First Railcar of Isobutanol Shipped to
Musket Corporation- Gevo to Host Conference Call Today at
4:30 p.m. EDT/2:30 MDT -
Gevo, Inc. (NASDAQ:GEVO) today announced financial results for the
three months ended June 30, 2016. Key highlights for the quarter
included:
- Gevo produced approximately 80,000 gallons of isobutanol during
the quarter.
- Gevo entered into an agreement with Musket Corporation to
supply isobutanol as a “non-ethanol” oxygenate, which has been
identified as an unmet need in the market, for blending with
gasoline. Musket is a major, national fuel distributor under
the umbrella of the Love’s Family of Companies, one of the largest
fuel retailers in the U.S. Initial target markets are
expected to include the marine and off-road markets in Arizona,
Nevada, and Utah. Musket has taken delivery of its first railcar of
isobutanol and is moving it through their distribution system.
- The first two commercial flights using Gevo’s renewable alcohol
to jet fuel (ATJ) took place on June 7, 2016. The flights
originated in Seattle and flew to San Francisco International
Airport and Ronald Reagan Washington National Airport,
respectively. The two Alaska Airlines flights utilized a 20 percent
ATJ fuel blend.
- Gevo entered into an agreement with Clariant Corp., one of the
world’s leading specialty chemical companies, to develop catalysts
to enable Gevo’s Ethanol-To-Olefins (ETO) technology. Gevo’s ETO
technology, which uses ethanol as a feedstock, produces tailored
mixes of propylene, isobutylene and hydrogen, which are valuable as
standalone molecules, or as feedstocks to produce downstream
derivative products such as diesel fuel, chemical intermediates,
and polymers that would be drop-in replacements for their
fossil-based equivalents. Clariant is committed to the development
and scale-up of the catalyst.
- On June 15, 2016, Gevo closed a best efforts public offering of
21,080,456 shares of common stock at a public offering price of
$0.45 per share. The gross proceeds to Gevo from this
offering were approximately $9.5 million.
- During the quarter, Gevo received proceeds of approximately
$10.8 million through the exercise of warrants. Approximately 36.3
million shares were issued as result of these exercises.
- On April 1, 2016, Gevo completed the sale of 3,721,429 Series C
units and 6,571,429 Series D units pursuant to an underwritten
public offering. Gevo received gross proceeds of
approximately $3.5 million, not including future proceeds from the
exercise of any of the warrants associated with the units.
Outlook for 2016
As previously disclosed, Gevo restarted production of isobutanol
at its production facility in Luverne, Minnesota in March
2016. All operations, including the distillation system, are
now up and running. During 2016, Gevo has produced
approximately 168,000 gallons of isobutanol and one fermentation
batch surpassed 20,000 gallons of isobutanol, slightly exceeding
the high end of the range of our previously announced goal of
18,000-20,000 gallons per batch. The fermentation process is
working well.
It has, however, taken Gevo longer than expected to complete
installation of some additional distillation system equipment that
was needed after initial operation of
the distillation system began in March 2016.
As a result, the onset of the production rate ramp-up was delayed
and therefore the total annual 2016 production volume is projected
to be lower than previously projected.
For the reasons discussed above, Gevo is changing its previously
issued guidance in terms of production gallons in 2016 to the
following:
- Gevo now expects isobutanol production at its production
facility in Luverne to be in a range of 500,000 to 650,000 gallons
in 2016.
At this time, based upon the results at Luverne, Gevo re-affirms
that it is on track to meet the other components of its previously
issued 2016 guidance as follows. Gevo expects to:
- Decrease the variable cost of producing isobutanol at its
Luverne production facility to a range of $3.00-$3.50/gallon
(assumes corn price of $3.65 per bushel and nets the value of the
isobutanol distiller's grains (the "iDGs™"), enabling isobutanol to
be produced at a positive contribution margin, based on an expected
average selling price for isobutanol of between
$3.50-$4.50/gallon.
