Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the
fourth quarter of 2018 and its outlook for 2019.
2018 Fourth Quarter Financial
Highlights
- Ends the quarter with cash and cash equivalents of $33.7
million
- Reports revenue of $6.6 million for the quarter
- Reports loss from operations of ($6.7) million for the
quarter
- Reports non-GAAP cash EBITDA loss1 of ($4.8) million for the
quarter
- Reports net loss per share of ($0.83) for the quarter
- Reports non-GAAP adjusted net loss per share2 of ($0.87) for
the quarter
“In February we entered into a long-term,
‘take-or-pay’ agreement with HCS Group in February. We believe this
is a game-changing, bankable agreement that is another important
step forward to delivering on our promise to address the need for
low-carbon fuels while also meeting sustainability requirements for
our customers to reduce their carbon footprints. This agreement
strengthens our existing partnership with HCS Group that began with
a prior agreement signed in 2017. Our technology and our renewable
isooctane have been proven in highly demanding niche applications
and we now intend to scale substantially in order to produce and
sell our renewable isooctane for a variety of high-end fuel and
solvent applications. The volume of the off-take in the HCS Group
agreement covers a substantial portion of the projected capacity
for our build-out of our production facility in Luverne, Minnesota,
and the agreement is designed to facilitate debt financing for
expansion of our production facility. We plan to focus our
immediate attention on entering into additional off-take agreements
for the remainder of the projected capacity in order to secure debt
financing for the build out of our Luverne facility.”
Recent Highlights
- As of December 31, 2018, Gevo had cash and cash
equivalents of $33.7 million, compared with $11.6 million at
December 31, 2017. As of March 27, 2019, we had approximately $35.5
million of cash and cash equivalents.
- Sales of Gevo products increased by 19.4% for the year ended
December 31, 2018 compared to the same period in 2017, primarily
due to increased production of ethanol and distiller grains and
increased sales of renewable hydrocarbons.
- For the year ended December 31, 2018, net cash used in
operating activities was $15.9, compared with $20.7 for the same
period in 2017.
- In February 2019, Gevo entered into a long-term supply
agreement for renewable isooctane, worth up to $180 million with
HCS Group (the “HCS Supply Agreement”). Gevo will exclusively
supply HCS Group its renewable isooctane for sales in high-end
applications ranging from high purity solvents to specialty fuels
under its Haltermann Carless brand, including mass markets such as
large outdoor equipment space (chainsaws, lawn equipment, small
engines, leaf blowers, etc.). Gevo’s renewable isooctane is a
low-carbon, drop-in blending component for gasoline and has the
potential to reduce greenhouse gases by as much as 70 percent, well
within the standards established by the EU Renewable Energy
Directive. This fits into Gevo’s plan to build out and decarbonize
Gevo’s advanced biofuels production facility in Luverne, Minnesota
(the “Luverne Facility”).
- Gevo recently expanded its hydrocarbon production capabilities
at South Hampton Resources, Inc. in Silsbee, Texas to approximately
100,000 gallons per year.
- On January 28, 2019, Gevo announced a breakthrough in the
development of renewable isoprene, a key chemical building block
for producing rubber and rubber products. This proprietary,
catalytic process transforms low-cost commercially available, or
even waste by-product, renewable alcohols into renewable isoprene.
The isoprene would be expected to compete on price with natural and
petroleum-based chemical equivalents while reducing CO2
emissions.
- On January 22, 2019, Gevo announced another important step to
sell advanced biofuels into California. By working with San
Francisco International Airport Consortium to Advance Sustainable
Aviation Fuel, Gevo signed a Memorandum of Understanding (MOU) with
a group of eight airlines and certain fuel producers to work
cooperatively on expanding the use of sustainable fuels. The
consortium, initially formed in September 2018 is the first of its
kind to include fuel suppliers, airlines and airport agencies in a
collaborative effort.
- On January 17, 2019, Gevo supplied Avfuel Corporation with its
sustainable and renewable alcohol-to-jet (ATJ) fuel for use at the
Business Jets Fuel Green: A Step Toward Sustainability event held
at Van Nuys Airport in Southern California. The event demonstrated
that renewable jet fuel, including Gevo’s ATJ, can become a
mainstream drop-in alternative for today’s general aviation
aircraft.
