Vertex Energy Announces Second Quarter 2024 Results
Vertex Energy (NASDAQ:VTNR) reported its Q2 2024 results, highlighting operational challenges and financial strain. Key points include:
- Net loss of ($53.8) million, or ($0.58) per share
- Adjusted EBITDA of ($22.4) million, down from $18.6 million in Q1 2024
- Conventional refinery throughput of 67,758 barrels per day
- Secured new loans totaling $35 million to enhance liquidity
- Appointed Seth Bullock as Chief Restructuring Officer
- Paused renewable fuels production and redirecting hydrocracker to conventional fuels
The company faces challenges due to weakening gasoline and diesel demand, resulting in a 28% decrease in crack spreads compared to Q1 2024. Vertex is focusing on managing liquidity, reducing operating costs, and improving margins in the difficult macro-economic environment.
Vertex Energy (NASDAQ:VTNR) ha riportato i risultati del secondo trimestre del 2024, evidenziando sfide operative e pressioni finanziarie. I punti chiave includono:
- Perdita netta di (53,8) milioni di dollari, ovvero (0,58) dollari per azione
- EBITDA rettificato di (22,4) milioni di dollari, in calo rispetto ai 18,6 milioni di dollari del primo trimestre del 2024
- Capacità di raffinazione convenzionale di 67.758 barili al giorno
- Ottenuti nuovi prestiti per un totale di 35 milioni di dollari per migliorare la liquidità
- Nominato Seth Bullock come Chief Restructuring Officer
- Sospesa la produzione di biocarburanti e reindirizzato l'idrotrattore verso i carburanti convenzionali
L'azienda affronta sfide a causa del ridotto demand di benzina e diesel, che ha portato a una diminuzione del 28% degli spread di crack rispetto al primo trimestre del 2024. Vertex si concentra sulla gestione della liquidità, sulla riduzione dei costi operativi e sul miglioramento dei margini in un difficile contesto macroeconomico.
Vertex Energy (NASDAQ:VTNR) informó sobre sus resultados del segundo trimestre de 2024, destacando desafíos operativos y tensión financiera. Los puntos clave incluyen:
- Pérdida neta de (53,8) millones de dólares, o (0,58) dólares por acción
- EBITDA ajustado de (22,4) millones de dólares, una disminución desde los 18,6 millones de dólares en el primer trimestre de 2024
- A través de una refinería convencional de 67.758 barriles por día
- Asegurados nuevos préstamos por un total de 35 millones de dólares para mejorar la liquidez
- Nombrado a Seth Bullock como Director de Reestructuración
- Se ha pausado la producción de combustibles renovables y se está redirigiendo el hidrocrack hacia combustibles convencionales
La empresa enfrenta desafíos debido a la debilitante demanda de gasolina y diésel, lo que resulta en una disminución del 28% en los márgenes de crack en comparación con el primer trimestre de 2024. Vertex se enfoca en gestionar la liquidez, reducir costos operativos y mejorar los márgenes en el difícil entorno macroeconómico.
버텍스 에너지 (NASDAQ:VTNR)는 2024년 2분기 실적을 발표하며 운영상의 어려움과 재정적 압박을 강조했습니다. 주요 사항은 다음과 같습니다:
- 순손실 (5,380만 달러), 주당 (0.58달러)
- 조정된 EBITDA (2,240만 달러), 2024년 1분기의 1,860만 달러에서 감소
- 전통적 정유소를 통한 처리량 67,758배럴/일
- 유동성을 향상시키기 위해 총 3,500만 달러의 신규 대출 확보
- 세스 불록을 최고 재구성 책임자로 임명
- 재생 가능 연료 생산 중단 및 기존 연료로의 수소화 처리기 전환
회사들은 휘발유와 디젤 수요 약화로 인해 2024년 1분기 대비 크랙 스프레드가 28% 감소하는 어려움에 직면하고 있습니다. 버텍스는 유동성 관리, 운영 비용 절감 및 힘든 거시경제 환경 속에서의 마진 개선에 집중하고 있습니다.
Vertex Energy (NASDAQ:VTNR) a annoncé ses résultats du deuxième trimestre 2024, mettant en évidence des défis opérationnels et des pressions financières. Les points clés incluent:
- Perte nette de (53,8) millions de dollars, soit (0,58) dollars par action
- EBITDA ajusté de (22,4) millions de dollars, en baisse par rapport à 18,6 millions de dollars au premier trimestre 2024
- Débit de la raffinerie conventionnelle de 67 758 barils par jour
- Nouveaux prêts sécurisés totalisant 35 millions de dollars pour améliorer la liquidité
- Nommer Seth Bullock en tant que Directeur de la restructuration
- Production de carburants renouvelables suspendue et redirection du craqueur vers des carburants conventionnels
L'entreprise fait face à des défis en raison de la faiblesse de la demande de gazole et d'essence, entraînant une diminution de 28 % des spreads de crack par rapport au premier trimestre 2024. Vertex se concentre sur la gestion de la liquidité, la réduction des coûts d'exploitation et l'amélioration des marges dans un environnement macroéconomique difficile.
Vertex Energy (NASDAQ:VTNR) hat seine Ergebnisse für das 2. Quartal 2024 veröffentlicht und betont dabei operative Herausforderungen sowie finanzielle Belastungen. Die wesentlichen Punkte umfassen:
- Nettoverlust von (53,8) Millionen Dollar, bzw. (0,58) Dollar pro Aktie
- Bereinigtes EBITDA von (22,4) Millionen Dollar, rückläufig von 18,6 Millionen Dollar im 1. Quartal 2024
- Durchsatz der konventionellen Raffinerie von 67.758 Barrel pro Tag
- Gesicherte neue Kredite in Höhe von 35 Millionen Dollar, um die Liquidität zu erhöhen
- Seth Bullock wurde zum Chief Restructuring Officer ernannt
- Produktion von erneuerbaren Kraftstoffen eingestellt und Wasserstoffcracker auf konventionelle Kraftstoffe umgelenkt
Das Unternehmen steht vor Herausforderungen aufgrund der schwindenden Nachfrage nach Benzin und Diesel, was zu einem Rückgang der Crack-Spreads um 28% im Vergleich zum 1. Quartal 2024 geführt hat. Vertex konzentriert sich darauf, die Liquidität zu steuern, die Betriebskosten zu senken und die Margen in einem schwierigen makroökonomischen Umfeld zu verbessern.
- Secured new loans totaling $35 million to enhance liquidity
- Decreased selling, general and administrative expense by 6% compared to Q1 2024 and 12% compared to Q2 2023
- Completed running all renewable feedstock and began optimizing Mobile Refinery hydrocracker capacity from renewable diesel to conventional fuels
- Conventional refinery throughput increased to 67,758 barrels per day in Q2 2024
- Reported net loss of ($53.8) million, or ($0.58) per fully-diluted share
- Adjusted EBITDA decreased to ($22.4) million from $18.6 million in Q1 2024
- 28% decrease in crack spreads compared to Q1 2024
- Conventional fuel gross margin decreased to $35.0 million ($5.67 per barrel) from $73.6 million ($12.63 per barrel) in Q1 2024
- Renewable diesel facility operations generated a gross loss of ($11.8) million
Insights
Vertex Energy's Q2 2024 results paint a concerning picture for investors. The company reported a
The decision to pause renewable fuel production and pivot back to conventional fuels is a strategic move, but it comes with execution risks. While this may help capture better margins in the short term, it raises questions about the company's long-term commitment to renewable energy.
Liquidity is a major concern, with Vertex securing additional loans and appointing a Chief Restructuring Officer. The
Vertex's operational performance at the Mobile Refinery shows some resilience, with conventional throughput increasing to 67,758 bpd in Q2 2024. However, the
The pivot from renewable diesel to conventional fuels is a pragmatic response to market conditions. However, it's worth noting that this shift comes at a time when many refiners are increasing their renewable capabilities. Vertex's ability to quickly adapt its hydrocracker demonstrates operational flexibility, but it may position the company against the broader industry trend towards renewables.
The planned conversion of the hydrocracker back to conventional service by Q4 2024 could potentially improve margins, but success will heavily depend on market conditions and crack spread recovery.
Vertex's Q2 results reflect broader market challenges, particularly weakening gasoline and diesel demand. This trend could persist, potentially impacting the company's strategy to focus on conventional fuels. The
The appointment of Seth Bullock as Chief Restructuring Officer signals a serious approach to navigating financial challenges. His experience could be valuable in improving liquidity management and operational efficiency. However, this move also underscores the severity of Vertex's financial situation.
