Gevo, Inc.
For the period ended Jun 30, 2026. Filed Aug 6, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 6, 2026
GEVO$1.39+13.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-07.
0001392380-26-000016
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-06.
0001628280-26-054462
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 83 previous paragraphs and 97 current paragraphs.
42 unchanged; 29 reworded; 23 added; 10 removed; 2 previous and 3 current paragraphs rearranged.
Tables are not compared: 20 previous and 23 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Gevo, Inc. (Nasdaq: GEVO), a Delaware corporation founded in 2005, is a growth-oriented, diversified energy company focused on developing, financing, and operating facilities that produce renewable fuels, chemicals, and other products designed to reduce greenhouse gas (“GHG”) emissions and diversify energy supply. Our mission is to provide solutions for sectors of the transportation industry that are difficult to electrify or otherwise decarbonize.
Current report
Our ATJ platform is focused on our ATJ-30 platform.
Current report
ATJ-60. ATJ-60 was designed to produce approximately 65 MMGPY of total hydrocarbon volumes, including 60 MMGPY of SAF. The Company has discontinued further development of ATJ-60 and has redirected resources toward its ATJ-30 platform and other commercialization opportunities.
Current report
ATJ-180. The Company previously conducted preliminary engineering and design work for an ATJ-180 configuration which was evaluated as a potential platform to produce approximately 180 MMGPY of SAF and related hydrocarbon products. During the three and six months ended June 30, 2026, the Company determined that it would no longer pursue this configuration and recognized an impairment charge to the associated capitalized costs.
Current report
GevoND operating metrics. The following tables summarize the key operating metrics used to measure performance for the GevoND segment and cover the three and six months ended June 30, 2026 and 2025. The six months ended June 30, 2025 includes the period after January 31, 2025, when Gevo closed on the acquisition of all of the assets and assumed certain liabilities of Red Trail Energy, to June 30, 2025.
Current report
RNG operating metrics. The following tables summarize the key operating metrics used to measure performance for the RNG segment and cover the three and six months ended June 30, 2026 and 2025.
Current report
Operating revenue. During the three months ended June 30, 2026, operating revenue increased by $3.1 million compared to the three months ended June 30, 2025. Revenue from GevoND increased by $3.3 million to $40.5 million for the three months ended June 30, 2026, compared to $37.2 million in the prior-year period, primarily due to increased production and sales volume. Revenue from GevoRNG was materially consistent with prior period, while revenue from the sale of specialty fuels at the Gevo segment decreased $0.4 million for the three months ended June 30, 2026, compared to the prior-year period.
Current report
Cost of production. Cost of production increased $2.7 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. GevoND’s cost of production increased by $2.7 million, to $16.2 million for the three months ended June 30, 2026, compared to $13.5 million in the prior-year period, primarily driven by the prior-year period including a one-time catch-up adjustment for clean fuel production tax credits, as the realization of the credits became probable during that period. The increase was partially offset by lower feedstock costs and gains on commodity hedging activities. GevoRNG’s cost of production increased by $0.4 million, to $2.0 million for the three months ended June 30, 2026, compared to $1.6 million in the prior-year period, primarily reflecting increased production activity during the period. Cost of production for the Gevo segment decreased by $0.5 million for the three months ended June 30, 2026, compared to the prior-year period, primarily due to lower specialty fuels production costs reflecting decreased production during the period.
Current report
Depreciation and amortization. Depreciation and amortization decreased by $0.4 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to a decrease in depreciation related to both Gevo ND and Gevo RNG of $0.3 million. The decrease was partially offset by a $0.1 million increase in depreciation related to the Gevo segment.
Current report
Research and development expense. Research and development expenses were entirely attributable to the Gevo segment and decreased by $0.5 million, to $0.4 million for the three months ended June 30, 2026, compared to $0.9 million in the prior-year period, primarily due to reduced third-party research and development activities.
Current report
Project development costs. Project development costs are primarily related to our development projects and Verity, and consist mainly of employee expenses, preliminary engineering costs, and technical consulting fees. Project development costs increased $1.6 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the recognition of a USDA grant reimbursement in the prior-year period, which reduced project development costs in the three months ended June 30, 2025. The increase was partially offset by a $1.7 million decrease in employee expenses and other reductions in project development costs during the current period.
Current report
Facility idling costs: Facility idling costs of $0.6 million for the three months ended June 30, 2025 were entirely attributable to the Gevo segment and were related to care and maintenance of our former facility in Luverne, Minnesota, which was sold as part of the sale of Agri-Energy, LLC in October 2025.
Current report
Impairment of long-lived assets: During the three months ended June 30, 2026, the Company recorded an impairment charge of $135.8 million, reducing the carrying value of certain long-lived assets to their estimated fair value. The impairment charge consisted of $134.4 million related to construction in progress attributable to the GevoFuels segment and $1.4 million related to intangible assets attributable to the Gevo segment. See Note 3, Impairment of long-lived assets, to the Condensed Consolidated Financial Statements for additional information.
Current report
Allowance for credit losses on refundable deposits: During the three months ended June 30, 2026, the Company wrote down $39.8 million of deposits receivable attributable to the GevoFuels segment that the Company no longer expects to be reimbursed for. See Note 14, Deposits and Other Assets, to the Condensed Consolidated Financial Statements for additional information.
Current report
Loss on disposal of assets: During the three months ended June 30, 2026, the Company recorded a $0.2 million loss on disposal of assets related to GevoRNG machinery and equipment that is no longer expected to be utilized.
