Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
second quarter of 2019 and recent corporate highlights.
Recent Corporate Highlights
- On August 13, 2019, Gevo announced that it has entered into an
agreement with Air TOTAL International SA (“Air TOTAL”) for Gevo to
supply its sustainable aviation fuel (“SAF”) to Air TOTAL for use
and distribution in France and other parts of Europe. With
the finalization of this new supply contract, Gevo will initially
supply Air TOTAL SAF from the South Hampton facility in Silsbee,
Texas and eventually from the expansion of Gevo’s advanced biofuels
production facility in Luverne, Minnesota plant (the “Luverne
Facility”), which is expected to be constructed in the next several
years.
- On August 7, 2019, Gevo announced the successful completion of
the City of Seattle's Phase I trial of fleet vehicles utilizing
Gevo's low carbon, renewable drop-in isobutanol blended gasoline to
reduce greenhouse gas emissions from its fleet of vehicles.
The City of Seattle confirmed they saw 18 metric tons of carbon
reduction during the Phase I trial using Gevo’s low carbon,
renewable fuel and zero adverse effects to their fleet
vehicles.
- On August 5, 2019, Gevo announced that it achieved its
International Sustainability and Carbon Certification (ISCC)
certification under the ISCC PLUS scheme for Food, Feed, Industrial
Applications, Energy, Biofuels outside Europe.
- On June 17, 2019, Gevo announced that Virgin Australia has used
Gevo’s SAF to power 1 million kilometers of flights for all
aircraft operating in and out of Brisbane Airport when the fuel was
put through the general fuel supply system. This marked yet another
important step for Virgin Australia towards building a supply-chain
for the long-term commercial use of Gevo’s SAF in Australia to
lower greenhouse gas emissions.
2019 Second Quarter Financial Highlights
- Ends the quarter with cash and cash equivalents of $29.2
million
- Reports revenue of $5.1 million for the quarter
- Reports loss from operations of ($6.5) million for the
quarter
- Reports non-GAAP cash EBITDA loss1 of ($4.7) million for the
quarter
- Reports net loss per share of ($0.60) for the quarter
- Reports non-GAAP adjusted net loss per share2 of ($0.61) for
the quarter
Commenting on the second quarter of 2019 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
“We believe that the pieces necessary to drive Gevo’s business are
falling into place. We believe we are making real progress on
refinancing our secured debt, securing offtake agreements for our
advanced renewable biofuel products and advancing manure biogas and
wind projects to decarbonize our Luverne Facility. Evidence
of our progress include the supply agreement with Air TOTAL.
In addition, we are working on securing a loan for up to $45
million that could be used, in part, to pay off our current secured
lender. I am optimistic that we will be able to obtain the
capital required to finance the growth of our business to further
our mission of lowering greenhouse gas emissions from
transportation fuels.”
Second Quarter 2019 Financial Results
Revenues for the three months ended June 30, 2019 were $5.1
million compared with $9.4 million in the same period in 2018.
During the second quarter of 2019, revenues derived at the Luverne
Facility related to ethanol sales and related products were $5.0
million, a decrease of approximately $3.8 million from the same
period in 2018. This decrease was primarily the result of reduced
ethanol and co-product revenues due to planned lower production
volumes in response to a decline in ethanol sales prices.
During the three months ended June 30, 2019, hydrocarbon
revenues were $0.1 million compared with $0.6 million in the same
period in 2018. The decrease in hydrocarbon revenues was due to a
delay in shipments of finished products from Gevo’s demonstration
plant located at the South Hampton Resources, Inc. facility in
Silsbee, Texas (the “South Hampton Facility”). Gevo’s
hydrocarbon revenues are comprised of sales of alcohol-to-jet fuel
(SAF) and isooctane.
Cost of goods sold was $8.5 million for the three months ended
June 30, 2019, compared with $10.7 million in the same period in
2018, primarily as a result of decreased production of ethanol
during the 2019 quarter. Cost of goods sold included approximately
$7.0 million associated with the production of ethanol, isobutanol
and related products and approximately $1.5 million in depreciation
expense for the three months ended June 30, 2019.
