Gevo Reports Fourth Quarter 2022 Financial Results
Gevo, Inc. (NASDAQ: GEVO) announced its fourth quarter 2022 financial results, reporting revenue of $0.5 million, a significant increase from $0.1 million in Q4 2021. The company ended Q4 2022 with $482.8 million in cash and equivalents. Though losses from operations rose to $26.9 million from $16.5 million in the previous year, Gevo remains focused on its Net-Zero Projects, with plans to commence operations at its NZ1 facility in 2025. Additionally, Gevo is expanding its RNG project capacity and advancing its Carbon Solutions platform. The company is also seeking funding options, including a loan guarantee from the Department of Energy.
- Revenue increased to $0.5 million in Q4 2022 from $0.1 million in Q4 2021.
- Cash reserves rose to $482.8 million as of the end of Q4 2022.
- Continued development of Net-Zero 1 project, expected operational start in 2025.
- Expansion of RNG project capacity from 355,000 to 400,000 MMBtu by Q4 2023.
- Loss from operations increased to $26.9 million from $16.5 million in Q4 2021.
- Non-GAAP cash EBITDA loss for Q4 2022 was $18.9 million compared to $10.9 million in Q4 2021.
- Recorded a $24.7 million impairment loss on long-lived assets.
Gevo to Host Conference Call Today at 4:30 p.m. ET
ENGLEWOOD, Colo., March 09, 2023 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company", "we", "us" or "our") today announced financial results for the fourth quarter of 2022 and recent corporate highlights.
Recent Corporate Highlights
- Following Gevo’s groundbreaking ceremony in September 2022, progress continues at the Lake Preston, South Dakota, Net-Zero 1 (“NZ1”) location. FEED work is substantially complete, the detailed engineering is in process and the operational start-up for NZ1 continues to be expected for 2025.
- Gevo’s renewable natural gas ("RNG") project in Northwest Iowa, with initial production capacity of 355,000 MMBtu per year, will be expanded to approximately 400,000 MMBtu of production capacity per year by the fourth quarter of 2023 and is expected to produce 350,000-375,000 MMBtu in 2023.
- Gevo is in the process of establishing Verity Carbon Solutions (“VCS”), which will be under the Gevo umbrella and is expected to serve Gevo and third-party customers by delivering its carbon tracking services through its proprietary Verity Tracking carbon measurement, verification, and reporting platform.
- In partnership with Axens, Burns and McDonnell, and Praj, Gevo has begun the engineering for its Net-Zero 2 project (“NZ2”) which is expected to be three times the size of NZ1 and is being designed to utilize fossil-free electricity, process energy, and hydrogen at a commercially advantaged location convenient to supply Chicago O’Hare International Airport with sustainable aviation fuel (“SAF”).
- Gevo executed a Hydrogen Development Services Agreement with Zero6 Energy for the development of a 20 megawatt hydrogen production facility in Lake Preston, South Dakota using Cummins Inc. electrolyzer technology.
- The Company recently announced the appointment of Carol Battershell as a new independent director who brings nearly 40 years of valuable energy sector experience to the Company’s Board of Directors.
- The Governor of Illinois recently signed SB 2951 which contains a SAF incentive of
$1.50 per gallon for airlines that purchase the fuel and provides another example of state led support for this new generation of renewable fuels. - Gevo is dual tracking the NZ1 capital raising efforts. In addition to attempting to utilize the private credit markets to finance NZ1, and at the invitation of the Department of Energy (“DOE”), Gevo has begun the process of applying for a loan guarantee from the DOE that could lead to more favorable loan terms for NZ1 capital needs than could be obtained from other lending sources.
