Gevo, Inc.
For the period ended Sep 30, 2026. Filed Nov 10, 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.
Sep 30, 2026 · Filed Nov 10, 2026
GEVO$1.39-5.4%Stored close · as of Nov 10, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious 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 OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-10.
0001628280-26-072816
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 97 previous paragraphs and 101 current paragraphs.
50 unchanged; 39 reworded; 9 added; 5 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 23 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 (9)
Current report
Specialty Fuels and Isobutanol Technology
Current report
Our specialty fuels business directed to the production of isooctane and SAF from isobutanol continues to grow and provide revenues to the Company. Gevo currently operates a 20,000 gallon per year isooctane and SAF production unit at a facility owned by Trecora, LLC in Silsbee, Texas. The isooctane is currently sold into the global motorsports market as a low-carbon biobased specialty racing fuel blendstock. The SAF is currently sold into the aviation market. Total revenues from sales of isooctane and IBA SAF have reached $2.5 million for the nine months ended September 30, 2026. The Company expects these products to continue contributing to revenue for the year ending December 31, 2026.
Current report
Long-term plans are focused on growing the business by expanding Gevo's production capabilities to meet customer demand in motorsports while moving into other markets, such as aviation gasoline, alkylates and naptha upgrading. Gevo currently owns a production unit designed to produce approximately 780,000 gallons of isooctane and SAF per year and is exploring options to deploy the unit for commercial production.
Current report
In September 2026, Gevo entered into a Development and Commercialization Agreement with Praj Industries to pursue commercialization opportunities for its bio-isobutanol (bio-IBA) fermentation technology in India. The collaboration will initially focus on potential diesel blending applications. Bio-IBA may also have applications in the production of SAF and other renewable chemicals. The agreement provides an opportunity to evaluate potential markets for Gevo’s bio-IBA technology; however, the extent and timing of any resulting commercial activity remain subject to further development and commercialization efforts, market conditions and other factors.
Current report
Depreciation and amortization. Depreciation and amortization decreased by $0.5 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to a $0.7 million decrease in depreciation in the GevoRNG segment due to the extension of the depreciable lives of certain assets following revisions to the underlying lease terms. Depreciation and amortization increased by $0.1 million in both GevoND and the Gevo segment compared to the prior-year period.
Current report
General and administrative expense. General and administrative expense increased by $2.1 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. General and administrative expenses for GevoND increased by $4.1 million to $5.8 million for the three months ended September 30, 2026, compared to $1.7 million in the prior-year period, primarily due to higher insurance and legal fees associated with 45Z transactions.
Current report
The increase was partially offset by a decrease of $2.7 million in the Gevo segment, primarily due to lower professional services related expenses.
Current report
Allowance for credit losses on refundable deposits: During the three months ended September 30, 2026, the Company recorded an allowance for credit losses of $0.5 million within the Gevo segment related to a $3.5 million deposit for wind turbine equipment associated with the Zero6 wind development project. During the period, the Company received proceeds of $3.0 million of the deposit from the sale of the related equipment. See Note 14, Deposits and Other Assets, to the Condensed Consolidated Financial Statements for additional information.
Current report
Operating revenue. During the nine months ended September 30, 2026, operating revenue increased by $57.2 million compared to the nine months ended September 30, 2025. GevoND revenue increased by $57.8 million to $156.0 million for the nine months ended September 30, 2026, compared to $98.2 million for the nine months ended September 30, 2025, primarily driven by an increase in revenue from operations, including $29.4 million of revenue associated with Canadian Clean Fuel Regulations (“CFR”) credits, including a $20.0 million true-up related to credits accumulated prior to regulatory approval received during the third quarter of 2026. GevoND results reflected nine months of operating activity during 2026, compared to eight months in the prior-year period following the acquisition of the GevoND plant in January 2025. These increases were partially offset by a slight decline of$0.3 million in RNG revenue and a$0.4 million decrease in revenue from specialty fuels sales at Gevo.
Removed paragraphs (5)
Previous report
Luverne Facility
Previous report
On October 31, 2025, we sold our subsidiary Agri-Energy, LLC, which owned an 18 million gallon-per-year ethanol production facility located in Luverne, Minnesota (the “Luverne Facility”) to A.E. Innovation LLC. The sales price was $7.0 million, which was made up of a $2 million cash payment paid on the transaction closing date, and a $5.0 million note receivable. As part of the transaction, we retained certain assets at the Luverne Facility including certain isobutanol production assets and associated infrastructure.
