Gevo, Inc. (NASDAQ: GEVO) (“Gevo”) today announced financial
results for the second quarter of 2020 and recent corporate
highlights.
Recent Corporate Highlights
- On April 2, 2020, Gevo announced the engagement of Citigroup
Global Markets, Inc. to assist Gevo in financing its projects.
- On July 6, 2020, Gevo completed a public offering of 30 million
shares of common stock (or common stock equivalents) and Series
2020-A warrants to purchase an aggregate of 30 million shares of
common stock, with an exercise price of $0.60 per share. Total net
proceeds to Gevo were $16.5 million. As of July 31, 2020, Gevo has
$21.4 million of cash and cash equivalents.
- On July 10, 2020, Gevo’s secured lender converted $2 million of
Gevo’s outstanding 12.0% Convertible Senior Secured Notes due
2020/2021 (the “Notes”), including $0.3 million of make-whole
interest, into approximately 4.2 million shares of common stock.
Following the conversion, the principal amount outstanding of the
Notes is $12.5 million.
2020 Second Quarter Financial Highlights
- Ended the quarter with cash and cash equivalents of $6.3
million compared to $9.3 as of the end of Q1 2020
- Revenue totaled $1.0 million for the quarter compared to $5.1
million in Q2 2019
- Hydrocarbon revenue increased to $0.9 million for the quarter
compared to $0.1 million in Q2 2019
- Loss from operations of ($5.3) million for the quarter compared
to a loss of ($6.5) million in Q2 2019
- Non-GAAP cash EBITDA loss1 of ($3.1) million for the quarter
compared to a loss of ($4.8) million in Q2 2019
- Net loss per share of ($0.40) for the quarter compared to a
loss of ($0.60) in Q2 2019
- Non-GAAP adjusted net loss per share2 of ($0.39) for the
quarter compared to a loss of ($0.61) in Q2 2019
Commenting on the second quarter of 2020 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer,
said, “The process with Citigroup, whereby we are working to raise
the money needed to build plants “off balance sheet” is progressing
nicely and Gevo is advancing discussions with several potential
equity partners and lenders. We expect to announce at least two new
significant commercial agreements in the near future. Overall, we
continue to make good progress developing our business, even in
spite of COVID-19.”
Second Quarter 2020 Financial Results
Revenue for the three months ended June 30, 2020 was $1.0
million compared with $5.1 million in the same period in 2019.
During the three months ended June 30, 2020, hydrocarbon revenue
was $0.9 million compared with $0.1 million in the same period in
2019 as a result of increased 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.
During the second quarter of 2020, revenue derived at the
Luverne Facility related to ethanol sales and related products was
$0.1 million, a decrease of approximately $5.0 million from the
same period in 2019. As a result of COVID-19 and in response to an
unfavorable commodity environment, we terminated our production of
ethanol and distiller grains in March 2020, which resulted in lower
sales for the period.
Cost of goods sold was $2.6 million for the three months ended
June 30, 2020, compared with $8.5 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 $1.0 million
associated with the production of isobutanol and related products
and maintenance of the Luverne Facility and approximately $1.6
million in depreciation expense for the three months ended June 30,
2020.
Gross loss was $1.7 million for the three months ended June 30,
2020, versus a $3.4 million gross loss in the same period in
2019.
Research and development expense decreased by $0.3 million
during the three months ended June 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 $0.7
million during the three months ended June 30, 2020, compared with
the same period in 2019, due primarily to an increase in personnel,
consulting and insurance expenses and professional fees.
Loss from operations in the three months ended June 30, 2020 was
$5.3 million, compared with a $6.5 million loss from operations in
the same period in 2019.
Non-GAAP cash EBITDA loss3 in the three months ended June 30,
2020 was $3.1 million, compared with a $4.8 million non-GAAP cash
EBITDA loss in the same period in 2019.
Interest expense in the three months ended June 30, 2020 was
$0.5 million, a decrease of $0.2 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.
In the three months ended June 30, 2020, Gevo recognized net
non-cash loss totaling $0.2 million due to changes in the fair
value of certain of our financial instruments, such as warrants and
embedded derivatives.
Gevo incurred a net loss for the three months ended June 30,
2020 of $6.0 million, compared with a net loss of $7.1 million
during the same period in 2019. Non-GAAP adjusted net loss4 for the
three months ended June 30, 2020 was $5.8 million, compared with a
non-GAAP adjusted net loss of $7.2 million during the same period
in 2019.
