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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Gevo Inc | NASDAQ:GEVO | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.0383 | 6.15% | 0.6608 | 0.6405 | 0.6608 | 0.658 | 0.6353 | 0.6369 | 2,651,393 | 00:59:04 |
From Jul 2019 to Jul 2024
Gevo, Inc. (NASDAQ: GEVO), a renewable chemicals and advanced biofuels company, today announced its financial results for the third quarter ended September 30, 2011 and updated its expectations about isobutanol commercialization progress.
“Gevo continues to move toward full scale commercialization of renewable isobutanol. The retrofit of our facility in Luverne, Minnesota is underway and we remain on schedule to start production in the first half of 2012,” said Dr. Patrick Gruber, Chief Executive Officer. “Isobutanol is a platform molecule with a wide variety of applications. The specialty applications of isobutanol in chemicals and fuels are well underway, with off-take agreements in place with Sasol and Mansfield. We are focusing more attention on larger addressable markets. We recently signed an agreement with the U.S. Air Force to supply ‘alcohol-to-jet’ based jet fuel. This jet fuel will be produced at our hydrocarbon demonstration plant located at South Hampton Resources’ site near Houston, Texas. This plant, which is nearing completion, will facilitate the development of a variety of hydrocarbon products produced from our isobutanol, including bio-jet, bio-gasoline, alkylates, bio-based diesel, para-xylene, and lubricants. We are also working with the Northwest Advanced Renewables Alliance and USDA to develop bio-jet derived from isobutanol using a cellulosic feedstock.”
Recent Corporate Highlights
Additional Third Quarter Highlights
Financial Highlights
Revenues for the third quarter of 2011 were $17.5 million compared to $1.5 million in the same period in 2010 as a result of revenues from ethanol sales from its Luverne facility, which the Company acquired in September 2010. During the ongoing isobutanol retrofit, the Luverne facility will continue to generate revenue from the production and sale of ethanol and related products. Research and development expense increased to $5.2 million in the third quarter of 2011, from $3.6 million for the same period in 2010. Selling, general and administrative expense for the third quarter of 2011 decreased to $7.6 million from $11.6 million for the same period in 2010. During the third quarter of 2010, the Company incurred $7.8 million related to the purchase of a minority interest in Gevo Development, LLC, a subsidiary of Gevo, Inc. Other selling, general and administrative expense related to personnel costs, including non-cash compensation, to support commercialization objectives and compliance activities as a public company, as well as legal, accounting and other outside services costs increased in the third quarter of 2011 compared to the 2010 quarter. The net loss for the third quarter of 2011 was $12.3 million compared to $17.3 million for the third quarter of 2010.
Gevo reported cash and cash equivalents on hand of $97.6 million as of September 30, 2011.
Webcast and Conference Call Information
Patrick R. Gruber, Ph.D., Chief Executive Officer, and Mark Smith, Chief Financial Officer, will host a conference call today at 4:30 p.m. EDT (2:30 p.m. MDT) to review the Company’s third quarter 2011 results, and to update expectations about its isobutanol commercialization progress.
To participate in the conference call, please dial 1-866-770-7051 (inside the US) or 1-617-213-8064 (outside the US) and reference the access code 28821617. The presentation will be available via a live webcast at: http://phx.corporate-ir.net/phoenix.zhtml?p=irol-eventDetails&c=238618&eventID=4215002.
A replay of the call will be available two hours after the conference call ends on November 1, 2011 until Midnight EDT on December 1, 2011. To access the replay, please dial 1-888-286-8010 (inside the US) or 1-617-801-6888 (outside the US) and reference the access code 31592527. The archived webcast will be available for 30 days in the Investor Relations section of Gevo’s website at www.gevo.com.
About Gevo
Gevo is converting existing ethanol plants into biorefineries to make renewable building block products for the chemical and fuel industries. The company plans to convert renewable raw materials into isobutanol and renewable hydrocarbons that can be directly integrated on a “drop in” basis into existing chemical and fuel products to deliver environmental and economic benefits. Gevo is committed to a sustainable biobased economy that meets society’s needs for plentiful food and clean air and water. For more information, please visit www.gevo.com.
