- Gevo to Host Conference Call Today at 4:30 p.m.
EDT/2:30 MDT -
Gevo, Inc. (NASDAQ:GEVO) today announced financial results for the
quarter ended June 30, 2017. Key highlights for the second quarter
of 2017 and key subsequent events included:
- On July 25, 2017, Gevo announced, in conjunction with Praj
Industries Ltd., that Gevo’s proprietary isobutanol technology will
now be available for licensing to processors of sugar cane juice
and molasses. Licensing efforts are expected to be focused on Praj
plants located in India, South America and South East Asia, with
initial capacity targeted to come on-line in the 2019/2020
timeframe.
- On June 20, 2017, Gevo and an entity affiliated with Whitebox,
the holder of Gevo’s issued and outstanding Senior Secured
Convertible Notes, due June 23, 2017 (the “2017 Notes”), exchanged
(the “Exchange”) all $16.5 million of the existing 2017 Notes for
$16.5 million of the Gevo’s newly created 12.0% Convertible Senior
Secured Notes due March 15, 2020 (the “2020 Notes”). The 2020
Notes are convertible, at the option of the holder, into shares of
Gevo’s common stock. The 2020 Notes have an initial conversion
price (the “Conversion Price”) equal to $0.7359 per share. Upon
completion of certain equity issuances by Gevo, the holder will
have a one-time right to reset the Conversion Price (i) through
September 18, 2017, at a 25% premium to the common stock price in
the equity issuance and (ii) from September 19, 2017 and through
December 17, 2017, at a 35% premium to the common stock share price
in the equity issuance.
- On June 9, 2017, Gevo entered into a private exchange agreement
with a holder of Gevo’s 7.5% convertible 2022 Notes (the “2022
Notes”) to exchange an aggregate of $485,000 of principal amount of
2022 Notes for an aggregate of 736,671 shares of common stock. In
addition, on July 3, 2017, Gevo repurchased $175,000 of the 2022
Notes. Currently, $515,000 principal amount of the 2022 Notes
remain issued and outstanding.
- On May 23, 2017, Gevo announced that a bill recently signed by
Arizona Governor Doug Ducey will let gas stations sell
isobutanol-blended gasoline, including Gevo’s isobutanol, for
on-road vehicles, enabling higher performing finished fuels with
renewable content for drivers in the state.
- On April 28, 2017, Gevo signed a supply agreement with HCS
Holding GmbH (HCS) to supply isooctane under a five-year offtake
agreement. Gevo expects to supply this isooctane from its
first commercial hydrocarbons facility, which is likely to be built
at Gevo’s isobutanol production facility located in Luverne,
Minnesota (the “Luverne Facility”).
Commenting on the Company’s most recently completed fiscal
quarter, Dr. Patrick Gruber stated, “A key goal we set out for
ourselves in 2017 was to restructure our balance sheet in a manner
that addresses the debt that was coming due this year, and that
helps us to execute on our long-term strategy and business
development plan. Following the debt exchange with Whitebox, we
believe that this target was met. Our new debt facility with
Whitebox comes due in March of 2020, which we expect will occur
following the completion and startup of the expanded Luverne
Facility. This puts us in a much stronger position in terms of
financing and executing the buildout of the expanded Luverne
Facility.”
Dr. Gruber continued, "We remain mindful of the need to operate
the business in a manner that extends our runway as we continue to
develop the isobutanol and hydrocarbons markets. In terms of
isobutanol, we see promising growth in several key regions, namely
Texas and Arizona, where isobutanol is being used in gasoline
blends servicing primarily the on-road, off-road and marine
markets. We anticipate 1-2 additional regions of the country to
follow suit in the coming 1-2 years. With respect to hydrocarbons,
we are currently discussing or negotiating terms for long-term
supply agreements with two potential customers for our jet and
isooctane products that we believe have the potential to allow us
to achieve our 2017 goal of obtaining binding supply contracts for
a combination of isobutanol and related hydrocarbon products equal
to at least fifty percent (50%) of the capacity of the anticipated
expanded Luverne Facility that we plan to construct. Given the
configuration of our Luverne plant, and the relatively high cost of
production, we will continue to produce isobutanol at a pace that
optimizes the use of cash, allows us to provide product to
customers, and provides the means of improving our technology.”
