Gevo Reports Record Third Quarter 2026 Financial Results
Approximately $20 million of non-recurring banked carbon-credit revenue supported the improved earnings outlook.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Gevo (NASDAQ: GEVO) reported third-quarter 2026 revenue of $82.953 million, nearly double the same quarter last year.
Net income attributable to Gevo was $22.714 million, or $0.09 per diluted share, versus a $7.954 million loss a year earlier. Gross profit rose to $47.812 million from $13.021 million. Operating cash flow was $41 million. Revenue included approximately $29.4 million from Canadian Clean Fuel Regulation credits, mostly generated in earlier periods.
Gevo now expects non-GAAP adjusted EBITDA, an adjusted earnings measure, above $90 million for 2026 and above $70 million for 2027. Its ethanol capacity upgrade remains on track for completion by year-end 2026. Despite quarterly profitability, the nine-month loss attributable to Gevo widened to $175.924 million from $27.538 million, including asset impairment and refundable-deposit credit-loss charges.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Major point. Forward-looking: it has not happened yet and may not happen.Improved adjusted EBITDA outlook: Gevo expects greater than $90 million in 2026 and greater than $70 million in 2027.
- Major point$70 million of Section 45Z tax-credit sales were contracted, covering substantially all expected 2026 ethanol and RNG credits.
- Moderate pointThird-quarter revenue rose to $82.953 million from $42.710 million a year earlier.
- Moderate pointThird-quarter attributable net income reached $22.714 million versus a $7.954 million loss; diluted EPS was $0.09 versus $(0.03).
- Moderate pointThird-quarter gross profit increased to $47.812 million from $13.021 million a year earlier.
- Moderate pointThird-quarter operating income reached $30.200 million versus a $3.690 million loss a year earlier.
- Moderate pointThird-quarter non-GAAP adjusted EBITDA increased to $44 million from $7 million a year earlier.
- Moderate pointThird-quarter adjusted attributable net income was $29 million versus a $5 million loss; adjusted EPS was $0.12 versus $(0.02).
- Moderate pointOperating cash flow was $41 million for the quarter and $12 million for the nine months.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Carbon-business revenue is expected by Gevo to exceed $50 million in 2026.
- Moderate point. Forward-looking: it has not happened yet and may not happen.RNG model changes could add more than $10 million annually to gross profit, based on Gevo's current estimates.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Ethanol capacity upgrade targets approximately 75 million gallons annually, with completion on track for year-end 2026.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Expansion plans would approximately double ethanol production and carbon capture starting in 2028; long-lead equipment was secured.
- Moderate pointThird-quarter ethanol production rose to 19 million gallons from 17 million, primarily reflecting scheduled-maintenance timing.
6 minor points
- Minor point. Forward-looking: it has not happened yet and may not happen.2027 tax-credit sales are expected by Gevo to grow further as its capacity upgrade increases production.
- Minor pointNine-month revenue increased to $172.402 million from $115.232 million a year earlier.
- Minor pointNine-month gross profit increased to $83.467 million from $33.997 million a year earlier.
- Minor pointThird-quarter research and development expense fell to $1.141 million from $1.273 million a year earlier.
- Minor pointThird-quarter project development costs fell to $2.259 million from $3.229 million a year earlier.
- Minor pointTotal liabilities fell to $231.696 million at September 30, 2026, from $247.760 million at December 31, 2025.
Negative
- Major pointNine-month attributable net loss widened to $175.924 million from $27.538 million; diluted loss per share reached $0.74 versus $0.12.
- Moderate pointCash and equivalents fell to $67.554 million at September 30, 2026, from $81.163 million at December 31, 2025.
- Moderate pointLoans payable rose to $167.769 million at September 30, 2026, from $100.503 million at December 31, 2025.
- Moderate pointStockholders' equity fell to $298.396 million at September 30, 2026, from $466.337 million at December 31, 2025.
- Moderate pointExpansion financing remains in progress for the planned production and carbon-capture increase.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Project Northstar depends on securing sufficient fixed- or floor-price sustainable aviation fuel purchase agreements.
- Moderate pointThird-quarter general and administrative expense rose to $13.712 million from $11.647 million a year earlier.
9 minor points
- Minor pointNine-month asset impairment totaled $135.788 million, versus none a year earlier.
