Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
fourth quarter of 2020 and recent corporate highlights.
Recent Corporate Highlights
- In January 2021, Gevo announced the
plans for its Net-Zero 1 Project (“Net-Zero 1”) to be located in
Lake Preston, South Dakota. Net-Zero 1 is expected to produce about
45 MGPY of energy dense liquid hydrocarbons that, when burned as
transportation fuels, should have a net-zero greenhouse gas
footprint across the whole of the life cycle based on Argonne
National Laboratories’ GREET model. Net-Zero 1 is being designed to
eliminate the fossil based energy footprint to run the production
facility. Importantly, Net-Zero 1 is expected to produce ~400
million pounds per year of protein rich animal feed, and about 30
million pounds per year of corn oil. The 45 MGPY of hydrocarbons
would be sold into the gasoline and jet fuel markets under existing
take-or-pay contracts. Net-Zero 1 is expected to produce its own
biogas. The biogas would be used to heat the production facility
and provide approximately 30% of the electricity needed to power
the production facility. In addition, wind power is being developed
and is expected to supply the other 70% of electricity needed to
run the production facility. Green hydrogen will also
be produced from the renewable electricity as part of the
productions processes at Net-Zero 1. Net-Zero 1 is also expected to
have its own water treatment plant to further improve the
environmental footprint.
- In February 2021, Gevo signed an
amendment to its Fuel Sales Agreement with Scandinavian Airlines
System (“SAS”) for sustainable aviation fuel. The volume in the
amendment is 5 million gallons per year, and is a “take-or-pay”
contract worth ~$100 of revenue across the life of the contract.
This volume for the SAS contract is expected to be supplied by
Gevo’s second Net-Zero Project beginning in 2024.
- As of February 26, 2021, Gevo had
approximately $530.6 million in cash and no significant debt.
- Gevo believes it has the cash on the
balance sheet needed to fund the project equity required for
Net-Zero 1. A tax-exempt private activity bond debt structure has
been developed and vetted by Citigroup which Gevo currently expects
to utilize. In order to close the financing for Net-Zero 1, the
engineering design and costs first need to be delivered in suitable
form for project style financing, and the EPC firm needs to be
selected prior to the bond offering. The financial close for
Net-Zero 1 is targeted for the first half of 2022.
- In January 2021, Gevo announced that
it had selected Koch Process Solutions to provide the Front End
Engineering and Design services (FEED) for Net-Zero 1. FEED is
expected to be completed in December of 2021. The completion of the
FEED work is necessary before the financing of Net-Zero 1 can be
completed with Citigroup Global Markets, Inc.
- In January 2021, Gevo completed a
registered direct offering of 43.7 million shares of common stock
(or common stock equivalents) at $8.0 per share. Total proceeds
were $321.7 million, net of closing costs.
- In January 2021, Gevo raised $135.8
million, net of fees, by issuing 24.4 million shares of common
stock through its At-the-Market (“ATM”) offering program.
- In December 2020, the holders of
Gevo’s 12.0% Convertible Senior Secured Notes due 2020/2021 (the
“2020/21 Notes”) converted $12.7 million in aggregate outstanding
principal amount of 2020/21 Notes (including the applicable
make-whole payment) into an aggregate of 5,672,654 shares of common
stock. As a result, as of December 31, 2020, all obligations under
the 2020/2021 Notes had been fully paid and satisfied.
- In December 2020, Gevo entered into
an option agreement for the right to purchase approximately 240
acres of land near Lake Preston, SD. Gevo expects to construct its
Net-Zero 1 Project on this land.
2020 Fourth Quarter Financial Highlights
- Ended the quarter with cash and cash
equivalents of $78.3 million.
- Revenue totaled $0.5 million for the
quarter compared to $6.9 million in Q4 2019.
- Hydrocarbon revenue totaled $0.4
million for the quarter compared to $1.0 million in Q4 2019.
- Loss from
operations of ($7.0) million for the quarter compared to ($6.2)
million in Q4 2019.
- Non-GAAP cash
EBITDA loss1 of ($5.1) million for the quarter compared to ($4.0)
million in Q4 2019.
