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Gevo Reports
First Quarter
2023 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m.
ET
ENGLEWOOD, Colo. – May 10,
2023 - Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company",
"we", "us" or "our") today announced financial results for the
first quarter of 2023 and recent corporate highlights.
Recent Corporate Highlights
- On May 5, 2023, Gevo entered into a
Technology Access Agreement with Phillips 66 and ADM pursuant to
which Gevo waived its exclusivity rights to Axens technology to
allow Phillips 66 and ADM to evaluate and potentially license Axens
technology for use in the production of sustainable aviation fuel
(“SAF”) that could result in payments of up to $125 million to Gevo
if certain conditions are met.
- On April 10, 2023, Gevo entered into a
joint development agreement with LG Chem, Ltd. ("LG"), a leading
global chemical company committed to producing sustainable
products, to develop bio-propylene for the production of renewable
chemicals using Gevo's Ethanol-to-Olefins ("ETO") technology.
- Gevo entered into a joint development
framework agreement with Southwest Iowa Renewable Energy (SIRE) to
measure, report and verify carbon intensity ("CI") through the
entire value chain by utilizing Verity Carbon Solutions
("VCS").
- As a component of Gevo's Net-Zero 1
Project ("NZ1"), Gevo recently finalized a hydrogen development
services agreement with Zero6 Energy (formerly Juhl Energy) for the
development of a 20-megawatt hydrogen production facility in Lake
Preston, South Dakota using Cummins electrolyzer technology.
2023 First
Quarter Financial Highlights
- Ended the quarter with cash, cash
equivalents, restricted cash and marketable securities of $452.9
million compared to $482.8 million as of the end of Q4 2022.
- Revenue of $4.1 million for the
quarter primarily consists of renewable natural gas ("RNG") and
environmental attribute sales from Gevo's RNG project, as well as
some miscellaneous isooctane sales and compares to $0.2 million in
Q1 2022
- Loss from operations of $20.9 million
for the quarter compared to $16.0 million in Q1 2022
- Non-GAAP cash EBITDA loss1 of $11.6
million for the quarter compared to $10.3 million in Q1 2022
- Net loss per share of $0.07 for the
quarter compared to $0.08 in Q1 2022
Management Comment
Commenting on the first quarter of 2023 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
"We are pleased to announce the agreement with ADM and Phillips 66.
This is another example of Gevo's commitment to further the
development of SAF production facilities. We believe that this
agreement with ADM and Phillips 66 provides ongoing affirmation of
Gevo's selection of Axens as its technology partner. Of course, we
believe that Axens' technology is proven and ready for scale and
that the agreement demonstrates our leadership in the support of
the development of SAF production facilities. We intend to support
the development and commercialization of other projects in a
similar way."
Dr. Gruber continued, “We continue to have discussions with
potential equity partners for NZ1, and we are working through the
Department of Energy’s loan guarantee program process. We believe
that the DOE loan guarantee program offers the best lending rates
and terms available for NZ1. It is in stockholders’ best interest
to pursue the lowest cost debt available, that is, the DOE loan
guarantee. The trade-off, however, is a longer process that will
likely delay the financial close of NZ1. We continue to advance the
development of our projects with a focus on getting them ready for
financial close utilizing third party equity partners. The
sustainable aviation fuel plant design that we are pioneering for
NZ1, and related-equipment, are designed to be copied for other
sites. As a project developer, we want to be positioned to bring
multiple projects forward for investment as they mature and when
the overall financial markets settle down and become less volatile.
Finally, part of our business model is to be a licensor/enabler of
large capital deployment projects that we expect will earn us fees
and royalties, similar to the agreement we recently entered into
with ADM and P66. We have a strong balance sheet and intend to use
it for projects and enabling deals that can bring in revenue
sooner, rather than later. The banking crisis combined with the
uncertainty around federal regulatory treatment of renewables
within the Inflation Reduction Act means that we must act prudently
with respect to expenditures and development of our NZ1 project and
other projects."
LG Joint Development
Agreement
Under the terms of the joint development agreement with LG, Gevo
will provide the core ETO enabling technology that it has developed
for renewable olefins to be produced from low-carbon ethanol and
together the parties will collaborate to accelerate the pilot
research, technical scale-up, and commercialization of
bio-propylene. In addition to the technical joint development
aspects, the agreement includes a combination of direct payments to
Gevo beginning in 2023, commercial licensing terms and potential
options for the parties to form a joint venture if the research and
development activities prove successful. Gevo believes that the
joint development agreement with a company as large and as
well-respected as LG demonstrates the strength of Gevo’s
capabilities and its ability to develop technologies with a
low-carbon footprint.
