Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
third quarter of 2021 and recent corporate highlights.
Recent Corporate Highlights
- On October 25, 2021, Gevo announced that it signed a memorandum
of understanding (“MoU”) with Archer-Daniels-Midland Company
(“ADM”) to support the production of sustainable aviation fuel
(“SAF”) and other low carbon-footprint hydrocarbon fuels. The MoU
contemplates the production of both ethanol and isobutanol that
would then be transformed into renewable low carbon-footprint
hydrocarbons using Gevo’s processing technology and
capabilities.
- On October 12, 2021, Gevo announced that it entered into an
agreement with Axens North America, Inc. (“Axens”) that establishes
a strategic alliance aimed at accelerating the commercialization of
sustainable ethanol-to-jet projects in the United States. The
production technology to convert ethanol to hydrocarbons has been
exclusively licensed to Gevo in the United States by Axens and
incorporates more than 60 patents, as well as proprietary
production technology and know-how.
- On October 7, 2021, Gevo announced that it engaged Kiewit
Energy Group Inc. to lead the Front End Engineering Design (“FEED”)
effort for its Net-Zero 1 Project in Lake Preston, South
Dakota.
- On September 23, 2021, Gevo announced that it entered into an
asset purchase agreement with Butamax Advanced Biofuels LLC
(“Butamax”) and its affiliate, Danisco US Inc., to acquire certain
patents, leaving Gevo as the only entity with full rights to
sublicense the entire Gevo/Butamax isobutanol and isobutanol
derivatives patent estate in the fields of fuels, isooctane,
industrial chemicals, isobutylene, oligomerized isobutylene, and
para-xylene.
- On September 9, 2021, Gevo announced that it signed a letter of
intent with Chevron U.S.A. Inc. (“Chevron”), a subsidiary to
Chevron Corporation, to jointly invest in building and operating
one or more new facilities that would process inedible corn to
produce sustainable aviation fuel, which can lower the lifecycle
carbon intensity of fuels used in the aviation industry.
2021 Third Quarter Financial Highlights
- Ended the
quarter with cash, cash equivalents, restricted cash and marketable
securities of $522.4 million compared to $567.2 million as of the
end Q2 2021
- Revenue of $0.1
million for the quarter compared to $0.2 million in Q3 2020
- Loss from
operations of ($14.7) million for the quarter compared to ($6.1)
million in Q3 2020
- Non-GAAP cash
EBITDA loss1 of ($9.3) million for the quarter compared to ($4.0)
million in Q3 2020
- Net loss per
share of ($0.07) for the quarter compared to ($0.09) in Q3
2020
- Non-GAAP
adjusted net loss per share2 of ($0.07) for the quarter compared to
($0.08) in Q3 2020
Commenting on the third quarter of 2021 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
“We’ve made great progress; the pieces are coming together. We are
seeing demand for our products increase and we are establishing
alliances that, we expect, will help us accelerate growth beyond
our Net-Zero 1 project. We are pleased that Net-Zero 1 appears to
be on track, too. Overall, a very good quarter.”
Third Quarter 2021 Financial Results
Revenue for the three months ended September 30, 2021 was $0.1
million compared with $0.2 million in the same period in 2020.
During the three months ended September 30, 2021, hydrocarbon
revenue was $0.1 million, approximately the same as during the
three months ended September 30, 2020. Gevo’s hydrocarbon revenue
is comprised of sales of sustainable aviation fuel and renewable
premium gasoline.
During the three months ended September 30, 2021 and 2020, no
significant revenue was derived at Gevo’s production facility in
Luverne, Minnesota (the “Luverne Facility”) related to ethanol
sales and related products.
As a result of COVID-19 and in response to an unfavorable
commodity environment, Gevo terminated its production of ethanol
and distiller grains in March 2020. As previously announced, the
Luverne Facility is currently producing isobutanol that will be
used as a feedstock for us to produce SAF and renewable premium
gasoline to fulfill existing sales contracts. We also expect to
utilize some of the isobutanol produced to develop certain
isobutanol specialty markets. These renewable hydrocarbons will be
produced at Gevo’s demonstration plant at the South Hampton
Resources, Inc. facility in Silsbee, Texas (the “South Hampton
Facility”).
