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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.
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Q2 2024 earnings summary8 Aug, 2024

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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Frequently asked questions

Vertex Energy, Inc. operates as an environmental services company in the United States. The company re-refines and recycles industrial waste oil streams, including gasoline blendstocks and residual oils; distributes various petroleum products, such as lubricants, medium distillates, and additives; sells hydrocarbon-based fuel products from its re-refining operations to oil refiners, petrochemical producers, asphalt producers and other energy companies; collects used motor oil from quick lube shops and garages; recycles used tires by shredding them into rubber crumb for use as a raw material by tire manufacturers to produce new rubber tires; and aggregates materials for recycling.

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