Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or
“our”) today announced financial results for the fourth quarter and
full year 2023 and recent corporate highlights.
Recent Corporate Highlights
- Net-Zero 1 and 2024 Expected Uses of Cash: We
ended the fourth quarter with cash, cash equivalents, and
restricted cash of $375.6 million. The total that Gevo expects to
have spent to achieve financial close is $236.0 million - $238.0
million (excluding certain internal cost allocations), of which
only $125.0 million - $175.0 million is remaining. The expected
spend on Net-Zero 1 constitutes the majority of growth and project
related uses of cash expected in 2024.
- Renewable Natural Gas (“RNG”): In the fourth
quarter, our RNG project generated positive, stand-alone non-GAAP
cash EBITDA1 of approximately $1.3 million and annualized
production of 91% of the 400,000 MMBtu per year of RNG capacity. As
previously announced in January 2024, RNG stand-alone non-GAAP cash
EBITDA is expected to increase to $12.0 – $16.0 million on an
annualized basis upon receipt of our permanent California Air
Resource Board (“CARB”) carbon intensity (“CI”) score, which is
expected in 2024. RNG stand-alone non-GAAP cash EBITDA could
further increase up to $30.0 – $38.0 million if California Low
Carbon Fuel Standard (“LCFS”) prices recover to $200 per metric
ton, and up to $50.0 – $60.0 million in aggregate upon receipt of
the biogas Production Tax Credit (“PTC”) during 2025 – 2027. There
can be no guarantee that LCFS prices will increase or United States
Treasury rules, if issued, will result in the amounts
expected.
- Verity: In the third quarter of 2023, our
Verity Tracking platform went live with farmers in South Dakota and
Minnesota. Our tracked ethanol plant customers totaled
approximately 2% of the United States ethanol industry by volume,
the world’s largest ethanol market. Based on a market and business
analysis by a well-known global consulting firm, the initial target
market for Verity in the United States is estimated to be
approximately $1.5 - $3.0 billion for reducing and tracking the
reduction of carbon intensity through the value chain, from field
to fuel. Verity is a capital-light, fee-based software-as-a-service
(“SaaS”) business that enables the accurate tracking of carbon
intensity end-to-end across value chains, helping customers unlock
and maximize value derived from carbon abatement.
- Business Update: On January 24, 2024, Gevo
provided an update to its corporate investor presentation and a
business update regarding Net Zero 1 project development, RNG,
Verity and Ethanol-to-Olefins (“ETO”) technology development.
Additional details can be found in the announcement dated January
24, 2024 and in the corporate investor presentation available on
our website.
2023 Fourth Quarter Financial
Highlights
- Ended the fourth quarter with cash, cash equivalents, and
restricted cash of $375.6 million.
- During the fourth quarter of 2023, we sold 90,666 MMBtu of RNG
from our RNG project, or 362,664 MMBtu on an annualized basis,
which is approximately 91% of our current capacity of 400,000 MMBtu
per year. Revenue of $4.4 million for the fourth quarter includes
RNG sales of $0.2 million and $4.2 million of net proceeds from
sales of environmental attributes.
- Combined revenue and interest income increased to $9.4 million
for the fourth quarter.
- Loss from operations of $21.3 million for the fourth
quarter.
- Non-GAAP cash EBITDA loss1 of $12.5 million for the fourth
quarter.
- Gevo NW Iowa RNG generated positive, stand-alone non-GAAP cash
EBITDA1 of $1.3 million for the fourth quarter.
- Net loss per share of $0.08 for the fourth quarter.
______________________________1 Cash EBITDA 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 to GAAP loss from operations is
provided in the financial statement tables following this
release.
Management Comment
Commenting on the fourth quarter of 2023 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
“We released some detailed guidance in January of our expected uses
of cash in 2024, and our fully-funded development plan for Net-Zero
1. We hope our shareholders will take a look at that and take note
of our latest corporate investor presentation as well, which lays
it out visually. Simply put: we ended the year with what we believe
is enough cash to service the remaining spend by Gevo to deliver
Net-Zero 1 in a project finance format. We don’t expect a need to
spend more than that on the project. We believe Net-Zero 1 will be
the cleanest ultra-low carbon ethanol and net zero sustainable
aviation fuel plant in the world, and we are very excited to be
working with McDermott and the U.S. Department of Energy on the
requirements for a loan guarantee to help fund that
construction.