- On December 6, 2018, Renmatix and Gevo signed a Joint
Development Agreement to evaluate the commercial feasibility of
creating cellulosic hydrocarbons for global renewable jet fuel and
gasoline markets. We believe the combination of Renmatix’s
technology with Gevo’s technology could make it possible to use
woody feedstocks to produce jet, isooctane, isobutanol, ethanol,
and lignin on a commercial basis. Additionally, we expect this
collaboration to broaden the potential feedstocks Gevo can use to
make its products. There are already several potential developments
projects being discussed.
Outlook for 2019
In 2019, Gevo intends to continue to develop the
markets for its renewable isooctane, jet fuel and isobutanol
products made from isobutanol and ethanol, including the
value-added animal feed and protein products. Gevo plans to
decarbonize the Luverne Facility which will lower the carbon
footprint of the products Gevo produces. The resulting low-carbon
ethanol is expected to generate improved margins, the results of
which Gevo expects to be realized beginning in 2020, depending on
project completion schedules. In addition to establishing the
infrastructure to decarbonize the Luverne Facility and improve the
profitability of the Luverne Facility, Gevo intends to enter into
binding, financeable supply contracts for jet fuel, on-road
gasoline with isooctane, and isobutanol. Gevo believes that the
combination of these agreements, along with the expected
financeable nature of these contracts, will help enable Gevo to
finance the build-out the Luverne Facility.
The focus for operational, sales and market
development activities in 2019 is expected to be the following:
- Enter into binding, financeable jet fuel off-take contracts for
general business aviation and commercial aviation.
- Enter into binding, financeable off-take contracts for
isooctane for use in on-road gasoline.
- Continue to develop the oxygenated ethanol free gasoline market
using isobutanol, primarily in reformulated gasoline or RFG areas.
Gevo plans to increase its distribution network, and add additional
regions, broadening its distribution footprint. Gevo intends to use
isobutanol in its inventory to develop these sales.
- Continue to produce jet fuel and isooctane at the production
facility at South Hampton Resources, Inc. in Silsbee, Texas using
previously inventoried renewable isobutanol as a feedstock.
- Use the HCS Supply Agreement to obtain financing for and begin
construction of a 1.0 million gallons per year (MGPY) isooctane and
jet plant to be located at the Luverne Facility. The 1.0 MGPY
hydrocarbon plant would increase Gevo’s hydrocarbon production
capabilities by a factor of 10 and allow Gevo to better develop the
markets for jet fuel and isooctane. As part of the 1.0 MGPY
hydrocarbon plant project, Gevo expects to also improve the
production assets for isobutanol with the goal of lowering the cost
of isobutanol production.
- Sell approximately 18 million gallons or more of ethanol.
- Begin selling higher-margin, premium animal feed, protein
products, and corn oil which is expected to improve the
profitability of the Luverne Facility. The total amount of animal
feed product expected to be sold is greater than 50,000 metric
tons.
Fourth Quarter 2018 Financial
Results
Revenues for the three months ended December 31,
2018 were $6.6 million compared with $6.7 million in the same
period in 2017. During the fourth quarter of 2018, revenues derived
at the Luverne Facility related to ethanol sales and related
products were $6.5 million, a decrease of approximately $0.1
million from the same period in 2017. This was primarily the result
of reduced co-product revenues due to lower production volumes
combined with the elimination of a lease of our feedstock storage
facilities at our Luverne, Minnesota facility effective January
2018.
During the three months ended December 31, 2018,
hydrocarbon revenues were $0.1 million compared with $0.05 million
in the same period in 2017, primarily as a result of increased
customer shipments. Gevo’s hydrocarbon revenues are comprised of
sales of alcohol-to-jet fuel, isooctane and isooctene.
Cost of goods sold was $9.7 million for the three
months ended December 31, 2018, compared with $9.3 million in the
same period in 2017, primarily as a result of increased commodity
feedstock prices. Cost of goods sold included approximately $8.1
million associated with the production of ethanol, isobutanol and
related products and approximately $1.6 million in
depreciation expense for the three months ended December 31,
2018.
Gross loss was $3.0 million for the three months
ended December 31, 2018, versus a $2.7 million gross loss in the
same period in 2017.
