Vertex Energy Inc. (NASDAQ: VTNR) stock gained by 4% at the last close whereas the VTNR stock price declines by 5.71% in the pre-market trading. Vertex Energy is a specialized refiner and distributor of high-quality refined goods using alternative feedstocks.
VTNR stock, Financial Results
Vertex Energy announced its second-quarter 2021 financial highlights. Given below are the highlight:
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- The Company recorded a net loss of $16.0 million for the second quarter ended June 30, 2021, compared to a net loss of $8.9 million in Q2 2020.
- In the second quarter of 2021, Vertex Energy had a $1.6 million profit from operations, compared to a $8.6 million loss the year before.
- In the second quarter of 2021, VTNR recorded an Adjusted EBITDA of $4.0 million, compared to ($5.3) million in the prior-year period.
- In the second quarter of 2021, Vertex earned $1.1 million in free cash flow, marking the company’s second consecutive quarter of positive cash flow.
Benjamin P. Cowart, President, and CEO of VTNR Stock stated,
The acquisition of the Mobile refinery is still on schedule to be completed in the fourth quarter of 2021. They’re now in advanced talks with a number of well-established financial partners who remain enthusiastic about the deal. On or before the end of the third quarter of 2021, they anticipate to receive funding for the Mobile refinery transaction.
Safety-unsolicited Kleen’s offer of $140 million for their UMO collections and recycling assets was both appropriate and timely, allowing them to expedite their balance sheet recapitalization. They anticipate to infuse about $90 million of cash into their firm at the completion of this transaction, depending on shareholder approval, after retiring expensive term debt and other financial commitments.
Vertex is on track to become a high purity refiner and distributor of renewable and conventional feedstocks by the end of 2021. The reduced asset portfolio, simpler capital structure, and strategic emphasis on energy transition prospects will mark a significant shift in their investment philosophy, something that they think will position them to produce measurable value for its shareholders as they enter this next chapter of growth.