Gevo Reports Fourth Quarter and Full Year 2023 Financial Results
- None.
- Loss from operations and cash EBITDA for Q4 2023.
- Increased costs in production, depreciation, and general administrative expenses for FY 2023.
- Impairment loss recorded in FY 2022 impacting financial results.
- Decrease in other income for FY 2023 compared to FY 2022.
Insights
Gevo, Inc.'s recent financial results and corporate highlights indicate a strategic focus on Net-Zero 1 development and Renewable Natural Gas (RNG) projects. The company's cash position at the end of Q4 is substantial, with $375.6 million in reserves, signifying a strong liquidity status that could reassure investors about the company's financial health and its ability to fund ongoing projects without additional capital raises. The projected use of cash for achieving financial close on Net-Zero 1 falls within industry norms for such large-scale projects.
Gevo's RNG project's positive non-GAAP cash EBITDA suggests operational efficiency and a potential increase in cash flow, especially with the anticipated CARB CI score. Moreover, the correlation between LCFS prices and RNG EBITDA underscores the importance of regulatory frameworks and market conditions in evaluating the company's future revenue streams. However, the disclaimer regarding the uncertainty of LCFS price increases and Treasury rules reflects the inherent risks associated with regulatory dependencies.
The introduction of the Verity Tracking platform represents a diversification strategy into SaaS, targeting carbon intensity tracking in the ethanol industry. This move could potentially open new revenue streams and provide competitive advantages in a market increasingly focused on sustainability.
Gevo's financial performance for the fourth quarter shows a mixed picture, with a non-GAAP cash EBITDA loss of $12.5 million alongside a net loss per share of $0.08. These figures could raise concerns among investors regarding the company's profitability in the short term. However, the positive EBITDA from the RNG project could signal the potential for improved financial performance in the future, particularly if the company continues to scale up production and optimize operations.
Revenue growth, primarily driven by RNG and environmental attributes, shows the company's strategic shift towards more sustainable and environmentally friendly products, which is in line with broader market trends. The increase in interest and investment income is a positive indicator, reflecting effective cash management and benefitting from higher interest rates.
It is also worth noting the decrease in general and administrative expenses, which suggests disciplined cost management. However, investors should be mindful of the increase in project development costs and how these investments will translate into future revenue.
Gevo's focus on Net-Zero 1 and RNG projects is indicative of the company's strategic alignment with the energy transition and the growing demand for low-carbon fuels. The company's collaboration with McDermott and the U.S. Department of Energy for a loan guarantee could be a significant enabler for the construction of what is anticipated to be the world's cleanest ultra-low carbon ethanol and sustainable aviation fuel plant.
The RNG project's performance, particularly its high utilization rate and the expected increase in cash EBITDA upon receipt of the CARB CI score, demonstrates Gevo's operational capabilities in this sector. The potential for increased cash flow from the RNG business, coupled with the SAF tax credits under the Inflation Reduction Act, could position Gevo favorably within the renewable energy market.
However, the company's reliance on regulatory incentives and market conditions, such as LCFS prices and the biogas PTC, adds a layer of uncertainty to its financial projections. Stakeholders should consider these factors when evaluating the company's long-term viability and potential for growth within the renewable energy sector.
Gevo to Host Conference Call Today at 4:30 p.m. ET
ENGLEWOOD, Colo., March 07, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”) today announced financial results for the fourth quarter and full year 2023 and recent corporate highlights.
Recent Corporate Highlights
- Net-Zero 1 and 2024 Expected Uses of Cash: We ended the fourth quarter with cash, cash equivalents, and restricted cash of
$375.6 million . The total that Gevo expects to have spent to achieve financial close is$236.0 million -$238.0 million (excluding certain internal cost allocations), of which only$125.0 million -$175.0 million is remaining. The expected spend on Net-Zero 1 constitutes the majority of growth and project related uses of cash expected in 2024.
- Renewable Natural Gas (“RNG”): In the fourth quarter, our RNG project generated positive, stand-alone non-GAAP cash EBITDA1 of approximately
$1.3 million and annualized production of91% of the 400,000 MMBtu per year of RNG capacity. As previously announced in January 2024, RNG stand-alone non-GAAP cash EBITDA is expected to increase to$12.0 –$16.0 million on an annualized basis upon receipt of our permanent California Air Resource Board (“CARB”) carbon intensity (“CI”) score, which is expected in 2024. RNG stand-alone non-GAAP cash EBITDA could further increase up to$30.0 –$38.0 million if California Low Carbon Fuel Standard (“LCFS”) prices recover to$200 per metric ton, and up to$50.0 –$60.0 million in aggregate upon receipt of the biogas Production Tax Credit (“PTC”) during 2025 – 2027. There can be no guarantee that LCFS prices will increase or United States Treasury rules, if issued, will result in the amounts expected.
