Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
third quarter of 2020 and recent corporate highlights.
Recent Corporate
Highlights
- In August 2020, Gevo entered into a Renewable Hydrocarbons
Purchase and Sale Agreement (the “Agreement”) with Trafigura
Trading LLC (“Trafigura”), whereby Gevo agreed to supply renewable
hydrocarbons to Trafigura. The initial term of the agreement is 10
years, and Trafigura has the option to extend the initial term.
With the Trafigura agreement, Gevo now has approximately 48MGPY of
offtake agreements in place, collectively representing about $1.5
billion of revenue across the life of the contracts.
- On August 2020, Gevo and Praj Industries Ltd entered into a
Master Framework Agreement to collaborate on providing renewable
jet fuel and premium gasoline in India and neighboring countries,
which agreement replaces the construction licenses agreement
entered into in April 2019.
- In August 2020, Gevo completed a registered direct offering of
38.5 million shares of common stock (or common stock equivalents)
at $1.30 per share. Total proceeds were $45.9 million, net of
closing costs.
- In July 2020, $2 million in aggregate principal amount of
Gevo’s 12.0% Convertible Senior Secured Notes due 2020/2021 (the
“2020/21 Notes”) were converted into 4,169,428 shares of common
stock, including $0.3 million of make-whole interest.
- In July 2020, Gevo completed a public offering of 30 million
units, with each unit consisting of one share of common stock (or
common stock equivalent) and a Series 2020-A warrants to buy one
share of common stock at an exercise price $0.60 per share. Total
proceeds were $16.1 million, net of closing costs. During the third
quarter, 27.3 million Series 2020-A warrants were exercised,
resulting in an additional total net proceeds to Gevo of $16.4
million.
- Due to its strong balance sheet and available cash, Gevo
expects that on December 31, 2020 it will pay off the entire
outstanding balance of $12.7 million of the 2020/21 Notes. Upon
repayment of the outstanding debt represented by the 2020/21 Notes,
Gevo will have no outstanding debt secured by all of its
assets.
- In late October, Gevo began production of approximately 50,000
gallons of renewable isobutanol at its production facility in
Luverne, MN (the “Luverne Facility”). Once the renewable isobutanol
has been produced, Gevo will ship the isobutanol to the South
Hampton Facility for use in the production of renewable
hydrocarbons during the first quarter of 2021. Gevo plans to
produce an additional 50,000 gallons of renewable isobutanol during
the second quarter of 2021 for use at the South
Hampton Facility. Gevo expects to periodically produce
renewable isobutanol in this manner until a new, larger hydrocarbon
production facility is financed and constructed.
2020 Third
Quarter Financial Highlights
- Ended the
quarter with cash and cash equivalents of $80.6 million compared to
$6.3 as of the end of Q2 2020
- Revenue totaled
$0.2 million for the quarter compared to $6.1 million in Q3
2019
- Hydrocarbon
revenue decreased to $0.1 million for the quarter compared to $0.6
million in Q3 2019
- Loss from
operations of ($6.1) million for the quarter compared to ($8.0)
million in Q3 2019
- Non-GAAP cash
EBITDA loss1 of ($4.0) million for the quarter compared to ($5.8)
million in Q3 2019
- Net loss per
share of ($0.09) based on 77,049,896 weighted average shares
outstanding for the quarter compared to ($0.66) based on 12,968,265
weighted average shares outstanding for the quarter in Q3 2019
- Non-GAAP
adjusted net loss per share2 of ($0.08) based on 77,049,896
weighted average shares outstanding for the quarter compared to
($0.66) based on 12,968,265 weighted average shares outstanding for
the quarter in Q3 2019
Commenting on the third quarter of 2020 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer,
said, “This past quarter marked a turning point for Gevo. We
secured the blockbuster deal with Trafigura, a major energy player.