We are pleased that our RNG business achieved strong utilization
last quarter, including the capacity expansion we completed last
year. We see significant embedded upside from that business to Gevo
from a cash flow perspective, simply by continuing to operate it at
the expanded capacity and delivering meaningful carbon abatement to
our customers. We look forward to announcing Verity’s first revenue
this year. And we look forward to working with our partner, LG
Chem, on commercializing our Ethanol-to-Olefins (“ETO”) technology,
which started pilot-scale production, to deliver ultra-low carbon
plastics and materials to the world.”
Dr. Gruber concluded, “We are pleased that the Department of
Treasury has made significant progress toward implementation of the
SAF tax credits in the Inflation Reduction Act, starting with the
guidance released in December 2023 confirming that an updated
Argonne GREET method and model would be used for this purpose. We
look forward to reviewing the final GREET model and guidance from
the SAF Interagency Working Group and Department of Treasury. The
guidance already given indicates that both carbon capture
sequestration and improvements in agriculture are planned to be
included in the section 45-Z rules once finalized. We believe
science-based methodologies must be used to account for emissions
reductions from feedstock production, encompassing climate-smart
agriculture practices, as well as for emissions reductions from
carbon capture and storage, to acknowledge, incentivize and
increase carbon reduction efforts across the value chain. A growing
market for SAF made from low-carbon feedstocks is expected to open
up new markets for American farmers to sell their products.”
Full Year 2023
Financial Results
Operating revenue. During the year ended December 31,
2023, revenue increased $16.0 million compared to the year
ended December 31, 2022, primarily due to sales of RNG and
environmental attributes from our RNG project. Sales under our RNG
project commenced in the third quarter of 2022. During the year
ended December 31, 2023, we sold 313,572 MMBtu of RNG,
resulting in biogas commodity sales of $0.7 million and
environmental attribute sales of $14.8 million. Additionally, we
recognized $1.3 million of licensing and development revenue from
the agreement with LG Chem as well as $0.4 million from the sale of
isooctane during the year ended December 31, 2023.
Cost of production. Cost of production increased $3.3 million
during the year ended December 31, 2023, compared to
the year ended December 31, 2022, primarily due to the
production and sales from our RNG project, which significantly
increased in 2023, after the ramp-up phase, as well as lower costs
at the idling Luverne Facility in 2023.
Depreciation and amortization. Depreciation and amortization
increased $11.1 million during the year ended
December 31, 2023, compared to the year ended
December 31, 2022, primarily due to a full three quarters of
additional depreciation expense in 2023 for RNG assets placed into
service in the third quarter of 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 decreased $0.8 million during the year ended
December 31, 2023, compared to the year ended
December 31, 2022, primarily due to a reduction of consulting
expenses, partially offset by an increase in personnel related
costs due to additional headcount added during the year ended
December 31, 2023.
General and administrative expense. General and administrative
expense increased $2.7 million during the year ended
December 31, 2023, compared to the year ended
December 31, 2022, primarily due to increases in
personnel costs related to the hiring of highly qualified and
skilled professionals, professional consulting fees, and
stock-based compensation.
Project development costs. Project development costs are related
to our future Net-Zero projects and Verity which consist primarily
of employee expenses, preliminary engineering costs, and technical
consulting costs. Project development costs increased $4.7 million
during the year ended December 31, 2023, compared to
the year ended December 31, 2022, primarily due to
increases in personnel costs and consulting fees.
Facility idling costs. Facility idling costs are related to care
and maintenance of our Luverne Facility. Facility idling costs
decreased by $0.6 million for the year ended December 31,
2023, compared to the year ended December 31, 2022, primarily due
to one-time charges recorded during 2022 related to removing
flammable and other hazardous items from the site, writing off
certain patents, and reduction in the workforce.