2022 Fourth Quarter Financial Highlights
- Ended the quarter with cash, cash equivalents, restricted cash and marketable securities of
$482.8 million compared to$475.8 million as of the end of Q4 2021 - Revenue of
$0.5 million for the quarter is related to sales of RNG as Gevo ramps up production at the Company's RNG project plus initial sales of RINs from the RNG project and compares to revenue of$0.1 million in Q4 2021. The Company also carried$4.2 million of RIN and LCFS value in inventory into 2023 that was attributable to 2022 production. - Loss from operations of
$26.9 million for the quarter compared to$16.5 million loss in Q4 2021 - Non-GAAP cash EBITDA loss1 of
$18.9 million for the quarter compared to$10.9 million in Q4 2021 - GAAP net loss per share and non-GAAP adjusted net loss per share2 of
$0.11 for the quarter compared to$0.19 in Q4 2021
Management Comment
Commenting on the fourth quarter of 2022 and recent corporate events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, commented “We continue to make progress on the development and financing of NZ1 and we are receiving solid engagement from potential investors who are interested in partnering with Gevo for the project financing of NZ1. We expect to continue development of the Lake Preston site using cash from our balance sheet prior to the financial close, which is expected to be later this year. Several of the potential equity investors have indicated interest in programmatic investment across multiple Net-Zero projects; however, negotiations are ongoing. We remain on track for a 2025 commencement of operations.”
Net-Zero 1 Status
Following Gevo’s groundbreaking ceremony in September 2022, progress continues at the Lake Preston, South Dakota, NZ1 location. FEED work is substantially complete and detailed engineering continues. Equipment procurement has begun and detailed planning for this year’s construction ramp up has commenced. The project remains on schedule for a 2025 operational startup. Gevo has hired Guggenheim and Citigroup to advise the company on the equity for the project and Nomura Greentech and Citigroup on the debt for the project. Gevo plans to use its balance sheet to fund the continued development of the project until the financial close, which is expected to occur later in the year.
Progress on Key Development Milestones
Accomplished through year-end 2022:
- Close the purchase of the land for NZ1 in Lake Preston, South Dakota
- Execute NZ1 Carbon Capture and Sequestration agreement
- Reach indicative terms on DBOOM development agreements for:
- NZ1 Wind energy
- Green hydrogen
- Select NZ1 EPC contractor
- Substantial Completion of NZ1 Front-End Engineering Design
- Break ground and begin site preparation for NZ1 at Lake Preston
In Progress through year-end 2023:
- Begin ordering long lead equipment for NZ1
- Execute NZ1 EPC contract
- Select NZ1 fabricator for hydrocarbon plant modules
- Complete final negotiations with U.S. Department of Agriculture and initiate Gevo’s Climate-Smart Farm-to-Flight grant with an award ceiling of up to
$30M M - Begin receiving Low Carbon Fuel Standard (“LCFS”) credits for RNG production
- Close NZ1 construction financing, including debt and equity participation from one or more third parties
- Finalize Net-Zero 2 location and partners
Throughout the remainder of 2023, Gevo expects to update stockholders about certain key milestones related to the development, financing, and construction of NZ1 as well as subsequent Net-Zero plants (together with NZ1, the "Net-Zero Projects"). Updates to those milestones will be found in the Company’s press releases and investor presentations in the Investor Relations section of Gevo’s website.
2022 Financial Results
Operating revenue. In the second half of 2022, our RNG production began ramping up resulting in natural gas commodity sales of
Cost of production. Cost of production increased
Depreciation and amortization. Depreciation and amortization increased
Research and development expense. Research and development expense increased
General and administrative expense. General and administrative expense increased
Project development costs. Project development costs in 2022 consisted of employee expense, preliminary engineering and technical consulting costs related to our future Net-Zero Projects and Verity Tracking project, as well as other costs related to engineering personnel and non-capitalizable items. We began to capitalize a majority of the RNG and NZ1 projects' costs in 2021 which resulted in a
Facility idling costs. Facility idling costs were
Impairment loss. The Company recorded a
Loss on disposal of assets. As a result of suspending the production of ethanol at the Luverne Facility, we wrote-off
Loss from operations. The Company's loss from operations increased by
Interest expense. Interest expense increased by
Interest and dividend income. Interest and dividend income increased
Gain on forgiveness of SBA Loans. During the year ended December 31, 2021, the Small Business Administration ("SBA") forgave
Other income. Other income increased
During the year ended December 31, 2022, net cash used in operating activities was
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 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/BI77f562f7379e45218e5d6ab5c215416b. 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/4uic6ad8.