Current report
Other income (expense), net. Other income (expense), net remained relatively flat for the three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Current report
Cost of production. Cost of production increased $1.4 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. GevoND’s cost of production increased by $3.1 million, to $33.9 million for the six months ended June 30, 2026, compared to $30.7 million in the prior-year period, primarily due to six months of operations following the acquisition of the GevoND plant in January 2025, compared to five months in the prior-year period, and costs associated with the planned maintenance shutdown in 2026 that did not occur in the same period in 2025. These increases were partially offset by the recognition of clean fuel production tax credits. GevoRNG’s production costs decreased by $0.6 million, to $3.8 million for the six months ended June 30, 2026, compared to $4.4 million in the prior-year period. primarily as a result of approximately $2.0 million of clean fuel production tax credits recognized during the current period, which reduced the cost of production. Cost of production for the Gevo segment decreased by $1.1 million for the six months ended June 30, 2026, compared to the prior-year period, primarily due to lower specialty fuels production costs associated with decreased production during the six-month period.
Current report
General and administrative expense. General and administrative expense increased $7.2 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025. General and administrative expense for GevoND increased by $3.5 million to $6.0 million for the six months ended June 30, 2026, compared to $2.5 million in the prior-year period, primarily due to six months of operations following the acquisition of the GevoND plant in January 2025 compared to five months in the prior-year period, professional and consulting services, and higher tax credit transaction costs. General and administrative expense for GevoRNG increased by $0.6 million for the six months ended June 30, 2026, compared to the prior-year period, primarily due to higher tax credit transaction costs. General and administrative expense for the Gevo segment increased by $3.1 million, primarily due to $3.0 million in accrued executive severance costs, higher stock-based compensation expense and employee expenses.
Current report
Acquisition related costs: Acquisition related costs of$4.4 million for the six months ended June 30, 2025 were entirely attributable to our Gevo segment and were related to the acquisition of the GevoND plant, which we completed on January 31, 2025.
Current report
Facility idling costs: Facility idling costs of $1.2 million for the six months ended June 30, 2025 were entirely attributable to our Gevo segment and were related to care and maintenance of our former facility in Luverne, Minnesota, which was sold as part of the sale of Agri-Energy, LLC in October 2025.
Current report
Impairment of long-lived assets: During the six months ended June 30, 2026, the Company recorded an impairment charge of $135.8 million, reducing the carrying value of certain long-lived assets to their estimated fair value. The impairment charge consisted of $134.4 million related to construction in progress attributable to the GevoFuels segment and $1.4 million related to intangible assets attributable to the Gevo segment. See Note 3, Impairment of long-lived assets, to the Condensed Consolidated Financial Statements for additional information.
Current report
Allowance for credit losses on refundable deposits: During the six months ended June 30, 2026, the Company wrote down $39.8 million of deposits receivable attributable to the GevoFuels segment that the Company no longer expects to be reimbursed for. See Note 14, Deposits and Other Assets, to the Condensed Consolidated Financial Statements for additional information.
Current report
Loss on disposal of assets: During the six months ended June 30, 2026, the Company recorded a $0.2 million loss on disposal of assets related to GevoRNG machinery and equipment that is no longer expected to be utilized.
Removed paragraphs (10)
Previous report
Gevo, Inc. (Nasdaq: GEVO), a Delaware corporation founded in 2005, is a growth-oriented company that focuses on hard to decarbonize market sectors such as jet fuel, certain specialty fuels, on-road fuels, chemicals and materials, and certain products for the food and feed chain such as protein and feeds made as co-products from our processes. Each of the market areas that Gevo focuses on has the common need for carbon-based products and is not conducive to full electrification or hydrogen. We produce and sell competitively priced, renewable, drop-in products for these sectors, and generate carbon abatement value through our plant design and business systems.
Previous report
Our ATJ platform currently consists of two designs: ATJ-30 and ATJ-60, which are described below:
Previous report
ATJ-60. ATJ-60 is designed to produce approximately 65 MMGPY of total hydrocarbon volumes, including 60 MMGPY of SAF. The project to deploy ATJ-60 at a site we own in Lake Preston, South Dakota is currently on hold.
Previous report
The Company has also conducted preliminary engineering and design work for an ATJ-180 configuration which remains in the development stage. ATJ-180 is being designed to produce approximately 180 MMGPY of SAF and related hydrocarbon products. Advancement of ATJ-180 will depend on market conditions, customer demand, availability of financing, regulatory support, and access to suitable infrastructure.
Previous report
Gevo North Dakota operating metrics. Total operating revenues reflect sales of low-carbon ethanol, ethanol-related co-products and carbon removal credits. As a result, our revenues are primarily affected by unit production of low-carbon ethanol, ethanol-related co-products, the registration of carbon removal credits and low-carbon fuel pathways, and the prices at which we monetize such production. Production costs are reduced by the generation of clean fuel production tax credits. The following table summarizes the key operating metrics described above, recorded on the GevoND segment, which metrics we use to measure performance, and covers the three months ended March 31, 2026 and for 2025, the two month period from January 31, 2025, when Gevo closed on the acquisition of all of the assets and assumed certain liabilities of Red Trail Energy, to March 31, 2025.
Previous report
RNG operating metrics. Total operating revenues reflect both sales of RNG and sales of related environmental attributes. As a result, our revenues are primarily affected by unit production of RNG, production of environmental attributes and the prices at which we monetize such production. Production costs are reduced by the generation of clean fuel production tax credits. The following table summarizes the key operating metrics described above, recorded on the RNG segment, which metrics we use to measure performance.
