Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company", "we", "us" or
"our") today announced financial results for the second quarter of
2022 and recent corporate highlights.
Recent Corporate Highlights
- On July 18, 2022,
Gevo signed a financeable fuel sales agreement with American
Airlines, Inc. to supply 100 million gallons per year of SAF for
five years from Gevo’s future commercial operations. The table
below summarizes the supply agreements executed since April 1,
2022:
Recently Announced Sales Agreements |
Date Signed |
Customer |
Product |
Volume (MGPY) |
Term (Years) |
June 2022 |
Japan Airlines |
SAF |
5.3 |
5 |
June 2022 |
Finnair |
SAF |
7.0 |
5 |
July 2022 |
Aer Lingus |
SAF |
6.3 |
5 |
July 2022 |
American Airlines |
SAF |
100.0 |
5 |
July 2022 |
Alaska
Airlines |
SAF |
37.0 |
5 |
- Gevo now has more than 350 million
gallons per year (“MGPY”) of financeable SAF and hydrocarbon fuel
supply agreements, which based on current market projections and
operating assumptions, represent approximately $2.1 billion in
expected revenue per year, inclusive of the value of environmental
benefits. These types of contracts are expected to assist Gevo in
obtaining project debt financing.
- On June 5th, 2022, Gevo executed a
registered direct offering of 33.3 million shares to certain
institutional investors. That offering closed on June 8th, 2022,
providing net proceeds of $139.0 million. As part of the offering,
Gevo issued 33.3 million Series 2022-A Warrants with an exercise
price of $4.37 per share.
- The Company's Net-Zero 1 project is on
schedule and the Company continues to work towards completion of
the various milestones for 2022, including, among others, executing
certain commercial development, build, own and operate agreements,
and selecting an EPC contractor for the project.
- On July 25, 2022, the Company
completed the purchase of approximately 245 acres near Lake
Preston, South Dakota for its Net-Zero 1 production facility.
- Gevo's renewable natural gas ("RNG")
project in Northwest Iowa is now generating biogas from all three
dairies and the RNG produced is expected to ramp toward nameplate
capacity of 355,000 MMBtu throughout the second half of 2022.
2022 Second Quarter Financial Highlights
- Ended the quarter with cash, cash
equivalents, restricted cash and marketable securities of $546.8
million compared to $475.8 million as of the end of Q4
2021
- Revenue of $0.1 million for the
quarter compared to $0.3 million in Q2 2021
- Loss from operations of $(16.1)
million for the quarter compared to $(19.1) million in Q2 2021
- Non-GAAP cash EBITDA loss1 of $(11.0)
million for the quarter compared to $(17.2) million in Q2 2021
- GAAP net loss per share and non-GAAP
adjusted net loss per share2 of $(0.06) for the quarter compared to
$(0.09) in Q2 2021
Management Comment
Commenting on the second quarter of 2022 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer,
said, “Given our continued success in securing SAF supply
agreements as well as the additional interest that we are
witnessing in the marketplace, there should not be any question
about the potential size of the market for renewable fuels. The
opportunities in front of us over the next decade and beyond are
large and rapidly growing. Our goal is to build SAF production
capacity at a rate that will establish Gevo and its partners as a
market leader and powerhouse in the renewable fuels sector. It all
starts with NZ1, the engineering and design is going well. Based on
what we see today we expect to stay on schedule for the 2025
start-up.” Dr. Gruber also remarked that, “Gevo's RNG project
continues to ramp to nameplate capacity of 355,000 MMBtu. All three
dairies are now producing biogas which is then upgraded and
injected into the sales pipeline. That RNG is sold into the
California market by our marketing partner, BP. We continue to
collect the performance data for our application to the California
Air Resource Board to receive LCFS credits and the Renewable Fuel
Standard Program for RINs."
Second Quarter 2022 Financial Results
During the three months ended June 30, 2022, we sold 9
thousand gallons of SAF, isooctane, and isooctene from our Luverne
Facility. Revenue decreased $0.3 million during the three months
ended June 30, 2022, compared to the three months ended
June 30, 2021, due to the Luverne Facility being operated for
the Company's development projects on a as needed basis.