- Minor pointNine-month refundable-deposit credit-loss allowance was $40.282 million, versus none a year earlier.
- Minor pointNine-month bond-extinguishment loss was $10.304 million, versus none a year earlier.
- Minor pointApproximately $20 million of third-quarter banked Canadian fuel-credit revenue was non-recurring.
- Minor point. Forward-looking: it has not happened yet and may not happen.Estimated additional RNG tax-credit value remains subject to third-party validation.
- Minor pointThird-quarter RNG production declined to 91,729 MMBtu from 92,396 MMBtu a year earlier.
- Minor pointThird-quarter interest expense rose to $5.548 million from $5.207 million a year earlier.
- Minor pointThird-quarter interest and investment income fell to $449,000 from $988,000 a year earlier.
- Minor pointCommon shares outstanding increased to 247,376,240 at September 30, 2026, from 242,464,470 at December 31, 2025.
News Explained
The $70 million 2026 credit sale is contracted; stock-award and option issuances add shares that reduce existing holders’ percentage ownership.
Gevo reports contracted sales of
At
Additional shares increase the total share count and reduce existing holders’ percentage ownership, absent offsetting changes. For an expansion expected to approximately double low-carbon ethanol production and carbon capture starting in 2028, Gevo reports progress toward securing financing and says it secured long-lead capital equipment in the third quarter.
Details
Market Reaction – GEVO
On Nov 10, the day this news came out, the latest delayed price for GEVO is 15.14% above the previous close. Argus tracked a peak move of +16.3% during the session. Our momentum scanner has recorded 17 alerts for this stock so far that day. The latest delayed price is $1.60. Relative volume is above average at 1.7x what this stock usually trades by this time of day.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
- Revenue
- $83 million
- Third quarter 2026; record revenue
- Net income
- $23 million
- Third quarter 2026
- Adjusted EBITDA
- $44 million
- Third quarter 2026; non-GAAP
- Cash flow from operations
- $41 million
- Third quarter 2026
- 2026 Adjusted EBITDA outlook
- Greater than $90 million
- Full-year 2026; non-GAAP
- 2027 Adjusted EBITDA outlook
- Greater than $70 million
- Full-year 2027; non-GAAP
- CFR credit revenue
- Approximately $29.4 million
- Third quarter 2026; Canadian Clean Fuel Regulation credits
- Additional 45Z value
- More than $10 million annually
- Expected gross-profit contribution from existing RNG assets; subject to third-party validation
Previous Earnings Reports
-
Raised the 2026 Adjusted EBITDA outlook above $60 million, establishing the prior guidance level.
-
Reported prior-year Q3 revenue and positive Adjusted EBITDA alongside a loss from operations.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
non-gaap financial
renewable natural gas technical
carbon capture and sequestration technical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Gevo Carbon Business Drives Net Income of
ENGLEWOOD, Colo., Nov. 10, 2026 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today announced its financial results for the third quarter ended September 30, 2026, reporting record revenue of
“The quarter marked our strongest financial performance to date, with record revenue, net income, Adjusted EBITDA1 and cash flow from operations,” said Gevo Chief Executive Officer Paul Bloom. “We said we would build a carbon business that stands on its own in 2026. These results show it’s working. By selling into both compliance and voluntary carbon markets, we’ve built a durable business from the carbon we capture and store today, contributing to both revenue and cash flow, ending the third quarter with
Third Quarter 2026 Financial Highlights
- Revenue of
$83 million in the third quarter of 2026, compared to$43 million in the same quarter last year.
- The quarter included approximately
$29.4 million of revenue from sales of Canadian Clean Fuel Regulation (CFR) credits, the majority of which had been generated in 2025 and the first half of 2026.
- The quarter included approximately
- Gross profit of
$48 million in the third quarter of 2026, compared to$13 million in the same quarter last year. - Net income attributable to Gevo of
$23 million , or$0.09 per share on a diluted basis in the third quarter of 2026, compared to a net loss of$8 million in the same quarter last year. Non-GAAP adjusted net income attributable to Gevo2 was$29 million , or$0.12 per share, in the third quarter of 2026, compared to an adjusted net loss attributable to Gevo of$5 million , or$0.02 per share, in the same quarter last year. - Non-GAAP Adjusted EBITDA1 of
$44 million in the third quarter of 2026, compared to$7 million in the same quarter last year. - Cash flow from operations of
$41 million in the third quarter of 2026 and$12 million for the nine months ended September 30, 2026. - Ended the quarter with cash and cash equivalents of
$68 million .
