Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company", "we", "us" or
"our") today announced financial results for the fourth quarter of
2022 and recent corporate highlights.
Recent Corporate Highlights
- Following Gevo’s groundbreaking ceremony in September 2022,
progress continues at the Lake Preston, South Dakota, Net-Zero 1
(“NZ1”) location. FEED work is substantially complete, the detailed
engineering is in process and the operational start-up for NZ1
continues to be expected for 2025.
- Gevo’s renewable natural gas ("RNG")
project in Northwest Iowa, with initial production capacity of
355,000 MMBtu per year, will be expanded to approximately 400,000
MMBtu of production capacity per year by the fourth quarter of 2023
and is expected to produce 350,000-375,000 MMBtu in 2023.
- Gevo is in the process of establishing
Verity Carbon Solutions (“VCS”), which will be under the Gevo
umbrella and is expected to serve Gevo and third-party customers by
delivering its carbon tracking services through its proprietary
Verity Tracking carbon measurement, verification, and reporting
platform.
- In partnership with Axens, Burns and
McDonnell, and Praj, Gevo has begun the engineering for its
Net-Zero 2 project (“NZ2”) which is expected to be three times the
size of NZ1 and is being designed to utilize fossil-free
electricity, process energy, and hydrogen at a commercially
advantaged location convenient to supply Chicago O’Hare
International Airport with sustainable aviation fuel (“SAF”).
- Gevo executed a Hydrogen Development
Services Agreement with Zero6 Energy for the development of a 20
megawatt hydrogen production facility in Lake Preston, South Dakota
using Cummins Inc. electrolyzer technology.
- The Company recently announced the
appointment of Carol Battershell as a new independent director who
brings nearly 40 years of valuable energy sector experience to the
Company’s Board of Directors.
- The Governor of Illinois recently
signed SB 2951 which contains a SAF incentive of $1.50 per gallon
for airlines that purchase the fuel and provides another example of
state led support for this new generation of renewable fuels.
- Gevo is dual tracking the NZ1 capital
raising efforts. In addition to attempting to utilize the private
credit markets to finance NZ1, and at the invitation of the
Department of Energy (“DOE”), Gevo has begun the process of
applying for a loan guarantee from the DOE that could lead to more
favorable loan terms for NZ1 capital needs than could be obtained
from other lending sources.
2022 Fourth Quarter
Financial Highlights
- Ended the quarter with cash, cash
equivalents, restricted cash and marketable securities of $482.8
million compared to $475.8 million as of the end of Q4
2021
- Revenue of $0.5 million for the
quarter is related to sales of RNG as Gevo ramps up production at
the Company's RNG project plus initial sales of RINs from the RNG
project and compares to revenue of $0.1 million in Q4 2021. The
Company also carried $4.2 million of RIN and LCFS value in
inventory into 2023 that was attributable to 2022 production.
- Loss from operations of $26.9 million
for the quarter compared to $16.5 million loss in Q4 2021
- Non-GAAP cash EBITDA loss1 of $18.9
million for the quarter compared to $10.9 million in Q4 2021
- GAAP net loss per share and non-GAAP
adjusted net loss per share2 of $0.11 for the quarter compared to
$0.19 in Q4 2021
Management Comment
Commenting on the fourth quarter of 2022 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer,
commented “We continue to make progress on the development and
financing of NZ1 and we are receiving solid engagement from
potential investors who are interested in partnering with Gevo for
the project financing of NZ1. We expect to continue development of
the Lake Preston site using cash from our balance sheet prior to
the financial close, which is expected to be later this year.
Several of the potential equity investors have indicated interest
in programmatic investment across multiple Net-Zero projects;
however, negotiations are ongoing. We remain on track for a 2025
commencement of operations.”
Net-Zero 1 Status
Following Gevo’s groundbreaking ceremony in September 2022,
progress continues at the Lake Preston, South Dakota, NZ1 location.
FEED work is substantially complete and detailed engineering
continues. Equipment procurement has begun and detailed planning
for this year’s construction ramp up has commenced. The project
remains on schedule for a 2025 operational startup. Gevo has hired
Guggenheim and Citigroup to advise the company on the equity for
the project and Nomura Greentech and Citigroup on the debt for the
project. Gevo plans to use its balance sheet to fund the continued
development of the project until the financial close, which is
expected to occur later in the year.
