Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
three months ended June 30, 2018.
“During the quarter we made very good progress in restructuring
our balance sheet and on the business development front by securing
our first commercial off-take agreement for our renewable alcohol
to jet fuel. We continue to make progress with our plan to
improve our profitability through low-carbon ethanol, which we
expect to reduce our net cash burn over time, and we continue to
work to secure solid offtake agreements to support the buildout of
our plant at Luverne for isobutanol, jet fuel and isooctane.
As a company, we believe our strengthened balance sheet should
enable us to execute our plans,” said Patrick Gruber, Chief
Executive Officer of Gevo.
Key highlights for the quarter and key subsequent events
included:
- During the three months ended June 30, 2018, Gevo sold
6,281,409 shares of common stock (after giving effect to the
one-for-twenty reverse stock split effected on June 1, 2018) under
its at-the-market offering program, for gross proceeds of
approximately $37.4 million. As of June 30,
2018, Gevo had cash and cash equivalents of $27.0
million, with gross proceeds of $14.9 million under the
at-the-market offering program being added to cash since June 30,
2018 due to timing of settlement of sales under the at-the-market
offering program.
- In June 2018, Gevo received conversion notices
from the holders of its 12.0% convertible senior secured notes due
2020 (the “2020 Notes”) and converted approximately $3.2
million in aggregate principal amount of 2020 Notes for an
aggregate of 260,793 shares of common stock. These
conversions reduced the outstanding principal amount of the 2020
Notes to approximately $13.6 million, a reduction of
approximately 18.5% in the outstanding principal amount of the 2020
Notes since March 31, 2018.
- Also during June 2018, Gevo received notices of
exercise from holders of its Series A and K Warrants to purchase
common stock to issue an aggregate of 300,761 shares of common
stock for total gross proceeds of approximately $1.26
million. Following these exercises, Series A Warrants to
purchase 320 shares of common stock and Series K Warrants to
purchase 4,006 shares of common stock remain outstanding at an
exercise price of $3.80 per share. During June
2018, the total of all outstanding warrants for Gevo were
reduced by approximately 84%.
- Sales of Gevo products increased by 28.9% for the three months
ended June 30, 2018 compared to the same period in 2017, primarily
due to increased production of ethanol and distiller
grains.
- Gevo continued to benefit from the results of its ongoing
efforts to reduce its overall cash burn, as total operating
expenses for the three months ended June 30, 2018 declined
approximately $0.9 million.
- On June 21, 2018, Gevo announced that it had entered into a
long-term agreement to supply its renewable alcohol-to-jet fuel
(ATJ) to Avfuel Corporation, effective July 1,
2018. The Supply Agreement with Avfuel is Gevo’s first
long-term commercial supply agreement for its ATJ.
- On June 19, 2018, Gevo announced that it had received a letter
from The NASDAQ Stock Market LLC that Gevo had regained
compliance with the NASDAQ Capital Market’s minimum bid price
continued listing requirement. The letter noted that as
of June 18, 2018, Gevo evidenced a closing bid price of its
common stock in excess of the $1.00 minimum requirement
for at least ten consecutive trading days. Accordingly, Gevo has
regained compliance with NASDAQ Marketplace Rule 5550(a)(2) and
NASDAQ considers the matter closed.
- On June 12, 2018, the Environmental Protection
Agency announced the approval of isobutanol at a 16% blend
level in gasoline for on-road use in automobiles. Previously,
isobutanol had been approved for on-road use up to a 12.5%
blend. A 16% isobutanol blend in gasoline provides the same
oxygen content in gasoline as an E10 gasoline, and provides other
value-added benefits such as low Reid Vapor Pressure or RVP, higher
energy density, high octane, and low water solubility.
- On June 1, 2018, Gevo implemented a 1-for-20 reverse stock
split previously approved by Gevo’s stockholders at an annual
meeting held on May 30, 2018. Gevo’s common stock started
trading on a split-adjusted basis on Monday, June 4,
2018. All share totals, per share amounts and other financial
results reflected in this press release reflect the reverse stock
split.
Financial Highlights
Revenues for the second quarter of 2018 were $9.4 million
compared with $7.5 million in the same period in 2017. During the
second quarter of 2018, revenues derived at the Luverne Facility
related to ethanol sales and related products were $8.8 million, an
increase of approximately $2.0 million from the same period in
2017. This was primarily a result of increased ethanol production
and distiller grain prices in the second quarter of 2018 versus the
same period in 2017.
