Gevo Inc. (NASDAQ:GEVO) is one of the fastest-growing penny stocks to buy now. On November 11, analyst Amit Dayal from H.C. Wainwright reiterated a Buy rating and a $14 price target on Gevo Inc. (NASDAQ:GEVO). The positive stance is in response to strong third-quarter results that demonstrated a robust revenue stream and a strategic focus on effective carbon monetization.
The leading developer of cost-effective, renewable hydrocarbon fuels and chemicals posted revenue of $43.71 million, exceeding consensus estimates of $37.03 million. While the company posted a net loss of $0.03 a share, it was better than the $0.04 per-share loss analysts expected. The company also achieved a second consecutive quarter of positive adjusted EBITDA, driven by strong performance at the Gevo North Dakota facility and renewable natural gas (“RNG”) facility.
Loss from operations decreased by $20.3 million compared to the same quarter last year, owing to improvements driven by increased revenues from Gevo North Dakota and lower production costs.
“We are generating positive Adjusted EBITDA, and we have plans to make it even stronger. Our profitability as a company doesn’t depend on deploying jet fuel. We do however remain committed to developing the jet fuel business, as we expect jet fuel sales to add significant Adjusted EBITDA to our business,” said Dr. Patrick Gruber, Gevo’s Chief Executive Officer
Gevo also inked a multi-year off-take agreement expected to generate $26 million in Carbon Dioxide Removal credit sales revenue over the next five years.
Gevo, Inc. (NASDAQ:GEVO) is a renewable chemicals and advanced biofuels company that converts renewable energy and bio-based feedstocks into low-carbon products, including sustainable aviation fuel, renewable gasoline, diesel, and chemicals.
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Disclosure: None. This article is originally published at Insider Monkey.
