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Gevo(GEVO) - 2025 Q1 - Quarterly Results
GEVOGevo(GEVO)2025-05-13 20:04

Revenue and Financial Performance - Total operating revenue increased by approximately 25millioninQ12025comparedtoQ12024,primarilydrivenby25 million in Q1 2025 compared to Q1 2024, primarily driven by 23 million from Gevo North Dakota following the acquisition of Red Trail Energy[4] - RNG total operating revenue rose by 1.7million,or421.7 million, or 42%, compared to Q1 2024, attributed to a carbon intensity score approval from CARB[4] - Total operating revenues for Q1 2025 were 29,109,000, a significant increase from 3,990,000inQ12024,representingagrowthofapproximately6293,990,000 in Q1 2024, representing a growth of approximately 629%[33] - The net loss for Q1 2025 was 21,773,000, compared to a net loss of 18,875,000inQ12024,indicatingadeteriorationinfinancialperformance[33]−Thecompanyreportedtotaloperatingexpensesof18,875,000 in Q1 2024, indicating a deterioration in financial performance[33] - The company reported total operating expenses of 49,248,000 for Q1 2025, up from 27,131,000inQ12024,whichisanincreaseofapproximately8127,131,000 in Q1 2024, which is an increase of approximately 81%[33] - The company incurred acquisition-related costs of 4,438,000 in Q1 2025, indicating ongoing investment in growth strategies[33] - The company reported a net cash used in operating activities of 24,048,000forQ12025,comparedto24,048,000 for Q1 2025, compared to 16,078,000 in Q1 2024, indicating increased cash outflow[35] - Overall, Gevo's consolidated Non-GAAP adjusted EBITDA loss for Q1 2025 was 15,351,000,whichisamarginalincreaseinlosscomparedtothepreviousyear[37]CashandAssets−ThecompanyendedQ12025withcash,cashequivalents,andrestrictedcashtotaling15,351,000, which is a marginal increase in loss compared to the previous year[37] Cash and Assets - The company ended Q1 2025 with cash, cash equivalents, and restricted cash totaling 134.9 million[8] - Cash and cash equivalents decreased to 65,288,000asofMarch31,2025,downfrom65,288,000 as of March 31, 2025, down from 189,389,000 at the end of 2024, reflecting a decrease of approximately 65%[30] - Total assets increased to 677,800,000asofMarch31,2025,comparedto677,800,000 as of March 31, 2025, compared to 583,941,000 at the end of 2024, marking an increase of about 16%[30] - The company’s total liabilities increased to 203,008,000asofMarch31,2025,comparedto203,008,000 as of March 31, 2025, compared to 94,453,000 at the end of 2024, representing a growth of approximately 115%[30] - The company’s additional paid-in capital rose to 1,289,406,000asofMarch31,2025,from1,289,406,000 as of March 31, 2025, from 1,287,333,000 at the end of 2024, reflecting a slight increase[31] Operational Metrics - Gevo North Dakota produced approximately 11.1 million gallons of low-carbon ethanol, contributing around 47 thousand metric tons of carbon abatement in Q1 2025[4] - Gevo's carbon abatement efforts resulted in over 100 thousand metric tons of CO2 emissions sequestered, reduced, or avoided in Q1 2025[4] - Gevo signed an offtake agreement with Future Energy Global for emissions credits from 10 million gallons of fuel per year, aiding financing for ATJ projects[8] - The company is engaged with the U.S. Department of Energy to finance the ATJ-60 project, aiming to produce more domestic energy[7] Expenses and Losses - Non-GAAP Adjusted EBITDA loss was 15.4millionforQ12025,withalossfromoperationsof15.4 million for Q1 2025, with a loss from operations of 20.1 million[8] - Research and development expenses decreased by 0.5millioninQ12025,primarilyduetoreducedconsultingexpenses[13]−ForthethreemonthsendedMarch31,2025,GevoreportedaNon−GAAPadjustedEBITDAlossof0.5 million in Q1 2025, primarily due to reduced consulting expenses[13] - For the three months ended March 31, 2025, Gevo reported a Non-GAAP adjusted EBITDA loss of 15,351,000, compared to a loss of 14,457,000forthesameperiodin2024,indicatingaslightdeteriorationinperformanceyear−over−year[37]−ThelossfromoperationsforGevoinQ12025was14,457,000 for the same period in 2024, indicating a slight deterioration in performance year-over-year[37] - The loss from operations for Gevo in Q1 2025 was 20,139,000, an improvement from a loss of 23,141,000inQ12024,reflectingareductioninoperationallosses[37]−Depreciationandamortizationexpensesincreasedto23,141,000 in Q1 2024, reflecting a reduction in operational losses[37] - Depreciation and amortization expenses increased to 5,622,000 in Q1 2025 from 4,451,000inQ12024,highlightingincreasedassetutilizationorinvestment[37]−Stock−basedcompensationdecreasedto4,451,000 in Q1 2024, highlighting increased asset utilization or investment[37] - Stock-based compensation decreased to 1,898,000 in Q1 2025 from 4,233,000inQ12024,suggestingareductioninequity−basedincentives[37]−GevoFuelsreportedalossfromoperationsof4,233,000 in Q1 2024, suggesting a reduction in equity-based incentives[37] - GevoFuels reported a loss from operations of 724,000 in Q1 2025, compared to a loss of 1,010,000inQ12024,indicatingimprovedperformanceinthissegment[37]−GevoRNGachievedapositiveincomefromoperationsof1,010,000 in Q1 2024, indicating improved performance in this segment[37] - GevoRNG achieved a positive income from operations of 469,000 in Q1 2025, a significant improvement from a loss of 2,005,000inQ12024,demonstratinggrowthinthisarea[37]−Thechangeinfairvalueofderivativeinstrumentsresultedinalossof2,005,000 in Q1 2024, demonstrating growth in this area[37] - The change in fair value of derivative instruments resulted in a loss of 2,732,000 in Q1 2025, with no comparable figure in Q1 2024, indicating increased volatility in financial instruments[37] - Allocated intercompany expenses for shared service functions remained consistent at a loss of $890,000 in both Q1 2025 and Q1 2024, reflecting stable internal cost allocations[37] Shareholder Information - The weighted-average number of common shares outstanding was 232,027,993 for Q1 2025, compared to 240,844,334 for Q1 2024, showing a decrease of about 4%[33] - The company continues to focus on improving operational efficiency and reducing losses across its segments, particularly in GevoFuels and GevoRNG[37]