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Gevo Reports First Quarter 2024 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. ET ENGLEWOOD, Colo., May 02, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”,
About this update from Gevo, Inc.
[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. ET\nENGLEWOOD, Colo., May 02, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”) today announced financial results for the first quarter 2024 and recent corporate highlights. Recent Corporate Highlights Share repurchases: Gevo began utilizing its previously announced stock repurchase program. Through May 2, 2024, we repurchased approximately 5.5 million shares of our common stock for approximately $3.7 million, which leaves approximately $21.3 million available under the stock repurchase program. Under the stock repurchase program, we may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of future stock repurchases, if any, will be in our sole discretion and will be dependent on market conditions, applicable securities laws, and other factors.Net-Zero 1 projected spend revised: Our previously projected spend of $125.0 – $175.0 million on our Net-Zero 1 project (“NZ1”) from January 2024 until the financial close of NZ1 has been reduced to $90.0 – $125.0 million, as a result of identifying costs that can be incurred during the construction phase when the project is expected to be fully funded. Of that amount, approximately $17.1 million was spent in the first quarter of 2024. The expected timing of financial close remains unchanged, and the timing is not expected to impact the total project spend.Renewable Natural Gas (“RNG”): In the first quarter of 2024, stand-alone U.S. GAAP loss from operations was $0.2 million for the RNG project, and the project generated a positive, stand-alone non-GAAP cash EBITDA1 of approximately $1.2 million with annualized production of 89.0% of the 400,000 MMBtu per year of RNG capacity.Verity: In the first quarter of 2024, we continued increasing the customer base at the farm/field level, growing prospects with downstream low-CI fuel consumers and we initiated the first privately sponsored grower program for a biofuel client in the Midwest. In addition, we signed a letter of intent with a provider of heavy-duty vehicle engines to develop carbon-counting solutions to demonstrate the client’s improved environmental performance.Ethanol-to-Olefins (“ETO”): We believe ETO will enable drop-in, low-carbon polypropylene, polyethylene and...