3Q23 Results: RNG Sales Continues to Ramp Up; Net Loss Decreases Y/Y
GEVO completed the previously announced expansion of renewable natural gas to 400,000 MMBtu from 355,000 MMBtu. On the Verity front, an agreement was signed with a third ethanol producer customer in the US Southwest, taking total planned volume of ethanol tracked to more than 300 million gallons per year or 2% of the US ethanol market. Additionally, GEVO also signed, finalized, and executed the previously announced US Department of Agriculture (USDA) grant of up to $30 million for the Climate-Smart Farm-to-Flight Program. GEVO sold 81,271 MMBtu of RNG, up from 77,789 MMBtu sold in the previous quarter and 41,791 MMBtu sold in the same period last year. GEVO NW Iowa generated positive standalone non-GAAP cash EBITDA of $1.7 million in 3Q23, up from $0.4 million in 2Q23. GEVO reported revenue of $4.5 million, compared with $0.3 million in the same period last year, driven by sales of RNG and environmental attributes from RNG projects. Cost of production increased $1.9 million from the same period last year, driven by higher production of RNG. Operating loss decreased to $20.7 million from $43.9 million last year, driven by a higher impairment loss. The company’s net loss was $15.7 million or -$0.07 per share, compared with a loss of $43.8 million or -$0.19 per share in 3Q22. GEVO has cash reserves of $401.3 million, including restricted cash of $77.8 million, with debt of $68.0 million.Gevo is a low-carbon fuel company focused on the development and commercialization of renewable alternatives to petroleum-based products. In addition to serving the low-carbon fuel markets, the company can also serve markets for the production of chemical intermediate products for solvents, plastics, and building block chemicals using its technologies. The company's operating segments include: Gevo segment, which is responsible for research and development activities related to the future production of isobutanol; and Gevo Development/Agri-Energy segment, which is responsible for the operation of its production facility in Luverne, MN and the production of ethanol, isobutanol and related products.
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