Gevo, Inc (GEVO) saw its loss widen to $5.93 million, or $0.51 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $3.60 million, or $3.13 a share. On the other hand, adjusted net loss for the quarter narrowed to $7.89 million, or $0.68 a share from a loss of $8.02 million or $6.97 a share, a year ago. Revenue during the quarter dropped 11.14 percent to $5.62 million from $6.32 million in the previous year period. Gross margin for the quarter stood at negative 67.52 percent as compared to a negative 45.93 percent for the previous year period.
Operating loss for the quarter was $7.18 million, compared with an operating loss of $5.87 million in the previous year period.
Adjusted EBITDA for the quarter stood at negative $5.38 million compared to negative $3.89 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 95.76 percent for the quarter compared to negative 61.50 percent in the last year period.
"During our year end update, we set out a number of key strategic initiatives and I am proud to say that we have made meaningful progress towards those goals. So far in 2017 we have significantly improved our balance sheet, as well as signed the exchange agreement with Whitebox that will extend the maturity of our senior debt, assuming a positive stockholder vote in June. This will provide us with additional time to pursue our strategy moving forward. As I have communicated many times, we had to clear this critical financial hurdle before we could more effectively drive customer development and better execute on our long-term expansion plan." said Dr. Patrick Gruber, Gevo’s Chief Executive Officer.
Operating cash flow remains negative
Gevo, Inc has spent $8.05 million cash to meet operating activities during the quarter as against cash outgo of $5.50 million in the last year period. The company has spent $0.67 million cash to meet investing activities during the quarter as against cash outgo of $2.25 million in the last year period.
Cash flow from financing activities was $1.22 million for the quarter as against cash outgo of $0.61 million in the last year period.
Cash and cash equivalents stood at $20.39 million as on Mar. 31, 2017, up 19.74 percent or $3.36 million from $17.03 million on Mar. 31, 2016.
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