Gevo (NASDAQ: GEVO) lifts Q1 revenue and turns adjusted EBITDA positive

Rhea-AI Filing Summary

Gevo, Inc. reported first quarter 2026 revenue of $42,948,000, up from $29,109,000 a year earlier, while narrowing its loss from operations to $4,898,000 from $20,139,000. Net loss attributed to Gevo was $21,697,000, or $0.09 per share, unchanged per-share from 2025.

The company generated consolidated non-GAAP adjusted EBITDA of $8,532,000 versus a loss of $15,351,000 in 2025, reflecting stronger operations at its Gevo North Dakota segment. Management is targeting approximately $30 million of adjusted EBITDA in 2026, up from $17 million in 2025, and reiterates a goal of reaching a run-rate annualized $40 million of adjusted EBITDA by the end of 2026.

Gevo announced a preliminary agreement with Ara Energy to fund expansion at Gevo North Dakota, where it plans to effectively double capacity and expects debottlenecking to increase output by over 10% starting next year. The company is pursuing private capital financing for its Alcohol-to-Jet “Project North Star” and sees its low-carbon ethanol and carbon operations as a foundation to support this project financing.

Positive

• Strong improvement in profitability metrics: Non-GAAP adjusted EBITDA improved from a loss of $15.4 million in Q1 2025 to positive $8.5 million in Q1 2026, while loss from operations narrowed significantly.
• Clear growth and earnings targets: Management is targeting approximately $30 million of adjusted EBITDA in 2026, up from $17 million in 2025, and reiterates a run-rate annualized $40 million by the end of 2026.
• Progress on project financing and expansion: Gevo reports a preliminary agreement with Ara Energy to fund expansion at Gevo North Dakota and multiple non-binding indications of interest for private capital to finance its Alcohol-to-Jet ATJ-30 “Project North Star.”

Negative

• None.

Insights

Renewable fuels equity analyst

Gevo grows revenue, swings to positive adjusted EBITDA, and advances key project financing.

Gevo delivered total revenues of $42.9 million for Q1 2026 versus $29.1 million in 2025, while loss from operations improved to $4.9 million from $20.1 million. Consolidated non-GAAP adjusted EBITDA moved to a positive $8.5 million from a loss of $15.4 million.

Management targets approximately $30 million of adjusted EBITDA in 2026, up from $17 million in 2025, and reiterates a run-rate annualized $40 million by year-end 2026. These goals depend on execution of operational improvements and growth initiatives, including Gevo North Dakota and Alcohol-to-Jet development.

The company reports a preliminary agreement with Ara Energy to fund expansion at Gevo North Dakota and multiple non-binding indications of interest for private capital to finance its ATJ-30 “Project North Star.” Future disclosures around final financing terms, the timing of increased Gevo North Dakota output, and progress toward the $30 million and $40 million adjusted EBITDA milestones will clarify how durable this improvement is.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Q1 2026 Revenue: $42,948,000 Q1 2025 Revenue: $29,109,000 Loss from operations Q1 2026: $4,898,000 +5 more

8 metrics

Q1 2026 Revenue $42,948,000 Total revenues for the three months ended March 31, 2026

Q1 2025 Revenue $29,109,000 Total revenues for the three months ended March 31, 2025

Loss from operations Q1 2026 $4,898,000 Loss from operations for the three months ended March 31, 2026

Net loss attributed to Gevo Q1 2026 $21,697,000 Net loss attributed to Gevo, Inc. for Q1 2026

Non-GAAP adjusted EBITDA Q1 2026 $8,532,000 Consolidated non-GAAP adjusted EBITDA for Q1 2026

Non-GAAP adjusted EBITDA Q1 2025 $15,351,000 loss Consolidated non-GAAP adjusted EBITDA loss for Q1 2025

2026 Adjusted EBITDA target $30,000,000 Management target for adjusted EBITDA in full-year 2026

Run-rate adjusted EBITDA goal $40,000,000 Annualized run-rate adjusted EBITDA goal by end of 2026

Key Terms

Non-GAAP adjusted EBITDA, Alcohol-to-Jet, clean fuel production tax credits, Remarketed Bonds payable, +2 more

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Non-GAAP adjusted EBITDA financial

"progresses towards $40 million annualized run-rate Non-GAAP Adjusted EBITDA1 and expects $30 million of Non-GAAP Adjusted EBITDA in 2026"

Non-GAAP adjusted EBITDA is a measure of a company's profitability that shows earnings before interest, taxes, depreciation, and amortization, with certain adjustments made to exclude irregular or non-recurring expenses and income. It provides a clearer picture of ongoing operational performance by filtering out items that might distort the core business results. Investors use it to better compare how well different companies are performing without the noise of one-time events.