Business and Operations Highlights
“Gevo has a powerful growth platform built on low-carbon fuels, carbon and maximizing incentives,” said Bloom. “We have focused development around our existing operations, improving margins and near-term cash flow, with a portfolio of growth projects we believe will create substantial shareholder value.”
- Improved non-GAAP Adjusted EBITDA1 outlook: Gevo now expects full year 2026 non-GAAP Adjusted EBITDA1 to be greater than
$90 million and 2027 non-GAAP Adjusted EBITDA1 to be greater than$70 million . The improved outlook is supported by:
- Non-recurring revenue of approximately
$20 million from banked CFR credits recognized in the third quarter of 2026. - Recent improvements to the 45ZCF GREET model for renewable natural gas (RNG) that provides greater recognition for avoided methane emissions from dairy manure, which we expect to create more than
$10 million of additional 45Z value to our gross profit from our existing RNG assets annually, based on current estimates and subject to third-party validation.
- Non-recurring revenue of approximately
- Carbon business: As announced in October, Gevo expects its carbon business to generate more than
$50 million of revenue in 2026.
- The carbon business generates revenue based on the volume of carbon capture and sequestration (CCS) Gevo delivers to regulatory and voluntary carbon credits, and the average realized price of carbon across those various markets.
- The carbon business generates revenue based on the volume of carbon capture and sequestration (CCS) Gevo delivers to regulatory and voluntary carbon credits, and the average realized price of carbon across those various markets.
- Section 45Z Clean Fuel Production Credit monetization: In October, Gevo announced that it had contracted sales of
$70 million worth of Section 45Z tax credits, representing substantially all of its expected credits from ethanol and RNG production for 2026. Gevo expects these sales to grow further in 2027, as a result of increased production from its debottlenecking project. - Debottlenecking: The Company is nearing completion of its debottlenecking project at Gevo North Dakota, which is expected to increase low-carbon ethanol production to a nameplate capacity of approximately 75 million gallons per year, plus associated coproducts, carbon capture and incentives. The project remains on track for completion by year-end 2026.
- Expansion: The Company made progress to secure financing for an expansion that would approximately double low-carbon ethanol production and carbon capture, starting in 2028, and secured long lead time capital equipment in the third quarter.
- Project Northstar: The Company continues its path of securing sufficient fixed or floor price commercial offtake agreements for sustainable aviation fuel (SAF) to enable Project Northstar (also known as ATJ-30), a long-term initiative to convert a portion of the Company's ethanol production into SAF.
- Low-carbon ethanol production: Gevo produced 19 million gallons of low-carbon ethanol during the third quarter of 2026, compared to 17 million gallons in the same quarter last year, primarily due to the timing of scheduled maintenance, which was completed prior to the third quarter this year but during the third quarter last year.
- RNG production: Gevo produced 91,729 MMBtu of RNG during the third quarter of 2026, compared to 92,396 MMBtu in the same quarter last year.
Webcast and Conference Call Information
Hosting today’s conference call at 4:30 p.m. ET will be Paul Bloom, chief executive officer, Leke Agiri, chief financial officer and Eric Frey, vice president of finance and strategy. They will also be joined by Greg Hanselman, chief operating officer and Kyle James, chief commercial and risk officer. They will review Gevo’s financial results and provide an update on recent corporate highlights.
To participate in the live call, please register through the following event weblink: https://registrations.events/direct/Q4I39798VIPxW5nsSJ16f5S3f.
To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://events.q4inc.com/attendee/990337405.
A webcast replay will be available after the conference call ends on November 10, 2026. The archived webcast along with the earnings press release and slide presentation will be available in the Investor Relations section of Gevo’s website at www.gevo.com.
About Gevo
Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world’s first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals, operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at its North Dakota site. Gevo’s market-driven “pay-for-performance” approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.
For more information, see www.gevo.com.
Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, expected growth and results of our carbon business, expected future monetization of Section 45Z and other carbon credits, the financing and timing of our ethanol and CCS debottlenecking and expansion projects, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.