Previous 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.
Previous report
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 report
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.
Reworded paragraphs (39)
Previous wording
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 wording
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 products and solutions for sectors of the transportation industry that are difficult to electrify or otherwise decarbonize.
Previous 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.
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 feedstock. 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 is developing a business system that not only benefits Gevo but is also expected to be attractive to other companies seeking to produce SAF. Gevo has the plant designs and technologies, as well as the carbon accounting, carbon tax credit marketing, carbon sales, and fuel sales capabilities that can benefit other companies looking to develop and license Gevo’s ATJ platform under a franchise model.
Current wording
Gevo is developing a business system that not only benefits Gevo but is also expected to be attractive to other companies seeking to produce SAF and other low carbon fuel and chemical products, such as isobutanol for diesel blending, isooctane for gasoline and racing blendstocks, and olefins for chemical applications. Gevo has the plant designs and technologies, as well as the carbon accounting, carbon tax credit marketing, carbon sales, and fuel sales capabilities that can benefit other companies looking to develop and license Gevo’s proprietary platforms for low carbon fuels and chemicals.
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 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.
Current wording
Gevo has an intellectual property portfolio consisting of hundreds of patents, many of which center around our ATJ and isobutanol platforms, as well as proprietary know-how. In addition, we have partnered with other leading global technology companies to develop the ATJ and isobutanol platforms. 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. It is also our intent to initially deploy Gevo's isobutanol platform in India while seeking opportunities to expand into other global markets,
Previous wording
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 wording
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 nine months ended September 30, 2026, the Company determined that it would no longer pursue this configuration and recognized an impairment charge to the associated capitalized costs.
Previous wording
The RNGbusiness generates revenue through the sale of RNG and environmental attributes associated with RNG produced at the facility. These environmental attributes include credits under California’s Low Carbon Fuel Standard (“LCFS”) program and the U.S. Environmental Protection Agency (“EPA”) Renewable Fuels Standard (“RFS”) program (“RFS Program”), which allow us to earn renewable identification numbers (“RINs”). Gevo was granted registration approval by the EPA in 2022, allowing us to participate in the RFS Program to receive RINs.
Current wording
(“LCFS”) program and the U.S. Environmental Protection Agency (“EPA”) Renewable Fuels Standard (“RFS”) program (“RFS Program”), which allow us to earn renewable identification numbers (“RINs”). Gevo was granted registration approval by the EPA in 2022, allowing us to participate in the RFS Program to receive RINs.
Previous wording
In April 2023, we entered into a joint development agreement with LG Chem, Ltd. (“LG Chem”), a leading global chemical company, to develop bio-propylene for renewable chemicals using our Ethanol-to-Olefins (“ETO”) technology. Gevo’s proprietary ETO technology can target carbon neutral or carbon negative drop-in replacements for traditional petroleum-based building blocks called olefins, including bio-propylene, which can be used for renewable chemicals or fuels including SAF. These plant-based, renewable olefins would be derived from atmospheric CO2 captured through photosynthesis and are expected to deliver the same performance in final products on the market today. We also believe ETO will reduce the capital and operating costs of future ATJ SAF production facilities.
Current wording
Gevo’s proprietary ETO technology can target carbon neutral or carbon negative drop-in replacements for traditional petroleum-based building blocks called olefins, including bio-propylene, which can be used for renewable chemicals or fuels including SAF. These plant-based, renewable olefins would be derived from atmospheric CO2 captured through photosynthesis and are expected to deliver the same performance in final products on the market today. We also believe ETO will reduce the capital and operating costs of future ATJ SAF production facilities.
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. Amortization includes the Company's acquired intangible assets, including developed technology, customer relationships and other finite-live intangible assets.
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-lived intangible assets.
Previous wording
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 wording
GevoND operating metrics. The following tables summarize the key operating metrics used to measure performance for the GevoND segment and cover the three and nine months ended September 30, 2026 and 2025. The nine months ended September 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 September 30, 2025.
Previous wording
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 wording
RNG operating metrics. The following tables summarize the key operating metrics used to measure performance for the RNG segment and cover the three and nine months ended September 30, 2026 and 2025.
