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Gevo (NASDAQ: GEVO) posts 2025 revenue jump and positive adjusted EBITDA

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(High)
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(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Gevo, Inc. reported a major step-change in 2025 performance, with total revenues rising to $160,580 thousand from $16,915 thousand in 2024, driven by its renewable fuels, RNG and carbon-focused businesses. Loss from operations narrowed to $20,212 thousand from $90,824 thousand, and net loss attributed to Gevo, Inc. improved to $33,836 thousand from $78,640 thousand, while net loss per share was $0.14.

Management emphasized growing Adjusted EBITDA and cash generation, supported by the Gevo North Dakota operations and production tax credit sales. For 2025, non-GAAP adjusted EBITDA turned positive at $16,437 thousand versus a loss of $57,793 thousand in 2024. Total assets increased to $718,929 thousand, including higher property, plant and equipment and intangible assets, as the company advanced its carbon management and ATJ-30 jet fuel growth platform.

Positive

  • Strong fundamental improvement: 2025 revenues increased to $160,580 thousand from $16,915 thousand, and non-GAAP adjusted EBITDA turned positive at $16,437 thousand versus a $57,793 thousand loss in 2024, while loss from operations narrowed to $20,212 thousand from $90,824 thousand.

Negative

  • Ongoing losses and higher leverage: Net loss attributed to Gevo, Inc. was $33,836 thousand in 2025 and cash and cash equivalents declined to $81,163 thousand, while loans payable reached $100,503 thousand and Remarketed Bonds payable, net, were $64,247 thousand as of December 31, 2025.

Insights

Gevo delivered a revenue surge and positive adjusted EBITDA, materially improving 2025 results.

Gevo reported total revenues of $160,580 thousand for 2025 versus $16,915 thousand in 2024, reflecting rapid scale-up across its businesses. Loss from operations narrowed sharply to $20,212 thousand from $90,824 thousand, indicating much better operating leverage as new assets contributed.

Non-GAAP adjusted EBITDA flipped to a positive $16,437 thousand in 2025 from a loss of $57,793 thousand in 2024. Management attributes this to performance at Gevo North Dakota, RNG, carbon and production tax credit sales, while noting progress toward project-level financing for the ATJ-30 jet fuel project.

Cash and cash equivalents were $81,163 thousand as of December 31, 2025, with additional restricted cash and higher debt including $100,503 thousand of loans payable. Actual impact on future results will depend on executing the ATJ-30 project and continuing to monetize carbon-related opportunities.

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.

FAQ

How did Gevo (GEVO) perform financially in full-year 2025?
Gevo reported 2025 revenues of $160,580 thousand, up from $16,915 thousand in 2024, with loss from operations narrowing to $20,212 thousand. Net loss attributed to Gevo, Inc. improved to $33,836 thousand, and net loss per share was $0.14.

What was Gevo (GEVO) non-GAAP adjusted EBITDA for 2025?
Gevo’s consolidated non-GAAP adjusted EBITDA was $16,437 thousand for 2025, compared with a loss of $57,793 thousand in 2024. This measure adds back depreciation, amortization, stock-based compensation, certain allocated expenses, derivative fair value changes, and executive severance to GAAP loss from operations.

How did Gevo’s balance sheet change by December 31, 2025?
As of December 31, 2025, Gevo reported $718,929 thousand in total assets and $247,760 thousand in total liabilities. Cash and cash equivalents were $81,163 thousand, with additional restricted cash and increased property, plant and equipment and intangible assets on the balance sheet.

How did Gevo North Dakota and segment EBITDA contribute in 2025?
For 2025, GevoND reported income from operations of $42,042 thousand and contributed segment non-GAAP adjusted EBITDA of $59,912 thousand. Consolidated non-GAAP adjusted EBITDA was $16,437 thousand, reflecting this contribution alongside results from Gevo, GevoFuels, and GevoRNG.

What strategic projects and growth areas did Gevo highlight?
Management highlighted progress on the ATJ-30 jet fuel project and expanding carbon-related businesses. They are working toward securing project-level financing to begin ATJ-30 construction and emphasized capturing value from carbon dioxide and production tax credits to support the company’s bottom line.