Cost of goods sold was $3.5 million for the three months ended
September 30, 2021, compared with $2.3 million in the same period
in 2020. We began producing isobutanol during the three months
ended September 30,2021. Cost of goods sold included $2.3 million
associated with the maintenance of the Luverne and South Hampton
Facilities and approximately $1.2 million in depreciation expense
for the three months ended September 30, 2021.
Gross loss was ($3.3) million for the three months ended
September 30, 2021, compared with a ($2.1) million gross loss in
the same period in 2020.
Research and development expense increased by approximately
$0.7 million during the three months ended September 30,
2021, compared with the three months ended September 30, 2020, due
primarily to an increase in personnel costs related to increased
headcount and stock-based compensation and consulting expenses as
we work to improve our process for growing and fermenting yeast
strains.
Selling, general and administrative expense increased by
approximately $6.4 million during the three months ended September
30, 2021, compared with the three months ended September 30, 2020,
due primarily to increases in personnel costs related to increased
headcount and stock-based compensation, increased professional
fees, higher costs for insurance and increased consulting fees
related to documenting our compliance with Section 404(b) of the
Sarbanes-Oxley Act.
Preliminary stage project costs related to our renewable natural
gas (“RNG”) and Net-Zero projects were approximately the same
during the three months ended September 30, 2021 as they were for
the three months ended September 30, 2020. During the three months
ended September 30, 2021, the preliminary stage project costs were
primarily related to consulting for preliminary engineering costs
and for personnel expenses to support the growth in business
activity at our Net-Zero projects. During the three months ended
September 30, 2020, the preliminary stage project costs were
primarily related to consulting for preliminary engineering costs
and for personnel expenses to support the growth in business
activity at our RNG project. During the three months ended
September 30, 2021, we began capitalizing our Net-Zero 1 project
costs after completing certain front-end engineering studies and
determining it was probable that we would build Net-Zero 1 in Lake
Preston, SD.
Loss from operations in the three months ended September 30,
2021 was ($14.7) million, compared with a ($6.1) million loss from
operations in the same period in 2020.
Non-GAAP cash EBITDA loss3 in the three months ended September
30, 2021 was ($9.3) million, compared with a ($3.9) million
non-GAAP cash EBITDA loss in the same period in 2020.
Interest expense decreased by $0.4 million in the three months
ended September 30, 2021 as compared to the same period in 2020,
due to the conversion of all Gevo’s 12% convertible senior secured
notes due 2020/2021 to common stock during 2020.
Other income during the three months ended September 30, 2021
was $0.4 million, an increase of $0.4 million compared to the three
months ended September 30, 2020, primarily due to income received
on marketable securities and restricted cash.
Gevo incurred a net loss for the three months ended September
30, 2021 of ($14.4) million, compared with a net loss of ($6.8)
million during the same period in 2020. Non-GAAP adjusted net loss4
for the three months ended September 30, 2021 was ($14.4) million,
compared with a non-GAAP adjusted net loss of ($6.5) million during
the same period in 2020.
Cash, cash equivalents, restricted cash and marketable
securities at September 30, 2021 totaled $522.4 million compared to
$567.2 million as of the end Q2 2021.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EST (2:30 p.m. MST)
will be Dr. Patrick R. Gruber, Chief Executive Officer, L. Lynn
Smull, Chief Financial Officer, Dr. Paul Bloom, Chief Carbon and
Innovation Officer, and Geoffrey T. Williams, Jr., Vice President -
General Counsel & Secretary. They will review Gevo’s financial
results and provide an update on recent corporate highlights.
To participate in the conference call, please dial 1 (833)
729-4776 (inside the U.S.) or 1 (830) 213-7701 (outside the U.S.)
and reference the access code 4248806# or through the event weblink
https://edge.media-server.com/mmc/p/j9mothsa.
A replay of the call and webcast will be available two hours
after the conference call ends on November 10, 2021. To access the
replay, please dial 1 (855) 859-2056 (inside the U.S.) or 1 (404)
537-3406 (outside the U.S.) and reference the access code 4248806#.