This offtake agreement brought our total off-take tally to about
48MGPY, collectively representing about $1.5 billion of revenue
across the life of the contracts. With customers pinned down and
enough money in the bank to complete the engineering and project
development work needed to bring projects to financial close next
year, and because we have several interested project equity
investors engaged in detailed due diligence, I believe that our
project financing activity with Citigroup is going well, so far. We
continue to work on securing more customer agreements and expect to
announce one or more in the coming months. Overall, we are
progressing well. We need to continue to make progress and keep on
track”.
Third Quarter
2020 Financial
Results
Revenue for the three months ended September 30, 2020 was $0.2
million compared with $6.1 million in the same period in 2019.
Revenue derived at our production facility located in Luverne,
Minnesota (the “Luverne Facility”) related to ethanol sales and
related products was $0.02 million for the third quarter of 2020, a
decrease of approximately $5.5 million from the same period in
2019. As a result of COVID-19 and in response to an unfavorable
commodity environment, Gevo terminated its production of ethanol
and distiller grains in March 2020, which resulted in lower sales
for the period. We do not expect to earn revenue from the sale of
ethanol, isobutanol and related products while the Luverne
Facility's operations are suspended.
During the three months ended September 30, 2020, hydrocarbon
revenue was $0.1 million compared with $0.6 million in the same
period in 2019 as a result of decreased shipments of finished
products from our demonstration plant at the South Hampton
Resources, Inc. facility in Silsbee, Texas. Gevo’s hydrocarbon
revenue is comprised of sales of alcohol-to-jet fuel, isooctane and
isooctene.
Cost of goods sold was $2.3 million for the three months ended
September 30, 2020, compared with $9.9 million in the same period
in 2019, primarily as a result of terminating ethanol production as
a result of COVID-19 and in response to an unfavorable commodity
environment. Cost of goods sold included approximately $0.9 million
associated with the production of isobutanol and related products
and maintenance of the Luverne Facility and approximately $1.4
million in depreciation expense for the three months ended
September 30, 2020.
Gross loss was $2.1 million for the three months ended September
30, 2020, versus a $3.8 million gross loss in the same period in
2019.
Research and development expense decreased by $0.9 million
during the three months ended September 30, 2020 compared with the
same period in 2019, due primarily to a decrease in personnel and
consultant expenses.
Selling, general and administrative expense increased by $0.8
million during the three months ended September 30, 2020, compared
with the same period in 2019, due primarily to an increase in
personnel, consulting and insurance expenses and professional fees
offset by a decrease in investor relations expenses.
Loss from operations in the three months ended September 30,
2020 was $(6.1) million, compared with a ($8.0) million loss from
operations in the same period in 2019.
Non-GAAP cash EBITDA loss3 in the three months ended September
30, 2020 was ($4.0) million, compared with a ($5.8) million
non-GAAP cash EBITDA loss in the same period in 2019.
Interest expense in the three months ended September 30, 2020
was $0.5 million, a decrease of $0.1 million as compared to the
same period in 2019, primarily due to a decline in amortization of
original issue discounts and debt issuance costs compared to the
same period last year and the conversion of $2.0 million of 2020/21
Notes in July 2020.
In the three months ended September 30, 2020, Gevo recognized
net non-cash gain totaling $0.2 million due to changes in the fair
value of certain of our financial instruments, such as warrants and
embedded derivatives.
In the three months ended September 30, 2020, Gevo recognized
net non-cash loss totaling $0.5 million due to the conversion of
$2.0 million of 2020/21 Notes in July 2020.
Gevo incurred a net loss for the three months ended September
30, 2020 of ($6.8) million, compared with a net loss of ($8.6)
million during the same period in 2019. Non-GAAP adjusted net loss4
for the three months ended September 30, 2020 was ($6.5) million,
compared with a non-GAAP adjusted net loss of ($8.6) million during
the same period in 2019.
Cash at September 30, 2020 was $80.6 million, and the total
principal face value of outstanding secured debt was $12.7
million.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EST (2:30 p.m. MST)
will be Dr. Patrick R. Gruber, Chief Executive Officer, Lynn Smull,
Chief Financial Officer, Carolyn M. Romero, Vice
President—Controller, and Geoffrey T. Williams, Jr., Vice
President—General Counsel & Secretary. They will review Gevo’s
financial results and provide an update on recent corporate
highlights.