- Net loss per
share of ($0.15) based on 120,017,120 weighted average shares
outstanding for the quarter compared to ($0.50) based on 13,659,944
weighted average shares outstanding for the quarter in Q4
2019.
- Non-GAAP
adjusted net loss per share2 of ($0.07) based on 120,017,120
weighted average shares outstanding for the quarter compared to
($0.50) based on 13,659,944 weighted average shares outstanding for
the quarter in Q4 2019.
Commenting on the fourth quarter of 2020 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
“Net-Zero 1 is a first of a kind, off-the-grid type of plant where
we are putting great effort into making Net-Zero 1 the most
sustainable plant it can be. I’m glad we have the customers
secured, Citigroup to help us with the debt financing, and that the
economics of Net-Zero 1 are attractive at this stage. I’m also
pleased that we are making progress on filling up production
capacity at Net-Zero 2 as evidenced by the recent SAS contract. We
are making great progress, fast.”
Fourth Quarter 2020 Financial Results
Revenue for the three months ended December 31, 2020 was $0.5
million compared with $6.9 million in the same period in 2019.
Revenue derived at our production facility located in Luverne,
Minnesota (the “Luverne Facility”) related to ethanol sales and
related products was nil compared to $5.9 million for the fourth
quarter of 2020. As a result of COVID-19 and in response to an
unfavorable commodity environment, Gevo terminated its production
of ethanol and distiller grains at the Luverne Facility in March
2020. The Luverne Facility is currently shut down until further
notice. Currently, the South Hampton Facility is not producing
renewable premium gasoline or jet fuel. Gevo expects to produce
isobutanol in intermittent campaigns during 2021 to supply the
demonstration plant at the South Hampton Resources, Inc. facility
in Silsbee, Texas (the “South Hampton Facility”) so that renewable
premium gasoline or jet fuel can be produced in 2021.
During the three months ended December 31, 2020, hydrocarbon
revenue was $0.4 million compared with $1.0 million in the same
period in 2019 as a result of decreased shipments of finished
products from our demonstration plant at the South Hampton
Facility. Gevo’s hydrocarbon revenue is comprised of sales of
alcohol-to-jet fuel, isooctane and isooctene.
Cost of goods sold was $2.0 million for the three months ended
December 31, 2020, compared with $9.4 million in the same period in
2019, primarily as a result of terminating ethanol production at
the Luverne Facility as discussed above. Cost of goods sold
included approximately $0.9 million associated with the production
of isobutanol and related products and maintenance of the Luverne
Facility and approximately $1.1 million in depreciation expense for
the three months ended December 31, 2020.
Gross loss was $1.4 million for the three months ended December
31, 2020, versus a $2.5 million gross loss in the same period in
2019.
Research and development expense increased by $1.7 million
during the three months ended December 31, 2020 compared with the
same period in 2019, due primarily to an increase in consultant and
personnel expenses.
Selling, general and administrative expense increased by $0.2
million during the three months ended December 31, 2020, compared
with the same period in 2019, due primarily to an increase in
consulting and personnel costs offset by a decrease in investor
relations and marketing costs.
Loss from operations in the three months ended December 31, 2020
was $(7.0) million, compared with a ($6.2) million loss from
operations in the same period in 2019.
Non-GAAP cash EBITDA loss3 in the three months ended December
31, 2020 was ($5.1) million, compared with a ($4.0) million
non-GAAP cash EBITDA loss in the same period in 2019.
Interest expense in the three months ended December 31, 2020 was
$0.5 million, a decrease of $0.1 million as compared to the same
period in 2019, primarily due to a decline in amortization of
original issue discounts and debt issuance costs compared to the
same period last year and the conversion of $2.0 million of 2020/21
Notes in July 2020.
In the three months ended December 31, 2020, Gevo recognized net
non-cash loss totaling $1.4 million due to the conversion of $12.7
million of 2020/21 Notes during December 2020.
During the three months ended December 31, 2020, Gevo recognized
net non-cash loss totaling $8.6 million due to changes in the fair
value of our 2020/21 Notes embedded derivative liability resulting
from the increase in the price of our common stock prior to the
conversion of the $12.7 million of 2020/21 Notes.
