Enviva’s bonds fell more than 10 points today, after the wood pellet producer triggered a giant selloff in its stock by cutting its dividend. The company also announced that it anticipated a greater-than-expected loss this year due to higher costs and production shortfalls.

The announcements came as the company reported first-quarter earnings revealing a more than 90% year-over-year decline in adjusted EBITDA, which fell to $3.4m. As of the time of writing, Enviva’s stock is down nearly 64% at $7.76 per share.

Enviva’s market cap is now just $521m, compared to $1.57bn last month, when we published an article highlighting the company’s intense cash burn and questioning its capital allocation priorities.