Where can investors access Gevo’s 2025 earnings presentation and webcast?
Investors can access the 2025 earnings slide presentation and webcast replay in Gevo’s Investor Relations section at https://investors.gevo.com/news-events/events-presentations. A conference call was hosted on March 5, 2026, with senior management reviewing financial results and recent corporate highlights.

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0001392380false00013923802026-03-052026-03-05

​

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

​

FORM 8-K

​

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 5, 2026

​

Gevo, Inc.

(Exact name of registrant as specified in its charter)

​

​

​

​

​

Delaware

001-35073

87-0747704

(State or other jurisdiction

(Commission File Number)

(IRS Employer

of incorporation)

​

Identification No.)

​

​

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

(Address of principal executive offices) (Zip Code)

​

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

N/A

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

​

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:

​

​

​

☐

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:

​

 

​

​

​

​

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. ☐

​

​

​

Item 2.02. Results of Operations and Financial Condition.

On March 5, 2026, Gevo, Inc. (the “Company”) issued a press release announcing the Company’s financial results for year ended December 31, 2025. 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.

​

​

​

​

Exhibit No.

  ​ ​ ​

Description

​

​

​

99.1

​

Earnings press release, dated March 5, 2026

104

​

Cover Page Interactive Data File (Formatted as Inline XBRL)

​

​

​

​

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.

​

​

​

​

​

GEVO, INC.

​

​

​

Date: March 5, 2026

By:

/s/ E. Cabell Massey

​

​

E. Cabell Massey

​

​

Vice President, Legal and Corporate Secretary

​

​

Exhibit 99.1

Gevo Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

ENGLEWOOD, Colo. – March 5, 2026 – Gevo, Inc. (NASDAQ: GEVO) (“Gevo”, the “Company”, “we”, “us” or “our”), a leader in renewable fuels and chemicals as well as carbon management, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided an update on operating performance, cash flow, and progress across its carbon management and synthetic aviation fuel (“SAF”) growth platform. A quarterly earnings presentation of the financial results will also be posted to the Company’s website at https://investors.gevo.com/news-events/events-presentations.

Fourth Quarter and Full Year 2025 Highlights

●We achieved positive cash flow from operations of $20 million during the fourth quarter of 2025 and are now targeting neutral to positive cash flow from operations for 2026. Additionally, we report:
oIncreased cash, cash equivalents and restricted cash to $117 million at year end, a $9 million increase versus the end of the prior quarter. Subsequent to the end of 2025, all of the restricted cash that served as collateral for our renewable natural gas (“RNG”) project financings was released as a result of our debt consolidation transaction announced in February 2026.
oRevenue of $45 million in the fourth quarter, and $161 million in the full year 2025.
oLoss from operations of $2.2 million for the fourth quarter.
oNon-GAAP Adjusted EBITDA(1) of $7.7 million in the fourth quarter, which is the third consecutive quarter of positive non-GAAP adjusted EBITDA. The Company reaffirms its near-term target of reaching run rate Non-GAAP Adjusted EBITDA of approximately $40 million per year.
oApproximately 140,000 tons of carbon dioxide credits were monetized via low carbon fuel and voluntary carbon markets. The balance of carbon dioxide credits was used to build inventory of approximately 30,000 tons of carbon dioxide removal credits (“CDR” credits) to support the growing, global carbon market that includes growing spot sales and multi-year offtake contracts.

​

oWe sold $52 million of production tax credits during 2025 relating to Gevo North Dakota. We received approximately $41 million of cash proceeds from these sales in 2025, and we expect to receive the remainder in the first quarter of 2026.
●We had a record-setting production year at Gevo North Dakota:
oWe produced a record low-carbon ethanol volume of 69 million gallons in 2025, a 3% increase versus 2024 volume of 67 million gallons. We also produced 173,000 metric tons of high-quality carbon removal credits during the full twelve-months period ended December 31, 2025(2).
oSurpassed 500,000 metric tons of high-quality carbon removal by the CCS asset since its startup in 2022.
●Our Gevo North Dakota CCS asset and well was certified by Puro.Earth as a thousand-year permanence well. We believe we have the only ethanol-associated CCS well in the world with such a certification. We also achieved an “A” rating from a preeminent global carbon rating agency, BeZero Carbon, simplifying the due diligence process for CDR customers.
●The U.S. Department of Energy Office of Energy Dominance Financing (“EDF”) loan guarantee conditional commitment to potentially finance the construction of an Alcohol-to-Jet (“ATJ”) SAF project was extended last year, as previously announced. The Company is working together with EDF to progress a potential change of scope from the previously contemplated South Dakota project to the new ATJ-30 project at Gevo North Dakota.
●We successfully closed on and integrated our acquisition of substantially all of the assets of Red Trail Energy, LLC, which is now called Gevo North Dakota following the closing of the transaction on January 31, 2025.

