

For the full year 2023, the Company today provided the following guidance:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full-year Adjusted EBITDA is expected to be in the range of $(23) million to $(31) million. The improvement in Adjusted EBITDA compared to the $(45.0) million reported for 2022 is expected to result primarily from revenue growth in PHA-based resins and the related benefits of scale captured by the Company's Kentucky manufacturing operations. In addition, the Company's initiatives to improve efficiency and reduce costs are expected to have a favorable full-year impact on both R&D and SG&A expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Full-year capital expenditures are anticipated to be in the range of $26 million to $31 million, primarily to support existing commitments related to the Bainbridge greenfield facility. The Company noted that it would expect to modify this spending estimate in the event financing is achieved later this year, particularly the U.S. Department of Energy (DOE) Title XVII Loan Guarantee Program. Other capital projects within the year include projected facility maintenance, completion of our Rinnovo® demonstration plant and spending related to information systems initiatives.

**Webcast, Conference Call and 10-K Filing**

The Company will host a webcast and conference call today, Tuesday, March 28, 2023, at 5:00 p.m. Eastern time to review fourth quarter and full-year 2022 results, discuss recent events and conduct a question-and-answer session. The live webcast of the conference call can be accessed on the Investor Relations section of the Company's website at **https://ir.danimerscientific.com**. For those unable to access the webcast, the conference call will be accessible domestically or internationally, by dialing 1-877-407-9208 or 1-201-493-6784, respectively. Upon dialing in, please request to join the Danimer Scientific Full Year 2022 Earnings Conference Call. The archived webcast will be available for replay on the Company's website after the call.

**About Danimer Scientific**

Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer's technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer holds more than 430 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit https://danimerscientific.com.

**Forward-Looking Statements**

Please note that in this press release we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our expectations for full year 2023 capital expenditures, Adjusted EBITDA and cash balances. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on our products; general

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economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to our products; the Company's exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company's business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company's manufacturing facilities and suppliers, as well as consumer demand for our products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, our information systems; the ability of our information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; our ability to properly maintain, protect, repair or upgrade our information technology systems or information security systems, or problems with our transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; our ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. We assume no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

**Contacts:**

**Investors**

James Palczynski

Phone: 415-876-8429

<u>ir@danimer.com</u>

**Media**

Anthony Priwer

<u>apriwer@daltonagency.com</u>

Phone: 615-515-4892

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**Danimer Scientific, Inc.**

**Condensed Consolidated Balance Sheets**

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| | | |
|:---|:---|:---|
|  | **December 31,** | **December 31,** |
| (in thousands, except share and per share data) | **2022** | **2021** |
| Assets: |  |  |
| &nbsp;&nbsp;Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $62792 | $286487 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 17989 | 17149 |
| &nbsp;&nbsp;&nbsp;Other receivables, net | 1635 | 3836 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 32743 | 24573 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 5225 | 4737 |
| &nbsp;&nbsp;&nbsp;Contract assets, net | 4687 | 3576 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 125071 | 340358 |
| &nbsp;&nbsp;&nbsp;Property, plant and equipment, net | 453949 | 316181 |
| &nbsp;&nbsp;&nbsp;Intangible assets, net | 80941 | 84659 |
| &nbsp;&nbsp;&nbsp;Goodwill | - | 62649 |
| &nbsp;&nbsp;&nbsp;Right-of-use assets | 19028 | 19240 |
| &nbsp;&nbsp;&nbsp;Leverage loans receivable | 31446 | 13408 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 1609 | 481 |
| &nbsp;&nbsp;&nbsp;Loan fees | - | 1397 |
| &nbsp;&nbsp;&nbsp;Other assets | 226 | 224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $712270 | $838597 |
| Liabilities and Stockholders' Equity: |  |  |
| &nbsp;&nbsp;Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $14977 | $20790 |
| &nbsp;&nbsp;&nbsp;Accrued liabilities | 5001 | 18777 |
| &nbsp;&nbsp;&nbsp;Unearned revenue and contract liabilities | - | 214 |
| &nbsp;&nbsp;&nbsp;Current portion of lease liability | 3337 | 3337 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt, net | 1972 | 357 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 25287 | 43475 |
| &nbsp;&nbsp;&nbsp;Private warrants liability | 212 | 9578 |
| &nbsp;&nbsp;&nbsp;Long-term lease liability, net | 22114 | 22693 |
| &nbsp;&nbsp;&nbsp;Long-term debt, net | 286398 | 260934 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 200 | 1014 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 447 | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | $334658 | $338332 |
| &nbsp;&nbsp;Stockholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;Common stock, $0.0001 par value; 200,000,000 shares authorized: 101,804,454 and 100,687,820 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | $10 | $10 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 676250 | 619145 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (298648) | (118890) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 377612 | 500265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $712270 | $838597 |