During the second quarter of 2018, hydrocarbon revenues were
$0.6 million, $0.05 million lower than the same period in 2017
primarily as a result of timing differences in shipping. Gevo’s
hydrocarbon revenues are comprised of sales of ATJ, isooctane and
isooctene.
Cost of goods sold was $10.7 million for the three months ended
June 30, 2018, compared with $9.7 million in the same period in
2017, primarily as a result of increased ethanol production. Cost
of goods sold included approximately $9.1 million associated with
the production of ethanol, isobutanol and related products
and approximately $1.6 million in depreciation expense for the
three months ended June 30, 2018.
Gross loss was $1.3 million for the three months ended June 30,
2018, versus a $2.2 million gross loss in the same period in
2017.
Research and development expense decreased by $0.4 million
during the three months ended June 30, 2018, compared with the same
period in 2017, due primarily to a reduction in employee-related
expenses.
Selling, general and administrative expense decreased by $0.5
million during the three months ended June 30, 2018, compared with
the same period in 2017, due primarily to a decline in
employee-related expenses.
Loss from operations in the three months ended June 30, 2018 was
$4.4 million, compared with a $6.2 million loss from operations in
the same period in 2017.
Non-GAAP cash EBITDA loss in the three months ended June 30,
2018 was $2.6 million, compared with a $4.4 million non-GAAP cash
EBITDA loss in the same period in 2017.
Interest expense in the three months ended June 30, 2018 was
$0.9 million, an increase of $0.6 million as compared to the same
period in 2017, primarily due to higher interest rates on the
outstanding debt.
During the three months ended June 30, 2018, Gevo incurred a
non-cash loss of $2.2 million as a result of the conversion of
approximately $3.2 million of outstanding 2020 Notes, primarily the
result of higher closing common stock prices at the time of the
conversion.
During the three months ended June 30, 2018, Gevo also incurred
a net non-cash loss of $0.5 million during the quarter due to (i) a
$1.7 million loss on the mark-to-market valuation of the embedded
derivatives associated with the $3.2 million of 2020 Notes
converted in June 2018, primarily as the result of higher stock
prices at the time of conversion; and (ii) a $1.2 million dollar
gain associated with the quarterly mark-to-market valuation of the
2020 Notes embedded derivative at June 30, 2018, primarily due to a
lower stock price at March 31, 2018.
During the three months ended June 30, 2018, Gevo incurred a
non-cash loss of $3.5 million on changes in the fair value of the
derivative warrant liability, due primarily to the exercise of
warrants to purchase 300,761 shares of our common stock. The loss
was the result of an increased price of our common stock at the
time of exercise of our warrants.
Gevo incurred a net loss for the three months ended June
30, 2018 of $11.5 million, compared with a net loss of $10.2
million during the same period in 2017. Approximately $6.2 million
of the $11.5 million loss was comprised of the above non-cash
losses during the three-months ended June 30, 2018.
Accordingly, the non-GAAP adjusted net loss for the three months
ended June 30, 2018 was $5.3 million, compared with a non-GAAP
adjusted net loss of $6.8 million during the same period in
2017.3
The cash position at June 30, 2018 was $27.0 million and the
total principal face value of the outstanding debt was $14.1
million.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EDT (2:30 p.m. MDT)
will be Dr. Patrick Gruber, Chief Executive Officer, Tim Cesarek,
Chief Commercial Officer, Bradford Towne, Chief Accounting Officer,
and Geoff Williams, General Counsel. They will review Gevo’s
financial results and provide an update on recent corporate
highlights.
To participate in the conference call, please dial 1(888)
771-4371 (inside the U.S.) or 1 (847) 585-4405 (outside the U.S.)
and reference the access code 47296478. A replay of the call and
webcast will be available two hours after the conference call ends
on August 8, 2018. To access the replay, please dial 1(888)
843-7419 (inside the US) or 1(630) 652-3042 (outside the US) and
reference the access code 47296478#. The archived webcast will be
available in the Investor Relations section of Gevo's website
at www.gevo.com .
About Gevo
Gevo is a leading renewable technology, chemical products, and
next generation biofuels company. Gevo has developed proprietary
technology that uses a combination of synthetic biology, metabolic
engineering, chemistry and chemical engineering to focus primarily
on the production of isobutanol, as well as related products from
renewable feedstocks. Gevo’s strategy is to commercialize biobased
alternatives to petroleum-based products to allow for the
optimization of fermentation facilities’ assets, with the ultimate
goal of maximizing cash flows from the operation of those assets.
