Gevo Reports Third Quarter 2024 Financial Results
Gevo Inc reported Q3 2024 financial results with combined revenue and interest income of $5.8 million. The company secured a $1.6 billion DOE loan guarantee conditional commitment for its Net-Zero 1 project. Key developments include the acquisition of Red Trail Energy's ethanol and carbon capture assets, expected to contribute to positive Adjusted EBITDA in 2025. Q3 highlights: cash position of $292.9 million, RNG subsidiary revenue of $2.0 million, and net loss of $0.09 per share. The company's RNG revenue decreased due to environmental attribute inventory buildup, anticipating LCFS Program pathway approval in Q1 2025.
Gevo Inc ha riportato i risultati finanziari del terzo trimestre del 2024, con entrate combinate e proventi da interessi di $5,8 milioni. L'azienda ha ottenuto un garanzia di prestito di $1,6 miliardi dal DOE con impegno condizionale per il suo progetto Net-Zero 1. Tra gli sviluppi chiave c'è l'acquisizione degli attivi di etanolo e cattura del carbonio di Red Trail Energy, che si prevede contribuirà a un EBITDA rettificato positivo nel 2025. I punti salienti del Q3 includono: una posizione di cassa di $292,9 milioni, entrate della controllata RNG di $2,0 milioni e una perdita netta di $0,09 per azione. Le entrate della RNG dell'azienda sono diminuite a causa dell'accumulo di inventario di attributi ambientali, prevedendo l'approvazione del percorso del Programma LCFS nel primo trimestre del 2025.
Gevo Inc informó los resultados financieros del tercer trimestre de 2024, con ingresos combinados y ganancias por intereses de $5,8 millones. La empresa aseguró un aval de préstamo de $1,6 mil millones del DOE con un compromiso condicional para su proyecto Net-Zero 1. Los desarrollos clave incluyen la adquisición de los activos de etanol y captura de carbono de Red Trail Energy, que se espera que contribuya con un EBITDA ajustado positivo en 2025. Los aspectos destacados del tercer trimestre incluyen: una posición de efectivo de $292,9 millones, ingresos de la subsidiaria RNG de $2,0 millones y una pérdida neta de $0,09 por acción. Los ingresos de RNG de la empresa disminuyeron debido a la acumulación de inventario de atributos ambientales, anticipando la aprobación del camino del Programa LCFS en el primer trimestre de 2025.
Gevo Inc는 2024년 3분기 재무 결과를 보고하며, 총 수익 및 이자 수익이 $5.8 백만 달러에 달했다고 발표했습니다. 이 회사는 Net-Zero 1 프로젝트를 위해 $16억 DOE 대출 보증의 조건부 약속을 확보했습니다. 주요 발전 사항 중 하나는 Red Trail Energy의 에탄올 및 탄소 포집 자산 인수로, 이는 2025년 조정된 EBITDA에 긍정적인 기여를 할 것으로 예상됩니다. 3분기 하이라이트에는 $292.9 백만 달러의 현금 위치, RNG 자회사 수익 $2.0 백만 달러, 주당 $0.09의 순손실이 포함됩니다. 회사의 RNG 수익은 환경 속성 재고 증가로 인해 감소했으며, 2025년 1분기에 LCFS 프로그램 경로 승인 예상을 하고 있습니다.
Gevo Inc a publié les résultats financiers du troisième trimestre 2024, avec des revenus combinés et des revenus d'intérêts de 5,8 millions de dollars. L'entreprise a obtenu une garantie de prêt de 1,6 milliard de dollars du DOE avec un engagement conditionnel pour son projet Net-Zero 1. Parmi les développements clés figure l'acquisition des actifs d'éthanol et de capture du carbone de Red Trail Energy, qui devrait contribuer à un EBITDA ajusté positif en 2025. Les faits saillants du T3 comprennent : une position de trésorerie de 292,9 millions de dollars, des revenus de la filiale RNG de 2,0 millions de dollars, et une perte nette de 0,09 dollar par action. Les revenus RNG de l'entreprise ont diminué en raison de l'accumulation d'inventaire des attributs environnementaux, anticipant l'approbation du chemin du programme LCFS au premier trimestre 2025.