Impairment loss. No impairment loss was recorded during the year
ended December 31, 2023. During the year ended December 31, 2022,
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 asset, at the
Agri-Energy segment to its fair value. The impairments recorded
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. The Company did not record a loss on
disposal of assets for the year ended December 31, 2023. 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
decreased by $20.9 million during the year ended
December 31, 2023, compared to the year ended
December 31, 2022, primarily due to increased revenue from RNG
operations and LG Chem licensing in 2023, as well as the 2022
impairment loss, partially offset by the increase in costs for our
Net-Zero projects, Verity, and USDA Climate-Smart Grant
projects.
Interest expense. Interest expense increased by $1.0 million
during the year ended December 31, 2023, compared to
the year ended December 31, 2022, 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 investment income. Interest and investment income
increased $15.6 million during the year ended
December 31, 2023, compared to the year ended
December 31, 2022, primarily due to an increase in interest
earned on our cash equivalent investments as a result of higher
interest rates.
Other income. Other income decreased $3.7 million during
the year ended December 31, 2023, compared to
the year ended December 31, 2022, primarily due to the
receipt of $0.4 million from the USDA's Biofuel Producer Program in
2023 compared to $2.9 million in 2022. In addition, our termination
of the expediting procurement agreement with a local utility
resulted in a one-time charge of $1.6 million in 2023.
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 Dr. Eric Frey, Vice President of Finance.
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/BI89f72f3dca514b6ca2e66938d0619036.
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/682o5xqh.
A webcast replay will be available two hours after the
conference call ends on March 7, 2024. 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 LG
Chem, the selection of an EPC contractor, timing regarding an EPC
contract and its terms, the DOE process and timing, the success of
Verity and Verity Tracking, 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 our most
recent Annual Report on Form 10-K 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. Non-GAAP cash EBITDA 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.Consolidated Balance
Sheets(In thousands, except share and per share
amounts)
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
298,349 |
|
|
$ |
237,125 |
|
Marketable securities |
|
|
— |
|
|
|
167,408 |
|
Restricted cash |
|
|
77,248 |
|
|
|
1,032 |
|
Trade accounts receivable, net |
|
|
2,623 |
|
|
|
476 |
|
Inventories |
|
|
3,809 |
|
|
|
6,347 |
|
Prepaid expenses and other current assets |
|
|
4,353 |
|
|
|
3,034 |
|
Total current assets |
|
|
386,382 |
|
|
|
415,422 |
|
Property, plant and equipment,
net |
|
|
211,563 |
|
|
|
185,174 |
|
Restricted cash |
|
|
— |
|
|
|
77,219 |
|
Operating right-of-use
assets |
|
|
1,324 |
|
|
|
1,331 |
|
Finance right-of-use
assets |
|
|
210 |
|
|
|
219 |
|
Intangible assets, net |
|
|
6,524 |
|
|
|
7,691 |
|
Deposits and other assets |
|
|
44,319 |
|
|
|
13,692 |
|
Total assets |
|
$ |
650,322 |
|
|
$ |
700,748 |
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
22,752 |
|
|
$ |
24,760 |
|
Operating lease liabilities |
|
|
532 |
|
|
|
438 |
|
Finance lease liabilities |
|
|
45 |
|
|
|
79 |
|
Loans payable |
|
|
130 |
|
|