Gevo produces isobutanol, ethanol and high-value animal feed at its
fermentation plant in Luverne, Minnesota. Gevo has also developed
technology to produce hydrocarbon products from renewable alcohols.
Gevo currently operates a biorefinery in Silsbee, Texas, in
collaboration with South Hampton Resources Inc., to produce
renewable jet fuel, octane, and ingredients for plastics like
polyester. Gevo is committed to a sustainable bio-based economy
that meets society’s needs for plentiful food and clean air and
water.
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, Gevo’s ability to produce ATJ in large, commercial
quantities, ability of Gevo to develop markets for its products,
the ability of Gevo to become profitable and execute on its plans
and strategy, the ability of Gevo to enter into binding offtake,
sales or supply agreements for its products, the ability of Gevo to
produce isobutanol or related hydrocarbon products at its Luverne,
Minnesota production facility, the ability of Gevo to secure new
customer relationships across core markets, and other statements
that are not purely statements of historical fact. These
forward-looking statements are made on the basis of 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 the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2017,
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 financial measures that do not
comply with U.S. generally accepted accounting principles (GAAP),
including non-GAAP cash EBITDA loss, non-GAAP adjusted new loss and
non-GAAP adjusted net loss per share. Non-GAAP cash EBITDA excludes
non-cash items such as depreciation and stock-based compensation.
Non-GAAP adjusted net loss and adjusted net loss per share excludes
non-cash gains and/or losses recognized in the quarter due to the
changes in the fair value of certain of Gevo’s financial
instruments, such as warrants, convertible debt and embedded
derivatives . Management believes these measures are useful
to supplements to its GAAP financial statements with this non-GAAP
information because management uses such information internally for
its operating, budgeting and financial planning purposes. These
non-GAAP financial measures also facilitate management's internal
comparisons to Gevo’s historical performance as well as comparisons
to the operating results of other companies. In addition, Gevo
believes these non-GAAP financial measures are useful to investors
because they allow 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 in the financial statement tables below.
1 Adjusted Net Loss Per Share is calculated by adding back
non-cash gains and/or losses recognized in the quarter due to the
changes in the fair value of certain of our financial instruments,
such as warrants, convertible debt and embedded derivatives; a
reconciliation of Adjusted Net Loss Per Share to GAAP net loss per
share is provided in the financial statement tables following this
release.2 Cash EBITDA loss is calculated by adding back
depreciation and non-cash stock compensation to GAAP loss from
operations; a reconciliation of cash EBITDA Loss to GAAP loss from
operations is provided in the financial statement tables following
this release.3 Adjusted Net Loss is calculated by adding back
non-cash gains and/or losses recognized in the quarter due to the
changes in the fair value of certain of our financial instruments,
such as warrants, convertible debt and embedded derivatives; a
reconciliation of Adjusted Net Loss to GAAP net loss is provided in
the financial statement tables following this release.
Gevo, Inc.Condensed Consolidated
Statements of Operations Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended June 30, |
|
Six Months Ended June
30, |
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Ethanol sales and