Non-GAAP Financial Information
This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (GAAP), including non-GAAP adjusted net income (loss) and Adjusted EBITDA. Non-GAAP adjusted net income excludes impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss). Non-GAAP Adjusted EBITDA excludes depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss) from operations. Management believes it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial information also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial information is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.
Gevo has not provided a reconciliation of forward-looking non-GAAP adjusted EBITDA guidance measures to the most directly comparable GAAP measures because of the inherent difficulty in accurately forecasting certain items excluded from GAAP, which have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.
__________________________
1 Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations. A reconciliation of non-GAAP adjusted EBITDA to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above.
2 Adjusted net income (loss) is a non-GAAP measure calculated by adding back impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss). A reconciliation of non-GAAP adjusted net income (loss) from operations to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above.
Gevo, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
| September 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 67,554 | $ | 81,163 | |||
| Restricted cash | — | 28,770 | |||||
| Trade accounts receivable, net | 27,342 | 8,394 | |||||
| Inventories | 20,176 | 19,076 | |||||
| Prepaid expenses and other current assets | 4,897 | 6,001 | |||||
| Total current assets | 119,969 | 143,404 | |||||
| Property, plant and equipment, net | 256,345 | 353,577 | |||||
| Long-term restricted cash | — | 7,006 | |||||
| Operating right-of-use assets | 2,449 | 1,964 | |||||
| Finance right-of-use assets | 649 | 430 | |||||
| Intangible assets, net | 86,094 | 95,003 | |||||
| Goodwill | 43,558 | 43,558 | |||||
| Deposits and other assets | 31,172 | 73,987 | |||||
| Total assets | $ | 540,236 | $ | 718,929 | |||
| Liabilities | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 24,200 | $ | 36,508 | |||
| Deferred clean fuel production tax credits | 33,609 | 41,115 | |||||
| Operating lease liabilities | 900 | 689 | |||||
| Finance lease liabilities | 94 | 273 | |||||
| Total current liabilities | 58,803 | 78,585 | |||||
| Bonds payable, net | — | 64,247 | |||||
| Loans payable | 167,769 | 100,503 | |||||
| Operating lease liabilities | 1,736 | 1,416 | |||||
| Finance lease liabilities | 600 | 394 | |||||
| Asset retirement obligation | 2,788 | 2,250 | |||||
| Other long-term liabilities | — | 365 | |||||
| Total liabilities | 231,696 | 247,760 | |||||
| Redeemable non-controlling interest | 10,144 | 4,832 | |||||
| Equity | |||||||
| Common stock, | 2,474 | 2,425 | |||||
| Additional paid-in capital | 1,305,920 | 1,298,064 | |||||
| Accumulated deficit | (1,009,998 | ) | (834,152 | ) | |||
| Total stockholders' equity | 298,396 | 466,337 | |||||
| Total liabilities and stockholders' equity | $ | 540,236 | $ | 718,929 | |||
Gevo, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Total revenues | $ | 82,953 | $ | 42,710 | $ | 172,402 | $ | 115,232 | |||||||
| Cost of production | 28,216 | 22,285 | 68,366 | 60,996 | |||||||||||
| Depreciation and amortization | 6,925 | 7,404 | 20,569 | 20,239 | |||||||||||
| Gross profit | 47,812 | 13,021 | 83,467 | 33,997 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development expense | 1,141 | 1,273 | 3,080 | 3,259 | |||||||||||