Investor sentiment may be cautious given the net loss and negative EBITDA. The company's ability to execute its pivot strategy and improve financial performance in the coming quarters will be critical for regaining market confidence. The
The Company will host a conference call to discuss second quarter 2024 results today, at 9:00 A.M. Eastern Time. Details regarding the conference call are included at the end of this release.
Highlights for the second quarter of 2024 and through the date of this press release include:
-
Secured new
and$15 million loans, as previously disclosed, enhancing the Company’s liquidity;$20 million - Modified certain terms and conditions of the current term loan agreement and appointed Seth Bullock as Chief Restructuring Officer;
-
Continued safe operation of the Company’s
Mobile, Alabama refinery (the “Mobile Refinery”) with second quarter 2024 conventional throughput of 67,758 barrels per day (bpd); -
Reported net loss attributable to the Company of
( , or ($53.8) million ) per fully-diluted share;$0.58 -
Recorded Adjusted EBITDA of
( driven by a$22.4) million 28% decrease in crack spreads compared to the first quarter of 2024; -
Decreased selling, general and administrative expense by
6% compared to the first quarter of 2024 and by12% compared to the second quarter of 2023; and - Completed running all renewable feedstock and began optimizing the Mobile Refinery hydrocracker capacity from renewable diesel to conventional fuels with expected contribution in Q4 2024.
Note: Schedules reconciling the Company’s generally accepted accounting principles in
Mr. Benjamin P. Cowart, Vertex’s Chief Executive Officer, stated, “We continued to demonstrate operational reliability for conventional refining and overall continued strong performance in safety. We saw a difficult crack spread environment driven by a weakening in gasoline and diesel demand in the second quarter that drove our Adjusted EBITDA lower. Consistent with the previously announced pause and pivot strategy, Vertex successfully processed the remaining inventories of renewable feedstock and safely decommissioned the hydrotreater out of renewable service. The Company also continued to manage expenses, seeing moderate reductions in capital and fixed costs across the business.”
“Given continued near-term EBITDA and liquidity constraints, the Company continues its pursuit of strategic pathways, considering alternatives and exploring financing pathways to maximize value. This includes working with our lenders to secure additional
Mr. Cowart concluded, “We are focused on navigating through the recent lower crack spreads and continue to believe that the decision and execution to convert the hydrocracking unit to conventional fuels will help us toward accomplishing our strategic priorities for the second half of 2024 and into 2025.”
Total conventional throughput at the Mobile Refinery was 67,758 bpd in the second quarter of 2024. Total production of finished high-value, light products, such as gasoline, diesel, and jet fuel, represented approximately
The Mobile Refinery’s conventional operations generated a gross profit of
Total renewable throughput at the Mobile Renewable Diesel facility was 3,092 bpd in the second quarter of 2024. Total production of renewable diesel was 3,082 bpd reflecting a product yield of
The Mobile Renewable Diesel facility operations generated a gross loss of
Renewable Business Pause and Pivot
As previously announced, Vertex is pausing renewable fuels production and redirecting the hydrocracking unit to conventional fuels and products. The Company had a previously planned catalyst and maintenance turnaround scheduled for 2024. It will use that planned turnaround to load conventional catalyst and bring the unit out of turnaround in conventional service. In addition, the total cost of about
The Company has ceased renewable production and is on-schedule for the conversion of its Hydrocracker back to conventional service. This focus on the conventional business seeks to capture available margins in a more established market with an on-stream target of the fourth quarter of 2024.
Second Quarter 2024 Mobile Refinery Results Summary ($/millions unless otherwise noted)
Conventional Fuels Refinery |
1Q24 |
2Q24 |
2024 YTD |
|
|
|
|
|
|
Total Throughput (bpd) |
64,065 |
67,758 |
65,911 |
|
Total Throughput (MMbbl) |
5.83 |
6.17 |
12.00 |
|
Conventional Facility Capacity Utilization1 (%) |
|
|
|
|
|
|
|
|
|
Direct Opex Per Barrel ($/bbl) |
|
|
|
|
Fuel Gross Margin ($/MM) |
|
|
|
|
Fuel Gross Margin Per Barrel ($/bbl) |
|
|
|
|
|
|
|
|
|
Production Yield |
|
|
|
|
Gasoline (bpd) |
14,678 |
15,642 |
15,160 |
|
% Production |
|
|
|
|
ULSD (bpd) |
13,441 |
14,174 |
13,808 |
|
% Production |
|
|
|
|
Jet (bpd) |
12,595 |
14,848 |
13,722 |
|
% Production |
|
|
|
|
Total Finished Fuel Products (bpd) |
40,714 |
44,664 |
42,690 |
|
% Production |
|
|
|
|
Other2 (bpd) |
23,428 |
24,683 |
24,056 |
|
% Production |
|
|
|
|
Total Production (bpd) |
64,142 |
69,347 |
66,746 |
|
Total Production (MMbbl) |
5.84 |
6.31 |
12.15 |
|
|
|
|
||
Renewable Fuels Refinery |
1Q24 |
2Q24 |
2024 YTD |
|
|
|
|
|
|
Total Renewable Throughput (bpd) |
4,090 |
3,092 |
3,591 |
|
Total Renewable Throughput (MMbbl) |
0.37 |
0.28 |
0.65 |
|
Renewable Diesel Facility Capacity Utilization3 (%) |
|
|
|
|
|
|
|
|
|
Direct Opex Per Barrel ($/bbl) |
|
|
|
|
Renewable Fuel Gross Margin |
|
|
|
|
Renewable Fuel Gross Margin Per Barrel ($/bbl) |
|
16.08 |
|
|
|
|
|
|
|
Renewable Diesel Production (bpd) |
4,003 |
3,082 |
3,543 |
|
Renewable Diesel Production (MMbbl) |
0.36 |
0.28 |
0.64 |
|
Renewable Diesel Production Yield (%) |
|
|
|
|
1) Assumes 75,000 barrels per day of conventional operational capacity 2) Other includes naphtha, intermediates, and LNG 3) Assumes 8,000 barrels per day of renewable fuels operational capacity |
Second Quarter 2024 Financial Update
Vertex reported second quarter 2024 net loss attributable to the Company of
Balance Sheet and Liquidity Update
As of June 30, 2024, Vertex had total debt outstanding of
As previously disclosed, on July 24, 2024 the Company reached an agreement with its senior lenders to modify certain terms and conditions of the current term loan agreement and agreed to provide a term loan in the amount of
Vertex management continuously monitors current market conditions to assess expected cash generation and liquidity needs against its available cash position, using the forward crack spreads in the market. Additionally, the Company continues to evaluate strategic financial opportunities seeking further enhancements to its current liquidity position.
Management Outlook
All guidance presented below is current as of the time of this release and is subject to change. All prior financial guidance should no longer be relied upon.
Conventional Fuels |
3Q 2024 |
||
Operational: |
Low |
|
High |
Mobile Refinery Conventional Throughput Volume (Mbpd) |
55.0 |
|
60.0 |
Capacity Utilization |
|
|
|
Production Yield Profile: |
|
|
|
Percentage Finished Products1 |
|
|
|
Intermediate & Other Products2 |
|
|
|
|
|
|
|
Financial Guidance: |
Low |
|
High |
Direct Operating Expense ($/bbl) |
|
|
|
Capital Expenditures ($/MM) |
|
|
|
1) Finished products include gasoline, ULSD, and Jet A |
|||
2) Intermediate & Other products include Vacuum Gas Oil (VGO), Liquified Petroleum Gases (LPGs), and Vacuum Tower Bottoms (VTBs) |
CONFERENCE CALL AND WEBCAST DETAILS
A conference call will be held today, August 8, 2024, at 9:00 A.M. Eastern Time to review the Company’s financial results, discuss recent events. An audio webcast of the conference call and accompanying presentation materials will also be available in the “Events and Presentation” section of Vertex’s website at www.vertexenergy.com. To listen to a live broadcast, visit the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.
To participate in the live teleconference:
Domestic: (888) 350-3870
International: (646) 960-0308
Conference ID: 8960754
A replay of the teleconference will be available in the “Events and Presentation” section of Vertex’s website at www.vertexenergy.com for up to one year following the conference call.
ABOUT VERTEX ENERGY
Vertex Energy is a leading energy transition company that specializes in producing high-purity refined fuels and products. Our innovative solutions are designed to enhance the performance of our customers and partners while also prioritizing sustainability, safety, and operational excellence. With a commitment to providing superior products and services, Vertex Energy is dedicated to shaping the future of the energy industry.