Gross loss was $3.4 million for the three months ended June 30,
2019, versus a $1.3 million gross loss in the same period in
2018.
Research and development expense decreased by $0.5 million
during the three months ended June 30, 2019 compared with the same
period in 2018, due primarily to a decrease in costs associated
with our South Hampton Facility partially offset by an increase in
personnel and consultant expenses.
Selling, general and administrative expense increased by $0.5
million during the three months ended June 30, 2019, compared with
the same period in 2018, due primarily to an increase in personnel,
travel, legal and investor relations costs, partially offset by a
decrease in professional fees.
Loss from operations in the three months ended June 30, 2019 was
$6.5 million, compared with a $4.4 million loss from operations in
the same period in 2018 as a result of lower ethanol margins.
Non-GAAP cash EBITDA loss3 in the three months ended June 30,
2019 was $4.7 million, compared with a $2.6 million non-GAAP cash
EBITDA loss in the same period in 2018.
Interest expense in the three months ended June 30, 2019 was
$0.8 million, a decrease of $0.1 million as compared to the same
period in 2018, primarily due to a decline in outstanding debt as a
result of the conversion of an aggregate of $3.2 million of our
convertible notes during the year ended December 31, 2018.
During the three months ended June 30, 2019, Gevo also
recognized a net non-cash gain of $0.1 million associated with the
quarterly mark-to-market valuation of the embedded derivative of
our convertible notes at June 30, 2019.
Gevo incurred a net loss for the three months ended June 30,
2019 of $7.1 million, compared with a net loss of $11.5 million
during the same period in 2018. Approximately $0.1 million of the
$7.1 million net loss was comprised of the above non-cash gain
during the three months ended June 30, 2019. Accordingly, non-GAAP
adjusted net loss4 for the three months ended June 30, 2019 was
$7.2 million, compared with a non-GAAP adjusted net loss of $5.3
million during the same period in 2018.
Cash at June 30, 2019 was $29.2 million, and the total principal
face value of outstanding debt was $13.9 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 R. Gruber, Chief Executive Officer, Carolyn M.
Romero, Vice President, Controller and Principal Accounting
Officer, and Geoffrey T. Williams, Jr., 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 48854515#.
A replay of the call and webcast will be available two hours
after the conference call ends on August 14, 2019. 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 48854515#.
The archived webcast will be available in the Investor Relations
section of Gevo’s website at
www.gevo.com.
About Gevo
Gevo is a next generation “low-carbon” fuel company focused on
the development and commercialization of renewable alternatives to
petroleum-based products. Low-carbon fuels reduce the carbon
intensity, or the level of greenhouse gas emissions, compared to
standard fossil-based fuels across their lifecycle. The most common
low-carbon fuels are renewable fuels. Gevo is focused on the
development and production of mainstream fuels like gasoline and
jet fuel using renewable feedstocks that have the potential to
lower greenhouse gas emissions at a meaningful scale and enhance
agricultural production, including food and other related products.