A webcast replay will be available two hours after the conference call ends on March 9, 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, whether our fuel sales agreements are financeable, the timing of our NZ1 project, our financial condition, our results of operation and liquidity, 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, the DOE loan guarantee process, how Illinois SB 2951 affects airlines and us, 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 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, non-cash stock-based compensation, and losses recorded from the impairment of long-lived assets from GAAP loss from operations. Non-GAAP adjusted net loss and adjusted net loss per share exclude losses recorded from the impairment of long-lived assets 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.
Gevo, Inc.
Condensed Consolidated Balance Sheets Information
(Unaudited, in thousands, except share and per share amounts)
December 31, 2022 | December 31, 2021 | ||||||
Assets | |||||||
Current assets | |||||||
Cash and cash equivalents | $ | 237,125 | $ | 40,833 | |||
Marketable securities (current) | 167,408 | 275,340 | |||||
Restricted cash (current) | 1,032 | 25,032 | |||||
Trade accounts receivable, net | 476 | 978 | |||||
Inventories | 6,347 | 2,751 | |||||
Prepaid expenses and other current assets | 3,034 | 3,607 | |||||
Total current assets | 415,422 | 348,541 | |||||
Property, plant and equipment, net | 176,872 | 137,742 | |||||
Marketable securities (non-current) | — | 64,396 | |||||
Restricted cash (non-current) | 77,219 | 70,168 | |||||
Operating right-of-use assets | 1,331 | 2,414 | |||||
Finance right-of-use assets | 219 | 236 | |||||
Intangible assets, net | 7,691 | 8,938 | |||||
Deposits and other assets | 21,994 | 12,946 | |||||
Total Assets | $ | 700,748 | $ | 645,381 | |||
Liabilities | |||||||
Current liabilities | |||||||
Accounts payable and accrued liabilities | $ | 24,760 | $ | 28,150 | |||
Operating lease liabilities (current) | 438 | 772 | |||||
Finance lease liabilities (current) | 79 | 11 | |||||
Loans payable - other (current) | 159 | 158 | |||||
Total current liabilities | 25,436 | 29,091 | |||||
2021 Bonds payable (long-term) | 67,223 | 66,486 | |||||
Loans payable - other (long-term) | 159 | 318 | |||||
Operating lease liabilities (long-term) | 1,450 | 1,902 | |||||
Finance lease liabilities (long-term) | 183 | 242 | |||||
Other long-term liabilities | 820 | 87 | |||||
Total liabilities | 95,271 | 98,126 | |||||
Commitments and Contingencies | |||||||
Stockholders' Equity | |||||||
Common stock, | 2,372 | 2,020 | |||||
Additional paid-in capital | 1,259,527 | 1,103,224 | |||||
Accumulated other comprehensive loss | (1,040 | ) | (614 | ) | |||
Accumulated deficit | (655,382 | ) | (557,375 | ) | |||
Total stockholders' equity | 605,477 | 547,255 | |||||
Total Liabilities and Stockholders' Equity | $ | 700,748 | $ | 645,381 |
Gevo, Inc.
