Enviva's net revenue for Q4 2022 was $239.3 million as compared to $276.3 million for Q4 2021 on a recast and non-recast basis. The decrease of approximately 13% year-over-year was primarily driven by the impact of the Deferred Gross Margin Transactions of approximately $175.0 million, partially offset by an increase in average sales price per ton as a result of annual price escalators in our contracts as well as the elevated pricing environment for biomass.

Gross margin was $5.6 million for Q4 2022 as compared to $21.2 million and $23.6 million for Q4 2021 on a recast and non-recast basis, respectively.

Adjusted gross margin was $36.3 million for Q4 2022 as compared to $73.3 million and $75.7 million for Q4 2021 on a recast and non-recast basis, respectively. The decrease was driven by the impact of the Deferred Gross Margin Transactions of approximately $88.9 million. As discussed previously, Enviva expects to report approximately half of the deferred gross margin in 2024, and half in 2025.

Adjusted gross margin per MT (“AGM/MT”) for Q4 2022 was $35.32, as compared to $54.57 and $56.32 for Q4 2021 on a recast and non-recast basis, respectively. 

Net loss for Q4 2022 was $77.4 million as compared to $61.4 million and $34.0 million for 2021, on a recast and non-recast basis, respectively.