According to an industry source, bio-based plastic production in
2022 marked 4.5 million tons, with an expected compound annual
growth rate of 14% up until 2027. Bio-propylene can be used as an
eco-friendly raw material for various plastic products and is
expected to play a pivotal role in the rapid growth of the
bioplastic market. Once bio-propylene is developed, products based
on fossil fuels, such as automobile interiors and exteriors,
flooring and diapers, can be entirely replaced and produced with
bio-based raw materials. Furthermore, compared to the existing
products in the marketplace, significant carbon reductions are
expected using Gevo’s ETO technology with a potentially negative
carbon footprint.
Net-Zero Projects
Due to high demand for sustainable aviation fuel and Gevo's need
to develop multiple sites to satisfy existing supply agreements,
the engineering and design focus has shifted to maximizing the
modularization of Gevo's SAF plants. These modules can be
constructed in locations where the labor is readily available and
then transported to the final production site location for
assembly. This should enable the construction of multiple, modular
SAF plants simultaneously while reducing the risks around
geographical labor tightness. This modularization approach requires
more rigorous up-front engineering and design and takes more time
on the front end; however, it is expected to lead to more efficient
deployment. The NZ1 project development is proceeding and
engineering work for NZ1 continues with the goal of bringing the
project to a maturity level where it can close with third party
project investment. Based on current information, the
installed cost for NZ1 is currently forecasted to be approximately
$850 million, excluding certain contingencies and financing costs.
Upon receiving an invitation from the U.S. Department of Energy
("DOE"), we submitted the Part Two Application for a DOE loan
guarantee for a direct lending from the Federal Financing Bank. The
DOE guarantee lending facility is expected to offer the lowest cost
of debt for the project. As we pursue this route to debt financing,
we are working with our contractors to reduce our projected
spending prior to financial close from our originally projected
range of $100 million to $200 million.
In order to achieve full construction financing for NZ1, we need
to secure third-party equity and debt. Given the current interest
rate environment and general macroeconomic conditions, a
DOE-guaranteed loan is our most attractive debt option. We expect
that obtaining a DOE-guaranteed loan will have the benefit of
reducing the overall amount of equity required to finance NZ1 and
should result in higher project equity returns for investors which
should increase the likelihood of Gevo successfully financing NZ1.
However, the DOE loan application process is expected to carry into
2024.We expect that our NZ1 plant start-up date will occur
twenty-four to thirty months after the financing of NZ1 closes, the
timing of which is uncertain. In parallel with the DOE-guaranteed
loan process, we continue to explore financing NZ1 without the
benefit of the DOE-guaranteed loan.
We are evaluating and performing early site development work at
several sites in the U.S. for our second Net-Zero Project ("NZ2").
We are also pursuing potential Net-Zero Projects with several
existing ethanol production facilities. Existing ethanol plants
need to be decarbonized to an appropriate level with renewable
energy or de-fossilized energy and/or carbon sequestration. Gevo
has developed a preferred list of potential partners and sites with
decarbonization in mind and is engaged in preliminary feasibility
and development discussions with several of these potential
partners. The advantage of developing these opportunities is that
we expect to use the SAF plant designed for NZ1. There are also
several greenfield sites where we could build a SAF plant and then
transport ethanol as feedstock. We plan to give priority to
existing industrial plant sites that have attractive potential
economics and high predictability of timeline for
decarbonization.
First Quarter
2023 Financial Results
Operating revenue. During the three months ended March 31,
2023, operating revenue increased $3.8 million compared to the
three months ended March 31, 2022, primarily due sales of
natural gas from our RNG Project. During the three months ended
March 31, 2023, we sold 63,846 MMBtu of RNG from our RNG
Project, resulting in natural gas commodity sales of $0.1 million
and environmental attribute sales of $3.5 million, as well as $0.4
million of isooctane.
Cost of production. Cost of production increased $1.3 million
during the three months ended March 31, 2023, compared to the
three months ended March 31, 2022, primarily due to the costs
related to RNG production and sales, partially offset by lower
costs from minimal production at our facility in Luverne, Minnesota
(the "Luverne Facility") before it was put into care and
maintenance.
Depreciation and amortization. Depreciation and amortization
increased $3.1 million during the three months ended March 31,
2023, compared to the three months ended March 31, 2022,
primarily due to additional depreciation for RNG assets placed into
service in 2022 and accelerated depreciation on Agri-Energy segment
assets due to shorter lives stemming from the impairment assessment
during the third quarter of 2022.
Research and development expense. Research and development
expense remained flat during the three months ended March 31,
2023, compared to the three months ended March 31, 2022, an
increase in patent and personnel related costs, as well as lab work
and supplies related to our ETO and other technologies was offset
by a reduction of consulting expenses.