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 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.
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 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 business development activities, Gevo’s Net-Zero
Projects, Gevo’s RNG Project, Gevo’s ability to consummate the
transactions with ADM, Axens and/or Chevron, the engineering and
design work for the Net-Zero 1 Project, Gevo’s ability to the
commercialize sustainable ethanol-to-jet projects, Gevo’s offtake
agreements, Gevo’s plans to develop its business, Gevo’s ability to
successfully construct and finance its operations and growth
projects, Gevo’s ability to achieve cash flow from its planned
projects, the ability of Gevo’s products to contribute to lower
greenhouse gas emissions, particulate and sulfur pollution and
other statements that are not purely statements of historical fact.
These forward-looking statements are made based on the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2020
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 loss
excludes depreciation and amortization 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 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.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
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.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) |
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
2021 |
|
2020 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
$ |
16,201 |
|
|
|
$ |
78,338 |
|
Marketable securities (current) |
|
285,236 |
|
|
|
|
- |
|
Restricted cash (current) |
|
49,804 |
|
|
|
|
- |
|
Accounts receivable, net |
|
513 |
|
|
|
|
527 |
|
Inventories |
|
2,341 |
|
|
|
|
2,491 |
|
Prepaid expenses and other current assets |
|
7,243 |
|
|
|
|
1,914 |
|
Total current assets |
|
361,338 |
|
|
|
|
83,270 |
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
102,163 |
|
|
|
|
66,408 |
|
Long-term marketable securities |
|
101,003 |
|
|
|
|
- |
|
Long-term restricted cash |
|
70,168 |
|
|
|
|
- |
|
Operating right-of-use asset |
|
1,591 |
|
|
|
|
133 |
|
Finance right-of-use assets |
|
27,665 |
|
|
|
|
176 |
|
Intangible assets, net |
|
9,098 |
|
|
|
|
114 |
|
Deposits and other assets |
|
2,329 |
|
|
|
|
1,998 |
|
Total assets |
$ |
675,355 |
|
|
|
$ |
152,099 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
24,582 |
|
|
|
$ |
3,943 |
|
Operating lease liabilities (current) |
|
- |
|
|
|
|
172 |
|
Finance lease liabilities |
|
2,727 |
|
|
|
|
10 |
|
Loans payable - other (current) |
|
165 |
|
|
|
|
807 |
|
Total current liabilities |
|
27,474 |
|
|
|
|
4,932 |
|
|
|
|
|
|
|
|
2021 Bonds payable (long-term) |
|
66,303 |
|
|
|
|
- |
|
Loans payable - other (long-term) |
|
357 |
|
|
|
|
447 |
|
Operating lease liabilities (long-term) |
|
1,732 |
|
|
|
|
- |
|
Finance lease liabilities (long-term) |
|
19,598 |
|
|
|
|
162 |
|
Other long-term liabilities |
|
91 |
|
|
|
|
179 |
|
Total liabilities |
|
115,555 |
|
|
|
|
5,720 |
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
Common Stock, $0.01 par value per share; 250,000,000 authorized,
201,879,978 and 128,138,311 shares issued and outstanding at
September 30, 2021 and December 31, 2020, respectively. |
|
2,019 |
|
|
|
|
1,282 |
|
Additional paid-in capital |
|
1,098,939 |
