Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or
“our”) today announced financial results for the second quarter of
2023 and recent corporate highlights.
Recent Corporate Highlights
- Net-Zero 1 Project: On August 7, 2023, Gevo announced that its
Net-Zero 1 ethanol-to-jet project had been invited by the U.S.
Department of Energy (“DOE”) to the formal due diligence and term
sheet negotiation phase for a $950 million loan guarantee under the
Title 17 Clean Energy Financing Program. The invitation to Gevo was
provided based on the DOE’s determination that Gevo’s Net-Zero 1
Project is highly qualified and suitable for a loan guarantee from
the DOE. DOE's invitation is not an assurance that DOE will issue a
loan guarantee, which is wholly dependent on the results of DOE’s
review and determinations.
- Verity: Our Verity Tracker went live with our farmer partners
in South Dakota and Minnesota this quarter. This tool will be used
to measure, report and verify Carbon Intensity (“CI”) through the
entire value chain, inclusive of climate-smart agriculture
practices. We believe the rollout of this software tool is a key
milestone in implementation of our previously announced strategy to
source low-carbon grain from farmers and reward them for their
contributions to overall CI reduction. In addition to the
previously announced joint development agreement with Southwest
Iowa Renewable Energy (SIRE), we recently entered into a joint
development agreement with a second ethanol producer in the Midwest
that has over 100 million gallons of capacity to use Verity to
track their ongoing ethanol production and implement Verity to
incorporate regenerative agriculture practices to unlock carbon
value for voluntary markets and federal tax credit
opportunities.
- Ethanol-to-Olefins (“ETO”) Technology: On April 12, 2023, Gevo
announced it had entered into a joint development agreement with LG
Chem, Ltd. ("LG Chem”) a leading global chemical company to develop
and scale up bio-propylene for renewable chemicals using Gevo’s ETO
technology. LG Chem is expected to bear all scale-up costs for
chemicals and make certain payments to Gevo. In the second quarter
of 2023, Gevo received $1.3 million, before foreign taxes of $0.2
million, and expects to receive an additional $1.2 million over the
next two years associated with the joint development efforts. In
addition to this $2.5 million from the joint development agreement,
LG Chem agreed to make certain payments to Gevo upon commencement
of commercialization, including royalties on net sales from future
production volumes. ETO is a technology owned by Gevo that reduces
the capital and operating cost to convert ethanol to olefins and
enables selectivity to produce propylene as well as fuels.
- Renewable Natural Gas (“RNG”): Our RNG project in Northwest
Iowa has been injecting into the pipeline since June 2022. We have
successfully worked through the startup phase and the project has
achieved strong performance against design capacity and on-stream
injection time this quarter, achieving on-stream injection of 97%
and uptime of 91%. RNG revenue realized for the quarter from
combined commodity and environmental attribute sales was $2.9
million using the California Air Resource Board (“CARB”) Low Carbon
Fuel Standards (“LCFS”) temporary pathway approval of -150 gCO2e/MJ
CI. Final approval of our -350 gCO2e/MJ CI pathway submittal is
expected in 2024. The capacity expansion from 355,000 MMBtu to
400,000 MMBtu is underway and proceeding as planned.
- USDA Grant: We recently received a Notice of Grant and
Agreement Award from the USDA regarding the previously announced
selection of Gevo’s Climate-Smart Farm to Flight proposal for
funding with an award ceiling of up to $30 million. We expect to
finalize the agreement soon. Gevo’s project was one of the 70
projects selected by the USDA under the first pool of the
Partnerships for Climate-Smart Commodities funding opportunity
totaling $2.8 billion.
2023 Second Quarter Financial
Highlights
- Ended the quarter with cash, cash equivalents, restricted cash,
and marketable securities of $425.5 million.
- Revenue of $4.2 million for the quarter primarily consists of
RNG revenue and environmental attribute sales from Gevo’s RNG
project and licensing. During Q2 2023, we sold 77,789 MMBtu of RNG
from our RNG Project, resulting in RNG commodity sales and
environment attribute sales of $2.9 million. Additionally, we
realized $1.3 million of licensing and development revenue from the
agreement with LG Chem.
- Combined revenue and interest income increased to $9.3 million
for the quarter.
- Loss from operations of $18.9 million for the quarter.
- Non-GAAP cash EBITDA loss1 of $10.2 million for the
quarter.
