Gevo, Inc. (Nasdaq: GEVO) reported its financial results for the nine months ended September 30, 2024, revealing significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period. The company’s total operating revenues for the third quarter of 2024 were $1.965 million, a decrease of 57% from $4.528 million in the same period of 2023. For the nine months ended September 30, 2024, total operating revenues were $11.215 million, down from $12.826 million in the prior year, marking a 13% decline.
The company experienced a net loss of $21.156 million for the third quarter of 2024, compared to a net loss of $15.700 million in the same quarter of 2023. For the nine-month period, the net loss increased to $61.033 million from $47.738 million, reflecting a 28% rise in losses. Operating expenses for the third quarter rose slightly to $25.973 million from $25.254 million year-over-year, while total operating expenses for the nine months increased to $82.393 million from $73.324 million, a 12% increase.
Gevo's total assets decreased to $603.790 million as of September 30, 2024, down from $650.322 million at the end of 2023. Current assets also fell significantly to $236.632 million from $386.382 million. However, total current liabilities saw a notable reduction to $28.673 million from $91.426 million, contributing to a decrease in total stockholders' equity to $504.721 million from $557.389 million.
Strategically, Gevo has been active in acquisitions, entering into an Asset Purchase Agreement to acquire assets from Red Trail Energy for $210 million, expected to close in Q1 2025. Additionally, the company acquired Cultivate Agricultural Intelligence, LLC for $6.9 million, enhancing its capabilities in agricultural data through a cloud-based platform.
Gevo's Renewable Natural Gas (RNG) segment reported revenues of $1.953 million for Q3 2024, down from $4.517 million in Q3 2023. The company also generated $15.3 million from the sale of Investment Tax Credits related to its RNG project, contributing to its cash flow.
The company continues to focus on its Net-Zero Projects, particularly the NZ1 project in South Dakota, which aims to produce sustainable aviation fuel (SAF) and other hydrocarbons. Gevo is also pursuing partnerships and joint development agreements to enhance its technology and market position in the renewable energy sector.
About Gevo, Inc.
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