Previous report
Cost of production. Cost of production decreased $1.2 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025. GevoND’s cost of production for the three months ended March 31, 2026, was consistent with prior year period. The prior year period reflected only two months of operating activity, whereas the current year period reflects a full three months. Cost of production in the current period also benefited from $16.5 million of clean fuel production tax credits, which mostly offset the increase. GevoRNG’s production cost decreased by $1.0 million, to $1.8 million for the three months ended March 31, 2026, compared to $2.8 million in the prior year period. The decrease was primarily attributable to approximately $1.0 million of clean fuel tax credit recognized during the current period, which reduced net production costs. Cost of production for the Gevo segment decreased by $0.6 million for the three months ended March 31, 2026, compared to the prior year period, primarily due to lower carbon-related activity during the current period.
Previous report
Stock Repurchase Program
Previous report
On May 30, 2023, we authorized a stock repurchase program, under which we may repurchase up to $25 million of our common stock. The primary goal of the repurchase program is to allow us to opportunistically repurchase shares, while maintaining our ability to fund our development projects. Under the stock repurchase program, we may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of stock repurchases, if any, will be at our sole discretion and will be dependent on market conditions, applicable securities laws, and other factors. The stock repurchase program may be suspended or discontinued at any time and does not have an expiration date.
Previous report
We did not repurchase shares of common stock under the stock repurchase program during the three months ended March 31, 2026 and 2025. As of March 31, 2026, approximately $20.3 million remained available under the stock repurchase program.
Reworded paragraphs (29)
Previous wording
In addition to generating value from physical products such as fuels, chemicals, protein, feed and oil, our business model is designed to generate carbon abatement value through our production processes, plant design, and operating systems. This carbon abatement value may be monetized through mechanisms such as direct sales of certified carbon credits, Renewable Identification Numbers (“RINs”), state-level clean fuel credits, federal tax credits enacted under the Inflation Reduction Act (“IRA”), Canada’s Clean Fuel Regulations (“CFR”), state level clean fuel regulations, and, in certain cases, through the value attributed to reduced Scope 1 and Scope 3 greenhouse gas (“GHG”) emissions by end customers, particularly related to fuel products. Gevo owns certain operating assets that generate cash flow and expects growth by developing markets, pursuing project development, investing in capital assets, and licensing certain technologies.
Current wording
In addition to generating value from physical products such as fuels, chemicals, protein, feed and oil, our business model is designed to generate carbon abatement value through our production processes, plant design, and operating systems. This carbon abatement value may be monetized through mechanisms such as direct sales of certified carbon credits, Renewable Identification Numbers (“RINs”), state-level clean fuel credits, federal tax credits enacted under the Inflation Reduction Act (“IRA”), Canada’s Clean Fuel Regulations (“CFR”), state level clean fuel regulations, and, in certain cases, through the value attributed to reduced Scope 1 and Scope 3 GHG emissions by end customers, particularly related to fuel products. Gevo owns certain operating assets that generate cash flow and expects growth by developing markets, pursuing project development, investing in capital assets, and licensing certain technologies.
Previous wording
Our primary market focus, given the large demand and growing customer interest, is carbon abated hydrocarbon fuels, including SAF. We believe that SAF produced from an ATJ process is the most economically viable approach to meet growing jet fuel demand and to generate value from carbon abatement. We also have commercial opportunities for other renewable hydrocarbon products, such as renewable natural gas (“RNG”); hydrocarbons for gasoline and racing fuel blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes for plastics and materials; and other chemicals.
Current wording
Our primary market focus, given the large demand and growing customer interest, is carbon abated ethanol and hydrocarbon fuels. We also have commercial opportunities for other renewable hydrocarbon products, such as renewable natural gas (“RNG”); hydrocarbons for gasoline and racing fuel blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes for plastics and materials; and other chemicals.
Previous wording
In order to build out an ATJ platform, we need to have low cost, low carbon alcohol available as a feedstock. We also believe carbon capture and sequestration is a critical component of producing a low carbon footprint alcohol. We believe Gevo North Dakota (“GevoND”) provides a commercial operating platform that supports our broader ATJ strategy by supplying low-carbon ethanol feedstock and generating carbon abatement value through its operations.
Current wording
We believe that SAF produced from an ATJ process is the most economically viable approach to meet growing jet fuel demand and to generate value from carbon abatement. In order to build out an ATJ platform, we need to have low cost, low carbon alcohol available as a feedstock. We also believe carbon capture and sequestration is a critical component of producing a low carbon footprint alcohol. We believe Gevo North Dakota (“GevoND”) provides a commercial operating platform that supports our broader ATJ strategy by supplying low-carbon ethanol feedstock and generating carbon abatement value through its operations.
Previous wording
Gevo has an intellectual property portfolio consisting of hundreds of patents, many of which center around our ATJ platforms, as well as proprietary know-how. In addition, we have partnered with other leading global technology companies to develop this system focused on three standard sizes, 30, 60 and 180 million gallons per year (“MMGPY”) of SAF, referred to as ATJ-30, ATJ-60 and ATJ-180, respectively. It is our intent to deploy ATJ-30 at our GevoND site. ATJ-30 would upgrade the low-carbon ethanol already produced onsite to SAF.
