Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
first quarter of 2021 and recent corporate highlights.
Recent Corporate Highlights
- In January 2021, Gevo announced the plans for its innovative,
world-class and novel Net-Zero 1 Project (“Net-Zero 1”) to be
located in Lake Preston, South Dakota. Net-Zero 1 is expected to
produce ~45MGPY 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. The hydrocarbons would be sold
into the gasoline and jet fuel markets under existing take-or-pay
contracts. Net-Zero 1 is being designed to reduce or eliminate the
fossil-based energy footprint to run the production facility. In
addition, Net-Zero 1 is expected to produce ~300 million pounds per
year of protein rich animal feed, and about 30 million pounds per
year of corn oil. Net-Zero 1 is expected to produce its own biogas
to be used to heat the production facility and provide a portion of
the electricity needed to power the production facility. In
addition, wind power is being developed and is expected to supply
another portion of the electricity needed to run the production
facility. Green hydrogen will also be produced from the renewable
electricity as part of the production processes at Net-Zero 1.
Net-Zero 1 is also expected to have its own water treatment plant
to further improve the environmental footprint.
- Front-End Engineering Design (“FEED”) work for Net-Zero 1 is on
track and is expected to be completed in December 2021.
- Gevo was on target and successfully broke ground and began
construction of its renewable natural gas (“RNG”) project in
Northwest Iowa (the “RNG Project”) in late April 2021. Start-up of
the RNG Project is expected in early 2022. Gevo expects the RNG
Project to generate $9-16 million of cash for Gevo on an annual
basis beginning in late 2022.
- 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 million 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.
- In January 2021, Gevo successfully
completed a registered direct offering of 43.7 million shares of
common stock at $8.0 per share. Total proceeds were $321.9 million,
net of placement agent fees and other estimated offering expenses
payable by the Company.
- 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 offering program.
- In April 2021,
Gevo closed a $68,155,000 “Green Bond” private activity bonds
offering (the “Green Bond Offering”) to finance the construction of
its RNG Project. The RNG Project will generate RNG captured from
dairy cow manure. Gevo fully funded the RNG Project’s development
costs and 100% of its equity capital from cash reserves. Gevo
received approximately $9.3 million in reimbursement for
development, long lead equipment, and financing costs incurred
during the development period upon closing of the Green Bond
Offering.
2021 First Quarter Financial Highlights
- Ended the
quarter with cash and cash equivalents of $525.3 million compared
to $78.3 as of the end Q4 2020
- Revenue of $0.1
million for the quarter compared to $3.8 million in Q1 2020
- Loss from
operations of ($9.9) million for the quarter compared to ($8.0)
million in Q1 2020
- Non-GAAP cash
EBITDA loss1 of ($7.8) million for the quarter compared to ($6.2)
million in Q1 2020
- Net loss per
share of ($0.05) for the quarter compared to ($0.64) in Q1
2020
- Non-GAAP
adjusted net loss per share2 of ($0.05) for the quarter compared to
($0.59) in Q1 2020
Commenting on the first quarter of 2021 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
“the FEED engineering work is going well and is on schedule. The
RNG plant is expected to be online in 2022 and begin to generate
cash then. The interest in our product and the customer pipeline
has increased significantly, which is extremely positive. Overall,
things are going very well and we are successfully executing our
business plans.”
First Quarter 2021 Financial Results
Revenue for the three months ended March 31, 2021 was $0.1
million compared with $3.8 million in the same period in 2020.
During the three months ended March 31, 2021, hydrocarbon
revenue was nil compared with $0.1 million in the same period in
2020. Hydrocarbon sales decreased because of lower production
volumes at Gevo’s demonstration plant at the South Hampton
Resources, Inc. facility in Silsbee, Texas (the “South Hampton
Facility”). Gevo’s hydrocarbon revenue is comprised of sales of
sustainable aviation fuel and renewable premium gasoline.
During the three months ended March 31, 2021, no revenue was
derived at Gevo’s production facility in Luverne, Minnesota (the
“Luverne Facility”) related to ethanol sales and related products,
a decrease of approximately $3.7 million from the same period in
2020. As a result of COVID-19 and in response to an unfavorable
commodity environment, Gevo terminated its production of ethanol
and distiller grains in March 2020. Gevo’s Luverne Facility is not
currently producing ethanol but is performing maintenance in
preparation for isobutanol production expected to begin in June
2021. 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
South Hampton Facility so that renewable premium gasoline or jet
fuel can be produced in 2021.