Cost of goods increased $1.0 million during the three months
ended June 30, 2022, compared to the three months ended
June 30, 2021, primarily due to an increase in direct labor
and utility expenses as the Luverne Facility was not fully staffed
during the second quarter of 2021 due to the COVID-19 pandemic. The
majority of our costs are related to the production of SAF,
isooctane, and isooctene as we continue to develop and tailor our
Luverne Facility demonstration operations to support our focus on
advancing technology, testing and optimizing alternative
feedstocks, yeast strains, and unit operations as well as
partnership development for integrated GHG reductions. Cost of
goods sold also includes a $2.1 million net realizable gain
adjustment made to our finished goods and work in process
inventory. There were no inventory net realizable value adjustments
recorded during the three months ended June 30, 2021, as the
Luverne Facility was temporarily shut down due to the COVID-19
pandemic.
Research and development expense increased $0.6 million during
the three months ended June 30, 2022, compared to the three
months ended June 30, 2021, primarily due to an increase of
laboratory expenses and additional stock-based compensation
expense.
Selling, general and administrative expense increased $4.4
million during the three months ended June 30, 2022, compared
to the three months ended June 30, 2021, primarily due to
increases in personnel costs related to strategic new hiring,
stock-based compensation, and professional fees.
Preliminary stage project costs are related to our Verity and
future Net-Zero Projects and consist primarily of employee expenses
and consulting costs. Preliminary stage project costs decreased
$5.2 million during the three months ended June 30, 2022,
compared to the three months ended June 30, 2021, primarily
because we began capitalizing our RNG and NZ1 project costs in
2021.
Other operations expense increased $0.6 million during the three
months ended June 30, 2022, compared to the three months ended
June 30, 2021, primarily related to unallocated engineering
and consulting services.
Depreciation and amortization expense increased $0.3 million
during the three months ended June 30, 2022, compared to the
three months ended June 30, 2021, primarily due to the
amortization of our patents.
We incurred no gain (loss) from the change in the fair value of
the derivative warrant liability in the three months ended
June 30, 2022. The last of the liability warrants expired in
February 2022.
There were no significant changes in interest expense during the
three months ended June 30, 2022, compared to the three months
ended June 30, 2021.
Interest and dividend income increased $0.1 million during the
three months ended June 30, 2022, compared to the three months
ended June 30, 2021, primarily due to the interest earned on
our investments partially offset by the amortization of the bond
premiums.
Other income (expense) increased $2.7 million during the three
months ended June 30, 2022, compared to the three months ended
June 30, 2021, primarily due to our receipt of $2.9 million
from the US Department of Agriculture's Biofuel Producer Program to
support biofuel producers who faced unexpected losses due to the
COVID-19 pandemic. The Biofuel Producer Program grants are not
tax-exempt.
Non-GAAP cash EBITDA loss3 in the three months ended
June 30, 2022, was $(11.0) million, compared with a $(17.2)
million non-GAAP cash EBITDA loss in the same period in 2021.
During the six months ended June 30, 2022, net cash used for
operating activities was $17.1 million compared to $19.5 million
for the six months ended June 30, 2021. The $2.4 million decrease
was primarily due to increased costs associated with our production
of isobutanol and hydrocarbon products for market development,
process technology and related process engineering work. In
addition, we had increases in personnel expenses to support the
growth in business activity, partnership development and Verity
development expenses.
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, Tim Cesarek, Chief Commercial
Officer, and John Richardson, Director of Investor Relations. They
will review Gevo’s financial results and provide an update on
recent corporate highlights.
To participate in the live call, please register through the
following event weblink:
https://register.vevent.com/register/BI82c9f363e71c46baa4a8d5e9764fcdbd.
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/65vvqgmx.
A webcast replay will be available two hours after the
conference call ends on August 8, 2022. 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, whether our fuel sales agreements are financeable, the
timing of our Net-Zero 1 project, our financial condition, our
results of operation and liquidity, our business development
activities, our Net-Zero Projects, our RNG Project, our fuel sales
agreements, our plans to develop our business, our ability to
successfully develop, construct and finance our operations and
growth projects, our ability to achieve cash flow from our planned
projects, the ability of our products to contribute to lower
greenhouse gas emissions, particulate and sulfur pollution, and
other statements that are not purely statements of historical fact
These forward-looking statements are made based on the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2021
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 from GAAP loss from operations. Non-GAAP adjusted net
loss and adjusted net loss per share exclude 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, from GAAP net loss.
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-based
compensation to GAAP loss from operations. A reconciliation of cash
EBITDA loss to GAAP loss from operations is provided in the
financial statement tables following this release.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.
