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VTNR Vertex Energy

Vertex Energy Inc. is a middle market consolidator, refiner and re-refiner of distressed petroleum streams, such as used oil, transmix, fuel oils and off-specification commercial chemical products.

Company profile

Ticker
VTNR
Exchange
CEO
Benjamin Cowart
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
VOICE POWERED TECHNOLOGY INTERNATIONAL INC, WORLD WASTE TECHNOLOGIES INC
SEC CIK
IRS number
943439569

VTNR stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

12 May 21
27 Jul 21
31 Dec 21
Quarter (USD)
Mar 21 Dec 20 Sep 20 Jun 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from company earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 12.53M 12.53M 12.53M 12.53M 12.53M 12.53M
Cash burn (monthly) (positive/no burn) 322.36K (positive/no burn) 1.44M (positive/no burn) 83.53K
Cash used (since last report) n/a 1.25M n/a 5.6M n/a 324.31K
Cash remaining n/a 11.28M n/a 6.93M n/a 12.2M
Runway (months of cash) n/a 35.0 n/a 4.8 n/a 146.1

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
15 Jul 21 David L Phillips Common Stock Sell Dispose S No No 9 72,172 649.55K 132,828
9 Jul 21 Timothy C Harvey Common Stock Sell Dispose S No No 10.383 51,953 539.43K 0
8 Jul 21 strickland john noel Common Stock Sell Dispose S No No 10.1 60,000 606K 2,500
8 Jul 21 Timothy C Harvey Common Stock Sell Dispose S No No 10.433 143,435 1.5M 51,953
7 Jul 21 David L Phillips Common Stock Option exercise Aquire M No No 1.26 60,000 75.6K 205,000
7 Jul 21 David L Phillips Common Stock Option exercise Aquire M No No 2.08 60,000 124.8K 145,000
7 Jul 21 David L Phillips Stock Option Common Stock Option exercise Dispose M No No 1.26 60,000 75.6K 0
7 Jul 21 David L Phillips Stock Option Common Stock Option exercise Dispose M No No 2.08 60,000 124.8K 0
6 Jul 21 Timothy C Harvey Common Stock Sell Dispose S Yes No 10.844 10,000 108.44K 0
2 Jul 21 Christopher Allen Stratton Common Stock Sell Dispose S No No 11.08 65,925 730.45K 0

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

17.1% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 34 0 NEW
Opened positions 34 0 NEW
Closed positions 0 26 EXIT
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 12.49M 0 NEW
Total shares 8.86M 0 NEW
Total puts 44.4K 0 NEW
Total calls 68.7K 0 NEW
Total put/call ratio 0.6
Largest owners
Shares Value Change
Wasatch Advisors 2.52M $3.55M NEW
Tensile Capital Management 1.5M $2.12M NEW
Vanguard 1.49M $2.1M NEW
Renaissance Technologies 721.82K $1.02M NEW
Trellus Management 662.11K $934K NEW
Segment Wealth Management 538.78K $760K NEW
Squarepoint Ops 244.62K $345K NEW
Geode Capital Management 213.8K $301K NEW
MS Morgan Stanley 205K $290K NEW
Susquehanna International 146.13K $207K NEW
Largest transactions
Shares Bought/sold Change
Wasatch Advisors 2.52M +2.52M NEW
Tensile Capital Management 1.5M +1.5M NEW
Vanguard 1.49M +1.49M NEW
Renaissance Technologies 721.82K +721.82K NEW
Trellus Management 662.11K +662.11K NEW
Segment Wealth Management 538.78K +538.78K NEW
Squarepoint Ops 244.62K +244.62K NEW
Geode Capital Management 213.8K +213.8K NEW
MS Morgan Stanley 205K +205K NEW
Susquehanna International 146.13K +146.13K NEW