To participate in the conference call, please dial (833)
729-4776 (inside the U.S.) or (830) 213-7701 and reference the
access code 4631139#, or through the event weblink
https://edge.media-server.com/mmc/p/oxzaapnc.
A replay of the call and webcast will be available two hours
after the conference call ends on November 10, 2020. To access the
replay, please visit https://edge.media-server.com/mmc/p/oxzaapnc.
The archived webcast will be available in the Investor Relations
section of Gevo’s website at www.gevo.com.
About Gevo
Gevo is commercializing the next generation of renewable premium
gasoline, jet fuel and diesel fuel with the potential to achieve
zero carbon emissions, addressing the market need of reducing
greenhouse gas emissions with sustainable alternatives. Gevo uses
low-carbon renewable resource-based carbohydrates as raw materials,
and is in an advanced state of developing renewable electricity and
renewable natural gas for use in production processes, resulting in
low-carbon fuels with substantially reduced carbon intensity (the
level of greenhouse gas emissions compared to standard petroleum
fossil-based fuels across their lifecycle). Gevo’s products perform
as well or better than traditional fossil-based fuels in
infrastructure and engines, but with substantially reduced
greenhouse gas emissions. In addition to addressing the problems of
fuels, Gevo’s technology also enables certain plastics, such as
polyester, to be made with more sustainable ingredients. Gevo’s
ability to penetrate the growing low-carbon fuels market depends on
the price of oil and the value of abating carbon emissions that
would otherwise increase greenhouse gas emissions. Gevo believes
that its proven, patented, technology enabling the use of a variety
of low-carbon sustainable feedstocks to produce price-competitive
low carbon products such as gasoline components, jet fuel, and
diesel fuel yields the potential to generate project and corporate
returns that justify the build-out of a multi-billion dollar
business. Learn more at our 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, Gevo’s agreement with Trafigura, Gevo’s ability to
finance and construct the production facilities necessary to
produce the products it has under contract, Gevo’s business
development activities, the financing process with Citigroup,
Gevo’s plans to develop its business, Gevo’s ability to
successfully finance its operations and growth projects, Gevo’s
ability to achieve cash flow from its planned projects, the ability
of Gevo’s 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 the Annual Report on Form 10-K
of Gevo for the year ended December 31, 2019 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 net loss and
non-GAAP adjusted net loss per share. Non-GAAP cash EBITDA excludes
depreciation and non-cash 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 supplement 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 Cash EBITDA loss is a non-GAAP measure 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.
2 Adjusted net loss per share is a non-GAAP measure 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, to GAAP net loss per share. A reconciliation
of adjusted net loss per share to GAAP net loss per share is
provided in the financial statement tables following this
release.
3 Cash EBITDA loss is a non-GAAP measure 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.
4 Adjusted net loss is a non-GAAP measure 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, to GAAP net loss. A reconciliation of adjusted net
loss to GAAP net loss is provided in the financial statement tables
following this release.
