Announcement • Nov 14
Vertex Energy, Inc. announced delayed 10-Q filing On 11/13/2024, Vertex Energy, Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC. Announcement • Oct 08
Vertex Energy, Inc.(OTCPK:VTNR.Q) dropped from NASDAQ Composite Index Vertex Energy, Inc. has been dropped from the NASDAQ Composite Index. Announcement • Sep 27
Interim DIP Financing Approved for Vertex Energy, Inc. The US Bankruptcy Court gave an order to Vertex Refining Alabama LLC to obtain DIP financing on an interim basis on September 25, 2024. As per the order, the debtor has been authorized to obtain a term loan facility in the amount of $40 million out of $80 million with Cantor Fitzgerald Securities acting as the agent. The DIP Facility Loans will bear interest at a percentage per annum equal to the Base Rate plus, (a) in the case of New Money Loans, 9.50%, (b) in the case of Interim Roll-Up Loans, 9.40%, (c) in the case of Restricted Roll-Up Loans, 9.60%, and (d) in the case of Final Roll-Up Loans, 9.40%. interest in the event of default. As per the terms of the DIP agreement, the loan carries a commitment fee of 3% p.a. The DIP facility would mature either on the date that is four months after the Closing Date or the date that is thirty days after the Petition Date or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.10 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The final hearing shall be occurred on October 16, 2024. Announcement • Sep 25
Vertex Energy, Inc. Filed for Bankruptcy Vertex Energy, Inc., along with its 23 affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas on September 24, 2024. The debtor listed both its assets and liabilities in the range of $500 million to $1 billion. The debtor is represented by Jason Gary Cohen of Bracewell LLP, Kirkland & Ellis LLP, and Kirkland & Ellis International LLP as its legal counsels. The debtor also hired R. Seth Bullock as its Chief Restructuring Officer, Perella Weinberg Partners LP as its investment banker, Alvarez & Marsal North America, LLC as its financial advisor, Kurtzman Carson Consultants, LLC as its claims and noticing agent. Announcement • Aug 31
Vertex Energy Receives Written Notice from the Listing Qualifications Department of the Nasdaq Stock Market On August 29, 2024, Vertex Energy, Inc. received written notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC notifying the Company that it is not in compliance with the minimum bid price requirements set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market. Nasdaq Listing Rule 5550(a)(2) requires listed securities to maintain a minimum bid price of $1.00 per share, and Listing Rule 5810(c)(3)(A) provides that a failure to meet the minimum bid price requirement exists if the deficiency continues for a period of thirty (30) consecutive business days. Based on the closing bid price of the Company’s common stock for the thirty (30) consecutive business days from July 18, 2024 to August 29, 2024, the Company no longer meets the minimum bid price requirement. The Notification Letter does not impact the Company’s listing of its common stock on the Nasdaq Capital Market at this time. The Notification Letter states that the Company has 180 calendar days or until February 25, 2025, to regain compliance with Nasdaq Listing Rule 5550(a)(2). To regain compliance, the bid price of the Company’s common stock must have a closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days. If the Company does not regain compliance by February 25, 2025, an additional 180 days may be granted to regain compliance, so long as the Company meets The Nasdaq Capital Market initial listing criteria (except for the bid price requirement) and notifies Nasdaq in writing of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split, if necessary. If the Company does not qualify for the second compliance period or fails to regain compliance during the second 180-day period, the Company’s common stock will be subject to delisting, at which point the Company would have an opportunity to appeal the delisting determination to a Hearings Panel. The Company intends to monitor the closing bid price of its common stock and may, if appropriate, consider implementing available options to regain compliance with the minimum bid price requirement under the Nasdaq Listing Rules. Reported Earnings • Aug 09
Second quarter 2024 earnings released: US$0.57 loss per share (vs US$1.07 loss in 2Q 2023) Second quarter 2024 results: US$0.57 loss per share (improved from US$1.07 loss in 2Q 2023). Revenue: US$750.1m (up 2.1% from 2Q 2023). Net loss: US$53.8m (loss narrowed 37% from 2Q 2023). Revenue is expected to decline by 13% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in South America are expected to grow by 3.2%. Announcement • Aug 08
Vertex Energy, Inc. Provides Consolidated Operational Guidance for the Third Quarter of 2024 Vertex Energy, Inc. provided consolidated operational guidance for the third quarter of 2024. For the quarter, the company expects Mobile Refinery Total Throughput to be in range of 55.0 Mbpd - 60.0 Mbpd. Announcement • Jul 17