FORWARD-LOOKING STATEMENTS
Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the Company’s projected Outlook for the third quarter of 2024, the costs associated with, and outcome of the Company’s plans to optimize conventional fuel and renewable diesel production moving forward; statements concerning: the Company’s engagement of BofA Securities, Inc., as previously disclosed; the review and evaluation of potential joint ventures, divestitures, acquisitions, mergers, business combinations, or other strategic transactions, the outcome of such review, and the impact on any such transactions, or the review thereof, and their impact on shareholder value; the process by which the Company engages in evaluation of strategic transactions; the Company’s ability to identify potential partners; the outcome of potential future strategic transactions and the terms thereof; potential restructuring of the Company, its operations, financials, debts and assets; the future production of the Company’s Mobile Refinery; anticipated and unforeseen events which could reduce future production at the refinery or delay future capital projects, and changes in commodity and credit values; throughput volumes, production rates, yields, operating expenses and capital expenditures at the Mobile Refinery; the ability of the Company to obtain low carbon fuel standard (LCFS) credits, and the amounts thereof; the need for additional capital in the future, including, but not limited to, in order to complete capital projects and satisfy liabilities, including to pay amounts owed under the Company’s outstanding term loan, the Company’s ability to raise such capital in the future, and the terms of such funding, including dilution caused thereby, and steps the Company may be required to take in the future if the Company is unable to raise additional capital, including potentially seeking bankruptcy protection; the timing of capital projects at the Company’s refinery located in
Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Vertex’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.
PROJECTIONS
The financial projections (the “Projections”) included herein were prepared by Vertex in good faith using assumptions believed to be reasonable. A significant number of assumptions about the operations of the business of Vertex were based, in part, on economic, competitive, and general business conditions prevailing at the time the Projections were developed. Any future changes in these conditions, may materially impact the ability of Vertex to achieve the financial results set forth in the Projections. The Projections are based on numerous assumptions, including realization of the operating strategy of Vertex; industry performance; no material adverse changes in applicable legislation or regulations, or the administration thereof, or generally accepted accounting principles; general business and economic conditions; competition; retention of key management and other key employees; absence of material contingent or unliquidated litigation, indemnity, or other claims; minimal changes in current pricing; static material and equipment pricing; no significant increases in interest rates or inflation; and other matters, many of which will be beyond the control of Vertex, and some or all of which may not materialize. The Projections also assume the continued uptime of the Company’s facilities at historical levels and the successful funding of, timely completion of, and successful outcome of, planned capital projects. Additionally, to the extent that the assumptions inherent in the Projections are based upon future business decisions and objectives, they are subject to change. Although the Projections are presented with numerical specificity and are based on reasonable expectations developed by Vertex’s management, the assumptions and estimates underlying the Projections are subject to significant business, economic, and competitive uncertainties and contingencies, many of which will be beyond the control of Vertex. Accordingly, the Projections are only estimates and are necessarily speculative in nature. It is expected that some or all of the assumptions in the Projections will not be realized and that actual results will vary from the Projections. Such variations may be material and may increase over time. In light of the foregoing, readers are cautioned not to place undue reliance on the Projections. The projected financial information contained herein should not be regarded as a representation or warranty by Vertex, its management, advisors, or any other person that the Projections can or will be achieved. Vertex cautions that the Projections are speculative in nature and based upon subjective decisions and assumptions. As a result, the Projections should not be relied on as necessarily predictive of actual future events.
NON-GAAP FINANCIAL MEASURES AND KEY PERFORMANCE INDICATORS
In addition to our results calculated under generally accepted accounting principles in
Each of the Non-
For more information on these non-GAAP financial measures and KPIs, please see the sections titled “Unaudited Reconciliation of Gross Profit (Loss) From Continued and Discontinued Operations to Adjusted Gross Margin, Fuel Gross Margin, Fuel Gross Margin Per Barrel of Throughput and Operating Expenses Per Barrel of Throughput”, “Unaudited Reconciliation of Adjusted EBITDA to Net loss from Continued and Discontinued Operations”, and “Unaudited Reconciliation of Long-Term Debt to Net Long-Term Debt and Net Leverage”, at the end of this release.
VERTEX ENERGY, INC. |
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(in thousands, except number of shares and par value) |
|||||||
(UNAUDITED) |
|||||||
|
June 30, 2024 |
|
December 31, 2023 |
||||
ASSETS |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
18,763 |
|
|
$ |
76,967 |
|
Restricted cash |
|
100 |
|
|
|
3,606 |
|
Accounts receivable, net |
|
80,526 |
|
|
|
36,164 |
|
Inventory |
|
126,319 |
|
|
|
182,120 |
|
Prepaid expenses and other current assets |
|
50,613 |
|
|
|
53,174 |
|
Total current assets |
|
276,321 |
|
|
|
352,031 |
|
|
|
|
|
||||
Fixed assets, net |
|
343,341 |
|
|
|
326,111 |
|
Finance lease right-of-use assets |
|
62,519 |
|
|
|
64,499 |
|
Operating lease right-of use assets |
|
76,370 |
|
|
|
96,394 |
|
Intangible assets, net |
|
9,773 |
|
|
|
11,541 |
|
Other assets |
|
4,044 |
|
|
|
4,048 |
|
TOTAL ASSETS |
$ |
772,368 |
|
|
$ |
854,624 |
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
36,484 |
|
|
$ |
75,004 |
|