​

​

Additional 2025 Milestones and Recent Corporate Highlights

●We launched our carbon business in 2025, which consists of revenue derived from carbon value: a combination of low carbon fuel standard (“LCF”) credits and CDR credits. The CDR credits were sold to multiple customers, and we secured a multi-year offtake agreement as well. We also secured contracted sales of Scope 1 and Scope 3 credits based upon 15 million gallons per year of future SAF production, to support financing of our ATJ-30 project.
●We consolidated our tax-exempt bonds relating to our RNG assets with our Gevo North Dakota debt facility in February 2026, which simplified our debt structure and freed up all of our previously restricted cash.
●We signed an agreement with Praj Industries to jointly develop isobutanol opportunities for diesel fuel in India.
●We generated about $5 million in revenue from producing and selling our patented and proprietary low carbon specialty racing motor fuel blendstock.
●We were granted 1 patent thus far in 2026, 3 patents in 2025, and 13 patents in 2024, including several related to our ethanol-to-olefins (“ETO”) technology. These patents add to our intellectual property portfolio, which now has more than 350 patents. We also filed 22 new patent applications in 2025.
●We licensed our ETO technology to Axens and formed an alliance with them to accelerate development of the technology for fuels. We believe that ETO technology has the potential to significantly reduce the operating and capital costs of converting alcohols to drop-in fuels and chemicals.
●We divested our Luverne, Minnesota ethanol production assets, while retaining control of our isobutanol-related production assets at the site. This reduced our Luverne facility idling costs by about $1.5 million during 2025 with an expected estimated $3 million in cost savings next year.

Management Comment 

Dr. Patrick Gruber, chief executive officer, commented: “Last year was exceptional, even surpassing my expectations. We generated positive operating cash flow and strengthened our cash position, driven by strong performance across fuels, RNG, carbon, and production tax credit sales. Alongside growing Adjusted EBITDA through increased capacity and improved operations at Gevo North Dakota, we see meaningful opportunities ahead with the ATJ-30 jet fuel project and our expanding carbon-related businesses. I’m especially proud of the Gevo North Dakota team, whose seamless integration and record production made a tremendous impact.”

​

Leke Agiri, chief financial officer, added: “Our strong operating results, along with recent debt consolidation that simplified our capital structure and released restricted cash, have strengthened our balance sheet. In the near term, we’re focused on growing Adjusted EBITDA and operating cash flow by executing organic initiatives that improve efficiency, expand our asset base, and maintain disciplined capital allocation. We’re also making progress toward securing the project level financing needed to start construction on our ATJ-30 jet fuel project as soon as possible, and we’re proving we can capture and grow value from carbon dioxide in a way that directly strengthens our bottom line.”

Webcast and Conference Call Information

Hosting today’s conference call at 4:30 p.m. ET will be Dr. Patrick R. Gruber, chief executive officer, Dr. Chris Ryan, our president and chief operating officer, Dr. Paul Bloom, president, Leke Agiri, chief financial officer, and Dr. 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 and view the slide presentation please register through the following event weblink: https://register-conf.media-server.com/register/BIfdb403c2e64c49cb8424353313763f3e. After registering, participants will be provided with a dial-in number and pin. The slide presentation will also be made available at https://investors.gevo.com/news-events/events-presentations.

To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/yw6ggb9k.

A webcast replay will be available two hours after the conference call ends on March 5, 2026. The archived webcast will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

2

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 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 expectation, our loan guarantee conditional commitment from EDF, tax credit sales and receipt of proceeds from such, the financing and the timing of our ATJ projects, 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

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.