Cost of goods sold was $2.0 million for the three months ended
March 31, 2021, compared with $8.1 million in the same period in
2020, primarily as a result of terminating ethanol production due
to COVID-19 and in response to an unfavorable commodity
environment. Cost of goods sold included approximately $0.9 million
associated with the maintenance of the Luverne Facility and
approximately $1.1 million in depreciation expense for the three
months ended March 31, 2021.
Gross loss was $1.9 million for the three months ended March 31,
2021, compared with a $4.3 million gross loss in the same period in
2020.
Research and development expense increased by $0.8 million
during the three months ended March 31, 2021 compared with the same
period in 2020, due primarily to an increase in personnel and
consultant expenses.
Selling, general and administrative expense increased by $1.2
million during the three months ended March 31, 2021, compared with
the same period in 2020, due primarily to an increase in personnel
and consulting expenses.
Preliminary stage project costs increased by $2.6 million during
the three months ended March 31, 2021, compared with the same
period in 2020, due primarily to increased consulting and research
and development expenses related to our RNG and Net-Zero
projects.
Loss from operations in the three months ended March 31, 2021
was $9.9 million, compared with a $8.0 million loss from operations
in the same period in 2020.
Non-GAAP cash EBITDA loss3 in the three months ended March 31,
2021 was $7.8 million, compared with a $6.2 million non-GAAP cash
EBITDA loss in the same period in 2020.
Interest expense in the three months ended March 31, 2021 was
nil, a decrease of $0.5 million as compared to the same period in
2020, due to the conversion of all of Gevo’s 12% convertible senior
secured notes due 2020/2021 to common stock during 2020.
In the three months ended March 31, 2021, Gevo recognized net
non-cash loss totaling $0.1 million due to changes in the fair
value of certain of its financial instruments, such as
warrants.
Gevo incurred a net loss for the three months ended March 31,
2021 of $10.1 million, compared with a net loss of $9.3 million
during the same period in 2020. Non-GAAP adjusted net loss4 for the
three months ended March 31, 2020 was $10.0 million, compared with
a non-GAAP adjusted net loss of $8.5 million during the same period
in 2020.
Cash at March 31, 2021 was $525.3 million compared to $78.3 as
of the end Q4 2020.
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 1 (833)
729-4776 (inside the U.S.) or 1 (830) 213-7701 (outside the U.S.)
and reference the access code 6295166# or through the event weblink
https://edge.media-server.com/mmc/p/ocbho96s.
A replay of the call and webcast will be available two hours
after the conference call ends on May 13, 2021. To access the
replay, please dial 1 (855) 859-2056 (inside the U.S.) or 1 (404)
537-3406 (outside the U.S.) and reference the access code 6295166#.
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 RNG Project, the FEED engineering work, 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 loss
excludes depreciation and amortization 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 amortization 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
amortization 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.
|
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|
Gevo, Inc. |
|
|
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|
|
|
|
Condensed Consolidated Balance Sheets
Information |
|
|
|
|
|
|
|
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
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|
March
31, |
|
|
December
31, |
|
|
|
2021 |
|
|
|
2020 |
|
|
|
Assets |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash
equivalents |
$ |
525,323 |
|
|
|
$ |
78,338 |
|
|
|
Accounts receivable |
|
92 |
|
|
|
|
527 |
|
|
|
Inventories |
|
2,452 |
|
|
|
|
2,491 |
|
|
|
Prepaid expenses and other current assets |
|
5,657 |
|
|
|
|
1,914 |
|
|
|
Total current assets |
|
533,524 |
|
|
|
|
83,270 |
|
|
|
|
|
|
|
|
|
|
|
|
Property, plant and equipment, net |