Gevo, Inc.Condensed Consolidated
Balance Sheets
Information(Unaudited, in thousands,
except share and per share amounts)
|
September 30,2020 |
|
December 31,2019 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
80,621 |
|
|
$ |
16,302 |
|
|
Accounts
receivable |
|
370 |
|
|
|
1,135 |
|
|
Inventories |
|
2,551 |
|
|
|
3,201 |
|
|
Prepaid
expenses and other current assets |
|
4,614 |
|
|
|
3,590 |
|
|
Total current assets |
|
88,156 |
|
|
|
24,228 |
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
63,324 |
|
|
|
66,696 |
|
|
Investment in Juhl |
|
1,500 |
|
|
|
1,500 |
|
|
Deposits and other assets |
|
507 |
|
|
|
935 |
|
|
Total assets |
$ |
153,487 |
|
|
$ |
93,359 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
4,904 |
|
|
$ |
5,678 |
|
|
2020/21
Notes (current), net |
|
12,506 |
|
|
|
- |
|
|
2020 Notes
(current), net |
|
- |
|
|
|
13,900 |
|
|
2020/21
Notes embedded derivative liability |
|
29 |
|
|
|
- |
|
|
Loans
payable - other (current) |
|
704 |
|
|
|
516 |
|
|
Total current liabilities |
|
18,143 |
|
|
|
20,094 |
|
|
|
|
|
|
|
Loans payable - other
(long-term) |
|
583 |
|
|
|
233 |
|
|
Other long-term
liabilities |
|
172 |
|
|
|
528 |
|
|
Total liabilities |
|
18,898 |
|
|
|
20,855 |
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
Common Stock, $0.01 par value
per share; 250,000,000 authorized, 119,578,203 and
14,083,232 shares issued and outstanding at September
30, 2020 and December 31, 2019, respectively. |
|
1,196 |
|
|
|
141 |
|
|
Additional paid-in
capital |
|
613,511 |
|
|
|
530,349 |
|
|
Accumulated deficit |
|
(480,118 |
) |
|
|
(457,986 |
) |
|
Total stockholders'
equity |
|
134,589 |
|
|
|
72,504 |
|
|
Total liabilities and stockholders' equity |
$ |
153,487 |
|
|
$ |
93,359 |
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated
Statements of Operations
Information(Unaudited, in thousands, except share
and per share amounts)
|
Three Months Ended September
30, |
Nine Month EndedSeptember
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Revenue
and cost of goods sold |
|
|
|
|
|
|
|
Ethanol sales and related products, net |
$ |
21 |
|
|
$ |
5,554 |
|
|
$ |
3,804 |
|
|
$ |
16,184 |
|
Hydrocarbon
revenue |
|
101 |
|
|
|
550 |
|
|
|
1,085 |
|
|
|
1,381 |
|
Other
revenue |
|
70 |
|
|
|
6 |
|
|
|
116 |
|
|
|
34 |
|
Total revenues |
|
192 |
|
|
|
6,110 |
|
|
|
5,005 |
|
|
|
17,599 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
2,260 |
|
|
|
9,893 |
|
|
|
13,043 |
|
|
|
27,306 |
|
|
|
|
|
|
|
|
|
Gross loss |
|
(2,068 |
) |
|
|
(3,783 |
) |
|
|
(8,038 |
) |
|
|
(9,707 |
) |
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
Research
and development expense |
|
870 |
|
|
|
1,789 |
|
|
|
2,127 |
|
|
|
3,712 |
|
Selling,
general and administrative expense |
|
3,215 |
|
|
|
2,431 |
|
|
|
8,917 |
|
|
|
6,705 |
|
Restructuring expenses |
|
(50 |
) |
|
|
- |
|
|
|
254 |
|
|
|
- |
|
Total operating expenses |
|
4,035 |
|
|
|
4,220 |
|
|
|
11,298 |
|
|
|
10,417 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(6,103 |
) |
|
|
(8,003 |
) |
|
|
(19,336 |
) |
|
|
(20,124 |
) |
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest
expense |
|
(473 |
) |
|
|
(605 |
) |
|
|
(1,559 |
) |
|
|
(2,127 |
) |
(Loss) on
modification of 2020 Notes |
|
