Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or
“our”) today announced financial results for the third quarter 2024
and recent corporate highlights.
Recent Corporate Highlights
- Net-Zero 1 (“NZ1”): Gevo has received a
conditional commitment for a loan guarantee with borrowing capacity
of $1.6 billion (including capitalized interest during
construction) from the U.S. Department of Energy (“DOE”) Loan
Programs Office (“LPO”) for the NZ1 project in South Dakota. We
believe this significant milestone signals the strength of the
project to finance the world’s first large-scale,
net-zero-emissions alcohol-to-jet production facility.
- Red Trail Asset Acquisition: Gevo has entered
into a definitive agreement to acquire the ethanol production and
carbon capture and sequestration (“CCS”) assets of Red Trail
Energy, LLC (“Red Trail Energy”). The Adjusted EBITDA1 from the Red
Trail Energy assets, when combined with Adjusted EBITDA1 from
Gevo’s renewable natural gas (“RNG”), Verity and other businesses,
is expected to make Gevo’s Adjusted EBITDA1 positive in 2025.
- CultivateAI Acquisition: Gevo acquired
Cultivate Agricultural Intelligence, LLC (“CultivateAI”), which
leverages drone and satellite-based imaging and GIS mapping to
generate digital inventories for agriculture and land use, for its
Verity business unit. We believe the integration of CultivateAI
into the Verity platform will provide comprehensive, highest
quality, data-driven solutions for carbon abatement in food, feed,
fuels, and industrial markets, while simultaneously helping farmers
improve their operations, sustainability, and profitability.
- Ethanol to Olefins (“ETO”) Patent: The U.S.
Patent and Trademark Office has granted to Gevo two patents for its
ETO process. This process is designed to improve the cost and
yields of drop-in, bio-based hydrocarbon fuels and chemicals from
ethanol, and adds to Gevo’s global portfolio of more than 300
patents, as well as proprietary processes and know-how concerning
processes to convert carbohydrates to hydrocarbons.
- Sale of Investment Tax Credits: Gevo announced
the sale of Investment Tax Credits, monetizing Inflation Reduction
Act (“IRA”) credits generated from the commercialization of its
renewable natural gas (“RNG”) facility.
______________________1 Adjusted EBITDA is a
non-GAAP measure calculated as earnings before interest, taxes,
depreciation and amortization, inclusive of the value of
monetizable tax credits such as 45-Q and 45-Z and excluding project
development costs.
2024 Third Quarter
Financial Highlights
- Ended the third quarter with cash,
cash equivalents and restricted cash of $292.9 million.
- Combined revenue and interest and
investment income was $5.8 million for the third quarter of 2024.
For the nine months ended September 30, 2024, combined revenue and
interest and investment income was $23.8 million.
- On a standalone basis, our RNG
subsidiary generated revenue of $2.0 million in the third quarter
of 2024, consisting of RNG sales of 101,101 MMBtu for $0.2 million
and $1.8 million of net proceeds from sales of environmental
attributes. This revenue decreased relative to the same period in
2023, primarily due to lower sales of environmental attributes as a
result of a buildup of environmental attribute inventory. The
buildup of inventory is in anticipation of receiving the final
pathway approval under the LCFS Program, which we expect to result
in a lower carbon intensity (“CI”) score and result in a
potentially higher value when the inventory is released and sold.
This CI pathway approval is anticipated during the first quarter of
2025.
- Loss from operations of $24.0 million
for the third quarter.
- Non-GAAP adjusted EBITDA loss2 of
$16.7 million for the third quarter.
- Investment Tax Credit sale proceeds of
$15.3 million are reflected in the Statement of Cash Flows,
Investing Activities, as a capital-related items, net of
adjustments.
- On a standalone basis, our RNG
subsidiary generated standalone GAAP loss from operations of $2.8
million, and non-GAAP adjusted EBITDA loss2 of $1.2 million for the
third quarter.
- Net loss per share of $0.09 for the
third quarter.
____________________2 Adjusted EBITDA is a
non-GAAP measure calculated by adding back depreciation and
amortization, allocated intercompany expenses for shared service
functions, and non-cash stock-based compensation to GAAP loss from
operations. A reconciliation of adjusted EBITDA to GAAP loss from
operations is provided in the financial statement tables following
this release. Adjusted EBITDA was referred to as “cash EBITDA” in
previous periods.
