Dive Brief:
- TerraVia Holdings Inc., a pioneer in algae innovation, reported a loss of $26.5 million for the first quarter.
- On a per-share basis, the company reported a loss of 32 cents; and losses, adjusted for one-time gains and costs, resulted in 27 cents per share, according to the Associated Press.
- Solazyme’s name change to TerraVia will be formalized this month; its NASDAQ ticker will be TVIA.
Dive Insight:
"Over the last two months, we’ve expanded the customer base for our AlgaVia Lipid-Rich Whole Algae Powders and Proteins, and we’ve initiated deliveries to Unilever under our new $200 million supply agreement," said Jonathan Wolfson, CEO of TerraVia, in a statement.
TerraVia’s revenue for the first quarter was $10.9 million compared to $12.6 million in the first quarter of 2015. The figures are the result of the company’s de-emphasis of its industrial business to focus on transforming the food system with its breakthrough ingredients. Investors and entrepreneurs have invested $28 million to support the company’s efforts toward meeting consumer preferences for plant-based foods and nutrition.
The company’s business highlights as it transitions to a focus on food, nutrition and specialty ingredients, includes, among others:
- The launch of AlgaPrime DHA for specialty feed ingredients market
- Several high-level employee announcements, including a new head of global food sales
- A partnership with Unilever for sustainable high-level performance algae oils