|
159 |
|
2021 Bonds payable, net |
|
|
67,967 |
|
|
|
— |
|
Total current liabilities |
|
|
91,426 |
|
|
|
25,436 |
|
2021 Bonds payable, net |
|
|
— |
|
|
|
67,223 |
|
Loans payable |
|
|
21 |
|
|
|
159 |
|
Operating lease
liabilities |
|
|
1,299 |
|
|
|
1,450 |
|
Finance lease liabilities |
|
|
187 |
|
|
|
183 |
|
Other liabilities |
|
|
— |
|
|
|
820 |
|
Total liabilities |
|
|
92,933 |
|
|
|
95,271 |
|
Commitments and
Contingencies |
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
Common stock, $0.01 par value per share; 500,000,000 shares
authorized; 240,499,833 and 237,166,625 shares issued and
outstanding at December 31, 2023, and
December 31, 2022, respectively. |
|
|
2,405 |
|
|
|
2,372 |
|
Additional paid-in capital |
|
|
1,276,581 |
|
|
|
1,259,527 |
|
Accumulated other comprehensive loss |
|
|
— |
|
|
|
(1,040 |
) |
Accumulated deficit |
|
|
(721,597 |
) |
|
|
(655,382 |
) |
Total stockholders' equity |
|
|
557,389 |
|
|
|
605,477 |
|
Total liabilities and stockholders' equity |
|
$ |
650,322 |
|
|
$ |
700,748 |
|
|
Gevo, Inc.Consolidated Statements of
Operations(In thousands, except share and per
share amounts)
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Total operating revenues |
|
$ |
17,200 |
|
|
$ |
1,175 |
|
Operating
expenses: |
|
|
|
|
|
|
Cost of production |
|
|
11,991 |
|
|
|
8,698 |
|
Depreciation and amortization |
|
|
19,007 |
|
|
|
7,887 |
|
Research and development expense |
|
|
6,637 |
|
|
|
7,427 |
|
General and administrative expense |
|
|
42,628 |
|
|
|
39,941 |
|
Project development costs |
|
|
14,732 |
|
|
|
10,061 |
|
Facility idling costs |
|
|
4,040 |
|
|
|
4,599 |
|
Impairment loss |
|
|
— |
|
|
|
24,749 |
|
Loss on disposal of assets |
|
|
— |
|
|
|
499 |
|
Total operating expenses |
|
|
99,035 |
|
|
|
103,861 |
|
Loss from operations |
|
|
(81,835 |
) |
|
|
(102,686 |
) |
Other income
(expense) |
|
|
|
|
|
|
Interest expense |
|
|
(2,161 |
) |
|
|
(1,167 |
) |
Interest and investment income |
|
|
19,090 |
|
|
|
3,481 |
|
Other income (expense), net |
|
|
(1,309 |
) |
|
|
2,365 |
|
Total other income, net |
|
|
15,620 |
|
|
|
4,679 |
|
Net loss |
|
$ |
(66,215 |
) |
|
$ |
(98,007 |
) |
Net loss per share - basic and
diluted |
|
$ |
(0.28 |
) |
|
$ |
(0.44 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
|
238,687,621 |
|
|
|
221,537,262 |
|
|
Gevo, Inc.Consolidated Statements of
Comprehensive Loss(In thousands)
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Net loss |
|
$ |
(66,215 |
) |
|
$ |
(98,007 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
Unrealized gain (loss) on
available-for-sale securities |
|
|
1,040 |
|
|
|
(426 |
) |
Comprehensive
loss |
|
$ |
(65,175 |
) |
|
$ |
(98,433 |
) |
|
Gevo, Inc.Consolidated Statements of
Stockholders’ Equity(In
thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2023 and
2022 |
|
|
Common Stock |
|
|
|
|
Accumulated Other |
|
Accumulated |
|
Stockholders’ |
|
|
Shares |
|
Amount |
|
Paid-In Capital |
|
Comprehensive Loss |
|
Deficit |
|
Equity |
Balance, December 31, 2022 |
|
237,166,625 |
|
$ |
2,372 |
|
$ |
1,259,527 |
|
|
$ |
(1,040 |
) |
|
$ |
(655,382 |
) |
|
$ |
605,477 |
|
Non-cash stock-based compensation |
|
— |
|
|
— |
|
|
17,087 |
|
|
|
— |
|
|
|
— |
|
|
|
17,087 |
|
Stock-based awards and related share issuances, net |
|
3,333,208 |
|
|
33 |
|
|
(33 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income |
|
— |
|
|
— |
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
|
|
1,040 |
|
Net loss |
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(66,215 |
) |
|
|
(66,215 |
) |
Balance,
