GEVO Shares Plunge 36% Following Pricing Of Offering, Q4 Results

Shares of GEVO, Inc. (NASDAQ: GEVO), a nano-cap renewable chemicals and bio-fuels company, plunged more than 36 percent on Tuesday and hit a new 52-week low of $0.26 following the release of its fourth quarter results.Gevo reported that it had lost $0.44 per share in the fourth quarter on revenue of $7.3 million. Wall Street analysts were expecting the company to lose $0.44 per share on revenue of $8.06 million.Gevo noted that its quarterly revenue fell from $9.5 million a year ago and was attributed to lower ethanol production and pricing. Hydrocarbon revenue fell by $0.3 million in the quarter to $0.2 million, primarily due to the timing of shipments of finished products from a plant in Texas.Gross loss for the quarter worsened to $1.704 million from $1.372 million a year ago. Gross loss for the full fiscal year worsened to $8.625 million from $7.316 million a year ago."We are very pleased to have restarted the production of isobutanol at Luverne. The capital improvement projects came in on time and on budget. While we expect that there will be a learning curve associated with operating the new equipment, the production and cost targets that we set out in September 2015 remain the same. As we ramp up the isobutanol production levels at Luverne, we expect to be able to announce new customer relationships across all our core markets, namely the alcohol-to-jet fuel (ATJ), marina, off-road, isooctane and solvents markets," said Dr. Patrick Gruber, Chief Executive Officer.Gevo also announced a $3.5 million public offering of common stock and warrants. The company expects to use the gross proceeds to fund working capital and for other general corporate purposes.