|
|
|
|
643,269 |
|
Accumulated other comprehensive loss |
|
(296 |
) |
|
|
|
- |
|
Accumulated deficit |
|
(540,862 |
) |
|
|
|
(498,172 |
) |
Total stockholders' equity |
|
559,800 |
|
|
|
|
146,379 |
|
Total liabilities and stockholders' equity |
$ |
675,355 |
|
|
|
$ |
152,099 |
|
|
|
|
|
|
|
|
Gevo, Inc. |
Condensed Consolidated Statements of Operations
Information |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
Revenue and cost of goods sold |
|
|
|
|
|
|
|
|
|
|
|
Ethanol sales and related products, net |
$ |
16 |
|
|
$ |
21 |
|
|
$ |
16 |
|
|
$ |
3,804 |
|
Hydrocarbon revenue |
|
104 |
|
|
|
101 |
|
|
|
463 |
|
|
|
1,085 |
|
Other revenue |
|
22 |
|
|
|
70 |
|
|
|
178 |
|
|
|
116 |
|
Total revenues |
|
142 |
|
|
|
192 |
|
|
|
657 |
|
|
|
5,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
3,482 |
|
|
|
2,260 |
|
|
|
8,270 |
|
|
|
13,043 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loss |
|
(3,340 |
) |
|
|
(2,068 |
) |
|
|
(7,613 |
) |
|
|
(8,038 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
Research and development expense |
|
1,541 |
|
|
|
870 |
|
|
|
4,323 |
|
|
|
2,127 |
|
Selling, general and administrative expense |
|
9,335 |
|
|
|
2,892 |
|
|
|
18,027 |
|
|
|
8,179 |
|
Preliminary stage project costs |
|
313 |
|
|
|
323 |
|
|
|
8,512 |
|
|
|
700 |
|
Loss on disposal of assets |
|
183 |
|
|
|
- |
|
|
|
5,137 |
|
|
|
38 |
|
Restructuring expenses |
|
- |
|
|
|
(50 |
) |
|
|
- |
|
|
|
254 |
|
Total operating expenses |
|
11,372 |
|
|
|
4,035 |
|
|
|
35,999 |
|
|
|
11,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
(14,712 |
) |
|
|
(6,103 |
) |
|
|
(43,612 |
) |
|
|
(19,336 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
Gain on forgiveness of SBA loan |
|
- |
|
|
|
- |
|
|
|
641 |
|
|
|
- |
|
Interest Expense |
|
(67 |
) |
|
|
(473 |
) |
|
|
(78 |
) |
|
|
(1,559 |
) |
(Loss) on modification of 2020 Notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(726 |
) |
(Loss) on conversion of 2020/21 Notes to common stock |
|
- |
|
|
|
(543 |
) |
|
|
- |
|
|
|
(543 |
) |
Gain (loss) from change in fair value of derivative warrant
liability |
|
6 |
|
|
|
- |
|
|
|
(4 |
) |
|
|
8 |
|
(Loss) from change in fair value of 2020/21 Notes embedded
derivative liability |
|
- |
|
|
|
247 |
|
|
|
- |
|
|
|
(29 |
) |
Other income (expense), net |
|
393 |
|
|
|
36 |
|
|
|
363 |
|
|
|
53 |
|
Total other income (expense), net |
|
332 |
|
|
|
(733 |
) |
|
|
922 |
|
|
|
(2,796 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(14,380 |
) |
|
$ |
(6,836 |
) |
|
$ |
(42,690 |
) |
|
$ |
(22,132 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share - basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.62 |
) |
Weighted-average number of common shares outstanding - basic and
diluted |
|
199,341,519 |
|
|
|
77,049,896 |
|
|
|
193,739,605 |
|
|
|
35,682,792 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Condensed Consolidated Statements of Comprehensive Income
(Loss) |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(14,380 |
) |
|
$ |
(6,836 |
) |
|
$ |
(42,690 |
) |
|
$ |
(22,132 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities, net of
tax |
|
45 |
|
|
|
- |
|
|
|
(262 |
) |
|
|
- |
|
Adjustment for net (loss) realized and included in net income |
|
(34 |
) |
|
|
- |
|
|
|
(34 |
) |
|
|
- |
|