Research and development expense increased by $0.4
million during the three months ended December 31, 2018, compared
with the same period in 2017, due primarily to facility expansion
investments at Gevo’s production facility located at South Hampton
Resources to increase production of alcohol-to-jet fuel, isooctane
and isooctene.
Selling, general and administrative expense
increased by $1.1 million during the three months ended December
31, 2018, compared with the same period in 2017, due primarily to
an increase in employee-related and consultant expenses.
Loss from operations in the three months ended
December 31, 2018 was $6.7 million, compared with a $4.8 million
loss from operations in the same period in 2017.
Non-GAAP cash EBITDA loss3 in the three months
ended December 31, 2018 was $4.8 million, compared with a $3.1
million non-GAAP cash EBITDA loss in the same period in 2017.
Interest expense in the three months ended December
31, 2018 was $0.7 million, a decrease of $0.1 million as compared
to the same period in 2017, primarily due to a decline in
outstanding debt as a result of the conversion of an aggregate of
$3.7 million of our convertible notes during the year ended
December 31, 2018.
During the three months ended December 31, 2018,
Gevo also recognized a net non-cash gain of $0.3 million associated
with the quarterly mark-to-market valuation of the embedded
derivative of our convertible notes at December 31, 2018. During
the three months ended December 31, 2018, Gevo incurred a non-cash
gain of $0.1 million on changes in the fair value of the derivative
warrant liability.
Gevo incurred a net loss for the three months ended
December 31, 2018 of $7.1 million, compared with a net loss of $4.4
million during the same period in 2017. Approximately $0.4 million
of the $7.1 million net loss was comprised of the above non-cash
losses during the three months ended December 31, 2018.
Accordingly, non-GAAP adjusted net loss4 for the three months ended
December 31, 2018 was $7.5 million, compared with a non-GAAP
adjusted net loss of $5.6 million during the same period in
2017.
Cash at December 31, 2018 was $33.7 million and the
total principal face value of outstanding debt was $13.8
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 R. Gruber, Chief Executive
Officer, Bradford K. Towne, Chief Accounting Officer, and Geoffrey
T. Williams, Jr., 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 48162014.
A replay of the call and webcast will be available
two hours after the conference call ends on March 27, 2019. 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
48162014#. The archived webcast will be available in the Investor
Relations section of Gevo's website at www.gevo.com.
About Gevo
Gevo is a next generation “low-carbon” fuel company
focused on the development and commercialization of renewable
alternatives to petroleum-based products. Low-carbon fuels reduce
the carbon intensity, or the level of greenhouse gas emissions,
compared to standard fossil-based fuels across their lifecycle. The
most common low-carbon fuels are renewable fuels. Gevo is focused
on the development and production of mainstream fuels like gasoline
and jet fuel using renewable feedstocks that have the potential to
lower greenhouse gas emissions at a meaningful scale and enhance
agricultural production, including food and other related products.
In addition to serving the low-carbon fuel markets, through Gevo’s
technology, Gevo can also serve markets for the production of
chemical intermediate products for solvents, plastics, and building
block chemicals. Learn more at our 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, expectations and benefits of Gevo’s
agreement with HCS Group GmbH, Gevo’s timing and ability to enter
into additional off-take agreements for its products, Gevo’s
ability to finance the expansion of the Luverne Facility, Gevo’s
strategy, Gevo’s planned activities for 2019, including activities
related to operations, sales and marked development activities, and
other statements that are not purely statements of historical fact.
These forward-looking statements are made based on the current
beliefs, expectations and assumptions of the management of Gevo and
are subject to significant risks and uncertainty. Investors are
cautioned not to place undue reliance on any such forward-looking
statements. All such forward-looking statements speak only as of
the date they are made, and Gevo undertakes no obligation to update
or revise these statements, whether as a result of new information,
future events or otherwise. Although Gevo believes that the
expectations reflected in these forward-looking statements are
reasonable, these statements involve many risks and uncertainties
that may cause actual results to differ materially from what may be
expressed or implied in these forward-looking statements. For a
further discussion of risks and uncertainties that could cause
actual results to differ from those expressed in these
forward-looking statements, as well as risks relating to the
business of Gevo in general, see the risk disclosures in the Annual
Report on Form 10-K of Gevo for the year ended December 31, 2018,
and in subsequent reports on Forms 10-Q and 8-K and other filings
made with the U.S. Securities and Exchange Commission by Gevo.
