Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or
“our”) today announced financial results for the third quarter of
2023 and recent corporate highlights.
Recent Corporate Highlights
- Renewable Natural Gas (“RNG”): The previously announced
capacity expansion from 355,000 MMBtu to 400,000 MMBtu was
completed during the third quarter of 2023.
- Verity: This quarter, we entered into agreements with an
ethanol producer customer in the US Southwest. This brings our
growing total ethanol producer customer base to three customers,
and total planned volume of ethanol tracked by Verity to over 300M
gallons per year, or approximately 2% of the US ethanol market,
since March 2023. Our agreements with customers will allow them to
use Verity to track their ongoing ethanol production and implement
Verity to incorporate measurement, reporting, and verification
(“MRV”) of carbon intensity (“CI”) through the entire agriculture
and biofuels value chain, inclusive of climate-smart agriculture
practices, in order to assist with unlocking carbon value for
voluntary carbon markets and federal tax credit opportunities. Our
Verity Tracking platform went live this quarter with farmers in
South Dakota and Minnesota that participated in our 2022 grower
program.
- USDA Grant: In September 2023, we finalized and executed the
previously announced U.S. Department of Agriculture (“USDA”) grant
of up to $30 million for Gevo’s Climate-Smart Farm-to-Flight
Program. This program is aimed at tracking and quantifying the CI
impact of climate-smart farming practices while creating market
incentives for low CI corn to help accelerate production of
sustainable aviation fuel (“SAF”) and low-CI ethanol. Gevo’s
project was one of the 70 projects selected by the USDA under the
first pool of the Partnerships for Climate-Smart Commodities
funding opportunity.
- Angelo Amorelli, PhD, was appointed to the Board of Directors.
Dr. Amorelli retired recently from bp, where he held leadership,
development, and innovation roles for 35 years. Dr. Amorelli held a
variety of roles at bp focused on the development of clean fuels.
He was considered one of the company’s leading technical experts in
clean-energy technologies, including wind, biofuels, low-carbon
power, and hydrogen applications. He is a Cambridge University
graduate in Natural Sciences and holds a PhD in Chemistry from the
University of Wales – Cardiff. Dr. Amorelli is a Fellow of the
Royal Society of Chemistry.
- Andy Shafer has joined Gevo as its Chief Marketing, Customer,
and Brand Officer. Mr. Shafer has a proven track record of
developing markets for renewable products, including selling them
into the unregulated voluntary and the regulated compliance
markets. Mr. Shafer has extensive experience in capturing value
from new product attributes brought into the market. During his
tenure at Dow Chemical, he led the integration of regional
strategies and wrote global business plans. As a commercial
director, Mr. Shafer brought his entrepreneurial business building
skills into the embryonic Industrial Bio-Products group at
Cargill-Dow Polymers, now known as NatureWorks, LLC, a global
leader in the bio-products marketplace. Mr. Shafer then went on to
co-found Elevance Renewable Sciences, Inc., which creates novel,
high-performing specialty chemicals from renewable feedstocks using
a proprietary Nobel Prize-winning olefin metathesis
technology.
2023 Third Quarter Financial
Highlights
- Ended the quarter with cash, cash equivalents, restricted cash,
and marketable securities of $401.3 million.
- During Q3 2023, we sold 81,271 MMBtu of RNG from our RNG
project. Revenue of $4.5 million for the quarter includes RNG sales
of $0.2 million and $4.3 million of net proceeds from sales of
environmental attributes.
- Combined revenue and interest income increased to $9.8 million
for the quarter.
- Loss from operations of $20.7 million for the quarter.
- Non-GAAP cash EBITDA loss1 of $11.6 million for the
quarter.
- Gevo NW Iowa RNG generated positive, stand-alone non-GAAP cash
EBITDA1 of $1.7 million for the quarter.
- Net loss per share of $0.07 for the quarter.
_______________1 Cash EBITDA is a non-GAAP measure
calculated by adding back depreciation and amortization and
non-cash stock-based compensation to GAAP loss from operations. A
reconciliation of cash EBITDA to GAAP loss from operations is
provided in the financial statement tables following this
release.
Management Comment
Commenting on the third quarter of 2023 and recent corporate
events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said
“We completed FEED earlier this year for our Net-Zero 1 plant
(“NZ1”), came to general engineering, procurement and construction
terms with McDermott, are deep into detailed engineering, and are
three months into the full formal due diligence and term sheet
negotiation process for a U.S. Department of Energy loan guarantee
for the NZ1 project. We said in August that it could take up to 12
months to complete the process, and based on the positive progress
we have made this quarter, we believe we are on track.
