Business
Gevo Reports Second Quarter 2021 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. EDT/2:30 p.m. MDT ENGLEWOOD, Colo., Aug. 12, 2021 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: 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. 12, 2021 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today announced financial results for the second quarter of 2021 and recent corporate highlights. Recent Corporate Highlights On August 9, 2021, Gevo announced that its wholly-owned renewable natural gas (“RNG”) project company, Gevo NW Iowa RNG, LLC (“Gevo RNG”), has signed binding, definitive agreements with BP Canada Energy Marketing Corp. and BP Products North America Inc. for the sale of RNG. The RNG project is on schedule and on budget with an anticipated startup early 2022. Beginning in late 2022, Gevo RNG expects to generate cash distributions to Gevo of approximately $9 to $16 million per year.On August 2, 2021, Gevo announced the appointment of Jaime Guillen to its Board of Directors. Mr. Guillen is a Managing Partner at Faros Infrastructure Partners LLC, an investment firm with offices in the United Kingdom, the United States and Mexico.On April 15, 2021, Gevo closed the offering of $68,155,000 in 2021 Bonds to finance the construction of its renewable natural gas project in Iowa. 2021 Second Quarter Financial Highlights Ended the quarter with cash, cash equivalents, restricted cash and marketable securities totaling $567.2 million compared to $525.3 as of the end of Q1 2021 and $6.3 million as of the end of Q2 2020 Revenue of $0.4 million for the quarter compared to $1.0 million in Q2 2020Loss from operations (which includes $5.5 million of preliminary stage project costs for Net-Zero 1) of ($19.0) million for the quarter compared to ($5.3) million in Q2 2020Non-GAAP cash EBITDA loss1 of ($17.1) million for the quarter compared to ($3.1) million in Q2 2020Net loss per share of ($0.09) for the quarter compared to ($0.40) in Q2 2020Non-GAAP adjusted net loss per share2 of ($0.09) for the quarter compared to ($0.39) in Q2 2020 Commenting on the second quarter of 2021 and recent corporate events, Dr. Patrick R. Gruber, Gevo’s Chief Executive Officer, said “The engineering and design work for our Net-Zero 1 Project is going well. We are figuring out the optimizations and integrations for Net-Zero 1, and how to generate more cash sooner. We are looking forward to completing the next phase of the engineering work in December of this year and moving forward towards getting the finan...