Condensed Consolidated Statements of Operations Information
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Total operating revenues | $ | 545 | $ | 54 | $ | 1,175 | $ | 533 | |||||||
Operating expenses: | |||||||||||||||
Cost of production | 3,456 | 2,791 | 8,698 | 7,687 | |||||||||||
Depreciation and amortization | 3,314 | 1,556 | 7,887 | 5,128 | |||||||||||
Research and development expense | 2,707 | 2,570 | 7,427 | 6,775 | |||||||||||
General and administrative expense | 10,736 | 7,546 | 39,941 | 25,493 | |||||||||||
Project development costs | 4,511 | 2,069 | 10,061 | 10,581 | |||||||||||
Facility idling costs | 2,269 | — | 4,599 | — | |||||||||||
Impairment loss | — | — | 24,749 | — | |||||||||||
Loss on disposal of assets | 499 | — | 499 | 5,137 | |||||||||||
Total operating expenses | 27,492 | 16,532 | 103,861 | 60,801 | |||||||||||
Loss from operations | (26,947 | ) | (16,478 | ) | (102,686 | ) | (60,268 | ) | |||||||
Other income (expense) | |||||||||||||||
Interest expense | (451 | ) | (173 | ) | (1,167 | ) | (251 | ) | |||||||
Investment income (loss) | 1,839 | 217 | 3,043 | 571 | |||||||||||
Gain on forgiveness of SBA loan | — | — | — | 641 | |||||||||||
Other income, net | 172 | (79 | ) | 2,803 | 104 | ||||||||||
Total other income, net | 1,560 | (35 | ) | 4,679 | 1,065 | ||||||||||
Net loss | $ | (25,387 | ) | $ | (16,513 | ) | $ | (98,007 | ) | $ | (59,203 | ) | |||
Net loss per share - basic and diluted | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.44 | ) | $ | (0.30 | ) | |||
Weighted-average number of common shares outstanding - basic and diluted | 237,209,693 | 201,892,596 | 221,537,262 | 195,794,606 |
Gevo, Inc.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Net Loss | $ | (25,387 | ) | $ | (16,513 | ) | $ | (98,007 | ) | $ | (59,203 | ) | |||
Other comprehensive income loss: | |||||||||||||||
Unrealized loss on available-for-sale securities, net of tax | 1,128 | (318 | ) | (426 | ) | (614 | ) | ||||||||
Comprehensive loss | $ | (24,259 | ) | $ | (16,831 | ) | $ | (98,433 | ) | $ | (59,817 | ) |
Gevo, Inc.
Condensed Consolidated Statements of Stockholders’ Equity Information
(Unaudited, in thousands, except share amounts)
Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Stockholders' Equity | ||||||||||||||||
Shares | Amount | |||||||||||||||||||
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 | 456,765 | — | — | 457,447 | ||||||||||||||
Issuance of common stock upon exercise of warrants | 1,866,758 | 18 | 1,103 | — | — | 1,121 | ||||||||||||||
Non-cash stock-based compensation | — | — | 7,700 | — | — | 7,700 | ||||||||||||||
Stock-based awards and related share issuances, net | 3,813,014 | 38 | (5,613 | ) | — | — | (5,575 | ) | ||||||||||||
Other comprehensive loss | — | — | — | (614 | ) | — | (614 | ) | ||||||||||||
Net loss | — | — | — | — | (59,203 | ) | (59,203 | ) | ||||||||||||
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 | — | — | 17,419 | — | — | 17,419 | ||||||||||||||
Stock-based awards and related share issuances, net | 1,839,950 | 19 | 206 | — | — | 225 | ||||||||||||||
Other comprehensive loss | — | — | — | (426 | ) | — | (426 | ) | ||||||||||||
Net loss | — | — | — | — | (98,007 | ) | (98,007 | ) | ||||||||||||
Balance, December 31, 2022 | 237,166,625 | $ | 2,372 | $ | 1,259,527 | $ | (1,040 | ) | $ | (655,382 | ) | $ | 605,477 |
Gevo, Inc.