Cash at June 30, 2020 was $6.3 million, and the total principal
face value of outstanding secured debt was $14.5 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, Lynn Smull,
Chief Financial Officer, Carolyn M. Romero, Vice
President—Controller, and Geoffrey T. Williams, Jr., 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 1 (833)
729-4776 (inside the U.S.) or 1 (830) 213-7701 (outside the U.S.)
and reference the access code 3083616# or through the event weblink
https://edge.media-server.com/mmc/p/923ams87.
A replay of the call and webcast will be available two hours
after the conference call ends on August 10, 2020. To access the
replay, please dial 1 (855) 859-2056 (inside the US) or 1 (404)
537-3406 (outside the US) and reference the access code 3083616#.
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, the process with Citigroup, Gevo’s ability to
successfully finance its operations and growth projects, Gevo’s
ability to successfully negotiate and complete additional
commercial agreements, Gevo’s progress of it business and
strategies, 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)
|
June 30, 2020 |
|
December 31, 2019 |
|
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
6,337 |
|
|
$ |
16,302 |
|
|
Accounts receivable |
|
746 |
|
|
|
1,135 |
|
|
Inventories |
|
2,480 |
|
|
|
3,201 |
|
|
Prepaid expenses and other
current assets |
|
3,793 |
|
|
|
3,590 |
|
|
Total current assets |
|
13,356 |
|
|
|
24,228 |
|
|
|
|
|
|
|
Property, plant and equipment,
net |
|
64,689 |
|
|
|
66,696 |
|
|
Investment in Juhl |
|
1,500 |
|
|
|
1,500 |
|
|
Deposits and other assets |
|
556 |
|
|
|
935 |
|
|
Total assets |
$ |
80,101 |
|
|
$ |
93,359 |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable and accrued
liabilities |
$ |
3,999 |
|
|
$ |
5,678 |
|
|
2020/21 Notes Payable (current),
net |
|
14,293 |
|
|
|
- |
|
|
2020 Notes (current), net |
|
- |
|
|
|
13,900 |
|
|
2020 Notes Payable embedded
derivative liability |
|
276 |
|
|
|
- |
|
|
Loans payable - other
(current) |
|
603 |
|
|
|
516 |
|
|
Total current liabilities |
|
19,171 |
|
|
|
20,094 |
|
|
|
|
|
|
|
Loans payable - other
(long-term) |
|
774 |
|
|
|
233 |
|
|
Other long-term liabilities |
|
269 |
|
|
|
528 |
|
|
Total liabilities |
|
20,214 |
|
|
|
20,855 |
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
Common Stock, $0.01 par value per
share; 250,000,000 authorized, 15,514,098 and 14,083,232 shares
issued and outstanding at June 30, 2020 and December 31, 2019,
respectively. |
|
154 |
|
|
|
141 |
|
|
Additional paid-in capital |
|
533,015 |
|
|
|
530,349 |
|
|
Accumulated deficit |
|
(473,282 |
) |
|
|
(457,986 |
) |
|
Total stockholders' equity |
|
59,887 |
|
|
|
72,504 |
|
|
Total liabilities and
stockholders' equity |
$ |
80,101 |
|
|
$ |
93,359 |
|
|
|
|
|
|
|
|
|
|
|
|
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, |
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Revenue and cost of goods
sold |
|
|
|
|
|
|
|
Ethanol sales and related
products, net |
$ |
83 |
|
|
$ |
4,966 |
|
|
$ |
3,783 |
|
|
$ |
10,630 |
|
Hydrocarbon revenue |
|
859 |
|
|
|
92 |
|
|
|
984 |
|
|
|
831 |
|
Other revenue |
|
46 |
|
|
|
28 |
|
|
|
46 |
|
|
|
28 |
|
Total revenues |
|