- Increase sales of isobutanol into core markets such as the
renewable ATJ fuel, marina, off-road, isooctane and solvents
markets.
- Achieve an average quarterly corporate-wide EBITDA burn rate
(excluding stock-based compensation) of $3.5-$4.5 million.
Corporate-wide EBITDA burn rate is calculated by adding back
depreciation and non-cash stock compensation to GAAP Loss From
Operations.
Through the balance of 2016 and into 2017, Gevo will be focused
on optimization work to improve the Luverne production facility at
its current scale, but more importantly with a view towards
significantly expanding the Luverne production facility. Gevo
plans to optimize the overall production processes with the intent
of improving robustness and consistency of production, increasing
production volumes, and potentially producing specific grades of
isobutanol tailored for specific applications. This
optimization work could result in Gevo needing to add more
equipment (tanks, controls, pumps, distillation columns, etc.),
systems or processes in the future at the Luverne production
facility.
Despite the production ramp-up delays described above, Gevo
expects that by the end of 2016 to have the capability to be at a
production run rate equivalent to 1.5 million gallons per year at
its Luverne production facility. Although Gevo expects to
have this production capability, Gevo currently expects to run at a
rate less than 1.5 million gallons per year during 2017 as it
scales up and tests new process improvements to further reduce
costs and optimize production in general at the Luverne production
facility with a view towards significantly expanding production
capacity in the future.
“The first half of 2016 has been a significant inflection point
for Gevo. We have achieved a number of key milestones year-to date,
including restarting isobutanol production at Luverne,
demonstrating successful commercial airline flights using our fuel,
signing a key distribution agreement with Musket targeting the
specialty fuel markets, and strengthening our balance sheet to
include $22.6 million in cash as of the end of the second quarter,”
said Dr. Patrick Gruber, Gevo’s Chief Executive Officer.
“I am pleased that all operations, including the distillation
system, at our plant in Luverne are up and running and that the
fermentations are going well. In fact, we are seeing up to
20,000 gallons of isobutanol per batch, and we remain on track to
achieve our cost targets. While the technologies are working,
we still need to continue the plant optimization learning curve,
turning our attention to shortening batch cycle times and, given
the importance of jet and isooctane, tailoring specific grades for
those applications, particularly as it relates to the design of a
large scale hydrocarbon plant,” said Dr. Patrick Gruber, Gevo’s
Chief Executive Officer.
“On the market and sales front we have made good progress.
Conducting commercial airline flights using our ATJ was a
tremendous milestone. While all the testing had previously
been completed during the six years of work with ASTM
International, flying actual flights with our jet fuel demonstrates
to people that this really can be done commercially. We are
grateful to Alaska Airlines for being a good partner and we
continue to have positive conversations with several potential
customers in the aviation industry. We also made further
progress in the development of the gasoline blendstock
markets. We are extremely pleased to have a national player
such as Musket as a partner, and it is good to see they are already
distributing isobutanol-blended fuel into their customer network,”
added Dr. Gruber.
Financial Highlights
Revenues for the second quarter of 2016 were $8.1 million
compared with $8.9 million in the same period in 2015. During the
second quarter of 2016, revenues derived at the Luverne plant were
$7.2 million, a decrease of approximately $0.8 million from the
same period in 2015. This was primarily a result of lower ethanol
production, ethanol prices and distiller grain prices in the 2nd
quarter of 2016 versus the same period in 2015.
During the second quarter of 2016, hydrocarbon revenues were
$0.7 million, flat as compared to the same period in 2015. Gevo’s
hydrocarbon revenues were comprised of sales of jet fuel, isooctane
and isooctene.
Gevo generated grant revenue of $0.2 million during the second
quarter of 2016, also flat as compared to the same period in 2015.
