Gevo to Host Conference Call Today at 4:30
p.m. EST/2:30 MST
Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
three months and nine months ended September 30, 2018.
“In this quarter, based on having a sufficient amount of cash on
the balance sheet, we made the decision to take the first steps to
execute on our strategy to decarbonize our production facility in
Luverne, Minnesota. In particular, we began construction to
install the Shockwave Thermodynamic Corn Fractionation Process and
related drying equipment which we expect to be operational during
the first six months of 2019. We see that it is possible that
with certain process optimizations, equipment improvements, and by
displacing some of our fossil-based energy sources with renewable
energy sources, we could make our Luverne facility one of the
lowest carbon intensity score advanced biofuel production
facilities in the United States. This should translate into
increased revenues and margins for Gevo because of the value
associated with low-carbon products. We also began
engineering work for the expansion of our isobutanol, jet fuel, and
isooctane production capabilities,” said Patrick Gruber, Chief
Executive Officer of Gevo.
Key highlights for the quarter and key subsequent events
included:
- As of September 30, 2018, Gevo had cash and cash
equivalents of $38.3 million, compared with $11.6 million at
December 31, 2017.
- Sales of Gevo products increased by 11.4% for the three months
ended September 30, 2018 compared to the same period in 2017,
primarily due to increased production of ethanol and distiller
grains and increased sales of renewable hydrocarbons.
- As of September 30, 2018, net cash used in operating activities
was $10.2 million, compared with $16.4 million in the same period
in 2017.
- On August 14, 2018, Gevo entered into two separate operating
leases and service agreements with Shockwave LLC to install
Shockwave’s Thermodynamic Corn Fractionation Process as well as
related technology and equipment (collectively the “Shockwave
Process”) at Gevo’s production facility in Luverne, Minnesota (the
“Luverne Facility”). The Shockwave Process is expected to improve
profitability of the Luverne Facility by lowering the cost of
ethanol and isobutanol production, increasing the number and value
of feed and protein products, producing corn oil for food use, and
helping to lower the overall carbon footprint for the facility. The
Shockwave Process is expected to be operational during the first
quarter of 2019. The deployment of the Shockwave Process is an
important step of Gevo’s previously announced strategy to deploy
capital at the Luverne Facility to use lower amounts of
fossil-based energy sources to improve the carbon intensity score
of Gevo’s products.
- On September 12, 2018, Gevo and Virgin Australia Airlines, with
the support of the Queensland Government, accomplished another
industry first by being the first companies to supply renewable jet
fuel to a commercial airport infrastructure in Australia. Like the
Fly Green Day at Chicago O’Hare International Airport in 2017,
Gevo’s renewable jet fuel was supplied using the general fuel
system at Brisbane Airport.
Outlook for 2018
As previously disclosed, Gevo provided the following
guidance relating to its operations for 2018: (i) Gevo expects to
sell approximately 19 million gallons or more of ethanol and
approximately 56 thousand tons of animal feed product; (ii) Gevo
expects to generate $34-37 million of revenue in 2018; and (iii)
Gevo expects that its cash burn for 2018 will be approximately 30%
lower than in 2017.
As of September 30, 2018, Gevo has produced approximately 15
million gallons of ethanol and approximately 43 thousand tons of
animal feed product. As such, Gevo expects to meet its
production guidance for the year ending December 31, 2018. As
of September 30, 2018, Gevo had generated $25.1 million of
revenue. As such, dependent upon commodity prices for ethanol
during the fourth quarter of 2018, Gevo expects to meet its revenue
guidance for the year ending December 31, 2018.
Consistent with Gevo’s strategy and as a result of Gevo’s
improved financial condition, Gevo elected to pursue certain
capital improvement projects to improve Gevo’s profitability during
the quarter. As a result, Gevo is withdrawing its guidance of
a 30% cash burn reduction. While the cash burn for 2018 will
not be 30% lower than 2017, Gevo expects that it will be less than
the total of 2017. The additional expenditures include the
following: (i) capital expenditures at the Luverne Facility to
lower the overall carbon footprint of the facility and improve the
value of its animal feed and corn oil products, by implementing the
Shockwave Process; (ii) capital expenditures at Gevo’s production
facility located at South Hampton Resources, Inc. located in
Silsbee, TX to increase the production capacity of Gevo’s renewable
isobutanol to alcohol-to-jet, isooctane and isooctene; (iii)
capital expenditures to repair two fermentation vessels at the
Luverne Facility, and (iv) beginning engineering for increased
production of isobutanol and hydrocarbons consistent with market
demand.