Gevo Inc hat die Finanzergebnisse für das 3. Quartal 2024 veröffentlicht, mit kombinierten Einnahmen und Zinseinkünften von 5,8 Millionen US-Dollar. Das Unternehmen sicherte sich eine Garantiezusage für ein DOE-Darlehen in Höhe von 1,6 Milliarden US-Dollar für sein Projekt Net-Zero 1. Zu den wichtigsten Entwicklungen gehört die Übernahme der Ethanol- und CO2-Abscheidungskapazitäten von Red Trail Energy, die voraussichtlich zu einem positiven bereinigten EBITDA im Jahr 2025 beitragen wird. Die Höhepunkte des Q3 umfassen: eine Barposition von 292,9 Millionen US-Dollar, Einnahmen der RNG-Tochtergesellschaft von 2,0 Millionen US-Dollar und einen Nettoverlust von 0,09 US-Dollar pro Aktie. Die Einnahmen des Unternehmens aus RNG sanken aufgrund des Aufbaus von Umweltattributbeständen, wobei die Genehmigung des LCFS-Programmpfads im ersten Quartal 2025 erwartet wird.
- Secured $1.6 billion DOE loan guarantee conditional commitment for Net-Zero 1 project
- Strong cash position of $292.9 million at quarter end
- Strategic acquisition of Red Trail Energy assets expected to drive positive Adjusted EBITDA in 2025
- Generated $15.3 million from Investment Tax Credit sale
- Q3 net loss of $0.09 per share
- Operating loss increased by $3.3 million year-over-year
- Revenue decreased $2.6 million compared to Q3 2023
- RNG subsidiary reported standalone GAAP loss of $2.8 million
Insights
The Q3 results reveal significant strategic developments but continued operational challenges. Key financials show
Revenue declined due to strategic inventory buildup of environmental attributes, awaiting better pricing post-LCFS approval. Operating loss widened to
The strategic positioning in carbon abatement markets shows promise, with multiple revenue streams developing across RNG, SAF and carbon credits. The Red Trail acquisition adds significant ethanol and CCS capabilities, while the CultivateAI integration enhances carbon tracking capabilities. The ETO patent strengthens the company's intellectual property portfolio in bio-based hydrocarbon production.
The RNG segment's performance (
Gevo to Host Conference Call Today at 4:30 p.m. ET
ENGLEWOOD, Colo., Nov. 07, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”) today announced financial results for the third quarter 2024 and recent corporate highlights.
Recent Corporate Highlights
- Net-Zero 1 (“NZ1”): Gevo has received a conditional commitment for a loan guarantee with borrowing capacity of
$1.6 billion (including capitalized interest during construction) from the U.S. Department of Energy (“DOE”) Loan Programs Office (“LPO”) for the NZ1 project in South Dakota. We believe this significant milestone signals the strength of the project to finance the world’s first large-scale, net-zero-emissions alcohol-to-jet production facility. - Red Trail Asset Acquisition: Gevo has entered into a definitive agreement to acquire the ethanol production and carbon capture and sequestration (“CCS”) assets of Red Trail Energy, LLC (“Red Trail Energy”). The Adjusted EBITDA1 from the Red Trail Energy assets, when combined with Adjusted EBITDA1 from Gevo’s renewable natural gas (“RNG”), Verity and other businesses, is expected to make Gevo’s Adjusted EBITDA1 positive in 2025.
- CultivateAI Acquisition: Gevo acquired Cultivate Agricultural Intelligence, LLC (“CultivateAI”), which leverages drone and satellite-based imaging and GIS mapping to generate digital inventories for agriculture and land use, for its Verity business unit. We believe the integration of CultivateAI into the Verity platform will provide comprehensive, highest quality, data-driven solutions for carbon abatement in food, feed, fuels, and industrial markets, while simultaneously helping farmers improve their operations, sustainability, and profitability.