In addition to progress on NZ1, we are pleased that we completed
the planned capacity expansion of our Iowa dairy manure RNG project
this quarter, expanding from 355,000 MMBtu to 400,000 MMBtu. The
combined three dairy farms, connected by pipeline to our gas
upgrading and injection site, capture the methane emissions from
cow manure and convert them into a drop-in replacement for fossil
natural gas. In addition to being a valuable asset by itself, we
believe this gives us strategic optionality to use some of that
biogas to support our Net-Zero hydrocarbon production plants. We
are on track to meet our annual production goal of more than
310,000 MMBtu, and prove capacity of the system of 400,000 MMBtu
per year by year end.
In Q2 we achieved a significant milestone in our Verity Carbon
Solutions business by launching a carbon tracking application for
farmers. This application provides farmers with a digital interface
for a personal computer or other device to visualize data related
to the production of corn and determine a CI score field by field.
This enables the farmers to make better decisions as to how to
improve production and carbon footprint, which go hand in hand,
particularly when it comes to soil health and sustainability. We
also achieved a milestone in tracking CI scores in an operating
ethanol plant. We are able to capture the data from ethanol plants
and use that data to calculate CI for the plant on a real time
basis. We believe that tracking field level data for feedstock
production and the plant operating data will enable a robust system
of measuring, reporting, and verifying the CI of low-carbon fuel
and food products that we produce. We expect that we will be able
to offer some guidance for Verity’s growth profile sometime late
this year.
Our ethanol-to-olefins (“ETO”) technology development, believed
to be a breakthrough for the process to convert ethanol into
olefins that can be used to make chemicals, plastics and fuels, is
going well. It was gratifying to receive the first licensing
payment for our ETO technology from LG Chem, a very credible
partner, in Q2. We have continued to file additional patents on our
Net-Zero plant designs, and processes. We are a company with deep
intellectual property, which we look forward to commercializing
with partners like LG Chem.”
Dr. Gruber concluded, “Even though it feels slow while we are
waiting for the Inflation Reduction Act (“IRA”) rules to emerge, I
am pleased with our continued progress, and that we are meeting our
previously stated milestones. Our evolution to a model focused on
developing and licensing in addition to investing is giving us a
more optimized pathway to profitability as it reduces our need for
our capital and enables accelerated growth without hindering our
ability to invest directly in projects of our choosing. I believe
we are at the convergence point of our technology portfolio and
strong market tailwinds, giving our shareholders a unique seat at
the table to leverage high-growth markets like SAF, RNG, and CI
tracking.”
Third Quarter
2023 Financial Results
Operating revenue. During the three months ended
September 30, 2023, operating revenue increased $4.2
million compared to the three months ended
September 30, 2022, primarily due sales of RNG and
environmental attributes from our RNG project. Sales under our RNG
project commenced in the third quarter of 2022, and only included
RNG sales during the ramp up period. During the three months ended
September 30, 2023, we sold 81,271 MMBtu of RNG from our
RNG project, resulting in revenue realized of $4.5 million.
Cost of production. Cost of production increased $1.9 million
during the three months ended September 30, 2023,
compared to the three months ended September 30, 2022,
mainly due to the production and sales from our RNG project, which
significantly increased in 2023, after the ramp-up phase.
Depreciation and amortization. Depreciation and amortization
increased $3.3 million during the three months ended
September 30, 2023, compared to the three months ended
September 30, 2022, primarily due to additional
depreciation for RNG assets placed into service in 2022 and
accelerated depreciation on Agri-Energy segment assets due to
shorter lives stemming from the impairment assessment during the
third quarter of 2022.
Research and development expense. Research and development
expense remained flat during the three months ended
September 30, 2023, compared to the three months ended
September 30, 2022. The expenses primarily consist of
patent and personnel related costs, as well as lab work and
supplies related to our ETO and other technologies.
General and administrative expense. General and administrative
expense decreased $0.6 million during the three months ended
September 30, 2023, compared to the three months ended
September 30, 2022. The expenses primarily consist of
professional consulting fees and personnel costs related to the
hiring of highly qualified and skilled professionals.
