Gevo Reports Second Quarter 2024 Financial Results

About this update from Gevo, Inc.

[{"type":"text","content":"Gevo to Host Conference Call Today at 4:30 p.m. ET\nENGLEWOOD, Colo., Aug. 08, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”) today announced financial results for the second quarter 2024 and recent corporate highlights. Recent Corporate Highlights Net-Zero 1 (“NZ1”): The U.S. Department of Energy (“DOE”) loan guarantee process is progressing as expected, targeting a financial close by the end of 2024. The Company spent $22.8 million on development expense in the first half of 2024, and now estimates that the remaining development spend needed to achieve financial close will be less than the previous projected range of $90.0 – $125.0 million to be spent on NZ1 between January 2024 and the financial close of NZ1. At financial close, all or a portion of Gevo’s cumulative development spend will be contributed as equity-in-kind alongside all third-party debt and equity funding commitments necessary to construct and commission the project. After financial close Gevo does not expect to incur additional cash spend for project construction.Renewable Natural Gas (“RNG”): In the second quarter of 2024, the RNG project achieved record production volumes, with annualized production of approximately 400,000 million British thermal units (“MMBtu”) per year of RNG, or an increase of 22% compared to the second quarter of 2023. Stand-alone GAAP loss from operations was $1.3 million for the RNG project, of which $0.9 million was comprised of intercompany corporate overhead allocation. However, the project generated stand-alone non-GAAP adjusted EBITDA1 of $0.9 million for the quarter. Because of the delay in the approval of our permanent carbon intensity score from the California Air Resources Boards (“CARB”), and the decline of carbon credit prices in the California Low Carbon Fuel Standard (“LCFS”) program, the Company expects the non-GAAP adjusted EBITDA in 2024 to incrementally fall below the previously expected range of $7.0 - $16.0 million. The increase in production volume helps to offset the decline in carbon credit prices.We expect significant future growth to the income and non-GAAP adjusted EBITDA for the project as we progress on our expansion of processing capacity and we receive approval under the LCFS program of the final pathway for our RNG project. The RNG expansion involves increm...

More updates from Gevo, Inc.