Management Comment
Lynn Smull, Gevo’s Chief Financial Officer,
commented, “Securing the DOE's $1.6 billion loan guarantee
conditional commitment is a transformative milestone for Gevo and
our Net-Zero 1 project. Reaching the DOE commitment illustrates
Gevo’s pioneering ability to develop and reduce the risk of a
financially attractive, large-scale, net-zero SAF production
facility. Additionally, given the acquisition of the Red Trail
Energy assets combined with Verity and expected near term RNG
growth, we believe that we are well-positioned to achieve positive
Adjusted EBITDA in 2025. The investments we’re making are
strategically positioning us for long-term growth in new industries
that need low-carbon products, while managing our cash and capital
expenditures to execute from a position of financial strength.”
Dr. Patrick Gruber, Gevo’s Chief Executive Officer,
added, “Everything we do is tied together by the concept of carbon
abatement as a means to create value in the clean energy market
sector, profit for the company, and value for our shareholders. The
progress on Net-Zero business systems, which include NZ1 and the
Red Trail Energy asset acquisition, underscores our commitment to
developing our businesses to abate carbon and serving enormous,
growing markets. Our advancements in areas like Verity, with our
CultivateAI acquisition, reflect our commitment to creating
resilient value chains that support carbon abatement from field to
flight, in the case of SAF, but also for other fuels, chemicals and
food chains. In the Net-Zero business system, it is all about
making products that people value, and doing it profitably, just
like any other business. There is more, though. It’s also about
rural economic development, energy security, creation of jobs, and
rewarding farmers. Overall, it’s all about carbon abatement across
the whole of the supply chain, while everyone in the supply chain
benefits economically.”
2024 Third Quarter
Financial Results
Operating revenue. During the three months
ended September 30, 2024, operating revenue decreased
$2.6 million compared to the three months ended
September 30, 2023, primarily due to lower sales of
environmental attributes from our RNG project. This is due to a
buildup of environmental attribute inventory in anticipation of
receiving the final pathway approval under the LCFS Program, which
we expect to result in a lower CI score. Said approval is
anticipated during the first quarter of 2025. During the three
months ended September 30, 2024, we sold 101,101 MMBtu of
RNG from our RNG project, resulting in RNG sales of $0.2 million
and environmental attribute sales of $1.8 million.
Cost of production. Cost of production
remained flat during the three months ended
September 30, 2024, compared to the three months ended
September 30, 2023.
Depreciation and amortization. Depreciation
and amortization decreased $1.5 million during the three months
ended September 30, 2024, compared to the three months
ended September 30, 2023, due to the timing of sales of
environmental attribute inventory, which includes allocated
depreciation and amortization.
Research and development expense. Research and
development expenses decreased $0.4 million during the three months
ended September 30, 2024, compared to the three months
ended September 30, 2023, primarily due to decreased
consulting expenses and professional fees.
General and administrative expense. General
and administrative expense increased $1.2 million during the three
months ended September 30, 2024, compared to the three
months ended September 30, 2023, primarily due to
increases in personnel costs related to the hiring of highly
qualified and skilled professionals, and professional consulting
fees, partially offset by a decrease in stock-based compensation.
On an annual basis, we assess our corporate cost allocation
estimates across all segments to reflect the use of centralized
administrative functions as well as the allocation of personnel
costs related to our project development efforts.
Project development costs. Project development
costs are primarily related to our Net-Zero Projects and Verity,
which consist primarily of employee expenses, preliminary
engineering costs, and technical consulting costs. Project
development costs increased $1.8 million during the three months
ended September 30, 2024, compared to the three months
ended September 30, 2023, primarily due to increases in
personnel costs, consulting fees, and costs related to our USDA
Grant, which have not yet been reimbursed.
Facility idling costs. Facility idling costs
are related to the care and maintenance of our Luverne
Facility. Facility idling costs decreased $0.4 million during
the three months ended September 30, 2024, compared to
the three months ended September 30, 2023.
Loss from operations. The Company’s loss from
operations increased $3.3 million during the three months ended
September 30, 2024, compared to the three months ended
September 30, 2023, primarily due to the increase in
costs for our Net-Zero and Verity projects.