Outlook for 2017
The following are the operational and financial targets and
milestones that Gevo previously established for 2017:
- Restructure Gevo’s balance sheet in a manner that addresses the
debt represented by the outstanding convertible notes and that
allows Gevo to execute on its long-term strategy and business
development plan. Gevo believes that this target was met as a
result of the Exchange with Whitebox that closed on June 20,
2017.
- Obtain binding supply contracts for a combination of isobutanol
and related hydrocarbon products equal to at least fifty percent
(50%) of the capacity of the anticipated expanded Luverne Facility
that Gevo plans to construct.
- Gevo estimates that its maximum annual isobutanol production
capacity at the Luverne Facility to be currently over 1 million
gallons per year, however, Gevo expects to produce isobutanol at
levels that better match market development sales in 2017. Based on
the current operational plan at the Luverne Facility that is
described in more detail in this press release, Gevo now expects
that it will produce less than 500,000 gallons of isobutanol during
2017.
- Gevo plans to achieve a corporate-wide EBITDA burn rate
(excluding stock-based compensation) of $18.0 - $20.0 million for
the fiscal year ending December 31, 2017.
Operational Summary for the Quarter
In the second quarter of 2017, Gevo focused 100% of its
production activities at the Luverne Facility to the production of
ethanol. This is consistent with Gevo’s previous production
guidance to align isobutanol production with its isobutanol sales
efforts and technology development goals, such that over certain
periods Gevo would only produce ethanol at the Luverne Facility.
Given the Luverne Facility has only one production line suitable
for isobutanol, Gevo’s current isobutanol production costs exceed
the expected sales price for isobutanol. As a result, the cash flow
profile of the Luverne Facility is improved by dedicating
production to ethanol, rather than co-producing isobutanol and
ethanol.
For the balance of 2017, Gevo expects to maintain limited
production of isobutanol to better conserve its cash. Gevo expects
to produce some level of isobutanol in the second half of 2017,
with the primary goals being to continue to optimize Gevo’s
isobutanol fermentation processes and decrease production costs, as
well as to generate data which Gevo believes will assist in the
design and engineering of the expansion Gevo expects to undertake
at the Luverne Facility (the “Luverne Facility Expansion”). As a
result, Gevo does not expect to meet its previously stated guidance
of producing 500,000 gallons of isobutanol during 2017.
In the second quarter of 2017, Gevo’s isobutanol market
development efforts remained focused on gaining market acceptance
in its core gasoline blendstock markets such as marinas and on-road
gasoline fueling stations, while maintaining its targeted selling
price. Gevo continued to work with its distribution partners to
make investments to develop end-customer relationships, as well as
to establish value chains to deliver its isobutanol to those
end-customers.
Gevo’s market development efforts related to its renewable
hydrocarbon products continued to be mainly targeted towards
entering into binding supply agreements to underpin the economics
of the Luverne Facility Expansion. Gevo has been in discussions
with numerous potential alcohol-to-jet fuel (ATJ) and isooctane
customers to enter into long term supply agreements, with a goal in
2017 of signing contracts representing the majority of the
isobutanol production volumes to be produced at the expanded
Luverne Facility. In April 2017, as noted above, Gevo entered into
its first long term supply agreement with HCS, which Gevo estimates
would represent approximately 10-15% of the isooctane production
from the Luverne Facility following the Luverne Facility
Expansion.
As Gevo develops markets for its products, there will be a
mismatch in timing between isobutanol production and sales. As a
result, at times Gevo will build isobutanol inventory levels.
At June 30, 2017, Gevo had approximately 270,000 gallons of
isobutanol and approximately 51,000 gallons of renewable
hydrocarbons in inventory.
Financial Highlights
Revenues for the second quarter of 2017 were $7.5 million
compared with $8.1 million in the same period in 2016. During the
second quarter of 2017, revenues derived at the Luverne Facility
related to ethanol sales and related products were $6.8 million, a
decrease of approximately $0.3 million from the same period in
2016. This was primarily a result of lower ethanol and distiller
grain prices in the second quarter of 2017 versus the same period
in 2016.
During the second quarter of 2017, hydrocarbon revenues were
$0.7 million, down $0.1 million as compared to the same period in
2016. Gevo’s hydrocarbon revenues are comprised of sales of ATJ,
isooctane and isooctene.
Gevo generated grant and other revenue of $43,000 during the
second quarter of 2017, down $0.2 million as compared to the same
period in 2016, mainly as a result of Gevo’s contract with the
Northwest Advanced Renewables Alliances ending in 2016.