General and administrative expense. General and administrative
expense increased $1.4 million during the three months ended
March 31, 2023, compared to the three months ended
March 31, 2022, primarily due to increases in personnel costs
related to hiring of highly qualified and skilled professionals for
our strategic projects, including NZ1 and NZ2 projects, as well as
VCS and DOE programs. An additional contributor to the increase was
non-cash stock-based compensation and professional consulting
fees.
Project development costs. Project development costs are related
to our future Net-Zero Projects and VCS which consist primarily of
employee expenses, preliminary engineering and technical consulting
costs. Project development costs increased $1.9 million during the
three months ended March 31, 2023, compared to the three
months ended March 31, 2022, primarily due to increases in
personnel costs, consulting, and professional fees.
Facility idling costs. Facility idling costs of $1.0 million for
the three months ended March 31, 2023, is related to the care
and maintenance of our Luverne Facility. 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
hydrocarbons and chemical products for our customers and
partners.
Loss from operations. Our loss from operations increased by $4.9
million during the three months ended March 31, 2023, compared
to the three months ended March 31, 2022, primarily due to the
increased activities for our Net-Zero Projects and VCS. See
explanations for each line item above.
Interest expense. Interest expense increased $0.5 million during
the three months ended March 31, 2023, compared to the three
months ended March 31, 2022, primarily due to the interest on
the 2021 Bonds, which was capitalized into construction in process
during the construction phase of our RNG Project in the prior
periods.
Investment income. Investment income increased $2.8 million
during the three months ended March 31, 2023, compared to the
three months ended March 31, 2022, primarily due to higher
interest earned on our cash equivalent investments as a result of
higher interest rates.
Other income. Other income increased $0.7 million for the three
months ended March 31, 2023, compared to the three months
ended March 31, 2022, primarily due to higher interest earned
on our restricted cash balances as a result of higher interest
rates.
During the three months ended March 31, 2023, net cash used
for operating activities was $19.4 million compared to $12.5
million for the three months ended March 31, 2022. Non-cash
charges primarily consisted of stock-based compensation expense of
$4.7 million, depreciation and amortization of $4.6 million and
other non-cash expense of $0.2 million, partially offset by
non-cash amortization of discounts on marketable securities of $0.1
million. The net cash outflow from changes in operating assets and
liabilities increased $7.4 million, primarily due to increased cash
outflows of $10.5 million in prepaid expenses and other current
assets due to deposits to secure long-lead equipment power
transmission and distribution facilities for NZ1, and $1.2 million
related to increases in accounts receivable primarily due to higher
sales of environmental attributes. These were partially offset by
$1.6 million of decreased costs associated with the sale of
environmental attribute inventory and $2.7 million of accounts
payable.
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/BI5f6929e849584d6e81df9a6c8c4fa73e.
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/s7psc2z4.
A webcast replay will be available two hours after the
conference call ends on May 10, 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, the timing of our NZ1 project, the agreement with ADM
and Phillips 66, including any payments that Gevo might receive in
connection with the agreement, the agreement with LG, our financial
condition, our results of operation and liquidity, our business
plans, 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, 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 a financial measure that does not
comply with U.S. generally accepted accounting principles (GAAP),
including non-GAAP cash EBITDA loss. Non-GAAP cash EBITDA loss
excludes depreciation and amortization and non-cash stock-based
compensation from GAAP loss from operations. Management believes
this measure is 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. This non-GAAP financial measure also facilitates
management’s internal comparisons to Gevo’s historical performance
as well as comparisons to the operating results of other companies.
In addition, Gevo believes this non-GAAP financial measure is
useful to investors because it allows 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 below.