related products, net |
$ |
8,813 |
|
|
$ |
6,839 |
|
|
$ |
17,031 |
|
|
$ |
12,333 |
|
Hydrocarbon
revenue |
|
607 |
|
|
|
660 |
|
|
|
607 |
|
|
|
749 |
|
Grant and other
revenue |
|
- |
|
|
|
43 |
|
|
|
25 |
|
|
|
75 |
|
Total
revenues |
|
9,420 |
|
|
|
7,542 |
|
|
|
17,663 |
|
|
|
13,157 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
10,693 |
|
|
|
9,705 |
|
|
|
21,276 |
|
|
|
19,113 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loss |
|
(1,273 |
) |
|
|
(2,163 |
) |
|
|
(3,613 |
) |
|
|
(5,956 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense |
|
1,469 |
|
|
|
1,891 |
|
|
|
2,258 |
|
|
|
3,108 |
|
Selling, general and
administrative expense |
|
1,637 |
|
|
|
2,123 |
|
|
|
3,507 |
|
|
|
4,297 |
|
Total
operating expenses |
|
3,106 |
|
|
|
4,014 |
|
|
|
5,765 |
|
|
|
7,405 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(4,379 |
) |
|
|
(6,177 |
) |
|
|
(9,378 |
) |
|
|
(13,361 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(904 |
) |
|
|
(630 |
) |
|
|
(1,729 |
) |
|
|
(1,341 |
) |
(Loss) on exchange of
debt |
|
(2,181 |
) |
|
|
(3,969 |
) |
|
|
(2,202 |
) |
|
|
(4,933 |
) |
(Loss) from change in
fair value of the 2017 Notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(339 |
) |
(Loss)/Gain from change
in fair value of derivative warrant liability |
|
(3,517 |
) |
|
|
2,260 |
|
|
|
(3,040 |
) |
|
|
5,519 |
|
(Loss)/Gain from change
in fair value of 2020 Notes embedded derivative |
|
(511 |
) |
|
|
(1,662 |
) |
|
|
2,347 |
|
|
|
(1,662 |
) |
Other income |
|
- |
|
|
|
20 |
|
|
|
8 |
|
|
|
26 |
|
Total
other expense, net |
|
(7,113 |
) |
|
|
(3,981 |
) |
|
|
(4,616 |
) |
|
|
(2,730 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(11,492 |
) |
|
$ |
(10,158 |
) |
|
$ |
(13,994 |
) |
|
$ |
(16,091 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted |
$ |
(7.19 |
) |
|
$ |
(13.22 |
) |
|
$ |
(10.26 |
) |
|
$ |
(23.86 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
1,597,242 |
|
|
|
768,625 |
|
|
|
1,363,394 |
|
|
|
674,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated
Balance Sheet Information(Unaudited, in
thousands)
|
(unaudited) |
|
|
|
|
|
June 30, |
|
|
December 31, |
|
2018 |
|
|
|
2017 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
27,030 |
|
|
|
$ |
11,553 |
|
Accounts
receivable |
|
1,443 |
|
|
|
|
1,054 |
|
Inventories |
|
3,846 |
|
|
|
|
4,362 |
|
Prepaid
expenses and other current assets |
|
15,258 |
|
|
|
|
712 |
|
Total
current assets |
|
47,577 |
|
|
|
|
17,681 |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
67,180 |
|
|
|
|
70,369 |
|
Deposits
and other assets |
|
1,273 |
|
|
|
|
803 |
|
Total
assets |
$ |
116,030 |
|
|
|
$ |
88,853 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
3,520 |
|
|
|
$ |
4,011 |
|
2020
Notes embedded derivative liability |
|
684 |
|
|
|
|
5,224 |
|
Derivative warrant liability |
|
86 |
|
|
|
|
1,951 |
|
Total
current liabilities |
|
4,290 |
|
|
|
|
11,186 |
|
|
|
|
|
|
|
|
2020
Notes, net |
|
11,731 |
|
|
|
|
13,491 |
|
2022
Notes, net |
|
- |
|
|
|
|
515 |
|
Other
long-term liabilities |
|
414 |
|
|
|
|
130 |
|
Total liabilities |
|
16,435 |
|
|
|
|
25,322 |
|
|
|
|
|
|
|
|
Commitments and
Contingencies (see Note 11) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
Common
Stock, $0.01 par value per share; 250,000,000 authorized, 7,990,050
and 1,090,553 shares issued and outstanding at June 30, 2018 and
December 31, 2017, respectively. |
|
80 |
|
|
|
|
11 |
|
Additional paid-in capital |
|
514,859 |
|
|
|
|
464,870 |
|
Accumulated deficit |
|
(415,344 |
) |
|
|
|
(401,350 |
) |
Total stockholders' equity |
|
99,595 |
|
|
|
|
63,531 |
|
Total
liabilities and stockholders' equity |
$ |
116,030 |
|
|
|
$ |
88,853 |
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