In addition to serving the low-carbon fuel markets, through Gevo’s
technology, Gevo can also serve markets for the production of
chemical intermediate products for solvents, plastics, and building
block chemicals. 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 SAF, Gevo’s agreement with Air TOTAL, Gevo’s
plans with respect to the refinance of its outstanding debt, Gevo’s
manure biogas projects and wind power projects, Gevo’s plans to
“de-carbonize” its production facility, 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, 2018,
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 Sheet
Information |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
(unaudited) |
|
|
|
|
|
June 30, |
|
|
December 31, |
|
2019 |
|
|
2018 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
29,155 |
|
|
|
$ |
33,734 |
|
Accounts receivable |
|
166 |
|
|
|
|
526 |
|
Inventories |
|
3,329 |
|
|
|
|
3,166 |
|
Prepaid expenses and other current assets |
|
1,470 |
|
|
|
|
1,284 |
|
Total current assets |
|
34,120 |
|
|
|
|
38,710 |
|
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
67,998 |
|
|
|
|
67,036 |
|
Deposits and other assets |
|
1,675 |
|
|
|
|
1,289 |
|
Total assets |
$ |
103,793 |
|
|
|
$ |
107,035 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
4,286 |
|
|
|
$ |
4,874 |
|
2020 Notes (current), net |
|
13,386 |
|
|
|
|
— |
|
2020 Notes embedded derivative liability |
|
— |
|
|
|
|
394 |
|
Derivative warrant liability |
|
19 |
|
|
|
|
22 |
|
Total current liabilities |
|
17,691 |
|
|
|
|
5,290 |
|
|
|
|
|
|
|
|
2020 Notes (long-term), net |
|
— |
|
|
|
|
12,554 |
|
Other long-term liabilities |
|
505 |
|
|
|
|
404 |
|
Total liabilities |
|
18,196 |
|
|
|
|
18,248 |
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
Equity |
|
|
|
|
|
|
Common stock, $0.01 par value per share; 250,000,000 authorized,
11,885,524 and 8,640,583 shares issued and outstanding at
June 30, 2019 and December 31, 2018, respectively. |
|
119 |
|
|
|
|
86 |
|
Additional paid-in capital |
|
528,030 |
|
|
|
|
518,027 |
|
Accumulated deficit |
|
(442,552 |
) |
|
|
|
(429,326 |
) |
Total stockholders’ equity |
|
85,597 |
|
|
|
|
88,787 |
|
Total liabilities and stockholders’ equity |
$ |
103,793 |
|
|
|
|
107,035 |
|
|
|
|
|
|
|
|
|
|
|
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, |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Ethanol sales and related products, net |
$ |
4,966 |
|
|
$ |
8,813 |
|
|
$ |
10,630 |
|
|
$ |
17,031 |
|
Hydrocarbon revenue |
|
92 |
|
|
|
607 |
|
|
|
831 |
|
|
|
607 |
|
Grant and other revenue |
|
28 |
|
|
|
— |
|
|
|
28 |
|
|
|
25 |
|
Total revenues |
|
5,086 |
|
|
|
9,420 |
|
|
|
11,489 |
|
|
|
17,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
8,452 |
|
|
|
10,693 |
|
|
|
17,413 |
|
|
|
21,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loss |
|
(3,366 |
) |
|
|
(1,273 |
) |
|
|
(5,924 |
) |
|
|
(3,613 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
945 |
|
|
|
1,469 |
|
|
|
1,923 |
|
|
|
2,258 |
|
Selling, general and administrative expense |
|
2,182 |
|
|
|
1,637 |
|
|
|
4,274 |
|
|
|
3,507 |
|
Total operating expenses |
|
3,127 |
|
|
|
3,106 |
|
|
|
6,197 |
|
|
|
5,765 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(6,493 |
) |
|
|
(4,379 |
) |
|
|
(12,121 |
) |
|
|
(9,378 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(767 |
) |
|
|
(904 |
) |
|
|
(1,522 |
) |
|
|
(1,729 |
) |
Loss on exchange of debt |
|
— |
|
|
|
(2,181 |
) |
|
|
— |
|
|
|
(2,202 |
) |
Gain (loss) from change in fair value of derivative
warrant liability |
|
2 |
|
|
|
(3,517 |
) |
|
|
3 |
|
|
|
(3,040 |
) |
Gain (loss) from change in fair value of 2020 Notes
embedded derivative |