Alcohol-to-Jet technical

"provide a solid foundation for Alcohol-to-Jet (“ATJ”) growth"

A process that converts alcohols made from plants, waste or other feedstocks into synthetic jet fuel suitable for aircraft engines. Think of it as a chemical recycling line that turns ethanol or similar alcohols into a ready-to-use aviation fuel; it matters to investors because it links renewable feedstocks to a large, regulated fuel market, offering potential revenue, carbon credits, and exposure to demand for lower‑carbon aviation alternatives.

clean fuel production tax credits financial

"Deferred clean fuel production tax credits"

Clean fuel production tax credits are government incentives that reduce the taxes a producer owes based on the amount of low‑carbon or renewable fuel they make, effectively acting like a per‑unit rebate for cleaner fuels. For investors, these credits improve project cash flow and profit margins, lower the break‑even cost, and can change which projects get built — think of them as a stable coupon added to each gallon or unit that makes green fuel businesses more financially attractive.

Remarketed Bonds payable financial

"Remarketed Bonds payable, net"

redeemable non-controlling interest financial

"Redeemable non-controlling interest"

A redeemable non-controlling interest is a minority ownership stake in a subsidiary that can be sold back to or bought out by the parent company or subsidiary at a predetermined time or under certain conditions. For investors, it matters because this claim can act like a future cash obligation or potential dilution, changing the parent’s reported equity, net income allocation, and near‑term cash needs—much like a few partners in a small business who can force the owner to buy them out.

carbon intensity technical

"using an estimated carbon intensity (in gCO2e/MJ) of each product"

Carbon intensity measures how much greenhouse gas a company, product, or activity produces for each unit of output — for example per unit of product made, per megawatt-hour of electricity, or per dollar of revenue. Think of it like miles per gallon but for emissions: lower numbers mean less pollution for the same activity. Investors watch it because higher carbon intensity can signal increased regulatory costs, shifting customer demand, and higher risk of assets losing value as economies move toward cleaner energy.

Earnings Snapshot

Revenue: $42,948,000 · Guidance included

Q1 2026

Revenue $42,948,000

Loss from operations $4,898,000

Net loss attributed to Gevo, Inc. $21,697,000

Non-GAAP adjusted EBITDA (consolidated) $8,532,000

Guidance

Management targets approximately $30 million of adjusted EBITDA in 2026 and reiterates a goal of reaching a run-rate annualized $40 million of adjusted EBITDA by the end of 2026.

Understanding 8-K Material Events →

0001392380false00013923802026-03-052026-03-05

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

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FORM 8-K

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CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 7, 2026

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Gevo, Inc.

(Exact name of registrant as specified in its charter)

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​	​	​
Delaware	001-35073	87-0747704
(State or other jurisdiction	(Commission File Number)	(IRS Employer
of incorporation)	​	Identification No.)

​

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345 Inverness Drive South, Building C, Suite 310 Englewood, CO 80112

(Address of principal executive offices) (Zip Code)

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Registrant’s telephone number, including area code: (303) 858-8358

N/A

(Former name or former address, if changed since last report)

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

Securities registered pursuant to Section 12(b) of the Act:

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	​	​	​	​
Title of each class	​ ​ ​	Trading symbol	​ ​ ​	Name of exchange on which registered
Common Stock, par value $0.01 per share	​	GEVO	​	The Nasdaq Stock Market LLC

​

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

​

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Item 2.02. Results of Operations and Financial Condition.