| General and administrative expense | 13,712 | 11,647 | 42,809 | 33,514 | |||||||||||
| Project development costs | 2,259 | 3,229 | 7,702 | 9,062 | |||||||||||
| Acquisition related costs | — | 90 | — | 4,528 | |||||||||||
| Facility idling costs | — | 472 | — | 1,667 | |||||||||||
| Impairment of long-lived assets | — | — | 135,788 | — | |||||||||||
| Allowance for credit losses on refundable deposits | 500 | — | 40,282 | — | |||||||||||
| Loss on disposal of assets, net | — | — | 210 | — | |||||||||||
| Total operating expenses | 17,612 | 16,711 | 229,871 | 52,030 | |||||||||||
| Income (loss) from operations | 30,200 | (3,690 | ) | (146,404 | ) | (18,033 | ) | ||||||||
| Other (expense) income | |||||||||||||||
| Interest expense | (5,548 | ) | (5,207 | ) | (16,349 | ) | (12,846 | ) | |||||||
| Loss on extinguishment of bonds | — | — | (10,304 | ) | — | ||||||||||
| Interest and investment income | 449 | 988 | 1,892 | 4,080 | |||||||||||
| Other expense, net | (32 | ) | 332 | (1378 | ) | 178 | |||||||||
| Total other expense, net | (5,131 | ) | (3,887 | ) | (26,139 | ) | (8,588 | ) | |||||||
| Net income (loss) | 25,069 | (7,577 | ) | (172,543 | ) | (26,621 | ) | ||||||||
| Net income attributable to redeemable non-controlling interest | 2355 | 377 | 3381 | 917 | |||||||||||
| Net income (loss) attributed to Gevo, Inc. | $ | 22,714 | $ | (7,954 | ) | $ | (175,924 | ) | $ | (27,538 | ) | ||||
| Net income (loss) per share - basic | $ | 0.10 | $ | (0.03 | ) | $ | (0.74 | ) | $ | (0.12 | ) | ||||
| Net income (loss) per share - diluted | $ | 0.09 | $ | (0.03 | ) | $ | (0.74 | ) | $ | (0.12 | ) | ||||
| Weighted-average common shares outstanding - basic | 236,676,417 | 232,684,017 | 238,260,945 | 233,338,776 | |||||||||||
| Weighted-average common shares outstanding - diluted | 240,892,929 | 232,684,017 | 238,260,945 | 233,338,776 | |||||||||||
Gevo, Inc.
Consolidated Statements of Stockholders’ Equity
(In thousands, except share amounts)
| For the Three Months Ended September 30, 2026 and 2025 | ||||||||||||||||||||||
| Stockholders' Equity | Mezzanine Equity | |||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Deficit | Stockholders’ Equity | Redeemable Non-Controlling Interest | ||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||
| Balance, June 30, 2026 | 247,237,104 | $ | 2,472 | $ | 1,303,403 | $ | (1,032,712 | ) | $ | 273,163 | $ | 7,789 | ||||||||||
| Non-cash stock-based compensation | — | — | 2,435 | — | 2,435 | — | ||||||||||||||||
| Stock-based awards and related share issuances, net | 57,705 | 1 | (1 | ) | — | — | — | |||||||||||||||
| Exercise of stock options | 81,431 | 1 | 92 | — | 93 | — | ||||||||||||||||
| Payments for tax withholdings on employee equity awards | — | — | (9 | ) | — | (9 | ) | — | ||||||||||||||
| Net income | — | — | — | 22,714 | 22,714 | 2,355 | ||||||||||||||||
| Balance, September 30, 2026 | 247,376,240 | $ | 2,474 | $ | 1,305,920 | $ | (1,009,998 | ) | $ | 298,396 | $ | 10,144 | ||||||||||
| Balance, June 30, 2025 | 241,841,590 | $ | 2,419 | $ | 1,291,630 | $ | (819,945 | ) | $ | 474,104 | $ | 5,664 | ||||||||||
| Non-cash stock-based compensation | — | — | 2,362 | — | 2,362 | — | ||||||||||||||||
| Stock-based awards and related share issuances, net | 283,050 | 2 | 272 | — | 274 | — | ||||||||||||||||
| Change in redemption value of redeemable non-controlling interest | — | — | — | 85 | 85 | (85 | ) | |||||||||||||||
| Net income (loss) | — | — | — | (7,954 | ) | (7,954 | ) | 377 | ||||||||||||||
| Balance, September 30, 2025 | 242,124,640 | $ | 2,421 | $ | 1,294,264 | $ | (827,814 | ) | $ | 468,871 | $ | 5,956 | ||||||||||