Gevo incurred a net loss for the three months ended December 31,
2020 of ($18.1) million, compared with a net loss of ($6.8) million
during the same period in 2019. Non-GAAP adjusted net loss4 for the
three months ended December 31, 2020 was ($8.1) million, compared
with a non-GAAP adjusted net loss of ($6.8) million during the same
period in 2019.
Cash at December 31, 2020 was $78.3 million, and the total
principal face value of 2020/21 Notes was $0.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EDT (2:30 p.m. MDT)
will be Dr. Patrick R. Gruber, Chief Executive Officer, L. Lynn
Smull, Chief Financial Officer, Carolyn M. Romero, Chief Accounting
Officer, and Geoffrey T. Williams, Jr., Vice President - General
Counsel & Secretary. They will review Gevo’s financial results
and provide an update on recent corporate highlights.
To participate in the conference call, please dial (833)
729-4776 (inside the U.S.) or (830) 213-7701 and reference the
access code 3178466#, or through the event weblink:
https://edge.media-server.com/mmc/p/xhvdnuqd.
A replay of the call and webcast will be available two hours
after the conference call ends on March 17, 2021. To access the
replay, please visit https://edge.media-server.com/mmc/p/xhvdnuqd.
The archived webcast will be available in the Investor Relations
section of Gevo’s website at www.gevo.com.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel,
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full lifecycle of
the products. Gevo uses low-carbon renewable resource-based
carbohydrates as raw materials, and is in an advanced state of
developing renewable electricity and renewable natural gas for use
in production processes, resulting in low-carbon fuels with
substantially reduced carbon intensity (the level of greenhouse gas
emissions compared to standard petroleum fossil-based fuels across
their lifecycle). Gevo’s products perform as well or better than
traditional fossil-based fuels in infrastructure and engines, but
with substantially reduced greenhouse gas emissions. In addition to
addressing the problems of fuels, Gevo’s technology also enables
certain plastics, such as polyester, to be made with more
sustainable ingredients. Gevo’s ability to penetrate the growing
low-carbon fuels market depends on the price of oil and the value
of abating carbon emissions that would otherwise increase
greenhouse gas emissions. Gevo believes that its proven, patented,
technology enabling the use of a variety of low-carbon sustainable
feedstocks to produce price-competitive low carbon products such as
gasoline components, jet fuel, and diesel fuel yields the potential
to generate project and corporate returns that justify the
build-out of a multi-billion-dollar business.
Gevo believes that Argonne National Laboratory GREET model is
the best available standard of scientific based measurement for
life cycle inventory or LCI.Learn more at Gevo’s website:
www.gevo.com
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, Gevo’s business development activities, Gevo’s Net-Zero
Projects, Gevo’s offtake agreements, Gevo’s plans to develop its
business, Gevo’s ability to successfully construct and finance its
operations and growth projects, Gevo’s ability to achieve cash flow
from its planned projects, the ability of Gevo’s products to
contribute to lower greenhouse gas emissions, particulate and
sulfur pollution and other statements that are not purely
statements of historical fact. These forward-looking statements are
made based on the current beliefs, expectations and assumptions of
the management of Gevo and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and Gevo
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although Gevo believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2020 and in subsequent reports on Forms 10-Q and
8-K and other filings made with the U.S. Securities and Exchange
Commission by Gevo.