​

​

1Adjusted 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 and the change in fair value of derivative instruments 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.

​

2 Reflects the full twelve month period ending on December 31, 2025, including the month of January prior to the closing of the acquisition of substantially all of the assets of Red Trail Energy, LLC, on January 31, 2025.

3

Gevo, Inc.

Consolidated Balance Sheets

(In thousands, except share and per share amounts)

​

​

​

​

​

​

​

​

​

  ​

December 31, 2025

  ​ ​ ​

December 31, 2024

Assets

 

​

  ​

 

​

  ​

Current assets

 

​

  ​

 

​

  ​

Cash and cash equivalents

​

$

81,163

​

$

189,389

Restricted cash

​

 

28,770

​

 

1,489

Trade accounts receivable, net

​

 

8,394

​

 

2,411

Inventories

​

 

19,076

​

 

4,502

Prepaid expenses and other current assets

​

 

6,001

​

 

5,920

Total current assets

​

 

143,404

​

 

203,711

Property, plant and equipment, net

​

 

353,577

​

 

221,642

Restricted cash

​

 

7,006

​

 

68,155

Operating right-of-use assets

​

 

1,964

​

 

1,064

Finance right-of-use assets

​

 

430

​

 

1,877

Intangible assets, net

​

 

95,003

​

 

8,129

Goodwill

​

​

43,558

​

​

3,740

Deposits and other assets

​

 

73,987

​

 

75,623

Total assets

​

$

718,929

​

$

583,941

Liabilities

​

 

  ​

​

 

  ​

Current liabilities

​

 

  ​

​

 

  ​

Accounts payable and accrued liabilities

​

$

36,508

​

$

22,006

Deferred clean fuel production tax credits

​

​

41,115

​

​

—

Operating lease liabilities

​

 

689

​

 

333

Finance lease liabilities

​

 

273

​

 

2,001

Remarketed Bonds payable, net

​

 

—

​

 

21

Total current liabilities

​

 

78,585

​

 

24,361

Remarketed Bonds payable, net

​

 

64,247

​

 

67,109

Loans payable

​

 

100,503

​

 

—

Operating lease liabilities

​

 

1,416

​

 

966

Finance lease liabilities

​

 

394

​

 

187

Asset retirement obligation

​

​

2,250

​

 

—

Other long-term liabilities

​

​

365

​

​

1,830

Total liabilities

​

 

247,760

​

 

94,453

​

​

​

​

​

​

​

Redeemable non-controlling interest

​

​

4,832

​

 

—

​

​

​

​

​

​

​

Equity

​

 

  ​

​

 

  ​

Common stock, $0.01 par value per share; 500,000,000 shares authorized; 242,464,470 and 239,176,293 shares issued and outstanding at December 31, 2025, and December 31, 2024, respectively.

​

 

2,425

​

 

2,392

Additional paid-in capital

​

 

1,298,064

​

 

1,287,333

Accumulated deficit

​

 

(834,152)

​

​

(800,237)

Total stockholders' equity

​

 

466,337

​

 

489,488

Total liabilities and stockholders' equity

​

$

718,929

​

$

583,941

​

​

​

​

​

4

Gevo, Inc.

Consolidated Statements of Operations

(In thousands, except share and per share amounts)

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

  ​ ​ ​

Year Ended December 31, 

​

  ​

  ​ ​ ​

2025

  ​ ​ ​

2024

Total revenues

​

​

$

160,580

​

$

16,915

Operating expenses:

​

​

 

  ​

​

 

  ​

Cost of production

​

​

 

85,241

​

 

12,002

Depreciation and amortization

​

​

 

25,323

​

 

18,298

Research and development expense

​

​

 

4,550

​

 

5,576

General and administrative expense

​

​

​

51,200

​

​

45,798

Project development costs

​

​

 

11,655

​

 

18,166

Acquisition related costs

​

​

 

4,438

​

 

4,932

Facility idling costs

​

​

 

1,476

​

 

2,967

Gain on disposal of asset, net

​

​

 

(3,091)

​

 