| For the Nine Months Ended September 30, 2026 and 2025 | ||||||||||||||||||||||
| Stockholders' Equity | Mezzanine Equity | |||||||||||||||||||||
| Common Stock | Additional Paid-In Capital | Accumulated Deficit | Stockholders’ Equity | Redeemable Non-Controlling Interest | ||||||||||||||||||
| Shares | Amount | |||||||||||||||||||||
| Balance, December 31, 2025 | 242,464,470 | $ | 2,425 | $ | 1,298,064 | $ | (834,152 | ) | $ | 466,337 | $ | 4,832 | ||||||||||
| Issuance of redeemable non-controlling interest | — | — | — | — | — | 2,009 | ||||||||||||||||
| Non-cash stock-based compensation | — | — | 7,096 | — | 7,096 | — | ||||||||||||||||
| Stock-based awards and related share issuances, net | 4,900,880 | 48 | 1,021 | — | 1,069 | — | ||||||||||||||||
| Exercise of stock options | 291,671 | 4 | 341 | — | 345 | — | ||||||||||||||||
| Payments for tax withholdings on employee equity awards | (280,781 | ) | (3 | ) | (602 | ) | — | (605 | ) | — | ||||||||||||
| Change in redemption value of redeemable non-controlling interest | — | — | — | 78 | 78 | (78 | ) | |||||||||||||||
| Net income (loss) | — | — | — | (175,924 | ) | (175,924 | ) | 3,381 | ||||||||||||||
| Balance, September 30, 2026 | 247,376,240 | $ | 2,474 | $ | 1,305,920 | $ | (1,009,998 | ) | $ | 298,396 | $ | 10,144 | ||||||||||
| Balance, December 31, 2024 | 239,176,293 | $ | 2,392 | $ | 1,287,333 | $ | (800,237 | ) | $ | 489,488 | $ | — | ||||||||||
| Issuance of redeemable non-controlling interest | — | — | — | — | — | 5,000 | ||||||||||||||||
| Non-cash stock-based compensation | — | — | 6,504 | — | 6,504 | — | ||||||||||||||||
| Stock-based awards and related share issuances, net | 2,948,347 | 29 | 427 | — | 456 | — | ||||||||||||||||
| Change in redemption value of redeemable non-controlling interest | — | — | — | (39 | ) | (39 | ) | 39 | ||||||||||||||
| Net income (loss) | — | — | — | (27,538 | ) | (27,538 | ) | 917 | ||||||||||||||
| Balance, September 30, 2025 | 242,124,640 | $ | 2,421 | $ | 1,294,264 | $ | (827,814 | ) | $ | 468,871 | $ | 5,956 | ||||||||||
Gevo, Inc.
Consolidated Statements of Cash Flows
(In thousands)
| Nine Months Ended September 30, | |||||||
| 2026 | 2025 | ||||||
| Operating Activities | |||||||
| Net loss | $ | (172,543 | ) | $ | (26,621 | ) | |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||
| Impairment of long-lived assets | 135,788 | — | |||||
| Allowance for credit losses on refundable deposits | 40,282 | — | |||||
| Loss on disposal of property and equipment | 210 | — | |||||
| Loss on extinguishment of bonds | 10,304 | 369 | |||||
| Stock-based compensation | 7,096 | 6,504 | |||||
| Depreciation and amortization | 20,569 | 20,239 | |||||
| Change in fair value of derivative instruments | 968 | (15 | ) | ||||
| Production tax credits generated | (49,448 | ) | (34,006 | ) | |||
| Amortization of deferred financing costs | 1,576 | 1,334 | |||||
| Other non-cash expense (income) | 1,806 | (793 | ) | ||||
| Changes in operating assets and liabilities, net of effects of acquisition: | |||||||
| Accounts receivable | (18,948 | ) | (361 | ) | |||
| Inventories | (1,452 | ) | (4,108 | ) | |||
| Prepaid expenses and other current assets, deposits and other assets | 3,873 | (7,455 | ) | ||||
| Accounts payable, accrued expenses and non-current liabilities | (9,145 | ) | 6907 | ||||
| Proceeds from production tax credit sale | 41,089 | 4,650 | |||||
| Net cash provided by (used in) operating activities | 12,025 | (33,356 | ) | ||||
| Investing Activities | |||||||
| Acquisitions of property, plant and equipment | (51,587 | ) | (18,907 | ) | |||