Non-GAAP Financial Information
This press release contains financial measures that do not
comply with U.S. generally accepted accounting principles (GAAP),
including non-GAAP cash EBITDA loss, non-GAAP adjusted net loss and
non-GAAP adjusted net loss per share. Non-GAAP cash EBITDA excludes
depreciation and non-cash stock-based compensation. Non-GAAP
adjusted net loss and adjusted net loss per share excludes non-cash
gains and/or losses recognized in the quarter due to the changes in
the fair value of certain of Gevo’s financial instruments, such as
warrants, convertible debt and embedded derivatives. Management
believes these measures are useful to supplement its GAAP financial
statements with this non-GAAP information because management uses
such information internally for its operating, budgeting and
financial planning purposes. These non-GAAP financial measures also
facilitate management’s internal comparisons to Gevo’s historical
performance as well as comparisons to the operating results of
other companies. In addition, Gevo believes these non-GAAP
financial measures are useful to investors because they allow for
greater transparency into the indicators used by management as a
basis for its financial and operational decision making. Non-GAAP
information is not prepared under a comprehensive set of accounting
rules and therefore, should only be read in conjunction with
financial information reported under U.S. GAAP when understanding
Gevo’s operating performance. A reconciliation between GAAP and
non-GAAP financial information is provided in the financial
statement tables below.
1 Cash EBITDA loss is a non-GAAP measure calculated by adding
back depreciation and 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 a non-GAAP measure calculated
by adding back non-cash gains and/or losses recognized in the
quarter due to the changes in the fair value of certain of our
financial instruments, such as warrants, convertible debt and
embedded derivatives, to GAAP net loss per share. A reconciliation
of adjusted net loss per share to GAAP net loss per share is
provided in the financial statement tables following this release.3
Cash EBITDA loss is a non-GAAP measure calculated by adding back
depreciation and 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.4 Adjusted net loss is a non-GAAP measure calculated
by adding back non-cash gains and/or losses recognized in the
quarter due to the changes in the fair value of certain of our
financial instruments, such as warrants, convertible debt and
embedded derivatives, to GAAP net loss. A reconciliation of
adjusted net loss to GAAP net loss is provided in the financial
statement tables following this release.
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
Condensed Consolidated Balance Sheet
Information |
|
|
|
|
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
December
31, |
|
December
31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Assets |
|
|
|
|
|
Current
assets: |
|
|
|
|
|
Cash and cash equivalents |
$ |
78,338 |
|
|
$ |
16,302 |
|
|
|
Accounts receivable |
|
527 |
|
|
|
1,135 |
|
|
|
Inventories |
|
2,256 |
|
|
|
3,201 |
|
|
|
Prepaid expenses and other current assets |
|
2,149 |
|
|
|
3,590 |
|
|
|
Total current assets |
|
83,270 |
|
|
|
24,228 |
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
66,408 |
|
|
|
66,696 |
|
|
|
Investment in Juhl |
|
1,500 |
|
|
|
1,500 |
|
|
|
Deposits and other assets |
|
921 |
|
|
|
935 |
|
|
|
Total assets |
$ |
152,099 |
|
|
$ |