Financial Highlights
Revenues for the three months ended September 30, 2018 were $8.6
million compared with $7.7 million in the same period in 2017.
During the third quarter of 2018, revenues derived at the Luverne
Facility related to ethanol sales and related products were $8.1
million, an increase of approximately $0.7 million from the same
period in 2017. This was primarily a result of increased ethanol
production and distiller grain prices in the third quarter of 2018
versus the same period in 2017.
During the three months ended September 30, 2018, hydrocarbon
revenues were $0.5 million compared with $0.2 million in the same
period in 2017 primarily as a result of increased customer
shipments. Gevo’s hydrocarbon revenues are comprised of sales of
alcohol-to-jet fuel, isooctane and isooctene.
Cost of goods sold was $10.6 million for the three months ended
September 30, 2018, compared with $9.7 million in the same period
in 2017, primarily as a result of increased ethanol production.
Cost of goods sold included approximately $9.1 million associated
with the production of ethanol, isobutanol and related products
and approximately $1.6 million in depreciation expense for the
three months ended September 30, 2018.
Gross loss was $2.1 million for the three months ended September
30, 2018, versus a $2.0 million gross loss in the same period in
2017.
Research and development expense increased by $0.6 million
during the three months ended September 30, 2018, compared with the
same period in 2017, due primarily to investments at Gevo’s
production facility located at South Hampton Resources to increase
production of alcohol-to-jet fuel, isooctane and isooctene.
Selling, general and administrative expense increased by $0.3
million during the three months ended September 30, 2018, compared
with the same period in 2017, due primarily to an increase in
employee-related expenses.
Loss from operations in the three months ended September 30,
2018 was $6.1 million, compared with a $5.1 million loss from
operations in the same period in 2017.
Non-GAAP cash EBITDA loss in the three months ended September
30, 2018 was $4.2 million, compared with a $3.4 million non-GAAP
cash EBITDA loss in the same period in 2017.
Interest expense in the three months ended September 30, 2018
was $0.8 million, a decrease of $0.05 million as compared to the
same period in 2017, primarily due to a decline in outstanding
debt.
During the three months ended September 30, 2018, Gevo also
incurred a net non-cash loss of $7,000 during the quarter
associated with the quarterly mark-to-market valuation of the 2020
Notes embedded derivative at September 30, 2018. During the three
months ended September 30, 2018, Gevo incurred a non-cash gain of
$5,000 on changes in the fair value of the derivative warrant
liability.
Gevo incurred a net loss for the three months ended September
30, 2018 of $6.9 million, compared with a net loss of $4.2 million
during the same period in 2017. Approximately $2,000 of the $6.9
million loss was comprised of the above non-cash losses during the
three-months ended September 30, 2018. Accordingly, the
non-GAAP adjusted net loss for the three months ended September 30,
2018 was $6.9 million, compared with a non-GAAP adjusted net loss
of $5.9 million during the same period in 2017.3
The cash position at September 30, 2018 was $38.3 million and
the total principal face value of the outstanding debt was $13.7
million.
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, Bradford K.
Towne, Chief Accounting Officer, and Geoffrey T. Williams, Jr.,
General Counsel. They will review Gevo’s financial results and
provide an update on recent corporate highlights.
To participate in the conference call, please dial 1(888)
771-4371 (inside the U.S.) or 1(847) 585-4405 (outside the U.S.)
and reference the access code 47697834.
A replay of the call and webcast will be available two hours
after the conference call ends on November 6, 2018. To access
the replay, please dial 1(888) 843-7419 (inside the US) or 1(630)
652-3042 (outside the US) and reference the access code 47697834#.
The archived webcast will be available in the Investor Relations
section of Gevo's website at www.gevo.com.
About Gevo
Gevo is a next generation “low-carbon” fuel company focused on
the development and commercialization of renewable alternatives to
petroleum-based products. Low-carbon fuels reduce the carbon
intensity, or the level of greenhouse gas emissions, compared to
standard fossil-based fuels across their lifecycle. The most common
low-carbon fuels are renewable fuels. Gevo is focused on the
development and production of mainstream fuels like gasoline and
jet fuel using renewable feedstocks that have the potential to
lower greenhouse gas emissions at a meaningful scale and enhance
agricultural production, including food and other related products.