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**Danimer Scientific, Inc.**

**Condensed Consolidated Statements of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
| (in thousands, except share and per share data) | **2022** | **2021** | **2022** | **2021** |
| Revenue: |  |  |  |  |
| &nbsp;&nbsp;Products | $14530 | $16054 | $48420 | $50769 |
| &nbsp;&nbsp;Services | 794 | 1674 | 4798 | 7980 |
| &nbsp;&nbsp;&nbsp;Total revenue | 15324 | 17728 | 53218 | 58749 |
| Costs and expenses: |  |  |  |  |
| &nbsp;&nbsp;Cost of revenue | 18026 | 20080 | 63632 | 57865 |
| &nbsp;&nbsp;Selling, general and administrative | 19547 | 24212 | 81589 | 80004 |
| &nbsp;&nbsp;Research and development | 7470 | 8666 | 31939 | 20270 |
| &nbsp;&nbsp;Loss on sale of assets | - | 49 | 1 | 82 |
| &nbsp;&nbsp;Impairment of long-lived assets | - | - | 63491 | - |
| &nbsp;&nbsp;&nbsp;Total costs and expenses | 45043 | 53007 | 240652 | 158221 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (29719) | (35279) | (187434) | (99472) |
| Nonoperating income (expense) |  |  |  |  |
| &nbsp;&nbsp;Gain on remeasurement of private warrants | 752 | 21332 | 9366 | 27767 |
| &nbsp;&nbsp;Interest, net | 474 | (247) | (1723) | (763) |
| &nbsp;&nbsp;Gain on forgiveness of debt | - | - | - | 1776 |
| &nbsp;&nbsp;Loss on loan extinguishment | - | - | (1500) | (2604) |
| &nbsp;&nbsp;Other, net | 399 | (62) | 723 | (44) |
| &nbsp;&nbsp;&nbsp;Total nonoperating income (expense): | 1625 | 21023 | 6866 | 26132 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss before income taxes | (28094) | (14256) | (180568) | (73340) |
| Income taxes | 43 | 1810 | 810 | 13233 |
| &nbsp;&nbsp;Net loss | $(28051) | $(12446) | $(179758) | $(60107) |
| Basic net loss per share | $(0.28) | $(0.12) | $(1.78) | $(0.65) |
| Weighted average number of shares used to compute: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted net loss per share | 101397811 | 100360592 | 101095341 | 93078004 |

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**Danimer Scientific, Inc.**