Gevo’s grant revenue is primarily generated through the work it is
doing with the Northwest Advanced Renewables Alliance to produce
isobutanol from cellulosic feedstocks, such as wood waste, which
can then be converted into Gevo’s ATJ.
Cost of goods sold was flat during the three months ended June
30, 2016, compared with the same quarter in 2015. Cost of goods
sold included approximately $8.5 million associated with the
production of ethanol, isobutanol and related products
and approximately $1.5 million in depreciation expense.
Gross loss was $1.9 million for the three months ended June 30,
2016.
Research and development expense decreased by approximately $0.3
million during the three months ended June 30, 2016, compared with
the same quarter in 2015, due primarily to a reduction in employee
related expenses.
Selling, general and administrative expense decreased by $1.6
million during the three months ended June 30, 2016, compared with
the same quarter in 2015, due primarily to a decrease of $1.3
million in litigation legal expenses.
Loss from operations in the second quarter of 2016 was $5.5
million, compared with $6.5 million in the same quarter in
2015.
Non-GAAP cash EBITDA loss in the second quarter of 2016 was $3.6
million, compared with $4.6 million in the same quarter in
2015.
Interest expense in the second quarter of 2016 was $2.2 million,
which was an increase of $0.2 million over the same quarter last
year.
During the three months ended June 30, 2016, the estimated fair
value of the derivative warrant liability decreased by $10.6
million, resulting in a non-cash loss from change in fair value of
derivative warrant liability, primarily associated with the
increase in the price of Gevo’s common stock in the quarter.
During the three months ended June 30, 2016, Gevo also incurred
a $0.9 million non-cash loss on the extinguishment of warrant
liabilities, associated with adjustments to the exercise prices on
certain of Gevo’s Series D and Series H warrants.
Gevo also incurred a non-cash loss of $0.9 million during the
quarter due to the quarterly mark-to-market valuation of the 2017
Notes.
During the three months ended June 30, 2016, there was no change
in the value of the embedded derivatives in the convertible notes
issued in 2012 (the 2022 Notes), as the derivatives have had no
meaningful value since the third quarter of 2014. No holders
of the 2022 Notes converted or exchanged any notes during the
quarter.
During the three months ended June 30, 2016, we reported a $1.5
million loss associated with the April equity issuance primarily as
a result of the estimated fair value of the common stock and
warrants issued being greater than the consideration received in
exchange.
The net loss for the second quarter of 2016 was $21.5 million,
compared with $14.4 million during the same period in 2015.
The non-GAAP adjusted net loss for the second quarter of 2016
was $7.5 million, compared with $8.6 million during the same period
in 2015.
The cash position at June 30, 2016 was $22.6 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, Mike Willis,
Chief Financial 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(847)
585-4405 (inside the U.S.) or 1(888) 771-4371 (outside the U.S.)
and reference the access code 43066415. A replay of the call and
webcast will be available two hours after the conference call ends
on August 9, 2016. To access the replay, please dial 1(630)
652-3042 (inside the US) or 1(888) 843-7419 (outside the US) and
reference the access code 43066415#. 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 has a marquee list of partners including The
Coca-Cola Company, Toray Industries Inc. and Total SA, among
others. 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, statements related to the ability of Gevo to produce
isobutanol at Gevo’s Luverne, Minnesota production facility, Gevo’s
ability to achieve its production and cost guidance, Gevo’s ability
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, 2015, 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),
non-GAAP cash EBITDA and adjusted loss per share. On a non-GAAP
basis, non-GAAP cash EBITDA excludes non-cash items such as
depreciation and stock-based compensation. On a non-GAAP basis,
non-GAAP adjusted 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 our 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.