Project development costs. Project development costs are related
to our future Net-Zero Projects and Verity which consist primarily
of employee expenses, preliminary engineering and technical
consulting costs. Project development costs increased $2.6 million
during the three months ended September 30, 2023,
compared to the three months ended September 30, 2022,
primarily due to increases in consulting fees and personnel
costs.
Facility idling costs. Facility idling costs of $0.9 million for
the three months ended September 30, 2023, are due to the
care and maintenance of our Luverne Facility. While idling, the
Luverne Facility is being used as a development scale plant to
advance our technology and operational knowledge to help us in
achieving operational success as we scale up the production and
delivery of hydrocarbons and chemical products for our customers
and partners.
Impairment loss. No impairment loss was recorded during the
three months ended September 30, 2023. During the three months
ended September 30, 2022, the Company recorded a $24.7 million
impairment loss on long-lived assets, which reduced the carrying
value of certain property, plant, and equipment, and a leased ROU
asset, at the Agri-Energy segment to its fair value. The
impairments recorded relate to the determination to suspend
production at the Luverne Facility and shift the plant into an
idled, care and maintenance status during the third quarter of
2022.
Loss from operations. Our loss from operations decreased by
$23.2 million during the three months ended
September 30, 2023, compared to the three months ended
September 30, 2022, primarily due to the impairment loss
recorded during 2022, as well as increased activities for our
Net-Zero Projects and Verity, partially offset by increased
operating revenue. See explanations for each line item above.
Interest expense. Interest expense increased $0.1 million during
the three months ended September 30, 2023, compared to
the three months ended September 30, 2022, primarily due
to the interest on the 2021 Bonds, which was capitalized into
construction in process during the construction phase of our RNG
project in the prior periods.
Interest and investment income. Interest and investment income
increased $4.4 million during the three months ended
September 30, 2023, compared to the three months ended
September 30, 2022, primarily due to an increase in
interest earned on our cash equivalent investments as a result of
higher interest rates.
Other income. Other income increased $0.6 million for the three
months ended September 30, 2023, compared to the three
months ended September 30, 2022, primarily due to the
receipt of $0.4 million from the US Department of Agriculture's
Biofuel Producer Program in 2023.
During the nine months ended September 30, 2023, net cash used
for operating activities was $15.8 million compared to $32.8
million for the nine months ended September 30, 2022. Non-cash
charges primarily consisted of depreciation and amortization of
$14.3 million, stock-based compensation expense of $12.8 million,
and other non-cash expense of $0.7 million, partially offset by
non-cash amortization of discounts on marketable securities of $0.1
million. The net cash outflow from changes in operating assets and
liabilities decreased $8.9 million, primarily due to decreased cash
outflows of $5.5 million related to accounts payable, $4.3 million
of prepaid expenses and other current assets, deposits and other
assets, and $1.5 million of decreased costs associated with the
sale of environmental attribute inventory These were partially
offset by $2.4 million related to increases in accounts
receivable.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. ET will be Dr.
Patrick R. Gruber, Chief Executive Officer, L. Lynn Smull, Chief
Financial Officer, and Dr. Eric Frey, Vice President of Finance.
They will review Gevo’s financial results and provide an update on
recent corporate highlights.
To participate in the live call, please register through the
following event weblink:
https://register.vevent.com/register/BI33783e68bd1e4ddb804e847d6b13a365.
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/vynmpa9y.
A webcast replay will be available two hours after the
conference call ends on November 13, 2023. The archived webcast
will be available in the Investor Relations section of Gevo’s
website at www.gevo.com.
About Gevo
Gevo’s mission is to transform renewable energy and carbon into
energy-dense liquid hydrocarbons. These liquid hydrocarbons can be
used for drop-in transportation fuels such as gasoline, jet fuel,
and diesel fuel, that when burned have potential to yield net-zero
greenhouse gas emissions when measured across the full lifecycle of
the products. Gevo uses low-carbon renewable resource-based
carbohydrates as raw materials and is in an advanced state of
developing renewable electricity and renewable natural gas for use
in production processes, resulting in low-carbon fuels with
substantially reduced carbon intensity (the level of greenhouse gas
emissions compared to standard petroleum fossil-based fuels across
their lifecycle). Gevo’s products perform as well or better than
traditional fossil-based fuels in infrastructure and engines, but
with substantially reduced greenhouse gas emissions. In addition to
addressing the problems of fuels, Gevo’s technology also enables
certain plastics, such as polyester, to be made with more
sustainable ingredients. Gevo’s ability to penetrate the growing
low-carbon fuels market depends on the price of oil and the value
of abating carbon emissions that would otherwise increase
greenhouse gas emissions. Gevo believes that it possesses the
technology and know-how to convert various carbohydrate feedstocks
through a fermentation process into alcohols and then transform the
alcohols into renewable fuels and materials, through a combination
of its own technology, know-how, engineering, and licensing of
technology and engineering from Axens North America, Inc., which
yields the potential to generate project and corporate returns that
justify the build-out of a multi-billion-dollar business.