Cost of goods sold was $9.7 million for the three months ended
June 30, 2017, compared with $10.0 million in the same period in
2016. Cost of goods sold included approximately $8.2 million
associated with the production of ethanol, isobutanol and related
products and approximately $1.5 million in depreciation
expense.
Gross loss was $2.2 million for the three months ended June 30,
2017, versus $1.9 million in the same quarter in 2016.
Research and development expense increased by $0.4 million
during the three months ended June 30, 2017, compared with the same
period in 2016, due primarily to an increase in employee-related
expenses and costs associated with the production of
hydrocarbons.
Selling, general and administrative expense was essentially flat
during the three months ended June 30, 2017, compared with the same
period in 2016.
Loss from operations in the three months ended June 30, 2017 was
$6.2 million, compared with $5.5 million in the same period in
2016.
Non-GAAP cash EBITDA loss in the three months ended June 30,
2017 was $4.4 million, compared with $3.6 million in the same
period in 2016.
Interest expense in the three months ended June 30, 2017 was
$0.6 million, down $1.6 million as compared to the same period in
2016, due to a decrease in outstanding principal balances of our
debt.
During the three months ended June 30, 2017, the estimated fair
value of the derivative warrant liability decreased, resulting in a
non-cash gain of $2.3 million from a change in the fair value of
derivative warrant liability. During the same period, the estimated
fair value of the embedded derivatives associated with the 2020
Notes increased, resulting in a non-cash loss of $1.7 million from
a change in the fair value of the 2020 Notes embedded
derivative.
During the three months ended June 30, 2017, there was no change
in the value of the embedded derivatives in the 2022 Notes, as the
derivatives have had no meaningful value since the third quarter of
2014.
During the three months ended June 30, 2017, Gevo also incurred
a non-cash loss of $4.0 million associated with exchanges of debt,
primarily due to the exchange of the 2017 Notes for the 2020
Notes.
The net loss for the three months ended June 30, 2017 was $10.2
million, compared with $21.5 million during the same period in
2016.
The non-GAAP adjusted net loss for the three months ended June
30, 2017 was $6.8 million, compared with $7.5 million during the
same period in 2016.
The cash position at June 30, 2017 was $16.3 million and the
total principal face value of the debt outstanding was $17.2
million.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. EDT (2:30 p.m. MDT)
will be Dr. Patrick Gruber, Chief Executive Officer, Mike Willis,
Chief Financial Officer, and Geoff Williams, General Counsel. They
will review Gevo’s financial results and provide an update on
recent corporate highlights.
To participate in the conference call, please dial 1 (888)
771-4371 (inside the U.S.) or 1 (847) 585-4405 (outside the U.S.)
and reference the access code 45172485. A replay of the call and
webcast will be available two hours after the conference call ends
on August 3, 2017. To access the replay, please dial 1-888-843-7419
(inside the US) or 1-630-652-3042 (outside the US) and
reference the access code 45172485#. The archived webcast will be
available in the Investor Relations section of Gevo's website at
www.gevo.com.
About Gevo
Gevo is a renewable technology, chemical products, and next
generation biofuels company. Gevo has developed proprietary
technology that uses a combination of synthetic biology, metabolic
engineering, chemistry and chemical engineering to focus primarily
on the production of isobutanol, as well as related products from
renewable feedstocks. Gevo’s strategy is to commercialize bio-based
alternatives to petroleum-based products to allow for the
optimization of fermentation facilities’ assets, with the ultimate
goal of maximizing cash flows from the operation of those assets.
Gevo produces isobutanol, ethanol and high-value animal feed at its
fermentation plant in Luverne, Minnesota. Gevo has also developed
technology to produce hydrocarbon products from renewable alcohols.
Gevo currently operates a biorefinery in Silsbee, Texas, in
collaboration with South Hampton Resources Inc., to produce ATJ,
octane, and ingredients for plastics like polyester. Gevo has a
marquee list of partners including The Coca-Cola Company, Toray
Industries Inc. and Total SA, among others. Gevo is committed to a
sustainable bio-based economy that meets society’s needs for
plentiful food and clean air and water.