Interest expense. Interest expense increased $0.6
million during the three months ended September 30, 2024,
compared to the three months ended September 30, 2023,
and was primarily comprised of interest on the Remarketed
Bonds.
Interest and investment income. Interest and
investment income decreased $1.4 million during the three months
ended September 30, 2024, compared to the three months
ended September 30, 2023, primarily due to the usage of
cash for our capital projects and operating costs, resulting in a
lower balance of cash equivalent investments during the three
months ended September 30, 2024.
Other income (expense), net. Other income
(expense), net remained flat for the three months ended
September 30, 2024, compared to the three months ended
September 30, 2023.
Webcast and Conference Call
Information
Hosting today’s conference call at 4:30 p.m. ET
will be Dr. Patrick R. Gruber, Chief Executive Officer, L. Lynn
Smull, Chief Financial Officer, and Dr. Eric Frey, Vice President
of Finance. They will review Gevo’s financial results and provide
an update on recent corporate highlights.
To participate in the live call, please register
through the following event weblink:
https://register.vevent.com/register/BId0c13b561f9d442ba7211ad0cbc56dbc.
After registering, participants will be provided with a dial-in
number and pin.
To listen to the conference call (audio only),
please register through the following event weblink:
https://edge.media-server.com/mmc/p/ggx3po5y.
A webcast replay will be available two hours after
the conference call ends on November 7, 2024. The archived webcast
will be available in the Investor Relations section of Gevo’s
website at www.gevo.com.
About Gevo
Gevo's mission is to convert renewable energy and
biogenic carbon into sustainable fuels and chemicals with a
net-zero or better carbon footprint. Gevo’s innovative technology
can be used to make a variety of products, including SAF, motor
fuels, chemicals, and other materials. Gevo’s business model
includes developing, financing, and operating production facilities
for these renewable fuels and other products. It currently runs one
of the largest dairy-based RNG facilities in the United States. It
also owns the world’s first production facility for specialty
alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the
importance of sustainability by tracking and verifying the carbon
footprint of its business systems through its Verity
subsidiary.
Learn more at Gevo’s website: www.gevo.com.
Forward-Looking Statements
Certain statements in this press release may
constitute “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These
forward-looking statements relate to a variety of matters,
including, without limitation, the financing and the timing of our
NZ1 project, the agreement with LG Chem, the DOE loan guarantee
process, the Red Trail Energy acquisition and timing of its
closing, the successful integration of the CultivateAI acquisition,
the success and revenue of Verity, the success of our ETO business,
our financial condition, our results of operation and liquidity,
our business plans, our business development activities, our
Net-Zero Projects, financial projections related to our business,
our RNG project, our fuel sales agreements, our plans to develop
our business, our ability to successfully develop, construct and
finance our operations and growth projects, our ability to achieve
cash flow from our planned projects, the ability of our products to
contribute to lower greenhouse gas emissions, particulate and
sulfur pollution, and other statements that are not purely
statements of historical fact. These forward-looking statements are
made based on the current beliefs, expectations and assumptions of
the management of Gevo and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and Gevo
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although Gevo believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in our most recent Annual Report on Form 10-K and in
subsequent reports on Forms 10-Q and 8-K and other filings made
with the U.S. Securities and Exchange Commission by Gevo.
Non-GAAP Financial Information
This press release contains a financial measure
that does not comply with U.S. generally accepted accounting
principles (“GAAP”), including non-GAAP adjusted EBITDA. Non-GAAP
adjusted EBITDA excludes depreciation and amortization, allocated
intercompany expenses for shared service functions, and non-cash
stock-based compensation from GAAP loss from operations. Management
believes this measure is useful to supplement its GAAP financial
statements with this non-GAAP information because management uses
such information internally for its operating, budgeting and
financial planning purposes. This non-GAAP financial measure also
facilitates management’s internal comparisons to Gevo’s historical
performance as well as comparisons to the operating results of
other companies. In addition, Gevo believes this non-GAAP financial
measure is useful to investors because it allows for greater
transparency into the indicators used by management as a basis for
its financial and operational decision making. Non-GAAP information
is not prepared under a comprehensive set of accounting rules and
therefore, should only be read in conjunction with financial
information reported under U.S. GAAP when understanding Gevo’s
operating performance. A reconciliation between GAAP and non-GAAP
financial information is provided below.