—

Total operating expenses

​

​

 

180,792

​

 

107,739

Loss from operations

​

​

 

(20,212)

​

 

(90,824)

Other (expense) income

​

​

 

  ​

​

 

  ​

Interest expense

​

​

 

(17,560)

​

 

(3,879)

Interest and investment income

​

​

 

5,109

​

 

15,740

Other income, net

​

​

 

34

​

 

323

Total other (expense) income, net

​

​

 

(12,417)

​

 

12,184

Net loss

​

​

​

(32,629)

​

​

(78,640)

Net income attributable to redeemable non-controlling interest

​

​

​

1,207

​

​

—

Net loss attributed to Gevo, Inc.

​

​

$

(33,836)

​

$

(78,640)

​

​

​

​

​

​

​

​

Net loss per share - basic and diluted

​

​

$

(0.14)

​

$

(0.34)

Weighted-average common shares outstanding - basic and diluted

​

​

 

234,008,574

​

 

231,674,716

​

​

​

​

5

​

​

​

Gevo, Inc.

Consolidated Statements of Stockholders’ Equity

(In thousands, except share amounts)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the Year Ended December 31, 2025 and 2024

​

​

Stockholders' Equity

​

Mezzanine Equity

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

 

Redeemable

​

​

Common Stock

​

​

​

​

Accumulated 

​

Stockholders’

​

Non-Controlling

​

  ​ ​ ​

Shares

  ​ ​ ​

Amount

  ​ ​ ​

Paid-In Capital

  ​ ​ ​

Deficit

​

Equity

​

Interest

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

 

—

​

 

—

​

 

9,209

​

 

—

​

 

9,209

​

​

—

Stock-based awards and related share issuances, net

 

2,325,570

​

 

23

​

 

734

​

 

—

​

 

757

​

​

—

Proceeds from the exercise of stock options

​

962,607

​

​

10

​

​

788

​

​

—

​

​

798

​

​

—

Distribution to non-controlling interest

​

—

​

​

—

​

​

—

​

​

—

​

​

—

​

​

(1,454)

Change in redemption value of redeemable non-controlling interest

​

—

​

​

—

​

​

—

​

​

(79)

​

​

(79)

​

​

79

Net income (loss)

 

—

​

 

—

​

 

—

​

 

(33,836)

​

 

(33,836)

​

​

1,207

Balance, December 31, 2025

 

242,464,470

​

$

2,425

​

$

1,298,064

​

$

(834,152)

​

$

466,337

​

$

4,832

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance, December 31, 2023

  ​ ​ ​

240,499,833

  ​ ​ ​

$

2,405

  ​ ​ ​

$

1,276,581

  ​ ​ ​

$

(721,597)

  ​ ​ ​

$

557,389

​

​

—

Non-cash stock-based compensation

 

—

​

 

—

​

 

14,847

​

 

—

​

 

14,847

​

​

—

Stock-based awards and related share issuances, net

​

5,784,668

​

​

58

​

​

495

​

​

—

​

​

553

​

​

—

Repurchase of common stock

​

(7,190,006)

​

​

(72)

​

​

(4,638)

​

​

—

​

​

(4,710)

​

​

—

Issuance of common stock upon exercise of warrants

 

81,798

​

 

1

​

 

48

​

 

—

​

 

49

​

​

—

Net loss

 

—

​

 

—

​

 

—

​

 

(78,640)

​

 

(78,640)

​

​

—

Balance, December 31, 2024

 

239,176,293

​

$

2,392

​

$

1,287,333

​

$

(800,237)

​

$

489,488

​

$

—

​

​

​

​

​

6

Gevo, Inc.