On May 7, 2026, Gevo, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the three months ended March 31, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information in this Item 2.02 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

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​	​	​
Exhibit No.	​ ​ ​	Description
​	​	​
99.1	​	Earnings press release, dated May 7, 2026
104	​	Cover Page Interactive Data File (Formatted as Inline XBRL)

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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​	GEVO, INC.
​	​	​
Date: May 7, 2026	By:	/s/ E. Cabell Massey
​	​	E. Cabell Massey
​	​	Vice President, Legal and Corporate Secretary

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Exhibit 99.1

Gevo Announces First Quarter 2026 Results and Provides Update on Expansion and Alcohol-to-Jet Project

Company announces preliminary agreement with Ara Energy to fund expansion plans at Gevo North Dakota; has received indications of interest for private capital financing of Alcohol-to-Jet project; progresses towards $40 million annualized run-rate Non-GAAP Adjusted EBITDA¹ and expects $30 million of Non-GAAP Adjusted EBITDA in 2026

ENGLEWOOD, Colo. – May 7, 2026 – Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leader in renewable fuels, chemicals and carbon management, today announced its financial results for the first quarter ended March 31, 2026 and provided an update on its growth plans.

“We continue to deliver solid quarterly results while strengthening and expanding our low-carbon ethanol and carbon business to provide a solid foundation for Alcohol-to-Jet (“ATJ”) growth,” said Paul Bloom, chief executive officer of Gevo. “We are on track with our debottlenecking project, which should grow our Gevo North Dakota (“GND”) output by over 10% starting next year. In addition, we are advancing our expansion plans to effectively double our capacity at GND and monetize our pore space through anticipated capital partnerships with Ara Energy and others.”

Bloom continued: “We continue to advance our goal of financing our ATJ-30 project, which we call Project North Star, by the end of the year. We are focused on a broader group of private capital providers and have already received multiple non-binding indications of interest. We believe GND’s operations provide a strong, derisked foundation to support project financing for Project North Star and a steppingstone for Gevo’s franchise development strategy for synthetic aviation fuel (“SAF”) and other fuels and chemicals.”

Leke Agiri, Gevo chief financial officer, added: “Our first quarter results exceeded our expectations given the typical seasonality in ethanol margins. We have launched an internal initiative, which we are calling the ‘EBITDA challenge’, to drive revenue growth, operational performance and cost discipline as we target approximately $30 million of Adjusted EBITDA in 2026, which is up from $17 million of Adjusted EBITDA in 2025. We continue to progress towards a run-rate annualized $40 million of Adjusted EBITDA and reiterate our target of achieving that by the end of this year. The impact of our debottlenecking, expansion and other growth plans is incremental to this target.”

Financial Highlights

● Revenue of $43 million in the first quarter of 2026, compared to $29 million in the first quarter of 2025.

● Net loss attributable to Gevo in the first quarter of 2026 of $(22) million, or $(0.09) per share, compared to $(22) million, or $(0.09) per share in the first quarter of 2025. The first quarter results include $11 million in loss on extinguishment of bonds and debt modification costs, incurred in connection with the closing of a previously announced debt refinancing and simplification transaction.

● Non-GAAP Adjusted EBITDA of $9 million in the first quarter of 2026, compared to negative Adjusted EBITDA of $15 million in the first quarter of 2025.

Business Highlights

Update on Alcohol-to-Jet Project Financing Plans

● We launched a private capital raise to fund ATJ-30, which would be the world’s largest ATJ project, after the previously announced withdrawal from the Department of Energy loan guarantee financing process.

o The project, which is expected to benefit from existing cash flows, captive ethanol feedstock production and carbon capture, has received initial non-binding indications of interest for project-level construction financing.

● Anticipated milestones to secure project financing include:

o Engineering: FEL-2 has been completed, and we expect to complete FEL-3 in the second quarter of 2026, after which detailed engineering may continue through the final investment decision (“FID”) date.

o Offtake: We have secured take-or-pay agreements for SAF and carbon emissions reductions (i.e., Scope 1 and Scope 3 reductions), which include components of revenue certainty such as fixed price or fixed floor price. We believe these agreements will satisfy non-dilutive capital providers of the project for about half of the available

capacity at ATJ-30. We are actively working on term sheets and definitive documents that exceed the remaining available capacity with additional potential offtake customers.

Expansion at Gevo North Dakota

● We recently executed a preliminary agreement for co-investment from Ara Energy, a global private equity and infrastructure firm focused on industrial decarbonization, which we believe once finalized and combined with Gevo’s cash flows, will be sufficient to enable Gevo’s previously announced expansion to build a new carbon capture and low-carbon ethanol production facility.

● We are targeting startup for the new facility at GND in 2028. This expansion project is currently in the planning and design phase and is expected to approximately double existing carbon capture and low-carbon ethanol production.