Current wording
Gevo has an intellectual property portfolio consisting of hundreds of patents, many of which center around our ATJ platforms, as well as proprietary know-how. In addition, we have partnered with other leading global technology companies to develop the ATJ platform. It is our intent to deploy ATJ-30 at our GevoND site where it would upgrade the low-carbon ethanol already produced onsite to SAF.
Previous wording
ATJ-30. We have duplicated and modified the ATJ-60 design into an ATJ-30 design which is being designed to produce approximately 30 MMGPY of total hydrocarbon volumes, the majority of which would be SAF. We expect that we will deploy the ATJ-30 platform at our GevoND site, which would allow us to upgrade the low-carbon ethanol already being produced onsite into SAF. We expect to continue engineering and development through 2026 before completing the front-end engineering design (“FEED”) phase of the project. At the end of FEED, we expect to have a capital estimate and schedule for the project. Because we began with the designs and know-how from the ATJ-60 project, we are able to shorten the time and costs to complete the development phase of the project. An ATJ-30 plant located at and integrated into our existing ethanol plant and carbon sequestration is our current primary focus for SAF commercialization.
Current wording
ATJ-30. We have duplicated and modified the original ATJ-60 design into an ATJ-30 design, which is being designed to produce approximately 30 million gallons per year ("MMGPY") of total hydrocarbon volumes, the majority of which would be SAF. We expect that we will deploy the ATJ-30 platform at our GevoND site, which would allow us to upgrade the low-carbon ethanol already being produced onsite into SAF. We expect to continue engineering and development through 2026 before completing the front-end engineering design (“FEED”) phase of the project. At the end of FEED, we expect to have a capital estimate and schedule for the project. Because we began with the designs and know-how from the ATJ-60 project, we are able to shorten the time and costs to complete the development phase of the project. An ATJ-30 plant located at and integrated into our existing ethanol plant and carbon sequestration at GevoND is our current primary focus for SAF commercialization.
Previous wording
In order to achieve full construction financing for an ATJ plant, we intend to secure debt and possibly third-party equity. On October 16, 2024, we received a conditional commitment from the U.S. Department of Energy (“DOE”) Energy Dominance Financing Program (“EDF”) (formerly known as the Loan Programs Office) for a loan guarantee facility with a capacity of approximately $1.6 billion (including capitalized interest during construction) for our ATJ-60 project (formerly known as Net-Zero 1) in Lake Preston, South Dakota. The receipt of a conditional commitment was significant as it helped to validate the ATJ plant design integrity, which underpinned the DOE’s diligence process. In April 2026, we decided to withdraw our application for a DOE loan guarantee as (i) the business objectives required by the EDF to support enhanced oil recovery (“EOR”) are not yet commercially viable at scale in the project area, and (ii) opportunities for alternative financing and broadened product offerings are better aligned with company strategy and can accelerate the timeline for project execution. The withdrawal reserves the opportunity for Gevo to resubmit an application for a project at a later date, if desired. Gevo intends to continue its efforts on the ATJ-30 project.
Current wording
In order to achieve full construction financing for an ATJ plant, we intend to secure debt and possibly third-party equity. On October 16, 2024, we received a conditional commitment from the U.S. Department of Energy (“DOE”) Energy Dominance Financing Program (“EDF”) (formerly known as the Loan Programs Office) for a loan guarantee facility with a capacity of approximately $1.6 billion (including capitalized interest during construction) for our ATJ-60 project (formerly known as Net-Zero 1) in Lake Preston, South Dakota. The receipt of a conditional commitment was significant as it helped to validate the ATJ plant design integrity, which underpinned the DOE’s diligence process. In April 2026, we decided to withdraw our application for a DOE loan guarantee as (i) the business objectives required by the EDF to support enhanced oil recovery (“EOR”) are not yet commercially viable at scale in the project area, and (ii) opportunities for alternative financing and broadened product offerings are better aligned with company strategy and can accelerate the timeline for project execution. The withdrawal reserves the opportunity for Gevo to resubmit an application for a project at a later date, if desired.
Previous wording
We are evaluating and performing early site development work at several sites in the U.S. for other greenfield sites. These sites include several locations that are particularly advantageous in terms of potential economics, opportunities to decarbonize, and time to market. In addition, we are pursuing potential ATJ projects with several existing ethanol plant sites. Existing ethanol plants can be decarbonized with renewable energy or de-fossilized energy and/or carbon sequestration. Gevo has developed a preferred list of potential partners and sites with decarbonization in mind and is engaged in preliminary feasibility and development discussions with several of these potential partners. We plan to give priority to existing industrial plant sites that have attractive potential economics and high predictability of timeline for decarbonization.
Current wording
We are evaluating and performing early site development work at several sites in the U.S. for other greenfield sites. These sites include several locations that are particularly advantageous in terms of potential economics, opportunities to decarbonize, and time to market. In addition, we intend to pursue potential ATJ projects with existing ethanol plant sites. Existing ethanol plants can be decarbonized with renewable energy or de-fossilized energy and/or carbon sequestration. Gevo has developed a preferred list of potential partners and sites with decarbonization in mind and is engaged in preliminary feasibility and development discussions with several of these potential partners. We plan to give priority to existing industrial plant sites that have attractive potential economics and high predictability of timeline for decarbonization.