93,359 |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
4,123 |
|
|
$ |
5,678 |
|
|
|
2020 Notes (current), net |
|
- |
|
|
|
13,900 |
|
|
|
Loans payable - other (current) |
|
809 |
|
|
|
516 |
|
|
|
Total current liabilities |
|
4,932 |
|
|
|
20,094 |
|
|
|
|
|
|
|
|
|
Loans payable - other (long-term) |
|
457 |
|
|
|
233 |
|
|
|
Other long-term liabilities |
|
331 |
|
|
|
528 |
|
|
|
Total liabilities |
|
5,720 |
|
|
|
20,855 |
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
Common
Stock, $0.01 par value per share; 250,000,000 authorized,
128,138,311 and 14,083,232 shares issued and outstanding at
December 31, 2020 and 2019, respectively. |
|
1,282 |
|
|
|
141 |
|
|
|
Additional paid-in capital |
|
643,269 |
|
|
|
530,349 |
|
|
|
Accumulated deficit |
|
(498,172 |
) |
|
|
(457,986 |
) |
|
|
Total stockholders' equity |
|
146,379 |
|
|
|
72,504 |
|
|
|
Total liabilities and stockholders' equity |
$ |
152,099 |
|
|
$ |
93,359 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
Information |
|
|
|
|
|
|
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
Revenue and cost of goods sold |
|
|
|
|
|
|
|
|
|
Ethanol sales and related products, net |
|
$ |
5 |
|
|
$ |
5,931 |
|
|
$ |
3,809 |
|
|
$ |
22,115 |
|
|
Hydrocarbon revenue |
|
|
416 |
|
|
|
957 |
|
|
|
1,501 |
|
|
|
2,338 |
|
|
Grant and other revenue |
|
|
110 |
|
|
|
- |
|
|
|
226 |
|
|
|
34 |
|
|
Total revenues |
|
|
531 |
|
|
|
6,888 |
|
|
|
5,536 |
|
|
|
24,487 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
|
1,960 |
|
|
|
9,427 |
|
|
|
15,003 |
|
|
|
36,733 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loss |
|
|
(1,429 |
) |
|
|
(2,539 |
) |
|
|
(9,467 |
) |
|
|
(12,246 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Research and development expense |
|
|
1,959 |
|
|
|
308 |
|
|
|
4,086 |
|
|
|
4,020 |
|
|
Selling, general and administrative expense |
|
|
3,611 |
|
|
|
3,380 |
|
|
|
12,528 |
|
|
|
10,085 |
|
|
Restructuring expenses |
|
|
- |
|
|
|
- |
|
|
|
254 |
|
|
|
- |
|
|
Total operating expenses |
|
|
5,570 |
|
|
|
3,688 |
|
|
|
16,868 |
|
|
|
14,105 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(6,999 |
) |
|
|
(6,227 |
) |
|
|
(26,335 |
) |
|
|
(26,351 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(535 |
) |
|
|
(605 |
) |
|
|
(2,094 |
) |
|
|
(2,732 |
) |
|
(Loss) on modification of 2020 Notes |
|
|
(6 |
) |
|
|
- |
|
|
|
(732 |
) |
|
|
- |
|
|
(Loss) from conversion of 2020/21 Notes to common stock |
|
|
(1,373 |
) |
|
|
- |
|
|
|
(1,916 |
) |
|
|
- |
|
|
(Loss) gain from change in fair value of 2020/21 Notes and 2020
Notes embedded derivative liability |
|
|
(8,578 |
) |
|
|
- |
|
|
|
(8,607 |
) |
|
|
394 |
|
|
(Loss) gain from change in fair value of derivative warrant
liability |
|
|
(31 |
) |
|
|
13 |
|
|
|
(23 |
) |
|
|
14 |
|
|
Other (expense) income |
|
|
(532 |
) |
|
|
4 |
|
|
|
(479 |
) |
|
|
15 |
|
|
Total other income (expense) |
|
|
(11,055 |
) |
|
|
(588 |
) |
|
|
(13,851 |
) |
|
|
(2,309 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(18,054 |
) |
|
$ |
(6,815 |
) |
|
$ |
(40,186 |
) |
|
$ |
(28,660 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per
share - basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.71 |
) |
|
$ |
(2.35 |
) |
|
Weighted-average number of common shares outstanding - basic and
diluted |
|
|
120,017,120 |
|
|
|
13,659,944 |
|
|
|
56,881,586 |
|
|
|
12,177,906 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
|
|
|
|
Condensed
Consolidated Statements of Stockholders' Equity
Information |
|
|
|
|
|
|