Debottlenecking at Gevo North Dakota

● During the first quarter of 2026, we progressed our previously announced debottlenecking project by completing the necessary equipment tie-ins at GND during a planned shutdown. We believe this will allow us to progress the debottlenecking without impact to planned production at GND. We maintain our target of about 75 million gallons of annual low-carbon ethanol capacity starting next year.

Operational Highlights

● Total carbon emission reduction attributable to our products, including carbon capture, low-carbon ethanol and renewable natural gas (“RNG”), was 140 thousand metric tons² in the first quarter of 2026.

o This amount includes carbon capture and sequestration (“CCS”) at GND of 46 thousand metric tons in the first quarter of 2026, compared to 29 thousand metric tons in the first quarter of 2025, which included just the two months of February and March 2025.

● GND produced 18 million gallons of low carbon ethanol plus 16 thousand tons of dried-distillers grains, 51 thousand tons of modified distillers grains and 5 million pounds of corn oil coproducts in the first quarter of 2026, compared to 11 million gallons of low carbon ethanol plus 12 thousand tons of dried-distillers grains, 30 thousand tons of modified distillers grains and 3 million pounds of corn oil coproducts in the first quarter of 2025, which included just the two months of February and March 2025.

● Our RNG facilities produced 92 thousand MMBtu of RNG in the first quarter of 2026, compared to 80 thousand MMBtu of RNG in the first quarter of 2025.

Webcast and Conference Call Information

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Hosting today’s conference call at 4:30 p.m. ET will be Paul Bloom, chief executive officer, Leke Agiri, chief financial officer, Greg Hanselman, executive vice president of operations and engineering, and Eric Frey, vice president of finance and strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights.

To participate in the live call, please call (800) 715-9871 (U.S. toll-free) or (646) 307-1963 (international). Please reference passcode 3527252 to join the call.

To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://edge.media-server.com/mmc/p/mngys3a9

A webcast replay will be available after the conference call ends on May 7, 2026. The archived webcast 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

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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 ATJ fuels and chemicals operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at our 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, Adjusted EBITDA expectations, the financing and the timing of our ATJ projects, the financing and timing of our ethanol and CCS expansion project, the amount and timing of financing from Ara Energy, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, , our plans to develop 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

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This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted EBITDA. Non-GAAP adjusted EBITDA excludes depreciation and amortization, allocated intercompany expenses for shared service functions, and non-cash stock-based compensation from GAAP loss from operations. Management believes this measure 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 measure 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 measure 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.

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¹ Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, leadership related transition expenses, the change in fair value of derivative instruments and other non-recurring expenses to GAAP loss from operations. A reconciliation of adjusted EBITDA to GAAP loss from operations is provided in the financial statement tables following this release. See Non-GAAP Financial Information below.

² Estimate based on volumes of carbon capture and sequestration, low-carbon ethanol and RNG using an estimated carbon intensity (in gCO2e/MJ) of each product based on the May 2025 45Z CF GREET model, compared to fossil-based fuels.

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Gevo, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

​	​	​	​	​	​	​	​
​	​	March 31, 2026		​ ​ ​	December 31, 2025		​
Assets		​	​		​	​	​
Current assets		​	​		​	​	​
Cash and cash equivalents	​	$	78,902	​	$	81,163	​
Restricted cash	​		—	​		28,770	​
Trade accounts receivable, net	​		9,736	​		8,394	​
Inventories	​		21,590	​		19,076	​
Prepaid expenses and other current assets	​		5,638	​		6,001	​
Total current assets	​		115,866	​		143,404	​
Property, plant and equipment, net	​		358,170	​		353,577	​
Restricted cash	​		—	​		7,006	​
Operating right-of-use assets	​		2,913	​		1,964	​
Finance right-of-use assets	​		421	​		430	​
Intangible assets, net	​		60,081	​		95,003	​
Goodwill	​	​	43,558	​	​	43,558	​
Deposits and other assets	​		72,494	​		73,987	​
Total assets	​	$	653,503	​	$	718,929	​
Liabilities	​		​	​		​	​
Current liabilities	​		​	​		​	​
Accounts payable and accrued liabilities	​	$	25,941	​	$	36,508	​
Deferred clean fuel production tax credits	​	​	—	​	​	41,115	​
Operating lease liabilities	​		816	​		689	​
Finance lease liabilities	​		135	​		273	​
Total current liabilities	​		26,892	​		78,585	​
Remarketed Bonds payable, net	​		—	​		64,247	​
Loans payable	​		166,751	​		100,503	​
Operating lease liabilities	​		2,136	​		1,416	​
Finance lease liabilities	​		392	​		394	​
Asset retirement obligation	​	​	2,288	​		2,250	​
Other long-term liabilities	​	​	344	​	​	365	​
Total liabilities	​		198,803	​		247,760	​
​	​	​	​	​	​	​	​
Redeemable non-controlling interest	​	​	6,954	​		4,832	​
​	​	​	​	​	​	​	​
Equity	​		​	​		​	​
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 243,073,561 and 242,464,470 shares issued and outstanding at March 31, 2026, and December 31, 2025, respectively.	​		2,431	​		2,425	​
Additional paid-in capital	​		1,300,931	​		1,298,064	​
Accumulated deficit	​		(855,616)	​	​	(834,152)	​
Total stockholders' equity	​		447,746	​		466,337	​
Total liabilities and stockholders' equity	​	$	653,503	​	$	718,929	​