Previous wording
Our provisional pathway, which is effective for reporting beginning with the fourth quarter of 2024, has a weighted average carbon intensity (“CI”) score of approximately -339 gCO2e/MJ, which represents approximately 160,000 LCFS credits in the California LCFS Reporting Tool (“LRT”) system assuming our RNG operation produces 400,000 MMBTU in 2025. This is an increase of LCFS credits from approximately 90,000 credits under our old temporary pathway of -150 g CO2e/MJ. The increase of carbon credit generation of approximately 70,000 credits represents a significant increase in revenue for the RNG business. The LCFS pathways are required to be updated and verified annually, using the most recent 24 months of operational data. The provisional pathway was updated and approved in 2025, effective beginning in the first quarter of 2026, and has a weighted average CI score (including a margin of safety) of approximately -314 gCO2e/MJ.
Current wording
Our provisional pathway, which was effective for reporting beginning with the fourth quarter of 2024, had a weighted average carbon intensity (“CI”) score of approximately -339 gCO2e/MJ, which represented approximately 160,000 LCFS credits in the California LCFS Reporting Tool (“LRT”) system assuming our RNG operation produced 400,000 MMBTU in 2025. This was an increase of LCFS credits from approximately 90,000 credits under our previous temporary pathway of -150 g CO2e/MJ. The increase of carbon credit generation of approximately 70,000 credits represented a significant increase in revenue for the RNG business. The LCFS pathways are required to be updated and verified annually, using the most recent 24 months of operational data. The provisional pathway was updated and approved in 2025, effective beginning in the first quarter of 2026, and has a weighted average CI score (including a margin of safety) of approximately -314 gCO2e/MJ.
Previous wording
Verity Holdings, LLC (“Verity”), a wholly owned subsidiary of Gevo, is developing a data and software platform designed to support traceability, compliance reporting, and the potential monetization of carbon intensity (“CI”) reductions across the renewable fuels supply chain. The Verity platform currently enables the collection, aggregation and end-to-end tracking of data from agricultural production and processing partners to support reporting under federal and state regulatory programs, including Section 45Z and LCFS programs in California, Oregon, Washington, British Columbia and other Canadian provinces. In 2025, Verity began onboarding customers across multiple segments of the supply chain, including grain elevators, biofuel producers, and supply chain partners, with the goal of enabling full lifecycle CI tracking and audit support. While still in the early stages of commercialization, Verity is actively building capabilities to support measurement, reporting, and verification (“MRV”) of Scope 1 and Scope 3 carbon insets and other environmental attributes. The platform is intended to support Gevo’s ATJ and is expected to evolve into a core infrastructure asset for CI tracking and facilitate potential carbon monetization across the broader low-carbon fuels and agriculture ecosystem.
Current wording
Verity Holdings, LLC (“Verity”), a wholly owned subsidiary of Gevo, is developing a data and software platform designed to support traceability, compliance reporting, and the potential monetization of carbon intensity (“CI”) reductions across the renewable fuels supply chain. The Verity platform currently enables the collection, aggregation and end-to-end tracking of data from agricultural production and processing partners to support reporting under federal and state regulatory programs, including Section 45Z and LCFS programs in California, Oregon, Washington, British Columbia and other Canadian provinces. In 2025, Verity began onboarding customers across multiple segments of the supply chain, including grain elevators, biofuel producers, and supply chain partners, with the goal of enabling full lifecycle CI tracking and audit support. While still in the early stages of commercialization, Verity is actively building capabilities to support measurement, reporting, and verification (“MRV”) of Scope 1 and Scope 3 carbon insets and other environmental attributes. The platform currently supports Gevo's North Dakota facility and is designed to scale across Gevo's future ATJ plants. It is expected to evolve into a core infrastructure asset for carbon intensity tracking and enable potential carbon monetization across the broader low-carbon fuels and agriculture ecosystem.
Previous wording
Depreciation and Amortization. Depreciation and amortization relates to property, plant and equipment associated with the production of ethanol, ethanol related products, RNG and other renewable hydrocarbon products, including isobutanol, SAF, and isooctane, as well as that used in product development.
Current wording
Depreciation and Amortization. Depreciation and amortization relates to property, plant and equipment associated with the production of ethanol, ethanol related products, RNG and other renewable hydrocarbon products, including isobutanol, SAF, and isooctane. Amortization includes the Company's acquired intangible assets, including developed technology, customer relationships and other finite-live intangible assets.
Previous wording
This section discusses comparisons between the three months ended March 31, 2026 and 2025. Management’s Discussion and Analysis of Financial Condition and Results of Operations for year-to-year comparisons between 2025 and 2024 and other discussions of 2025 items can be found within Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026, which is available free of charge on the SEC’s website at www.sec.gov and our corporate website at www.gevo.com.
Current wording
This section discusses comparisons between the three and six months ended June 30, 2026 and 2025. Management’s Discussion and Analysis of Financial Condition and Results of Operations for year-to-year comparisons between 2025 and 2024 and other discussions of 2025 items can be found within Part II, Item 7, of our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on March 5, 2026, which is available free of charge on the SEC’s website at www.sec.gov and our corporate website at www.gevo.com.
Previous wording
General and administrative expense. General and administrative increased by $5.1 million during the three months ended March 31, 2026, compared to the three months ended March 31,2025. General and administrative expenses for GevoND increased by $3.0 million to $4.0 million for the three months ended March 31, 2026, compared to $1.0 million in the prior year period. The increase was primarily due to the prior year period reflecting only two months of activity as a result of the timing of the acquisition. The current period also included approximately $1.2 million of costs related to clean fuel production tax credit transactions, tax opinion and insurance related expenses. General and administrative expenses for GevoRNG decreased by $0.2 million for the three months ended March 31, 2026, compared to the prior year period, primarily due to lower intercompany overhead allocation costs. General and administrative expense for the Gevo segment increased by $2.6 million, primarily due to $2.7 million in accrued executive severance costs and $0.7 million of debt modification expenses, partially offset by lower professional services costs.
