Financial Performance - Vertex Energy reported a net loss of $53.8 million, or $0.58 per fully-diluted share, for Q2 2024, compared to a net loss of $17.7 million, or $0.19 per share in Q1 2024[11]. - Adjusted EBITDA for Q2 2024 was $(22.4) million, a significant decrease from $18.6 million in Q1 2024, primarily due to a 28% decrease in crack spreads[11]. - Total revenues for Q2 2024 were $750,061, an increase from $734,893 in Q2 2023, representing a growth of approximately 2%[30]. - Gross profit for the six months ended June 30, 2024, was $35,352, compared to $66,067 for the same period in 2023, indicating a decline of about 46.5%[30]. - The net loss attributable to Vertex Energy, Inc. for Q2 2024 was $53,773, compared to a net loss of $81,401 in Q2 2023, showing an improvement of approximately 34%[30]. - The company reported a loss from operations of $(38,320) for Q2 2024, compared to $(45,050) in Q2 2023, indicating a reduction in operational losses of about 15.3%[30]. - The company reported a net loss from continuing operations of $(35,570) thousand for the three months ended June 30, 2024, compared to a loss of $(53,845) thousand for the same period in 2023, showing an improvement of approximately 34%[36]. - The company incurred stock-based compensation expense of $861 thousand for the six months ended June 30, 2024, compared to $733 thousand for the same period in 2023, representing an increase of approximately 17.5%[34]. - The company reported a gross profit of $246 thousand for the three months ended June 30, 2024, compared to a gross loss of $(3,945) thousand for the same period in 2023, indicating a turnaround in profitability[36]. - The company experienced a net cash decrease of $(61,710) thousand for the six months ended June 30, 2024, compared to $(94,052) thousand for the same period in 2023, indicating a reduction in cash outflow[34]. Operational Highlights - The Mobile Refinery achieved a conventional throughput of 67,758 barrels per day (bpd) in Q2 2024, with finished high-value light products making up approximately 64% of total production[4]. - Total renewable throughput at the Mobile Renewable Diesel facility was 3,092 bpd in Q2 2024, with a production yield of 99.7%[10]. - The company is transitioning its hydrocracking unit from renewable fuels to conventional fuels, with an expected operational target in Q4 2024[6]. - Financial guidance for Q3 2024 includes a conventional throughput volume target of 55,000 to 60,000 bpd and direct operating expenses projected between $5.52 and $6.02 per barrel[14]. - The future production of the Mobile Refinery includes both renewable diesel and conventional production, with specific production rates and yields yet to be determined[20]. - Total throughput for the six months was 69,502 barrels per day (bpd), with Conventional at 65,911 bpd and Renewable at 3,591 bpd[45]. Financial Position - As of June 30, 2024, Vertex had total debt of $303.8 million and cash and cash equivalents of $18.9 million, resulting in a net debt position of $284.9 million[11]. - Total current assets decreased to $276,321 as of June 30, 2024, down from $352,031 at the end of 2023, a reduction of about 21.5%[29]. - Current liabilities increased significantly to $494,555 as of June 30, 2024, compared to $328,826 at the end of 2023, an increase of approximately 50.4%[29]. - The accumulated deficit grew to $(258,886) as of June 30, 2024, compared to $(187,379) at the end of 2023, reflecting an increase of about 38%[31]. - Total assets decreased to $772,368 as of June 30, 2024, down from $854,624 at the end of 2023, a decline of approximately 9.6%[29]. - Total equity decreased to $129,549 as of June 30, 2024, down from $200,387 at the end of 2023, a decline of approximately 35.4%[29]. - Long-term debt and lease obligations increased to $303,772 thousand as of June 30, 2024, compared to $244,910 thousand a year earlier[61]. - Net long-term debt rose to $284,909 thousand, up from $192,775 thousand in the previous year, reflecting increased leverage[61]. - The company's net leverage ratio significantly increased to 22.5x as of June 30, 2024, compared to 2.5x a year prior, indicating heightened financial risk[61]. Strategic Initiatives - Vertex secured new loans of $15 million and $20 million to enhance liquidity and appointed Seth Bullock as Chief Restructuring Officer to assist in navigating financial challenges[2][3]. - The company is engaged in reviewing potential joint ventures, acquisitions, and strategic transactions to enhance shareholder value[20]. - The company anticipates the need for additional capital to complete capital projects and satisfy liabilities, including amounts owed under its outstanding term loan[20]. - The company reported a significant focus on maintaining supplier relationships and obtaining adequate supplies of feedstocks to ensure operational efficiency[20]. - The company emphasizes the importance of retaining key personnel and managing competition within the industry[20]. Risks and Uncertainties - The company is subject to various risks, including changes in commodity prices and potential disruptions in infrastructure that could impact operations[20]. - The financial projections are based on numerous assumptions, including industry performance and economic conditions, which may impact future results[22]. - The company cautions that actual results may vary significantly from projections due to various uncertainties and risks[22].

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time. The change in a company's future earnings potential, as reflected in earnings estimate revisions, and the nearterm price movement of its stock are proven to ...

Vertex Energy, Inc. 8-K Exhibit 99.1 VERTEX ENERGY ANNOUNCES FIRST QUARTER 2024 RESULTS AND OPTIMIZATION OF HYDROCRACKING CAPACITY FROM RENEWABLES TO CONVENTIONAL PRODUCTION HOUSTON, TX (Business Wire) – May 9, 2024 – Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products and renewable fuels, today announced its operational and financial results for the first quarter of 2024. The Company also announced that it plans to optimiz ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Address of principal executive of ices) (Zip Code) Registrant's telephone number, including area code: 866-660-8156 For the quarterly period ended March 31, 2024 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission Fi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission File Number 001-11476 ——————— VERTEX ENERGY, INC. (Exact name of registrant as specified in its charter) ——————— incorporati ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission File Number 001-11476 ——————— VERTEX ENERGY, INC. (Exact name of registrant as specified in its charter) ——————— Ne ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission File Number 001-11476 ——————— VERTEX ENERGY, INC. (Exact name of registrant as specified in its charter) ——————— (State ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission File Number 001-11476 ——————— VERTEX ENERGY, INC. (Exact name of registrant as specified in its charter) ——————— (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 20 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission File Number 001-11476 ——————— VERTEX ENERGY, INC. (Exact name of registrant as specified in its charter) ——————— incorporation or organization) Nevada 94-3439569 (State or other jurisdiction of (I.R.S. Employer Identification No.) 1331 Gemini Street, SUIT ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal quarter ended June 30, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _____________ TO _____________ Commission File Number 001-11476 ——————— VERTEX ENERGY, INC. (Exact name of registrant as specified in its charter) ——————— Nevada 94 ...