Non-GAAP Financial Information
This press release contains financial measures that
do not comply with U.S. generally accepted accounting principles
(GAAP), including non-GAAP cash EBITDA loss, non-GAAP adjusted net
loss and non-GAAP adjusted net loss per share. Non-GAAP cash EBITDA
excludes non-cash items such as depreciation and stock-based
compensation. Non-GAAP adjusted net loss and 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 supplements to its GAAP financial statements with this
non-GAAP information because management uses such information
internally for its operating, budgeting and financial planning
purposes. These non-GAAP financial measures also facilitate
management's internal comparisons to Gevo’s historical performance
as well as comparisons to the operating results of other companies.
In addition, Gevo believes these non-GAAP financial measures are
useful to investors because they allow for greater transparency
into the indicators used by management as a basis for its financial
and operational decision making. Non-GAAP information is not
prepared under a comprehensive set of accounting rules and
therefore, should only be read in conjunction with financial
information reported under U.S. GAAP when understanding Gevo’s
operating performance. A reconciliation between GAAP and non-GAAP
financial information is provided in the financial statement tables
below.
_____________________________________
1 Cash EBITDA loss is a non-GAAP measure calculated
by adding back depreciation and 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.
2 Adjusted net loss per share is a non-GAAP measure
calculated by adding back non-cash gains and/or losses recognized
in the quarter due to the changes in the fair value of certain of
our financial instruments, such as warrants, convertible debt and
embedded derivatives. A reconciliation of adjusted net loss per
share to GAAP net loss per share is provided in the financial
statement tables following this release.
3 Cash EBITDA loss is a non-GAAP measure 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.
4 Adjusted net loss is a non-GAAP measure
calculated by adding back non-cash gains and/or losses recognized
in the quarter due to the changes in the fair value of certain of
our financial instruments, such as warrants, convertible debt and
embedded derivatives. A reconciliation of adjusted net loss to GAAP
net loss is provided in the financial statement tables following
this release.
|
Gevo, Inc. |
Consolidated Statements of Operations
Information |
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember
31, |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
Ethanol sales and
related products, net |
$ |
6,539 |
|
$ |
6,570 |
|
$ |
31,641 |
|
$ |
26,279 |
|
Hydrocarbon
revenue |
|
86 |
|
|
45 |
|
|
1,197 |
|
|
1,029 |
|
Grant and other
revenue |
|
– |
|
|
65 |
|
|
25 |
|
|
228 |
|
Total
revenues |
|
6,625 |
|
|
6,680 |
|
|
32,863 |
|
|
27,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of goods sold |
|
9,664 |
|
|
9,343 |
|
|
41,568 |
|
|
38,165 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross loss |
|
(3,039 |
) |
|
(2,663 |
) |
|
(8,705 |
) |
|
(10,629 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Research and
development expense |
|
1,251 |
|
|
864 |
|
|
5,374 |
|
|
5,182 |
|
Selling, general and
administrative expense |
|
2,425 |
|
|
1,281 |
|
|
8,122 |
|
|
7,471 |
|
Total
operating expenses |
|
3,676 |
|
|
2,145 |
|
|
13,496 |
|
|
12,653 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
|
(6,715 |
) |
|
(4,808 |
