Cowen and Company affirms its Market Perform rating on Gevo, Inc. (Nasdaq: GEVO) following Q1 results this week, but moves its price target from $1.35 down to $1.

Analyst Robert Stone noted that Gevo posted a Q1 loss of $.21 per share with revenue of $903 thousand, commenting, We exclude a $2.5MM gain on fair value of derivatives. Revenue included $630K from products (vs. our $2.2MM estimate) and $273K from grants (vs. our $400K estimate). Products consisted entirely of hydrocarbons (jet fuel and iso-octane) shipped from the Silsbee demonstration unit. COGS of $4.7MM include all overhead at Luverne. Expenses were $9.1MM (vs. St. $10.5MM) on lower SG&A. The new level appears sustainable but could fluctuate with legal spending.

We trimmed expenses to reflect the lower run rate, and now model 2014-15 losses of 68c and 35c (vs. prior losses of 65c and 40c), on revenue of $27.3MM (vs. prior $29MM) and $80MM (unchanged), Stone noted.

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Gevo, Inc. closed at $0.98 yesterday.