Gevo(US:GEVO)2025-05-13 20:04Revenue and Financial Performance - Total operating revenue increased by approximately $25 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 $1.7 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 $3,990,000 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 $18,875,000 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 $27,131,000 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 $24,048,000 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, 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 $65,288,000 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 $677,800,000 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 $203,008,000 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 $1,289,406,000 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 $15.4 million for Q1 2025, with a loss from operations of $20.1 million[8] - Research and development expenses decreased by $0.5 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 $14,457,000 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 $23,141,000 in Q1 2024, reflecting a reduction in operational losses[37] - Depreciation and amortization expenses increased to $5,622,000 in Q1 2025 from $4,451,000 in Q1 2024, highlighting increased asset utilization or investment[37] - Stock-based compensation decreased to $1,898,000 in Q1 2025 from $4,233,000 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 $1,010,000 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 $2,005,000 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]