**Condensed Consolidated Statements of Cash Flows** 

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| | | |
|:---|:---|:---|
|  | **Years Ended** | **Years Ended** |
|  | **December 31,** | **December 31,** |
| (in thousands) | **2022** | **2021** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(179758) | $(60107) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 63491 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 56958 | 55270 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 20453 | 11674 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 2104 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bad debt provision | 1904 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 1500 | 1939 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract asset reserve | 1216 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on remeasurement of private warrants | (9366) | (27767) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (814) | (13233) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets and lease liability | (367) | (1040) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on forgiveness of debt | - | (1776) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 163 | 471 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net of effects of acquisition: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (3056) | (11359) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 2513 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (11170) | (9799) |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 2662 | (4336) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (2328) | (2110) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (4) | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (1565) | 2048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued and other long-term liabilities | (6159) | (1526) |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue and contract liabilities | (214) | (2241) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (61837) | (62963) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant and equipment and intangible assets | (164486) | (185411) |
| &nbsp;&nbsp;&nbsp;Investment in leverage loans receivable related to NMTC financing | (18037) | - |
| &nbsp;&nbsp;&nbsp;Acquisition of Novomer, net of cash acquired | (14) | (151179) |
| &nbsp;&nbsp;&nbsp;Proceeds from sales of property, plant and equipment | 55 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (182482) | (336168) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;Proceeds from long-term debt | 24700 | 240245 |
| &nbsp;&nbsp;Cash paid for debt issuance costs | (1591) | (10424) |
| &nbsp;&nbsp;Principal payments on long-term debt | (1504) | (27162) |
| &nbsp;&nbsp;Proceeds from employee stock purchase plan | 377 | 106 |
| &nbsp;&nbsp;Proceeds from issuance of common stock, net of issuance costs | (236) | (890) |
| &nbsp;&nbsp;Proceeds from exercise of stock options | 215 | 2899 |
| &nbsp;&nbsp;Employee taxes related to stock-based compensation | (154) | (1728) |
| &nbsp;&nbsp;Cost related to warrants | (55) | - |
| &nbsp;&nbsp;Proceeds from exercise of warrants, net of issuance costs | - | 138196 |
| &nbsp;&nbsp;Purchase of capped call options | - | (35040) |
| &nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 21752 | 306202 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents and restricted cash | (222567) | (92929) |
| Cash and cash equivalents and restricted cash-beginning of period | 286968 | 379897 |
| Cash and cash equivalents and restricted cash-end of period | $64401 | $286968 |

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**Non-GAAP Financial Measures**

This press release includes the non-GAAP financial measures "Adjusted EBITDA", "Adjusted EBITDAR", "Adjusted gross profit" and "Adjusted gross margin". Danimer management views these metrics as a useful way to look at the performance of its operations between periods and to exclude decisions on capital investment and financing that might otherwise impact the review of profitability of the business based on present market conditions.

Adjusted EBITDA is defined as net income or loss plus net interest expense, income taxes, depreciation and amortization, as adjusted to add back certain charges or gains that Danimer may record each period such as remeasurement of private warrants, stock-based compensation expense, as well as non-recurring charges such as (i) asset disposal gains or losses as well as other significant gains or losses such as debt extinguishments and impairment of goodwill; (ii) legal settlements; or (iii) other discrete non-recurring items. Danimer believes these items are not considered an indicator of ongoing performance. Adjusted EBITDA is not a measure of performance defined in accordance with GAAP. The measure is used as a supplement to GAAP results in evaluating certain aspects of Danimer's business, as described below.

Adjusted EBITDAR is defined as Adjusted EBITDA plus rent expense.

Adjusted gross profit is defined as gross profit plus depreciation, PLA additive inventory reserve, stock-based compensation and rent expense.

Adjusted gross margin is defined as adjusted gross profit divided by total revenue.

Danimer believes that each of Adjusted EBITDA, Adjusted EBITDAR, Adjusted gross profit and Adjusted gross margin is useful to investors in evaluating the Company's performance because each measure considers the performance of the Company's operations, excluding decisions made with respect to capital investment, financing and other non-recurring charges as outlined in the preceding paragraph. Danimer believes these non-GAAP metrics offer additional financial information that, when coupled with the GAAP results and the reconciliation to GAAP results, provides a more complete understanding of its results of operations and the factors and trends affecting its business.

Adjusted EBITDA, Adjusted EBITDAR, Adjusted gross profit and Adjusted gross margin should not be considered as an alternative to net income or loss as an indicator of its performance or as alternatives to any other measure prescribed by GAAP as there are limitations to using such non-GAAP measures. Although Danimer believes that Adjusted EBITDA, Adjusted EBITDAR, Adjusted gross profit and Adjusted gross margin may enhance an evaluation of its operating performance based on recent revenue generation and product/overhead cost control because it excludes the impact of prior decisions made about capital investment, financing and other expenses, (i) other companies in Danimer's industry may define Adjusted EBITDA, Adjusted EBITDAR, Adjusted gross profit and Adjusted gross margin differently than Danimer does and, as a result, they may not be comparable to similarly titled measures used by other companies in its industry, and (ii) Adjusted EBITDA, Adjusted EBITDAR, Adjusted gross profit and Adjusted gross margin exclude certain financial information that some may consider important in evaluating Danimer's performance.