Gevo believes that Argonne National Laboratory GREET model is
the best available standard of scientific based measurement for
life cycle inventory or LCI.
Learn more at Gevo’s website: www.gevo.com
Forward-Looking Statements
Certain statements in this press release may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to a variety of matters, including, without
limitation, the timing of our NZ1 project, the agreement with LG
Chem, the selection of an EPC contractor, timing regarding an EPC
contract and its terms, the DOE process and timing, the success of
Verity and Verity Tracking, our financial condition, our results of
operation and liquidity, our business plans, our business
development activities, our Net-Zero Projects, financial
projections related to our business, our RNG project, our fuel
sales agreements, our plans to develop our business, our ability to
successfully develop, construct and finance our operations and
growth projects, our ability to achieve cash flow from our planned
projects, the ability of our products to contribute to lower
greenhouse gas emissions, particulate and sulfur pollution, and
other statements that are not purely statements of historical fact.
These forward-looking statements are made based on the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended
December 31, 2022 and in subsequent reports on Forms 10-Q
and 8-K and other filings made with the U.S. Securities and
Exchange Commission by Gevo.
Non-GAAP Financial Information
This press release contains a financial measure that does not
comply with U.S. generally accepted accounting principles (GAAP),
including non-GAAP cash EBITDA. Non-GAAP cash EBITDA excludes
depreciation and amortization and non-cash stock-based compensation
from GAAP loss from operations. Management believes this measure is
useful to supplement its GAAP financial statements with this
non-GAAP information because management uses such information
internally for its operating, budgeting and financial planning
purposes. This non-GAAP financial measure also facilitates
management’s internal comparisons to Gevo’s historical performance
as well as comparisons to the operating results of other companies.
In addition, Gevo believes this non-GAAP financial measure is
useful to investors because it allows for greater transparency into
the indicators used by management as a basis for its financial and
operational decision making. Non-GAAP information is not prepared
under a comprehensive set of accounting rules and therefore, should
only be read in conjunction with financial information reported
under U.S. GAAP when understanding Gevo’s operating performance. A
reconciliation between GAAP and non-GAAP financial information is
provided below.
Gevo, Inc.Consolidated Balance
Sheets(Unaudited, in thousands, except share and
per share amounts)
|
|
September 30, 2023 |
|
December 31, 2022 |
Assets |
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
323,510 |
|
|
$ |
237,125 |
|
Marketable securities |
|
|
— |
|
|
|
167,408 |
|
Restricted cash |
|
|
77,759 |
|
|
|
1,032 |
|
Trade accounts receivable, net |
|
|
2,242 |
|
|
|
476 |
|
Inventories |
|
|
3,688 |
|
|
|
6,347 |
|
Prepaid expenses and other current assets |
|
|
4,032 |
|
|
|
3,034 |
|
Total current assets |
|
|
411,231 |
|
|
|
415,422 |
|
Property, plant and equipment,
net |
|
|
238,117 |
|
|
|
185,174 |
|
Restricted cash |
|
|
— |
|
|
|
77,219 |
|
Operating right-of-use
assets |
|
|
1,386 |
|
|
|
1,331 |
|
Finance right-of-use
assets |
|
|
212 |
|
|
|
219 |
|
Intangible assets, net |
