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Release – Gevo Reports Second Quarter 2022 Financial Results

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Gevo Reports Second Quarter 2022 Financial Results

Research, News, and Market Data on Gevo

GEVO
TO HOST CONFERENCE CALL TODAY AT 4:30 P.M. EDT/2:30 P.M. MDT

ENGLEWOOD, Colo., Aug. 08, 2022 (GLOBE NEWSWIRE) — 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.

1Cash 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.

2Adjusted 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
+1 720-647-9605
[email protected]

 


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