Consolidated Statements of Cash Flows

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 

​

  ​

​

2025

  ​ ​ ​

2024

Operating Activities

  ​ ​ ​

​

​

  ​

  ​ ​ ​

​

  ​

Net loss

​

​

$

(32,629)

​

$

(78,640)

Adjustments to reconcile net loss to net cash used in operating activities:

​

​

 

  ​

​

 

  ​

Gain on sale of Agri-Energy assets

​

​

 

(3,091)

​

 

—

Stock-based compensation

​

​

 

9,209

​

 

14,733

Depreciation and amortization

​

​

 

25,323

​

 

18,298

Production tax credits generated

​

​

​

(52,030)

​

​

—

Amortization of deferred financing costs

​

​

 

1,947

​

 

—

Lease amortization

​

​

​

2,019

​

​

—

Other non-cash expense

​

​

 

1,087

​

 

2,497

Changes in operating assets and liabilities, net of effects of acquisition:

​

​

 

​

​

 

​

Accounts receivable

​

​

 

(1,013)

​

 

417

Inventories

​

​

 

(4,061)

​

 

(706)

Prepaid expenses and other current assets, deposits and other assets

​

​

 

(6,557)

​

 

(19,050)

Accounts payable, accrued expenses and non-current liabilities

​

​

 

5,280

​

 

5,068

Deferred clean fuel production tax credits

​

​

​

41,115

​

​

—

Net cash used in operating activities

​

​

 

(13,401)

​

 

(57,383)

Investing Activities

​

​

 

  ​

​

 

  ​

Acquisitions of property, plant and equipment

​

​

 

(30,113)

​

 

(51,085)

Acquisition of Red Trail Energy, net of cash acquired

​

​

 

(198,461)

​

 

—

Proceeds from sale of Agri-Energy assets

​

​

​

2,000

​

​

—

Proceeds from sale of investment tax credit

​

​

 

—

​

 

15,336

Payment of earnest money deposit

​

​

 

—

​

 

(10,000)

Acquisition of CultivateAI, net of cash acquired

​

​

 

—

​

 

(6,070)

Net cash used in investing activities

​

​

 

(226,574)

​

 

(51,819)

Financing Activities

​

​

 

  ​

​

 

  ​

Proceeds from issuance of bonds

​

​

 

40,000

​

 

68,155

Redemption of bonds

​

​

 

(40,000)

​

 

(68,155)

Loan proceeds

​

​

 

105,000

​

 

—

Payment of debt issuance costs

​

​

 

(9,676)

​

 

(1,665)

Non-controlling interest

​

​

 

5,000

​

 

—

Distribution to non-controlling interest

​

​

​

(1,454)

​

​

—

Proceeds from the exercise of warrants

​

​

 

—

​

 

49

Proceeds from the exercise of stock options

​

​

 

798

​

 

—

Payment of loans payable

​

​

 

(21)

​

 

(130)

Payment of finance lease liabilities

​

​

 

(1,766)

​

 

(906)

Repurchases of common stock

​

​

 

—

​

 

(4,710)

Net cash provided by (used in) financing activities

​

​

 

97,881

​

 

(7,362)

Net decrease in cash and cash equivalents

​

​

 

(142,094)

​

 

(116,564)

Cash, cash equivalents and restricted cash at beginning of period

​

​

 

259,033

​

 

375,597

Cash, cash equivalents and restricted cash at end of period

​

​

$

116,939

​

$

259,033

​

​

​

​

​

7

Gevo, Inc.

Reconciliation of GAAP to Non-GAAP Financial Information

(In thousands)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three Months Ended December 31, 

  ​ ​ ​

Year Ended December 31, 

​

  ​ ​ ​

2025

  ​ ​ ​

2024

  ​ ​ ​

2025

  ​ ​ ​

2024

Non-GAAP Adjusted EBITDA (Consolidated):

 

​

  ​

 

​

  ​

 

​

  ​

 

​

  ​

Loss from operations

​

$

(2,179)

​

$

(19,646)

​

$

(20,212)

​

$

(90,824)

Depreciation and amortization

​

 

5,084

​

 

6,076

​

 

25,323

​

 

18,298

Other amortization

​

​

1,276

​

​

—

​

​

1,276

​

​

—

Stock-based compensation

​

 

2,705

​

 

2,248

​

 

9,209

​

 

14,733

Change in fair value of derivative instruments

​

​

(76)

​

​

—

​

​

(91)

​

​

—

Executive severance

​

​

932

​

​

—

​

​

932

​

​

—

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

7,742

​

$

(11,322)

​

$

16,437

​

$

(57,793)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended December 31, 2025