Gevo, Inc.Condensed Consolidated
Balance Sheets Information(Unaudited, in
thousands, except share and per share amounts)
|
As of June 30, 2022 |
|
As of December 31, 2021 |
Assets |
|
|
|
Current assets |
|
|
|
Cash and cash equivalents |
$ |
172,984 |
|
|
$ |
40,833 |
|
Marketable securities (current) |
|
297,631 |
|
|
|
275,340 |
|
Restricted cash (current) |
|
5,894 |
|
|
|
25,032 |
|
Accounts receivable, net |
|
188 |
|
|
|
978 |
|
Inventories |
|
2,649 |
|
|
|
2,751 |
|
Prepaid expenses and other current assets |
|
5,275 |
|
|
|
3,607 |
|
Total current assets |
|
484,621 |
|
|
|
348,541 |
|
Property, plant and equipment,
net |
|
176,054 |
|
|
|
139,141 |
|
Long-term marketable
securities |
|
— |
|
|
|
64,396 |
|
Long-term restricted cash |
|
70,256 |
|
|
|
70,168 |
|
Operating right-of-use
assets |
|
2,098 |
|
|
|
2,414 |
|
Finance right-of-use
assets |
|
27,477 |
|
|
|
27,297 |
|
Intangible assets, net |
|
8,364 |
|
|
|
8,938 |
|
Deposits and other assets |
|
5,741 |
|
|
|
5,581 |
|
Total assets |
$ |
774,611 |
|
|
$ |
666,476 |
|
|
|
|
|
Liabilities |
|
|
|
Current liabilities |
|
|
|
Accounts payable and accrued liabilities |
$ |
18,750 |
|
|
$ |
28,288 |
|
Operating lease liabilities (current) |
|
423 |
|
|
|
772 |
|
Finance lease liabilities (current) |
|
6,293 |
|
|
|
3,413 |
|
Loans payable - other (current) |
|
158 |
|
|
|
158 |
|
Total current liabilities |
|
25,624 |
|
|
|
32,631 |
|
2021 Bonds payable
(long-term) |
|
66,853 |
|
|
|
66,486 |
|
Loans payable - other
(long-term) |
|
238 |
|
|
|
318 |
|
Operating lease liabilities
(long-term) |
|
1,786 |
|
|
|
1,902 |
|
Finance lease liabilities
(long-term) |
|
16,342 |
|
|
|
17,797 |
|
Other long-term
liabilities |
|
— |
|
|
|
87 |
|
Total liabilities |
|
110,843 |
|
|
|
119,221 |
|
|
|
|
|
Stockholders'
Equity |
|
|
|
Common stock, $0.01 par value per share; 500,000,000 and
250,000,000 shares authorized at June 30, 2022, and
December 31, 2021, respectively; 235,165,951 and 201,988,662
shares issued and outstanding at June 30, 2022, and
December 31, 2021, respectively. |
|
2,353 |
|
|
|
2,020 |
|
Additional paid-in capital |
|
1,249,880 |
|
|
|
1,103,224 |
|
Accumulated other comprehensive loss |
|
(2,256 |
) |
|
|
(614 |
) |
Accumulated deficit |
|
(586,209 |
) |
|
|
(557,375 |
) |
Total stockholders' equity |
|
663,768 |
|
|
|
547,255 |
|
Total liabilities and stockholders' equity |
$ |
774,611 |
|
|
$ |
666,476 |
|
Gevo, Inc.Condensed Consolidated
Statements of Operations Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended June 30, 2022 |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Revenue and cost of
goods sold |
|
|
|
|
|
|
|
Ethanol sales and related products, net |
$ |
71 |
|
|
$ |
— |
|
|
$ |
240 |
|
|
$ |
— |
|
Hydrocarbon revenue |
|
18 |
|
|
|
346 |
|
|
|
81 |
|
|
|
359 |
|
Total revenues |
|
89 |
|
|
|
346 |
|
|
|
321 |
|
|
|
359 |
|
Cost of production (including
non-cash compensation expense) |
|
2,640 |
|
|
|
1,617 |
|
|
|
5,730 |
|
|
|
2,518 |
|
Depreciation and
amortization |
|
1,088 |
|
|
|
1,177 |
|
|
|
2,179 |
|
|
|
2,270 |
|
Total cost of goods sold |
|
3,728 |
|
|
|
2,794 |
|
|
|
7,909 |
|
|
|
4,788 |
|
Gross loss |
|
(3,639 |
) |
|
|
(2,448 |
) |
|
|
(7,588 |
) |
|
|
(4,429 |
) |
Operating
expenses |
|
|
|
|
|
|
|
Research and development
expense (including stock-based compensation) |