Progress on Key Development
MilestonesAccomplished through year-end
2022:
- Close the purchase of the land for NZ1 in Lake Preston, South
Dakota
- Execute NZ1 Carbon Capture and Sequestration agreement
- Reach indicative terms on DBOOM development agreements for:
- NZ1 Wind energy
- Green hydrogen
- Select NZ1 EPC contractor
- Substantial Completion of NZ1 Front-End Engineering Design
- Break ground and begin site preparation for NZ1 at Lake
Preston
In Progress through year-end 2023:
- Begin ordering long lead equipment for NZ1
- Execute NZ1 EPC contract
- Select NZ1 fabricator for hydrocarbon plant modules
- Complete final negotiations with U.S. Department of Agriculture
and initiate Gevo’s Climate-Smart Farm-to-Flight grant with an
award ceiling of up to $30MM
- Begin receiving Low Carbon Fuel Standard (“LCFS”) credits for
RNG production
- Close NZ1 construction financing, including debt and equity
participation from one or more third parties
- Finalize Net-Zero 2 location and partners
Throughout the remainder of 2023, Gevo expects to update
stockholders about certain key milestones related to the
development, financing, and construction of NZ1 as well as
subsequent Net-Zero plants (together with NZ1, the "Net-Zero
Projects"). Updates to those milestones will be found in the
Company’s press releases and investor presentations in the Investor
Relations section of Gevo’s website.
2022 Financial Results
Operating revenue. In the second half of 2022, our RNG
production began ramping up resulting in natural gas commodity
sales of $0.6 million and environmental attribute sales of $0.2
million, while the activities at our Luverne Facility were
minimized to care and maintenance status as we have shifted focus
to our Net-Zero Projects. During the year ended December 31,
2022, compared to the year ended December 31, 2021, revenue
increased $0.6 million primarily due to the RNG sales.
Cost of production. Cost of production increased $1.0 million
during the year ended December 31, 2022, compared to the year
ended December 31, 2021, primarily due to the costs related to
RNG production and sales.
Depreciation and amortization. Depreciation and amortization
increased $2.8 million during the year ended December 31,
2022, compared to the year ended December 31, 2021, primarily
due to additional depreciation for RNG assets placed into service
and accelerated depreciation on Agri-Energy segment assets due to
shorter lives stemming from the impairment assessment during the
third of quarter of 2022.
Research and development expense. Research and development
expense increased $0.7 million during the year ended
December 31, 2022, compared to the year ended
December 31, 2021, primarily due to an increase in patent and
personnel related costs, as well as lab supplies, partially offset
by a reduction of consulting expenses.
General and administrative expense. General and administrative
expense increased $14.4 million during the year ended
December 31, 2022, compared to the year ended
December 31, 2021, primarily due to increases in personnel
costs related to strategic hiring and professional fees started in
late 2021 and having a full impact on 2022, as well as non-cash
stock-based compensation which reflects higher amortization expense
for the stock awards issued in the prior period with higher market
value.
Project development costs. Project development costs in 2022
consisted of employee expense, preliminary engineering and
technical consulting costs related to our future Net-Zero Projects
and Verity Tracking project, as well as other costs related to
engineering personnel and non-capitalizable items. We began to
capitalize a majority of the RNG and NZ1 projects' costs in 2021
which resulted in a $0.5 million decrease during the year ended
December 31, 2022, compared to the year ended
December 31, 2021.
Facility idling costs. Facility idling costs were $4.6 million
for the year ended December 31, 2022 and related to care and
maintenance of our development scale plant in Luverne, Minnesota
(the "Luverne Facility"). Included in facility idling costs are
ongoing care and maintenance expenses, as well as one time charges
related to removing flammable and other hazardous items from the
site, writing off certain patents, and reduction in the workforce.
We plan to utilize the Luverne Facility as a development scale
plant to advance our technology and operational knowledge to help
us in achieving operational success as we scale up the production
and delivery of SAF for our customers through our Net-Zero
Projects.