Danimer compensates for these limitations by providing disclosure of the differences between Adjusted EBITDA, Adjusted EBITDAR, Adjusted gross profit and Adjusted gross margin and GAAP results, including providing a reconciliation to GAAP results, to enable investors to perform their own analysis of Danimer's operating results. Because GAAP financial measures on a forward-looking basis are not accessible, and reconciling information is not available without unreasonable effort, reconciliations to GAAP financial measures are not provided for forward-looking non-GAAP measures. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.

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**Danimer Scientific, Inc.**

**Reconciliation of Adjusted EBITDAR and Adjusted EBITDA to Net (Loss) Income (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| (in thousands) |  |  |  |  |
| **Net loss** | $**(28051)** | $**(12446)** | $**(179758)** | $**(60107)** |
| &nbsp;&nbsp;Stock-based compensation | 14218 | 20055 | 56768 | 55908 |
| &nbsp;&nbsp;Depreciation and amortization | 7281 | 4185 | 20453 | 11674 |
| &nbsp;&nbsp;Gain on remeasurement of private warrants | (752) | (21332) | (9366) | (27767) |
| &nbsp;&nbsp;Interest (income) expense, net | (474) | 247 | 1723 | 763 |
| &nbsp;&nbsp;Income taxes | (43) | (1810) | (810) | (13233) |
| &nbsp;&nbsp;Inventory reserve | (495) | - | - | - |
| &nbsp;&nbsp;Litigation and other legal related | 146 | 48 | 2082 | 1232 |
| &nbsp;&nbsp;Impairment of goodwill | - | - | 62663 | - |
| &nbsp;&nbsp;Transaction related | - | 199 | - | 3974 |
| &nbsp;&nbsp;Public company transition costs | - | 561 | 481 | 4024 |
| &nbsp;&nbsp;Loss on sale of assets | - | 49 | 1 | 82 |
| &nbsp;&nbsp;Gain on forgiveness of debt | - | - | - | (1776) |
| &nbsp;&nbsp;Loss on loan extinguishment | - | - | 1500 | 2604 |
| &nbsp;&nbsp;Other, net | (399) | 62 | (723) | 44 |
| **Adjusted EBITDA** | $**(8569)** | $**(10182)** | $**(44986)** | $**(22578)** |
| &nbsp;&nbsp;Rent | 875 | 845 | 3511 | 2488 |
| **Adjusted EBITDAR** | $**(7694)** | $**(9337)** | $**(41475)** | $**(20090)** |

---

**Reconciliation of Adjusted Gross Profit to Gross Profit (Unaudited)**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Twelve Months Ended December 31,** | **Twelve Months Ended December 31,** |
|  | **2022** | **2021** | **2022** | **2021** |
| (in thousands) |  |  |  |  |
| Total revenue | $15324 | $17728 | $53218 | $58749 |
| Cost of revenue | 18026 | 20080 | 63632 | 57865 |
| **Gross profit** | **(2702)** | **(2352)** | **(10414)** | **884** |
| &nbsp;&nbsp;&nbsp;Depreciation | 5161 | 2142 | 12249 | 8041 |
| &nbsp;&nbsp;&nbsp;Rent | 626 | 581 | 2506 | 1917 |
| &nbsp;&nbsp;&nbsp;Inventory reserve | (495) | - | - | - |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | - | 29 | 60 | 109 |
| **Adjusted gross profit** | $**2590** | $**400** | $**4401** | $**10951** |
| **Adjusted gross margin** | **16.9%** | **2.3%** | **8.3%** | **18.6%** |

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## Ex-99

![Slide 1](dnmr-ex99_2s1.jpg)

Fourth Quarter & Full Year 2022 Earnings Presentation March 28, 2023

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![Slide 2](dnmr-ex99_2s2.jpg)