- Gevo NW Iowa RNG generated positive, stand-alone non-GAAP cash
EBITDA1 of $0.4 million for the quarter.
- Net loss per share of $0.06 for the quarter.
1 Cash EBITDA loss is a non-GAAP measure calculated by
adding back depreciation and amortization and non-cash stock-based
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.
Management Comment
“We achieved several key milestones this quarter including a
major inflection point in the financing of NZ1 by being invited
into the full formal diligence and term sheet negotiation process
for the DOE loan,” said Dr. Patrick Gruber CEO. “The preliminary
diligence process was highly selective and validates the hard work
we have put into our proprietary Net-Zero plant designs and
business model. We expect that the DOE process could take up to 12
months to be finalized, given all the consultants and complexities
that they need to work through as part of their normal diligence,
but this is a very exciting breakthrough for Gevo and our
shareholders.”
“Along with the progress on NZ1, I would also highlight that our
RNG business is on target. As we continue to ramp up production,
this quarter we achieved impressive year one performance against
design capacity, with on-stream injection of 97% and uptime of 91%,
demonstrating operating efficiency objectives. We also hit another
milestone at Verity by launching a carbon tracking application for
farmers to count CI scores on their fields and we have successfully
tracked differences field by field, which is key for accurate CI
tracking and validation in documenting credits. We have a deep
bench of proprietary technology across several areas at Gevo
including ETO technology and we also received our first licensing
payment from LG Chem, demonstrating the potential of this
technology in the Gevo portfolio.”
Dr. Gruber concluded, “Gevo is a company with deep IP and
know-how and I am excited to see the progress continuing and
milestones met. Our evolution to a model focused on developing and
licensing, in addition to investing is giving us a more optimized
pathway to profitability as it reduces our need for our capital and
enables accelerated growth without hindering our ability to invest
directly in projects of our choosing. I believe we are at the
convergence point of our technology portfolio and strong market
tailwinds, giving our shareholders a unique seat at the table to
leverage high-growth markets like sustainable aviation fuel
(“SAF”), RNG, and CI tracking.”
Second Quarter
2023 Financial Results
Operating revenue. During the three months ended
June 30, 2023, operating revenue increased $4.1 million
compared to the three months ended June 30, 2022,
primarily due sales of RNG and environmental attributes from our
RNG Project. Sales under our RNG Project commenced in the third
quarter of 2022. During the three months ended
June 30, 2023, we sold 77,789 MMBtu of RNG from our RNG
Project, resulting in revenue realized of $2.9 million.
Additionally, we recognized $1.3 million of licensing and
development revenue from the ETO Technology agreement with LG
Chem.
Cost of production. Cost of production remained flat during the
three months ended June 30, 2023, compared to the three
months ended June 30, 2022. Production costs in 2023 are
related to RNG production and sales, and lower costs from minimal
production at our facility in Luverne, Minnesota (the “Luverne
Facility”) compared to the three months ended June 30, 2022, before
it was put into care and maintenance.
Depreciation and amortization. Depreciation and amortization
increased $3.3 million during the three months ended
June 30, 2023, compared to the three months ended
June 30, 2022, primarily due to additional depreciation
for RNG assets placed into service in 2022 and accelerated
depreciation on Agri-Energy segment assets due to shorter lives
stemming from the impairment assessment during the third quarter of
2022.
Research and development expense. Research and development
expense remained flat during the three months ended
June 30, 2023, compared to the three months ended
June 30, 2022, primarily due to an increase in patent and
personnel related costs, as well as lab work and supplies related
to our ETO and other technologies, which was offset by a reduction
of consulting expenses.
General and administrative expense. General and administrative
expense increased $1.9 million during the three months ended
June 30, 2023, compared to the three months ended
June 30, 2022, primarily due to increases in professional
consulting fees and personnel costs related to the hiring of highly
qualified and skilled professionals for our strategic projects,
including Net-Zero Projects, as well as the Verity and DOE
programs.
Project development costs. Project development costs are related
to our future Net-Zero Projects and Verity which consist primarily
of employee expenses, preliminary engineering and technical
consulting costs. Project development costs increased $0.7 million
during the three months ended June 30, 2023, compared to
the three months ended June 30, 2022, primarily due to
increases in personnel costs and consulting fees.
