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Gevo Reports Second Quarter 2013 Financial Results

Non-GAAP Financial Information

Consolidated financial information has been presented in accordance with GAAP as well as on a non-GAAP basis. On a non-GAAP basis, financial measures exclude non-cash items such as stock-based compensation. Management believes that it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. These non-GAAP financial measures also facilitate management's internal comparisons to Gevo's historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes these non-GAAP financial measures are useful to investors because they allow for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo's operating performance. A reconciliation between GAAP and non-GAAP financial information is provided in the financial statement tables below.
         
Gevo, Inc. 
Consolidated Statements of Operations Information
(Unaudited, in thousands)
         
  Three Months Ended  Six Months Ended 
  June 30, June 30,
  2013 2012 2013 2012
Revenue and cost of goods sold        
Ethanol sales and related products, net  $ --   $ 5,650  $ --   $ 19,908
Grant revenue, research and        
development program revenue and corn sales  1,859  1,377  5,402  1,991
 Total revenues  1,859  7,027  5,402  21,899
         
Cost of goods sold  3,616  8,510  8,119  23,520
         
Gross loss  (1,757)  (1,483)  (2,717)  (1,621)
         
Operating expenses        
Research and development  5,828  4,723  10,804  9,678
Selling, general and administrative  6,279  9,540  13,229  22,667
 Total operating expenses  12,107  14,263  24,033  32,345
         
Loss from operations  (13,864)  (15,746)  (26,750)  (33,966)
         
Other income (expense)        
Interest expense   (2,312)  (450)  (5,588)  (1,537)
Gain from change in fair value of embedded derivative  2,023  --  693  --
Loss on extinguishment of debt  (1,112)  --  (2,038)  --
Other income   43  19  91  19
Total other expense  (1,358)  (431)  (6,842)  (1,518)
         
Net loss  $ (15,222)  $ (16,177)  $ (33,592)  $ (35,484)
         
Net loss per share attributable to Gevo, Inc.         
common stockholders - basic and diluted  $ (0.35)  $ (0.62)  $ (0.80)  $ (1.35)
Weighted-average number of common shares         
outstanding - basic and diluted  43,371,992  26,242,940  42,191,018  26,299,746
     
Gevo, Inc. 
Condensed Consolidated Balance Sheet Information
(Unaudited, in thousands)
     
  June 30, 2013 December 31, 2012
Assets    
Current assets:    
Cash and cash equivalents  $ 40,588  $ 66,744
Accounts receivable  498  698
Inventories  3,431  6,659
Prepaid expenses and other current assets  1,529  1,779
Total current assets  46,046  75,880
     
Property, plant and equipment, net  77,994  77,093
Deposits and other assets  2,439  3,138
Total assets  $ 126,479  $ 156,111
     
Liabilities    
Current liabilities:    
Accounts payable, accrued liabilities and other current liabilities  $ 10,216  $ 8,256
Current portion of secured debt, net  10,063  8,513
Total current liabilities  20,279  16,769
Long-term portion secured debt, net  10,217  15,445
Convertible notes, net  15,929  25,554
Other long-term liabilities  413  512
Total liabilities  46,838  58,280
     
Total stockholders' equity  79,641  97,831
Total liabilities and stockholders' equity  $ 126,479  $ 156,111
         
Gevo, Inc. 
Condensed Consolidated Cash Flow Information
(Unaudited, in thousands)
         
  Three Months Ended  Six Months Ended 
  June 30, June 30,
  2013 2012 2013 2012
Operating Activities        
Net loss  $ (15,222)  $ (16,177)  $ (33,592)  $ (35,484)
Adjustments to reconcile net loss to net cash        
used in operating activities:        
Non-cash expenses  2,912  3,042  7,003  8,141
Gain from change in fair value of        
embedded derivative  (2,023)  --  (693)  --
Loss on extinguishment of debt  1,112  --  2,038  --
Changes from working capital  3,040  5,605  6,057  2,916
Net cash used in operating activities  (10,181)  (7,530)  (19,187)  (24,427)
         
Investing Activities        
Acquisitions of property, plant        
and equipment, net  (761)  (26,457)  (2,758)  (34,502)
Other   --  (598)  --  (647)
Net cash used in investing activities  (761)  (27,055)  (2,758)  (35,149)
         
Financing Activities        
Proceeds from issuance of secured debt, net  --  --  --  5,000
Proceeds from issuance of common stock, net  9  525  9  664
Payments on secured debt  (2,502)  (730)  (4,141)  (1,241)
Other financing activates  (79)  (230)  (79)  (470)
Net cash (used in) provided by  (2,572)  (435)  (4,211)  3,953
financing activities        
         
Net decrease in cash and        
and cash equivalents   (13,514)  (35,020)  (26,156)  (55,623)
         
Cash and cash equivalents        
Beginning of period  54,102  73,622  66,744  94,225
Ending of period  $ 40,588  $ 38,602  $ 40,588  $ 38,602
         
Gevo, Inc. 
Non-GAAP Financial Information
(Unaudited, in thousands)
         
  Three Months Ended  Six Months Ended 
  June 30, June 30,
  2013 2012 2013 2012
Gevo Development, LLC / Agri-Energy, LLC        
Loss from operations  $ (2,960)  $ (3,134)  $ (5,433)  $ (4,143)
Depreciation and amortization  534  528  1,067  1,050
Non-cash stock-based compensation  46  51  50  102
Non-GAAP loss from operations  $ (2,380)  $ (2,555)  $ (4,316)  $ (2,991)
         
Gevo, Inc.        
Loss from operations  $ (10,904)  $ (12,612)  $ (21,317)  $ (29,823)
Depreciation and amortization  311  323  627  589
Non-cash stock-based compensation  993  1,290  2,076  5,358
Non-GAAP loss from operations  $ (9,600)  $ (10,999)  $ (18,614)  $ (23,876)
         
Gevo Consolidated        
Loss from operations  $ (13,864)  $ (15,746)  $ (26,750)  $ (33,966)
Depreciation and amortization  845  851  1,694  1,639
Non-cash stock-based compensation  1,039  1,341  2,126  5,460
Non-GAAP loss from operations  $ (11,980)  $ (13,554)  $ (22,930)  $ (26,867)
CONTACT: Media Contact:
         Steve Halsey
         Gibbs & Soell for Gevo
         T: (212) 697-2600
         shalsey@gibbs-soell.com
         
         Investor Contact:
         Chelsea DeLong
         PR & Marketing Coordinator
         T: (303) 858-8358
         cdelong@gevo.com

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