Reverse Stock Split
On April 15, 2015, our Board of Directors approved a reverse
split of our common stock, par value $0.01, at a ratio of
one-for-fifteen. This reverse stock split became
effective on April 20, 2015 and, unless otherwise indicated, all
share amounts, per share data, share prices, exercise prices and
conversion rates set forth in this press release and the
accompanying consolidated financial statements have, where
applicable, been adjusted to reflect this reverse stock split.
|
|
|
|
|
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, |
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
Revenue and
cost of goods sold |
|
|
|
|
|
|
|
Ethanol
sales and related products, net |
$ |
7,168 |
|
|
$ |
7,955 |
|
|
$ |
12,925 |
|
|
$ |
13,053 |
|
Hydrocarbon revenue |
|
713 |
|
|
|
740 |
|
|
|
1,011 |
|
|
|
1,257 |
|
Grant and
other revenue |
|
232 |
|
|
|
229 |
|
|
|
497 |
|
|
|
513 |
|
Total revenues |
|
8,113 |
|
|
|
8,924 |
|
|
|
14,433 |
|
|
|
14,823 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold |
|
9,989 |
|
|
|
9,898 |
|
|
|
19,212 |
|
|
|
19,132 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loss |
|
(1,876 |
) |
|
|
(974 |
) |
|
|
(4,779 |
) |
|
|
(4,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research
and development expense |
|
1,469 |
|
|
|
1,765 |
|
|
|
2,513 |
|
|
|
3,487 |
|
Selling,
general and administrative expense |
|
2,147 |
|
|
|
3,792 |
|
|
|
4,066 |
|
|
|
8,271 |
|
Total operating
expenses |
|
3,616 |
|
|
|
5,557 |
|
|
|
6,579 |
|
|
|
11,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(5,492 |
) |
|
|
(6,531 |
) |
|
|
(11,358 |
) |
|
|
(16,067 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense |
|
(2,246 |
) |
|
|
(2,029 |
) |
|
|
(4,396 |
) |
|
|
(4,064 |
) |
Gain on
conversion of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
285 |
|
(Loss)/Gain on extinguishment of warrant liability |
|
(923 |
) |
|
|
1,775 |
|
|
|
(923 |
) |
|
|
1,775 |
|
(Loss)/Gain from change in fair value of the 2017 Notes |
|
(940 |
) |
|
|
(340 |
) |
|
|
(1,775 |
) |
|
|
3,425 |
|
(Loss)/Gain from change in fair value of derivative warrant
liability |
|
(10,573 |
) |
|
|
(7,247 |
) |
|
|
(5,325 |
) |
|
|
(7,080 |
) |
Loss on
issuance of equity |
|
(1,519 |
) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
- |
|
Other
income |
|
206 |
|
|
|
2 |
|
|
|
206 |
|
|
|
13 |
|
Total
other expense, net |
|
(15,995 |
) |
|
|
(7,839 |
) |
|
|
(13,732 |
) |
|
|
(5,646 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(21,487 |
) |
|
$ |
(14,370 |
) |
|
$ |
(25,090 |
) |
|
$ |
(21,713 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted |
$ |
(0.44 |
) |
|
$ |
(1.10 |
) |
|
$ |
(0.70 |
) |
|
$ |
(2.03 |
) |
Weighted-average number
of common shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
outstanding - basic and diluted |
|
49,085,638 |
|
|
|
13,009,434 |
|
|
|
36,050,983 |
|
|
|
10,673,891 |
|
Gevo, Inc. |
|
|
|
Condensed
Consolidated Balance Sheet Information |
|
|
|
(Unaudited, in
thousands) |
|
|
|
|
|
|
|
|
June 30, |
|
December
31, |
|
|
2016 |
|
|
|
2015 |
|
Assets |
|
|
|
Current assets: |
|
|
|
Cash and