Facility idling costs. Facility idling costs of $1.0 million for
the three months ended June 30, 2023, are due to the care
and maintenance of our Luverne Facility. We plan to utilize the
Luverne Facility as a development scale plant to advance our
technology and operational knowledge to help us in achieving
operational success as we scale up the production and delivery of
hydrocarbons and chemical products for our customers and
partners.
Loss from operations. Our loss from operations increased by $2.8
million during the three months ended June 30, 2023,
compared to the three months ended June 30, 2022,
primarily due to the increased activities for our Net-Zero Projects
and Verity. See explanations for each line item above.
Interest expense. Interest expense increased $0.5 million during
the three months ended June 30, 2023, compared to the
three months ended June 30, 2022, primarily due to the
interest on the 2021 Bonds, which was capitalized into construction
in process during the construction phase of our RNG Project in the
prior periods.
Interest and investment income. Interest and investment income
increased $5.0 million during the three months ended
June 30, 2023, compared to the three months ended
June 30, 2022, primarily due to an increase in interest
earned on our cash equivalent investments as a result of higher
interest rates.
Other income. Other income decreased $2.9 million for the three
months ended June 30, 2023, compared to the three months
ended June 30, 2022, primarily due to the receipt of $2.9
million from the US Department of Agriculture's Biofuel Producer
Program in 2022.
During the six months ended June 30, 2023, net cash
used for operating activities was $29.4 million compared to $17.2
million for the six months ended June 30, 2022. Non-cash
charges primarily consisted of depreciation and amortization of
$9.3 million, stock-based compensation expense of $8.6 million, and
other non-cash expense of $0.4 million, partially offset by
non-cash amortization of discounts on marketable securities of $0.1
million. The net cash outflow from changes in operating assets and
liabilities increased $13.3 million, primarily due to increased
cash outflows of $10.9 million in prepaid expenses and other
current assets due to deposits to secure long-lead equipment power
transmission and distribution facilities for NZ1, $2.2 million of
accounts payable, and $1.3 million related to decreases in accounts
receivable. These were partially offset by $1.0 million of
decreased costs associated with the sale of environmental attribute
inventory.
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/BI82de9cfb93c4451496d83261acc6dc07.
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/aqorx2re.
A webcast replay will be available two hours after the
conference call ends on August 10, 2023. 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 transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel,
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full lifecycle of
the products. 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 it possesses the
technology and know-how to convert various carbohydrate feedstocks
through a fermentation process into alcohols and then transform the
alcohols into renewable fuels and materials, through a combination
of its own technology, know-how, engineering, and licensing of
technology and engineering from Axens North America, Inc., which
yields the potential to generate project and corporate returns that
justify the build-out of a multi-billion-dollar business.
Gevo believes that Argonne National Laboratory GREET model is
the best available standard of scientific based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking StatementsCertain 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 timing of our NZ1