|
|
6,816 |
|
|
|
7,691 |
|
Deposits and other assets |
|
|
11,759 |
|
|
|
13,692 |
|
Total assets |
|
$ |
669,521 |
|
|
$ |
700,748 |
|
Liabilities |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
27,895 |
|
|
$ |
24,760 |
|
Operating lease liabilities |
|
|
521 |
|
|
|
438 |
|
Finance lease liabilities |
|
|
28 |
|
|
|
79 |
|
Loans payable |
|
|
137 |
|
|
|
159 |
|
2021 Bonds payable, net |
|
|
67,780 |
|
|
|
— |
|
Total current liabilities |
|
|
96,361 |
|
|
|
25,436 |
|
2021 Bonds payable, net |
|
|
— |
|
|
|
67,223 |
|
Loans payable |
|
|
54 |
|
|
|
159 |
|
Operating lease
liabilities |
|
|
1,376 |
|
|
|
1,450 |
|
Finance lease liabilities |
|
|
199 |
|
|
|
183 |
|
Other liabilities |
|
|
— |
|
|
|
820 |
|
Total liabilities |
|
|
97,990 |
|
|
|
95,271 |
|
Stockholders'
Equity |
|
|
|
|
|
|
Common stock, $0.01 par value per share; 500,000,000 shares
authorized; 240,252,707 and 237,166,625 shares issued and
outstanding at September 30, 2023, and
December 31, 2022, respectively. |
|
|
2,403 |
|
|
|
2,372 |
|
Additional paid-in capital |
|
|
1,272,248 |
|
|
|
1,259,527 |
|
Accumulated other comprehensive loss |
|
|
— |
|
|
|
(1,040 |
) |
Accumulated deficit |
|
|
(703,120 |
) |
|
|
(655,382 |
) |
Total stockholders' equity |
|
|
571,531 |
|
|
|
605,477 |
|
Total liabilities and stockholders' equity |
|
$ |
669,521 |
|
|
$ |
700,748 |
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Consolidated Statements of
Operations(Unaudited, in thousands, except share
and per share amounts)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Total operating revenues |
|
$ |
4,528 |
|
|
$ |
309 |
|
|
$ |
12,826 |
|
|
$ |
630 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of production |
|
|
2,480 |
|
|
|
575 |
|
|
|
8,836 |
|
|
|
5,499 |
|
Depreciation and amortization |
|
|
4,994 |
|
|
|
1,657 |
|
|
|
14,323 |
|
|
|
4,573 |
|
Research and development expense |
|
|
1,558 |
|
|
|
1,562 |
|
|
|
4,716 |
|
|
|
4,720 |
|
General and administrative expense |
|
|
10,522 |
|
|
|
11,144 |
|
|
|
31,891 |
|
|
|
29,205 |
|
Project development costs |
|
|
4,789 |
|
|
|
2,218 |
|
|
|
10,635 |
|
|
|
5,550 |
|
Facility idling costs |
|
|
911 |
|
|
|
2,330 |
|
|
|
2,923 |
|
|
|
2,330 |
|
Impairment loss |
|
|
— |
|
|
|
24,749 |
|
|
|
— |
|
|
|
24,749 |
|
Total operating expenses |
|
|
25,254 |
|
|
|
44,235 |
|
|
|
73,324 |
|
|
|
76,626 |
|
Loss from operations |
|
|
(20,726 |
) |
|
|
(43,926 |
) |
|
|
(60,498 |
) |
|
|
(75,996 |
) |
Other income
(expense) |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(540 |
) |
|
|
(455 |
) |
|
|
(1,615 |
) |
|
|
(459 |
) |
Interest and investment income |
|
|
5,261 |
|
|
|
896 |
|
|
|
14,083 |
|
|
|
1,226 |
|
Other income (expense), net |
|
|
305 |
|
|
|
(301 |
) |
|
|
292 |
|
|
|
2,609 |
|
Total other income, net |
|
|
5,026 |
|
|
|
140 |
|
|
|
12,760 |
|
|
|
3,376 |
|
Net loss |
|
$ |
(15,700 |
) |
|
$ |
(43,786 |
) |
|
$ |
(47,738 |
) |
|
$ |
(72,620 |
) |
Net loss per share - basic and
diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.19 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.34 |
) |
Weighted-average number of
common shares outstanding - basic and diluted |
|
|
239,537,811 |
|
|
|
236,649,805 |
|
|
|
238,100,986 |
|
|
|
216,255,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Consolidated Statements of
Comprehensive Loss(Unaudited, in
thousands)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Net loss |
|
$ |
(15,700 |
) |
|
$ |
(43,786 |
) |
|
$ |
(47,738 |
) |
|
$ |
(72,620 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on