(Unaudited, in thousands, except share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Paid-In |
|
Accumulated |
|
Stockholders' |
|
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, September 30, 2020 |
119,578,203 |
|
|
$ |
1,196 |
|
$ |
613,511 |
|
|
$ |
(480,118 |
) |
|
$ |
134,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock and common stock warrants, net of issue costs |
2,175,000 |
|
|
|
22 |
|
|
6,209 |
|
|
|
- |
|
|
|
6,231 |
|
|
|
Issuance of
common stock upon exercise of warrants |
725,000 |
|
|
|
7 |
|
|
428 |
|
|
|
- |
|
|
|
435 |
|
|
|
Issuance of
common stock upon conversion of 2020/21 Notes |
5,672,654 |
|
|
|
57 |
|
|
22,517 |
|
|
|
- |
|
|
|
22,574 |
|
|
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
626 |
|
|
|
- |
|
|
|
626 |
|
|
|
Issuance of
common stock under stock plans, net of taxes |
(12,546 |
) |
|
|
- |
|
|
(22 |
) |
|
|
- |
|
|
|
(22 |
) |
|
|
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(18,054 |
) |
|
|
(18,054 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2020 |
128,138,311 |
|
|
$ |
1,282 |
|
$ |
643,269 |
|
|
$ |
(498,172 |
) |
|
$ |
146,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
September 30, 2019 |
13,369,001 |
|
|
$ |
133 |
|
$ |
527,958 |
|
|
$ |
(451,171 |
) |
|
$ |
76,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue costs |
720,747 |
|
|
|
8 |
|
|
1,880 |
|
|
|
- |
|
|
|
1,888 |
|
|
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
511 |
|
|
|
- |
|
|
|
511 |
|
|
|
Issuance of
common stock under stock plans, net of taxes |
(6,516 |
) |
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
Net
loss |
- |
|
|
|
- |
|
|
- |
|
|
|
(6,815 |
) |
|
|
(6,815 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2019 |
14,083,232 |
|
|
$ |
141 |
|
$ |
530,349 |
|
|
$ |
(457,986 |
) |
|
$ |
72,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flow
Information |
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
|
|
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
Operating Activities |
|
|
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(18,054 |
) |
|
$ |
(6,815 |
) |
|
$ |
(40,186 |
) |
|
$ |
(28,660 |
) |
|
|
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
|
|
|
|
Loss (gain) from the change in fair value of derivative warrant
liability |
|
|
31 |
|
|
|
(13 |
) |
|
|
23 |
|
|
|
(14 |
) |
|
|
Loss (gain) from the change in fair value of 2020/21 Notes and 2020
Notes embedded derivative |
|
|
8,578 |
|
|
|
- |
|
|
|
8,607 |
|
|
|
(394 |
) |
|
|
Loss on conversion of 2020/21 Notes to common stock |
|
|
1,373 |
|
|
|
- |
|
|
|
1,916 |
|
|
|
- |
|
|
|
Loss on sale of property, plant and equipment |
|
|
587 |
|
|
|
23 |
|
|
|
625 |
|
|
|
4 |
|
|
|
Stock-based compensation |
|
|
778 |
|
|
|
411 |
|
|
|
2,125 |
|
|
|
1,349 |
|
|
|
Depreciation and amortization |
|
|
1,151 |
|
|
|
1,807 |
|
|
|
5,905 |
|
|
|
6,656 |
|
|
|
Non-cash lease expense |
|
|
17 |
|
|
|
23 |
|
|
|
62 |
|
|
|
48 |
|
|
|
Non-cash interest expense |
|
|
155 |
|
|
|
257 |
|
|
|
761 |
|
|
|
1,346 |
|
|
|
Other non-cash expense |
|
|
- |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
(157 |
) |
|
|
(757 |
) |
|
|
608 |
|
|
|
(609 |
) |
|
|
Inventories |
|
|
295 |
|
|
|
(239 |
) |
|
|
945 |
|
|
|
(35 |
) |
|
|
Prepaid expenses and other current assets, deposits and other
assets |
|
|
1,395 |
|
|
|
(1,801 |
) |
|
|
782 |
|
|
|
(1,824 |
) |
|
|
Accounts payable, accrued expenses and long-term
liabilities |
|
|
(906 |
) |
|
|
1,064 |
|
|
|
(1,511 |
) |
|
|
1,294 |
|
|
|
Net cash used in operating activities |
|