| Acquisition of Red Trail Energy, net of cash acquired | — | (198,461 | ) | ||||
| Capitalization of patent costs | (388 | ) | — | ||||
| Equity investment in an unconsolidated entity | (1,500 | ) | — | ||||
| Issuance of note receivable | (250 | ) | — | ||||
| Net cash used in investing activities | (53,725 | ) | (217,368 | ) | |||
| Financing Activities | |||||||
| Proceeds from issuance of bonds | — | 40,000 | |||||
| Redemption of bonds | (68,155 | ) | (40,000 | ) | |||
| Term loan proceeds | 70,000 | 105,000 | |||||
| Payment of debt issuance costs | (2,612 | ) | (9,425 | ) | |||
| Non-controlling interest | — | 5,000 | |||||
| Payment of prepayment penalty on redemption of bonds | (6,506 | ) | — | ||||
| Proceeds from the exercise of stock options | 345 | 456 | |||||
| Payment of finance lease liabilities | (152 | ) | (945 | ) | |||
| Payments for tax withholdings on employee equity awards | (605 | ) | — | ||||
| Net cash (used in) provided by financing activities | (7,685 | ) | 100,065 | ||||
| Net decrease in cash and cash equivalents | (49,385 | ) | (150,659 | ) | |||
| Cash, cash equivalents and restricted cash at beginning of period | 116,939 | 259,033 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 67,554 | $ | 108,374 | |||
Gevo, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(In thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated): | ||||||||||||||||
| Income (loss) from operations (GAAP) | $ | 30,200 | $ | (3,690 | ) | $ | (146,404 | ) | $ | (18,033 | ) | |||||
| Impairment of long-lived assets | — | — | 135,788 | — | ||||||||||||
| Allowance for credit losses on refundable deposits | 500 | — | 40,282 | — | ||||||||||||
| Loss on disposal of assets, net | — | — | 210 | — | ||||||||||||
| Depreciation and amortization | 6,925 | 7,404 | 20,569 | 20,239 | ||||||||||||
| Other amortization | 403 | — | 1,155 | — | ||||||||||||
| Stock-based compensation | 2,435 | 2,362 | 7,096 | 6,504 | ||||||||||||
| Change in fair value of derivative instruments | 3,658 | 637 | 968 | (15 | ) | |||||||||||
| Executive severance | — | — | 3,293 | — | ||||||||||||
| Non-recurring debt modification costs | — | — | 771 | — | ||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated) | $ | 44,121 | $ | 6,713 | $ | 63,728 | $ | 8,695 | ||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Non-GAAP Adjusted Net Income (Loss) (Consolidated): | ||||||||||||||||
| Net income (loss) attributable to Gevo, Inc. | $ | 22,714 | $ | (7,954 | ) | $ | (175,924 | ) | $ | (27,538 | ) | |||||
| Impairment of long-lived assets | — | — | 135,788 | — | ||||||||||||
| Allowance for credit losses on refundable deposits | 500 | — | 40,282 | — | ||||||||||||
| Loss on disposal of assets, net | — | — | 210 | — | ||||||||||||
| Stock-based compensation | 2,435 | 2,362 | 7,096 | 6,504 | ||||||||||||
| Change in fair value of derivative instruments | 3,658 | 637 | 968 | (15 | ) | |||||||||||
| Executive severance | — | — | 3,293 | — | ||||||||||||
| Non-recurring debt modification costs | — | — | 771 | — | ||||||||||||
| Non-GAAP adjusted net income (loss) attributable to Gevo, Inc. | $ | 29,307 | $ | (4,955 | ) | $ | 12,484 | $ | (21,049 | ) | ||||||
| Non-GAAP adjusted net income (loss) attributable to Gevo, Inc. per share | $ | 0.12 | $ | (0.02 | ) | $ | 0.05 | $ | (0.09 | ) | ||||||
| Three Months Ended September 30, 2026 | ||||||||||||||||
| Gevo | GevoFuels | GevoRNG | GevoND | Consolidated | ||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated): | ||||||||||||||||
| (Loss) Income from operations | $ | (11,067 | ) | $ | (953 | ) | $ | 319 | $ | 41,901 | $ | 30,200 | ||||