available-for-sale securities |
|
|
— |
|
|
|
88 |
|
|
|
1,040 |
|
|
|
(1,554 |
) |
Comprehensive
loss |
|
$ |
(15,700 |
) |
|
$ |
(43,698 |
) |
|
$ |
(46,698 |
) |
|
$ |
(74,174 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Consolidated Statements of
Stockholders’ Equity(Unaudited,
in thousands, except share amounts)
|
|
For the Three Months Ended September 30, 2023 and
2022 |
|
|
Common Stock |
|
|
|
|
Accumulated Other |
|
Accumulated |
|
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
Paid-In Capital |
|
Comprehensive Loss |
|
Deficit |
|
Equity |
Balance, June 30, 2023 |
|
|
237,647,431 |
|
|
$ |
2,377 |
|
|
$ |
1,268,142 |
|
|
$ |
— |
|
|
$ |
(687,420 |
) |
|
$ |
583,099 |
|
Non-cash stock-based
compensation |
|
|
— |
|
|
|
— |
|
|
|
4,132 |
|
|
|
— |
|
|
|
— |
|
|
|
4,132 |
|
Stock-based awards and related
share issuances, net |
|
|
2,605,276 |
|
|
|
26 |
|
|
|
(26 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,700 |
) |
|
|
(15,700 |
) |
Balance,
September 30, 2023 |
|
|
240,252,707 |
|
|
$ |
2,403 |
|
|
$ |
1,272,248 |
|
|
$ |
— |
|
|
$ |
(703,120 |
) |
|
$ |
571,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance, June 30,
2022 |
|
|
235,165,951 |
|
|
$ |
2,353 |
|
|
$ |
1,249,880 |
|
|
$ |
(2,256 |
) |
|
$ |
(586,209 |
) |
|
$ |
663,768 |
|
Non-cash stock-based
compensation |
|
|
— |
|
|
|
— |
|
|
|
4,361 |
|
|
|
— |
|
|
|
— |
|
|
|
4,361 |
|
Stock-based awards and related
share issuances, net |
|
|
2,055,781 |
|
|
|
19 |
|
|
|
492 |
|
|
|
— |
|
|
|
— |
|
|
|
511 |
|
Other comprehensive
income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
|
|
88 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(43,786 |
) |
|
|
(43,786 |
) |
Balance,
September 30, 2022 |
|
|
237,221,732 |
|
|
$ |
2,372 |
|
|
$ |
1,254,733 |
|
|
$ |
(2,168 |
) |
|
$ |
(629,995 |
) |
|
$ |
624,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Nine Months Ended September 30, 2023 and
2022 |
|
|
Common Stock |
|
|
|
|
Accumulated Other |
|
Accumulated |
|
Stockholders’ |
|
|
|
Shares |
|
|
Amount |
|
Paid-In Capital |
|
Comprehensive Loss |
|
Deficit |
|
Equity |
Balance, December 31, 2022 |
|
|
237,166,625 |
|
|
$ |
2,372 |
|
|
$ |
1,259,527 |
|
|
$ |
(1,040 |
) |
|
$ |
(655,382 |
) |
|
$ |
605,477 |
|
Non-cash stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
12,752 |
|
|
|
— |
|
|
|
— |
|
|
|
12,752 |
|
Stock-based awards and related share issuances, net |
|
|
3,086,082 |
|
|
|
31 |
|
|
|
(31 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Other comprehensive income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,040 |
|
|
|
— |
|
|
|
1,040 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(47,738 |
) |
|
|
(47,738 |
) |
Balance,
September 30, 2023 |
|
|
240,252,707 |
|
|
$ |
2,403 |
|
|
$ |
1,272,248 |
|
|
$ |
— |
|
|
$ |
(703,120 |
) |
|
$ |
571,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
— |
|
|
|
— |
|
|
|
12,625 |
|
|
|
— |
|
|
|
— |
|
|
|
12,625 |
|
Stock-based awards and related share issuances, net |
|
|
1,895,057 |
|
|
|
19 |
|
|
|
206 |
|
|
|
— |
|
|
|
— |
|
|
|
225 |
|
Other comprehensive loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,554 |
) |
|
|
— |
|
|
|
(1,554 |
) |
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(72,620 |
) |
|
|
(72,620 |
) |
Balance,
September 30, 2022 |
|
|
237,221,732 |
|
|
$ |
2,372 |
|
|
$ |
1,254,733 |
|
|
$ |
(2,168 |
) |
|
$ |
(629,995 |
) |
|
$ |
624,942 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Consolidated Statements of
Cash Flows(Unaudited, in thousands)