|
1,966 |
|
|
|
1,332 |
|
|
|
3,158 |
|
|
|
2,710 |
|
Selling, general and
administrative expense (including stock-based compensation) |
|
9,209 |
|
|
|
4,846 |
|
|
|
18,576 |
|
|
|
8,660 |
|
Preliminary stage project costs |
|
314 |
|
|
|
5,472 |
|
|
|
821 |
|
|
|
8,199 |
|
Other operations (including
stock-based compensation) |
|
601 |
|
|
|
— |
|
|
|
1,190 |
|
|
|
— |
|
Loss (gain) on disposal of assets |
|
— |
|
|
|
4,954 |
|
|
|
— |
|
|
|
4,954 |
|
Depreciation and
amortization |
|
386 |
|
|
|
46 |
|
|
|
737 |
|
|
|
104 |
|
Total operating expenses |
|
12,476 |
|
|
|
16,650 |
|
|
|
24,482 |
|
|
|
24,627 |
|
Loss from operations |
|
(16,115 |
) |
|
|
(19,098 |
) |
|
|
(32,070 |
) |
|
|
(29,056 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
(Loss) gain from change in fair value of derivative warrant
liability |
|
— |
|
|
|
43 |
|
|
|
16 |
|
|
|
(10 |
) |
Interest expense |
|
(2 |
) |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(11 |
) |
Investment income (loss) |
|
78 |
|
|
|
— |
|
|
|
330 |
|
|
|
— |
|
Gain on forgiveness of SBA loan |
|
— |
|
|
|
641 |
|
|
|
— |
|
|
|
641 |
|
Other income (expense), net |
|
2,878 |
|
|
|
167 |
|
|
|
2,894 |
|
|
|
126 |
|
Total other income (expense), net |
|
2,954 |
|
|
|
845 |
|
|
|
3,236 |
|
|
|
746 |
|
Net loss |
$ |
(13,161 |
) |
|
$ |
(18,253 |
) |
|
$ |
(28,834 |
) |
|
$ |
(28,310 |
) |
Net loss per share - basic and
diluted |
$ |
(0.06 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
209,809,994 |
|
|
|
198,137,420 |
|
|
|
205,889,651 |
|
|
|
190,892,223 |
|
Gevo, Inc.Condensed Consolidated
Statements of Comprehensive Income(Unaudited, in
thousands, except share and per share amounts)
|
Three months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(13,161 |
) |
|
$ |
(18,253 |
) |
|
$ |
(28,834 |
) |
|
$ |
(28,310 |
) |
Other comprehensive income
(loss) |
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities, net of
tax |
|
(669 |
) |
|
|
(307 |
) |
|
|
(1,643 |
) |
|
|
(307 |
) |
Adjustment for net gain (loss) realized on available-for-sale
securities and included in net income, net of tax |
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
Total change in other comprehensive income (loss) |
|
(669 |
) |
|
|
(307 |
) |
|
|
(1,642 |
) |
|
|
(307 |
) |
Comprehensive
loss |
$ |
(13,830 |
) |
|
$ |
(18,560 |
) |
|
$ |
(30,476 |
) |
|
$ |
(28,617 |
) |
Gevo, Inc.Condensed Consolidated
Statements of Stockholders’ Equity
Information(Unaudited, in thousands, except share
amounts)
|
For the three months ended June 30, 2022 and
2021 |
|
Common Stock |
|
Paid-In Capital |
|
Accumulated Other Comprehensive Loss |
|
Accumulated Deficit |
|
Stockholders’ Equity |
|
Shares |
|
Amount |
|
|
|
|
Balance, March 31, 2022 |
201,752,722 |
|
|
$ |
2,019 |
|
|
$ |
1,107,051 |
|
|
$ |
(1,587 |
) |
|
$ |
(573,048 |
) |
|
$ |
534,435 |
|
Issuance of common stock and common stock warrants, net of issuance
costs |
33,333,336 |
|
|
|
333 |
|
|
|
138,675 |
|
|
|
— |
|
|
|
— |
|
|
|
139,008 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
4,220 |
|
|
|
— |
|
|
|
— |
|
|
|
4,220 |
|
Issuance of common stock under stock plans, net of taxes |
79,893 |
|
|
|
1 |
|
|
|
(66 |
) |
|
|
— |
|
|
|
— |
|
|
|
(65 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(669 |
) |
|
|
— |
|
|
|
(669 |