- |
|
|
|
- |
|
|
|
(726 |
) |
|
|
- |
|
(Loss) on
conversion of 2020/21 Notes to common stock |
|
(543 |
) |
|
|
- |
|
|
|
(543 |
) |
|
|
- |
|
(Loss) gain from
change in fair value of derivative warrant
liability |
|
- |
|
|
|
(2 |
) |
|
|
8 |
|
|
|
1 |
|
Gain (loss) from
change in fair value of 2020/21 Notes and
2020 Notes embedded derivative liability |
|
247 |
|
|
|
- |
|
|
|
(29 |
) |
|
|
394 |
|
Other
income (expense) |
|
36 |
|
|
|
(9 |
) |
|
|
53 |
|
|
|
11 |
|
Total other income (expense) net |
|
(733 |
) |
|
|
(616 |
) |
|
|
(2,796 |
) |
|
|
(1,721 |
) |
Net loss |
$ |
(6,836 |
) |
|
$ |
(8,619 |
) |
|
$ |
(22,132 |
) |
|
$ |
(21,845 |
) |
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.09 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.62 |
) |
|
$ |
(1.87 |
) |
Weighted-average number of
common shares outstanding – basic and diluted |
|
77,049,896 |
|
|
|
12,968,265 |
|
|
|
35,682,794 |
|
|
|
11,679,530 |
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated
Statements of Stockholders’ Equity
Information(Unaudited, in thousands, except share
amounts)
|
Common Stock |
Paid In |
Accumulated |
Stockholders' |
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Equity |
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2019 |
14,083,232 |
|
|
$ |
141 |
|
$ |
530,349 |
|
|
$ |
(457,986 |
) |
|
$ |
72,504 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue
costs |
425,776 |
|
|
|
4 |
|
|
902 |
|
|
|
- |
|
|
|
906 |
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
336 |
|
|
|
- |
|
|
|
336 |
|
Issuance of
common stock under stock plans, net
of taxes |
105,882 |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(9,253 |
) |
|
|
(9,253 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2020 |
14,614,890 |
|
|
|
145 |
|
|
531,587 |
|
|
|
(467,239 |
) |
|
|
64,493 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net of issue
costs |
917,345 |
|
|
|
9 |
|
|
1,238 |
|
|
|
- |
|
|
|
1,247 |
|
Non-cash stock-based compensation |
- |
|
|
|
- |
|
|
497 |
|
|
|
- |
|
|
|
497 |
|
Issuance of common stock under
stock plans, net of taxes |
(18,137 |
) |
|
|
- |
|
|
(307 |
) |
|
|
- |
|
|
|
(307 |
) |
Net loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(6,043 |
) |
|
|
(6,043 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020 |
15,514,098 |
|
|
|
154 |
|
|
533,015 |
|
|
|
(473,282 |
) |
|
|
59,887 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock and common stock
warrants, net of issue costs |
42,772,687 |
|
|
|
428 |
|
|
61,265 |
|
|
|
- |
|
|
|
61,693 |
|
Issuance of
common stock upon exercise of
warrants |
52,953,400 |
|
|
|
530 |
|
|
16,117 |
|
|
|
- |
|
|
|
16,647 |
|
Issuance of
common stock upon exchange of
2020/21 Notes |
4,169,426 |
|
|
|
42 |
|
|
2,441 |
|
|
|
- |
|
|
|
2,483 |
|
Issuance of
common stock in exchange for
services rendered |
101,730 |
|
|
|
1 |
|
|
93 |
|
|
|
- |
|
|
|
94 |
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
642 |
|
|
|
- |
|
|
|
642 |
|
Issuance of
common stock under stock
plans, net of taxes |
4,066,862 |
|
|
|
41 |
|
|
(62 |
) |
|
|
- |
|
|
|
(21 |
) |
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(6,836 |
) |
|
|
(6,836 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, September 30,