Vertex Energy, Inc. Revises Consolidated Operational Guidance for the Second Quarter of 2024 Vertex Energy, Inc. revised consolidated operational guidance for the second quarter of 2024. For the quarter, the company expects Mobile Refinery Total Throughput to be 71.0 Mbpd compared to previous guidance of 70 Mbpd - 76 Mbpd. Announcement • May 10
Vertex Energy, Inc. Provides Consolidated Operational Guidance for the Second Quarter of 2024 Vertex Energy, Inc. provided consolidated operational guidance for the second quarter of 2024. For the quarter, the company expects Mobile Refinery Total Throughput to be between 70.0 Mbpd to 76.0 Mbpd. Announcement • May 01
Vertex Energy, Inc., Annual General Meeting, Jun 12, 2024 Vertex Energy, Inc., Annual General Meeting, Jun 12, 2024, at 10:00 Central Daylight. Location: the Company’s corporate offices: 1331 Gemini, Suite 250, Houston, Texas 77058 Texas United States Agenda: To elect five directors to the Board of Directors (the “ Board”) each to serve a term of one year and until their respective successors have been elected and qualified, or until their earlier resignation or removal; to ratify the appointment of Ham, Langston & Brezina, L.L.P., as the Company’s independent auditors for the fiscal year ending December 31, 202; to consider a shareholder proposal to require election of directors by a majority of votes cast at an annual meeting; and to conduct any other business properly brought before the meeting or any adjournments, continuations, or postponements thereof. Announcement • Apr 19
Vertex Energy, Inc. Revises Consolidated Operational Guidance for the First Quarter of 2024 Vertex Energy, Inc. revised consolidated operational guidance for the first quarter of 2024. For the quarter, the company expects Mobile Refinery Total Throughput to be between 68Mbpd compared to the previous guidance of Mobile Refinery Total Throughput to be between 63.0 Mbpd to 68.0 Mbpd provided earlier. Announcement • Apr 11
Vertex Energy, Inc. to Report Q1, 2024 Results on May 09, 2024 Vertex Energy, Inc. announced that they will report Q1, 2024 results Pre-Market on May 09, 2024 Announcement • Feb 29
Vertex Energy, Inc. Provides Consolidated Operational Guidance for the First Quarter of 2024 Vertex Energy, Inc. provided consolidated operational guidance for the first quarter of 2024. For the quarter, the company expects Mobile Refinery Total Throughput to be between 63.0 Mbpd to 68.0 Mbpd. Announcement • Feb 01
Vertex Energy, Inc. to Report Q4, 2023 Results on Feb 28, 2024 Vertex Energy, Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 28, 2024 Announcement • Jan 23
Vertex Energy, Inc. Revises Operating Guidance for Fourth Quarter of 2023 Vertex Energy, Inc. revised operating guidance for fourth quarter of 2023. For the quarter, the company expects Mobile Refinery Total Throughput Volume of ~71 Mbpd compared with previous guidance of Mobile Refinery Total Throughput Volume in the range of 72 Mbpd – 77 Mbpd. The company expects Production Yield in the range of 95% - 97% compared with previous guidance of Production Yield in the range of 97% - 98%. Recent Insider Transactions • Nov 14
Independent Director recently sold Mex$7.0m worth of stock On the 10th of November, Christopher Stratton sold around 100k shares on-market at roughly Mex$69.60 per share. This transaction amounted to 53% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$11m more than they bought in the last 12 months. New Risk • Nov 09
New minor risk - Financial position The company has less than a year of cash runway based on its current free cash flow. Free cash flow: -US$118m This is considered a minor risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Shares are highly illiquid. Minor Risks Less than 1 year of cash runway based on current free cash flow (-US$118m). Shareholders have been diluted in the past year (24% increase in shares outstanding). Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: US$0.21 (vs US$0.23 in 3Q 2022) Third quarter 2023 results: EPS: US$0.21. Revenue: US$1.02b (up 26% from 3Q 2022). Net income: US$19.8m (up 15% from 3Q 2022). Profit margin: 1.9% (down from 2.1% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 3.1% p.a. on average during the next 3 years, compared to a 1.5% growth forecast for the Oil and Gas industry in South America. Announcement • Oct 14
Vertex Energy, Inc. Provides Operating Outlook for Third Quarter 2023 Vertex Energy, Inc. provided operating outlook for third quarter 2023. For the period, company expects Conventional throughput volumes expected of approximately 80,000 bpd to exceed previously forecasted 74,000-77,000 bpd range. Company Expects finished product yield of 65%-67% to exceed previously forecasted range of 59%-63%. Announcement • Oct 12
Vertex Energy, Inc. to Report Q3, 2023 Results on Nov 07, 2023 Vertex Energy, Inc. announced that they will report Q3, 2023 results Pre-Market on Nov 07, 2023 Reported Earnings • Aug 10