Previous 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.
Current wording
This section discusses comparisons between the three and nine months ended September 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
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 wording
Operating revenue. During the three months ended September 30, 2026, operating revenue increased by $40.2 million compared to the three months ended September 30, 2025. Revenue from GevoND increased by $39.2 million to $77.5 million for the three months ended September 30, 2026, compared to $38.2 million in the prior-year period, primarily due to $29.4 million of revenue associated with Canadian Clean Fuel Regulations (“CFR”) credits, including a $20.0 million true-up related to credits accumulated prior to regulatory approval received in the third quarter of 2026, as well as higher sales volumes, and increased environmental attribute sales, including carbon credits. Revenue from GevoRNG increased by $0.7 million for the three months ended September 30, 2026, due to higher LCFS and RIN prices, while Gevo segment revenue increased by $0.3 million due to higher specialty fuels sales.
Previous wording
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 wording
Cost of production. Cost of production increased by $5.9 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025. GevoND’s cost of production increased by $5.3 million to $24.8 million for the three months ended September 30, 2026, compared to $19.5 million in the prior-year period, reflecting higher production and sales volumes and related increases in corn expense, higher net loss on commodity hedging activities, utilities, and repairs and maintenance costs. These increases were partially offset by higher CFPCs generated during the period. GevoRNG’s cost of production increased by $0.9 million to $2.2 million for the three months ended September 30, 2026, compared to $1.3 million in the prior-year period, primarily reflecting increased production and sales activity during the period. Cost of production for the Gevo segment decreased by $0.3 million for the three months ended September 30, 2026, compared to the prior-year period, primarily due to lower specialty fuels production costs resulting from decreased production.
Previous wording
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 wording
Research and development expense. Research and development expenses were entirely attributable to the Gevo segment and decreased by $0.1 million to $1.1 million for the three months ended September 30, 2026, compared to $1.3 million in the prior-year period, primarily due to reduced third-party research and development activities.
Previous wording
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 wording
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 decreased by $1.0 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to lower employee costs and spending in the GevoFuels segment related to ATJ development activities. The decrease was partially offset by a $0.1 million increase in the GevoND segment, primarily due to higher professional services costs incurred during the current period.
Previous wording
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 wording
Facility idling costs: Facility idling costs of $0.5 million for the three months ended September 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.
Previous 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.
Current wording
Interest expense. Interest expense increased by $0.3 million during the three months ended September 30, 2026, compared to the three months ended September 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 $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.
Current wording
Interest and investment income. Interest and investment income decreased by $0.5 million during the three months ended September 30, 2026, compared to the three months ended September 30, 2025, primarily due to lower balances of cash and cash equivalents and restricted cash at the Gevo segment during the three months ended September 30, 2026, compared to the three months ended September 30, 2025.
Previous wording
Comparison of the Six Months Ended June 30, 2026 and 2025 (in thousands):
Current wording
Comparison of the Nine Months Ended September 30, 2026 and 2025 (in thousands):
Previous wording
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 wording
Cost of production. Cost of production increased by $7.4 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. GevoND’s cost of production increased by $8.5 million to $58.7 million for the nine months ended September 30, 2026, compared to $50.2 million in the prior-year period, primarily due to nine months of operations following the acquisition of the GevoND plant in January 2025, compared to eight months in the prior-year period, and higher production driven corn costs, utilities and maintenance costs. GevoRNG's production costs increased by $0.2 million to $6.0 million for the nine months ended September 30, 2026, compared to $5.7 million in the prior-year period, primarily due to higher production and sales volumes during the period. Cost of production for the Gevo segment decreased by $1.4 million to $3.7 million for the nine months ended September 30, 2026, compared to $5.1 million forthe prior-year period, primarily due to lower specialty fuels production costs associated with decreased production during the same period.
Previous 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.
Current wording
Depreciation and amortization. Depreciation and amortization increased by $0.3 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to a $1.4 million increase in depreciation related to GevoND, primarily due to nine months of operations following the acquisition of the GevoND plant in January 2025 compared to eight months in the prior-year period. The increase was partially offset by a $1.4 million decrease in depreciation in the GevoRNG segment due to the extension of the depreciable lives of certain assets following revisions to the underlying lease terms.
Previous 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.