Total change in unrealized gain (loss) on marketable debt
securities |
|
11 |
|
|
|
- |
|
|
|
(296 |
) |
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
Comprehensive loss |
$ |
(14,369 |
) |
|
$ |
(6,836 |
) |
|
$ |
(42,986 |
) |
|
$ |
(22,132 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Condensed Consolidated Statements of Stockholders' Equity
Information |
(Unaudited, in thousands, except share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Paid-In |
|
Comprehensive |
|
Accumulated |
|
Stockholders' |
|
Shares |
|
Amount |
|
Capital |
|
Loss |
|
Deficit |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2021 |
197,964,476 |
|
$ |
1,980 |
|
$ |
1,100,932 |
|
|
$ |
(307 |
) |
|
$ |
(526,482 |
) |
|
$ |
576,123 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock and common stock warrants, net of issuance
costs |
- |
|
|
- |
|
|
(162 |
) |
|
|
- |
|
|
|
- |
|
|
|
(162 |
) |
Non-cash stock-based compensation |
- |
|
|
- |
|
|
1,880 |
|
|
|
- |
|
|
|
- |
|
|
|
1,880 |
|
Issuance of common stock under stock plans, net of taxes |
3,915,502 |
|
|
39 |
|
|
(3,711 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,672 |
) |
Other comprehensive loss |
- |
|
|
- |
|
|
- |
|
|
|
11 |
|
|
|
- |
|
|
|
11 |
|
Net loss |
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(14,380 |
) |
|
|
(14,380 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2021 |
201,879,978 |
|
$ |
2,019 |
|
$ |
1,098,939 |
|
|
$ |
(296 |
) |
|
$ |
(540,862 |
) |
|
$ |
559,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2020 |
128,138,311 |
|
$ |
1,282 |
|
$ |
643,269 |
|
|
$ |
- |
|
|
$ |
(498,172 |
) |
|
$ |
146,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net of issue costs |
68,170,579 |
|
|
682 |
|
|
456,801 |
|
|
|
- |
|
|
|
- |
|
|
|
457,483 |
|
Issuance of common stock upon exercise of warrants |
1,866,758 |
|
|
18 |
|
|
1,103 |
|
|
|
- |
|
|
|
- |
|
|
|
1,121 |
|
Non-cash stock-based compensation |
- |
|
|
- |
|
|
3,300 |
|
|
|
- |
|
|
|
- |
|
|
|
3,300 |
|
Issuance of common stock under stock plans, net of taxes |
3,704,330 |
|
|
37 |
|
|
(5,534 |
) |
|
|
- |
|
|
|
- |
|
|
|
(5,497 |
) |
Other comprehensive loss |
- |
|
|
- |
|
|
- |
|
|
|
(296 |
) |
|
|
- |
|
|
|
(296 |
) |
Net loss |
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(42,690 |
) |
|
|
(42,690 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2021 |
201,879,978 |
|
$ |
2,019 |
|
$ |
1,098,939 |
|
|
$ |
(296 |
) |
|
$ |
(540,862 |
) |
|
$ |
559,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30, 2020 |
15,514,098 |
|
$ |
154 |
|
$ |
533,015 |
|
|
$ |
- |
|
|
$ |
(473,282 |
) |
|
$ |
59,887 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock and common stock warrants, net of issue
costs |
42,772,687 |
|
|
428 |
|
|
61,265 |
|
|
|
- |
|
|
|
- |
|
|
|
61,693 |
|
Issuance of common stock upon exercise of warrants |
52,953,400 |
|
|
530 |
|
|
16,117 |
|
|
|
- |
|
|
|
- |
|
|
|
16,647 |
|
Issuance of common stock upon conversion of 2020/21 Notes |
4,169,426 |
|
|
42 |
|
|
2,441 |
|
|
|
|
|
|
|
|
|
2,483 |
|
Issuance of common stock in exchange for services rendered |
101,730 |
|
|
1 |
|
|
93 |
|
|
|
|
|
|
|
|
|
94 |
|
Non-cash stock-based compensation |
- |
|
|
- |
|
|
642 |
|
|
|
- |
|
|
|
- |
|
|
|
642 |
|
Issuance of common stock under stock plans, net of taxes |
4,066,862 |
|
|
41 |
|
|