Gevo, Inc.Condensed
Consolidated Balance Sheets Information(Unaudited,
in thousands, except share and per share amounts)
|
March 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
342,283 |
|
|
$ |
237,125 |
|
Marketable securities |
|
32,897 |
|
|
|
167,408 |
|
Restricted cash (current) |
|
1,032 |
|
|
|
1,032 |
|
Trade accounts receivable, net |
|
855 |
|
|
|
476 |
|
Inventories |
|
4,355 |
|
|
|
6,347 |
|
Prepaid expenses and other current assets |
|
4,985 |
|
|
|
3,034 |
|
Total current assets |
|
386,407 |
|
|
|
415,422 |
|
Property, plant and equipment,
net |
|
183,862 |
|
|
|
176,872 |
|
Restricted cash
(non-current) |
|
76,736 |
|
|
|
77,219 |
|
Operating right-of-use
assets |
|
1,285 |
|
|
|
1,331 |
|
Finance right-of-use
assets |
|
217 |
|
|
|
219 |
|
Intangible assets, net |
|
7,400 |
|
|
|
7,691 |
|
Deposits and other assets |
|
32,787 |
|
|
|
21,994 |
|
Total assets |
$ |
688,694 |
|
|
$ |
700,748 |
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
24,931 |
|
|
$ |
24,760 |
|
Operating lease liabilities (current) |
|
421 |
|
|
|
438 |
|
Finance lease liabilities (current) |
|
59 |
|
|
|
79 |
|
Loans payable (current) |
|
152 |
|
|
|
159 |
|
Total current liabilities |
|
25,563 |
|
|
|
25,436 |
|
2021 Bonds payable, net |
|
67,408 |
|
|
|
67,223 |
|
Loans payable
(non-current) |
|
126 |
|
|
|
159 |
|
Operating lease liabilities
(non-current) |
|
1,392 |
|
|
|
1,450 |
|
Finance lease liabilities
(non-current) |
|
184 |
|
|
|
183 |
|
Other liabilities
(non-current) |
|
560 |
|
|
|
820 |
|
Total liabilities |
|
95,233 |
|
|
|
95,271 |
|
Stockholders'
Equity |
|
|
|
Common stock, $0.01 par value per share; 500,000,000 shares
authorized; 237,261,164 and 237,166,625 shares issued and
outstanding at March 31, 2023, and December 31, 2022,
respectively. |
|
2,373 |
|
|
|
2,372 |
|
Additional paid-in capital |
|
1,264,203 |
|
|
|
1,259,527 |
|
Accumulated other comprehensive loss |
|
(115 |
) |
|
|
(1,040 |
) |
Accumulated deficit |
|
(673,000 |
) |
|
|
(655,382 |
) |
Total stockholders' equity |
|
593,461 |
|
|
|
605,477 |
|
Total liabilities and stockholders' equity |
$ |
688,694 |
|
|
$ |
700,748 |
|
Gevo, Inc.Condensed Consolidated
Statements of Operations Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Total operating
revenues |
$ |
4,060 |
|
|
$ |
232 |
|
Operating
expenses: |
|
|
|
Cost of production |
|
4,425 |
|
|
|
3,090 |
|
Depreciation and amortization |
|
4,575 |
|
|
|
1,442 |
|
Research and development expense |
|
1,198 |
|
|
|
1,192 |
|
General and administrative expense |
|
10,761 |
|
|
|
9,367 |
|
Project development costs |
|
2,959 |
|
|
|
1,096 |
|
Facility idling costs |
|
999 |
|
|
|
— |
|
Total operating expenses |
|
24,917 |
|
|
|
16,187 |
|
Loss from operations |
|
(20,857 |
) |
|
|
(15,955 |
) |
Other income
(expense) |
|
|
|
Interest expense |
|
(539 |
) |
|
|
(2 |
) |
Investment income |
|
3,067 |
|
|
|
252 |
|
Other income, net |
|
711 |
|
|
|
32 |
|
Total other income, net |
|
3,239 |
|
|
|
282 |
|
Net loss |
$ |
(17,618 |
) |
|
$ |
(15,673 |
) |
Net loss per share - basic and
diluted |
$ |
(0.07 |
) |
|
$ |
(0.08 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
237,260,681 |
|
|
|
201,925,747 |
|
Gevo, Inc.Condensed Consolidated
Statements of Comprehensive Loss(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Net loss |
$ |
(17,618 |
) |
|
$ |
(15,673 |
) |
Other comprehensive loss: |
|
|
|
Unrealized gain (loss) on available-for-sale securities, net of
tax |
|
925 |
|
|
|
(973 |
) |
Comprehensive
loss |
$ |
(16,693 |
) |
|
$ |
(16,646 |
) |
Gevo, Inc.Condensed Consolidated
Statements of Stockholders’ Equity
Information(Unaudited, in thousands, except
share amounts)
|
Three Months Ended March 31, 2023 and 2022 |
|
Common Stock |
|
Paid-In Capital |
|
Accumulated Other Comprehensive Loss |
|
Accumulated Deficit |
|
Stockholders’ Equity |
|
Shares |
|
Amount |
|
|
|
|
Balance, December 31,
2022 |
237,166,625 |
|
|
$ |
2,372 |
|
|
$ |
1,259,527 |