- Ethanol to Olefins (“ETO”) Patent: The U.S. Patent and Trademark Office has granted to Gevo two patents for its ETO process. This process is designed to improve the cost and yields of drop-in, bio-based hydrocarbon fuels and chemicals from ethanol, and adds to Gevo’s global portfolio of more than 300 patents, as well as proprietary processes and know-how concerning processes to convert carbohydrates to hydrocarbons.
- Sale of Investment Tax Credits: Gevo announced the sale of Investment Tax Credits, monetizing Inflation Reduction Act (“IRA”) credits generated from the commercialization of its renewable natural gas (“RNG”) facility.
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1 Adjusted EBITDA is a non-GAAP measure calculated as earnings before interest, taxes, depreciation and amortization, inclusive of the value of monetizable tax credits such as 45-Q and 45-Z and excluding project development costs.
2024 Third Quarter Financial Highlights
- Ended the third quarter with cash, cash equivalents and restricted cash of
$292.9 million . - Combined revenue and interest and investment income was
$5.8 million for the third quarter of 2024. For the nine months ended September 30, 2024, combined revenue and interest and investment income was$23.8 million . - On a standalone basis, our RNG subsidiary generated revenue of
$2.0 million in the third quarter of 2024, consisting of RNG sales of 101,101 MMBtu for$0.2 million and$1.8 million of net proceeds from sales of environmental attributes. This revenue decreased relative to the same period in 2023, primarily due to lower sales of environmental attributes as a result of a buildup of environmental attribute inventory. The buildup of inventory is in anticipation of receiving the final pathway approval under the LCFS Program, which we expect to result in a lower carbon intensity (“CI”) score and result in a potentially higher value when the inventory is released and sold. This CI pathway approval is anticipated during the first quarter of 2025. - Loss from operations of
$24.0 million for the third quarter. - Non-GAAP adjusted EBITDA loss2 of
$16.7 million for the third quarter. - Investment Tax Credit sale proceeds of
$15.3 million are reflected in the Statement of Cash Flows, Investing Activities, as a capital-related items, net of adjustments. - On a standalone basis, our RNG subsidiary generated standalone GAAP loss from operations of
$2.8 million , and non-GAAP adjusted EBITDA loss2 of$1.2 million for the third quarter. - Net loss per share of
$0.09 for the third quarter.
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2 Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation to GAAP loss from operations. A reconciliation of adjusted EBITDA to GAAP loss from operations is provided in the financial statement tables following this release. Adjusted EBITDA was referred to as “cash EBITDA” in previous periods.
Management Comment
Lynn Smull, Gevo’s Chief Financial Officer, commented, “Securing the DOE's
Dr. Patrick Gruber, Gevo’s Chief Executive Officer, added, “Everything we do is tied together by the concept of carbon abatement as a means to create value in the clean energy market sector, profit for the company, and value for our shareholders. The progress on Net-Zero business systems, which include NZ1 and the Red Trail Energy asset acquisition, underscores our commitment to developing our businesses to abate carbon and serving enormous, growing markets. Our advancements in areas like Verity, with our CultivateAI acquisition, reflect our commitment to creating resilient value chains that support carbon abatement from field to flight, in the case of SAF, but also for other fuels, chemicals and food chains. In the Net-Zero business system, it is all about making products that people value, and doing it profitably, just like any other business. There is more, though. It’s also about rural economic development, energy security, creation of jobs, and rewarding farmers. Overall, it’s all about carbon abatement across the whole of the supply chain, while everyone in the supply chain benefits economically.”
2024 Third Quarter Financial Results
Operating revenue. During the three months ended September 30, 2024, operating revenue decreased
Cost of production. Cost of production remained flat during the three months ended September 30, 2024, compared to the three months ended September 30, 2023.