Accrued expenses and other current liabilities |
|
137,043 |
|
|
|
73,636 |
|
Finance lease liability-current |
|
2,541 |
|
|
|
2,435 |
|
Operating lease liability-current |
|
12,524 |
|
|
|
20,296 |
|
Current portion of long-term debt, net |
|
197,235 |
|
|
|
16,362 |
|
Obligations under inventory financing agreements, net |
|
108,728 |
|
|
|
141,093 |
|
Total current liabilities |
|
494,555 |
|
|
|
328,826 |
|
|
|
|
|
||||
Long-term debt, net |
|
14,530 |
|
|
|
170,701 |
|
Finance lease liability-long-term |
|
64,918 |
|
|
|
66,206 |
|
Operating lease liability-long-term |
|
62,702 |
|
|
|
74,444 |
|
Deferred tax liabilities |
|
2,776 |
|
|
|
2,776 |
|
Derivative warrant liability |
|
1,961 |
|
|
|
9,907 |
|
Other liabilities |
|
1,377 |
|
|
|
1,377 |
|
Total liabilities |
|
642,819 |
|
|
|
654,237 |
|
|
|
|
|
||||
EQUITY |
|
|
|
||||
Common stock, |
|
94 |
|
|
|
94 |
|
Additional paid-in capital |
|
384,493 |
|
|
|
383,632 |
|
Accumulated deficit |
|
(258,886 |
) |
|
|
(187,379 |
) |
Total Vertex Energy, Inc. shareholders' equity |
|
125,701 |
|
|
|
196,347 |
|
Non-controlling interest |
|
3,848 |
|
|
|
4,040 |
|
Total equity |
|
129,549 |
|
|
|
200,387 |
|
TOTAL LIABILITIES AND EQUITY |
$ |
772,368 |
|
|
$ |
854,624 |
|
VERTEX ENERGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts) (UNAUDITED) |
||||||||||||||||
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Revenues |
|
$ |
750,061 |
|
|
$ |
734,893 |
|
|
$ |
1,445,387 |
|
|
$ |
1,426,035 |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
741,202 |
|
|
|
729,649 |
|
|
|
1,393,236 |
|
|
|
1,349,001 |
|
Depreciation and amortization attributable to costs of revenues |
|
|
8,613 |
|
|
|
6,630 |
|
|
|
16,799 |
|
|
|
10,967 |
|
Gross profit (loss) |
|
|
246 |
|
|
|
(1,386 |
) |
|
|
35,352 |
|
|
|
66,067 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses (exclusive of depreciation and amortization shown separately below) |
|
|
37,441 |
|
|
|
42,636 |
|
|
|
77,223 |
|
|
|
84,578 |
|
Depreciation and amortization attributable to operating expenses |
|
|
1,125 |
|
|
|
1,028 |
|
|
|
2,229 |
|
|
|
2,044 |
|
Total operating expenses |
|
|
38,566 |
|
|
|
43,664 |
|
|
|
79,452 |
|
|
|
86,622 |
|
Loss from operations |
|
|
(38,320 |
) |
|
|
(45,050 |
) |
|
|
(44,100 |
) |
|
|
(20,555 |
) |
Other income (expense): |
|
|
|
|
|
|
|
|
||||||||
Other income (expenses) |
|
|
520 |
|
|
|
(496 |
) |
|
|
(529 |
) |
|
|
1,156 |
|
Gain on change in value of derivative warrant liability |
|
|
1,680 |
|
|
|
9,600 |
|
|
|
8,338 |
|
|
|
415 |
|
Interest expense |
|
|
(17,725 |
) |
|
|
(77,536 |
) |
|
|
(35,408 |
) |
|
|
(90,013 |
) |
Total other expense |
|
|
(15,525 |
) |
|
|
(68,432 |
) |
|
|
(27,599 |
) |
|
|
(88,442 |
) |
Loss from continuing operations before income tax |
|
|
(53,845 |
) |
|
|
(113,482 |
) |
|
|
(71,699 |
) |
|
|
(108,997 |
) |
Income tax expense |
|
|
— |
|
|
|
28,688 |
|
|
|
— |
|
|
|
27,676 |
|
Loss from continuing operations |
|
|
(53,845 |
) |
|
|
(84,794 |
) |
|
|
(71,699 |
) |
|
|
(81,321 |
) |
Income from discontinued operations, net of tax (see note 22) |
|
|
— |
|
|
|
3,340 |
|
|
|
— |
|
|
|
53,680 |
|
Net loss |
|
|
(53,845 |
) |
|
|
(81,454 |
) |
|
|
(71,699 |
) |
|
|
(27,641 |
) |
Net loss attributable to non-controlling interest from continuing operations |
|
|
(72 |
) |
|
|
(53 |
) |
|
|
(192 |
) |
|
|
(103 |
) |
Net loss attributable to Vertex Energy, Inc. |
|
$ |
(53,773 |
) |
|
$ |
(81,401 |
) |
|
$ |
(71,507 |
) |
|
$ |
(27,538 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net income loss attributable to common shareholders from continuing operations |
|
$ |
(53,773 |
) |
|
$ |
(84,741 |
) |
|
$ |
(71,507 |
) |
|
$ |
(81,218 |
) |
Net income attributable to common shareholders from discontinued operations, net of tax |
|
|
— |
|
|
|
3,340 |
|
|
|
— |
|
|
|
53,680 |
|
Net loss attributable to common shareholders |
|
$ |
(53,773 |
) |
|
$ |
(81,401 |
) |
|
$ |
(71,507 |
) |
|
$ |
(27,538 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Basic loss per common share |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
(0.58 |
) |
|
$ |
(1.07 |
) |
|
$ |
(0.76 |
) |
|
$ |
(1.05 |
) |
Discontinued operations, net of tax |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.69 |
|
Basic loss per common share |
|
$ |
(0.58 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.76 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Diluted income (loss) per common share |
|
|
|
|
|
|
|
|
||||||||
Continuing operations |
|
$ |
(0.58 |
) |
|
$ |
(1.07 |
) |
|
$ |
(0.76 |
) |
|
$ |
(1.05 |
) |
Discontinued operations, net of tax |
|
|
— |
|
|
|
0.03 |
|
|
|
— |
|
|
|
0.69 |
|
Diluted income (loss) per common share |
|
$ |
(0.58 |
) |
|
$ |
(1.04 |
) |
|
$ |
(0.76 |
) |
|
$ |
(0.36 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Shares used in computing earnings per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
93,514 |
|
|
|
79,519 |
|
|
|
93,514 |
|
|
|
77,615 |
|
Diluted |
|
|
93,514 |
|
|
|
79,519 |
|
|
|
93,514 |
|
|
|
77,615 |
|
VERTEX ENERGY, INC. CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (in thousands, except par value) (UNAUDITED) |
|||||||||||||||||||
Six Months Ended June 30, 2024 |
|||||||||||||||||||
|
Common Stock |
|
|
|
|
|
|
|
|
||||||||||
|
Shares |
|
|
|
Additional
|
|
Accumulated
|
|
Non-
|
|
Total Equity |
||||||||
Balance on January 1, 2024 |
93,515 |
|
$ |
94 |
|
$ |
383,632 |
|
$ |
(187,379 |
) |
|
$ |
4,040 |
|
|
$ |
200,387 |
|
Stock based compensation expense |
— |
|
|
— |
|
|
431 |
|
|
— |
|
|
|
— |
|
|
|
431 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
(17,734 |
) |
|
|
(120 |
) |
|
|
(17,854 |
) |
Balance on March 31, 2024 |
93,515 |
|
|
94 |
|
|
384,063 |
|
|
(205,113 |
) |
|
|
3,920 |
|
|
|
182,964 |
|
Stock based compensation expense |
— |
|
|
— |
|
|
430 |
|
|
— |
|
|
|
— |
|
|
|
430 |
|
Net loss |
— |
|
|
— |
|
|
— |
|
|
(53,773 |
) |
|
|
(72 |
) |
|
|
(53,845 |
) |
Balance on June 30, 2024 |
93,515 |
|
$ |
94 |
|
$ |
384,493 |
|
$ |
(258,886 |
) |
|
$ |
3,848 |
|
|
$ |
129,549 |
|
Six Months Ended June 30, 2023 |
|||||||||||||||||||
|
Common Stock |
|
|
|
|
|
|
|
|
||||||||||
|
Shares |
|
|
|
Additional
|
|
Accumulated
|
|
Non-
|
|
Total Equity |
||||||||
Balance on January 1, 2023 |
75,670 |
|
$ |
76 |
|
$ |
279,552 |
|
$ |
(115,893 |
) |
|
$ |
1,685 |
|
|
$ |
165,420 |
|
Exercise of options |
166 |
|
|
— |
|
|
209 |
|
|
— |
|
|
|
— |
|
|
|
209 |
|
Stock based compensation expense |
— |
|
|
— |
|
|
365 |
|
|
— |
|
|
|
— |
|
|
|
365 |
|
Non-controlling shareholder contribution |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