2020 |
119,578,203 |
|
|
$ |
1,196 |
|
$ |
613,511 |
|
|
$ |
(480,118 |
) |
|
$ |
134,589 |
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31,
2018 |
8,640,583 |
|
|
$ |
86 |
|
$ |
518,027 |
|
|
$ |
(429,326 |
) |
|
$ |
88,787 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue
costs |
3,244,941 |
|
|
|
33 |
|
|
9,611 |
|
|
|
- |
|
|
|
9,644 |
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
234 |
|
|
|
- |
|
|
|
234 |
|
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(6,136 |
) |
|
|
(6,136 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2019 |
11,885,524 |
|
|
|
119 |
|
|
527,872 |
|
|
|
(435,462 |
) |
|
|
92,529 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue
costs |
- |
|
|
|
- |
|
|
(14 |
) |
|
|
- |
|
|
|
(14 |
) |
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
172 |
|
|
|
- |
|
|
|
172 |
|
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(7,090 |
) |
|
|
(7,090 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020 |
11,885,524 |
|
|
|
119 |
|
|
528,030 |
|
|
|
(442,552 |
) |
|
|
85,597 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue
costs |
- |
|
|
|
- |
|
|
(161 |
) |
|
|
- |
|
|
|
(161 |
) |
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
304 |
|
|
|
- |
|
|
|
304 |
|
Issuance of
common stock under stock plans, net
of taxes |
1,483,477 |
|
|
|
14 |
|
|
(215 |
) |
|
|
- |
|
|
|
(201 |
) |
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(8,619 |
) |
|
|
(8,619 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, September 30,
2019 |
13,349,001 |
|
|
$ |
133 |
|
$ |
527,958 |
|
|
$ |
(451,171 |
) |
|
$ |
76,920 |
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
Three Months Ended September
30, |
Nine Months EndedSeptember
30, |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Operating
Activities |
|
|
|
|
|
|
|
Net loss |
$ |
(6,836 |
) |
|
$ |
(8,619 |
) |
|
$ |
(22,132 |
) |
|
$ |
(21,845 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
|
(Gain) from change in fair value of derivative warrant
liability |
|
- |
|
|
|
2 |
|
|
|
(8 |
) |
|
|
(1 |
) |
Loss (gain) from change in fair value of 2020/21 Notes and
2020 Notes embedded derivative liability |
|
(247 |
) |
|
|
- |
|
|
|
29 |
|
|
|
(394 |
) |
Loss from conversion of 2020/21 Notes to common stock |
|
543 |
|
|
|
- |
|
|
|
543 |
|
|
|
- |
|
Loss on retirement of property, plant and equipment |
|
- |
|
|
|
(19 |
) |
|
|
38 |
|
|
|
(19 |
) |
Stock-based compensation |
|
674 |
|
|
|
568 |
|
|
|
1,347 |
|
|
|
938 |
|
Depreciation and amortization |
|
1,476 |
|
|
|
1,628 |
|
|
|
4,754 |
|
|
|
4,849 |
|
Non-cash lease expense |
|
16 |
|
|
|
- |
|
|
|
45 |
|
|
|
25 |
|
Non-cash interest expense |
|
213 |
|
|
|
257 |
|
|
|
606 |
|
|
|
1,089 |
|
Other non-cash expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
376 |
|
|
|
(212 |
) |
|
|
765 |
|
|
|
148 |
|
Inventories |
|
(71 |
) |
|
|
367 |
|
|
|
650 |
|
|
|
204 |
|
Prepaid expenses and other current assets, deposits and
other assets |
|
(777 |
) |
|
|
590 |
|
|
|
(613 |
) |
|
|
(23 |
) |
Accounts payable, accrued expenses and long-term
liabilities |
|
857 |
|
|
|
293 |
|
|
|
(605 |
) |
|
|
230 |
|
Net cash used in operating activities |
|
(3,776 |
) |
|
|
(5,145 |
) |
|
|
(14,581 |
) |
|
|
(14,798 |