|
|
|
|
|
|
Gevo,
Inc.Condensed Consolidated Balance
Sheets(Unaudited, in thousands, except share and
per share amounts) |
|
|
|
|
|
|
|
September 30,2024 |
|
December 31,2023 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
223,227 |
|
|
$ |
298,349 |
|
Restricted cash |
|
1,489 |
|
|
|
77,248 |
|
Trade accounts receivable, net |
|
1,411 |
|
|
|
2,623 |
|
Inventories |
|
5,846 |
|
|
|
3,809 |
|
Prepaid expenses and other current assets |
|
4,659 |
|
|
|
4,353 |
|
Total current assets |
|
236,632 |
|
|
|
386,382 |
|
Property, plant and equipment,
net |
|
219,804 |
|
|
|
211,563 |
|
Restricted cash |
|
68,155 |
|
|
|
— |
|
Operating right-of-use
assets |
|
1,149 |
|
|
|
1,324 |
|
Finance right-of-use
assets |
|
2,236 |
|
|
|
210 |
|
Intangible assets, net |
|
8,548 |
|
|
|
6,524 |
|
Goodwill |
|
3,742 |
|
|
|
— |
|
Deposits and other assets |
|
63,524 |
|
|
|
44,319 |
|
Total assets |
$ |
603,790 |
|
|
$ |
650,322 |
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
26,396 |
|
|
$ |
22,752 |
|
Operating lease liabilities |
|
351 |
|
|
|
532 |
|
Finance lease liabilities |
|
1,873 |
|
|
|
45 |
|
Loans payable |
|
53 |
|
|
|
130 |
|
2021 Bonds payable, net |
|
— |
|
|
|
67,967 |
|
Total current liabilities |
|
28,673 |
|
|
|
91,426 |
|
Remarketed Bonds payable,
net |
|
66,902 |
|
|
|
— |
|
Loans payable |
|
— |
|
|
|
21 |
|
Operating lease
liabilities |
|
1,051 |
|
|
|
1,299 |
|
Finance lease liabilities |
|
613 |
|
|
|
187 |
|
Other long-term
liabilities |
|
1,830 |
|
|
|
— |
|
Total liabilities |
|
99,069 |
|
|
|
92,933 |
|
Stockholders'
Equity |
|
|
|
|
|
Common stock, $0.01 par value per share; 500,000,000 shares
authorized; 239,407,448 and 240,499,833 shares issued and
outstanding at September 30, 2024, and
December 31, 2023, respectively. |
|
2,394 |
|
|
|
2,405 |
|
Additional paid-in capital |
|
1,284,957 |
|
|
|
1,276,581 |
|
Accumulated deficit |
|
(782,630 |
) |
|
|
(721,597 |
) |
Total stockholders' equity |
|
504,721 |
|
|
|
557,389 |
|
Total liabilities and stockholders' equity |
$ |
603,790 |
|
|
$ |
650,322 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc.Condensed Consolidated Statements of
Operations(Unaudited, in thousands, except share
and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Total operating revenues |
$ |
1,965 |
|
|
$ |
4,528 |
|
|
$ |
11,215 |
|
|
$ |
12,826 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of production |
|
2,544 |
|
|
|
2,480 |
|
|
|
8,554 |
|
|
|
8,836 |
|
Depreciation and amortization |
|
3,494 |
|
|
|
4,994 |
|
|
|
12,222 |
|
|
|
14,323 |
|
Research and development expense |
|
1,113 |
|
|
|
1,558 |
|
|
|
4,302 |
|
|
|
4,716 |
|
General and administrative expense |
|
11,679 |
|
|
|
10,522 |
|
|
|
35,342 |
|
|
|
31,891 |
|
Project development costs |
|
6,593 |
|
|
|
4,789 |
|
|
|
19,648 |
|
|
|
10,635 |
|
Facility idling costs |
|
550 |
|
|
|
911 |
|
|
|
2,325 |
|
|
|
2,923 |
|
Total operating expenses |
|
25,973 |
|
|
|
25,254 |
|
|
|
82,393 |
|
|
|
73,324 |
|
Loss from operations |
|
(24,008 |
) |
|
|
(20,726 |
) |
|
|
(71,178 |
) |
|
|
(60,498 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(1,107 |
) |
|
|
(540 |
) |
|
|
(2,762 |
) |
|
|
(1,615 |
) |
Interest and investment income |
|
3,843 |
|
|
|
5,261 |
|
|
|
12,579 |
|
|
|
14,083 |
|
Other income, net |
|
116 |
|
|
|
305 |
|
|
|
328 |