980 |
|
|
|
980 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
53,863 |
|
|
|
(50 |
) |
|
|
53,813 |
|
Balance on March 31, 2023 |
75,836 |
|
|
76 |
|
|
280,126 |
|
|
(62,030 |
) |
|
|
2,615 |
|
|
|
220,787 |
|
Exercise of options |
195 |
|
|
— |
|
|
169 |
|
|
— |
|
|
|
— |
|
|
|
169 |
|
Stock based compensation expense |
— |
|
|
— |
|
|
368 |
|
|
— |
|
|
|
— |
|
|
|
368 |
|
Non-controlling shareholder contribution |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
490 |
|
|
|
490 |
|
Senior Note converted |
17,206 |
|
|
17 |
|
|
101,113 |
|
|
— |
|
|
|
— |
|
|
|
101,130 |
|
Net income (loss) |
— |
|
|
— |
|
|
— |
|
|
(81,401 |
) |
|
|
(53 |
) |
|
|
(81,454 |
) |
Balance on June 30, 2023 |
93,237 |
|
$ |
93 |
|
$ |
381,776 |
|
$ |
(143,431 |
) |
|
$ |
3,052 |
|
|
$ |
241,490 |
|
VERTEX ENERGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (UNAUDITED) |
|||||||
|
Six Months Ended |
||||||
|
June 30,
|
|
June 30,
|
||||
Cash flows from operating activities |
|
|
|
||||
Net loss |
$ |
(71,699 |
) |
|
$ |
(27,641 |
) |
Income from discontinued operations, net of tax |
|
— |
|
|
|
53,680 |
|
Loss from continuing operations |
|
(71,699 |
) |
|
|
(81,321 |
) |
Adjustments to reconcile loss from continuing operations to cash used in operating activities from continuing operations |
|
|
|
||||
Stock based compensation expense |
|
861 |
|
|
|
733 |
|
Depreciation and amortization |
|
19,028 |
|
|
|
13,011 |
|
Deferred income tax expense |
|
— |
|
|
|
(27,676 |
) |
Loss on lease modification |
|
35 |
|
|
|
— |
|
Loss (gain) on sale of assets |
|
684 |
|
|
|
(2 |
) |
Increase (decrease) in allowance for credit losses |
|
(704 |
) |
|
|
93 |
|
Decrease in fair value of derivative warrant liability |
|
(8,338 |
) |
|
|
(415 |
) |
Loss on commodity derivative contracts |
|
1,551 |
|
|
|
2,123 |
|
Net cash settlements on commodity derivatives contracts |
|
(1,547 |
) |
|
|
1,269 |
|
Amortization of debt discount and deferred costs |
|
9,416 |
|
|
|
70,948 |
|
Changes in operating assets and liabilities |
|
|
|
||||
Accounts receivable and other receivables |
|
(43,658 |
) |
|
|
(18,589 |
) |
Inventory |
|
55,801 |
|
|
|
(80,199 |
) |
Prepaid expenses and other current assets |
|
3,001 |
|
|
|
(16,546 |
) |
Accounts payable |
|
(38,518 |
) |
|
|
20,376 |
|
Accrued expenses |
|
53,183 |
|
|
|
5,932 |
|
Right-of use operating lease liabilities change |
|
475 |
|
|
|
— |
|
Other assets |
|
4 |
|
|
|
(1,090 |
) |
Net cash used in operating activities from continuing operations |
|
(20,425 |
) |
|
|
(111,353 |
) |
Cash flows from investing activities |
|
|
|
||||
Software purchase |
|
— |
|
|
|
(2,500 |
) |
Purchase of fixed assets |
|
(25,996 |
) |
|
|
(105,344 |
) |
Proceeds from sale of discontinued operations |
|
— |
|
|
|
92,034 |
|
Proceeds from sale of fixed assets |
|
2,584 |
|
|
|
5 |
|
Net cash used in investing activities from continuing operations |
|
(23,412 |
) |
|
|
(15,805 |
) |
Cash flows from financing activities |
|
|
|
||||
Payments on finance leases |
|
(1,187 |
) |
|
|
(908 |
) |
Proceeds from exercise of options and warrants to common stock |
|
— |
|
|
|
378 |
|
Contributions received from noncontrolling interest |
|
— |
|
|
|
1,470 |
|
Net change on inventory financing agreements |
|
(32,615 |
) |
|
|
43,657 |
|
Proceeds from note payable |
|
28,997 |
|
|
|
13,081 |
|
Payments on note payable |
|
(13,068 |
) |
|
|
(24,422 |
) |
Net cash provided by (used in) financing activities from continuing operations |
|
(17,873 |
) |
|
|
33,256 |
|
|
|
|
|
||||
Discontinued operations: |
|
|
|
||||
Net cash used in operating activities |
|
— |
|
|
|
(150 |
) |
Net cash used in discontinued operations |
|
— |
|
|
|
(150 |
) |
|
|
|
|
||||
Net decrease in cash, cash equivalents and restricted cash |
|
(61,710 |
) |
|
|
(94,052 |
) |
Cash, cash equivalents, and restricted cash at beginning of the period |
|
80,573 |
|
|
|
146,187 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
18,863 |
|
|
$ |
52,135 |
|
VERTEX ENERGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) (UNAUDITED) (Continued) |
||||||
|
Six Months Ended |
|||||
|
June 30,
|
|
June 30,
|
|||
|
|
|
|
|||
Cash and cash equivalents |
$ |
18,763 |
|
|
$ |
48,532 |
Restricted cash |
|
100 |
|
|
|
3,603 |
Cash and cash equivalents and restricted cash as shown in the consolidated statements of cash flows |
$ |
18,863 |
|
|
$ |
52,135 |
|
|
|
|
|||
SUPPLEMENTAL INFORMATION |
|
|
|
|||
Cash paid for interest |
$ |
27,772 |
|
|
$ |
24,755 |
Cash paid for taxes |
$ |
— |
|
|
$ |
— |
|
|
|
|
|||
NON-CASH INVESTING AND FINANCING TRANSACTIONS |
|
|
|
|||
Warrants issued with debt |
$ |
(392 |
) |
|
$ |
— |
Conversion of Convertible Senior Notes to common stock |
$ |
— |
|
|
$ |
79,948 |
ROU assets obtained from new finance leases |
$ |
16 |
|
|
$ |
23,990 |
ROU assets obtained from new operating leases |
$ |
1,084 |
|
|
$ |
38,945 |
ROU assets disposed under operating leases |
$ |
(9,747 |
) |
|
$ |
— |
Unaudited segment information for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands): |
||||||||||||||||
|
|
Three Months Ended June 30, 2024 |
||||||||||||||
|
|
Refining &
|
|
Black Oil &
|
|
Corporate and
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Refined products |
|
$ |
707,622 |
|
|
$ |
26,682 |
|
|
$ |
(1,892 |
) |
|
$ |
732,412 |
|
Re-refined products |
|
|
4,877 |
|
|
|
5,346 |
|
|
|
— |
|
|
|
10,223 |
|
Services |
|
|
4,504 |
|
|
|
2,922 |
|
|
|
— |
|
|
|
7,426 |
|
Total revenues |
|
|
717,003 |
|
|
|
34,950 |
|
|
|
(1,892 |
) |
|
|
750,061 |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
714,003 |
|
|
|
29,091 |
|
|
|
(1,892 |
) |
|
|
741,202 |
|
Depreciation and amortization attributable to costs of revenues |
|
|
6,945 |
|
|
|
1,668 |
|
|
|
— |
|
|
|
8,613 |
|
Gross profit (loss) |
|
|
(3,945 |
) |
|
|
4,191 |
|
|
|
— |
|
|
|
246 |
|
Selling, general and administrative expenses |
|
|
25,457 |
|
|
|
5,327 |
|
|
|
6,657 |
|
|
|
37,441 |
|
Depreciation and amortization attributable to operating expenses |
|
|
815 |
|
|
|
72 |
|
|
|
238 |
|
|
|
1,125 |
|
Loss from operations |
|
|
(30,217 |
) |
|
|
(1,208 |
) |
|
|
(6,895 |
) |
|
|
(38,320 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
— |
|
|
|
(56 |
) |
|
|
576 |
|
|
|
520 |
|
Gain on change in derivative liability |
|
|
— |
|
|
|
— |
|
|
|
1,680 |
|
|
|
1,680 |
|
Interest expense |
|
|
(5,353 |
) |
|
|
(141 |
) |
|
|
(12,231 |
) |
|
|
(17,725 |
) |
Total other expense |
|
|
(5,353 |
) |
|
|
(197 |
) |
|
|
(9,975 |
) |
|
|
(15,525 |
) |
Loss from continuing operations before income tax |