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

​

​

Gevo

​

GevoFuels

​

GevoRNG

​

GevoND

​

Consolidated

Non-GAAP Adjusted EBITDA (Consolidated):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

​

$

(13,286)

​

$

(1,345)

​

$

913

​

$

11,539

​

$

(2,179)

Depreciation and amortization

​

​

862

​

​

—

​

​

63

​

​

4,159

​

​

5,084

Other amortization

​

​

—

​

​

—

​

​

843

​

​

433

​

​

1,276

Allocated intercompany expenses for shared service functions

​

​

(315)

​

​

—

​

​

315

​

​

—

​

​

—

Stock-based compensation

​

​

2,686

​

​

—

​

​

8

​

​

11

​

​

2,705

Change in fair value of derivative instruments

​

​

—

​

​

—

​

​

—

​

​

(76)

​

​

(76)

Executive severance

​

​

932

​

​

—

​

​

—

​

​

—

​

​

932

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

(9,121)

​

$

(1,345)

​

$

2,142

​

$

16,066

​

$

7,742

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2025

​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

​

​

Gevo

​

GevoFuels

​

GevoRNG

​

GevoND

​

Consolidated

Non-GAAP Adjusted EBITDA (Consolidated):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Income (loss) from operations

​

$

(62,583)

​

$

(2,992)

​

$

3,321

​

$

42,042

​

$

(20,212)

Depreciation and amortization

​

​

3,196

​

​

—

​

​

4,616

​

​

17,511

​

​

25,323

Other amortization

​

​

—

​

​

—

​

​

843

​

​

433

​

​

1,276

Allocated intercompany expenses for shared service functions

​

​

(1,261)

​

​

—

​

​

1,261

​

​

—

​

​

—

Stock-based compensation

​

​

9,208

​

​

—

​

​

(16)

​

​

17

​

​

9,209

Change in fair value of derivative instruments

​

​

—

​

​

—

​

​

—

​

​

(91)

​

​

(91)

Executive severance

​

​

932

​

​

—

​

​

—

​

​

—

​

​

932

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

(50,508)

​

$

(2,992)

​

$

10,025

​

$

59,912

​

$

16,437

​

​

8

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three Months Ended December 31, 2024

​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

​

​

Gevo

​

GevoFuels

​

GevoRNG

​

Consolidated

Non-GAAP Adjusted EBITDA (Consolidated):

​

​

​

​

​

​

​

​

​

​

​

​

Loss from operations

​

$

(16,326)

​

$

(1,605)

​

$

(1,715)

​

$

(19,646)

Depreciation and amortization

​

​

843

​

​

—

​

​

5,233

​

​

6,076

Allocated intercompany expenses for shared service functions

​

​

(1,780)

​

​

—

​

​

1,780

​

​

—

Stock-based compensation

​

​

2,202

​

​

—

​

​

46

​

​

2,248

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

(15,061)

​

$

(1,605)

​

$

5,344

​

$

(11,322)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year Ended December 31, 2024

​

  ​ ​ ​

​

​

  ​ ​ ​

​

  ​ ​ ​

​

​

​

​

​

​

Gevo

​

GevoFuels

​

GevoRNG

​

Consolidated

Non-GAAP Adjusted EBITDA (Consolidated):

​

​

​

​

​

​

​

​

​

​

​

​

Loss from operations

​

$

(76,654)

​

$

(5,411)

​

$

(8,759)

​

$

(90,824)

Depreciation and amortization

​

​

9,718

​

​

—

​

​

8,580

​

​

18,298

Allocated intercompany expenses for shared service functions

​

​

(3,561)

​

​

—

​

​

3,561

​

​

—

Stock-based compensation

​

​

14,562

​

​

—

​

​

171

​

​

14,733

Non-GAAP adjusted EBITDA (loss) (Consolidated)

​

$

(55,935)

​

$

(5,411)

​

$

3,553

​

$

(57,793)

​

​

Media Contact

Heather Manuel

Vice President of Stakeholder Engagement & Partnerships

PR@gevo.com

​

Investor Contact

Eric Frey, PhD

Vice President of Finance and Strategy

IR@Gevo.com

9

Source: View Original Filing on SEC EDGAR

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