988 |
|
|
|
5,086 |
|
|
|
4,813 |
|
|
|
11,489 |
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
2,644 |
|
|
|
8,452 |
|
|
|
10,783 |
|
|
|
17,413 |
|
|
|
|
|
|
|
|
|
Gross loss |
|
(1,656 |
) |
|
|
(3,366 |
) |
|
|
(5,970 |
) |
|
|
(5,924 |
) |
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
Research and development
expense |
|
677 |
|
|
|
945 |
|
|
|
1,257 |
|
|
|
1,923 |
|
Selling, general and
administrative expense |
|
2,919 |
|
|
|
2,182 |
|
|
|
5,702 |
|
|
|
4,274 |
|
Restructuring expenses |
|
5 |
|
|
|
- |
|
|
|
304 |
|
|
|
- |
|
Total operating expenses |
|
3,601 |
|
|
|
3,127 |
|
|
|
7,263 |
|
|
|
6,197 |
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(5,257 |
) |
|
|
(6,493 |
) |
|
|
(13,233 |
) |
|
|
(12,121 |
) |
|
|
|
|
|
|
|
|
Other income
(expense) |
|
|
|
|
|
|
|
Interest expense |
|
(541 |
) |
|
|
(767 |
) |
|
|
(1,086 |
) |
|
|
(1,522 |
) |
Loss on modification of 2020
Notes |
|
(57 |
) |
|
|
- |
|
|
|
(726 |
) |
|
|
- |
|
Gain from change in fair value of
derivative warrant liability |
|
1 |
|
|
|
2 |
|
|
|
8 |
|
|
|
3 |
|
(Loss) gain from change in fair
value of 2020/21 Notes and 2020 Notes embedded derivative
liability |
|
(176 |
) |
|
|
148 |
|
|
|
(276 |
) |
|
|
394 |
|
Other income (expense) |
|
(13 |
) |
|
|
20 |
|
|
|
17 |
|
|
|
20 |
|
Total other income (expense),
net |
|
(786 |
) |
|
|
(597 |
) |
|
|
(2,063 |
) |
|
|
(1,105 |
) |
|
|
|
|
|
|
|
|
Net loss |
$ |
(6,043 |
) |
|
$ |
(7,090 |
) |
|
$ |
(15,296 |
) |
|
$ |
(13,226 |
) |
|
|
|
|
|
|
|
|
Net loss per share - basic and
diluted |
$ |
(0.40 |
) |
|
$ |
(0.60 |
) |
|
$ |
(1.04 |
) |
|
$ |
(1.20 |
) |
Weighted-average number of common
shares outstanding – basic and diluted |
|
15,071,105 |
|
|
|
11,885,524 |
|
|
|
14,771,952 |
|
|
|
11,024,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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, 2019 |
11,885,524 |
|
|
$ |
119 |
|
$ |
528,030 |
|
|
$ |
(442,552 |
) |
|
$ |
85,597 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
Operating
Activities |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(6,043 |
) |
|
$ |
(7,090 |
) |
|
$ |
(15,296 |
) |
|
$ |
(13,226 |
) |
Adjustments to reconcile net loss
to net cash used in operating activities: |
|
|
|
|
|
|
|
|
(Gain) from
change in fair value of derivative warrant liability |
|
(1 |
) |
|
|
(2 |
) |
|
|
(8 |
) |
|
|
(3 |
) |
Loss (gain) from change in
fair value of 2020/21 Notes and 2020 Notes embedded derivative
liability |
|
|
176 |
|
|
|
(148 |
) |
|
|
276 |
|
|
|
(394 |
) |
Loss on retirement of
property, plant and equipment |
|
|
38 |
|
|
|
- |
|
|
|
38 |
|
|
|
- |
|
Stock-based
compensation |
|
|
501 |
|
|
|
107 |
|
|
|
673 |
|
|
|
370 |
|
Depreciation and
amortization |
|
|
1,629 |
|
|
|
1,609 |
|
|
|
3,278 |
|
|
|
3,221 |
|
Non-cash lease
expense |
|
|
14 |
|
|
|
13 |
|
|
|
29 |
|
|
|
25 |
|
Non-cash interest
expense |
|
|
243 |
|
|
|
422 |
|
|
|
393 |
|
|
|
832 |
|
Other non-cash
expense |
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(594 |
) |
|
|
959 |
|
|
|
389 |
|
|
|
360 |
|
Inventories |
|
|
201 |
|
|
|
(142 |
) |
|
|
721 |
|
|
|
(163 |
) |
Prepaid expenses and other current assets, deposits and
other assets |
|
|
331 |
|
|
|
(770 |