|
|
|
292 |
|
Total other income, net |
|
2,852 |
|
|
|
5,026 |
|
|
|
10,145 |
|
|
|
12,760 |
|
Net loss |
$ |
(21,156 |
) |
|
$ |
(15,700 |
) |
|
$ |
(61,033 |
) |
|
$ |
(47,738 |
) |
Net loss per share - basic and
diluted |
$ |
(0.09 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.20 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
239,445,900 |
|
|
|
239,537,811 |
|
|
|
239,767,047 |
|
|
|
238,100,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc.Condensed Consolidated Statements of
Comprehensive Loss(Unaudited, in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Net loss |
$ |
(21,156 |
) |
|
$ |
(15,700 |
) |
|
$ |
(61,033 |
) |
|
$ |
(47,738 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
available-for-sale securities |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,040 |
|
Comprehensive
loss |
$ |
(21,156 |
) |
|
$ |
(15,700 |
) |
|
$ |
(61,033 |
) |
|
$ |
(46,698 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc.Condensed Consolidated Statements of
Stockholders’ Equity(Unaudited,
in thousands, except share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2024 and
2023 |
|
Common Stock |
|
|
|
|
Accumulated Other |
|
Accumulated |
|
Stockholders’ |
|
Shares |
|
Amount |
|
Paid-In Capital |
|
Comprehensive Loss |
|
Deficit |
|
Equity |
Balance, December 31, 2023 |
240,499,833 |
|
|
$ |
2,405 |
|
|
$ |
1,276,581 |
|
|
$ |
— |
|
|
$ |
(721,597 |
) |
|
$ |
557,389 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
12,485 |
|
|
|
— |
|
|
|
— |
|
|
|
12,485 |
|
Stock-based awards and related share issuances, net |
6,015,823 |
|
|
|
60 |
|
|
|
481 |
|
|
|
— |
|
|
|
— |
|
|
|
541 |
|
Repurchase of common stock |
(7,190,006 |
) |
|
|
(72 |
) |
|
|
(4,638 |
) |
|
|
— |
|
|
|
— |
|
|
|
(4,710 |
) |
Issuance of common stock upon exercise of warrants |
81,798 |
|
|
|
1 |
|
|
|
48 |
|
|
|
— |
|
|
|
— |
|
|
|
49 |
|
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(61,033 |
) |
|
|
(61,033 |
) |
Balance,
September 30, 2024 |
239,407,448 |
|
|
$ |
2,394 |
|
|
$ |
1,284,957 |
|
|
$ |
— |
|
|
$ |
(782,630 |
) |
|
$ |
504,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2022 |
237,166,625 |
|
|
$ |
2,372 |
|
|
$ |
1,259,527 |
|
|
$ |
(1,040 |
) |
|
$ |
(655,382 |
) |
|
$ |
605,477 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
12,752 |
|
|
|
— |
|
|
|
— |
|
|
|
12,752 |
|
Stock-based awards and related share issuances, net |
3,086,082 |
|
|
|
31 |
|
|
|
(31 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income |
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
|
|
1,040 |
|
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,738 |
) |
|
|
(47,738 |
) |
Balance,
September 30, 2023 |
240,252,707 |
|
|
$ |
2,403 |
|
|
$ |
1,272,248 |
|
|
$ |
— |
|
|
$ |
(703,120 |
) |
|
$ |
571,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc.Condensed Consolidated Statements of Cash
Flows(Unaudited, in thousands) |
|
|
|
|
|
|
|
Nine Months EndedSeptember 30, |
|
2024 |
|
|
2023 |
|
Operating
Activities |
|
|
|
|
|
Net loss |
$ |
(61,033 |
) |
|
$ |
(47,738 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Stock-based compensation |
|
12,485 |
|
|
|
12,752 |
|
Depreciation and amortization |
|
12,222 |
|
|
|
14,323 |
|
Amortization of marketable securities discount |
|
— |
|
|
|
(102 |
) |
Other noncash expense |
|