Current wording
General and administrative expense. General and administrative expense increased $2.1 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025. General and administrative expenses for GevoND increased by $0.8 million to $2.3 million for the three months ended June 30, 2026, compared to $1.5 million in the prior-year period, primarily due to higher tax credit transaction costs and employee expenses, partially offset by lower professional services costs. General and administrative expenses for GevoRNG increased by $0.8 million for the three months ended June 30, 2026, compared to the prior-year period, primarily due to higher tax credit transaction costs and other expenses. General and administrative expense for the Gevo segment increased by $0.5 million, primarily due to higher employee-related expenses.
Previous wording
Interest expense. Interest expense increased $1.9 million during the three months ended March 31, 2026, compared to the three months ended March 31,2025, primarily due to the Term Loan Amendment, which closed in February 2026. Although our debt balance did not increase significantly, the Term Loan Amendment accrues interest at a higher rate than the bonds that were repaid with the proceeds. Both GevoND and GevoRNG are borrowers and guarantors under the amended Term Loan, as such interest is allocated between the segments.
Current wording
Interest expense. Interest expense increased $1.3 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to the amendment of the Company's term loan, which closed in February 2026. Although the Company's debt balance did not increase significantly, the term loan accrues interest at a higher rate than the bonds that were repaid with the proceeds.
Previous wording
*Interest and investment income.*Interest and investment income decreased $1.0 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to lower balances of cash and cash equivalents and restricted cash at Gevo during the three months ended March 31, 2026.
Current wording
Interest and investment income. Interest and investment income decreased $0.7 million during the three months ended June 30, 2026, compared to the three months ended June 30, 2025, primarily due to lower balances of cash and cash equivalents and restricted cash at the Gevo segment during the three months ended June 30, 2026 compared to the three months ended June 30, 2025.
Previous wording
*Operating revenue.*During the three months ended March 31, 2026, operating revenue increased by $13.8 million compared to the three months ended March 31,2025. This increase was primarily due to $15.2 million of additional revenue from GevoND, which was acquired on January 31, 2025, and accordingly, results for the prior year period include only two months of GevoND revenue. Revenue from GevoRNG decreased by $1.1 million, primarily due to lower revenue from environmental attributes, whereas the prior year period benefited from $1.7 million of additional revenue driven by higher LCFS credits generated as a result of an improved carbon score under the LCFS program, including 2024 amounts recognized upon CI approval, which created a period-over-period timing impact. Additionally, revenue from the sale of isooctane at Gevo decreased $0.3 million in the three months ended March 31, 2026.
Current wording
Operating revenue. During the six months ended June 30, 2026, operating revenue increased by $16.9 million compared to the six months ended June 30, 2025. GevoND revenue increased by $18.6 million to $78.6 million for the six months ended June 30, 2026, compared to $60.0 million for the six months ended June 30, 2025, primarily due to six months of operating activity following the acquisition of the GevoND plant in January 2025, compared to five months in the prior-year period. Revenue from GevoRNG decreased by $0.9 million, primarily driven by a $1.7 million revenue benefit recognized in the prior-year period related to LCFS credits generated as a result of an improved carbon score under the LCFS program, including 2024 amounts recognized upon CI approval, which created a period-over-period timing impact, offset by higher production in the current-year period. Additionally, revenue from the sale of specialty fuels in the Gevo segment decreased $0.7 million in the six months ended June 30, 2026 compared to the prior-year period.
Previous wording
*Depreciation and amortization.*Depreciation and amortization increased $1.2 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to an increase of $1.5 million in depreciation related to GevoND, which included only two months of depreciation in the prior year period. The increase was partially offset by a $0.5 million reduction of depreciation related to assets at GevoRNG due to extended lease terms, which increased the depreciable lives of the assets.
Current wording
Depreciation and amortization. Depreciation and amortization increased $0.8 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to an increase of $1.3 million in depreciation related to GevoND, primarily due to six months of operations following the acquisition of the GevoND plant in January 2025 compared to five months in the prior-year period. The increase was partially offset by a $0.8 million decrease in depreciation related to assets at GevoRNG due to extended lease terms, which increased the depreciable lives of the assets.
Previous wording
Research and development expense. Research and development expenses increased $0.5 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to increased patent-related expenses.
Current wording
Research and development expense. Research and development expenses were entirely attributable to the Gevo segment and remained relatively flat for the six months ended June 30, 2026, compared to the six months ended June 30, 2025.
Previous wording
Project development costs. Project development costs are primarily related to our ATJ projects and Verity, and consist mainly of employee expenses, preliminary engineering costs, and technical consulting fees. Project development costs decreased $2.0 million during the three months ended March 31, 2026, compared to the three months ended March 31, 2025, primarily due to a decrease in consulting and professional services fees.
Current wording
Project development costs. Project development costs are primarily related to our ATJ projects and Verity, and consist mainly of employee expenses, preliminary engineering costs, and technical consulting fees. Project development costs decreased $0.4 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to lower consulting and professional services fees.