) |
|
|
164 |
|
|
|
(613 |
) |
Accounts payable, accrued expenses and long-term
liabilities |
|
(312 |
) |
|
|
1,096 |
|
|
|
(1,462 |
) |
|
|
(63 |
) |
Net cash used in operating activities |
|
|
(3,817 |
) |
|
|
(3,945 |
) |
|
|
(10,805 |
) |
|
|
(9,653 |
) |
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
Acquisitions of property, plant
and equipment |
|
|
(843 |
) |
|
|
(2,352 |
) |
|
|
(1,620 |
) |
|
|
(4,556 |
) |
Net cash used in investing activities |
|
|
(843 |
) |
|
|
(2,352 |
) |
|
|
(1,620 |
) |
|
|
(4,556 |
) |
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
Proceeds from SBA loans |
|
|
1,006 |
|
|
|
- |
|
|
|
1,006 |
|
|
|
- |
|
Debt and equity offering
costs |
|
|
(63 |
) |
|
|
(14 |
) |
|
|
(115 |
) |
|
|
(248 |
) |
Proceeds from
issuance of common stock |
|
1,313 |
|
|
|
- |
|
|
|
2,271 |
|
|
|
9,878 |
|
Net settlement of common stock
under stock plans |
|
|
(310 |
) |
|
|
- |
|
|
|
(310 |
) |
|
|
- |
|
Payments of loans payable -
other |
|
|
(238 |
) |
|
|
- |
|
|
|
(392 |
) |
|
|
- |
|
Net cash provided by financing activities |
|
|
1,708 |
|
|
|
(14 |
) |
|
|
2,460 |
|
|
|
9,630 |
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash
and cash equivalents |
|
|
(2,952 |
) |
|
|
(6,311 |
) |
|
|
(9,965 |
) |
|
|
(4,579 |
) |
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
|
|
|
|
|
|
|
Beginning of period |
|
|
9,289 |
|
|
|
35,466 |
|
|
|
16,302 |
|
|
|
33,734 |
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
6,337 |
|
|
$ |
29,155 |
|
|
$ |
6,337 |
|
|
$ |
29,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands, except share and per share amounts)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Non-GAAP Cash
EBITDA |
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(5,257 |
) |
|
$ |
(6,493 |
) |
|
$ |
(13,233 |
) |
|
$ |
(12,121 |
) |
Depreciation and
amortization |
|
1,629 |
|
|
|
1,609 |
|
|
|
3,278 |
|
|
|
3,221 |
|
Non-cash stock-based
compensation |
|
501 |
|
|
|
107 |
|
|
|
673 |
|
|
|
370 |
|
Non-GAAP cash EBITDA |
$ |
(3,127 |
) |
|
$ |
(4,777 |
) |
|
$ |
(9,282 |
) |
|
$ |
(8,530 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net
Loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
$ |
(6,043 |
) |
|
$ |
(7,090 |
) |
|
$ |
(15,296 |
) |
|
$ |
(13,226 |
) |
Adjustments: |
|
|
|
|
|
|
|
(Loss) on modification of 2020
Notes |
|
(57 |
) |
|
|
- |
|
|
|
(726 |
) |
|
|
- |
|
Gain from change in fair value of
derivative warrant liability |
|
1 |
|
|
|
2 |
|
|
|
8 |
|
|
|
3 |
|
Gain from change in fair value of
2020/21 Notes and 2020 Notes embedded derivative liability |
|
(176 |
) |
|
|
148 |
|
|
|
(276 |
) |
|
|
394 |
|
Total adjustments |
|
(232 |
) |
|
|
150 |
|
|
|
(994 |
) |
|
|
397 |
|
Non-GAAP Net Income
(Loss) |
$ |
(5,811 |
) |
|
$ |
(7,240 |
) |
|
$ |
(14,302 |
) |
|
$ |
(13,623 |
) |
Non-GAAP adjusted net loss per
share - basic and diluted |
$ |
(0.39 |
) |
|
$ |
(0.61 |
) |
|
$ |
(0.97 |
) |
|
$ |
(1.24 |
) |
Weighted-average number of common
shares outstanding - basic and diluted |
|
15,071,105 |
|
|
|
11,885,524 |
|
|
|
14,771,952 |
|
|
|
11,024,482 |
|
|
|
|
|
|
|
|
|
Investor and Media Contact+1
720-647-9605IR@gevo.com
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