Impairment loss. The Company recorded a $24.7 million impairment
loss on long-lived assets, which reduced the carrying value of
certain property, plant, and equipment, and a leased right of use
("ROU") asset, at the Agri-Energy segment to its fair value. The
impairments recorded to date relate to the determination to suspend
production at the Luverne Facility and shift the plant into an
idled, care and maintenance status during the third quarter of
2022. The impact of the one-time impairment charge of $24.7 million
was $0.11 of basic and diluted impairment loss per share for the
year ended December 31, 2022.
Loss on disposal of assets. As a result of suspending the
production of ethanol at the Luverne Facility, we wrote-off $0.5
million of costs during the year ended December 31, 2022
related to ancillary equipment and spare parts that are no longer
expected to be utilized at the Luverne Facility. The equipment and
spare parts had been planned to be used in ethanol production.
Loss from operations. The Company's loss from operations
increased by $42.4 million during the year ended December 31,
2022, compared to the year ended December 31, 2021, primarily
due to the increased activities for our Net-Zero Projects and
Verity Tracking project, as well as non-capitalizable costs for
NZ1.
Interest expense. Interest expense increased by $0.9 million
during the year ended December 31, 2022, compared to the year
ended December 31, 2021, primarily due to the interest on the
RNG Project bonds, which was capitalized into construction in
process during the construction phase of our RNG Project in the
prior periods.
Interest and dividend income. Interest and dividend income
increased $2.5 million during the year ended December 31,
2022, compared to the year ended December 31, 2021, primarily
due to the higher interest rate earned on our investments and
restricted cash.
Gain on forgiveness of SBA Loans. During the year ended
December 31, 2021, the Small Business Administration ("SBA")
forgave $0.6 million of the Company's SBA loans and accrued
interest.
Other income. Other income increased $2.7 million during the
year ended December 31, 2022, compared to the year ended
December 31, 2021, primarily due to our receipt of $2.9
million from the U.S. Department of Agriculture's Biofuel Producer
Program to support biofuel producers who faced unexpected losses
due to the COVID-19 pandemic, partially offset by other
expenses.
During the year ended December 31, 2022, net cash used in
operating activities was $52.6 million compared to $48.3 million
for the year ended December 31, 2021. Non-cash charges
primarily consisted of an impairment loss of $24.7 million,
depreciation and amortization of $7.9 million, non-cash expense of
$2.7 million related to the amortization of marketable securities
premiums, and stock-based compensation expense of $17.4 million,
which reflects higher amortization expense for the stock awards
issued in the prior period with higher market value, see Note 16 to
the Consolidated Financial Statements for additional information.
The net cash outflow from changes in operating assets and
liabilities decreased $4.9 million, primarily due to a decrease in
cash outflows of $2.0 million in prepaid expenses and other current
and long-term assets for licensing fees and deposits to secure
long-lead equipment power transmission and distribution facilities
for NZ1 as well as a decrease of $3.9 million in accounts payable
and accrued liabilities, partially offset by increased outflows of
$1.7 million for RNG inventories and amortization of prepaid
insurance and other prepaid items.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. ET will be Dr.
Patrick R. Gruber, Chief Executive Officer, L. Lynn Smull, Chief
Financial Officer, and John Richardson, Director of Investor
Relations. They will review Gevo’s financial results and provide an
update on recent corporate highlights.
To participate in the live call, please register through the
following event weblink: :
https://register.vevent.com/register/BI77f562f7379e45218e5d6ab5c215416b.
After registering, participants will be provided with a dial-in
number and pin.
To listen to the conference call (audio only), please register
through the following event weblink:
https://edge.media-server.com/mmc/p/4uic6ad8.
