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  "documentTitle": "Danimer Scientific (DNMR)",
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  "authorName": "Spruce Point Capital Management",
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  "presentationDate": "2021-04-22 00:00:00",
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  "notes": "Uses a 'villain' critique style to highlight management's shifting narrative.",
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      "text": "In the near term, I would expect less profitability at the bottom line than what was previously disclosed.",
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      "text": "Key Messages: Overall trajectory remains intact; Phase I not scaled to plan; Costs higher in short term.",
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      "text": "In response to the first question on Danimer's first earnings call, CEO Croskrey already walked back from recently issued expectations. In addition, Danimer has already missed its stated targets for Phase I and Phase II of its completion of its Kentucky facility and management has blamed it on Covid and the SPAC transaction.",
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      "text": "\"In the near term, I would expect less profitability at the bottom line than what was previously disclosed.\" — Stephen Croskrey, CEO Danimer Scientific. \"As I noted earlier, the Phase II expansion is now expected to be completed in the second quarter of 2022 compared to our initial assumption of late 2021\" — John Dowdy, CFO Danimer Scientific.",
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      "text": "Source: DNMR March 29th, 2021 earnings call",
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      "text": "Source: Q4 2020 earnings presentation (slide 9)",
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      "text": "Management Walking Back Expectations",
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