$GEVO reports Q4 2022 financials & expansion plans in renewable energy, RNG & hydrogen.
Mar 9th 2023, 9:07 pm
Analyst Summary: Gevo, a renewable energy and liquid hydrocarbon technology company, announced its financial results for the fourth quarter of 2022. The company recorded no operating revenue for the quarter, but it had cash and cash equivalents of $108.9 million as of December 31, 2022. The RNG project had an initial production capacity of 355,000 MMBtu per year, which will be expanded to approximately 400,000 MMBtu per year by Q4 2023, indicating growth in production. Gevo has also started working on developing a 20 MW hydrogen production facility, expected to use Cummins Inc.'s electrolyzer technology, in Lake Preston, South Dakota, indicating Gevo's expansion into the hydrogen energy sector. Dr. Patrick R. Gruber, Chief Executive Officer of Gevo, expressed his satisfaction with the company's progress, stating: "We continue to make progress on the development and financing of NZ1 and we are receiving solid engagement from potential investors who are interested in partnering with Gevo for the project financing of NZ1." Gevo did not project a GAAP loss in the fourth quarter of 2022. Instead, it reported a Cash EBITDA loss of $13.8 million for the quarter, down from $14.3 million in Q3 2022. Gevo's projections for the Net Zero 1 Project and the Lake Preston site remain on schedule for operational start-up in 2025. It is worth noting that forward-looking statements made by Gevo contain significant risks and uncertainties. Investors should be mindful of these risks and not rely solely on the forward-looking statements for investment decisions.