In addition to serving the low-carbon fuel markets, through Gevo’s
technology, Gevo can also serve markets for the production of
chemical intermediate products for solvents, plastics, and building
block chemicals. Learn more at our website: www.gevo.com.
Forward-Looking Statements
Certain statements in this press release may constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, Gevo’s timing and ability to produce low-carbon ethanol
using the Shockwave Process or otherwise, the ability of Gevo to
develop markets for its products, the ability of Gevo to become
profitable and execute on its plans and strategy, the ability of
Gevo to enter into binding offtake, sales or supply agreements for
its products, the ability of Gevo to produce isobutanol or related
hydrocarbon products at its Luverne, Minnesota production facility,
the ability of Gevo to secure new customer relationships across
core markets, and other statements that are not purely statements
of historical fact. These forward-looking statements are made on
the basis of 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, 2017, 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 new loss and
non-GAAP adjusted net loss per share. Non-GAAP cash EBITDA excludes
non-cash items such as depreciation and 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
supplements to 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 calculated by adding back depreciation and
non-cash stock compensation to GAAP loss from operations; a
reconciliation of cash EBITDA Loss to GAAP loss from operations is
provided in the financial statement tables following this
release.
2 Adjusted Net Loss Per Share is 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; 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 Adjusted Net Loss is 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; a
reconciliation of Adjusted Net Loss to GAAP net loss is provided in
the financial statement tables following this release.
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Gevo,
Inc. |
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Condensed
Consolidated Statements of Operations Information |
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(Unaudited, in
thousands, except share and per share amounts) |
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Three Months Ended September 30, |
|
Nine Months Ended September
30, |
|
2018 |
|
|
2017 |
|
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2018 |
|
|
2017 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
Ethanol sales and
related products, net |
$ |
8,071 |
|
|
$ |
7,376 |
|
|
$ |
25,102 |
|
|
$ |
19,709 |
|
Hydrocarbon
revenue |
|
504 |
|
|
|
235 |
|
|
|
1,111 |
|
|
|
984 |
|
Grant and other
revenue |
|
- |
|
|
|
88 |
|
|
|
25 |
|
|
|
163 |
|
Total
revenues |
|
8,575 |
|
|
|
7,699 |
|
|
|
26,238 |
|
|
|
20,856 |
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Cost of goods sold |
|
10,628 |
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|
|
9,709 |
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|
31,904 |
|
|
|
28,822 |
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|
|
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Gross loss |
|
(2,053 |
) |
|
|
(2,010 |
) |
|
|
(5,666 |
) |
|
|
(7,966 |
) |
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Operating
expenses |
|
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Research and
development expense |
|
1,865 |
|
|
|
1,210 |
|
|
|
4,123 |
|
|
|
4,318 |
|
Selling, general and
administrative expense |
|
2,190 |
|
|
|
1,893 |
|
|
|
5,697 |
|
|
|
6,190 |
|
Total
operating expenses |
|
4,055 |
|
|
|
3,103 |
|
|
|
9,820 |
|
|
|
10,508 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(6,108 |
) |
|
|
(5,113 |
) |
|
|
(15,486 |
) |
|
|
(18,474 |
) |
|
|
|
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|
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|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
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Interest expense |
|
(767 |
) |
|
|
(811 |
) |
|
|
(2,496 |
) |
|
|
(2,152 |
) |
(Loss) on exchange of
debt |
|
- |
|
|
|
- |
|
|
|
(2,202 |
) |
|
|
(4,933 |
) |
(Loss) from change in
fair value of the 2017 Notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(339 |
) |
(Loss)/Gain from change
in fair value of derivative warrant liability |