Financial report summary

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Risks
  • We may not be able to generate sufficient cash flow to meet our debt service and other obligations due to events beyond our control.
  • We have substantial indebtedness which could adversely affect our financial flexibility and our competitive position. Our debt agreements have previously been declared in default, and our future failure to comply with financial covenants in our debt agreements could result in such debt agreements again being declared in default.
  • The covenants in our credit and loan agreements restrict our ability to operate our business and might lead to a default under our credit agreements.
  • Our ability to service our indebtedness will depend on our ability to generate cash in the future.
  • Our obligations under the Credit Agreements are secured by a first priority security interest in substantially all of our assets.
  • If we are unable to maintain a credit facility, it could have an adverse effect on our business.
  • A decline in expected profitability of the Company or any of our business segments could result in the impairment of assets and other long-lived assets.
  • Epidemics, including the recent outbreak of the COVID-19 coronavirus, and other crises have, and will in the future, negatively impact our business and results of operations.
  • The price of oil and fluctuations in oil prices may have a negative effect on our results of operations.
  • The prices of many of our products are subject to significant volatility.
  • Downturns and volatility in global economies and commodity and credit markets could materially adversely affect our business, results of operations and financial condition.
  • If we are unable to retain current, and obtain new customers, our revenue and cash flows could be reduced to levels that could adversely affect our results of operations.
  • We are dependent on third parties for the disposal of our waste streams.
  • We are dependent on third party generators and collectors for our feedstock.
  • Worsening economic conditions and trends and downturns in the business cycles of the industries we serve and which provide services to impact our business and operating results.
  • Our operating margins and profitability may be negatively impacted by changes in fuel and energy costs.
  • We are vulnerable to the potential difficulties associated with rapid growth.
  • Our contracts may not be renewed and our existing relationships may not continue, which could be exacerbated by the fact that a limited number of our customers represent a significant portion of our sales.
  • A significant portion of our historical revenues are a result of our agreement with KMTEX.
  • We operate in competitive markets, and there can be no certainty that we will maintain our current customers or attract new customers or that our operating margins will not be impacted by competition.
  • Disruptions in the supply of feedstock and/or increases in the cost of feedstock could have an adverse effect on our business.
  • Unanticipated problems at, or downtime effecting, our facilities and those operated by third parties on which we rely, could have a material adverse effect on our results of operations.
  • The fees charged to customers under our agreements with them may not escalate sufficiently to cover increases in costs and the agreements may be suspended in some circumstances, which would affect our profitability.
  • Improvements in or new discoveries of alternative energy technologies and/or government mandated use of such technologies and/or government restrictions or quotas on the use of oil and gas, could have a material adverse effect on our financial condition and results of operations.
  • Improvements in or new methodologies or technology relating to the refining and re-refining of used oil feedstocks could have a material adverse effect on our financial condition and results of operations.
  • Our business is subject to operational and safety risks, including the risk of personal injury to employees and others.
  • We may be subject to citizen opposition and negative publicity due to public concerns over our operations and planned future operations, which could have a material adverse effect on our business, financial condition or results of operations.
  • We depend heavily on the services of our Chief Executive Officer and Chairman, Benjamin P. Cowart.
  • Unanticipated problems or delays in building our facilities to the proper specifications may harm our business and viability.
  • Strategic relationships on which we rely are subject to change.
  • Disruptions to infrastructure and our and our partner’s facilities could materially and adversely affect our business.
  • Negative publicity may harm our operations and we may face additional expenses due to such negative publicity.
  • Our commercial success will depend in part on our ability to obtain and maintain protection of our intellectual property.
  • Competition may impair our success.
  • Potential competition from our existing executive officers, after they leave their employment with us, and subject to the non-compete terms of their employment agreements, could negatively impact our profitability.
  • Competition due to advances in renewable fuels may lessen the demand for our products and negatively impact our profitability.
  • We rely on new technology to conduct our business, including TCEP, and our technology could become ineffective or obsolete.
  • Our operations would be negatively affected if we are unable to use our facilities in the future.
  • Our business is subject to local, legal, political, and economic factors which are beyond our control.
  • Our business may be harmed by anti-terrorism measures.
  • Our business is geographically concentrated and is therefore subject to regional economic downturns.
  • If we cannot maintain adequate insurance coverage, we will be unable to continue certain operations.
  • Claims above our insurance limits, or significant increases in our insurance premiums, may reduce our profitability.
  • Litigation related to personal injury from the operation of our business may result in significant liabilities and limit our profitability.
  • Increases in energy costs will affect our operating results and financial condition.