Six Months Ended June 30, |
|
2018 |
|
|
|
2017 |
|
Operating
Activities |
|
|
|
|
|
|
Net loss |
$ |
(13,994 |
) |
|
|
$ |
(16,091 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
(Loss)/Gain from change in fair value of derivative warrant
liability |
|
3,040 |
|
|
|
|
(5,519 |
) |
(Loss)/Gain from change in fair value of 2020 Notes embedded
derivative |
|
(2,347 |
) |
|
|
|
1,662 |
|
Loss from
the change in fair value of the 2017 Notes |
|
- |
|
|
|
|
339 |
|
Loss on
exchange of debt |
|
2,202 |
|
|
|
|
4,933 |
|
Stock-based compensation |
|
237 |
|
|
|
|
225 |
|
Depreciation and amortization |
|
3,285 |
|
|
|
|
3,341 |
|
Non-cash
interest expense |
|
884 |
|
|
|
|
196 |
|
Other
non-cash expense |
|
6 |
|
|
|
|
- |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
Accounts
receivable |
|
(389 |
) |
|
|
|
(242 |
) |
Inventories |
|
516 |
|
|
|
|
(838 |
) |
Prepaid
expenses and other current assets |
|
(416 |
) |
|
|
|
(114 |
) |
Accounts
payable, accrued expenses, and long-term liabilities |
|
(829 |
) |
|
|
|
(1,276 |
) |
Net cash used in operating activities |
|
(7,805 |
) |
|
|
|
(13,384 |
) |
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
Acquisitions of
property, plant and equipment |
|
(97 |
) |
|
|
|
(1,315 |
) |
Net cash used in investing activities |
|
(97 |
) |
|
|
|
(1,315 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
Payments on secured
debt |
|
- |
|
|
|
|
(9,616 |
) |
Debt and equity
offering costs |
|
(299 |
) |
|
|
|
(931 |
) |
Proceeds from issuance
of common stock and common stock warrants |
|
22,415 |
|
|
|
|
11,044 |
|
Proceeds from the
exercise of warrants |
|
1,263 |
|
|
|
|
6 |
|
Net cash
(used in)/provided by financing activities |
|
23,379 |
|
|
|
|
503 |
|
|
|
|
|
|
|
|
Net (decrease) in cash
and cash equivalents |
|
15,477 |
|
|
|
|
(14,196 |
) |
|
|
|
|
|
|
|
Cash, cash equivalents,
and restricted cash |
|
|
|
|
|
|
Beginning of
period |
|
11,553 |
|
|
|
|
30,499 |
|
End of period |
$ |
27,030 |
|
|
|
$ |
16,303 |
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands)
|
Three Months Ended June
30, |
|
Six Months Ended June 30, |
Non-GAAP Cash
EBITDA: |
2018 |
|
|
2017 |
|
|
|
2018 |
|
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
$ |
(4,379 |
) |
|
$ |
(6,177 |
) |
|
$ |
(9,378 |
) |
|
$ |
|
(13,361 |
) |
Depreciation and amortization |
|
1,648 |
|
|
|
1,665 |
|
|
|
3,285 |
|
|
|
|
3,341 |
|
Non-cash
stock-based compensation |
|
140 |
|
|
|
127 |
|
|
|
237 |
|
|
|
|
225 |
|
Non-GAAP cash
EBITDA |
$ |
(2,591 |
) |
|
$ |
(4,385 |
) |
|
$ |
(5,856 |
) |
|
$ |
|
(9,795 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjusted Net Loss: |
|
|
|
|
|
|
|
|
Net
Loss |
$ |
(11,492 |
) |
|
$ |
(10,158 |
) |
|
$ |
(13,994 |
) |
|
$ |
|
(16,091 |
) |
(Loss) on
exchange of debt |
|
(2,181 |
) |
|
|
(3,969 |
) |
|
|
(2,202 |
) |
|
|
|
(4,933 |
) |
(Loss)
from change in fair value of the 2017 Notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
(339 |
) |
Gain from
change in fair value of derivative warrant liability |
|
(3,517 |
) |
|
|
2,260 |
|
|
|
(3,040 |
) |
|
|
|
5,519 |
|
Gain from
change in fair value of 2020 Notes embedded derivative
|
|
(511 |
) |
|
|
(1,662 |
) |
|
|
2,347 |
|
|
|
|
(1,662 |
) |
Non-GAAP
Net (Loss) |
$ |
(5,283 |
) |
|
$ |
(6,787 |
) |
|
$ |
(11,099 |
) |
|
$ |
|
(14,676 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
1,597,242 |
|
|
|
768,625 |
|
|
|
1,363,394 |
|
|
|
|
674,451 |
|
Non-GAAP Adjusted Net
Loss per share - basic and diluted |
$ |
(3.31 |
) |
|
$ |
(8.83 |
) |
|
$ |
(8.14 |
) |
|
$ |
|
(21.76 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor and Media ContactShawn M.
SeversonIntegra Investor Relations+1
415-226-7747gevo@integra-ir.com
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