Second quarter 2023 earnings released: US$1.07 loss per share (vs US$0.96 loss in 2Q 2022) Second quarter 2023 results: US$1.07 loss per share (further deteriorated from US$0.96 loss in 2Q 2022). Revenue: US$734.9m (down 31% from 2Q 2022). Net loss: US$84.7m (loss widened 30% from 2Q 2022). Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 2.2% growth forecast for the Oil and Gas industry in South America. Announcement • Jul 26
Vertex Energy, Inc. Revises Operating Guidance for the Second Quarter of 2023 Vertex Energy, Inc. revised operating guidance for the second quarter of 2023. For the quarter, the company expects Mobile Refinery Throughput Volume of 76 Mbpd compared to previous guidance of 68 Mbpd - 72 Mbpd. Announcement • Jul 13
Vertex Energy, Inc. to Report Q2, 2023 Results on Aug 09, 2023 Vertex Energy, Inc. announced that they will report Q2, 2023 results Pre-Market on Aug 09, 2023 Announcement • Jun 25
Vertex Energy, Inc.(NasdaqCM:VTNR) dropped from Russell Small Cap Comp Value Index Vertex Energy, Inc.(NasdaqCM:VTNR) dropped from Russell Small Cap Comp Value Index New Risk • Jun 18
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$37m free cash flow). Shares are highly illiquid. Minor Risk Shareholders have been diluted in the past year (25% increase in shares outstanding). Announcement • Jun 15
Vertex Energy, Inc. Announces EPA Approval For Generation of D4 RINs Vertex Energy, Inc. announced that it has received approval from the Environmental Protection Agency (EPA) for the generation of D4 Renewable Identification Numbers (RINs) credits under the federal Renewable Fuel Standard (RFS), for each gallon of renewable fuel produced at its refining facility located outside of Mobile, Alabama (the Mobile Refinery). Currently, the Company's Mobile Facility is producing approximately 5,500 barrels per day (bpd) with plans to increase toward the Phase I installed capacity target of 8,000 bpd, by the end of second quarter 2023, in-line with previously disclosed targets. The Company anticipates initial commercial product sales of renewable diesel within the second quarter of 2023. New Risk • Jun 15
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$37m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$37m free cash flow). Shares are highly illiquid. Announcement • Jun 10
Jakubowitz Law Announces Securities Fraud Class Action Lawsuit Has Commenced on Behalf of Shareholders of Vertex Energy, Inc Jakubowitz Law announced that a securities fraud class action lawsuit has commenced on behalf of shareholders of Vertex Energy, Inc. The lawsuit seeks to recover losses for shareholders who purchased Vertex between April 1, 2022 and August 8, 2022. Shareholders interested in acting as a lead plaintiff representing the class of wronged shareholders have until June 12, 2023 to petition the court. According to a filed complaint, Vertex Energy, Inc. issued materially false and/or misleading statements and/or failed to disclose that: (a) prior to the acquisition of the oil refinery in Mobile, Alabama, defendants had entered into inventory and crack spread hedging derivatives that significantly capped the profit margins on 50% of the Mobile refinery's expected output over the period April 1, 2022 to September 30, 2022, affecting over 6.5 million barrels of refined fuel output. These hedges severely limited Vertex's ability to capitalize on the record-high crack spreads that existed at the time of the acquisition and resulted in over $90 million in losses in the second quarter of fiscal year 2022; (b) prior to the acquisition of the Mobile refinery, defendants had entered into an inventory intermediation agreement with the investment bank Macquarie Group, whereby Macquarie purchased (from third parties), owned, and sold (to Vertex) all crude oil inventory to be used at the Mobile refinery and also purchased (from Vertex), owned, and sold (to third parties) all refined fuel inventoryproduced at the Mobile refinery. The strict terms of the arrangement, including requiring Vertex to purchase hedges to protect Macquarie's position in holding the crude and refined inventory, combined with the fact thatthe oil market was in a state of backwardation in early 2022, resulted in Vertex incurring significant fees and inventory losses. Announcement • Jun 01