Depreciation and amortization. Depreciation and amortization decreased
Research and development expense. Research and development expenses decreased
General and administrative expense. General and administrative expense increased
Project development costs. Project development costs are primarily related to our 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 the care and maintenance of our Luverne Facility. Facility idling costs decreased
Loss from operations. The Company’s loss from operations increased
Interest expense. Interest expense increased
Interest and investment income. Interest and investment income decreased
Other income (expense), net. Other income (expense), net remained flat for the three months ended September 30, 2024, compared to the three months ended September 30, 2023.
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/BId0c13b561f9d442ba7211ad0cbc56dbc. 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/ggx3po5y.
A webcast replay will be available two hours after the conference call ends on November 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 convert renewable energy and biogenic carbon into sustainable fuels and chemicals with a net-zero or better carbon footprint. Gevo’s innovative technology can be used to make a variety of products, including SAF, motor fuels, chemicals, and other materials. Gevo’s business model includes developing, financing, and operating production facilities for these renewable fuels and other products. It currently runs one of the largest dairy-based RNG facilities in the United States. It also owns the world’s first production facility for specialty alcohol-to-jet (“ATJ”) fuels and chemicals. Gevo emphasizes the importance of sustainability by tracking and verifying the carbon footprint of its business systems through its Verity subsidiary.
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 financing and the timing of our NZ1 project, the agreement with LG Chem, the DOE loan guarantee process, the Red Trail Energy acquisition and timing of its closing, the successful integration of the CultivateAI acquisition, the success and revenue of Verity, the success of our ETO business, 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 adjusted EBITDA. Non-GAAP adjusted EBITDA excludes depreciation and amortization, allocated intercompany expenses for shared service functions, 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. Condensed Consolidated Balance Sheets (Unaudited, in thousands, except share and per share amounts) | |||||||
| September 30, 2024 | December 31, 2023 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 223,227 | $ | 298,349 | |||
| Restricted cash | 1,489 | 77,248 | |||||
| Trade accounts receivable, net | 1,411 | 2,623 | |||||
| Inventories | 5,846 | 3,809 | |||||
| Prepaid expenses and other current assets | 4,659 | 4,353 | |||||
| Total current assets | 236,632 | 386,382 | |||||
| Property, plant and equipment, net | 219,804 | 211,563 | |||||
| Restricted cash | 68,155 | — | |||||
| Operating right-of-use assets | 1,149 | 1,324 | |||||
| Finance right-of-use assets | 2,236 | 210 | |||||
| Intangible assets, net | 8,548 | 6,524 | |||||
| Goodwill | 3,742 | — | |||||
| Deposits and other assets | 63,524 | 44,319 | |||||
| Total assets | $ | 603,790 | $ | 650,322 | |||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 26,396 | $ | 22,752 | |||
| Operating lease liabilities | 351 | 532 | |||||
| Finance lease liabilities | 1,873 | 45 | |||||
| Loans payable | 53 | 130 | |||||
| 2021 Bonds payable, net | — | 67,967 | |||||
| Total current liabilities | 28,673 | 91,426 | |||||
| Remarketed Bonds payable, net | 66,902 | — | |||||