|
148 |
|
|
|
(511 |
) |
|
|
394 |
|
|
|
2,347 |
|
Other income |
|
20 |
|
|
|
— |
|
|
|
20 |
|
|
|
8 |
|
Total other expense, net |
|
(597 |
) |
|
|
(7,113 |
) |
|
|
(1,105 |
) |
|
|
(4,616 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,090 |
) |
|
$ |
(11,492 |
) |
|
$ |
(13,226 |
) |
|
$ |
(13,994 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share – basic and
diluted |
$ |
(0.60 |
) |
|
$ |
(7.19 |
) |
|
$ |
(1.20 |
) |
|
$ |
(10.26 |
) |
Weighted-average number of common
shares outstanding – basic and diluted |
11,885,524 |
|
|
|
1,597,242 |
|
|
|
11,024,482 |
|
|
|
1,363,394 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Condensed Consolidated Cash Flow Information |
(Unaudited, in thousands) |
|
|
Six Months Ended June 30, |
|
2019 |
|
2018 |
Operating
Activities |
|
|
|
|
|
Net loss |
$ |
(13,226 |
) |
|
$ |
(13,994 |
) |
Adjustments to reconcile net loss
to net cash used in operating activities: |
|
|
|
|
|
(Gain) loss from change in fair value of derivative warrant
liability |
|
(3 |
) |
|
|
3,040 |
|
(Gain) from change in fair value of 2020 Notes embedded
derivative |
|
(394 |
) |
|
|
(2,347 |
) |
Loss on exchange of debt |
|
— |
|
|
|
2,202 |
|
Stock-based compensation |
|
370 |
|
|
|
237 |
|
Depreciation and amortization |
|
3,221 |
|
|
|
3,285 |
|
Non-cash interest expense |
|
832 |
|
|
|
884 |
|
Other non-cash expense |
|
1 |
|
|
|
6 |
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
Accounts receivable |
|
360 |
|
|
|
(389 |
) |
Inventories |
|
(163 |
) |
|
|
516 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(613 |
) |
|
|
(416 |
) |
Accounts payable, accrued expenses and long-term liabilities |
|
(38 |
) |
|
|
(829 |
) |
Net cash used in operating activities |
|
(9,653 |
) |
|
|
(7,805 |
) |
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(4,556 |
) |
|
|
(97 |
) |
Net cash used in investing activities |
|
(4,556 |
) |
|
|
(97 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
Proceeds from issuance of common stock |
|
9,647 |
|
|
|
22,415 |
|
Proceeds from exercise of common stock warrants |
|
— |
|
|
|
1,263 |
|
Debt and equity offering costs |
|
(17 |
) |
|
|
(299 |
) |
Net cash provided by financing
activities |
|
9,630 |
|
|
|
23,379 |
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents |
|
(4,579 |
) |
|
|
15,477 |
|
|
|
|
|
|
|
Cash, cash equivalents and
restricted cash |
|
|
|
|
|
Beginning of period |
|
33,734 |
|
|
|
11,553 |
|
End of period |
$ |
29,155 |
|
|
$ |
27,030 |
|
|
Gevo, Inc.Condensed Consolidated
Statements of Stockholders’ Equity
Information(Unaudited, in thousands, except share
amounts)
|
Common Stock |
|
Paid-In Capital |
|
|
Accumulated Deficit |
|
|
Stockholders'Equity |
|
|
Shares |
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2018 |
8,640,583 |
|
$ |
86 |
|
$ |
518,027 |
|
|
$ |
(429,326 |
) |
|
$ |
88,787 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net of
issuance 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
issuance costs |
— |
|
|
— |
|
|
(14 |
) |
|
|
— |
|
|
|
(14 |
) |
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
172 |
|
|
|
— |
|
|
|
172 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(7,090 |
) |
|
|
(7,090 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2019 |
11,885,524 |
|
$ |
119 |
|
$ |
528,030 |
|
|
$ |
(442,552 |
) |
|
$ |
85,597 |
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Paid-InCapital |
|
|
AccumulatedDeficit |
|
|
Stockholders'Equity |
|
|
Shares |
|
Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2017 |
1,090,553 |
|
$ |
11 |
|
$ |
464,870 |
|
|
$ |
(401,350 |
) |
|
$ |
63,531 |
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under