(62 |
) |
|
|
- |
|
|
|
- |
|
|
|
(21 |
) |
Net loss |
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(6,836 |
) |
|
|
(6,836 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2020 |
119,578,203 |
|
$ |
1,196 |
|
$ |
613,511 |
|
|
$ |
- |
|
|
$ |
(480,118 |
) |
|
$ |
134,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2019 |
14,083,232 |
|
$ |
141 |
|
$ |
530,349 |
|
|
$ |
- |
|
|
$ |
(457,986 |
) |
|
$ |
72,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock and common stock warrants, net of issue
costs |
44,115,808 |
|
|
441 |
|
|
63,405 |
|
|
|
- |
|
|
|
- |
|
|
|
63,846 |
|
Issuance of common stock upon exercise of warrants |
52,953,400 |
|
|
530 |
|
|
16,117 |
|
|
|
- |
|
|
|
- |
|
|
|
16,647 |
|
Issuance of common stock upon conversion of 2020/21 Notes |
4,169,426 |
|
|
42 |
|
|
2,441 |
|
|
|
|
|
|
|
|
|
2,483 |
|
Issuance of common stock in exchange for services rendered |
101,730 |
|
|
1 |
|
|
93 |
|
|
|
|
|
|
|
|
|
94 |
|
Non-cash stock-based compensation |
- |
|
|
- |
|
|
1,475 |
|
|
|
- |
|
|
|
- |
|
|
|
1,475 |
|
Issuance of common stock under stock plans, net of taxes |
4,154,607 |
|
|
41 |
|
|
(369 |
) |
|
|
- |
|
|
|
- |
|
|
|
(328 |
) |
Net loss |
- |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
(22,132 |
) |
|
|
(22,132 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2020 |
119,578,203 |
|
$ |
1,196 |
|
$ |
613,511 |
|
|
$ |
- |
|
|
$ |
(480,118 |
) |
|
$ |
134,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc. |
Condensed Consolidated Statements of Cash Flow
Information |
(Unaudited, in
thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2021 |
|
|
2020 |
|
|
2021 |
|
2020 |
Operating Activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(14,380 |
) |
|
$ |
(6,836 |
) |
|
$ |
(42,690 |
) |
|
$ |
(22,132 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
(Gain) loss from change in fair value of derivative warrant
liability |
|
(6 |
) |
|
|
- |
|
|
|
4 |
|
|
|
(8 |
) |
(Gain) loss from change in fair value of 2020/21 Notes embedded
derivative liability |
|
- |
|
|
|
(247 |
) |
|
|
- |
|
|
|
29 |
|
Loss on conversion of 2020/21 Notes to common stock |
|
- |
|
|
|
543 |
|
|
|
- |
|
|
|
543 |
|
Loss on disposal of assets |
|
183 |
|
|
|
- |
|
|
|
5,137 |
|
|
|
38 |
|
(Gain) on forgiveness of SBA Loans |
|
- |
|
|
|
- |
|
|
|
(641 |
) |
|
|
- |
|
Stock-based compensation |
|
4,206 |
|
|
|
674 |
|
|
|
5,823 |
|
|
|
1,347 |
|
Depreciation and amortization |
|
1,200 |
|
|
|
1,476 |
|
|
|
3,572 |
|
|
|
4,754 |
|
Non-cash lease expense |
|
65 |
|
|
|
16 |
|
|
|
7 |
|
|
|
45 |
|
Non-cash interest expense |
|
63 |
|
|
|
213 |
|
|
|
65 |
|
|
|
606 |
|
Other non-cash expenses |
|
- |
|
|
|
- |
|
|
|
5 |
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
334 |
|
|
|
376 |
|
|
|
14 |
|
|
|
765 |
|
Inventories |
|
(125 |
) |
|
|
(71 |
) |
|
|
150 |
|
|
|
650 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(1,321 |
) |
|
|
(777 |
) |
|
|
(4,463 |
) |
|
|
(613 |
) |
Accounts payable, accrued expenses and long-term
liabilities |
|
556 |
|
|
|
870 |
|
|
|
4,324 |
|
|
|
(605 |
) |
Net cash used in operating activities |
|
(9,225 |
) |
|
|
(3,763 |
) |
|
|
(28,693 |
) |
|
|
(14,581 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(16,788 |
) |
|
|
(149 |
) |
|
|
(30,955 |
) |
|
|
(1,756 |
) |
Acquisition of patent portfolio |