Vertex Energy, Inc. Announces Commercial Production of Renewable Diesel Vertex Energy, Inc. announced the successful completion of the startup procedures for its renewable diesel conversion project at its Mobile, Alabama, refining facility. Additionally, the Company announced that it has entered into a new working capital facility with existing liquidity provider, Macquarie Group's Commodities and Global Markets business ("Macquarie"), to supply the necessary liquidity for securing feedstock for renewable diesel production. After a two-week period of downtime related to the previously disclosed repairs on the feedstock pumping system, repair and reinstallation operations have been successfully completed. Startup procedures were completed last week and the Company reported that the renewable diesel facility has achieved initial production as of May 27, 2023. Vertex also announced the entry into a Renewable Supply and Offtake Agreement with existing liquidity provider,Macquarie for the liquidity needs required to acquire feedstock inventory and monetize renewable diesel and regulatory credits for its renewable diesel facility. The new working capital facility is similar in nature to the existing Supply and Offtake Agreement in place with Macquarie used to monetize Vertex's crude oil feedstock and products needs on the conventional side of the business. The terms of the RSOA were filed with the SEC in a Current Report on Form 8-K concurrently with this release. Stroock & Stroock & Lavan LLP acted as legal advisor to Vertex with respect to the transaction. The Company plans to commence the commercial sale of renewable diesel in June 2023, after receiving required EPA certifications for Renewable Identification Numbers. Announcement • May 10
Vertex Energy, Inc. Provides Operating Guidance for the Second Quarter of 2023 Vertex Energy, Inc. provided operating guidance for the second quarter of 2023. For the quarter, the company expects Mobile Refinery Throughput Volume to be in the range of 68 Mbpd - 72 Mbpd. Announcement • Feb 11
Vertex Energy, Inc. to Report Q4, 2022 Results on Feb 28, 2023 Vertex Energy, Inc. announced that they will report Q4, 2022 results Pre-Market on Feb 28, 2023 Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Oct 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. No experienced directors. 6 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Aug 11
Forecast breakeven date pushed back to 2023 The 4 analysts covering Vertex Energy previously expected the company to break even in 2022. New consensus forecast suggests losses will reduce by 63% to 2022. The company is expected to make a profit of US$168.1m in 2023. Average annual earnings growth of 104% is required to achieve expected profit on schedule. Reported Earnings • Aug 10
Second quarter 2022 earnings released: US$1.20 loss per share (vs US$0.39 loss in 2Q 2021) Second quarter 2022 results: US$1.20 loss per share (down from US$0.39 loss in 2Q 2021). Revenue: US$991.8m (up US$961.6m from 2Q 2021). Net loss: US$81.8m (loss widened 300% from 2Q 2021). Over the next year, revenue is forecast to grow 234%, compared to a 27% growth forecast for the industry in Mexico. Recent Insider Transactions • Jun 08
Independent Director recently sold Mex$42m worth of stock On the 3rd of June, David Phillips sold around 133k shares on-market at roughly Mex$316 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of Mex$102m more than they bought in the last 12 months. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 10
First quarter 2022 earnings released: US$0.22 loss per share (vs US$0.013 profit in 1Q 2021) First quarter 2022 results: US$0.22 loss per share (down from US$0.013 profit in 1Q 2021). Revenue: US$40.2m (down 31% from 1Q 2021). Net loss: US$14.1m (down US$14.8m from profit in 1Q 2021). Over the next year, revenue is forecast to grow 2,002%, compared to a 38% growth forecast for the industry in Mexico. Board Change • Apr 28
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 10
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.58 loss per share (up from US$0.68 loss in FY 2020). Revenue: US$115.8m (down 14% from FY 2020). Net loss: US$32.9m (loss widened 6.8% from FY 2020). Revenue exceeded analyst estimates by 27%. Over the next year, revenue is forecast to grow 1,462%, compared to a 48% growth forecast for the oil industry in Mexico. Board Change • Mar 03
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Jan 25
Forecast breakeven date pushed back to 2022 The 4 analysts covering Vertex Energy previously expected the company to break even in 2021. New consensus forecast suggests losses will reduce by 67% to 2021. The company is expected to make a profit of US$31.6m in 2022. Average annual earnings growth of 55% is required to achieve expected profit on schedule. Board Change • Jan 25
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS US$0.12 (vs US$0.095 loss in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: US$29.0m (down 23% from 3Q 2020). Net income: US$7.07m (up US$11.4m from 3Q 2020). Profit margin: 24% (up from net loss in 3Q 2020). The move to profitability was driven by lower expenses. Breakeven Date Change • Nov 05
Forecast to breakeven in 2022 The 3 analysts covering Vertex Energy expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$34.5m in 2022. Average annual earnings growth of 121% is required to achieve expected profit on schedule. Board Change • Nov 05
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 1 experienced director. 5 highly experienced directors. Director Jim Gregory was the last director to join the board, commencing their role in 2014. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. 