| Loans payable | — | 21 | |||||
| Operating lease liabilities | 1,051 | 1,299 | |||||
| Finance lease liabilities | 613 | 187 | |||||
| Other long-term liabilities | 1,830 | — | |||||
| Total liabilities | 99,069 | 92,933 | |||||
| Stockholders' Equity | |||||||
| Common stock, | 2,394 | 2,405 | |||||
| Additional paid-in capital | 1,284,957 | 1,276,581 | |||||
| Accumulated deficit | (782,630 | ) | (721,597 | ) | |||
| Total stockholders' equity | 504,721 | 557,389 | |||||
| Total liabilities and stockholders' equity | $ | 603,790 | $ | 650,322 | |||
| Gevo, Inc. Condensed Consolidated Statements of Operations (Unaudited, in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Total operating revenues | $ | 1,965 | $ | 4,528 | $ | 11,215 | $ | 12,826 | |||||||
| Operating expenses: | |||||||||||||||
| Cost of production | 2,544 | 2,480 | 8,554 | 8,836 | |||||||||||
| Depreciation and amortization | 3,494 | 4,994 | 12,222 | 14,323 | |||||||||||
| Research and development expense | 1,113 | 1,558 | 4,302 | 4,716 | |||||||||||
| General and administrative expense | 11,679 | 10,522 | 35,342 | 31,891 | |||||||||||
| Project development costs | 6,593 | 4,789 | 19,648 | 10,635 | |||||||||||
| Facility idling costs | 550 | 911 | 2,325 | 2,923 | |||||||||||
| Total operating expenses | 25,973 | 25,254 | 82,393 | 73,324 | |||||||||||
| Loss from operations | (24,008 | ) | (20,726 | ) | (71,178 | ) | (60,498 | ) | |||||||
| Other income (expense) | |||||||||||||||
| Interest expense | (1,107 | ) | (540 | ) | (2,762 | ) | (1,615 | ) | |||||||
| Interest and investment income | 3,843 | 5,261 | 12,579 | 14,083 | |||||||||||
| Other income, net | 116 | 305 | 328 | 292 | |||||||||||
| Total other income, net | 2,852 | 5,026 | 10,145 | 12,760 | |||||||||||
| Net loss | $ | (21,156 | ) | $ | (15,700 | ) | $ | (61,033 | ) | $ | (47,738 | ) | |||
| Net loss per share - basic and diluted | $ | (0.09 | ) | $ | (0.07 | ) | $ | (0.25 | ) | $ | (0.20 | ) | |||
| Weighted-average number of common shares outstanding - basic and diluted | 239,445,900 | 239,537,811 | 239,767,047 | 238,100,986 | |||||||||||
| Gevo, Inc. Condensed Consolidated Statements of Comprehensive Loss (Unaudited, in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Net loss | $ | (21,156 | ) | $ | (15,700 | ) | $ | (61,033 | ) | $ | (47,738 | ) | |||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized gain (loss) on available-for-sale securities | — | — | — | 1,040 | |||||||||||
| Comprehensive loss | $ | (21,156 | ) | $ | (15,700 | ) | $ | (61,033 | ) | $ | (46,698 | ) | |||
| Gevo, Inc. Condensed Consolidated Statements of Stockholders’ Equity (Unaudited, in thousands, except share amounts) | ||||||||||||||||||||||
| For the Nine Months Ended September 30, 2024 and 2023 | ||||||||||||||||||||||
| Common Stock | Accumulated Other | Accumulated | Stockholders’ | |||||||||||||||||||
| Shares | Amount | Paid-In Capital | Comprehensive Loss | Deficit | Equity | |||||||||||||||||
| Balance, December 31, 2023 | 240,499,833 | $ | 2,405 | $ | 1,276,581 | $ | — | $ | (721,597 | ) | $ | 557,389 | ||||||||||
| Non-cash stock-based compensation | — | — | 12,485 | — | — | 12,485 | ||||||||||||||||
| Stock-based awards and related share issuances, net | 6,015,823 | 60 | 481 | — | — | 541 | ||||||||||||||||
| Repurchase of common stock | (7,190,006 | ) | (72 | ) | (4,638 | ) | — | — | (4,710 | ) | ||||||||||||
| Issuance of common stock upon exercise of warrants | 81,798 | 1 | 48 | — | — | 49 | ||||||||||||||||
| Net loss | — | — | — | — | (61,033 | ) | (61,033 | ) | ||||||||||||||
| Balance, September 30, 2024 | 239,407,448 | $ | 2,394 | $ | 1,284,957 | $ | — | $ | (782,630 | ) | $ | 504,721 | ||||||||||