- Verity: In the third quarter of 2023, our Verity Tracking platform went live with farmers in South Dakota and Minnesota. Our tracked ethanol plant customers totaled approximately
2% of the United States ethanol industry by volume, the world’s largest ethanol market. Based on a market and business analysis by a well-known global consulting firm, the initial target market for Verity in the United States is estimated to be approximately$1.5 -$3.0 billion for reducing and tracking the reduction of carbon intensity through the value chain, from field to fuel. Verity is a capital-light, fee-based software-as-a-service (“SaaS”) business that enables the accurate tracking of carbon intensity end-to-end across value chains, helping customers unlock and maximize value derived from carbon abatement.
- Business Update: On January 24, 2024, Gevo provided an update to its corporate investor presentation and a business update regarding Net Zero 1 project development, RNG, Verity and Ethanol-to-Olefins (“ETO”) technology development. Additional details can be found in the announcement dated January 24, 2024 and in the corporate investor presentation available on our website.
2023 Fourth Quarter Financial Highlights
- Ended the fourth quarter with cash, cash equivalents, and restricted cash of
$375.6 million .
- During the fourth quarter of 2023, we sold 90,666 MMBtu of RNG from our RNG project, or 362,664 MMBtu on an annualized basis, which is approximately
91% of our current capacity of 400,000 MMBtu per year. Revenue of$4.4 million for the fourth quarter includes RNG sales of$0.2 million and$4.2 million of net proceeds from sales of environmental attributes.
- Combined revenue and interest income increased to
$9.4 million for the fourth quarter.
- Loss from operations of
$21.3 million for the fourth quarter.
- Non-GAAP cash EBITDA loss1 of
$12.5 million for the fourth quarter.
- Gevo NW Iowa RNG generated positive, stand-alone non-GAAP cash EBITDA1 of
$1.3 million for the fourth quarter.
- Net loss per share of
$0.08 for the fourth 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 fourth quarter of 2023 and recent corporate events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said “We released some detailed guidance in January of our expected uses of cash in 2024, and our fully-funded development plan for Net-Zero 1. We hope our shareholders will take a look at that and take note of our latest corporate investor presentation as well, which lays it out visually. Simply put: we ended the year with what we believe is enough cash to service the remaining spend by Gevo to deliver Net-Zero 1 in a project finance format. We don’t expect a need to spend more than that on the project. We believe Net-Zero 1 will be the cleanest ultra-low carbon ethanol and net zero sustainable aviation fuel plant in the world, and we are very excited to be working with McDermott and the U.S. Department of Energy on the requirements for a loan guarantee to help fund that construction.
We are pleased that our RNG business achieved strong utilization last quarter, including the capacity expansion we completed last year. We see significant embedded upside from that business to Gevo from a cash flow perspective, simply by continuing to operate it at the expanded capacity and delivering meaningful carbon abatement to our customers. We look forward to announcing Verity’s first revenue this year. And we look forward to working with our partner, LG Chem, on commercializing our Ethanol-to-Olefins (“ETO”) technology, which started pilot-scale production, to deliver ultra-low carbon plastics and materials to the world.”
Dr. Gruber concluded, “We are pleased that the Department of Treasury has made significant progress toward implementation of the SAF tax credits in the Inflation Reduction Act, starting with the guidance released in December 2023 confirming that an updated Argonne GREET method and model would be used for this purpose. We look forward to reviewing the final GREET model and guidance from the SAF Interagency Working Group and Department of Treasury. The guidance already given indicates that both carbon capture sequestration and improvements in agriculture are planned to be included in the section 45-Z rules once finalized. We believe science-based methodologies must be used to account for emissions reductions from feedstock production, encompassing climate-smart agriculture practices, as well as for emissions reductions from carbon capture and storage, to acknowledge, incentivize and increase carbon reduction efforts across the value chain. A growing market for SAF made from low-carbon feedstocks is expected to open up new markets for American farmers to sell their products.”
Full Year 2023 Financial Results
Operating revenue. During the year ended December 31, 2023, revenue increased
Cost of production. Cost of production increased
Depreciation and amortization. Depreciation and amortization increased
Research and development expense. Research and development expense decreased
General and administrative expense. General and administrative expense increased
Project development costs. Project development costs are related to our future Net-Zero projects and Verity which consist primarily of employee expenses, preliminary engineering costs, and technical consulting costs. Project development costs increased
Facility idling costs. Facility idling costs are related to care and maintenance of our Luverne Facility. Facility idling costs decreased by
Impairment loss. No impairment loss was recorded during the year ended December 31, 2023. During the year ended December 31, 2022, the Company recorded a
Loss on disposal of assets. The Company did not record a loss on disposal of assets for the year ended December 31, 2023. 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 decreased by
Interest expense. Interest expense increased by
Interest and investment income. Interest and investment income increased
Other income. Other income decreased
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/BI89f72f3dca514b6ca2e66938d0619036. 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/682o5xqh.