|
(9,000 |
) |
|
|
- |
|
|
|
(9,000 |
) |
|
|
- |
|
Proceeds from sale of marketable securities |
|
34,332 |
|
|
|
- |
|
|
|
34,332 |
|
|
|
- |
|
Purchase of marketable securities |
|
- |
|
|
|
- |
|
|
|
(422,362 |
) |
|
|
- |
|
Net cash used in investing activities |
|
8,544 |
|
|
|
(149 |
) |
|
|
(427,985 |
) |
|
|
(1,756 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of 2021 Bonds |
|
- |
|
|
|
- |
|
|
|
68,995 |
|
|
|
- |
|
Debt and equity offering costs |
|
(162 |
) |
|
|
(6,055 |
) |
|
|
(34,919 |
) |
|
|
(6,170 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
- |
|
|
|
67,714 |
|
|
|
487,549 |
|
|
|
69,985 |
|
Proceeds from the exercise of warrants |
|
- |
|
|
|
16,647 |
|
|
|
1,119 |
|
|
|
16,647 |
|
Net settlement of common stock under stock plans |
|
(5,137 |
) |
|
|
(21 |
) |
|
|
(5,137 |
) |
|
|
(331 |
) |
Payment of loans payable - other |
|
(45 |
) |
|
|
(89 |
) |
|
|
(98 |
) |
|
|
(481 |
) |
Payment of finance lease liabilities |
|
(2,996 |
) |
|
|
- |
|
|
|
(2,996 |
) |
|
|
- |
|
Proceeds from SBA Loans |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,006 |
|
Net cash provided by financing activities |
|
(8,340 |
) |
|
|
78,196 |
|
|
|
514,513 |
|
|
|
80,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and cash equivalents |
|
(9,021 |
) |
|
|
74,284 |
|
|
|
57,835 |
|
|
|
64,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents and restricted cash |
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
145,194 |
|
|
|
6,337 |
|
|
|
78,338 |
|
|
|
16,302 |
|
End of period |
$ |
136,173 |
|
|
$ |
80,621 |
|
|
$ |
136,173 |
|
|
$ |
80,621 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
Non-GAAP Cash EBITDA: |
|
2021 |
|
|
|
2020 |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(14,712 |
) |
|
$ |
(6,103 |
) |
|
$ |
(43,612 |
) |
|
$ |
(19,336 |
) |
Depreciation and amortization |
|
1,200 |
|
|
|
1,476 |
|
|
|
3,572 |
|
|
|
4,754 |
|
Stock-based compensation |
|
4,206 |
|
|
|
674 |
|
|
|
5,823 |
|
|
|
1,347 |
|
Non-GAAP cash EBITDA |
$ |
(9,306 |
) |
|
$ |
(3,953 |
) |
|
$ |
(34,217 |
) |
|
$ |
(13,235 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
$ |
(14,380 |
) |
|
$ |
(6,836 |
) |
|
$ |
(42,690 |
) |
|
$ |
(22,132 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
(Loss) on conversion of 2020/21 Notes to common stock |
|
- |
|
|
|
(543 |
) |
|
|
- |
|
|
|
(543 |
) |
Gain (loss) from change in fair value of derivative warrant
liability |
|
6 |
|
|
|
- |
|
|
|
(4 |
) |
|
|
8 |
|
(Loss) from change in fair value of 2020/21 Notes embedded
derivative liability |
|
- |
|
|
|
247 |
|
|
|
- |
|
|
|
(29 |
) |
Total adjustments |
|
6 |
|
|
|
(296 |
) |
|
|
(4 |
) |
|
|
(564 |
) |
Non-GAAP Net Income (Loss) |
$ |
(14,386 |
) |
|
$ |
(6,540 |
) |
|
$ |
(42,686 |
) |
|
$ |
(21,568 |
) |
Non-GAAP adjusted net loss per share - basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.22 |
) |
|
$ |
(0.60 |
) |
Weighted-average number of common shares outstanding - basic and
diluted |
|
199,341,519 |
|
|
|
77,049,896 |
|
|
|
193,739,605 |
|
|
|
35,682,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor and Media Contact+1
720-647-9605IR@gevo.com
Gevo (NASDAQ:GEVO)
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From Jun 2024 to Jul 2024
Gevo (NASDAQ:GEVO)
Historical Stock Chart
From Jul 2023 to Jul 2024