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, statements related to the ability of Gevo to develop
markets for its products, the status of negotiations or discussions
with potential customers, Gevo’s ability to enter into binding
offtake, sales or supply agreements for its products, Gevo’s
ability to produce isobutanol or related hydrocarbon products at
its Luverne Facility, Gevo’s ability to finance, construct and
operate the contemplated expanded Luverne Facility, Gevo’s 2017
operational and financial targets and milestones, Gevo’s cash
operating and financing expectations, the supply agreement with HCS
Holding, Gevo’s financial condition, including liquidity, Gevo’s
ability to secure new customer relationships across core markets,
and other statements that are not purely statements of historical
fact. These forward-looking statements are made on the basis
of the current beliefs, expectations and assumptions of the
management of Gevo and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on
any such forward-looking statements. All such forward-looking
statements speak only as of the date they are made, and Gevo
undertakes no obligation to update or revise these statements,
whether as a result of new information, future events or otherwise.
Although Gevo believes that the expectations reflected in these
forward-looking statements are reasonable, these statements involve
many risks and uncertainties that may cause actual results to
differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks
relating to the business of Gevo in general, see the risk
disclosures in the Annual Report on Form 10-K of Gevo for the year
ended December 31, 2016, and in subsequent reports on Forms 10-Q
and 8-K and other filings made with the U.S. Securities and
Exchange Commission by Gevo.
Non-GAAP Financial Information
This press release contains financial measures that do not
comply with U.S. generally accepted accounting principles (GAAP),
including non-GAAP Cash EBITDA Loss and non-GAAP Adjusted Net Loss
Per Share. Non-GAAP Cash EBITDA Loss excludes non-cash items such
as depreciation and stock-based compensation. Non-GAAP Adjusted Net
Loss Per Share excludes non-cash gains and/or losses recognized in
the quarter due to the changes in the fair value of certain of
Gevo’s financial instruments, such as warrants, convertible debt
and embedded derivatives.
Management believes these measures are useful to supplement its
GAAP financial statements with this non-GAAP information because
management uses such information internally for its operating,
budgeting and financial planning purposes. These non-GAAP financial
measures also facilitate management's internal comparisons to
Gevo’s historical performance as well as comparisons to the
operating results of other companies. In addition, Gevo believes
these non-GAAP financial measures are useful to investors because
they allow for greater transparency into the indicators used by
management as a basis for its financial and operational decision
making. Non-GAAP information is not prepared under a comprehensive
set of accounting rules and therefore, should only be read in
conjunction with financial information reported under U.S. GAAP
when understanding Gevo’s operating performance. A reconciliation
between GAAP and non-GAAP financial information is provided in the
financial statement tables below.
Reverse Stock Split
On December 21, 2016, our Board of Directors approved a reverse
split of our common stock, par value $0.01, at a ratio of
one-for-twenty. This reverse stock split became
effective on January 5, 2017 and, unless otherwise indicated, all
share amounts, per share data, share prices, exercise prices and
conversion rates set forth in this press release and the
accompanying consolidated financial statements have, where
applicable, been adjusted to reflect this reverse stock split.
_____________________________________1 Adjusted Net Loss Per
Share is calculated by adding back non-cash gains and/or losses
recognized in the quarter due to the changes in the fair value of
certain of our financial instruments, such as warrants, convertible
debt and embedded derivatives; a reconciliation of Adjusted Net
Loss Per Share to GAAP net loss per share is provided in the
financial statement tables following this release.2 Cash
EBITDA Loss is calculated by adding back depreciation and non-cash
stock compensation to GAAP loss from operations; a reconciliation
of Cash EBITDA Loss to GAAP loss from operations is provided in the
financial statement tables following this release.
