Business
Gevo Reports Second Quarter 2020 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 p.m. MDT ENGLEWOOD, Colo., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”) today
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., Aug. 10, 2020 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”) today announced financial results for the second quarter of 2020 and recent corporate highlights.\n Recent Corporate Highlights On April 2, 2020, Gevo announced the engagement of Citigroup Global Markets, Inc. to assist Gevo in financing its projects. On July 6, 2020, Gevo completed a public offering of 30 million shares of common stock (or common stock equivalents) and Series 2020-A warrants to purchase an aggregate of 30 million shares of common stock, with an exercise price of $0.60 per share. Total net proceeds to Gevo were $16.5 million. As of July 31, 2020, Gevo has $21.4 million of cash and cash equivalents. On July 10, 2020, Gevo’s secured lender converted $2 million of Gevo’s outstanding 12.0% Convertible Senior Secured Notes due 2020/2021 (the “Notes”), including $0.3 million of make-whole interest, into approximately 4.2 million shares of common stock. Following the conversion, the principal amount outstanding of the Notes is $12.5 million. 2020 Second Quarter Financial Highlights Ended the quarter with cash and cash equivalents of $6.3 million compared to $9.3 as of the end of Q1 2020Revenue totaled $1.0 million for the quarter compared to $5.1 million in Q2 2019Hydrocarbon revenue increased to $0.9 million for the quarter compared to $0.1 million in Q2 2019Loss from operations of ($5.3) million for the quarter compared to a loss of ($6.5) million in Q2 2019Non-GAAP cash EBITDA loss1 of ($3.1) million for the quarter compared to a loss of ($4.8) million in Q2 2019Net loss per share of ($0.40) for the quarter compared to a loss of ($0.60) in Q2 2019Non-GAAP adjusted net loss per share2 of ($0.39) for the quarter compared to a loss of ($0.61) in Q2 2019 Commenting on the second quarter of 2020 and recent corporate events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said, “The process with Citigroup, whereby we are working to raise the money needed to build plants “off balance sheet” is progressing nicely and Gevo is advancing discussions with several potential equity partners and lenders. We expect to announce at least two new significant commercial agreements in the near future. Overall, we continue to make good progress developing our business, even in sp...