Disclaimer This presentation ("Presentation") is for informational purposes only. This Presentation shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful. No representations or warranties, express or implied, are given in, or in respect of, this Presentation. To the fullest extent permitted by law in no circumstances will Danimer Scientific, Inc. (the "Company") or any of its subsidiaries, stockholders, affiliates, representatives, directors, officers, employees, advisers, or agents be responsible or liable for a direct, indirect, or consequential loss or loss of profit arising from the use of this Presentation, its contents, its omissions, reliance on the information contained within it, or on opinions communicated in relation thereto or otherwise arising in connection therewith. Industry and market data used in this Presentation have been obtained from third-party industry publications and sources as well as from research reports prepared for other purposes. The Company has not independently verified the data obtained from these sources and cannot assure you of the data's accuracy or completeness. This data is subject to change. In addition, this Presentation does not purport to be all-inclusive or to contain all of the information that may be required to make a full analysis of investigations as an investor may deem necessary. FORWARD-LOOKING STATEMENTS Please note that in this Presentation, we may use words such as "appears," "anticipates," "believes," "plans," "expects," "intends," "future," and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, statements regarding our expectations for full year 2022 capital expenditures and Adjusted EBITDA. Forward-looking statements are made based on management's expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. The Company cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this Presentation include, but are not limited to, the overall level of consumer demand on its products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to its products; the Company's exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company's business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company's manufacturing facilities and suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact on our business, operations and financial results from the ongoing conflict in Ukraine; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, its information systems; the ability of its information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; its ability to properly maintain, protect, repair or upgrade its information technology systems or information security systems, or problems with its transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; its ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this Presentation are based upon information available to the Company as of the date of this Presentation and speak only as of the date hereof. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this presentation. USE OF PROJECTIONS This Presentation contains projected financial information with respect to the Company. Such projected financial information constitutes forward-looking information and is for illustrative purposes only and should not be relied upon as necessarily being indicative of future results. The assumptions and estimates underlying such financial information are inherently uncertain and are subject to a wide variety of significant business, economic, competitive, and other risks and uncertainties. See "Forward-Looking Statements" above. Actual results may differ materially from the results contemplated by the financial forecast information contained in this Presentation, and the inclusion of such information in this Presentation should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved. FINANCIAL INFORMATION; NON-GAAP FINANCIAL MEASURES Some of the financial information and data contained in this Presentation, such as Adjusted EBITDA, Adjusted EBITDAR and Adjusted Gross Profit has not been prepared in accordance with United States generally accepted accounting principles ("GAAP"). The Company believes these non-GAAP measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to the Company's financial condition and results of operations. The Company's management uses these non-GAAP measures for trend analyses and for budgeting and planning purposes. A reconciliation of these non-GAAP financial measures to the closest GAAP measure is included in the Appendix to the Presentation. You should review the Company's audited financial statements prepared in accordance with GAAP, which are included in its Annual Report on Form 10-K filed with the SEC. Forward-looking non-GAAP financial measures are presented without reconciliations to GAAP measures because the GAAP financial measures are not accessible on a forward-looking basis, and reconciling information is not available without unreasonable effort due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations. For the same reasons, the Company is unable to address the probable significance of the unavailable information, which could be material to future results. TRADEMARKS This Presentation contained trademarks, service marks, trade names, and copyrights of, the Company, and other companies, which are the property of their respective owners. The information contained herein is as of March 28, 2023, and does not reflect any subsequent events.

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![Slide 3](dnmr-ex99_2s3.jpg)