) |
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(136 |
) |
|
|
(1,223 |
) |
|
|
(1,756 |
) |
|
|
(5,779 |
) |
Proceeds from sale of property, plant and equipment |
|
- |
|
|
|
19 |
|
|
|
- |
|
|
|
19 |
|
Investment in Juhl |
|
- |
|
|
|
(1,500 |
) |
|
|
- |
|
|
|
(1,500 |
) |
Net cash used in investing activities |
|
(136 |
) |
|
|
(2,704 |
) |
|
|
(1,756 |
) |
|
|
(7,260 |
) |
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
Proceeds from SBA loans |
|
- |
|
|
|
- |
|
|
|
1,006 |
|
|
|
- |
|
Debt and equity offering costs |
|
(6,055 |
) |
|
|
70 |
|
|
|
(6,170 |
) |
|
|
(178 |
) |
Proceeds from issuance of common stock and common
stock warrants |
|
67,714 |
|
|
|
(231 |
) |
|
|
69,985 |
|
|
|
9,647 |
|
Proceeds from exercise of warrants |
|
16,647 |
|
|
|
- |
|
|
|
16,647 |
|
|
|
- |
|
Net settlement of common stock under stock plans |
|
(21 |
) |
|
|
(201 |
) |
|
|
(331 |
) |
|
|
(201 |
) |
Payments of loans payable - other |
|
(89 |
) |
|
|
- |
|
|
|
(481 |
) |
|
|
- |
|
Net cash provided by (used in) financing activities |
|
78,196 |
|
|
|
(362 |
) |
|
|
80,656 |
|
|
|
9,268 |
|
|
|
|
|
|
|
|
|
Net increase (decrease) in
cash and cash equivalents |
|
74,284 |
|
|
|
(8,211 |
) |
|
|
64,319 |
|
|
|
(12,790 |
) |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
|
|
|
Beginning of period |
|
6,337 |
|
|
|
29,155 |
|
|
|
16,302 |
|
|
|
33,734 |
|
|
|
|
|
|
|
|
|
End of period |
$ |
80,621 |
|
|
$ |
20,944 |
|
|
$ |
80,621 |
|
|
$ |
20,944 |
|
|
|
|
|
|
|
|
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended September
30, |
|
Nine Months EndedSeptember
30, |
Non-GAAP Cash
EBITDA |
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(6,103 |
) |
|
$ |
(8,003 |
) |
|
$ |
(19,336 |
) |
|
$ |
(20,124 |
) |
Depreciation and
amortization |
|
1,476 |
|
|
|
1,628 |
|
|
|
4,754 |
|
|
|
4,849 |
|
Stock-based compensation |
|
674 |
|
|
|
568 |
|
|
|
1,347 |
|
|
|
938 |
|
Non-GAAP cash EBITDA |
$ |
(3,953 |
) |
|
$ |
(5,807 |
) |
|
$ |
(13,235 |
) |
|
$ |
(14,337 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net
Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
$ |
(6,836 |
) |
|
$ |
(8,619 |
) |
|
$ |
(22,132 |
) |
|
$ |
(21,845 |
) |
Adjustments: |
|
|
|
|
|
|
|
(Loss) on
modification of 2020 Notes |
|
- |
|
|
|
- |
|
|
|
(726 |
) |
|
|
- |
|
(Loss) from
conversion of 2020/21 Notes to
common stock |
|
(543 |
) |
|
|
- |
|
|
|
(543 |
) |
|
|
- |
|
Gain from
change in fair value of
derivative warrant liability |
|
- |
|
|
|
(2 |
) |
|
|
8 |
|
|
|
1 |
|
Gain from
change in fair value of
2020/21 Notes and 2020 Notes
embedded derivative liability |
|
247 |
|
|
|
- |
|
|
|
(29 |
) |
|
|
394 |
|
Total adjustments |
|
(296 |
) |
|
|
(2 |
) |
|
|
(1,290 |
) |
|
|
395 |
|
|
|
|
|
|
|
|
|
Non-GAAP Net Income
(Loss) |
$ |
(6,540 |
) |
|
$ |
(8,617 |
) |
|
$ |
(20,842 |
) |
|
$ |
(22,240 |
) |
Non-GAAP adjusted net loss per
share - basic and diluted |
$ |
(0.08 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.58 |
) |
|
$ |
(1.90 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
77,049,896 |
|
|
|
12,968,265 |
|
|
|
35,682,794 |
|
|
|
11,679,530 |
|
|
|
|
|
|
|
|
|
Investor and Media Contact+1
720-647-9605IR@gevo.com
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