Business
Gevo Reports First Quarter 2023 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. ET Englewood, Colorado, May 10, 2023 (GLOBE NEWSWIRE) -- 345 Inverness Drive SouthBuilding C, Suite
About this update from Gevo, Inc.
[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. ET\nEnglewood, Colorado, May 10, 2023 (GLOBE NEWSWIRE) -- 345 Inverness Drive SouthBuilding C, Suite 310Englewood, CO 80112t 303-858-8358f 303-858-8431gevo.com Gevo Reports First Quarter 2023 Financial Results Gevo to Host Conference Call Today at 4:30 p.m. ET ENGLEWOOD, Colo. – May 10, 2023 - Gevo, Inc. (NASDAQ: GEVO) (\"Gevo\", the \"Company\", \"we\", \"us\" or \"our\") today announced financial results for the first quarter of 2023 and recent corporate highlights. Recent Corporate Highlights On May 5, 2023, Gevo entered into a Technology Access Agreement with Phillips 66 and ADM pursuant to which Gevo waived its exclusivity rights to Axens technology to allow Phillips 66 and ADM to evaluate and potentially license Axens technology for use in the production of sustainable aviation fuel (“SAF”) that could result in payments of up to $125 million to Gevo if certain conditions are met.On April 10, 2023, Gevo entered into a joint development agreement with LG Chem, Ltd. (\"LG\"), a leading global chemical company committed to producing sustainable products, to develop bio-propylene for the production of renewable chemicals using Gevo's Ethanol-to-Olefins (\"ETO\") technology.Gevo entered into a joint development framework agreement with Southwest Iowa Renewable Energy (SIRE) to measure, report and verify carbon intensity (\"CI\") through the entire value chain by utilizing Verity Carbon Solutions (\"VCS\").As a component of Gevo's Net-Zero 1 Project (\"NZ1\"), Gevo recently finalized a hydrogen development services agreement with Zero6 Energy (formerly Juhl Energy) for the development of a 20-megawatt hydrogen production facility in Lake Preston, South Dakota using Cummins electrolyzer technology. 2023 First Quarter Financial Highlights Ended the quarter with cash, cash equivalents, restricted cash and marketable securities of $452.9 million compared to $482.8 million as of the end of Q4 2022.Revenue of $4.1 million for the quarter primarily consists of renewable natural gas (\"RNG\") and environmental attribute sales from Gevo's RNG project, as well as some miscellaneous isooctane sales and compares to $0.2 million in Q1 2022Loss from operations of $20.9 million for the quarter compared to $16.0 million in Q1 2022Non-GAAP cash EBITDA loss1 of $11.6 million for the quarter compared ...