A webcast replay will be available two hours after the
conference call ends on March 9, 2023. The archived webcast will be
available in the Investor Relations section of Gevo's website at
www.gevo.com.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel,
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full lifecycle of
the products. Gevo uses low-carbon renewable resource-based
carbohydrates as raw materials, and is in an advanced state of
developing renewable electricity and renewable natural gas for use
in production processes, resulting in low-carbon fuels with
substantially reduced carbon intensity (the level of greenhouse gas
emissions compared to standard petroleum fossil-based fuels across
their lifecycle). Gevo’s products perform as well or better than
traditional fossil-based fuels in infrastructure and engines, but
with substantially reduced greenhouse gas emissions. In addition to
addressing the problems of fuels, Gevo’s technology also enables
certain plastics, such as polyester, to be made with more
sustainable ingredients. Gevo’s ability to penetrate the growing
low-carbon fuels market depends on the price of oil and the value
of abating carbon emissions that would otherwise increase
greenhouse gas emissions. Gevo believes that it possesses the
technology and know-how to convert various carbohydrate feedstocks
through a fermentation process into alcohols and then transform the
alcohols into renewable fuels and materials, through a combination
of its own technology, know-how, engineering, and licensing of
technology and engineering from Axens North America, Inc., which
yields the potential to generate project and corporate returns that
justify the build-out of a multi-billion-dollar business.
Gevo believes that Argonne National Laboratory GREET model is
the best available standard of scientific based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking 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, whether our fuel sales agreements are financeable, the
timing of our NZ1 project, our financial condition, our results of
operation and liquidity, our business development activities, our
Net-Zero Projects, financial projections related to our business,
our RNG project, our fuel sales agreements, our plans to develop
our business, our ability to successfully develop, construct and
finance our operations and growth projects, our ability to achieve
cash flow from our planned projects, the ability of our products to
contribute to lower greenhouse gas emissions, particulate and
sulfur pollution, the DOE loan guarantee process, how Illinois SB
2951 affects airlines and us, and other statements that are not
purely statements of historical fact These forward-looking
statements are made based on the current beliefs, expectations and
assumptions of the management of Gevo and are subject to
significant risks and uncertainty. Investors are cautioned not to
place undue reliance on any such forward-looking statements. All
such forward-looking statements speak only as of the date they are
made, and Gevo undertakes no obligation to update or revise these
statements, whether as a result of new information, future events
or otherwise. Although Gevo believes that the expectations
reflected in these forward-looking statements are reasonable, these
statements involve many risks and uncertainties that may cause
actual results to differ materially from what may be expressed or
implied in these forward-looking statements. For a further
discussion of risks and uncertainties that could cause actual
results to differ from those expressed in these forward-looking
statements, as well as risks relating to the business of Gevo in