|
5 |
|
|
|
(413 |
) |
|
|
(3,035 |
) |
|
|
5,106 |
|
(Loss)/Gain from change
in fair value of 2020 Notes embedded derivative |
|
(7 |
) |
|
|
2,184 |
|
|
|
2,340 |
|
|
|
522 |
|
Other income |
|
(3 |
) |
|
|
- |
|
|
|
5 |
|
|
|
26 |
|
Total
other expense, net |
|
(772 |
) |
|
|
960 |
|
|
|
(5,388 |
) |
|
|
(1,770 |
) |
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Net loss |
$ |
(6,880 |
) |
|
$ |
(4,153 |
) |
|
$ |
(20,874 |
) |
|
$ |
(20,244 |
) |
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Net loss per share -
basic and diluted |
$ |
(0.85 |
) |
|
$ |
(5.03 |
) |
|
$ |
(5.75 |
) |
|
$ |
(27.91 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
8,087,397 |
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|
825,408 |
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3,629,370 |
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725,323 |
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|
Gevo,
Inc. |
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Condensed
Consolidated Balance Sheet Information |
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(Unaudited, in
thousands) |
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(unaudited) |
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September 30, |
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December 31, |
|
2018 |
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|
2017 |
|
Assets |
|
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Current
assets: |
|
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Cash and cash
equivalents |
$ |
38,316 |
|
|
|
$ |
11,553 |
|
Accounts
receivable |
|
637 |
|
|
|
|
1,054 |
|
Inventories |
|
3,301 |
|
|
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|
4,362 |
|
Prepaid
expenses and other current assets |
|
949 |
|
|
|
|
712 |
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Total
current assets |
|
43,203 |
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|
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|
17,681 |
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Property,
plant and equipment, net |
|
66,853 |
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|
70,369 |
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Deposits
and other assets |
|
1,310 |
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|
|
|
803 |
|
Total
assets |
$ |
111,366 |
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|
|
$ |
88,853 |
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Liabilities |
|
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Current
liabilities: |
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Accounts
payable and accrued liabilities |
$ |
4,808 |
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$ |
4,011 |
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2020
Notes embedded derivative liability |
|
691 |
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|
5,224 |
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Derivative warrant liability |
|
81 |
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|
1,951 |
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Total
current liabilities |
|
5,580 |
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|
11,186 |
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2020
Notes, net |
|
12,155 |
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|
13,491 |
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2022
Notes, net |
|
- |
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|
515 |
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Other
long-term liabilities |
|
407 |
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|
130 |
|
Total
liabilities |
|
18,142 |
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|
25,322 |
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Commitments and
Contingencies |
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Stockholders'
Equity |
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Common
Stock, $0.01 par value per share; 250,000,000 authorized, 8,095,120
and 1,090,553 shares issued and outstanding at June 30, 2018
and December 31, 2017, respectively. |
|
81 |
|
|
|
|
11 |
|
Additional paid-in capital |
|
515,367 |
|
|
|
|
464,870 |
|
Accumulated deficit |
|
(422,224 |
) |
|
|
|
(401,350 |
) |
Total
stockholders' equity |