cash equivalents |
$ |
22,617 |
|
|
$ |
17,031 |
|
Accounts
receivable |
|
1,674 |
|
|
|
1,391 |
|
Inventories |
|
2,885 |
|
|
|
3,487 |
|
Prepaid
expenses and other current assets |
|
884 |
|
|
|
731 |
|
Total
current assets |
|
28,060 |
|
|
|
22,640 |
|
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
77,773 |
|
|
|
76,777 |
|
Deposits
and other assets |
|
3,414 |
|
|
|
3,414 |
|
Total
assets |
$ |
109,247 |
|
|
$ |
102,831 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts
payable, accrued liabilities and other current liabilities |
$ |
4,703 |
|
|
$ |
7,476 |
|
Derivative warrant liability |
|
6,150 |
|
|
|
10,493 |
|
Current
portion of secured debt, net |
|
324 |
|
|
|
330 |
|
Current
portion 2017 Notes recorded at fair value |
|
23,340 |
|
|
|
- |
|
Total
current liabilities |
|
34,517 |
|
|
|
18,299 |
|
Long-term portion of
secured debt, net |
|
- |
|
|
|
153 |
|
Long term
portion 2017 Notes recorded at fair value |
|
- |
|
|
|
21,565 |
|
2022
Notes, net |
|
16,545 |
|
|
|
14,341 |
|
Other
long-term liabilities |
|
- |
|
|
|
147 |
|
Total
liabilities |
|
51,062 |
|
|
|
54,505 |
|
|
|
|
|
|
|
|
|
Total
stockholders’ equity |
|
58,185 |
|
|
|
48,326 |
|
Total liabilities and
stockholders' equity |
$ |
109,247 |
|
|
$ |
102,831 |
|
Gevo,
Inc. |
|
|
|
Condensed
Consolidated Cash Flow Information |
|
|
|
(Unaudited, in
thousands) |
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2016 |
|
|
|
2015 |
|
Operating
Activities |
|
|
|
|
|
|
|
Net loss |
$ |
(25,090 |
) |
|
$ |
(21,713 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
Loss/(Gain) from change in fair value of derivative warrant
liability |
|
5,325 |
|
|
|
7,080 |
|
Loss/(Gain) from change in fair value of the 2017 Notes |
|
1,775 |
|
|
|
(3,425 |
) |
Loss/(Gain) on conversion of debt |
|
- |
|
|
|
(285 |
) |
Gain on
extinguishment of warrant liability |
|
923 |
|
|
|
(1,775 |
) |
Loss on
equity issuance |
|
1,519 |
|
|
|
- |
|
Stock-based compensation |
|
542 |
|
|
|
698 |
|
Depreciation and amortization |
|
3,282 |
|
|
|
3,281 |
|
Non-cash
interest expense |
|
2,130 |
|
|
|
1,767 |
|
Other
non-cash expenses |
|
- |
|
|
|
- |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
Accounts
receivable |
|
(283 |
) |
|
|
42 |
|
Inventories |
|
602 |
|
|
|
1,389 |
|
Prepaid
expenses and other current assets |
|
(153 |
) |
|
|
160 |
|
Accounts
payable, accrued expenses, and long-term liabilities |
|
(1,937 |
) |
|
|
(2,104 |
) |
Net cash
used in operating activities |
|
(11,365 |
) |
|
|
(14,885 |
) |
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
Acquisitions of
property, plant and equipment |
|
(4,847 |
) |
|
|
(175 |
) |
Proceeds from
sales tax refund for property, plant and equipment |
|
- |
|
|
|
144 |
|
Net cash
used in investing activities |
|
(4,847 |
) |
|
|
(31 |
) |
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
Payments
on secured debt |
|
(84 |
) |
|
|
(131 |
) |
Debt and
equity offering costs |
|
(1,997 |
) |
|
|
(2,785 |
) |
Proceeds
from issuance of common stock and common stock units |
|
13,023 |
|
|
|
23,850 |
|
Proceeds
from the exercise of warrants |
|
10,856 |
|
|
|
10,151 |
|
Net cash