general, see the risk disclosures in the Annual Report on Form 10-K
of Gevo for the year ended December 31, 2022 and in subsequent
reports on Forms 10-Q and 8-K and other filings made with the U.S.
Securities and Exchange Commission by Gevo.
Non-GAAP Financial Information
This press release contains 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, non-cash stock-based
compensation, and losses recorded from the impairment of long-lived
assets from GAAP loss from operations. Non-GAAP adjusted net loss
and adjusted net loss per share exclude losses recorded from the
impairment of long-lived assets from GAAP net loss. 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.
Gevo, Inc.Condensed Consolidated
Balance Sheets Information(Unaudited, in
thousands, except share and per share amounts)
|
December 31, 2022 |
|
December 31, 2021 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
237,125 |
|
|
$ |
40,833 |
|
Marketable securities (current) |
|
167,408 |
|
|
|
275,340 |
|
Restricted cash (current) |
|
1,032 |
|
|
|
25,032 |
|
Trade accounts receivable, net |
|
476 |
|
|
|
978 |
|
Inventories |
|
6,347 |
|
|
|
2,751 |
|
Prepaid expenses and other current assets |
|
3,034 |
|
|
|
3,607 |
|
Total current assets |
|
415,422 |
|
|
|
348,541 |
|
Property, plant and equipment,
net |
|
176,872 |
|
|
|
137,742 |
|
Marketable securities
(non-current) |
|
— |
|
|
|
64,396 |
|
Restricted cash
(non-current) |
|
77,219 |
|
|
|
70,168 |
|
Operating right-of-use
assets |
|
1,331 |
|
|
|
2,414 |
|
Finance right-of-use
assets |
|
219 |
|
|
|
236 |
|
Intangible assets, net |
|
7,691 |
|
|
|
8,938 |
|
Deposits and other assets |
|
21,994 |
|
|
|
12,946 |
|
Total Assets |
$ |
700,748 |
|
|
$ |
645,381 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
24,760 |
|
|
$ |
28,150 |
|
Operating lease liabilities (current) |
|
438 |
|
|
|
772 |
|
Finance lease liabilities (current) |
|
79 |
|
|
|
11 |
|
Loans payable - other (current) |
|
159 |
|
|
|
158 |
|
Total current liabilities |
|
25,436 |
|
|
|
29,091 |
|
2021 Bonds payable
(long-term) |
|
67,223 |
|
|
|
66,486 |
|
Loans payable - other
(long-term) |
|
159 |
|
|
|
318 |
|
Operating lease liabilities
(long-term) |
|
1,450 |
|
|
|
1,902 |
|
Finance lease liabilities
(long-term) |
|
183 |
|
|
|
242 |
|
Other long-term
liabilities |
|
820 |
|
|
|
87 |
|
Total liabilities |
|
95,271 |
|
|
|
98,126 |
|
Commitments and
Contingencies |
|
|
|
Stockholders'
Equity |
|
|
|
Common stock, $0.01 par value per share; 500,000,000 and
250,000,000 authorized at December 31, 2022 and 2021,
respectively; 237,166,625 and 201,988,662 shares issued and
outstanding at December 31, 2022 and 2021, respectively. |
|
2,372 |
|
|
|
2,020 |
|
Additional paid-in capital |
|
1,259,527 |
|
|
|
1,103,224 |
|
Accumulated other comprehensive loss |
|
(1,040 |
) |
|
|
(614 |
) |
Accumulated deficit |
|
(655,382 |
) |
|
|
(557,375 |
) |
Total stockholders' equity |
|
605,477 |
|
|
|
547,255 |
|
Total Liabilities and Stockholders' Equity |
$ |
700,748 |
|
|
$ |
645,381 |
|
Gevo, Inc.Condensed Consolidated
Statements of Operations Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Total operating revenues |
$ |
545 |
|
|
$ |
54 |
|
|
$ |
1,175 |
|
|
$ |
533 |
|
Operating
expenses: |
|
|
|
|
|
|
|
Cost of production |
|
3,456 |
|
|
|
2,791 |
|
|
|
8,698 |
|
|
|
7,687 |
|
Depreciation and amortization |
|
3,314 |
|
|
|
1,556 |
|
|
|
7,887 |
|
|
|
5,128 |
|
Research and development expense |
|
2,707 |
|
|
|
2,570 |
|
|
|
7,427 |
|
|
|
6,775 |
|
General and administrative expense |
|
10,736 |
|
|
|
7,546 |
|
|
|
39,941 |
|
|
|
25,493 |
|
Project development costs |
|
4,511 |
|
|
|
2,069 |
|
|
|
10,061 |
|
|
|
10,581 |
