Gevo, Inc.

For the period ended Dec 31, 2025. Filed Mar 5, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 5, 2026

GEVO$1.39-5.4%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

Item 8. Consolidated Statements of Cash Flows

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

CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)

(In thousands)

· · · · · ·
· · Year Ended December 31,
Schedule of cash, cash equivalents and restricted cash	2025	2024
Cash and cash equivalents	$81,163	$189,389
Restricted cash (current)	28,770	1,489
Restricted cash (non-current)	7,006	68,155
Total cash, cash equivalents and restricted cash	$116,939	$259,033

· · · · · ·
· · Year Ended December 31,
Supplemental disclosures of cash and non-cash investing and financing transactions	2025	2024
Cash paid for interest, net of amounts capitalized	$12,557	$1,619
Capitalized interest included in property, plant and equipment	$114	$—
Non-cash purchase of property, plant and equipment	$6,207	$2,595
Right-of-use asset purchased with financing leases	$202	$2,731
Right-of-use asset purchased with operating lease	$148	$32

Notes to Consolidated Financial Statements

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.