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Gevo, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

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​	​	​	​	​	​	​
​	Three Months Ended March 31,					​ ​ ​
​	2026		​ ​ ​	2025		​ ​ ​
Total revenues	$	42,948	​	$	29,109	​
Operating expenses:		​	​		​	​
Cost of production		20,232	​	​	21,446	​
Depreciation and amortization		6,860	​	​	5,622	​
Research and development expense		1,499	​	​	1,052	​
General and administrative expense	​	16,215	​	​	11,084	​
Project development costs		3,040	​	​	5,002	​
Acquisition related costs		—	​	​	4,438	​
Facility idling costs		—	​	​	604	​
Total operating expenses		47,846	​		49,248	​
Loss from operations		(4,898)	​		(20,139)	​
Other (expense) income		​	​		​	​
Interest expense		(5,170)	​	​	(3,294)	​
Loss on extinguishment of bonds	​	(10,304)	​	​	—	​
Interest and investment income		813	​	​	1,770	​
Other expense, net		(1,792)	​	​	(110)	​
Total other (expense) income, net		(16,453)	​		(1,634)	​
Net loss	​	(21,351)	​	​	(21,773)	​
Net income (loss) attributable to redeemable non-controlling interest	​	346	​	​	(45)	​
Net loss attributed to Gevo, Inc.	$	(21,697)	​	$	(21,728)	​
​	​	​	​	​	​	​
Net loss per share - basic and diluted	$	(0.09)	​	$	(0.09)	​
Weighted-average common shares outstanding - basic and diluted		236,837,191	​	​	232,027,993	​

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Gevo, Inc.

Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

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For the Three Months Ended March 31, 2026 and 2025

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Stockholders' Equity

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Mezzanine Equity

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Redeemable

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Common Stock

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Accumulated

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Stockholders’

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Non-Controlling

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Shares

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Amount

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Paid-In Capital

​ ​ ​

Deficit

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Equity

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Interest

Balance, December 31, 2025

​ ​ ​

242,464,470

​ ​ ​

$

2,425

​ ​ ​

$

1,298,064

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$

(834,152)

​ ​ ​

$

466,337

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$

4,832

Issuance of redeemable non-controlling interest

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—

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​

—

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​

—

​

​

—

​

​

—

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​

2,009

Non-cash stock-based compensation

—

​

—

​

2,103

​

—

​

2,103

​

​

—

Stock-based awards and related share issuances, net

701,555

​

6

​

1,063

​

—

​

1,069

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​

—

Proceeds from the exercise of stock options

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135,921

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​

2

​

​

170

​

​

—

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​

172

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​

—

Shares withheld to settle employee tax obligations

​

(228,385)

​

​

(2)

​

​

(469)

​

​

—

​

​

(471)

​

​

—

Change in redemption value of redeemable non-controlling interest

​

—

​

​

—

​

​

—

​

​

233

​

​

233

​

​

(233)

Net income (loss)

—

​

—

​

—

​

(21,697)

​

(21,697)

​

​

346

Balance, March 31, 2026

243,073,561

​

$

2,431

​

$

1,300,931

​

$

(855,616)

​

$

447,746

​

$

6,954

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

—

​

—

​

1,898

​

—

​

1,898

​

​

—

Stock-based awards and related share issuances, net

​

227,270

​

​

2

​

​

(2)

​

​

—

​

​

—

​

​

—

Proceeds from the exercise of stock options

​

159,432

​

​

2

​

​

177

​

​

—

​

​

179

​

​

—

Net loss

—

​

—

​

—

​

(21,728)

​

(21,728)

​

​

(45)

Balance, March 31, 2025

239,562,995

​

$

2,396

​

$

1,289,406

​

$

(821,965)

​

$

469,837

​

$

4,955

​

​

​

​

​

​

6

Gevo, Inc.