|
Facility idling costs |
|
2,269 |
|
|
|
— |
|
|
|
4,599 |
|
|
|
— |
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
24,749 |
|
|
|
— |
|
Loss on disposal of assets |
|
499 |
|
|
|
— |
|
|
|
499 |
|
|
|
5,137 |
|
Total operating expenses |
|
27,492 |
|
|
|
16,532 |
|
|
|
103,861 |
|
|
|
60,801 |
|
Loss from
operations |
|
(26,947 |
) |
|
|
(16,478 |
) |
|
|
(102,686 |
) |
|
|
(60,268 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
Interest expense |
|
(451 |
) |
|
|
(173 |
) |
|
|
(1,167 |
) |
|
|
(251 |
) |
Investment income (loss) |
|
1,839 |
|
|
|
217 |
|
|
|
3,043 |
|
|
|
571 |
|
Gain on forgiveness of SBA loan |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
641 |
|
Other income, net |
|
172 |
|
|
|
(79 |
) |
|
|
2,803 |
|
|
|
104 |
|
Total other income, net |
|
1,560 |
|
|
|
(35 |
) |
|
|
4,679 |
|
|
|
1,065 |
|
Net loss |
$ |
(25,387 |
) |
|
$ |
(16,513 |
) |
|
$ |
(98,007 |
) |
|
$ |
(59,203 |
) |
Net loss per share -
basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.44 |
) |
|
$ |
(0.30 |
) |
Weighted-average
number of common shares outstanding - basic and
diluted |
|
237,209,693 |
|
|
|
201,892,596 |
|
|
|
221,537,262 |
|
|
|
195,794,606 |
|
Gevo, Inc.Condensed Consolidated
Statements of Comprehensive Income(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net Loss |
$ |
(25,387 |
) |
|
$ |
(16,513 |
) |
|
$ |
(98,007 |
) |
|
$ |
(59,203 |
) |
Other comprehensive income
loss: |
|
|
|
|
|
|
|
Unrealized loss on available-for-sale securities, net of tax |
|
1,128 |
|
|
|
(318 |
) |
|
|
(426 |
) |
|
|
(614 |
) |
Comprehensive
loss |
$ |
(24,259 |
) |
|
$ |
(16,831 |
) |
|
$ |
(98,433 |
) |
|
$ |
(59,817 |
) |
Gevo, Inc.Condensed Consolidated
Statements of Stockholders’ Equity
Information(Unaudited, in thousands, except share
amounts)
|
Common Stock |
|
Paid-In Capital |
|
Accumulated Other Comprehensive Loss |
|
Accumulated Deficit |
|
Stockholders' Equity |
|
Shares |
|
Amount |
|
|
|
|
Balance, December 31, 2020 |
128,138,311 |
|
$ |
1,282 |
|
$ |
643,269 |
|
|
$ |
— |
|
|
$ |
(498,172 |
) |
|
$ |
146,379 |
|
Issuance of common stock, net
of issuance costs |
68,170,579 |
|
|
682 |
|
|
456,765 |
|
|
|
— |
|
|
|
— |
|
|
|
457,447 |
|
Issuance of common stock upon
exercise of warrants |
1,866,758 |
|
|
18 |
|
|
1,103 |
|
|
|
— |
|
|
|
— |
|
|
|
1,121 |
|
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
7,700 |
|
|
|
— |
|
|
|
— |
|
|
|
7,700 |
|
Stock-based awards and related
share issuances, net |
3,813,014 |
|
|
38 |
|
|
(5,613 |
) |
|
|
— |
|
|
|
— |
|
|
|
(5,575 |
) |
Other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
|
(614 |
) |
|
|
— |
|
|
|
(614 |
) |
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(59,203 |
) |
|
|
(59,203 |
) |
Balance, December 31,
2021 |
201,988,662 |
|
$ |
2,020 |
|
$ |
1,103,224 |
|
|
$ |
(614 |
) |
|
$ |
(557,375 |
) |
|
$ |
547,255 |
|
Issuance of common stock and
common stock warrants, net of issuance costs |
33,333,336 |
|
|
333 |
|
|
138,675 |
|
|
|
— |
|
|
|
— |
|
|
|
139,008 |
|
Issuance of common stock upon
exercise of warrants |
4,677 |
|
$ |
— |
|
$ |
3 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
3 |
|
Non-cash stock-based
compensation |
— |
|
|
— |
|
|
17,419 |
|
|
|
— |
|
|
|
— |
|
|
|
17,419 |
|
Stock-based awards and related
share issuances, net |
1,839,950 |
|
|
19 |
|
|
206 |
|
|
|
— |
|
|
|
— |
|
|
|
225 |
|
Other comprehensive loss |
— |
|
|
— |
|
|
— |
|
|
|
(426 |
) |
|
|
— |
|
|
|
(426 |
) |
Net loss |
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(98,007 |
) |
|
|
(98,007 |
) |
Balance, December 31,
2022 |
237,166,625 |
|
$ |
2,372 |
|
$ |
1,259,527 |
|
|
$ |
(1,040 |
) |
|
$ |
(655,382 |
) |
|
$ |