A webcast replay will be available two hours after the conference call ends on March 7, 2024. 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 our most recent Annual Report on Form 10-K 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
(In thousands, except share and per share amounts)
| December 31, 2023 | December 31, 2022 | |||||||
| Assets | ||||||||
| Current assets | ||||||||
| Cash and cash equivalents | $ | 298,349 | $ | 237,125 | ||||
| Marketable securities | — | 167,408 | ||||||
| Restricted cash | 77,248 | 1,032 | ||||||
| Trade accounts receivable, net | 2,623 | 476 | ||||||
| Inventories | 3,809 | 6,347 | ||||||
| Prepaid expenses and other current assets | 4,353 | 3,034 | ||||||
| Total current assets | 386,382 | 415,422 | ||||||
| Property, plant and equipment, net | 211,563 | 185,174 | ||||||
| Restricted cash | — | 77,219 | ||||||
| Operating right-of-use assets | 1,324 | 1,331 | ||||||
| Finance right-of-use assets | 210 | 219 | ||||||
| Intangible assets, net | 6,524 | 7,691 | ||||||
| Deposits and other assets | 44,319 | 13,692 | ||||||
| Total assets | $ | 650,322 | $ | 700,748 | ||||
| Liabilities | ||||||||
| Current liabilities | ||||||||
| Accounts payable and accrued liabilities | $ | 22,752 | $ | 24,760 | ||||
| Operating lease liabilities | 532 | 438 | ||||||
| Finance lease liabilities | 45 | 79 | ||||||
| Loans payable | 130 | 159 | ||||||
| 2021 Bonds payable, net | 67,967 | — | ||||||
| Total current liabilities | 91,426 | 25,436 | ||||||
| 2021 Bonds payable, net | — | 67,223 | ||||||
| Loans payable | 21 | 159 | ||||||
| Operating lease liabilities | 1,299 | 1,450 | ||||||
| Finance lease liabilities | 187 | 183 | ||||||
| Other liabilities | — | 820 | ||||||
| Total liabilities | 92,933 | 95,271 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders' Equity | ||||||||
| Common stock, | 2,405 | 2,372 | ||||||
| Additional paid-in capital | 1,276,581 | 1,259,527 | ||||||
| Accumulated other comprehensive loss | — | (1,040 | ) | |||||
| Accumulated deficit | (721,597 | ) | (655,382 | ) | ||||
| Total stockholders' equity | 557,389 | 605,477 | ||||||
| Total liabilities and stockholders' equity | $ | 650,322 | $ | 700,748 | ||||
Gevo, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Total operating revenues | $ | 17,200 | $ | 1,175 | ||||
| Operating expenses: | ||||||||
| Cost of production | 11,991 | 8,698 | ||||||
| Depreciation and amortization | 19,007 | 7,887 | ||||||
| Research and development expense | 6,637 | 7,427 | ||||||
| General and administrative expense | 42,628 | 39,941 | ||||||
| Project development costs | 14,732 | 10,061 | ||||||
| Facility idling costs | 4,040 | 4,599 | ||||||
| Impairment loss | — | 24,749 | ||||||
| Loss on disposal of assets | — | 499 | ||||||
| Total operating expenses | 99,035 | 103,861 | ||||||
| Loss from operations | (81,835 | ) | (102,686 | ) | ||||
| Other income (expense) | ||||||||
| Interest expense | (2,161 | ) | (1,167 | ) | ||||
| Interest and investment income | 19,090 | 3,481 | ||||||
| Other income (expense), net | (1,309 | ) | 2,365 | |||||
| Total other income, net | 15,620 | 4,679 | ||||||
| Net loss | $ | (66,215 | ) | $ | (98,007 | ) | ||
| Net loss per share - basic and diluted | $ | (0.28 | ) | $ | (0.44 | ) | ||
| Weighted-average number of common shares outstanding - basic and diluted | 238,687,621 | 221,537,262 | ||||||
Gevo, Inc.
Consolidated Statements of Comprehensive Loss
(In thousands)
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Net loss | $ | (66,215 | ) | $ | (98,007 | ) | ||
| Other comprehensive income (loss): | ||||||||
| Unrealized gain (loss) on available-for-sale securities | 1,040 | (426 | ) | |||||
| Comprehensive loss | $ | (65,175 | ) | $ | (98,433 | ) | ||
Gevo, Inc.
