Vertex Energy (NASDAQ:VTNR) reported a net loss of $9.0 million for Q2 2020, a significant decline from a $0.4 million loss in Q2 2019. Adjusted EBITDA also fell to -$5.3 million from $2.1 million year-over-year, primarily due to extended maintenance at the Marrero refinery and decreased refined product margins caused by COVID-19 impacts. Despite a 21% drop in used motor oil (UMO) collections, the company expects to achieve $1-2 million in cost savings in H2 2020 and reported improved operational metrics with refineries nearing peak utilization in July.
Vertex Energy (NASDAQ:VTNR) reported its second quarter 2020 results, reflecting a net loss of $9 million compared to $0.4 million in Q2 2019. The adjusted EBITDA also declined to a loss of $5.3 million from a profit of $2.1 million, primarily due to extended maintenance at the Marrero refinery and decreased refined product margins amid COVID-19 impacts. However, both Marrero and Heartland refineries operated near peak utilization in July, with a 40% increase in UMO collections. The Company expects $1-2 million in cost reductions this year, holding cash and liquidity of $19.6 million as of June 30, 2020.