| 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 | ||||||||||
| Gevo, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited, in thousands) | |||||||
| Nine Months Ended September 30, | |||||||
| 2024 | 2023 | ||||||
| Operating Activities | |||||||
| Net loss | $ | (61,033 | ) | $ | (47,738 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Stock-based compensation | 12,485 | 12,752 | |||||
| Depreciation and amortization | 12,222 | 14,323 | |||||
| Amortization of marketable securities discount | — | (102 | ) | ||||
| Other noncash expense | 1,847 | 655 | |||||
| Changes in operating assets and liabilities, net of effects of acquisition: | |||||||
| Accounts receivable | 1,417 | (1,766 | ) | ||||
| Inventories | (1,542 | ) | 1,137 | ||||
| Prepaid expenses and other current assets, deposits and other assets | (10,750 | ) | (816 | ) | |||
| Accounts payable, accrued expenses and non-current liabilities | 6,814 | 427 | |||||
| Net cash used in operating activities | (38,540 | ) | (21,128 | ) | |||
| Investing Activities | |||||||
| Acquisitions of property, plant and equipment | (36,459 | ) | (61,413 | ) | |||
| Proceeds from sale of investment tax credit | 15,336 | — | |||||
| Payment of earnest money deposit | (10,000 | ) | — | ||||
| Acquisition of CultivateAI, net | (6,070 | ) | — | ||||
| Proceeds from maturity of marketable securities | — | 168,550 | |||||
| Proceeds from sale of property, plant and equipment | — | 34 | |||||
| Net cash (used in) provided by investing activities | (37,193 | ) | 107,171 | ||||
| Financing Activities | |||||||
| Proceeds from issuance of Remarketed Bonds, net | 68,155 | — | |||||
| Extinguishment of 2021 Bonds, net | (68,155 | ) | — | ||||
| Payment of debt offering costs | (1,665 | ) | — | ||||
| Proceeds from the exercise of warrants | 49 | — | |||||
| Payment of loans payable | (89 | ) | (128 | ) | |||
| Payment of finance lease liabilities | (578 | ) | (22 | ) | |||
| Repurchases of common stock | (4,710 | ) | — | ||||
| Net cash used in financing activities | (6,993 | ) | (150 | ) | |||
| Net (decrease) increase in cash and cash equivalents | (82,726 | ) | 85,893 | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 375,597 | 315,376 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 292,871 | $ | 401,269 | |||
| Gevo, Inc. Reconciliation of GAAP to Non-GAAP Financial Information (Unaudited, in thousands) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated): | |||||||||||||||
| Loss from operations | $ | (24,008 | ) | $ | (20,726 | ) | $ | (71,178 | ) | $ | (60,498 | ) | |||
| Depreciation and amortization | 3,494 | 4,994 | 12,222 | 14,323 | |||||||||||
| Stock-based compensation | 3,786 | 4,132 | 12,485 | 12,752 | |||||||||||
| Non-GAAP adjusted EBITDA (loss) (Consolidated) | $ | (16,728 | ) | $ | (11,600 | ) | $ | (46,471 | ) | $ | (33,423 | ) | |||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Non-GAAP Adjusted EBITDA (Gevo NW Iowa RNG): | |||||||||||||||
| Loss from operations | $ | (2,832 | ) | $ | (1,120 | ) | $ | (5,263 | ) | $ | (6,382 | ) | |||
| Depreciation and amortization | 672 | 1,914 | 3,347 | 5,099 | |||||||||||
| Allocated intercompany expenses for shared service functions | 890 | 890 | 2,671 | 2,671 | |||||||||||
| Stock-based compensation | 48 | 18 | 125 | 59 | |||||||||||
| Non-GAAP adjusted EBITDA (loss) (Gevo NW Iowa RNG) | $ | (1,222 | ) | $ | 1,702 | $ | 880 | $ | 1,447 | ||||||
Media Contact
Heather Manuel
VP of Stakeholder Engagement & Partnerships
PR@gevo.com
Investor Contact
Eric Frey, PhD
Vice President of Finance & Strategy
IR@Gevo.com
FAQ
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