1,847 |
|
|
|
655 |
|
Changes in operating assets and liabilities, net of effects of
acquisition: |
|
|
|
|
|
Accounts receivable |
|
1,417 |
|
|
|
(1,766 |
) |
Inventories |
|
(1,542 |
) |
|
|
1,137 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(10,750 |
) |
|
|
(816 |
) |
Accounts payable, accrued expenses and non-current liabilities |
|
6,814 |
|
|
|
427 |
|
Net cash used in operating activities |
|
(38,540 |
) |
|
|
(21,128 |
) |
Investing
Activities |
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(36,459 |
) |
|
|
(61,413 |
) |
Proceeds from sale of investment tax credit |
|
15,336 |
|
|
|
— |
|
Payment of earnest money deposit |
|
(10,000 |
) |
|
|
— |
|
Acquisition of CultivateAI, net |
|
(6,070 |
) |
|
|
— |
|
Proceeds from maturity of marketable securities |
|
— |
|
|
|
168,550 |
|
Proceeds from sale of property, plant and equipment |
|
— |
|
|
|
34 |
|
Net cash (used in) provided by investing
activities |
|
(37,193 |
) |
|
|
107,171 |
|
Financing
Activities |
|
|
|
|
|
Proceeds from issuance of Remarketed Bonds, net |
|
68,155 |
|
|
|
— |
|
Extinguishment of 2021 Bonds, net |
|
(68,155 |
) |
|
|
— |
|
Payment of debt offering costs |
|
(1,665 |
) |
|
|
— |
|
Proceeds from the exercise of warrants |
|
49 |
|
|
|
— |
|
Payment of loans payable |
|
(89 |
) |
|
|
(128 |
) |
Payment of finance lease liabilities |
|
(578 |
) |
|
|
(22 |
) |
Repurchases of common stock |
|
(4,710 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(6,993 |
) |
|
|
(150 |
) |
Net (decrease) increase in
cash and cash equivalents |
|
(82,726 |
) |
|
|
85,893 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
375,597 |
|
|
|
315,376 |
|
Cash, cash equivalents
and restricted cash at end of period |
$ |
292,871 |
|
|
$ |
401,269 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc.Reconciliation of GAAP to Non-GAAP Financial
Information(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Non-GAAP Adjusted
EBITDA (Consolidated): |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(24,008 |
) |
|
$ |
(20,726 |
) |
|
$ |
(71,178 |
) |
|
$ |
(60,498 |
) |
Depreciation and
amortization |
|
3,494 |
|
|
|
4,994 |
|
|
|
12,222 |
|
|
|
14,323 |
|
Stock-based compensation |
|
3,786 |
|
|
|
4,132 |
|
|
|
12,485 |
|
|
|
12,752 |
|
Non-GAAP adjusted EBITDA
(loss) (Consolidated) |
$ |
(16,728 |
) |
|
$ |
(11,600 |
) |
|
$ |
(46,471 |
) |
|
$ |
(33,423 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
Non-GAAP Adjusted
EBITDA (Gevo NW Iowa RNG): |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(2,832 |
) |
|
$ |
(1,120 |
) |
|
$ |
(5,263 |
) |
|
$ |
(6,382 |
) |
Depreciation and
amortization |
|
672 |
|
|
|
1,914 |
|
|
|
3,347 |
|
|
|
5,099 |
|
Allocated intercompany
expenses for shared service functions |
|
890 |
|
|
|
890 |
|
|
|
2,671 |
|
|
|
2,671 |
|
Stock-based compensation |
|
48 |
|
|
|
18 |
|
|
|
125 |
|
|
|
59 |
|
Non-GAAP adjusted EBITDA
(loss) (Gevo NW Iowa RNG) |
$ |
(1,222 |
) |
|
$ |
1,702 |
|
|
$ |
880 |
|
|
$ |
1,447 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Media ContactHeather ManuelVP of Stakeholder
Engagement & PartnershipsPR@gevo.com
Investor ContactEric Frey, PhDVice President of
Finance & StrategyIR@Gevo.com
Gevo (NASDAQ:GEVO)
과거 데이터 주식 차트
부터 11월(11) 2024 으로 12월(12) 2024
Gevo (NASDAQ:GEVO)
과거 데이터 주식 차트
부터 12월(12) 2023 으로 12월(12) 2024