) |
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(13,161 |
) |
|
|
(13,161 |
) |
Balance, June 30,
2022 |
235,165,951 |
|
|
$ |
2,353 |
|
|
$ |
1,249,880 |
|
|
$ |
(2,256 |
) |
|
$ |
(586,209 |
) |
|
$ |
663,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, March 31,
2021 |
198,050,449 |
|
|
$ |
1,981 |
|
|
$ |
1,101,939 |
|
|
$ |
— |
|
|
$ |
(508,229 |
) |
|
$ |
595,691 |
|
Issuance of common stock and common stock warrants, net of issuance
costs |
— |
|
|
|
— |
|
|
|
(45 |
) |
|
|
— |
|
|
|
— |
|
|
|
(45 |
) |
Issuance of common stock upon exercise of warrants |
3,700 |
|
|
|
— |
|
|
|
4 |
|
|
|
— |
|
|
|
— |
|
|
|
4 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
858 |
|
|
|
— |
|
|
|
— |
|
|
|
858 |
|
Issuance of common stock under stock plans, net of taxes |
(89,673 |
) |
|
|
(1 |
) |
|
|
(1,824 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,825 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(307 |
) |
|
|
— |
|
|
|
(307 |
) |
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(18,253 |
) |
|
|
(18,253 |
) |
Balance, June 30,
2021 |
197,964,476 |
|
|
$ |
1,980 |
|
|
$ |
1,100,932 |
|
|
$ |
(307 |
) |
|
$ |
(526,482 |
) |
|
$ |
576,123 |
|
|
For the six months ended June 30,2022 and
2021 |
|
Common Stock |
|
Paid-In Capital |
|
Accumulated Other Comprehensive Loss |
|
Accumulated Deficit |
|
Stockholders’ Equity |
|
Shares |
|
Amount |
|
|
|
|
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 |
— |
|
|
|
— |
|
|
|
8,264 |
|
|
|
— |
|
|
|
— |
|
|
|
8,264 |
|
Issuance of common stock under stock plans, net of taxes |
(160,724 |
) |
|
|
— |
|
|
|
(286 |
) |
|
|
— |
|
|
|
— |
|
|
|
(286 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,642 |
) |
|
|
— |
|
|
|
(1,642 |
) |
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,834 |
) |
|
|
(28,834 |
) |
Balance, June 30,
2022 |
235,165,951 |
|
|
$ |
2,353 |
|
|
$ |
1,249,880 |
|
|
$ |
(2,256 |
) |
|
$ |
(586,209 |
) |
|
$ |
663,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, December 31,
2020 |
128,138,311 |
|
|
$ |
1,282 |
|
|
$ |
643,269 |
|
|
$ |
— |
|
|
$ |
(498,172 |
) |
|
$ |
146,379 |
|
Issuance of common stock, net of issuance costs |
68,170,579 |
|
|
|
682 |
|
|
|
456,963 |
|
|
|
— |
|
|
|
— |
|
|
|
457,645 |
|
Issuance of common stock upon exercise of warrants |
1,866,758 |
|
|
|
18 |
|
|
|
1,103 |
|
|
|
— |
|
|
|
— |
|
|
|
1,121 |
|
Non-cash stock-based compensation |
— |
|
|
|
— |
|
|
|
1,420 |
|
|
|
— |
|
|
|
— |
|
|
|
1,420 |
|
Issuance of common stock under stock plans, net of taxes |
(211,172 |
) |
|
|
(2 |
) |
|
|
(1,823 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1,825 |
) |
Other comprehensive loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
(307 |
) |
|
|
— |
|
|
|
(307 |
) |
Net loss |
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(28,310 |
) |
|
|
(28,310 |
) |
Balance, June 30,
2021 |
197,964,476 |
|
|
$ |
1,980 |
|
|
$ |
1,100,932 |
|
|
$ |
(307 |
) |
|
$ |
(526,482 |
) |
|
$ |
576,123 |
|
Gevo, Inc.Condensed Consolidated Cash
Flow Information(Unaudited, in
thousands)
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
Operating
Activities |
|
|
|
Net loss |
$ |
(28,834 |
) |
|
$ |
(28,310 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
Loss on disposal of assets |
|
— |
|
|
|
4,954 |
|
(Gain) on forgiveness of SBA Loans |