|
$ |
(35,570 |
) |
|
$ |
(1,405 |
) |
|
$ |
(16,870 |
) |
|
$ |
(53,845 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
$ |
9,102 |
|
|
$ |
2,168 |
|
|
$ |
— |
|
|
$ |
11,270 |
|
|
|
Three Months Ended June 30, 2023 |
||||||||||||||
|
|
Refining &
|
|
Black Oil &
|
|
Corporate and
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Refined products |
|
$ |
702,606 |
|
|
$ |
21,797 |
|
|
$ |
(2,411 |
) |
|
$ |
721,992 |
|
Re-refined products |
|
|
5,011 |
|
|
|
3,536 |
|
|
|
— |
|
|
|
8,547 |
|
Services |
|
|
3,802 |
|
|
|
552 |
|
|
|
— |
|
|
|
4,354 |
|
Total revenues |
|
|
711,419 |
|
|
|
25,885 |
|
|
|
(2,411 |
) |
|
|
734,893 |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
710,958 |
|
|
|
23,263 |
|
|
|
(4,572 |
) |
|
|
729,649 |
|
Depreciation and amortization attributable to costs of revenues |
|
|
5,568 |
|
|
|
1,062 |
|
|
|
— |
|
|
|
6,630 |
|
Gross profit (loss) |
|
|
(5,107 |
) |
|
|
1,560 |
|
|
|
2,161 |
|
|
|
(1,386 |
) |
Selling, general and administrative expenses |
|
|
32,969 |
|
|
|
4,504 |
|
|
|
5,163 |
|
|
|
42,636 |
|
Depreciation and amortization attributable to operating expenses |
|
|
822 |
|
|
|
38 |
|
|
|
168 |
|
|
|
1,028 |
|
Loss from operations |
|
|
(38,898 |
) |
|
|
(2,982 |
) |
|
|
(3,170 |
) |
|
|
(45,050 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
— |
|
|
|
(499 |
) |
|
|
3 |
|
|
|
(496 |
) |
Loss on change in derivative liability |
|
|
— |
|
|
|
— |
|
|
|
9,600 |
|
|
|
9,600 |
|
Interest expense |
|
|
(4,529 |
) |
|
|
(28 |
) |
|
|
(72,979 |
) |
|
|
(77,536 |
) |
Total other expense |
|
|
(4,529 |
) |
|
|
(527 |
) |
|
|
(63,376 |
) |
|
|
(68,432 |
) |
Loss from continuing operations before income tax |
|
$ |
(43,427 |
) |
|
$ |
(3,509 |
) |
|
$ |
(66,546 |
) |
|
$ |
(113,482 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
$ |
27,762 |
|
|
$ |
2,827 |
|
|
$ |
— |
|
|
$ |
30,589 |
|
|
|
Six Months Ended June 30, 2024 |
||||||||||||||
|
|
Refining &
|
|
Black Oil &
|
|
Corporate and
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Refined products |
|
$ |
1,358,381 |
|
|
$ |
58,406 |
|
|
$ |
(2,914 |
) |
|
$ |
1,413,873 |
|
Re-refined products |
|
|
8,744 |
|
|
|
10,561 |
|
|
|
— |
|
|
|
19,305 |
|
Services |
|
|
7,585 |
|
|
|
4,624 |
|
|
|
— |
|
|
|
12,209 |
|
Total revenues |
|
|
1,374,710 |
|
|
|
73,591 |
|
|
|
(2,914 |
) |
|
|
1,445,387 |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
1,336,978 |
|
|
|
59,172 |
|
|
|
(2,914 |
) |
|
|
1,393,236 |
|
Depreciation and amortization attributable to costs of revenues |
|
|
13,485 |
|
|
|
3,314 |
|
|
|
— |
|
|
|
16,799 |
|
Gross profit |
|
|
24,247 |
|
|
|
11,105 |
|
|
|
— |
|
|
|
35,352 |
|
Selling, general and administrative expenses |
|
|
51,604 |
|
|
|
10,724 |
|
|
|
14,895 |
|
|
|
77,223 |
|
Depreciation and amortization attributable to operating expenses |
|
|
1,608 |
|
|
|
144 |
|
|
|
477 |
|
|
|
2,229 |
|
Income (loss) from operations |
|
|
(28,965 |
) |
|
|
237 |
|
|
|
(15,372 |
) |
|
|
(44,100 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
|
||||||||
Other income (expense) |
|
|
(685 |
) |
|
|
(415 |
) |
|
|
571 |
|
|
|
(529 |
) |
Gain on change in derivative liability |
|
|
— |
|
|
|
— |
|
|
|
8,338 |
|
|
|
8,338 |
|
Interest expense |
|
|
(10,100 |
) |
|
|
(237 |
) |
|
|
(25,071 |
) |
|
|
(35,408 |
) |
Total other expense |
|
|
(10,785 |
) |
|
|
(652 |
) |
|
|
(16,162 |
) |
|
|
(27,599 |
) |
Loss from continuing operations before income tax |
|
$ |
(39,750 |
) |
|
$ |
(415 |
) |
|
$ |
(31,534 |
) |
|
$ |
(71,699 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
$ |
20,401 |
|
|
$ |
5,595 |
|
|
$ |
— |
|
|
$ |
25,996 |
|
|
|
Six Months Ended June 30, 2023 |
||||||||||||||
|
|
Refining &
|
|
Black Oil &
|
|
Corporate and
|
|
Total |
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Refined products |
|
$ |
1,356,166 |
|
|
$ |
51,220 |
|
|
$ |
(5,143 |
) |
|
$ |
1,402,243 |
|
Re-refined products |
|
|
8,847 |
|
|
|
7,947 |
|
|
|
— |
|
|
|
16,794 |
|
Services |
|
|
5,734 |
|
|
|
1,264 |
|
|
|
— |
|
|
|
6,998 |
|
Total revenues |
|
|
1,370,747 |
|
|
|
60,431 |
|
|
|
(5,143 |
) |
|
|
1,426,035 |
|
Cost of revenues (exclusive of depreciation and amortization shown separately below) |
|
|
1,300,770 |
|
|
|
53,681 |
|
|
|
(5,450 |
) |
|
|
1,349,001 |
|
Depreciation and amortization attributable to costs of revenues |
|
|
8,862 |
|
|
|
2,105 |
|
|
|
— |
|
|
|
10,967 |
|
Gross profit |
|
|
61,115 |
|
|
|
4,645 |
|
|
|
307 |
|
|
|
66,067 |
|
Selling, general and administrative expenses |
|
|
59,455 |
|
|
|
9,303 |
|
|
|
15,820 |
|
|
|
84,578 |
|
Depreciation and amortization attributable to operating expenses |
|
|
1,630 |
|
|
|
76 |
|
|
|
338 |
|
|
|
2,044 |
|
Income (loss) from operations |
|
|
30 |
|
|
|
(4,734 |
) |
|
|
(15,851 |
) |
|
|
(20,555 |
) |
Other income (expenses) |
|
|
|
|
|
|
|
|
||||||||
Other income |
|
|
— |
|
|
|
1,156 |
|
|
|
— |
|
|
|
1,156 |
|
Loss on change in derivative liability |
|
|
— |
|
|
|
— |
|
|
|
415 |
|
|
|
415 |
|
Interest expense |
|
|
(8,405 |
) |
|
|
(85 |
) |
|
|
(81,523 |
) |
|
|
(90,013 |
) |
Total other income (expense) |
|
|
(8,405 |
) |
|
|
1,071 |
|
|
|
(81,108 |
) |
|
|
(88,442 |
) |
Loss from continuing operations before income tax |
|
$ |
(8,375 |
) |
|
$ |
(3,663 |
) |
|
$ |
(96,959 |
) |
|
$ |
(108,997 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Capital expenditures |
|
$ |
97,670 |
|
|
$ |
7,674 |
|
|
$ |
— |
|
|
$ |
105,344 |
|
Unaudited Reconciliation of Gross Profit (Loss) From Continued and Discontinued Operations to Adjusted Gross Margin, Fuel Gross Margin, Fuel Gross Margin Per Barrel of Throughput and Operating Expenses Per Barrel of Throughput. |
|||||||||
Three Months Ended June 30, 2024 |
|||||||||
In thousands |
Conventional |
Renewable |
Mobile Refinery
|
||||||
Gross profit |
$ |
6,407 |
|
$ |
(11,847 |
) |
$ |
(5,440 |
) |
Unrealized (gain) loss on hedging activities |
|
353 |
|
|
(302 |
) |
|
51 |
|
Inventory valuation adjustments |
|
3,233 |
|
|
2,524 |
|
|
5,757 |
|
Adjusted gross margin |
$ |
9,993 |
|
$ |
(9,625 |
) |
$ |
368 |
|
Variable production costs attributable to cost of revenues |
|
19,671 |
|
|
12,182 |
|
|
31,853 |
|
Depreciation and amortization attributable to cost of revenues |
|
2,960 |
|
|
3,933 |
|
|
6,893 |
|
RINs |
|
9,099 |
|
|
- |
|
|
9,099 |
|
Realized (gain) loss on hedging activities |
|
(56 |
) |
|
158 |
|
|
102 |
|
Financing costs |
|
(4,397 |
) |
|
85 |
|
|
(4,312 |
) |
Other revenues |
|
(2,296 |
) |
|
(2,208 |
) |
|
(4,504 |
) |
Fuel gross margin |
$ |
34,974 |
|
$ |
4,525 |
|
$ |
39,499 |