Consolidated Statements of Cash Flows

(In thousands)

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,					​
​	​	2026		​ ​ ​	2025		​
Operating Activities	​ ​ ​	​	​	​ ​ ​	​	​	​
Net loss	​	$	(21,351)	​	$	(21,773)	​
Adjustments to reconcile net loss to net cash used in operating activities:	​		​	​	​	​	​
Loss on disposal of property and equipment	​		533	​		—	​
Loss on extinguishment of bonds	​	​	10,304	​	​	—	​
Stock-based compensation	​		2,103	​		1,898	​
Depreciation and amortization	​		6,860	​		5,622	​
Change in fair value of derivative instruments	​		618	​		(2,732)	​
Production tax credits generated	​	​	(16,953)	​		—	​
Amortization of deferred financing costs	​		468	​		178	​
Write-off of deferred financing costs	​	​	984	​	​	—	​
Lease amortization	​	​	183	​	​	355	​
Other non-cash expense	​		30	​		471	​
Changes in operating assets and liabilities, net of effects of acquisition:	​	​	​	​		​	​
Accounts receivable	​	​	(1,342)	​		(4,355)	​
Inventories	​	​	(2,830)	​		(1,045)	​
Prepaid expenses and other current assets, deposits and other assets	​	​	1,603	​		(2,264)	​
Accounts payable, accrued expenses and non-current liabilities	​	​	(9,830)	​		(403)	​
Clean fuel production tax credit proceeds	​	​	7,480	​	​	—	​
Net cash used in operating activities	​		(21,140)	​		(24,048)	​
Investing Activities	​		​	​		​	​
Acquisitions of property, plant and equipment	​		(8,875)	​		(5,834)	​
Acquisition of Red Trail Energy, net of cash acquired	​	​	—	​		(198,461)	​
Issuance of note receivable	​	​	(250)	​	​	—	​
Net cash used in investing activities	​		(9,125)	​		(204,295)	​
Financing Activities	​		​	​		​	​
Redemption of bonds	​	​	(68,155)	​		—	​
Term loan proceeds	​	​	70,000	​		105,000	​
Payment of debt issuance costs	​		(2,672)	​		(5,480)	​
Non-controlling interest	​		—	​		5,000	​
Payment of prepayment penalty on the redemption of bonds	​	​	(6,506)	​	​	—	​
Proceeds from the exercise of stock options	​	​	172	​		179	​
Payment of finance lease liabilities	​		(140)	​		(457)	​
Shares repurchased to cover employee tax withholding on equity vesting	​	​	(471)	​		—	​
Net cash (used in) provided by financing activities	​		(7,772)	​		104,242	​
Net decrease in cash and cash equivalents	​		(38,037)	​		(124,101)	​
Cash, cash equivalents and restricted cash at beginning of period	​		116,939	​		259,033	​
Cash, cash equivalents and restricted cash at end of period	​	$	78,902	​	$	134,932	​

​

​

​

​

​

​

7

Gevo, Inc.

Reconciliation of GAAP to Non-GAAP Financial Information

(In thousands)

​

​	​	​	​	​	​	​
​	​ ​ ​	Three Months Ended March 31,
​	​ ​ ​	2026		​ ​ ​	2025
Non-GAAP Adjusted EBITDA (Consolidated):		​	​		​	​
Loss from operations	​	$	(4,898)	​	$	(20,139)
Depreciation and amortization	​		6,860	​		5,622
Other amortization	​	​	447	​	​	—
Stock-based compensation	​		2,103	​		1,898
Change in fair value of derivative instruments	​	​	567	​	​	(2,732)
Executive severance	​	​	2,711	​	​	—
Non-recurring debt modification costs	​	​	742	​	​	—
Non-GAAP adjusted EBITDA (loss) (Consolidated)	​	$	8,532	​	$	(15,351)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2026