project, the agreement with LG Chem, the selection of an EPC
contractor, timing regarding an EPC contract, the DOE process and
timing, the success of Verity and Verity Tracking, 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 the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2022 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 cash EBITDA loss. Non-GAAP cash EBITDA loss
excludes depreciation and amortization 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.Consolidated Balance
Sheets(Unaudited, in thousands, except share and
per share amounts)
|
|
|
|
|
|
|
June 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
Current assets |
|
|
|
|
|
Cash and cash equivalents |
$ |
347,650 |
|
|
$ |
237,125 |
|
Marketable securities |
|
— |
|
|
|
167,408 |
|
Restricted cash |
|
71,201 |
|
|
|
1,032 |
|
Trade accounts receivable, net |
|
1,011 |
|
|
|
476 |
|
Inventories |
|
4,387 |
|
|
|
6,347 |
|
Prepaid expenses and other current assets |
|
4,439 |
|
|
|
3,034 |
|
Total current assets |
|
428,688 |
|
|
|
415,422 |
|
Property, plant and equipment,
net |
|
198,759 |
|
|
|
176,872 |
|
Restricted cash |
|
6,568 |
|
|
|
77,219 |
|
Operating right-of-use
assets |
|
1,239 |
|
|
|
1,331 |
|
Finance right-of-use
assets |
|
215 |
|
|
|
219 |
|
Intangible assets, net |
|
7,108 |
|
|
|
7,691 |
|
Deposits and other assets |
|
31,980 |
|
|
|
21,994 |
|
Total assets |
$ |
674,557 |
|
|
$ |
700,748 |
|
Liabilities |
|
|
|
|
|
Current liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
21,365 |
|
|
$ |
24,760 |
|
Operating lease liabilities |
|
454 |
|
|
|
438 |
|
Finance lease liabilities |
|
27 |
|
|
|
79 |
|
Loans payable |
|
144 |
|
|
|
159 |
|
2021 Bonds payable, net |
|
67,594 |
|
|
|
— |
|
Total current liabilities |
|
89,584 |
|
|
|
25,436 |
|
2021 Bonds payable, net |
|
— |
|
|
|
67,223 |
|
Loans payable |
|
94 |
|
|
|
159 |
|
Operating lease
liabilities |
|
1,307 |
|
|
|
1,450 |
|
Finance lease liabilities |
|
193 |
|
|
|
183 |
|
Other liabilities |
|
280 |
|
|
|
820 |
|
Total liabilities |
|
91,458 |
|
|
|
95,271 |
|
Stockholders'
Equity |
|
|
|
|
|
Common stock, $0.01 par value per share; 500,000,000 shares
authorized; 237,647,431 and 237,166,625 shares issued and
outstanding at June 30, 2023, and
December 31, 2022, respectively. |
|
2,377 |
|
|
|
2,372 |
|
Additional paid-in capital |
|
1,268,142 |
|
|
|
1,259,527 |
|
Accumulated other comprehensive loss |
|
— |
|
|
|
(1,040 |
) |
Accumulated deficit |
|
(687,420 |
) |
|
|
(655,382 |
) |
Total stockholders' equity |
|
583,099 |
|
|
|
605,477 |
|
Total liabilities and stockholders' equity |
$ |
674,557 |
|
|
$ |
700,748 |
|
Gevo, Inc.Consolidated Statements of
Operations(Unaudited, in thousands, except share
and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Total operating revenues |
$ |
4,238 |
|
|
$ |
89 |
|
|
$ |
8,298 |
|
|
$ |
321 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
Cost of production |
|
1,931 |
|
|
|
1,834 |
|
|
|
6,356 |
|
|
|
4,924 |
|
Depreciation and amortization |
|
4,754 |
|
|
|
1,474 |
|
|
|
9,329 |
|
|
|
2,916 |
|
Research and development expense |
|
1,960 |
|
|
|
1,966 |
|
|
|
3,158 |
|
|
|
3,158 |
|
General and administrative expense |
|
10,608 |
|
|
|
8,694 |
|
|
|
21,369 |
|
|
|
18,061 |
|
Project development costs |
|
2,887 |
|
|
|
2,236 |
|
|
|
5,846 |
|
|
|
3,332 |
|
Facility idling costs |
|
1,013 |
|
|
|
— |
|
|
|
2,012 |
|
|
|
— |
|
Total operating expenses |
|
23,153 |
|
|
|
16,204 |
|
|
|
48,070 |
|
|
|
32,391 |
|
Loss from operations |
|
(18,915 |
) |
|
|
(16,115 |
) |
|
|
(39,772 |
) |
|
|
(32,070 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(536 |
) |
|
|
(2 |
) |
|
|
(1,075 |
) |
|
|
(4 |
) |
Interest and investment income |
|
5,038 |
|
|
|
78 |
|
|
|
8,822 |
|
|
|
330 |
|
Other income (expense), net |
|
(7 |
) |
|
|
2,878 |
|
|
|
(13 |
) |
|
|
2,910 |
|
Total other income, net |