|
Throughput (bpd) |
|
67,758 |
|
|
3,092 |
|
|
70,850 |
|
Fuel gross margin per barrel of throughput |
$ |
5.67 |
|
$ |
16.08 |
|
$ |
6.13 |
|
Total OPEX |
$ |
15,942 |
|
$ |
8,934 |
|
$ |
24,876 |
|
Operating expenses per barrel of throughput |
$ |
2.59 |
|
$ |
31.75 |
|
$ |
3.86 |
|
Three Months Ended March 31, 2024 |
|||||||||
In thousands |
Conventional |
Renewable |
Mobile Refinery
|
||||||
Gross profit |
$ |
37,508 |
|
$ |
(10,462 |
) |
$ |
27,046 |
|
Unrealized (gain) loss on hedging activities |
|
(555 |
) |
|
934 |
|
|
379 |
|
Inventory valuation adjustments |
|
9,657 |
|
|
4,592 |
|
|
14,249 |
|
Adjusted gross margin |
$ |
46,610 |
|
$ |
(4,936 |
) |
$ |
41,674 |
|
Variable production costs attributable to cost of revenues |
|
25,651 |
|
|
6,846 |
|
|
32,497 |
|
Depreciation and amortization attributable to cost of revenues |
|
2,558 |
|
|
3,932 |
|
|
6,490 |
|
RINs |
|
(857 |
) |
|
- |
|
|
(857 |
) |
Realized (gain) loss on hedging activities |
|
2,577 |
|
|
(1,783 |
) |
|
794 |
|
Financing costs |
|
(172 |
) |
|
132 |
|
|
(40 |
) |
Other revenues |
|
(2,719 |
) |
|
(362 |
) |
|
(3,081 |
) |
Fuel gross margin |
$ |
73,648 |
|
$ |
3,829 |
|
$ |
77,477 |
|
Throughput (bpd) |
|
64,065 |
|
|
4,090 |
|
|
68,155 |
|
Fuel gross margin per barrel of throughput |
$ |
12.63 |
|
$ |
10.29 |
|
$ |
12.49 |
|
Total OPEX |
$ |
16,061 |
|
$ |
9,382 |
|
$ |
25,443 |
|
Operating expenses per barrel of throughput |
$ |
2.75 |
|
$ |
25.21 |
|
$ |
4.10 |
|
Six Months Ended June 30, 2024 |
|||||||||
In thousands |
Conventional |
Renewable |
Mobile Refinery
|
||||||
Gross profit |
$ |
43,917 |
|
$ |
(22,310 |
) |
$ |
21,607 |
|
Unrealized (gain) loss on hedging activities |
|
(202 |
) |
|
632 |
|
|
430 |
|
Inventory valuation adjustments |
|
12,890 |
|
|
7,117 |
|
|
20,007 |
|
Adjusted gross margin |
$ |
56,605 |
|
$ |
(14,561 |
) |
$ |
42,044 |
|
Variable production costs attributable to cost of revenues |
|
45,322 |
|
|
19,029 |
|
|
64,351 |
|
Depreciation and amortization attributable to cost of revenues |
|
5,518 |
|
|
7,865 |
|
|
13,383 |
|
RINs |
|
8,242 |
|
|
- |
|
|
8,242 |
|
Realized (gain) loss on hedging activities |
|
2,521 |
|
|
(1,625 |
) |
|
896 |
|
Financing costs |
|
(4,569 |
) |
|
217 |
|
|
(4,352 |
) |
Other revenues |
|
(5,015 |
) |
|
(2,570 |
) |
|
(7,585 |
) |
Fuel gross margin |
$ |
108,624 |
|
$ |
8,355 |
|
$ |
116,979 |
|
Throughput (bpd) |
|
65,911 |
|
|
3,591 |
|
|
69,502 |
|
Fuel gross margin per barrel of throughput |
$ |
9.06 |
|
$ |
12.78 |
|
$ |
9.25 |
|
Total OPEX |
$ |
32,002 |
|
$ |
18,316 |
|
$ |
50,318 |
|
Operating expenses per barrel of throughput |
$ |
2.67 |
|
$ |
28.03 |
|
$ |
3.98 |
|
Unaudited Reconciliation of Adjusted EBITDA to Net loss from Continued and Discontinued Operations. |
||||||||||||||||||
In thousands |
Three Months Ended |
Six Months Ended |
Twelve Months Ended |
|||||||||||||||
|
|
|
|
|||||||||||||||
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
June 30, 2024 |
June 30, 2023 |
|||||||||||||
Net income (loss) |
$ |
(53,845 |
) |
$ |
(81,454 |
) |
$ |
(71,699 |
) |
$ |
(27,641 |
) |
$ |
(116,031 |
) |
$ |
38,947 |
|
Depreciation and amortization |
|
9,738 |
|
|
7,658 |
|
|
19,028 |
|
|
13,156 |
|
|
37,182 |
|
|
24,541 |
|
Income tax expense (benefit) |
|
- |
|
|
(27,236 |
) |
|
- |
|
|
(8,477 |
) |
|
13,774 |
|
|
(10,966 |
) |
Interest expense |
|
17,725 |
|
|
77,536 |
|
|
35,408 |
|
|
90,013 |
|
|
64,961 |
|
|
118,008 |
|
EBITDA |
$ |
(26,381 |
) |
$ |
(23,496 |
) |
$ |
(17,263 |
) |
$ |
67,051 |
|
$ |
(114 |
) |
$ |
170,530 |
|
Unrealized (gain) loss on hedging activities |
|
8 |
|
|
3,370 |
|
|
453 |
|
|
3,115 |
|
|
(2,914 |
) |
|
(43,664 |
) |
Inventory valuation adjustments |
|
5,757 |
|
|
(501 |
) |
|
20,007 |
|
|
(2,033 |
) |
|
28,132 |
|
|
25,553 |
|
Gain on change in value of derivative warrant liability |
|
(1,680 |
) |
|
(9,600 |
) |
|
(8,338 |
) |
|
(415 |
) |
|
(15,915 |
) |
|
(12,760 |
) |
Stock-based compensation |
|
430 |
|
|
368 |
|
|
861 |
|
|
733 |
|
|
2,412 |
|
|
1,733 |
|
(Gain) loss on sale of assets |
|
(8 |
) |
|
(4,291 |
) |
|
684 |
|
|
(72,032 |
) |
|
686 |
|
|
(71,109 |
) |
Acquisition costs |
|
- |
|
|
- |
|
|
- |
|
|
4,308 |
|
|
- |
|
|
7,197 |
|
Environmental clean-up reserve |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Other |
|
(512 |
) |
|
- |
|
|
(154 |
) |
|
- |
|
|
366 |
|
|
(3 |
) |
Adjusted EBITDA |
$ |
(22,386 |
) |
$ |
(34,150 |
) |
$ |
(3,750 |
) |
$ |
727 |
|
$ |
12,654 |
|
$ |
77,477 |
|
|
Three Months Ended June 30, 2024 |
|||||||||||||||||||
Mobile Refinery |
Legacy
|
Total Refining
|
Black Oil and
|
Corporate |
Consolidated |
|||||||||||||||
In thousands |
Conventional |
Renewable |
||||||||||||||||||
Net income (loss) |
$ |
(13,046 |
) |
$ |
(23,438 |
) |
$ |
914 |
$ |
(35,570 |
) |
$ |
(1,405 |
) |
$ |
(16,870 |
) |
$ |
(53,845 |
) |
Depreciation and amortization |
|
3,754 |
|
|
3,954 |
|
|
52 |
|
7,760 |
|
|
1,740 |
|
|
238 |
|
|
9,738 |
|
Income tax expense (benefit) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Interest expense |
|
2,717 |
|
|
2,636 |
|
|
- |
|
5,353 |
|
|
141 |
|
|
12,231 |
|
|
17,725 |
|
EBITDA |
$ |
(6,575 |
) |
$ |
(16,848 |
) |
$ |
966 |
$ |
(22,457 |
) |
$ |
476 |
|
$ |
(4,401 |
) |
$ |
(26,382 |
) |
Unrealized (gain) loss on hedging activities |
|
353 |
|
|
(302 |
) |
|
- |
|
51 |
|
|
(42 |
) |
|
- |
|
|
9 |
|
Inventory valuation adjustments |
|
3,233 |
|
|
2,524 |
|
|
- |
|
5,757 |
|
|
- |
|
|
- |
|
|
5,757 |
|
Gain on change in value of derivative warrant liability |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(1,680 |
) |
|
(1,680 |
) |
Stock-based compensation |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
430 |
|
|
430 |
|
(Gain) loss on sale of assets |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(8 |
) |
|
(8 |
) |
Other |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
56 |
|
|
(568 |
) |
|
(512 |
) |
Adjusted EBITDA |
$ |
(2,989 |
) |
$ |
(14,626 |
) |
$ |
966 |
$ |
(16,649 |
) |
$ |
490 |
|
$ |
(6,227 |
) |
$ |
(22,386 |
) |
|
Six Months Ended June 30, 2024 |
|||||||||||||||||||
Mobile Refinery |
Legacy
|
Total Refining & Marketing |
Black Oil and Recovery |
Corporate |
Consolidated |
|||||||||||||||
In thousands |
Conventional |
Renewable |
||||||||||||||||||
Net income (loss) |
$ |
4,492 |
|
$ |
(45,596 |
) |
$ |
1,354 |
$ |
(39,750 |
) |
$ |
(415 |
) |
$ |
(31,534 |
) |
$ |
(71,699 |
) |
Depreciation and amortization |
|
7,084 |
|
|
7,907 |
|
|
102 |
|
15,093 |
|
|
3,458 |
|
|
477 |
|
|
19,028 |
|
Income tax expense (benefit) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
