Business
Gevo Reports First Quarter 2022 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 p.m. MDT ENGLEWOOD, Colo., May 09, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the
About this update from Gevo, Inc.
[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 p.m. MDT\nENGLEWOOD, Colo., May 09, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (\"Gevo\", the \"Company\", \"we\", \"us\" or \"our\") today announced financial results for the first quarter of 2022 and recent corporate highlights. Recent Corporate Highlights On January 31, 2022, Gevo announced that it had begun the process of bringing its dairy manure-based renewable natural gas (\"RNG\") project online in northwest Iowa and once this facility has reached steady-state production levels of approximately 355,000 MMBTU, its evaluation period by the California Air Resource Board and the Environmental Protection Agency for Low Carbon Fuel Standard (\"LCFS\") and Renewable Identification Number (\"RIN\") credits will commence.Our Net-Zero 1 project continues to be on schedule, and we recently received the conditional use permits for the plant and the wind turbines that will help power the project.Verity Tracking continues to develop a proprietary platform based on distributed ledger technology (also known as the “blockchain”) and recently partnered with Farmers’ Edge, a company dedicated to helping farmers track data and improve agricultural decision making, to support development.On March 18, 2022, Gevo signed a \"take-or-pay\" agreement with British Airways plc to supply 30 million gallons per year of sustainable aviation fuel (\"SAF\") over a five-year term.On March 21, 2022, the oneworld® Alliance announced that certain of its members plan to purchase up to 200 million gallons per year of SAF from Gevo over a five-year term expected to commence in 2027.On March 22, 2022, Gevo signed a \"take-or-pay\" agreement with Delta Air Lines, Inc. to supply 75 million gallons per year of SAF for seven years, replacing the existing agreement signed with Delta in 2019 to purchase 10 million gallons per year. 2022 First Quarter Financial Highlights Ended the quarter with cash, cash equivalents, restricted cash and marketable securities of $429.6 million compared to $475.8 million as of the end of Q4 2021Revenue of $0.2 million for the quarter compared to $0.1 million in Q1 2021Loss from operations of $(16.0) million for the quarter compared to $(9.9) million in Q1 2021Non-GAAP cash EBITDA loss1 of $(10.3) million for the quarter compared to $(7.8) million in Q1 2021GAAP net loss p...