|
4,495 |
|
|
|
2,954 |
|
|
|
7,734 |
|
|
|
3,236 |
|
Net loss |
$ |
(14,420 |
) |
|
$ |
(13,161 |
) |
|
$ |
(32,038 |
) |
|
$ |
(28,834 |
) |
Net loss per share - basic and
diluted |
$ |
(0.06 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.13 |
) |
|
$ |
(0.14 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
237,417,618 |
|
|
|
209,809,994 |
|
|
|
237,339,583 |
|
|
|
205,889,651 |
|
Gevo, Inc.Consolidated Statements of
Comprehensive Loss(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Net loss |
$ |
(14,420 |
) |
|
$ |
(13,161 |
) |
|
$ |
(32,038 |
) |
|
$ |
(28,834 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
available-for-sale securities |
|
115 |
|
|
|
(669 |
) |
|
|
1,040 |
|
|
|
(1,642 |
) |
Comprehensive
loss |
$ |
(14,305 |
) |
|
$ |
(13,830 |
) |
|
$ |
(30,998 |
) |
|
$ |
(30,476 |
) |
Gevo, Inc.Consolidated Statements of
Stockholders’ Equity(Unaudited,
in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, 2023 and
2022 |
|
Common Stock |
|
|
|
|
Accumulated Other |
|
Accumulated |
|
Stockholders’ |
|
Shares |
|
Amount |
|
Paid-In Capital |
|
Comprehensive Loss |
|
Deficit |
|
Equity |
Balance, March 31, 2023 |
237,261,164 |
|
$ |
2,373 |
|
$ |
1,264,203 |
|
|
$ |
(115 |
) |
|
$ |
(673,000 |
) |
|
$ |
593,461 |
|
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
3,943 |
|
|
|
— |
|
|
|
— |
|
|
|
3,943 |
|
Stock-based awards and related
share issuances, net |
386,267 |
|
|
4 |
|
|
(4 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive
income |
— |
|
|
— |
|
|
— |
|
|
|
115 |
|
|
|
— |
|
|
|
115 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(14,420 |
) |
|
|
(14,420 |
) |
Balance,
June 30, 2023 |
237,647,431 |
|
$ |
2,377 |
|
$ |
1,268,142 |
|
|
$ |
— |
|
|
$ |
(687,420 |
) |
|
$ |
583,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31,
2022 |
201,752,722 |
|
$ |
2,019 |
|
$ |
1,107,051 |
|
|
$ |
(1,587 |
) |
|
$ |
(573,048 |
) |
|
$ |
534,435 |
|
Issuance of common stock and
common stock warrants, net of issuance costs |
33,333,336 |
|
|
333 |
|
|
138,675 |
|
|
|
— |
|
|
|
— |
|
|
|
139,008 |
|
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
4,220 |
|
|
|
— |
|
|
|
— |
|
|
|
4,220 |
|
Stock-based awards and related
share issuances, net |
79,893 |
|
|
1 |
|
|
(66 |
) |
|
|
— |
|
|
|
— |
|
|
|
(65 |
) |
Other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
|
(669 |
) |
|
|
— |
|
|
|
(669 |
) |
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(13,161 |
) |
|
|
(13,161 |
) |
Balance,
June 30, 2022 |
235,165,951 |
|
$ |
2,353 |
|
$ |
1,249,880 |
|
|
$ |
(2,256 |
) |
|
$ |
(586,209 |
) |
|
$ |
663,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended June 30, 2023 and
2022 |
|
Common Stock |
|
|
|
|
Accumulated Other |
|
Accumulated |
|
Stockholders’ |
|
Shares |
|
Amount |
|
Paid-In Capital |
|
Comprehensive Loss |
|
Deficit |
|
Equity |
Balance, December 31, 2022 |
237,166,625 |
|
|
$ |
2,372 |
|
$ |
1,259,527 |
|
|
$ |
(1,040 |
) |
|
$ |
(655,382 |
) |
|
$ |
605,477 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
8,620 |
|
|
|
— |
|
|
|
— |
|
|
|
8,620 |
|
Stock-based awards and related share issuances, net |
480,806 |
|
|
|
5 |
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income |
— |
|
|
|
— |
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
|
|
1,040 |
|
Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(32,038 |
) |
|
|
(32,038 |
) |
Balance,
June 30, 2023 |
237,647,431 |
|
|
$ |
2,377 |
|
$ |
1,268,142 |
|
|
$ |
— |
|
|
$ |
(687,420 |
) |
|
$ |
583,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2021 |
201,988,662 |
|
|
$ |
2,020 |
|
$ |
1,103,224 |
|
|
$ |
(614 |
) |
|
$ |
(557,375 |
) |
|
$ |
547,255 |
|
Issuance of common stock and common stock warrants, net of issuance
costs |
33,333,336 |
|
|
|
333 |
|
|
138,675 |
|
|
|
— |
|
|
|
— |
|
|
|
139,008 |
|