Danimer Investment Highlights Kentucky Plant Serves Near-Term Demand 1 2 3 4 5 6 PHA-Based Resins are Superior and Disruptive Sustainability Mandate Drives Permanent Adoption Short, Medium & Long-Term Strategic Finance Initiatives Ongoing Opportunity for Margin Expansion World-Class Teams and a Powerful Culture Our PHA-based resins are unique in the market as fully biodegradable in-home compost, natural soil and marine environments These highly-engineered materials can seamlessly replace petroleum-based plastics in most end-use categories Our products perform well on standard manufacturing equipment Our customers invest in long-term solutions, including through funded R&D partnerships A switch to PHA-based resin requires significant customer commitment Use of biodegradable materials provides a brand benefit and increasingly is a regulatory mandate Term loan strengthens liquidity position and ensures runway to positive EBITDA Part 2 Application for low-rate DoE loan to fund Greenfield facility now submitted Large market opportunity for DCT's capital-light, low-cost process for PHA and bio-based acrylic acid attracting top-tier partner interest Stronger capacity utilization drives contribution margin at Kentucky plant Bainbridge greenfield plant design more efficient; drives scale benefits with ~$400mm of new capacity Danimer Catalytic Technology's (DCT) high-margin processes, growth into scalable new markets, new partnerships, and technology licensing opportunities A deeply capable executive team with cadre of Danimer veterans and strong new leaders Ground-breaking engineering, leading research & development, and a deeply capable technical sales staff The driven Danimer culture reflects a deep commitment to help solve the global problem of environmental pollution All manufacturing processes and equipment commissioned and performing at or above currently expected through-put as of Feb 2023 Nameplate capacity of ~32.5 mm LBs of neat PHA supports ~65 mm LBs of finished resin At full capacity utilization and current market pricing and mix, expect ~$190 mm revenue and a very strong contribution margin

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![Slide 4](dnmr-ex99_2s4.jpg)

Kentucky Manufacturing – Process & Capability¹ Downstream Processing Unique Engineering Expertise Five Independent Vessels Fermentation High-Volume Extrusion Lines Blending, Pelletization & Extrusion Blending & Extrusion Engineered Materials Science Bacterial Production of PHA Proprietary Biotechnology ¹32.5 mm LBS of Neat PHA = 65 mm LBS Formulated PHA-Based Resin = ~$190 mm Revenue Three Independent Trains Filtering & Drying PHA FERMENTATION BROTH NEAT PHA FORMULATED PHA-BASED RESINS ¹ Intended to illustrate maximum potential at full utilization of design capacity; assumes pricing of $3 per lb.

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![Slide 5](dnmr-ex99_2s5.jpg)

Recent Customer Highlights Launched a new customer making specialty plastic containers for consumable dry-goods Zespri announced, through HAVI, plans for PHA-based cutlery in its snack business PHA-based cutlery launch planned with an additional customer for mid-year. Excited to work closer with HAVI – demand from several of their clients validated by strong initial trial performance across multiple end-use categories US Foods has launched Nodax-based straws under their "Evolve" brand Nodax-based straws now in all North American Starbucks locations, a growing number of Dunkin Donuts stores, food service in Sams Club and Costco, and increasingly available at retail, including CVS, Target, Safeway, Walmart and many other retailers. Mars-Wrigley expected mid-year launch for Skittles packaging, now evaluating wider use Single use coffee pods in development with multiple partners, a 550 mm LB annual European market opportunity for 2026 if proposed legislation is adopted in late 2024.\* \*Source: https://environment.ec.europa.eu/publications/proposal-packaging-and-packaging-waste_en

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![Slide 6](dnmr-ex99_2s6.jpg)

Q4 and Full Year 2022 Financial Summary Sales reflects $7.3 mm of growth in PHA-related sales more than offset by $9.9 mm of lower PLA-related sales, including $9.1 mm due to the Ukraine conflict, and service revenues of $4.8 mm compared to $8.0 mm in fiscal 2021 as customers move to commercialization. Adj. GP primarily reflects increased unabsorbed costs of capacity expansion in Kentucky. SG&A increase reflects higher administrative costs and headcount to support expected growth R&D costs include full-year of Novomer acquisition, closed August 2021 Full Year Comments Financial Summary Note:. Totals may not foot due to rounding.

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![Slide 7](dnmr-ex99_2s7.jpg)

Financial Outlook Adjusted EBITDA Expect 2023E Baseline Capex of $26 million to $31 million, excluding any DoE loan proceeds

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![Slide 8](dnmr-ex99_2s8.jpg)

Appendix

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![Slide 9](dnmr-ex99_2s9.jpg)

EBITDA Reconciliation Note: Totals may not foot due to rounding.

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![Slide 10](dnmr-ex99_2s10.jpg)

Adjusted Gross Profit Reconciliation Note: Totals may not foot due to rounding.