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Gevo Reports Fourth Quarter 2024 Financial Results and Reaffirms Business Update
GEVOGevo(GEVO) Newsfilter·2025-03-27 20:01

Core Viewpoint - Gevo, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting a decrease in operating revenue and an increase in operational losses, while reaffirming its business update released earlier in March 2025 [1]. Financial Highlights - Operating revenue for 2024 decreased by 0.3millioncomparedtotheprioryear,primarilyduetolowersalesofenvironmentalattributesfromtheRNGproject[4].−Thecompanysold366,557MMBtuofRNG,generatingbiogascommoditysalesof0.3 million compared to the prior year, primarily due to lower sales of environmental attributes from the RNG project [4]. - The company sold 366,557 MMBtu of RNG, generating biogas commodity sales of 0.7 million and environmental attribute sales of 15.1million[4].−Totaloperatingrevenuesfor2024were15.1 million [4]. - Total operating revenues for 2024 were 16.915 million, down from 17.200millionin2023[23].−Lossfromoperationsincreasedby17.200 million in 2023 [23]. - Loss from operations increased by 9.0 million to 90.824millionfortheyearendedDecember31,2024,comparedto90.824 million for the year ended December 31, 2024, compared to 81.835 million in 2023 [10][23]. - Non-GAAP adjusted EBITDA loss for 2024 was 57.793million,comparedtoalossof57.793 million, compared to a loss of 45.741 million in 2023 [29]. Expense Analysis - Cost of production remained consistent at 12.002millionin2024,comparedto12.002 million in 2024, compared to 11.991 million in 2023 [23]. - Research and development expenses decreased by 1.1millionto1.1 million to 5.576 million in 2024, primarily due to reduced consulting and personnel costs [6]. - General and administrative expenses increased by 3.2millionto3.2 million to 45.798 million, driven by higher personnel costs and consulting fees [7]. - Project development costs rose by 3.4millionto3.4 million to 18.166 million, mainly due to patent-related costs and increased personnel expenses [8]. Cash and Investment Position - As of December 31, 2024, the company had cash, cash equivalents, and restricted cash totaling 259.0million[11].−Interestandinvestmentincomedecreasedby259.0 million [11]. - Interest and investment income decreased by 3.4 million to 15.740millionin2024,attributedtocashusageforcapitalprojectsandoperatingcosts[12].OperationalDevelopments−ThecompanyanticipatesreceivingfinalpathwayapprovalundertheLCFSPrograminthefirstquarterof2025,whichisexpectedtoresultinalowerCIscore[4][11].−TheRNGsubsidiarygeneratedrevenueof15.740 million in 2024, attributed to cash usage for capital projects and operating costs [12]. Operational Developments - The company anticipates receiving final pathway approval under the LCFS Program in the first quarter of 2025, which is expected to result in a lower CI score [4][11]. - The RNG subsidiary generated revenue of 15.8 million in 2024, reflecting an increase of 0.3millioncomparedtothepreviousyear[11].StockholderEquity−Totalstockholders′equitydecreasedto0.3 million compared to the previous year [11]. Stockholder Equity - Total stockholders' equity decreased to 489.488 million as of December 31, 2024, from $557.389 million in 2023 [22].