December 31, 2023 |
|
240,499,833 |
|
$ |
2,405 |
|
$ |
1,276,581 |
|
|
$ |
— |
|
|
$ |
(721,597 |
) |
|
$ |
557,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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.Consolidated Statements of
Cash Flows(In thousands)
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
Operating
Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(66,215 |
) |
|
$ |
(98,007 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Impairment loss |
|
|
— |
|
|
|
24,749 |
|
Loss on disposal of assets |
|
|
— |
|
|
|
499 |
|
Stock-based compensation |
|
|
17,087 |
|
|
|
17,419 |
|
Depreciation and amortization |
|
|
19,007 |
|
|
|
7,887 |
|
Amortization of marketable securities (discount) premium |
|
|
(102 |
) |
|
|
2,723 |
|
Other noncash expense (income) |
|
|
908 |
|
|
|
877 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(2,147 |
) |
|
|
502 |
|
Inventories |
|
|
670 |
|
|
|
(2,004 |
) |
Prepaid expenses and other current assets, deposits and other
assets |
|
|
(25,620 |
) |
|
|
(2,591 |
) |
Accounts payable, accrued expenses and non-current liabilities |
|
|
2,693 |
|
|
|
3,635 |
|
Net cash used in operating activities |
|
|
(53,719 |
) |
|
|
(44,311 |
) |
Investing
Activities |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(54,455 |
) |
|
|
(84,077 |
) |
Acquisition of patent portfolio |
|
|
— |
|
|
|
(10 |
) |
Proceeds from maturity of marketable securities |
|
|
168,550 |
|
|
|
299,581 |
|
Purchase of marketable securities |
|
|
— |
|
|
|
(130,402 |
) |
Proceeds from sale of property, plant and equipment |
|
|
34 |
|
|
|
— |
|
Net cash provided by investing activities |
|
|
114,129 |
|
|
|
85,092 |
|
Financing
Activities |
|
|
|
|
|
|
Debt and equity offering costs |
|
|
— |
|
|
|
(10,993 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
|
— |
|
|
|
150,000 |
|
Proceeds from exercise of warrants |
|
|
— |
|
|
|
3 |
|
Net settlement of common stock under stock plans |
|
|
— |
|
|
|
(286 |
) |
Payment of loans payable |
|
|
(167 |
) |
|
|
(150 |
) |
Payment of finance lease liabilities |
|
|
(22 |
) |
|
|
(12 |
) |
Net cash (used in) provided by financing
activities |
|
|
(189 |
) |
|
|
138,562 |
|
Net increase in cash and cash
equivalents |
|
|
60,221 |
|
|
|
179,343 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
315,376 |
|
|
|
136,033 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
$ |
375,597 |
|
|
$ |
315,376 |
|
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(In
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Non-GAAP Cash EBITDA
(Consolidated): |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(21,337 |
) |
|
$ |
(26,690 |
) |
|
$ |
(81,835 |
) |
|
$ |
(102,686 |
) |
Depreciation and
amortization |
|
|
4,684 |
|
|
|
3,314 |
|
|
|
19,007 |
|
|
|
7,887 |
|
Stock-based compensation |
|
|
4,132 |
|
|
|
4,220 |
|
|
|
17,087 |
|
|
|
16,935 |
|
Non-GAAP cash EBITDA (loss)
(Consolidated) |
|
$ |
(12,521 |
) |
|
$ |
(19,156 |
) |
|
$ |
(45,741 |
) |
|
$ |
(77,864 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Non-GAAP Cash EBITDA
(Gevo NW Iowa RNG): |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(384 |
) |
|
$ |
(4,088 |
) |
|
$ |
(4,095 |
) |
|
$ |
(4,088 |
) |
Depreciation and
amortization |
|
|
1,606 |
|
|
|
313 |
|
|
|
6,705 |
|
|
|
313 |
|
Stock-based compensation |
|
|
42 |
|
|
|
7 |
|
|
|
102 |
|
|
|
7 |
|
Non-GAAP cash EBITDA (loss)
(Gevo NW Iowa RNG) |
|
$ |
1,264 |
|
|
$ |
(3,768 |
) |
|
$ |
2,712 |
|
|
$ |
(3,768 |
) |
|
Investor Relations Contact+1
303-883-1114IR@gevo.com
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