stock plans, net |
30 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock, net of
issue costs and warrants |
5,208 |
|
|
— |
|
|
(107 |
) |
|
|
— |
|
|
|
(107 |
) |
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
98 |
|
|
|
— |
|
|
|
98 |
|
Issuance of common stock upon
exchange of debt |
39,016 |
|
|
— |
|
|
528 |
|
|
|
— |
|
|
|
528 |
|
Net loss |
—- |
|
|
— |
|
|
— |
|
|
|
(2,502 |
) |
|
|
(2,502 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, March 31, 2018 |
1,134,807 |
|
|
11 |
|
|
465,389 |
|
|
|
(403,852 |
) |
|
|
61,548 |
|
|
|
|
|
|
|
|
|
|
|
Shares issued upon reverse stock
split |
12,261 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock under
stock plans, net |
19 |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Issuance of common stock, net of
issue costs and warrants |
6,281,409 |
|
|
63 |
|
|
36,230 |
|
|
|
— |
|
|
|
36,293 |
|
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
61 |
|
|
|
— |
|
|
|
61 |
|
Issuance of common stock upon
exercise of warrants |
300,761 |
|
|
3 |
|
|
6,164 |
|
|
|
— |
|
|
|
6,167 |
|
Issuance of common stock upon
exchange of debt |
260,793 |
|
|
3 |
|
|
7,015 |
|
|
|
— |
|
|
|
7,018 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
(11,492 |
) |
|
|
(11,492 |
) |
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2018 |
7,990,050 |
|
$ |
80 |
|
$ |
514,859 |
|
|
$ |
(415,344 |
) |
|
$ |
99,595 |
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
Three Months Ended June 30, |
Non-GAAP Cash EBITDA: |
|
2019 |
|
|
|
2018 |
|
Loss from operations |
$ |
(6,493 |
) |
|
$ |
(4,379 |
) |
Depreciation and
amortization |
|
1,609 |
|
|
|
1,639 |
|
Non-cash stock-based
compensation |
|
136 |
|
|
|
139 |
|
Non-GAAP cash EBITDA |
$ |
(4,748 |
) |
|
$ |
(2,601 |
) |
|
|
|
|
|
|
Non-GAAP Adjusted Net
Loss: |
|
|
|
|
|
Net Loss |
$ |
(7,090 |
) |
|
$ |
(11,492 |
) |
Adjustments: |
|
|
|
|
|
(Loss) on exchange of debt |
|
— |
|
|
|
(2,181 |
) |
Gain (loss) from change in fair value of derivative warrant
liability |
|
2 |
|
|
|
(3,517 |
) |
Gain (loss) from change in fair value of 2020 Notes embedded
derivative |
|
148 |
|
|
|
(511 |
) |
Total adjustments |
|
150 |
|
|
|
(6,209 |
) |
Non-GAAP Net Income (Loss) |
$ |
(7,240 |
) |
|
$ |
(5,283 |
) |
Weighted-average number of common
shares outstanding – basic and diluted |
|
11,885,524 |
|
|
|
1,597,242 |
|
Non-GAAP Adjusted Net loss per
share – basic and diluted |
$ |
(0.61 |
) |
|
$ |
(3.31 |
) |
|
|
|
|
|
|
|
Gevo, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
Six Months Ended June 30, |
Non-GAAP Cash EBITDA: |
|
2019 |
|
|
|
2018 |
|
Loss from operations |
$ |
(12,121 |
) |
|
$ |
(9,378 |
) |
Depreciation and
amortization |
|
3,221 |
|
|
|
3,285 |
|
Non-cash stock-based
compensation |
|
370 |
|
|
|
237 |
|
Non-GAAP cash EBITDA |
$ |
(8,530 |
) |
|
$ |
(5,856 |
) |
|
|
|
|
|
|
Non-GAAP Adjusted Net
Loss: |
|
|
|
|
|
Net Loss |
$ |
(13,226 |
) |
|
$ |
(13,994 |
) |
Adjustments: |
|
|
|
|
|
(Loss) on exchange of debt |
|
— |
|
|
|
(2,202 |
) |
Gain (loss) from change in fair value of derivative warrant
liability |
|
3 |
|
|
|
(3,040 |
) |
Gain from change in fair value of 2020 Notes embedded
derivative |
|
394 |
|
|
|
2,347 |
|
Total adjustments |
|
397 |
|
|
|
(2,895 |
) |
Non-GAAP Net Loss |
$ |
(13,623 |
) |
|
$ |
(11,099 |
) |
Weighted-average number of common
shares outstanding - basic and diluted |
|
11,024,482 |
|
|
|
1,363,394 |
|
Non-GAAP Adjusted Net loss per
share - basic and diluted |
$ |
(1.24 |
) |
|
$ |
(8.14 |
) |
|
|
|
|
|
|
Investor and Media ContactShawn M.
SeversonIntegra Investor Relations+1
415-226-7747gevo@integra-ir.com
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