Business
Gevo Reports Third Quarter 2022 Financial Results
Gevo to Host Conference Call Today at 4:30 p.m. ET ENGLEWOOD, Colo., Nov. 08, 2022 (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., Nov. 08, 2022 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) (\"Gevo\", the \"Company\", \"we\", \"us\" or \"our\") today announced financial results for the third quarter of 2022 and recent corporate highlights. Recent Corporate Highlights On September 15, 2022, Gevo held a groundbreaking ceremony at the future site of its first commercial-scale sustainable aviation fuel (\"SAF\") facility known as Net-Zero 1 (\"NZ-1\") to be constructed in Lake Preston, South Dakota.On September 19, 2022, the U.S. Department of Agriculture (\"USDA\") tentatively selected Gevo’s Climate-Smart Farm to Flight proposal for a grant providing up to $30 million.As part of the oneworld® Alliance, Qatar Airways (\"Qatar\") has entered into a new fuel sales agreement with Gevo for 5 million gallons of sustainable aviation fuel (\"SAF\") per year over five years with delivery of fuel expected to begin in 2028.Iberia Airlines also entered into a new fuel sales agreement with Gevo for 6 million gallons of SAF per year over five years with delivery of fuel expected to begin in 2028Gevo now has more than 375 million gallons per year (“MGPY”) of financeable SAF and hydrocarbon fuel supply agreements, which based on current market projections and operating assumptions, represent approximately $2.3 billion in expected revenue per year, inclusive of the value of environmental benefits.The Company recently signed an agreement with Summit Carbon Solutions (\"Summit\"), whereby Summit is expected to safely capture, transport, and permanently store Gevo's renewable CO2 from its Net-Zero 1 (\"NZ-1\") plant in Lake Preston, South Dakota which will further reduce the carbon intensity of the fuel to be produced at NZ-1 and thus increase the expected value of associated environmental benefits. 2022 Third Quarter Financial Highlights Ended the quarter with cash, cash equivalents, restricted cash and marketable securities of $500.4 million compared to $546.8 million as of the end of Q2 2022 and $475.8 million as of the end of Q4 2021Revenue of $0.3 million for the quarter is related to initial sales of RNG from Gevo's RNG project and compares to $0.1 million in Q3 2021Loss from operations of $(43.7) million for the quarter includes a $24.7 million impairment loss and compares to $(14.7) million in Q3 2021...