Gevo, Inc. (GEVO) saw its loss widen to $9.85 million, or $0.10 a share for the quarter ended Sep. 30, 2016. In the previous year period, the company reported a loss of $6.52 million, or $0.39 a share. On the other hand, adjusted net loss for the quarter narrowed to $8.23 million, or $0.09 a share from a loss of $11.40 million or $0.68 a share, a year ago.
Revenue during the quarter dropped 13.38 percent to $6.94 million from $8.02 million in the previous year period. Gross margin for the quarter stood at negative 38.97 percent as compared to a negative 32.58 percent for the previous year period.
Operating loss for the quarter was $6.14 million, compared with an operating loss of $9.27 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at negative $2.21 million compared to negative $4.68 million in the prior year second quarter. At the same time, adjusted EBITDA margin stood at negative 31.85 percent for the quarter compared to negative 58.43 percent in the last year period.
"We continue to make solid progress with our production at Luverne and with our efforts to develop markets for our products. I am especially pleased that our isobutanol is now being blended with gasoline and sold for use in automobiles in the Houston area. This marks the first time that our isobutanol has been specifically targeted towards on-road vehicles," said Dr. Patrick Gruber, Gevo's chief executive officer.
Operating cash flow remains negative
Gevo, Inc. has spent $16.20 million cash to meet operating activities during the nine month period as against cash outgo of $21.01 million in the last year period.
The company has spent $5.52 million cash to meet investing activities during the nine month period as against cash outgo of $0.13 million in the last year period.
Cash flow from financing activities was $35.76 million for the nine month period, up 15.41 percent or $4.77 million, when compared with the last year period.
Cash and cash equivalents stood at $31.06 million as on Sep. 30, 2016, up 91.71 percent or $14.86 million from $16.20 million on Sep. 30, 2015.
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