|
|
$ |
(1,040 |
) |
|
$ |
(655,382 |
) |
|
$ |
605,477 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
4,677 |
|
|
|
— |
|
|
|
— |
|
|
|
4,677 |
|
Stock-based awards and related share issuances, net |
94,539 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income |
— |
|
|
|
— |
|
|
|
— |
|
|
|
925 |
|
|
|
— |
|
|
|
925 |
|
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17,618 |
) |
|
|
(17,618 |
) |
Balance, March 31,
2023 |
237,261,164 |
|
|
$ |
2,373 |
|
|
$ |
1,264,203 |
|
|
$ |
(115 |
) |
|
$ |
(673,000 |
) |
|
$ |
593,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31,
2021 |
201,988,662 |
|
|
$ |
2,020 |
|
|
$ |
1,103,224 |
|
|
$ |
(614 |
) |
|
$ |
(557,375 |
) |
|
$ |
547,255 |
|
Issuance of common stock upon exercise of warrants |
4,677 |
|
|
|
— |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
3 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
4,044 |
|
|
|
— |
|
|
|
— |
|
|
|
4,044 |
|
Stock-based awards and related share issuances, net |
(240,617 |
) |
|
|
(1 |
) |
|
|
(220 |
) |
|
|
— |
|
|
|
— |
|
|
|
(221 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(973 |
) |
|
|
— |
|
|
|
(973 |
) |
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,673 |
) |
|
|
(15,673 |
) |
Balance, March 31,
2022 |
201,752,722 |
|
|
$ |
2,019 |
|
|
$ |
1,107,051 |
|
|
$ |
(1,587 |
) |
|
$ |
(573,048 |
) |
|
$ |
534,435 |
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Operating
Activities |
|
|
|
Net loss |
$ |
(17,618 |
) |
|
$ |
(15,673 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Stock-based compensation |
|
4,677 |
|
|
|
4,258 |
|
Depreciation and amortization |
|
4,575 |
|
|
|
1,442 |
|
Amortization of marketable securities (discount) premium |
|
(114 |
) |
|
|
1,150 |
|
Other noncash expense |
|
234 |
|
|
|
139 |
|
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
(379 |
) |
|
|
810 |
|
Inventories |
|
1,650 |
|
|
|
16 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(12,852 |
) |
|
|
(2,367 |
) |
Accounts payable, accrued expenses and non-current liabilities |
|
381 |
|
|
|
(2,269 |
) |
Net cash used in operating activities |
|
(19,446 |
) |
|
|
(12,494 |
) |
Investing
Activities |
|
Acquisitions of property, plant and equipment |
|
(11,434 |
) |
|
|
(31,218 |
) |
Acquisition of patent portfolio |
|
— |
|
|
|
(10 |
) |
Proceeds from sale and maturity of marketable securities |
|
135,550 |
|
|
|
71,082 |
|
Proceeds from sale of property, plant and equipment |
|
67 |
|
|
|
— |
|
Purchase of marketable securities |
|
— |
|
|
|
(31,993 |
) |
Net cash provided by investing activities |
|
124,183 |
|
|
|
7,861 |
|
Financing
Activities |
|
|
|
Proceeds from exercise of warrants |
|
— |
|
|
|
3 |
|
Net settlement of common stock under stock plans |
|
— |
|
|
|
(220 |
) |
Payment of debt |
|
(39 |
) |
|
|
(103 |
) |
Payment of finance lease liabilities |
|
(23 |
) |
|
|
— |
|
Net cash used in financing activities |
|
(62 |
) |
|
|
(320 |
) |
Net increase (decrease) in
cash and cash equivalents |
|
104,675 |
|
|
|
(4,953 |
) |
Cash, cash equivalents and
restricted cash at beginning of period |
|
315,376 |
|
|
|
136,033 |
|
Cash, cash equivalents
and restricted cash at end of period |
$ |
420,051 |
|
|
$ |
131,080 |
|
Gevo, Inc.
Reconciliation of GAAP to Non-GAAP
Financial Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended March 31, |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Non-GAAP Cash
EBITDA: |
|
|
|
|
|
|
|
Loss from operations |
$ |
(20,857 |
) |
|
$ |
(15,955 |
) |
|
$ |
(20,857 |
) |
|
$ |
(15,955 |
) |
Depreciation and
amortization |
|
4,575 |
|
|
|
1,442 |
|
|
|
4,575 |
|
|
|
1,442 |
|
Stock-based compensation |
|
4,677 |
|
|
|
4,258 |
|
|
|
4,677 |
|
|
|
4,258 |
|
Non-GAAP cash EBITDA |
$ |
(11,605 |
) |
|
$ |
(10,255 |
) |
|
$ |
(11,605 |
) |
|
$ |
(10,255 |
) |
Investor Relations Contact+1
303-883-1114IR@gevo.com
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.
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