|
70,696 |
|
|
|
|
66,408 |
|
|
|
Deposits and other assets |
|
4,508 |
|
|
|
|
2,421 |
|
|
|
Total assets |
$ |
608,728 |
|
|
|
$ |
152,099 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
$ |
9,710 |
|
|
|
$ |
4,125 |
|
|
|
Loans payable - other (current) |
|
1,016 |
|
|
|
|
807 |
|
|
|
Total current liabilities |
|
10,726 |
|
|
|
|
4,932 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans payable - other (long-term) |
|
212 |
|
|
|
|
447 |
|
|
|
Other long-term liabilities |
|
2,099 |
|
|
|
|
341 |
|
|
|
Total liabilities |
|
13,037 |
|
|
|
|
5,720 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitments
and Contingencies |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' Equity |
|
|
|
|
|
|
|
|
Common Stock, $0.01 par value per share; 250,000,000
authorized, 198,050,449 and 128,138,311 shares issued and
outstanding at March 31, 2021 and December 31, 2020,
respectively. |
|
1,981 |
|
|
|
|
1,282 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
1,101,939 |
|
|
|
|
643,269 |
|
|
|
Accumulated deficit |
|
(508,229 |
) |
|
|
|
(498,172 |
) |
|
|
Total stockholders' equity |
|
595,691 |
|
|
|
|
146,379 |
|
|
|
Total liabilities and stockholders' equity |
$ |
608,728 |
|
|
|
$ |
152,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
Condensed Consolidated Statements of Operations
Information |
|
|
|
|
|
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
|
Revenue |
|
|
|
|
|
|
Ethanol sales and related products, net |
$ |
- |
|
|
$ |
3,700 |
|
|
Hydrocarbon
revenue |
|
13 |
|
|
|
125 |
|
|
Grant and
other revenue |
|
80 |
|
|
|
- |
|
|
Total revenues |
|
93 |
|
|
|
3,825 |
|
|
|
|
|
|
|
|
|
|
|
Cost of
goods sold |
|
1,994 |
|
|
|
8,139 |
|
|
|
|
|
|
|
|
|
|
|
Gross
loss |
|
(1,901 |
) |
|
|
(4,314 |
) |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Research and
development expense |
|
1,378 |
|
|
|
580 |
|
|
Selling,
general and administrative expense |
|
3,872 |
|
|
|
2,627 |
|
|
Preliminary
stage project costs |
|
2,727 |
|
|
|
156 |
|
|
Restructuring charges |
|
- |
|
|
|
299 |
|
|
Total operating expenses |
|
7,977 |
|
|
|
3,662 |
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(9,878 |
) |
|
|
(7,976 |
) |
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
Interest
expense |
|
(5 |
) |
|
|
(545 |
) |
|
(Loss) on
modification of 2020 Notes |
|
- |
|
|
|
(669 |
) |
|
(Loss) gain
from change in fair value of derivative warrant liability |
|
(53 |
) |
|
|
7 |
|
|
(Loss) from
change in fair value of 2020/21 Notes embedded derivative
liability |
|
- |
|
|
|
(100 |
) |
|
Other
(expense) income |
|
(121 |
) |
|
|
30 |
|
|
Total other income (expense), net |
|
(179 |
) |
|
|
(1,277 |
) |
|
|
|
|
|
|
|
|
|
|
Net
loss |
$ |
(10,057 |
) |
|
$ |
(9,253 |
) |
|
|
|
|
|
|
|
|
|
|
Net loss per
share - basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.64 |
) |
|
Weighted-average number of common shares outstanding - basic and
diluted |
|
183,566,524 |
|
|
|
14,472,798 |
|
|
|
|
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|
Gevo, Inc. |
|
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|
|
|
|
|
|
Condensed Consolidated Statements of Stockholders' Equity
Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Unaudited, in thousands, except share
amounts) |
|
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|
|
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|
|
Common Stock |
|
Paid-In |
|
Accumulated |
|
|
Stockholders' |
|
|
|
|
Shares |
|
Amount |
|
Capital |
|
Deficit |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31, 2020 |
128,138,311 |
|
|
$ |
1,282 |
|
|
$ |
643,269 |
|
$ |
(498,172 |
) |
|
$ |
146,379 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue costs |
68,170,579 |
|
|
|
682 |
|
|
|
457,008 |
|
|
- |
|
|
|
457,690 |
|
|
|
Issuance of
common stock upon exercise of warrants |
1,863,058 |
|
|
|
18 |
|
|
|
1,099 |
|
|
- |
|
|
|
1,117 |
|
|
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
|
562 |
|
|
- |
|
|
|
562 |
|
|
|
Issuance of
common stock under stock plans, net of taxes |
(121,499 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
- |
|
|
|
- |
|
|
|
Net
loss |
- |
|
|
|
