Gevo Wraps Up Q3 With List Of Strategic Partnerships

Despite drops in cash on hand and revenue, and a $14.7 million loss in third quarter, the biofuel manufacturer reports that interest in SAF is growing.

Kimberly Johnson

Thursday, November 11, 2021 at 08:31 PM ET

Verified

Gevo has been delivering SAF to the general aviation market since its first forays into it in December 2020. Gevo

Key Takeaways:

Gevo ended Q3 2021 with $522.4 million in cash, but reported minimal revenue ($0.1 million) and a $14.7 million loss from operations.
Despite the financial loss, the company significantly expanded strategic partnerships, including a major letter of intent with Chevron for sustainable aviation fuel (SAF) production and off-take.
Gevo is progressing with its Net-Zero 1 Project, aiming to produce 45 million gallons per year of sustainable jet fuel and renewable gasoline.
The company reports increasing demand for SAF, with its pipeline of potential contracts now exceeding one billion gallons annually.

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Gevo, a sustainable and low-carbon biofuel manufacturer, wrapped up the third quarter with $522.4 million in cash and cash equivalents and generated $0.1 million in revenue, the company announced Wednesday.

The amount of cash on hand was $44.8 million less than that reported at the end of the second quarter of 2021, according to the company. Gevo also reported $14.7 million third-quarter loss from operations, more than twice the $6.1 million reported during the same period in 2020.