) |
|
(22,201 |
) |
|
(23,282 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense)
income |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(741 |
) |
|
(799 |
) |
|
(3,237 |
) |
|
(2,951 |
) |
(Loss) on exchange or
conversion of debt |
|
– |
|
|
– |
|
|
(2,202 |
) |
|
(4,933 |
) |
(Loss) from change in
fair value of the 2017 Notes |
|
– |
|
|
– |
|
|
– |
|
|
(339 |
) |
Gain/(Loss) from change
in fair value of derivative warrant liability |
|
59 |
|
|
(4 |
) |
|
(2,976 |
) |
|
5,101 |
|
Gain from change in
fair value of 2020 Notes embedded derivative |
|
297 |
|
|
1,229 |
|
|
2,637 |
|
|
1,751 |
|
Other income |
|
(2 |
) |
|
(3 |
) |
|
3 |
|
|
23 |
|
Total
other expense, net |
|
(387 |
) |
|
423 |
|
|
(5,775 |
) |
|
(1,348 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,102 |
) |
$ |
(4,385 |
) |
$ |
(27,976 |
) |
$ |
(24,630 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share -
basic and diluted |
$ |
(0.83 |
) |
$ |
(4.06 |
) |
$ |
(5.74 |
) |
$ |
(30.23 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
8,578,797 |
|
|
1,080,303 |
|
|
4,876,897 |
|
|
814,797 |
|
Gevo, Inc. |
Consolidated Balance Sheet Information |
|
|
December 31, |
|
December 31, |
|
|
2018 |
|
2017 |
|
Assets |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and
cash equivalents |
$ |
33,734 |
|
$ |
11,553 |
|
Accounts
receivable |
|
526 |
|
|
1,054 |
|
Inventories |
|
3,166 |
|
|
4,362 |
|
Prepaid
expenses and other current assets |
|
1,284 |
|
|
712 |
|
Total
current assets |
|
38,710 |
|
|
17,681 |
|
|
|
|
|
|
|
|
Property,
plant and equipment, net |
|
67,036 |
|
|
70,369 |
|
Deposits
and other assets |
|
1,289 |
|
|
803 |
|
Total
assets |
$ |
107,035 |
|
$ |
88,853 |
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts
payable and accrued liabilities |
$ |
4,874 |
|
$ |
4,011 |
|
2020
Notes embedded derivative liability |
|
394 |
|
|
5,224 |
|
Derivative warrant liability |
|
22 |
|
|
1,951 |
|
Total
current liabilities |
|
5,290 |
|
|
11,186 |
|
|
|
|
|
|
|
|
2020
Notes, net |
|
12,554 |
|
|
13,491 |
|
2022
Notes, net |
|
– |
|
|
515 |
|
Other
long-term liabilities |
|
404 |
|
|
130 |
|
Total
liabilities |
|
18,248 |
|
|
25,322 |
|
|
|
|
|
|
|
|
Commitments and
Contingencies |
|
– |
|
|
– |
|
|
|
|
|
|
|
|
Stockholders'
Equity |
|
|
|
|
|
|
Common
Stock, $0.01 par value per share; 250,000,000 authorized, 8,640,583
and 1,090,553 shares issued and outstanding at December 31, 2018
[and] 2017, respectively. |
|
86 |
|
|
11 |
|
Additional paid-in capital |
|
518,027 |
|
|
464,870 |
|
Accumulated deficit |
|
(429,326 |
) |
|
(401,350 |
) |
Total
stockholders' equity |
|
88,787 |
|
|
63,531 |
|
Total
liabilities and stockholders' equity |
$ |
107,035 |
|
$ |
88,853 |
|
Gevo, Inc. |
Consolidated Cash Flow Information |
|
|
Three Months
Ended December 31, |
|
Year EndedDecember 31,
2018 |
|
|
2018 |
|
2017 |
|
2018 |
|
2017 |
|
Operating
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
$ |
(7,102 |
) |
$ |
(4,386 |
) |
$ |
(27,976 |
) |
$ |
(24,630 |
) |
Adjustments to
reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Loss/(Gain) from change in fair value of derivative warrant
liability |
|
(59 |
) |
|
4 |
|
|
2,976 |
|
|
(5,101 |
) |
(Gain)
from change in fair value of 2020 Notes embedded derivative |
|
(297 |
) |
|
(1,229 |
) |
|
(2,637 |
) |
|
(1,751 |
) |
Loss from
the change in fair value of the 2017 Notes |
|
– |
|
|
– |
|
|
– |
|
|
339 |
|
Loss from
the exchange or conversion of notes |
|
– |
|
|
– |
|
|
2,202 |
|
|
4,933 |
|
Stock-based compensation |
|
251 |
|
|
98 |
|
|
571 |