|
93,224 |
|
|
|
|
63,531 |
|
Total
liabilities and stockholders' equity |
$ |
111,366 |
|
|
|
$ |
88,853 |
|
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|
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|
|
|
|
|
|
|
|
|
|
Gevo,
Inc. |
|
|
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Condensed
Consolidated Cash Flow Information |
|
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(Unaudited, in
thousands) |
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Nine Months Ended
September 30, |
|
2018 |
|
|
|
2017 |
|
Operating Activities |
|
|
|
|
|
|
Net loss |
$ |
(20,874 |
) |
|
|
$ |
(20,244 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
- |
|
(Loss)/Gain from change in fair value of derivative
warrant liability |
|
3,035 |
|
|
|
|
(5,105 |
) |
(Loss)/Gain from change in fair value of 2020 Notes
embedded derivative |
|
(2,340 |
) |
|
|
|
(522 |
) |
Loss from the change in fair value of the 2017
Notes |
|
- |
|
|
|
|
339 |
|
Loss from the exchange or conversion of notes |
|
2,202 |
|
|
|
|
4,933 |
|
Stock-based compensation |
|
320 |
|
|
|
|
323 |
|
Depreciation and amortization |
|
4,903 |
|
|
|
|
4,994 |
|
Non-cash interest expense |
|
1,307 |
|
|
|
|
579 |
|
Other non-cash expense |
|
6 |
|
|
|
|
- |
|
Changes in operating assets and liabilities: |
|
- |
|
|
|
|
- |
|
Accounts receivable |
|
417 |
|
|
|
|
(121 |
) |
Inventories |
|
1,061 |
|
|
|
|
(873 |
) |
Prepaid expenses and other current assets |
|
(295 |
) |
|
|
|
22 |
|
Accounts payable, accrued expenses, and long-term
liabilities |
|
104 |
|
|
|
|
(766 |
) |
Net cash used in operating activities |
|
(10,154 |
) |
|
|
|
(16,441 |
) |
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(933 |
) |
|
|
|
(1,682 |
) |
Net cash used in investing activities |
|
(933 |
) |
|
|
|
(1,682 |
) |
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
Payments on secured debt |
|
- |
|
|
|
|
(9,791 |
) |
Debt and equity offering costs |
|
(365 |
) |
|
|
|
(1,071 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
36,952 |
|
|
|
|
11,044 |
|
Proceeds from the exercise of warrants |
|
1,263 |
|
|
|
|
2,206 |
|
Net cash (used in)/provided by financing
activities |
|
37,850 |
|
|
|
|
2,388 |
|
|
|
|
|
|
|
|
Net Increase / (decrease) in cash and cash equivalents |
|
26,763 |
|
|
|
|
(15,735 |
) |
|
|
|
|
|
|
|
Cash, cash equivalents, and restricted cash |
|
|
|
|
|
|
Beginning of period |
|
11,553 |
|
|
|
|
30,499 |
|
End of period |
$ |
38,316 |
|
|
|
$ |
14,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo,
Inc. |
|
|
|
|
|
|
|
Reconciliation
of GAAP to Non-GAAP Financial Information |
|
|
|
|
|
|
|
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
Non-GAAP Cash
EBITDA: |
|
2018 |
|
|
|
2017 |
|
|
|
2018 |
|
|
|
2017 |
|
|
|
|
|
|
|
|
|
Gevo Consolidated |
|
|
|
|
|
|
|
Loss from
operations |
$ |
(6,108 |
) |
|
$ |
(5,113 |
) |
|
$ |
(15,486 |
) |
|
$ |
(18,473 |
) |
Depreciation and amortization |
|
1,618 |
|
|
|
1,653 |
|
|
|
4,903 |
|
|
|
4,994 |
|
Non-cash
stock-based compensation |
|
281 |
|
|
|
100 |
|
|
|
518 |
|
|
|
323 |
|
Non-GAAP cash
EBITDA |
$ |
(4,209 |
) |
|
$ |
(3,360 |
) |
|
$ |
(10,065 |
) |
|
$ |
(13,156 |
) |
|
|
|
|
|
|
|
|
Non-GAAP
Adjusted Net Loss: |
|
|
|
|
|
|
|
Gevo Consolidated |
|
|
|
|
|
|
|
Net
Loss |
$ |
(6,880 |
) |
|
$ |
(4,153 |
) |
|
$ |
(20,874 |
) |
|
$ |
(20,244 |
) |
(Loss) on
exchange of debt |
|
- |
|
|
|
- |
|
|
|
(2,202 |
) |
|
|
(4,933 |
) |
(Loss)
from change in fair value of the 2017 Notes |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(339 |
) |
Gain from
change in fair value of derivative warrant liability |
|
5 |
|
|
|
(413 |
) |
|
|
(3,035 |
) |
|
|
5,106 |
|
(Loss)/Gain from change in fair value of 2020 Notes embedded
derivative |
|
(7 |
) |
|
|
2,184 |
|
|
|
2,340 |
|
|
|
522 |
|
Non-GAAP
Net Income / (Loss) |
$ |
(6,878 |
) |
|
$ |
(5,924 |
) |
|
$ |
(17,977 |
) |
|
$ |
(20,600 |
) |
Weighted-average number of common shares outstanding - basic and
diluted |
|
8,087,397 |
|
|
|
825,408 |
|
|
|
3,629,370 |
|
|
|
725,323 |
|
Non-GAAP Adjusted Net loss per share - basic and diluted |
$ |
(0.85 |
) |
|
$ |
(7.18 |
) |
|
$ |
(4.95 |
) |
|
$ |
(28.40 |
) |
|
|
|
|
|
|
|
|
Investor and Media ContactShawn M.
SeversonIntegra Investor Relations+1
415-226-7747gevo@integra-ir.com
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