provided by financing activities |
|
21,798 |
|
|
|
31,085 |
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents |
|
5,586 |
|
|
|
16,169 |
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
|
|
|
Beginning
of period |
|
17,031 |
|
|
|
6,359 |
|
End of
period |
$ |
22,617 |
|
|
$ |
22,528 |
|
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: |
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo Development, LLC /
Agri-Energy, LLC |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
$ |
(2,936 |
) |
|
$ |
(2,091 |
) |
|
$ |
(6,494 |
) |
|
$ |
(6,403 |
) |
Depreciation and amortization |
|
1,497 |
|
|
|
1,417 |
|
|
|
2,949 |
|
|
|
2,868 |
|
Non-cash
stock-based compensation |
|
3 |
|
|
|
- |
|
|
|
8 |
|
|
|
(2 |
) |
Non-GAAP cash
EBITDA |
$ |
(1,436 |
) |
|
$ |
(674 |
) |
|
$ |
(3,537 |
) |
|
$ |
(3,537 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
$ |
(2,556 |
) |
|
$ |
(4,440 |
) |
|
$ |
(4,864 |
) |
|
$ |
(9,664 |
) |
Depreciation and amortization |
|
164 |
|
|
|
202 |
|
|
|
332 |
|
|
|
413 |
|
Non-cash
stock-based compensation |
|
181 |
|
|
|
296 |
|
|
|
534 |
|
|
|
700 |
|
Non-GAAP cash
EBITDA |
$ |
(2,211 |
) |
|
$ |
(3,942 |
) |
|
$ |
(3,998 |
) |
|
$ |
(8,551 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
$ |
(5,492 |
) |
|
$ |
(6,531 |
) |
|
$ |
(11,358 |
) |
|
$ |
(16,067 |
) |
Depreciation and amortization |
|
1,661 |
|
|
|
1,619 |
|
|
|
3,281 |
|
|
|
3,281 |
|
Non-cash
stock-based compensation |
|
184 |
|
|
|
296 |
|
|
|
542 |
|
|
|
698 |
|
Non-GAAP cash
EBITDA |
$ |
(3,647 |
) |
|
$ |
(4,616 |
) |
|
$ |
(7,535 |
) |
|
$ |
(12,088 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo Consolidated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss |
|
(21,487 |
) |
|
|
(14,370 |
) |
|
|
(25,090 |
) |
|
|
(21,713 |
) |
Gain on
conversion of debt |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
285 |
|
(Loss)/Gain on extinguishment of warrant liability |
|
(923 |
) |
|
|
1,775 |
|
|
|
(923 |
) |
|
|
1,775 |
|
(Loss)/Gain from change in fair value of the 2017 Notes |
|
(940 |
) |
|
|
(340 |
) |
|
|
(1,775 |
) |
|
|
3,425 |
|
(Loss)/Gain from change in fair value of derivative warrant
liability |
|
(10,573 |
) |
|
|
(7,247 |
) |
|
|
(5,325 |
) |
|
|
(7,080 |
) |
Loss on
issuance of equity |
|
(1,519 |
) |
|
|
- |
|
|
|
(1,519 |
) |
|
|
- |
|
Non-GAAP
Net Loss |
$ |
(7,532 |
) |
|
$ |
(8,558 |
) |
|
$ |
(15,548 |
) |
|
$ |
(20,118 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
49,085,638 |
|
|
|
13,009,434 |
|
|
|
36,050,983 |
|
|
|
10,673,891 |
|
Non-GAAP Adjusted Net
loss per share - basic and diluted |
$ |
(0.15 |
) |
|
$ |
(0.66 |
) |
|
$ |
(0.43 |
) |
|
$ |
(1.88 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
[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 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.
Media Contact
David Rodewald
The David James Agency, LLC
+1 805-494-9508
gevo@davidjamesagency.com
Investor Contact
Shawn M. Severson
EnergyTech Investor, LLC
+1 415-233-7094
shawn@energytechinvestor.com
@ShawnEnergyTech
www.energytechinvestor.com
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