|
|
421 |
|
Depreciation and amortization |
|
1,617 |
|
|
1,647 |
|
|
6,520 |
|
|
6,641 |
|
Non-cash
interest expense |
|
400 |
|
|
383 |
|
|
1,707 |
|
|
962 |
|
Other
non-cash (income) expense |
|
(1 |
) |
|
– |
|
|
5 |
|
|
– |
|
Changes in operating
assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Accounts
receivable |
|
111 |
|
|
189 |
|
|
528 |
|
|
68 |
|
Inventories |
|
135 |
|
|
(31 |
) |
|
1,196 |
|
|
(904 |
) |
Prepaid
expenses and other current assets |
|
(335 |
) |
|
115 |
|
|
(630 |
) |
|
137 |
|
Accounts
payable, accrued expenses, and long-term liabilities |
|
(417 |
) |
|
(976 |
) |
|
(313 |
) |
|
(1,742 |
) |
Net cash
used in operating activities |
|
(5,697 |
) |
|
(4,186 |
) |
|
(15,851 |
) |
|
(20,627 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of
property, plant and equipment |
|
(1,300 |
) |
|
(224 |
) |
|
(2,233 |
) |
|
(1,906 |
) |
Net cash
used in investing activities |
|
(1,300 |
) |
|
(224 |
) |
|
(2,233 |
) |
|
(1,906 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
|
|
|
|
|
Payments on secured
debt |
|
– |
|
|
– |
|
|
– |
|
|
(9,791 |
) |
Debt and equity
offering costs |
|
(27 |
) |
|
(24 |
) |
|
(392 |
) |
|
(1,095 |
) |
Proceeds from issuance
of common stock, net of commissions |
|
2,442 |
|
|
– |
|
|
39,394 |
|
|
(11,044 |
) |
Proceeds from the
exercise of warrants |
|
– |
|
|
1,223 |
|
|
1,263 |
|
|
3,429 |
|
Net cash
(used in)/provided by financing activities |
|
2,415 |
|
|
1,199 |
|
|
40,265 |
|
|
3,587 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) in cash
and cash equivalents |
|
(4,582 |
) |
|
(3,211 |
) |
|
22,181 |
|
|
(18,946 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash, cash equivalents,
and restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of
period |
|
38,316 |
|
|
14,764 |
|
|
11,553 |
|
|
30,499 |
|
End of period |
$ |
33,734 |
|
$ |
11,553 |
|
$ |
33,734 |
|
$ |
11,553 |
|
Gevo, Inc. |
Reconciliation of GAAP to Non-GAAP Financial
Information |
|
|
Three Months EndedDecember
31, |
|
Year EndedDecember
31, |
|
Non-GAAP Cash
EBITDA: |
2018 |
|
2017 |
|
2018 |
|
2017 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from
operations |
$ |
(6,715 |
) |
$ |
(4,808 |
) |
$ |
(22,201 |
) |
$ |
(23,282 |
) |
Depreciation and amortization |
|
1,617 |
|
|
1,647 |
|
|
6,520 |
|
|
6,641 |
|
Non-cash
stock-based compensation |
|
251 |
|
|
98 |
|
|
571 |
|
|
421 |
|
Non-GAAP cash
EBITDA |
$ |
(4,847 |
) |
$ |
(3,063 |
) |
$ |
(15,110 |
) |
$ |
(16,220 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
Adjusted Net Loss: |
|
|
|
|
|
|
|
|
|
|
|
|
Net
Loss |
$ |
(7,102 |
) |
$ |
(4,385 |
) |
$ |
(27,976 |
) |
$ |
(24,630 |
) |
(Loss) on
exchange of debt |
|
– |
|
|
– |
|
|
(2,202 |
) |
|
(4,933 |
) |
(Loss)
from change in fair value of the 2017 Notes |
|
– |
|
|
– |
|
|
– |
|
|
(339 |
) |
(Loss)/Gain from change in fair value of derivative warrant
liability |
|
59 |
|
|
(4 |
) |
|
(2,976 |
) |
|
5,101 |
|
Gain from change in fair value of 2020 Notes embedded
derivative |
|
297 |
|
|
1,229 |
|
|
2,637 |
|
|
1,751 |
|
Non-GAAP
Net (Loss) |
$ |
(7,458 |
) |
$ |
(5,610 |
) |
$ |
(25,435 |
) |
$ |
(26,210 |
) |
Weighted-average number
of common shares outstanding - basic and diluted |
|
8,578,797 |
|
|
1,080,303 |
|
|
4,876,897 |
|
|
814,797 |
|
Non-GAAP Adjusted Net
Loss per share - basic and diluted |
$ |
(0.87 |
) |
$ |
(5.19 |
) |
$ |
(5.22 |
) |
$ |
(32.17 |
) |
|
Investor and Media ContactShawn M.
SeversonIntegra Investor Relations+1
415-226-7747gevo@integra-ir.com
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