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Vertex Energy (VTNR) investor relations material
Vertex Energy Q2 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Q2 2024 was marked by a net loss of $53.8M, impacted by a 28% drop in crack spreads and challenging macroeconomic conditions.
The company paused renewable diesel operations, pivoting to conventional fuels with hydrocracker conversion expected to contribute in Q4 2024.
Operational focus included safety, cost reduction, and efficiency, with OpEx down 6% quarter-over-quarter and 12% year-over-year.
Liquidity was enhanced by securing $15M and $20M new term loans, modifying loan agreements, and appointing a Chief Restructuring Officer.
Management has substantial doubt about the company's ability to continue as a going concern due to a $218.2M working capital deficit and term loan maturing April 2025.
Financial highlights
Q2 2024 revenue was $750.1M, up from $734.9M in Q2 2023; net loss was $53.8M, improved from $81.4M in Q2 2023.
Adjusted EBITDA loss was $22.4M in Q2 2024, compared to $(34.2)M in Q2 2023.
Gross profit for Q2 2024 was $0.2M, up from a loss of $1.4M in Q2 2023.
Cash and equivalents at June 30, 2024, were $18.9M; net debt was $284.9M–$303.8M.
Working capital deficit as of June 30, 2024, was $218.2M, mainly due to term loan reclassification.
Outlook and guidance
Q3 2024 will see lower throughput (55,000–60,000 bpd) due to planned turnaround and hydrocracker conversion, with improvement expected in Q4.
OpEx per barrel for Q3 is expected at $5.52–$6.02; capital expenditures projected at $15M–$20M.
Management is focused on refinancing the term loan and reducing costs to address going concern risk.
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