  • Fluctuations in fuel costs could impact our operating expenses and results.
  • Our hedging activities may prevent us from benefiting fully from increases in oil prices and may expose us to other risks, including counterparty risk.
  • We incur significant costs as a result of operating as a fully reporting company in connection with Section 404 of the Sarbanes Oxley Act, and our management is required to devote substantial time to compliance initiatives.
  • Our ability to use our net operating loss carry-forwards may be subject to limitation.
  • Our inventory is subject to significant impairment charges in the event the prices of oil and gas fall sharply after such inventory is acquired.
  • Our consolidated financial statements, including our liabilities and statements of operations are subject to quarterly changes in our derivative accounting of our outstanding Series B and B1 Preferred Stock and warrants.
  • Risks Relating to Acquisitions
  • Our strategy includes pursuing acquisitions, partnerships and joint ventures and our potential inability to successfully integrate newly-acquired companies or businesses, or successfully manage our partnerships and joint ventures may adversely affect our financial results.
  • We may not successfully identify and complete acquisitions on favorable terms or achieve anticipated synergies relating to any acquisitions, and such acquisitions could result in unforeseen operating difficulties and expenditures and require significant management resources.
  • Our ability to make acquisitions may be adversely impacted by our outstanding indebtedness and by the price of our stock.
  • Legal, Environmental, Governmental and Regulatory Risks
  • Currently pending or future litigation or governmental proceedings could result in material adverse consequences, including judgments or settlements.
  • We are subject to numerous environmental and other laws and regulations and, to the extent we are found to be in violation of any such laws and regulations, our business could be materially and adversely affected.
  • Environmental risks and regulations may adversely affect our business.
  • Climate change legislation or regulations restricting emissions of greenhouse gases could result in increased operating and capital costs and reduced demand for our products.
  • The adoption of regulations implementing recent financial reform legislation could impede our ability to manage business and financial risks by restricting our use of derivative instruments as hedges against fluctuating commodity prices.
  • We could be subject to involuntary shutdowns or be required to pay significant monetary damages or remediation costs if we are found to be a responsible party for the improper handling or the release of hazardous substances.
  • Risks Related to Our Common Carrier Operations
  • We face competition from other common carriers and transportation providers.
  • Risks Related to Our Prior Offering Terms
  • We face significant penalties and damages in the event registration statements we filed to register certain securities sold in our prior offerings are subsequently suspended or terminated.
  • Our Chief Executive Officer, Benjamin P. Cowart, has significant voting control over us, and Mr. Cowart, as a significant shareholder, may, take actions that are not in the interest of other shareholders.
  • We currently have a sporadic and volatile market for our common stock, and the market for our common stock is and may remain sporadic and volatile in the future.
  • Risks Relating to our Preferred Stock
  • The issuance of common stock upon conversion of the Series B Preferred Stock and Series B1 Preferred Stock will cause immediate and substantial dilution to existing shareholders.
  • Our outstanding Series B Preferred Stock and Series B1 Preferred Stock accrue a dividend.
  • We may be required to issue additional shares of Series B Preferred Stock and Series B1 Preferred Stock upon the occurrence of certain events.
  • Risks Relating to Our Listing on The Nasdaq Capital Market
  • Our Common Stock may be delisted from The Nasdaq Capital Market if we cannot satisfy Nasdaq’s continued listing requirements.
  • If we are delisted from The Nasdaq Capital Market, your ability to sell your shares of our common stock could also be limited by the penny stock restrictions, which could further limit the marketability of your shares.
  • Due to the fact that our common stock is listed on The Nasdaq Capital Market, we are subject to financial and other reporting and corporate governance requirements which increase our costs and expenses.
  • There may be future sales and issuances of our common stock, which could adversely affect the market price of our common stock and dilute shareholders ownership of common stock.
  • Securities analysts may not cover our common stock and this may have a negative impact on our common stock’s market price.
  • We do not intend to pay cash dividends on our common stock in the foreseeable future, and therefore only appreciation of the price of our common stock will provide a return to our stockholders.
  • We may be subject in the normal course of business to judicial, administrative or other third-party proceedings that could interrupt or limit our operations, require expensive remediation, result in adverse judgments, settlements or fines and create negative publicity.
  • We may experience adverse impacts on our reported results of operations as a result of adopting new accounting standards or interpretations.
Management Discussion
  • Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
  •     This information should be read in conjunction with the interim unaudited financial statements and the notes thereto included in this Quarterly Report on Form 10-Q, and the audited financial statements and notes thereto and "Part II", "Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission on March 9, 2021 (the "Annual Report").
  •     Certain capitalized terms used below and otherwise defined below, have the meanings given to such terms in the footnotes to our unaudited consolidated financial statements included above under “Part I - Financial Information” - “Item 1. Financial Statements”.
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