Enviva Q2, Update on Cost and Productivity Improvement Initiatives

 Enviva Inc. (NYSE: EVA) ("Enviva," the "Company," "we," "us," or "our") today released financial and operating results for second-quarter 2023 and provided a progress update on cost-reduction and productivity improvement initiatives across its operations.

Financial Update:

• Reported a net loss of $55.8 million for second-quarter 2023, as compared to a net loss of $27.3 million for second-quarter 2022; net loss for second-quarter 2023 was in line with the previously disclosed guidance range

• Reported adjusted EBITDA for second-quarter 2023 of $26.0 million as compared to $39.5 million for second-quarter 2022; adjusted EBITDA for second-quarter 2023 was in line with the previously disclosed guidance range

• Reaffirmed net loss guidance range for full-year 2023 of $186 million to $136 million

• Reaffirmed adjusted EBITDA guidance range for full-year 2023 of $200 million to $250 million

• Lowered full-year 2023 total capital expenditures guidance range to $335 million to $365 million, from $365 million to $415 million, representing a decrease of 10% at the midpoint of the ranges; total capital expenditure reductions were primarily driven by updated timing of cash flow spending curves related to the Epes, Alabama ("Epes") and Bond, Mississippi ("Bond") projects, partially offset by higher expected spending on several smaller growth projects; the lower spending does not impact the planned in-service dates of Epes (mid-2024) and Bond (mid-2025)

During second-quarter 2023, Enviva significantly heightened its focus on initiatives to improve productivity and costs across its current platform, in conjunction with progressing contract negotiations, including repricing certain legacy contracts, in a constructive pricing environment for both near-term deliveries and long-term, take-or-pay off take contracts.

Enviva will host a webcast and conference call on Thursday, August 3, 2023 at 10:00 a.m. Eastern Time to discuss second-quarter results and the Company’s outlook. The conference call number for North American participation is +1 (877) 883-0383, and for international callers is +1 (412) 902-6506. The passcode is 8363501. Alternatively, the call can be accessed online through a webcast link provided on Enviva’s Events & Presentations website page, located at ir.envivabiomass.com.

https://finance.yahoo.com/news/enviva-reports-2q-2023-results-222500085.html