Consolidated Statements of Stockholders’ Equity
(In thousands, except share amounts)
| For the Year Ended December 31, 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 | — | — | 17,087 | — | — | 17,087 | |||||||||||||||
| Stock-based awards and related share issuances, net | 3,333,208 | 33 | (33 | ) | — | — | — | ||||||||||||||
| Other comprehensive income | — | — | — | 1,040 | — | 1,040 | |||||||||||||||
| Net loss | — | — | — | — | (66,215 | ) | (66,215 | ) | |||||||||||||
| Balance, December 31, 2023 | 240,499,833 | $ | 2,405 | $ | 1,276,581 | $ | — | $ | (721,597 | ) | $ | 557,389 | |||||||||
| 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.
Consolidated Statements of Cash Flows
(In thousands)
| Year Ended December 31, | ||||||||
| 2023 | 2022 | |||||||
| Operating Activities | ||||||||
| Net loss | $ | (66,215 | ) | $ | (98,007 | ) | ||
| Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
| Impairment loss | — | 24,749 | ||||||
| Loss on disposal of assets | — | 499 | ||||||
| Stock-based compensation | 17,087 | 17,419 | ||||||
| Depreciation and amortization | 19,007 | 7,887 | ||||||
| Amortization of marketable securities (discount) premium | (102 | ) | 2,723 | |||||
| Other noncash expense (income) | 908 | 877 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (2,147 | ) | 502 | |||||
| Inventories | 670 | (2,004 | ) | |||||
| Prepaid expenses and other current assets, deposits and other assets | (25,620 | ) | (2,591 | ) | ||||
| Accounts payable, accrued expenses and non-current liabilities | 2,693 | 3,635 | ||||||
| Net cash used in operating activities | (53,719 | ) | (44,311 | ) | ||||
| Investing Activities | ||||||||
| Acquisitions of property, plant and equipment | (54,455 | ) | (84,077 | ) | ||||
| Acquisition of patent portfolio | — | (10 | ) | |||||
| Proceeds from maturity of marketable securities | 168,550 | 299,581 | ||||||
| Purchase of marketable securities | — | (130,402 | ) | |||||
| Proceeds from sale of property, plant and equipment | 34 | — | ||||||
| Net cash provided by investing activities | 114,129 | 85,092 | ||||||
| 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 | — | (286 | ) | |||||
| Payment of loans payable | (167 | ) | (150 | ) | ||||
| Payment of finance lease liabilities | (22 | ) | (12 | ) | ||||
| Net cash (used in) provided by financing activities | (189 | ) | 138,562 | |||||
| Net increase in cash and cash equivalents | 60,221 | 179,343 | ||||||
| Cash, cash equivalents and restricted cash at beginning of period | 315,376 | 136,033 | ||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 375,597 | $ | 315,376 | ||||
Gevo, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(In thousands)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Non-GAAP Cash EBITDA (Consolidated): | ||||||||||||||||
| Loss from operations | $ | (21,337 | ) | $ | (26,690 | ) | $ | (81,835 | ) | $ | (102,686 | ) | ||||
| Depreciation and amortization | 4,684 | 3,314 | 19,007 | 7,887 | ||||||||||||
| Stock-based compensation | 4,132 | 4,220 | 17,087 | 16,935 | ||||||||||||
| Non-GAAP cash EBITDA (loss) (Consolidated) | $ | (12,521 | ) | $ | (19,156 | ) | $ | (45,741 | ) | $ | (77,864 | ) | ||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Non-GAAP Cash EBITDA (Gevo NW Iowa RNG): | ||||||||||||||||
| Loss from operations | $ | (384 | ) | $ | (4,088 | ) | $ | (4,095 | ) | $ | (4,088 | ) | ||||
| Depreciation and amortization | 1,606 | 313 | 6,705 | 313 | ||||||||||||
| Stock-based compensation | 42 | 7 | 102 | 7 | ||||||||||||
| Non-GAAP cash EBITDA (loss) (Gevo NW Iowa RNG) | $ | 1,264 | $ | (3,768 | ) | $ | 2,712 | $ | (3,768 | ) | ||||||
Investor Relations Contact
+1 303-883-1114
IR@gevo.com
FAQ
What were Gevo's financial results for Q4 2023?
What is the expected spend on Net-Zero 1 project in 2024?
How did Gevo's RNG project perform in Q4 2023?
What is Verity and its market potential?
What strategic plans did Gevo's CEO outline?
What were Gevo's financial highlights for FY 2023?
What caused the impairment loss in FY 2022?
How can investors access Gevo's conference call information?