Forward-Looking Statements
Certain statements within this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements relate to a variety of matters, including but not limited to: the timing and costs associated with and the availability of capital for the Company’s scheduled retrofits of existing ethanol production facilities, its future isobutanol production capacity, the timing associated with bringing such capacity online, the expected applications of isobutanol, addressable markets, and market demand, Gevo’s ability to produce commercial quantities of isobutanol from cellulosic feedstocks, the expected cost-competitiveness and relative performance attributes of isobutanol and the products derived from it, the strength of the Company’s intellectual property position 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 our management and are subject to significant risks and uncertainty. All such forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although the Company 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 discussion of the 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 the Company in general, see the risk disclosures in Gevo’s Annual Report on Form 10-K for the year ended December 31, 2010, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the Securities and Exchange Commission by the Company.
Non-GAAP Financial Information
Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. 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.
Gevo, Inc. Consolidated Statements of Operations Information (Unaudited) Three Months Ended Three Months Ended September 30, 2011 September 30, 2010 Total revenues $ 17,506,000 $ 1,496,000 Cost of Goods Sold (16,232,000 ) (856,000 ) Gross Margin 1,274,000 640,000 Operating Expenses: Research and development (5,211,000 ) (3,554,000 ) Selling, general and administrative (7,587,000 ) (11,601,000 ) Total operating expenses (12,798,000 ) (15,155,000 ) Loss from operations (11,524,000 ) (14,515,000 ) Other (Expense) Income: Interest expense (798,000 ) (779,000 ) Interest and other income 17,000 38,000 Loss from change in fair value of warrant liabilities — (2,052,000 ) Other expense—net (781,000 ) (2,793,000 ) Net Loss (12,305,000 ) (17,308,000 ) Deemed dividend—amortization of beneficial conversion feature — (989,000 ) Net loss attributable to Gevo, Inc. common stockholders $ (12,305,000 ) $ (18,297,000 ) Net loss per share attributable to Gevo, Inc. common stockholders—basic and diluted $ (0.48 ) $ (15.87 ) Weighted-average number of common shares outstanding—basic and diluted 25,870,060 1,152,839Non-GAAP Financial Information
Three Months Three Months Ended Ended September 30, 2011 September 30, 2010 Gevo Development / Agri-Energy Gain (Loss) from operations $ 882,000 $ (1,139,000 ) Depreciation and amortization 517,000 38,000 Non-cash stock-based compensation 40,000 — Non-GAAP income (loss) from operations $ 1,439,000 $ (1,101,000 ) Gevo, Inc. Loss from operations $ (12,406,000 ) $ (13,376,000 ) Depreciation and amortization 679,000 596,000 Non-cash stock-based compensation 1,775,000 7,359,000 Non-GAAP loss from operations $ (9,952,000 ) $ (5,421,000 ) Gevo Consolidated Loss from operations $ (11,524,000 ) $ (14,515,000 ) Depreciation and amortization 1,196,000 634,000 Non-cash stock-based compensation 1,815,000 7,359,000 Non-GAAP loss from operations $ (8,513,000 ) $ (6,522,000 )Gevo, Inc. Condensed Consolidated Balance Sheet Information (Unaudited) September 30, 2011 December 31, 2010 Assets Current assets: Cash and cash equivalents $ 97,605,000 $ 15,274,000 Accounts receivable 2,749,000 2,830,000 Inventories 4,974,000 3,765,000 Prepaid expenses, derivative asset, margin deposit and other current assets 2,657,000 2,025,000 Total current assets 107,985,000 23,894,000 Property, plant and equipment—net 24,372,000 23,465,000 Deferred offering costs - 3,152,000 Debt issue costs 692,000 929,000 Deposits and other assets 130,000 169,000 Total assets $ 133,179,000 $ 51,609,000 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable and accrued expenses $ 10,219,000 $ 7,903,000 Current portion of secured long-term debt 1,747,000 1,785,000 Derivative liability - 405,000 Fair value of warrant liabilities - 2,034,000 Total current liabilities 11,966,000 12,127,000 Secured long-term debt, less current portion 17,671,000 18,647,000 Other liabilities 247,000 876,000 Total liabilities 29,884,000 31,650,000 Stockholders’ equity Convertible preferred stock - 146,000 Common stock 260,000 12,000 Additional paid-in capital 223,510,000 105,128,000 Deficit accumulated during development stage (120,475,000 ) (85,327,000 ) Total stockholders’ equity 103,295,000 19,959,000 Total liabilities and stockholders’ equity $ 133,179,000 $ 51,609,000
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