|
|
Gevo, Inc. |
|
Condensed Consolidated Statements of Operations
Information |
|
(Unaudited, in thousands, except share and per share
amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
|
Revenue and
cost of goods sold |
|
|
|
|
|
|
|
|
|
Ethanol
sales and related products, net |
|
$ |
6,839 |
|
|
$ |
7,168 |
|
|
$ |
12,333 |
|
|
$ |
12,925 |
|
|
Hydrocarbon revenue |
|
|
660 |
|
|
|
713 |
|
|
|
749 |
|
|
|
1,011 |
|
|
Grant
and other revenue |
|
|
43 |
|
|
|
232 |
|
|
|
75 |
|
|
|
497 |
|
|
Total revenues |
|
|
7,542 |
|
|
|
8,113 |
|
|
|
13,157 |
|
|
|
14,433 |
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
|
9,705 |
|
|
|
9,989 |
|
|
|
19,113 |
|
|
|
19,212 |
|
|
|
|
|
|
|
|
|
|
|
|
Gross
loss |
|
|
(2,163 |
) |
|
|
(1,876 |
) |
|
|
(5,956 |
) |
|
|
(4,779 |
) |
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
Research
and development expense |
|
|
1,891 |
|
|
|
1,469 |
|
|
|
3,108 |
|
|
|
2,513 |
|
|
Selling,
general and administrative expense |
|
|
2,123 |
|
|
|
2,147 |
|
|
|
4,297 |
|
|
|
4,066 |
|
|
Total operating
expenses |
|
|
4,014 |
|
|
|
3,616 |
|
|
|
7,405 |
|
|
|
6,579 |
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
|
(6,177 |
) |
|
|
(5,492 |
) |
|
|
(13,361 |
) |
|
|
(11,358 |
) |
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
Interest
expense |
|
|
(630 |
) |
|
|
(2,246 |
) |
|
|
(1,341 |
) |
|
|
(4,396 |
) |
|
(Loss)
on exchange of debt |
|
|
(3,969 |
) |
|
|
- |
|
|
|
(4,933 |
) |
|
|
- |
|
|
(Loss)
on extinguishment of warrant liability |
|
|
- |
|
|
|
(923 |
) |
|
|
- |
|
|
|
(923 |
) |
|
(Loss)
from change in fair value of the 2017 Notes |
|
|
- |
|
|
|
(940 |
) |
|
|
(339 |
) |
|
|
(1,775 |
) |
|
(Loss)/Gain from change
in fair value of derivative warrant liability |
|
|
2,260 |
|
|
|
(10,573 |
) |
|
|
5,519 |
|
|
|
(5,325 |
) |
|
(Loss) from change in
fair value of 2020 notes embedded derivative |
|
|
(1,662 |
) |
|
|
- |
|
|
|
(1,662 |
) |
|
|
- |
|
|
(Loss)
on issuance of equity |
|
|
- |
|
|
|
(1,519 |
) |
|
|
- |
|
|
|
(1,519 |
) |
|
Other
income |
|
|
20 |
|
|
|
206 |
|
|
|
26 |
|
|
|
206 |
|
|
Total
other expense, net |
|
|
(3,981 |
) |
|
|
(15,995 |
) |
|
|
(2,730 |
) |
|
|
(13,732 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net
loss |
|
|
(10,158 |
) |
|
|
(21,487 |
) |
|
|
(16,091 |
) |
|
|
(25,090 |
) |
|
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Net loss
per share - basic and diluted |
|
$ |
(0.66 |
) |
|
$ |
(8.75 |
) |
|
$ |
(1.19 |
) |
|
$ |
(13.92 |
) |
|
Weighted-average number of common shares
outstanding - basic and diluted |
|
|
15,372,485 |
|
|
|
2,454,282 |
|
|
|
13,489,004 |
|
|
|
1,802,550 |
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Condensed Consolidated Balance Sheet
Information |
(Unaudited, in thousands) |
|
|
|
|
|
|
|
June 30, |
|
December
31, |
|
|
|
2017 |
|
|
2016 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and
cash equivalents |
|
$ |
16,303 |
|
$ |
27,888 |
Accounts
receivable |
|
|
1,363 |
|
|
1,122 |
Inventories |
|
|
4,295 |
|
|
3,458 |
Prepaid
expenses and other current assets |
|
|
964 |
|
|
850 |
Total
current assets |
|
|
22,925 |
|
|
33,318 |
|
|
|
|
|
Property,
plant and equipment, net |
|
|
73,243 |
|
|
75,592 |
Deposits
and other assets |