​

​ ​ ​

​

​

​ ​ ​

​

​ ​ ​

​

​ ​ ​

​

​

​

​

​

​

Gevo

​

GevoFuels

​

GevoRNG

​

GevoND

​

Consolidated

Non-GAAP Adjusted EBITDA (Consolidated):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

​

$

(16,822)

​

$

(684)

​

$

963

​

$

11,645

​

$

(4,898)

Depreciation and amortization

​

​

902

​

​

—

​

​

948

​

​

5,010

​

​

6,860

Other amortization

​

​

49

​

​

—

​

​

278

​

​

120

​

​

447

Allocated intercompany expenses for shared service functions

​

​

(105)

​

​

—

​

​

105

​

​

—

​

​

—

Stock-based compensation

​

​

2,087

​

​

—

​

​

9

​

​

7

​

​

2,103

Change in fair value of derivative instruments

​

​

—

​

​

—

​

​

—

​

​

567

​

​

567

Executive severance

​

​

2,711

​

​

—

​

​

—

​

​

—

​

​

2,711

Non-recurring debt modification costs

​

​

—

​

​

—

​

​

—

​

​

742

​

​

742

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

(11,178)

​

$

(684)

​

$

2,303

​

$

18,091

​

$

8,532

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended March 31, 2025

​

​ ​ ​

​

​

​ ​ ​

​

​ ​ ​

​

​ ​ ​

​

​

​

​

​

​

Gevo

​

GevoFuels

​

GevoRNG

​

GevoND

​

Consolidated

Non-GAAP Adjusted EBITDA (Consolidated):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Loss from operations

​

$

(20,984)

​

$

(724)

​

$

469

​

$

1,100

​

$

(20,139)

Depreciation and amortization

​

​

747

​

​

—

​

​

1,403

​

​

3,472

​

​

5,622

Allocated intercompany expenses for shared service functions

​

​

(890)

​

​

—

​

​

890

​

​

—

​

​

—

Stock-based compensation

​

​

1,937

​

​

—

​

​

(39)

​

​

—

​

​

1,898

Change in fair value of derivative instruments

​

​

—

​

​

—

​

​

—

​

​

(2,732)

​

​

(2,732)

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

(19,190)

​

$

(724)

​

$

2,723

​

$

1,840

​

$

(15,351)

​

​

​

Media Contact

PR@gevo.com

​

Investor Contact

Eric Frey, PhD

Vice President of Finance and Strategy

IR@Gevo.com

8

FAQ

How did Gevo (GEVO) perform financially in Q1 2026?

Gevo reported Q1 2026 revenue of $42.9 million, up from $29.1 million a year earlier. Loss from operations improved to $4.9 million from $20.1 million, and net loss attributed to Gevo was $21.7 million, or $0.09 per share.

What was Gevo (GEVO)'s Q1 2026 non-GAAP adjusted EBITDA?

Gevo generated consolidated non-GAAP adjusted EBITDA of $8.5 million in Q1 2026, compared with a loss of $15.4 million in Q1 2025. This metric adds back depreciation, amortization, stock-based compensation and certain other items to loss from operations.

What EBITDA targets has Gevo (GEVO) set for 2026 and beyond?

Gevo is targeting approximately $30 million of adjusted EBITDA in 2026, up from $17 million in 2025. Management also reiterates a goal of achieving a run-rate annualized $40 million of adjusted EBITDA by the end of 2026, assuming successful execution of its plans.

What is Gevo (GEVO)'s agreement with Ara Energy?

Gevo announced a preliminary agreement with Ara Energy to fund expansion plans at its Gevo North Dakota facility. The expansion is intended to effectively double capacity at Gevo North Dakota and is part of broader efforts to support Alcohol-to-Jet and low-carbon fuel growth.

How is Gevo (GEVO) funding its Alcohol-to-Jet Project North Star?

Gevo is advancing financing for its ATJ-30 Alcohol-to-Jet “Project North Star” by engaging a broader group of private capital providers. The company reports receiving multiple non-binding indications of interest and views Gevo North Dakota operations as a foundation to support project financing.

What operational improvements are planned at Gevo North Dakota?

Gevo is executing a debottlenecking project at Gevo North Dakota that it expects will grow output by over 10% starting next year. In addition, the company is pursuing expansion plans to effectively double capacity, supported by anticipated capital partnerships with Ara Energy and others.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 448.2 KB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 16.2 KB
• EX-101 EX-101.PRE 10.5 KB