| Allowance for credit losses on refundable deposits | — | 500 | — | — | 500 | |||||||||||
| Depreciation and amortization | 907 | — | 1,101 | 4,917 | 6,925 | |||||||||||
| Other amortization | 13 | — | 235 | 155 | 403 | |||||||||||
| Allocated intercompany expenses for shared service functions | (1,253 | ) | — | 250 | 1,003 | — | ||||||||||
| Stock-based compensation | 2,396 | — | 11 | 28 | 2,435 | |||||||||||
| Change in fair value of derivative instruments | — | — | — | 3,658 | 3,658 | |||||||||||
| Non-GAAP adjusted EBITDA (Consolidated) | $ | (9,004 | ) | (453 | ) | $ | 1,916 | $ | 51,662 | $ | 44,121 | |||||
| Nine Months Ended September 30, 2026 | |||||||||||||||||
| Gevo | GevoFuels | GevoRNG | GevoND | Consolidated | |||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated): | |||||||||||||||||
| (Loss) Income from operations | $ | (45,099 | ) | $ | (176,282 | ) | $ | 2,465 | $ | 72,512 | $ | (146,404 | ) | ||||
| Impairment of long-lived assets | 1,382 | 134,406 | — | — | 135,788 | ||||||||||||
| Allowance for credit losses on refundable deposits | — | 40,282 | — | — | 40,282 | ||||||||||||
| Loss on disposal of assets, net | — | — | 210 | — | 210 | ||||||||||||
| Depreciation and amortization | 2,732 | — | 3,106 | 14,731 | 20,569 | ||||||||||||
| Other amortization | 13 | — | 748 | 394 | 1,155 | ||||||||||||
| Allocated intercompany expenses for shared service functions | (3,863 | ) | — | 855 | 3,008 | — | |||||||||||
| Stock-based compensation | 7,012 | — | 32 | 52 | 7,096 | ||||||||||||
| Change in fair value of derivative instruments | — | — | — | 968 | 968 | ||||||||||||
| Executive severance | 3,293 | — | — | — | 3,293 | ||||||||||||
| Non-recurring debt modification costs | — | — | 8 | 763 | 771 | ||||||||||||
| Non-GAAP adjusted EBITDA (Consolidated) | $ | (34,530 | ) | $ | (1,594 | ) | $ | 7,424 | $ | 92,428 | $ | 63,728 | |||||
| Three Months Ended September 30, 2025 | |||||||||||||||||
| Gevo | GevoFuels | GevoRNG | GevoND | Consolidated | |||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated): | |||||||||||||||||
| (Loss) Income from operations | $ | (15,947 | ) | $ | (547 | ) | $ | 483 | $ | 12,321 | $ | (3,690 | ) | ||||
| Depreciation and amortization | 808 | — | 1,776 | 4,820 | 7,404 | ||||||||||||
| Allocated intercompany expenses for shared service functions | (315 | ) | — | 315 | — | — | |||||||||||
| Stock-based compensation | 2,355 | — | 3 | 4 | 2,362 | ||||||||||||
| Change in fair value of derivative instruments | — | — | — | 637 | 637 | ||||||||||||
| Non-GAAP adjusted EBITDA (Consolidated) | $ | (13,099 | ) | $ | (547 | ) | $ | 2,577 | $ | 17,782 | $ | 6,713 | |||||
| Nine Months Ended September 30, 2025 | |||||||||||||||||||
| Gevo | GevoFuels | GevoRNG | GevoND | Consolidated | |||||||||||||||
| Non-GAAP Adjusted EBITDA (Consolidated): | |||||||||||||||||||
| (Loss) Income from operations | $ | (49,297 | ) | $ | (1,647 | ) | $ | 2,408 | $ | 30,503 | $ | (18,033 | ) | ||||||
| Depreciation and amortization | 2,334 | — | 4,553 | 13,352 | 20,239 | ||||||||||||||
| Allocated intercompany expenses for shared service functions | (946 | ) | — | 946 | — | — | |||||||||||||
| Stock-based compensation | 6,522 | — | (24 | ) | 6 | 6,504 | |||||||||||||
| Change in fair value of derivative instruments | — | — | — | (15 | ) | (15 | ) | ||||||||||||
| Non-GAAP adjusted EBITDA (Consolidated) | $ | (41,387 | ) | $ | (1,647 | ) | $ | 7,883 | $ | 43,846 | $ | 8,695 | |||||||
Media Contact
PR@gevo.com
Investor Contact
Eric Frey, PhD
Vice President of Finance and Strategy
IR@Gevo.com
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