|
|
803 |
|
|
3,414 |
Total
assets |
|
$ |
96,971 |
|
$ |
112,324 |
|
|
|
|
|
Liabilities |
|
|
|
|
Current
liabilities: |
|
|
|
|
Accounts
payable, accrued liabilities and other current liabilities |
|
$ |
4,744 |
|
$ |
6,193 |
2020
Notes embedded derivative liability |
|
|
8,637 |
|
|
- |
Derivative warrant liability |
|
|
2,391 |
|
|
2,698 |
2017
Notes recorded at fair value |
|
|
- |
|
|
25,769 |
Total
current liabilities |
|
|
15,772 |
|
|
34,660 |
|
|
|
|
|
2020
Notes, net |
|
|
12,745 |
|
|
- |
2022
Notes, net |
|
|
690 |
|
|
8,221 |
Other
long-term liabilities |
|
|
154 |
|
|
179 |
Total
liabilities |
|
|
29,361 |
|
|
43,060 |
|
|
|
|
|
Total stockholders’ equity |
|
|
67,610 |
|
|
69,264 |
Total
liabilities and stockholders' equity |
|
$ |
96,971 |
|
$ |
112,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Condensed Consolidated Cash Flow Information |
(Unaudited, in thousands) |
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2017 |
|
|
|
2016 |
|
Operating
Activities |
|
|
|
|
Net loss |
|
$ |
(16,091 |
) |
|
$ |
(25,090 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
Loss/(Gain) from change in fair value of derivative warrant
liability |
|
|
(5,519 |
) |
|
|
5,325 |
|
Loss from
change in fair value of 2020 embedded derivative |
|
|
1,662 |
|
|
|
- |
|
Loss from
the change in fair value of the 2017 notes |
|
|
339 |
|
|
|
1,775 |
|
Loss on
exchange of debt |
|
|
4,933 |
|
|
|
- |
|
Loss on
extinguishment of warrant liability |
|
|
- |
|
|
|
923 |
|
Loss on
issuance of equity |
|
|
- |
|
|
|
1,519 |
|
Stock-based compensation |
|
|
225 |
|
|
|
542 |
|
Depreciation and amortization |
|
|
3,341 |
|
|
|
3,282 |
|
Non-cash
interest expense |
|
|
196 |
|
|
|
2,130 |
|
Changes in operating
assets and liabilities: |
|
|
|
|
Accounts
receivable |
|
|
(242 |
) |
|
|
(283 |
) |
Inventories |
|
|
(838 |
) |
|
|
602 |
|
Prepaid
expenses and other current assets |
|
|
(114 |
) |
|
|
(153 |
) |
Accounts
payable, accrued expenses, and long-term liabilities |
|
|
(1,276 |
) |
|
|
(1,937 |
) |
Net cash
used in operating activities |
|
|
(13,384 |
) |
|
|
(11,365 |
) |
|
|
|
|
|
Investing
Activities |
|
|
|
|
Acquisitions of
property, plant and equipment |
|
|
(1,315 |
) |
|
|
(4,847 |
) |
Net cash
used in investing activities |
|
|
(1,315 |
) |
|
|
(4,847 |
) |
|
|
|
|
|
Financing
Activities |
|
|
|
|
Payments
on secured debt |
|
|
(9,616 |
) |
|
|
(84 |
) |
Debt and
equity offering costs |
|
|
(931 |
) |
|
|
(1,997 |
) |
Proceeds
from issuance of common stock and common stock warrants |
|
|
11,044 |
|
|
|
13,023 |
|
Proceeds
from the exercise of warrants |
|
|
6 |
|
|
|
10,856 |
|
|
|
|
2,611 |
|
|
|
- |
|
Net cash
provided by financing activities |
|
|
3,114 |
|
|
|
21,798 |
|
|
|
|
|
|
Net (decrease)/increase
in cash and cash equivalents |
|
|
(11,585 |
) |
|
|
5,586 |
|
|
|
|
|
|
Cash and cash
equivalents |
|
|
|
|
Beginning
of period |
|
|
27,888 |
|
|
|
17,031 |
|
End of
period |
|
$ |
16,303 |
|
|
$ |
22,617 |
|
|
|
|
|
|
|
Gevo, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
(Unaudited, in thousands) |
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
Non-GAAP Cash
EBITDA: |
|
|
2017 |
|
|
|
2016 |
|
|
|
2017 |
|
|
|
2016 |
|