- |
|
|
|
- |
|
|
(10,057 |
) |
|
|
(10,057 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
March 31, 2021 |
198,050,449 |
|
|
$ |
1,981 |
|
|
$ |
1,101,939 |
|
$ |
(508,229 |
) |
|
$ |
595,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
December 31, 2019 |
14,083,232 |
|
|
$ |
141 |
|
|
$ |
530,349 |
|
$ |
(457,986 |
) |
|
$ |
72,504 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of
common stock, net of issue costs |
425,776 |
|
|
|
4 |
|
|
|
902 |
|
|
- |
|
|
|
906 |
|
|
|
Non-cash
stock-based compensation |
- |
|
|
|
- |
|
|
|
336 |
|
|
- |
|
|
|
336 |
|
|
|
Issuance of
common stock under stock plans, net of taxes |
105,882 |
|
|
|
- |
|
|
|
- |
|
|
- |
|
|
|
- |
|
|
|
Net
loss |
- |
|
|
|
- |
|
|
|
- |
|
|
(9,253 |
) |
|
|
(9,253 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance,
March 31, 2020 |
14,614,890 |
|
|
$ |
145 |
|
|
$ |
531,587 |
|
$ |
(467,239 |
) |
|
$ |
64,493 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flow
Information |
|
|
|
|
|
|
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
|
2020 |
|
|
Operating Activities |
|
|
|
|
|
|
Net loss |
$ |
(10,057 |
) |
|
$ |
(9,253 |
) |
|
Adjustments
to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Loss (gain) from change in fair value of derivative warrant
liability |
|
53 |
|
|
|
(7 |
) |
|
Loss from change in fair value of 2020/21 Notes and 2020 Notes
embedded derivative liability |
|
- |
|
|
|
100 |
|
|
Stock-based compensation |
|
925 |
|
|
|
172 |
|
|
Depreciation and amortization |
|
1,149 |
|
|
|
1,649 |
|
|
Non-cash lease expense |
|
17 |
|
|
|
15 |
|
|
Non-cash interest expense |
|
2 |
|
|
|
150 |
|
|
Changes in
operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
435 |
|
|
|
983 |
|
|
Inventories |
|
39 |
|
|
|
520 |
|
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(4,273 |
) |
|
|
(167 |
) |
|
Accounts payable, accrued expenses and long-term liabilities |
|
4,545 |
|
|
|
(1,137 |
) |
|
Net cash used in operating activities |
|
(7,165 |
) |
|
|
(6,975 |
) |
|
|
|
|
|
|
|
|
Investing Activities |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
(4,630 |
) |
|
|
(790 |
) |
|
Net cash used in investing activities |
|
(4,630 |
) |
|
|
(790 |
) |
|
|
|
|
|
|
|
|
Financing Activities |
|
|
|
|
|
|
Debt and equity offering costs |
|
(31,683 |
) |
|
|
(52 |
) |
|
Proceeds from issuance of common stock and common stock
warrants |
|
489,373 |
|
|
|
958 |
|
|
Proceeds from the exercise of warrants |
|
1,117 |
|
|
|
- |
|
|
Payments on long-term debt |
|
(27 |
) |
|
|
(154 |
) |
|
Net cash provided by financing activities |
|
458,780 |
|
|
|
752 |
|
|
|
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
446,985 |
|
|
|
(7,013 |
) |
|
|
|
|
|
|
|
|
Cash
and cash equivalents |
|
|
|
|
|
|
Beginning of period |
|
78,338 |
|
|
|
16,302 |
|
|
End of period |
$ |
525,323 |
|
|
$ |
9,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
|
|
|
|
|
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
Non-GAAP Cash EBITDA: |
|
2021 |
|
|
|
2020 |
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
$ |
(9,878 |
) |
|
$ |
(7,976 |
) |
|
|
Depreciation and amortization |
|
1,149 |
|
|
|
1,649 |
|
|
|
Non-cash stock-based compensation |
|
925 |
|
|
|
172 |
|
|
|
Non-GAAP cash EBITDA |
$ |
(7,804 |
) |
|
$ |
(6,155 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
$ |
(10,057 |
) |
|
$ |
(9,253 |
) |
|
|
Adjustments: |
|
|
|
|
|
|
|
|
|
(Loss) on modification of 2020 Notes |
|
- |
|
|
|
(669 |
) |
|
|
(Loss) gain from change in fair value of derivative warrant
liability |
|
(53 |
) |
|
|
7 |
|
|
|
(Loss) from change in fair value of the 2020/21 Notes and 2020
Notes embedded derivative liability |
|
- |
|
|
|
(100 |
) |
|
|
Total adjustments |
|
(53 |
) |
|
|
(762 |
) |
|
|
Non-GAAP Net Loss |
$ |
(10,004 |
) |
|
$ |
(8,491 |
) |
|
|
Weighted-average number of common shares outstanding - basic and
diluted |
|
183,566,524 |
|
|
|
14,472,798 |
|
|
|
Non-GAAP
adjusted net loss per share - basic and diluted |
$ |
(0.05 |
) |
|
$ |
(0.59 |
) |
|
|
|
|
|
|
|
|
|
Investor and Media Contact +1
720-647-9605 IR@gevo.com
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