Issuance of common stock upon exercise of warrants |
4,677 |
|
|
|
— |
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
8,264 |
|
|
|
— |
|
|
|
— |
|
|
|
8,264 |
|
Stock-based awards and related share issuances, net |
(160,724 |
) |
|
|
— |
|
|
(286 |
) |
|
|
— |
|
|
|
— |
|
|
|
(286 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
— |
|
|
|
(1,642 |
) |
|
|
— |
|
|
|
(1,642 |
) |
Net loss |
— |
|
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(28,834 |
) |
|
|
(28,834 |
) |
Balance,
June 30, 2022 |
235,165,951 |
|
|
$ |
2,353 |
|
$ |
1,249,880 |
|
|
$ |
(2,256 |
) |
|
$ |
(586,209 |
) |
|
$ |
663,768 |
|
Gevo, Inc.Consolidated Statements of
Cash Flows(Unaudited, in thousands)
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
2023 |
|
|
2022 |
|
Operating
Activities |
|
|
|
|
|
Net loss |
$ |
(32,038 |
) |
|
$ |
(28,834 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
Stock-based compensation |
|
8,620 |
|
|
|
7,945 |
|
Depreciation and amortization |
|
9,329 |
|
|
|
2,916 |
|
Amortization of marketable securities (discount) premium |
|
(102 |
) |
|
|
2,637 |
|
Other noncash expense |
|
351 |
|
|
|
352 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
Accounts receivable |
|
(535 |
) |
|
|
790 |
|
Inventories |
|
1,136 |
|
|
|
102 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(13,035 |
) |
|
|
(2,156 |
) |
Accounts payable, accrued expenses and non-current liabilities |
|
(3,105 |
) |
|
|
(953 |
) |
Net cash used in operating activities |
|
(29,379 |
) |
|
|
(17,201 |
) |
Investing
Activities |
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(29,138 |
) |
|
|
(46,165 |
) |
Acquisition of patent portfolio |
|
— |
|
|
|
(10 |
) |
Proceeds from maturity of marketable securities |
|
168,550 |
|
|
|
169,082 |
|
Purchase of marketable securities |
|
— |
|
|
|
(131,257 |
) |
Proceeds from property, plant and equipment |
|
112 |
|
|
|
— |
|
Net cash provided by (used in) investing
activities |
|
139,524 |
|
|
|
(8,350 |
) |
Financing
Activities |
|
|
|
|
|
Debt and equity offering costs |
|
— |
|
|
|
(10,993 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
— |
|
|
|
150,000 |
|
Proceeds from exercise of warrants |
|
— |
|
|
|
3 |
|
Net settlement of common stock under stock plans |
|
— |
|
|
|
(286 |
) |
Payment of loans payable |
|
(80 |
) |
|
|
(72 |
) |
Payment of finance lease liabilities |
|
(22 |
) |
|
|
— |
|
Net cash (used in) provided by financing
activities |
|
(102 |
) |
|
|
138,652 |
|
Net increase in cash and cash
equivalents |
|
110,043 |
|
|
|
113,101 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
315,376 |
|
|
|
136,033 |
|
Cash, cash equivalents
and restricted cash at end of period |
$ |
425,419 |
|
|
$ |
249,134 |
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Non-GAAP Cash EBITDA
(Consolidated): |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(18,915 |
) |
|
$ |
(16,115 |
) |
|
$ |
(39,772 |
) |
|
$ |
(32,070 |
) |
Depreciation and
amortization |
|
4,754 |
|
|
|
1,474 |
|
|
|
9,329 |
|
|
|
2,916 |
|
Stock-based compensation |
|
3,943 |
|
|
|
3,687 |
|
|
|
8,620 |
|
|
|
7,945 |
|
Non-GAAP cash EBITDA
(Consolidated) |
$ |
(10,218 |
) |
|
$ |
(10,954 |
) |
|
$ |
(21,823 |
) |
|
$ |
(21,209 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
March 31, 2023 |
|
June 30, 2023 |
|
December 31, 2022 |
Non-GAAP Cash EBITDA
(Gevo NW Iowa RNG): |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(1,270 |
) |
|
$ |
(2,211 |
) |
|
$ |
(3,481 |
) |
|
$ |
(4,088 |
) |
Depreciation and
amortization |
|
1,676 |
|
|
|
1,509 |
|
|
|
3,185 |
|
|
|
313 |
|
Stock-based compensation |
|
13 |
|
|
|
29 |
|
|
|
42 |
|
|
|
7 |
|
Non-GAAP cash EBITDA (loss)
(Gevo NW Iowa RNG) |
$ |
419 |
|
|
$ |
(673 |
) |
|
$ |
(254 |
) |
|
$ |
(3,768 |
) |
Investor Relations Contact+1
303-883-1114IR@gevo.com
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