Previous wording
*Loss on extinguishment of bonds.*During the three months ended March 31, 2026, The Company recognized a $10.3 million loss on extinguishment of its Remarketed Bonds and Series 2025A Bonds at GevoRNG. The loss represents the amount paid to extinguish the bonds in excess of their carrying amounts. The Company paid a $6.4 million prepayment penalty and wrote off $3.9 million of unamortized debt issuance costs associated with the redemption of the bonds.
Current wording
Loss on extinguishment of bonds. During the six months ended June 30, 2026, the Company recognized a $10.3 million loss on extinguishment of bonds at GevoRNG. The loss represents the amount paid to extinguish the bonds in excess of their carrying amounts. The Company paid a $6.4 million prepayment penalty and wrote off $3.9 million of unamortized debt issuance costs associated with the redemption of the bonds.
Previous wording
*Other expense, net.*Other expense, net increased by $1.7 million during the three months ended March 31, 2026. The increase of $1.0 million in the Gevo segment reflects the write off of deferred debt financing costs in connection with the Company’s withdrawal from the DOE loan guarantee process. The increase of $0.5 million in GevoFuels represents the write off of $0.5 million of construction in progress related to certain isobutanol assets.
Current wording
Other expense, net. Other expense, net increased by $1.2 million during the six months ended June 30, 2026, primarily due to the write off of deferred debt financing costs in connection with the Company’s withdrawal from the Department of Energy loan guarantee process.
Previous wording
As of March 31, 2026, we had cash and cash equivalents of $78.9 million. Our cash equivalents consist of investments in U.S. government money market funds. We expect to use our cash and cash equivalents for the following purposes: (i) identification, development, engineering, licensing, acquisition and construction of production facilities and the Company’s ATJ projects; (ii) operations and the completion of capital projects at Gevo North Dakota; (iii) potential investment in RNG projects; (iv) operating activities at the Company’s corporate headquarters in Colorado, including research and development work; (v) exploration of strategic acquisitions and additional financing, including project financing; and (vi) debt service obligations associated with our current debt and any future borrowings. We believe that as a result of our cash and cash equivalents balances and the performance of our current and expected operations, we will be able to meet our obligations and other potential cash requirements during the next 12 months from the date of this report.
Current wording
As of June 30, 2026, we had cash and cash equivalents of $58.1 million. Our cash equivalents consist of investments in U.S. government money market funds. We expect to use our cash and cash equivalents for the following purposes: (i) operation and maintenance of our production facilities; (ii) site improvement, debottlenecking and growth through expansion of our facilities; (iii) identification, development, engineering, licensing, acquisition and construction of new production facilities; (iv) general corporate purposes including commercial, marketing, sustainability and research and development work; and (v) debt service obligations associated with our current debt and future borrowings. We believe that as a result of our cash and cash equivalents balances and the performance of our current and expected operations, we will be able to meet our obligations and other potential cash requirements during the next 12 months from the date of this report.
Previous wording
Since our inception in 2005, we have devoted most of our cash resources to the development and commercialization of routes to efficiently produce fuels and chemicals from carbohydrates, such as renewable feedstock, using alcohols (isobutanol and ethanol) as intermediates. We have incurred losses since inception, have a significant accumulated deficit, and expect to incur losses for the foreseeable future. Historically, we have financed our operations primarily with proceeds from the issuance of equity, warrants, borrowings under debt facilities, ethanol sales and interest income. Our current sources of cash include sales of ethanol and ethanol related co-products (including carbon credits), the sale of Section 45Z CFPC tax credits, RNG, environmental attributes, hydrocarbons and licensing fees. We may also fund future operations through additional private and/or public offerings of equity or debt securities.
Current wording
Since our inception in 2005, we have devoted most of our cash resources to the development and commercialization of routes to efficiently produce fuels and chemicals from carbohydrates, such as renewable feedstock, using alcohols (isobutanol and ethanol) as intermediates. We have incurred losses since inception, have a significant accumulated deficit, and expect to incur losses for the foreseeable future. Historically, we have financed our operations primarily with proceeds from the issuance of equity, warrants, borrowings under debt facilities, ethanol sales and interest income. Our current sources of cash include sales of ethanol and ethanol related co-products (including carbon credits), the sale of Section 45Z CFPC tax credits, RNG, environmental attributes, hydrocarbons and licensing fees. We may also fund future operations through additional private and/or public offerings of equity or debt securities. In addition, we may seek additional capital, on acceptable terms, through arrangements with strategic partners or from other sources. Notwithstanding, there can be no assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.
Previous wording
During the three months ended March 31, 2026, net cash used in operating activities was $21.7 million compared to $24.0 million for the three months ended March 31,2025. Non-cash charges primarily consisted of $6.7 million in depreciation and amortization, $2.1 million in stock-based compensation expense and $10.3 million loss on extinguishment of bonds. Production tax credits of $16.9 million were recognized under Section 45Z, which reduced cost of goods sold and increased operating cash flow on a non-cash basis. The accounts payable and accrued liability balance decreased $10.6 million.
Current wording
During the six months ended June 30, 2026, net cash used in operating activities was $29.4 million compared to $26.6 million for the six months ended June 30, 2025. Non-cash charges primarily consisted of an impairment loss of $135.8 million, an allowance for credit losses on refundable deposits of $39.8 million, $13.6 million in depreciation and amortization, a $10.3 million loss on extinguishment of bonds, and $4.7 million in stock-based compensation expense. CFPCs of $32.0 million were recognized under Section 45Z, which reduced cost of production and decreased operating cash flow on a non-cash basis. The accounts payable and accrued liability balance decreased $17.9 million.