|
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
Operating
Activities |
|
|
|
|
|
|
Net loss |
|
$ |
(47,738 |
) |
|
$ |
(72,620 |
) |
Adjustments to reconcile net loss to net cash used in operating
activities: |
|
|
|
|
|
|
Impairment loss |
|
|
— |
|
|
|
24,749 |
|
Stock-based compensation |
|
|
12,752 |
|
|
|
12,624 |
|
Depreciation and amortization |
|
|
14,323 |
|
|
|
4,452 |
|
Amortization of marketable securities (discount) premium |
|
|
(102 |
) |
|
|
2,755 |
|
Other noncash expense (income) |
|
|
655 |
|
|
|
(153 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(1,766 |
) |
|
|
626 |
|
Inventories |
|
|
1,137 |
|
|
|
(338 |
) |
Prepaid expenses and other current assets, deposits and other
assets |
|
|
(816 |
) |
|
|
(5,078 |
) |
Accounts payable, accrued expenses and non-current liabilities |
|
|
5,756 |
|
|
|
207 |
|
Net cash used in operating activities |
|
|
(15,799 |
) |
|
|
(32,776 |
) |
Investing
Activities |
|
|
|
|
|
|
Acquisitions of property, plant and equipment |
|
|
(61,413 |
) |
|
|
(76,837 |
) |
Acquisition of patent portfolio |
|
|
— |
|
|
|
(10 |
) |
Proceeds from maturity of marketable securities |
|
|
168,550 |
|
|
|
243,817 |
|
Purchase of marketable securities |
|
|
— |
|
|
|
(130,402 |
) |
Proceeds from sale of property, plant and equipment |
|
|
34 |
|
|
|
- |
|
Net cash provided by investing activities |
|
|
101,842 |
|
|
|
36,568 |
|
Financing
Activities |
|
|
|
|
|
|
Debt and equity offering costs |
|
|
— |
|
|
|
(10,993 |
) |
Proceeds from issuance of common stock and common stock
warrants |
|
|
— |
|
|
|
150,000 |
|
Proceeds from exercise of warrants |
|
|
— |
|
|
|
3 |
|
Net settlement of common stock under stock plans |
|
|
— |
|
|
|
(285 |
) |
Payment of loans payable |
|
|
(128 |
) |
|
|
(112 |
) |
Payment of finance lease liabilities |
|
|
(22 |
) |
|
|
(8 |
) |
Net cash (used in) provided by financing
activities |
|
|
(150 |
) |
|
|
138,605 |
|
Net increase in cash and cash
equivalents |
|
|
85,893 |
|
|
|
142,397 |
|
Cash, cash equivalents and
restricted cash at beginning of period |
|
|
315,376 |
|
|
|
136,033 |
|
Cash, cash equivalents
and restricted cash at end of period |
|
$ |
401,269 |
|
|
$ |
278,430 |
|
|
|
|
|
|
|
|
|
|
Gevo, Inc.Reconciliation of GAAP to
Non-GAAP Financial Information(Unaudited, in
thousands)
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Non-GAAP Cash EBITDA
(Consolidated): |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(20,726 |
) |
|
$ |
(43,926 |
) |
|
$ |
(60,498 |
) |
|
$ |
(75,996 |
) |
Depreciation and
amortization |
|
|
4,994 |
|
|
|
1,657 |
|
|
|
14,323 |
|
|
|
4,573 |
|
Stock-based compensation |
|
|
4,132 |
|
|
|
4,220 |
|
|
|
12,752 |
|
|
|
12,165 |
|
Non-GAAP cash EBITDA (loss)
(Consolidated) |
|
$ |
(11,600 |
) |
|
$ |
(38,049 |
) |
|
$ |
(33,423 |
) |
|
$ |
(59,258 |
) |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2023 |
|
June 30, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
Non-GAAP Cash EBITDA
(Gevo NW Iowa RNG): |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from operations |
|
$ |
(230 |
) |
|
$ |
(3,481 |
) |
|
$ |
(3,711 |
) |
|
$ |
(4,088 |
) |
Depreciation and
amortization |
|
|
1,914 |
|
|
|
3,185 |
|
|
|
5,099 |
|
|
|
313 |
|
Stock-based compensation |
|
|
18 |
|
|
|
42 |
|
|
|
59 |
|
|
|
7 |
|
Non-GAAP cash EBITDA (loss)
(Gevo NW Iowa RNG) |
|
$ |
1,702 |
|
|
$ |
(254 |
) |
|
$ |
1,447 |
|
|
$ |
(3,768 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact+1
303-883-1114IR@gevo.com
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