Condensed Consolidated Cash Flow Information
(Unaudited, in thousands)
Year Ended December 31, | |||||||
2022 | 2021 | ||||||
Operating Activities | |||||||
Net loss | $ | (98,007 | ) | $ | (59,203 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Impairment loss | 24,749 | — | |||||
Loss on disposal of assets | 499 | 5,137 | |||||
(Gain) on forgiveness of SBA Loans | — | (641 | ) | ||||
Stock-based compensation | 17,419 | 9,874 | |||||
Depreciation and amortization | 7,887 | 5,128 | |||||
Amortization of marketable securities premium | 2,723 | 5,029 | |||||
Other noncash (income) expense | 877 | 89 | |||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | 502 | (257 | ) | ||||
Inventories | (2,004 | ) | (259 | ) | |||
Prepaid expenses and other current assets, deposits and other assets | (10,893 | ) | (12,897 | ) | |||
Accounts payable, accrued expenses and long-term liabilities | 3,635 | (271 | ) | ||||
Net cash used in operating activities | (52,613 | ) | (48,271 | ) | |||
Investing Activities | |||||||
Acquisitions of property, plant and equipment | (75,775 | ) | (56,770 | ) | |||
Acquisition of patent portfolio | (10 | ) | — | ||||
Proceeds from sale and maturity of marketable securities | 299,581 | 79,574 | |||||
Purchase of patents and license | — | (9,170 | ) | ||||
Purchase of marketable securities | (130,402 | ) | (424,992 | ) | |||
Net cash provided by (used in) investing activities | 93,394 | (411,358 | ) | ||||
Financing Activities | |||||||
Proceeds from issuance of 2021 Bonds | — | 68,995 | |||||
Debt and equity offering costs | (10,993 | ) | (34,955 | ) | |||
Proceeds from issuance of common stock and common stock warrants | 150,000 | 489,373 | |||||
Proceeds from exercise of warrants | 3 | 1,121 | |||||
Net settlement of common stock under stock plans | (286 | ) | (7,041 | ) | |||
Payment of loans payable - other | (150 | ) | (154 | ) | |||
Payment of finance lease liabilities | (12 | ) | (15 | ) | |||
Net cash provided by financing activities | 138,562 | 517,324 | |||||
Net increase in cash and cash equivalents | 179,343 | 57,695 | |||||
Cash, cash equivalents and restricted cash at beginning of period | 136,033 | 78,338 | |||||
Cash, cash equivalents and restricted cash at end of period | $ | 315,376 | $ | 136,033 |
Gevo, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(Unaudited, in thousands, except share and per share amounts)
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Non-GAAP Cash EBITDA: | |||||||||||||||
Loss from operations | $ | (26,947 | ) | $ | (16,478 | ) | $ | (102,686 | ) | $ | (60,268 | ) | |||
Depreciation and amortization | 3,314 | 1,556 | 7,887 | 5,128 | |||||||||||
Stock-based compensation | 4,770 | 4,051 | 16,935 | 9,874 | |||||||||||
Impairment loss | — | — | 24,749 | — | |||||||||||
Non-GAAP cash EBITDA | $ | (18,863 | ) | $ | (10,871 | ) | $ | (53,115 | ) | $ | (45,266 | ) | |||
Non-GAAP Adjusted Net Loss: | |||||||||||||||
Net Loss | $ | (25,387 | ) | $ | (16,513 | ) | $ | (98,007 | ) | $ | (59,203 | ) | |||
Adjustments: | |||||||||||||||
Impairment loss | — | — | 24,749 | — | |||||||||||
Total adjustments | — | — | 24,749 | — | |||||||||||
Non-GAAP Net Income (Loss) | $ | (25,387 | ) | $ | (16,513 | ) | $ | (73,258 | ) | $ | (59,203 | ) | |||
Non-GAAP adjusted net loss per share - basic and diluted | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.33 | ) | $ | (0.30 | ) | |||
Weighted-average number of common shares outstanding - basic and diluted | 237,209,693 | 201,892,596 | 221,537,262 | 195,794,606 |
Investor Relations Contact
+1 720-360-7794
jrichardson@gevo.com
FAQ
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