|
— |
|
|
|
(641 |
) |
Stock-based compensation |
|
7,945 |
|
|
|
1,617 |
|
Depreciation and amortization |
|
2,916 |
|
|
|
2,372 |
|
Noncash interest expense |
|
2,637 |
|
|
|
— |
|
Other noncash (income) expense |
|
352 |
|
|
|
(41 |
) |
Changes in operating assets and liabilities: |
|
|
|
Accounts receivable |
|
790 |
|
|
|
(320 |
) |
Inventories |
|
102 |
|
|
|
275 |
|
Prepaid expenses and other current assets, deposits and other
assets |
|
(1,828 |
) |
|
|
(3,142 |
) |
Accounts payable, accrued expenses and long-term liabilities |
|
(1,194 |
) |
|
|
3,768 |
|
Net cash used in operating activities |
|
(17,114 |
) |
|
|
(19,468 |
) |
Investing
Activities |
|
|
|
Acquisitions of property, plant and equipment |
|
(46,165 |
) |
|
|
(14,167 |
) |
Acquisition of patent portfolio |
|
(10 |
) |
|
|
— |
|
Proceeds from sale and maturity of marketable securities |
|
169,082 |
|
|
|
— |
|
Purchase of marketable securities |
|
(131,257 |
) |
|
|
(422,362 |
) |
Net cash used in investing activities |
|
(8,350 |
) |
|
|
(436,529 |
) |
Financing
Activities |
|
|
|
Proceeds from issuance of 2021 Bonds |
|
— |
|
|
|
68,995 |
|
Debt and equity offering costs |
|
(10,993 |
) |
|
|
(34,757 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
150,000 |
|
|
|
487,549 |
|
Proceeds from exercise of warrants |
|
3 |
|
|
|
1,119 |
|
Net settlement of common stock under stock plans |
|
(286 |
) |
|
|
— |
|
Payment of loans payable - other |
|
(72 |
) |
|
|
(53 |
) |
Payment of finance lease liabilities |
|
(87 |
) |
|
|
— |
|
Net cash provided by financing activities |
|
138,565 |
|
|
|
522,853 |
|
Net increase (decrease) in
cash and cash equivalents |
|
113,101 |
|
|
|
66,856 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
136,033 |
|
|
|
78,338 |
|
Cash, cash equivalents and
restricted cash at end of period |
$ |
249,134 |
|
|
$ |
145,194 |
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands, except share and per share amounts)
|
Three Months Ended June 30, 2022 |
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
Non-GAAP Cash
EBITDA: |
|
|
|
|
|
|
|
Loss from operations |
$ |
(16,115 |
) |
|
$ |
(19,098 |
) |
|
$ |
(32,070 |
) |
|
$ |
(29,056 |
) |
Depreciation and
amortization |
|
1,474 |
|
|
|
1,223 |
|
|
|
2,916 |
|
|
|
2,374 |
|
Stock-based compensation |
|
3,687 |
|
|
|
692 |
|
|
|
— |
|
|
|
— |
|
Non-GAAP cash EBITDA |
$ |
(10,954 |
) |
|
$ |
(17,183 |
) |
|
$ |
(29,154 |
) |
|
$ |
(26,682 |
) |
|
|
|
|
|
|
|
|
Non-GAAP Adjusted Net
Loss: |
|
|
|
|
|
|
|
Net Loss |
$ |
(13,161 |
) |
|
$ |
(18,253 |
) |
|
$ |
(28,834 |
) |
|
$ |
(28,310 |
) |
Adjustments: |
|
|
|
|
|
|
|
Gain (loss) from change in fair value of derivative warrant
liability |
|
— |
|
|
|
(43 |
) |
|
|
(16 |
) |
|
|
10 |
|
Total adjustments |
|
— |
|
|
|
(43 |
) |
|
|
(16 |
) |
|
|
10 |
|
Non-GAAP Net Income (Loss) |
$ |
(13,161 |
) |
|
$ |
(18,296 |
) |
|
$ |
(28,850 |
) |
|
$ |
(28,300 |
) |
Non-GAAP adjusted net loss per
share - basic and diluted |
$ |
(0.06 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.14 |
) |
|
$ |
(0.15 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
209,809,994 |
|
|
|
198,137,420 |
|
|
|
205,889,651 |
|
|
|
190,892,223 |
|
|
|
|
|
|
|
|
|
Investor and Media Contact+1
720-647-9605IR@gevo.com
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