Previous wording
During the three months ended March 31, 2026, the Company made capital investments totaling $8.9 million for its ongoing projects. These investments are comprised of $5.7 million at Gevo, $0.7 million at GevoFuels, $0.1 million at GevoRNG and $2.4 million at GevoND. The investments primarily relate to the acquisition of property, plant, and equipment, and are aimed at advancing the Company’s strategic initiatives in renewable energy and related sectors.
Current wording
During the six months ended June 30, 2026, the Company made capital investments totaling $21.4 million for its ongoing projects. These investments are comprised of $10.4 million at Gevo, $9.7 million at GevoND, $1.1 million at GevoFuels, and $0.2 million at GevoRNG, and primarily relate to the acquisition of property, plant, and equipment aimed at advancing the Company’s strategic initiatives in renewable energy and related sectors.
Previous wording
We have substantially completed the engineering design on our ATJ projects and are proceeding with detailed engineering and modularization design. We are refining the project cost estimates with EPC partners to identify opportunities to reduce and negotiate the cost. We currently expect to finance the construction of ATJ plants at the subsidiary level using a combination of Company equity and third-party capital.
Current wording
We have substantially completed the engineering design on our ATJ-30 project and are proceeding with detailed engineering and modularization design. We are refining the project cost estimates with engineering, procurement, and construction ("EPC") partners to identify opportunities to reduce and negotiate the cost. We currently expect to finance the construction of ATJ plants at the subsidiary level using a combination of Company equity and third-party capital.
Previous wording
During the three months ended March 31, 2025, we had $204.3 million of cash used in investing activities, comprised of our acquisition of the assets of Red Trail Energy of $198 million and investments in our capital projects of $5.8 million.
Current wording
During the six months ended June 30, 2025, we had $209.5 million of cash used in investing activities, comprised of our acquisition of the assets of Red Trail Energy of $198.5 million and investments in our capital projects of $11.1 million.
Previous wording
During the three months ended March 31,2026, the Company entered into an amendment to the credit agreement with affiliates of OIC for an additional borrowings of $70 million. The proceeds from the amendment were partially used to redeem the Remarketed Bonds and the Series 2025A Bonds at Gevo NW Iowa RNG.
Current wording
During the six months ended June 30, 2026, the Company entered into an amendment to the credit agreement with affiliates of OIC for additional borrowings of $70 million. The proceeds from the amendment were partially used to redeem the Remarketed Bonds and the Series 2025A Bonds at Gevo NW Iowa RNG.
Previous wording
We currently expect to finance the construction of ATJ plants at the subsidiary level using a combination of our own, third-party, and debt capital. The Company expects to retain an equity interest in the project and may invest equity in the project using the proceeds from the reimbursement of the Company’s ATJ project development expenditures. Cash distributions from future ATJ project earnings would be proportionate to Gevo’s ownership in such ATJ projects under this expected financing structure which would allow us to conserve and redeploy our capital on other growth projects, including other ATJ projects. We expect to apply similar development and financing strategies to future ATJ projects to enable growth of SAF production to meet demand for SAF.
Current wording
We currently expect to finance the construction of the ATJ-30 plant at the subsidiary level using a combination of our own, third-party, and debt capital. The Company expects to retain an equity interest in the project and may invest equity in the project using the proceeds from the reimbursement of the Company’s ATJ-30 project development expenditures. Cash distributions from future ATJ-30 project earnings would be proportionate to Gevo’s ownership in such ATJ-30 project under this expected financing structure, which would allow us to conserve and redeploy our capital on other growth projects, including other ATJ projects. We expect to apply similar development and financing strategies to future ATJ projects to enable growth of SAF production to meet demand for SAF.
Previous wording
During the three months ended March 31, 2025, the Company entered into a credit agreement with affiliates of OIC for $105 million. The proceeds from this credit agreement were partially used to fund the acquisition of substantially all of the assets and certain liabilities of Red Trail Energy. Additionally, the lenders made an equity investment of $5 million in Gevo Intermediate HoldCo, LLC on January 31, 2025. This equity investment is reflected as a cash inflow within financing activities.
Current wording
During the six months ended June 30, 2025, the Company entered into a credit agreement with affiliates of OIC for $105 million. The proceeds from this credit agreement were partially used to fund the acquisition of substantially all of the assets and certain liabilities of Red Trail Energy. Additionally, the lenders made an equity investment of $5 million in Gevo Intermediate HoldCo, LLC on January 31, 2025. This equity investment is reflected as a cash inflow within financing activities.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Comparison of the Six Months Ended June 30, 2026 and 2025 (in thousands):
Current report — wording carried from elsewhere
Interest expense. Interest expense increased $3.2 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to the amendment of the Company's term loan, which closed in February 2026. Although the Company's debt balance did not increase significantly, the term loan accrues interest at a higher rate than the bonds that were repaid with the proceeds.
Current report — wording carried from elsewhere
Interest and investment income. Interest and investment income decreased $1.6 million during the six months ended June 30, 2026, compared to the six months ended June 30, 2025, primarily due to lower balances of cash and cash equivalents and restricted cash at the Gevo segment during the six months ended June 30, 2026 compared to the six months ended June 30, 2025.
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous report — wording carried elsewhere
In addition, we may seek additional capital, on acceptable terms, through arrangements with strategic partners or from other sources. Notwithstanding, there can be no assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.