605,477 |
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
Year Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
Operating
Activities |
|
|
|
Net loss |
$ |
(98,007 |
) |
|
$ |
(59,203 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
Impairment loss |
|
24,749 |
|
|
|
— |
|
Loss on disposal of assets |
|
499 |
|
|
|
5,137 |
|
(Gain) on forgiveness of SBA Loans |
|
— |
|
|
|
(641 |
) |
Stock-based compensation |
|
17,419 |
|
|
|
9,874 |
|
Depreciation and amortization |
|
7,887 |
|
|
|
5,128 |
|
Amortization of marketable securities premium |
|
2,723 |
|
|
|
5,029 |
|
Other noncash (income) expense |
|
877 |
|
|
|
89 |
|
Changes in operating assets
and liabilities: |
|
|
|
Accounts receivable |
|
502 |
|
|
|
(257 |
) |
Inventories |
|
(2,004 |
) |
|
|
(259 |
) |
Prepaid expenses and other current assets, deposits and other
assets |
|
(10,893 |
) |
|
|
(12,897 |
) |
Accounts payable, accrued expenses and long-term liabilities |
|
3,635 |
|
|
|
(271 |
) |
Net cash used in operating activities |
|
(52,613 |
) |
|
|
(48,271 |
) |
Investing
Activities |
|
Acquisitions of property, plant and equipment |
|
(75,775 |
) |
|
|
(56,770 |
) |
Acquisition of patent portfolio |
|
(10 |
) |
|
|
— |
|
Proceeds from sale and maturity of marketable securities |
|
299,581 |
|
|
|
79,574 |
|
Purchase of patents and license |
|
— |
|
|
|
(9,170 |
) |
Purchase of marketable securities |
|
(130,402 |
) |
|
|
(424,992 |
) |
Net cash provided by (used in) investing
activities |
|
93,394 |
|
|
|
(411,358 |
) |
Financing
Activities |
|
|
|
Proceeds from issuance of 2021 Bonds |
|
— |
|
|
|
68,995 |
|
Debt and equity offering costs |
|
(10,993 |
) |
|
|
(34,955 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
150,000 |
|
|
|
489,373 |
|
Proceeds from exercise of warrants |
|
3 |
|
|
|
1,121 |
|
Net settlement of common stock under stock plans |
|
(286 |
) |
|
|
(7,041 |
) |
Payment of loans payable - other |
|
(150 |
) |
|
|
(154 |
) |
Payment of finance lease liabilities |
|
(12 |
) |
|
|
(15 |
) |
Net cash provided by financing activities |
|
138,562 |
|
|
|
517,324 |
|
Net increase in cash and cash
equivalents |
|
179,343 |
|
|
|
57,695 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
136,033 |
|
|
|
78,338 |
|
Cash, cash equivalents
and restricted cash at end of period |
$ |
315,376 |
|
|
$ |
136,033 |
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Non-GAAP Cash
EBITDA: |
|
|
|
|
|
|
|
Loss from operations |
$ |
(26,947 |
) |
|
$ |
(16,478 |
) |
|
$ |
(102,686 |
) |
|
$ |
(60,268 |
) |
Depreciation and
amortization |
|
3,314 |
|
|
|
1,556 |
|
|
|
7,887 |
|
|
|
5,128 |
|
Stock-based compensation |
|
4,770 |
|
|
|
4,051 |
|
|
|
16,935 |
|
|
|
9,874 |
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
24,749 |
|
|
|
— |
|
Non-GAAP cash EBITDA |
$ |
(18,863 |
) |
|
$ |
(10,871 |
) |
|
$ |
(53,115 |
) |
|
$ |
(45,266 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net
Loss: |
|
|
|
|
|
|
|
Net Loss |
$ |
(25,387 |
) |
|
$ |
(16,513 |
) |
|
$ |
(98,007 |
) |
|
$ |
(59,203 |
) |
Adjustments: |
|
|
|
|
|
|
|
Impairment loss |
|
— |
|
|
|
— |
|
|
|
24,749 |
|
|
|
— |
|
Total adjustments |
|
— |
|
|
|
— |
|
|
|
24,749 |
|
|
|
— |
|
Non-GAAP Net Income
(Loss) |
$ |
(25,387 |
) |
|
$ |
(16,513 |
) |
|
$ |
(73,258 |
) |
|
$ |
(59,203 |
) |
Non-GAAP adjusted net loss per
share - basic and diluted |
$ |
(0.11 |
) |
|
$ |
(0.08 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.30 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
237,209,693 |
|
|
|
201,892,596 |
|
|
|
221,537,262 |
|
|
|
195,794,606 |
|
Investor Relations Contact+1
720-360-7794jrichardson@gevo.com
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