Gevo Development, LLC /
Agri-Energy, LLC |
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(3,086 |
) |
|
$ |
(2,936 |
) |
|
$ |
(7,205 |
) |
|
$ |
(6,494 |
) |
Depreciation and amortization |
|
|
1,538 |
|
|
|
1,497 |
|
|
|
3,077 |
|
|
|
2,950 |
|
Non-cash
stock-based compensation |
|
|
2 |
|
|
|
3 |
|
|
|
5 |
|
|
|
8 |
|
Non-GAAP cash
EBITDA |
|
$ |
(1,546 |
) |
|
$ |
(1,436 |
) |
|
$ |
(4,123 |
) |
|
$ |
(3,536 |
) |
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(3,091 |
) |
|
$ |
(2,556 |
) |
|
$ |
(6,156 |
) |
|
$ |
(4,864 |
) |
Depreciation and amortization |
|
|
127 |
|
|
|
164 |
|
|
|
264 |
|
|
|
332 |
|
Non-cash
stock-based compensation |
|
|
125 |
|
|
|
181 |
|
|
|
220 |
|
|
|
534 |
|
Non-GAAP cash
EBITDA |
|
$ |
(2,839 |
) |
|
$ |
(2,211 |
) |
|
$ |
(5,672 |
) |
|
$ |
(3,998 |
) |
|
|
|
|
|
|
|
|
|
Gevo Consolidated |
|
|
|
|
|
|
|
|
Loss from
operations |
|
$ |
(6,177 |
) |
|
$ |
(5,492 |
) |
|
$ |
(13,361 |
) |
|
$ |
(11,358 |
) |
Depreciation and amortization |
|
|
1,665 |
|
|
|
1,661 |
|
|
|
3,341 |
|
|
|
3,282 |
|
Non-cash
stock-based compensation |
|
|
127 |
|
|
|
184 |
|
|
|
225 |
|
|
|
542 |
|
Non-GAAP cash
EBITDA |
|
$ |
(4,385 |
) |
|
$ |
(3,647 |
) |
|
$ |
(9,795 |
) |
|
$ |
(7,534 |
) |
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjusted Net Loss: |
|
|
|
|
|
|
|
|
Gevo Consolidated |
|
|
|
|
|
|
|
|
Net
Loss |
|
|
(10,158 |
) |
|
|
(21,487 |
) |
|
|
(16,091 |
) |
|
|
(25,090 |
) |
(Loss) on
exchange of debt |
|
|
(3,969 |
) |
|
|
- |
|
|
|
(4,933 |
) |
|
|
- |
|
(Loss) on
extinguishment of warrant liability |
|
|
- |
|
|
|
(923 |
) |
|
|
- |
|
|
|
(923 |
) |
(Loss)
from change in fair value of the 2017 Notes |
|
|
- |
|
|
|
(940 |
) |
|
|
(339 |
) |
|
|
(1,775 |
) |
(Loss)/Gain from change in fair value of derivative warrant
liability |
|
|
2,260 |
|
|
|
(10,573 |
) |
|
|
5,519 |
|
|
|
(5,325 |
) |
(Loss)
from change in fair value of 2020 notes embedded derivative |
|
|
(1,662 |
) |
|
|
- |
|
|
|
(1,662 |
) |
|
|
- |
|
(Loss) on
issuance of equity |
|
|
- |
|
|
|
(1,519 |
) |
|
|
- |
|
|
|
(1,519 |
) |
Non-GAAP
Net Loss |
|
$ |
(6,787 |
) |
|
$ |
(7,532 |
) |
|
$ |
(14,676 |
) |
|
$ |
(15,548 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
|
15,372,485 |
|
|
|
2,454,282 |
|
|
|
13,489,004 |
|
|
|
1,802,550 |
|
Non-GAAP Adjusted Net
loss per share - basic and diluted |
|
$ |
(0.44 |
) |
|
$ |
(3.07 |
) |
|
$ |
(1.09 |
) |
|
$ |
(8.63 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gevo, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
(Unaudited, in thousands) |
|
|
|
|
|
|
|
|
Year-Ended |
|
|
|
|
December 31, 2017 |
|
|
Projected
Non-GAAP Cash EBITDA Loss |
|
Estimated Range |
|
|
Gevo consolidated |
|
|
|
|
Loss from
operations |
|
$(24,000) - ($28,000) |
|
|
Depreciation and amortization |
|
5,500
- 7,000 |
|
|
Non-cash
stock based compensation |
|
500 -
1,000 |
|
|
Non-GAAP cash EBITDA
loss |
|
($18,000) - ($20,000) |
|
|
|
|
Media Contact
David Rodewald
The David James Agency, LLC
+1 805-494-9508
gevo@davidjamesagency.com
Investor Contact
Shawn M. Severson
EnergyTech Investor, LLC
+1 415-233-7094
gevo@energytechinvestor.com
@ShawnEnergyTech
www.energytechinvestor.com
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