Interest expense |
|
5,172 |
|
|
4,928 |
|
|
- |
|
10,100 |
|
|
237 |
|
|
25,071 |
|
|
35,408 |
|
EBITDA |
$ |
16,748 |
|
$ |
(32,761 |
) |
$ |
1,456 |
$ |
(14,557 |
) |
$ |
3,280 |
|
$ |
(5,986 |
) |
$ |
(17,263 |
) |
Unrealized (gain) loss on hedging activities |
|
(202 |
) |
|
632 |
|
|
20 |
|
450 |
|
|
4 |
|
|
- |
|
|
454 |
|
Inventory valuation adjustments |
|
12,890 |
|
|
7,117 |
|
|
- |
|
20,007 |
|
|
- |
|
|
- |
|
|
20,007 |
|
Gain on change in value of derivative warrant liability |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
(8,338 |
) |
|
(8,338 |
) |
Stock-based compensation |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
|
861 |
|
|
861 |
|
(Gain) loss on sale of assets |
|
685 |
|
|
- |
|
|
- |
|
685 |
|
|
5 |
|
|
(7 |
) |
|
683 |
|
Other |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
410 |
|
|
(564 |
) |
|
(154 |
) |
Adjusted EBITDA |
$ |
30,121 |
|
$ |
(25,012 |
) |
$ |
1,476 |
$ |
6,585 |
|
$ |
3,699 |
|
$ |
(14,034 |
) |
$ |
(3,750 |
) |
|
Three Months Ended June 30, 2023 |
|||||||||||||||||
In thousands |
|
Legacy
|
Total Refining
|
Black Oil and
|
Corporate |
Consolidated |
||||||||||||
Net income (loss) |
$ |
(42,116 |
) |
$ |
(1,312 |
) |
$ |
(43,428 |
) |
$ |
(3,667 |
) |
$ |
(34,359 |
) |
$ |
(81,454 |
) |
Depreciation and amortization |
|
6,119 |
|
|
272 |
|
|
6,391 |
|
|
1,100 |
|
|
167 |
|
|
7,658 |
|
Income tax expense (benefit) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(27,236 |
) |
|
(27,236 |
) |
Interest expense |
|
4,529 |
|
|
- |
|
|
4,529 |
|
|
28 |
|
|
72,979 |
|
|
77,536 |
|
EBITDA |
$ |
(31,468 |
) |
$ |
(1,040 |
) |
$ |
(32,508 |
) |
$ |
(2,539 |
) |
$ |
11,551 |
|
$ |
(23,496 |
) |
Unrealized (gain) loss on hedging activities |
|
3,762 |
|
|
25 |
|
|
3,787 |
|
|
(417 |
) |
|
- |
|
|
3,370 |
|
Inventory valuation adjustments |
|
(501 |
) |
|
- |
|
|
(501 |
) |
|
- |
|
|
- |
|
|
(501 |
) |
Gain on change in value of derivative warrant liability |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(9,600 |
) |
|
(9,600 |
) |
Stock-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
368 |
|
|
368 |
|
(Gain) loss on sale of assets |
|
- |
|
|
- |
|
|
- |
|
|
499 |
|
|
(4,790 |
) |
|
(4,291 |
) |
Adjusted EBITDA |
$ |
(28,207 |
) |
$ |
(1,015 |
) |
$ |
(29,222 |
) |
$ |
(2,457 |
) |
$ |
(2,471 |
) |
$ |
(34,150 |
) |
|
Six Months Ended June 30, 2023 |
|||||||||||||||||
In thousands |
|
Legacy
|
Total Refining
|
Black Oil and
|
Corporate |
Consolidated |
||||||||||||
|
|
|
|
|
|
|||||||||||||
Net income (loss) |
$ |
(5,939 |
) |
$ |
(2,437 |
) |
$ |
(8,376 |
) |
$ |
(1,663 |
) |
$ |
(17,602 |
) |
$ |
(27,641 |
) |
Depreciation and amortization |
|
9,999 |
|
|
494 |
|
|
10,493 |
|
|
2,326 |
|
|
337 |
|
|
13,156 |
|
Income tax expense (benefit) |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(8,477 |
) |
|
(8,477 |
) |
Interest expense |
|
8,405 |
|
|
- |
|
|
8,405 |
|
|
85 |
|
|
81,523 |
|
|
90,013 |
|
EBITDA |
$ |
12,465 |
|
$ |
(1,943 |
) |
$ |
10,522 |
|
$ |
748 |
|
$ |
55,781 |
|
$ |
67,051 |
|
Unrealized (gain) loss on hedging activities |
|
3,192 |
|
|
(42 |
) |
|
3,150 |
|
|
(35 |
) |
|
- |
|
|
3,115 |
|
Inventory valuation adjustments |
|
(2,033 |
) |
|
- |
|
|
(2,033 |
) |
|
- |
|
|
- |
|
|
(2,033 |
) |
Gain on change in value of derivative warrant liability |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
(415 |
) |
|
(415 |
) |
Stock-based compensation |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
733 |
|
|
733 |
|
(Gain) loss on sale of assets |
|
- |
|
|
- |
|
|
- |
|
|
(1,156 |
) |
|
(70,876 |
) |
|
(72,032 |
) |
Acquisition costs |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
4,308 |
|
|
4,308 |
|
Adjusted EBITDA |
$ |
13,624 |
|
$ |
(1,985 |
) |
$ |
11,639 |
|
$ |
(443 |
) |
$ |
(10,469 |
) |
$ |
727 |
|
|
Three Months Ended March 31, 2024 |
||||||||||||||||||
Mobile Refinery |
Legacy
|
Total Refining
|
Black Oil and
|
Corporate |
Consolidated |
||||||||||||||
In thousands |
Conventional |
Renewable |
|||||||||||||||||
Net income (loss) |
$ |
17,535 |
|
$ |
(22,157 |
) |
$ |
442 |
$ |
(4,180 |
) |
$ |
990 |
$ |
(14,664 |
) |
$ |
(17,854 |
) |
Depreciation and amortization |
|
3,330 |
|
|
3,953 |
|
|
51 |
|
7,334 |
|
|
1,717 |
|
239 |
|
|
9,290 |
|
Income tax expense (benefit) |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
- |
|
|
- |
|
Interest expense |
|
2,455 |
|
|
2,292 |
|
|
- |
|
4,747 |
|
|
96 |
|
12,840 |
|
|
17,683 |
|
EBITDA |
$ |
23,320 |
|
$ |
(15,912 |
) |
$ |
493 |
$ |
7,901 |
|
$ |
2,803 |
$ |
(1,585 |
) |
$ |
9,119 |
|
Unrealized (gain) loss on hedging activities |
|
(555 |
) |
|
934 |
|
|
20 |
|
399 |
|
|
46 |
|
- |
|
|
445 |
|
Inventory valuation adjustments |
|
9,657 |
|
|
4,592 |
|
|
- |
|
14,249 |
|
|
- |
|
- |
|
|
14,249 |
|
Gain on change in value of derivative warrant liability |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
(6,658 |
) |
|
(6,658 |
) |
Stock-based compensation |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
- |
|
430 |
|
|
430 |
|
(Gain) loss on sale of assets |
|
685 |
|
|
- |
|
|
- |
|
685 |
|
|
5 |
|
1 |
|
|
691 |
|
Other |
|
- |
|
|
- |
|
|
- |
|
- |
|
|
354 |
|
4 |
|
|
358 |
|
Adjusted EBITDA |
$ |
33,107 |
|
$ |
(10,386 |
) |
$ |
513 |
$ |
23,234 |
|
$ |
3,208 |
$ |
(7,808 |
) |
$ |
18,634 |
|
Unaudited Reconciliation of Long-Term Debt to Net Long-Term Debt and Net Leverage. |
||||||
In thousands |
As of |
|||||
|
June 30, 2024 |
June 30, 2023 |
||||
Long-Term Debt: |
|
|
||||
Senior Convertible Note |
$ |
15,230 |
|
$ |
15,230 |
|
Term Loan 2025 |
|
207,169 |
|
|
150,075 |
|
Promissory Note |
|
4,414 |
|
|
- |
|
Finance lease liability long-term |
|
64,918 |
|
|
67,290 |
|
Finance lease liability short-term |
|
2,541 |
|
|
2,320 |
|
Various short term note including insurance premium financing |
|
9,500 |
|
|
9,995 |
|
Long-Term Debt and Lease Obligations |
$ |
303,772 |
|
$ |
244,910 |
|
Unamortized discount and deferred financing costs |
|
(24,548 |
) |
|
(33,402 |
) |
Long-Term Debt and Lease Obligations per Balance Sheet |
$ |
279,224 |
|
$ |
211,508 |
|
Cash and Cash Equivalents |
|
(18,763 |
) |
|
(48,532 |
) |
Restricted Cash |
|
(100 |
) |
|
(3,603 |
) |
Total Cash and Cash Equivalents |
$ |
(18,863 |
) |
$ |
(52,135 |
) |
Net Long-Term Debt |
$ |
284,909 |
|
$ |
192,775 |
|
TTM Adjusted EBITDA |
$ |
12,654 |
|
$ |
77,477 |
|
Net Leverage |
22.5x |
2.5x |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808774721/en/
INVESTOR CONTACT
IR@vertexenergy.com
Source: Vertex Energy, Inc.
FAQ
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