|
(4,757 |
) |
|
|
(6,041 |
) |
|
|
(19,338 |
) |
|
|
(20,839 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(4,149 |
) |
|
|
(210 |
) |
|
|
(5,905 |
) |
|
|
(5,989 |
) |
|
|
Proceeds from sale of property, plant and equipment |
|
|
- |
|
|
|
13 |
|
|
|
- |
|
|
|
32 |
|
|
|
Investment in Juhl |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(1,500 |
) |
|
|
Net cash used in investing activities |
|
|
(4,149 |
) |
|
|
(197 |
) |
|
|
(5,905 |
) |
|
|
(7,457 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
|
|
|
|
Payment on secured debt |
|
|
(22 |
) |
|
|
(292 |
) |
|
|
(503 |
) |
|
|
(292 |
) |
|
|
Debt and equity offering costs |
|
|
(200 |
) |
|
|
(54 |
) |
|
|
(6,370 |
) |
|
|
(232 |
) |
|
|
Proceeds from issuance of common stock and common stock
warrants |
|
|
6,429 |
|
|
|
1,942 |
|
|
|
76,414 |
|
|
|
11,589 |
|
|
|
Proceeds from the exercise of warrants |
|
|
435 |
|
|
|
- |
|
|
|
17,082 |
|
|
|
- |
|
|
|
Net settlement of common stock under stock plans |
|
|
(19 |
) |
|
|
- |
|
|
|
(350 |
) |
|
|
(201 |
) |
|
|
Proceeds from SBA loans |
|
|
- |
|
|
|
- |
|
|
|
1,006 |
|
|
|
- |
|
|
|
Net cash provided by financing activities |
|
|
6,623 |
|
|
|
1,596 |
|
|
|
87,279 |
|
|
|
10,864 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
(decrease) increase in cash and cash equivalents |
|
|
(2,283 |
) |
|
|
(4,642 |
) |
|
|
62,036 |
|
|
|
(17,432 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
80,621 |
|
|
|
20,944 |
|
|
|
16,302 |
|
|
|
33,734 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End of period |
|
$ |
78,338 |
|
|
$ |
16,302 |
|
|
$ |
78,338 |
|
|
$ |
16,302 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
|
|
|
|
|
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Year Ended December 31, |
|
|
Non-GAAP Cash EBITDA: |
|
2020 |
|
|
|
2019 |
|
|
|
2020 |
|
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(6,999 |
) |
|
$ |
(6,227 |
) |
|
$ |
(26,335 |
) |
|
$ |
(26,351 |
) |
|
|
Depreciation and amortization |
|
1,151 |
|
|
|
1,807 |
|
|
|
5,905 |
|
|
|
6,656 |
|
|
|
Stock-based compensation |
|
778 |
|
|
|
411 |
|
|
|
2,125 |
|
|
|
1,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP cash EBITDA |
$ |
(5,070 |
) |
|
$ |
(4,009 |
) |
|
$ |
(18,305 |
) |
|
$ |
(18,346 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
$ |
(18,054 |
) |
|
$ |
(6,815 |
) |
|
$ |
(40,186 |
) |
|
$ |
(28,660 |
) |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
(Loss) on modification of 2020 Notes |
|
(6 |
) |
|
|
- |
|
|
|
(732 |
) |
|
|
- |
|
|
|
(Loss) on conversion of 2020/21 Notes to common stock |
|
(1,373 |
) |
|
|
- |
|
|
|
(1,916 |
) |
|
|
- |
|
|
|
(Loss) gain from change in fair value of derivative warrant
liability |
|
(31 |
) |
|
|
13 |
|
|
|
(23 |
) |
|
|
14 |
|
|
|
(Loss) gain from change in fair value of 2020/21 Notes and 2020
Notes embedded derivative liability |
|
(8,578 |
) |
|
|
- |
|
|
|
(8,607 |
) |
|
|
394 |
|
|
|
Total adjustments |
|
(9,988 |
) |
|
|
13 |
|
|
|
(11,278 |
) |
|
|
408 |
|
|
|
Non-GAAP Net Income (Loss) |
$ |
(8,066 |
) |
|
$ |
(6,828 |
) |
|
$ |
(28,908 |
) |
|
$ |
(29,068 |
) |
|
|
Non-GAAP
adjusted net loss per share - basic and diluted |
$ |
(0.07 |
) |
|
$ |
(0.50 |
) |
|
$ |
(0.51 |
) |
|
$ |
(2.39 |
) |
|
|
Weighted-average number of common shares outstanding - basic and
diluted |
|
120,017,120 |
|
|
|
13,659,944 |
|
|
|
56,881,586 |
|
|
|
12,177,906 |
|
|
|
|
|
|
|
|
|
|
|
|
Investor and Media Contact +1 720-647-9605
IR@gevo.com
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