Current wording
Research and development expense. Research and development expenses were entirely attributable to the Gevo segment and remained relatively flat for the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025.
Previous wording
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 wording
General and administrative expense. General and administrative expense increased by $9.3 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. General and administrative expense for GevoND increased by $5.6 million to $9.9 million for the nine months ended September 30, 2026, compared to $4.2 million in the prior-year period, primarily due to nine months of operations following the acquisition of the GevoND plant in January 2025 compared to eight months in the prior-year period, an increase in professional services, and higher tax credit transaction costs. General and administrative expense for GevoRNG increased by $0.7 million for the nine months ended September 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 $3.0 million for the nine months ended September 30, 2026, compared to the same period in the prior year. The increase was primarily attributable to $3.0 million in accrued executive severance costs, partially offset by lower professional services costs.
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 $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.
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 by $1.4 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to lower employee expenses, consulting and professional services fees.
Previous wording
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 wording
Acquisition related costs: Acquisition related costs of$4.5 million for the nine months ended September 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.
Previous wording
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 wording
Facility idling costs: Facility idling costs of $1.7 million for the nine months ended September 30, 2025 were entirely attributable to our Gevo segment and were related to the 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.
Previous wording
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 wording
Impairment of long-lived assets: During the nine months ended September 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.
Previous wording
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 wording
Allowance for credit losses on refundable deposits: During the nine months ended September 30, 2026, the Company recorded an allowance for credit losses on refundable deposits of $40.3 million within the GevoFuels segment, attributable to deposits that the Company no longer expects to be reimbursed. See Note 14, Deposits and Other Assets, to the Condensed Consolidated Financial Statements for additional information.
Previous wording
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 wording
Loss on disposal of assets: During the nine months ended September 30, 2026, the Company recorded a $0.2 million loss on disposal of assets related to GevoRNG machinery and equipment.
Previous wording
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 wording
Interest expense. Interest expense increased by $3.5 million during the nine months ended September 30, 2026, compared to the nine months ended September 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
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.
Current wording
Loss on extinguishment of bonds. During the nine months ended September 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
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.
Current wording
Interest and investment income. Interest and investment income decreased by $2.2 million during the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, primarily due to lower balances of cash and cash equivalents and restricted cash at the Gevo segment during the nine months ended September 30, 2026 compared to the nine months ended September 30, 2025.
Previous 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.
Current wording
Other expense, net. Other expense, net increased by $1.6 million during the nine months ended September 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 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.
Current wording
As of September 30, 2026, we had cash and cash equivalents of $67.6 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
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.
Current wording
During the nine months ended September 30, 2026, net cash provided by operating activities was $12.0 million compared to net cash used in operating activities of $33.4 million for the nine months ended September 30, 2025. Operating cash flow for the 2026 period reflected significant non-cash adjustments, primarily an impairment loss on construction-in-progress and development assets of $135.8 million, an allowance for credit losses on refundable deposits of $40.3 million, $20.6 million in depreciation and amortization, a $10.3 million loss on extinguishment of bonds, and $7.1 million in stock-based compensation expense. These adjustments were partially offset by $49.4 million CPFCs recognized under Section 45Z, which reduced cost of production. During the period, the Company received $41.1 million from the sale of production tax credits. Changes in operating assets and liabilities included an $18.9 million increase in accounts receivable and a $9.1 million net decrease in accounts payable, accrued expenses and long-term liabilities, which partially offset operating cash flow.
Previous 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.
Current wording
During the nine months ended September 30, 2026, the Company made capital investments totaling $51.6 million for its ongoing projects. These investments are comprised of $18.8 million at Gevo, $29.5 million at GevoND, $2.2 million at GevoFuels, and $1.1 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. Additionally, during the nine months ended September 30, 2026, the Company made a $1.5 million equity investment in an unconsolidated entity.
Previous 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.
Current wording
During the nine months ended September 30, 2025, we had $217.4 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 $18.9 million.
Previous 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.
Current wording
During the nine months ended September 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
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.
Current wording
During the nine months ended September 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
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Current report — wording carried from elsewhere
The RNGbusiness generates revenue through the sale of RNG and environmental attributes associated with RNG produced at the facility. These environmental attributes include credits under California’s Low Carbon Fuel Standard
Current report — wording carried from elsewhere
In April 2023, we entered into a joint development agreement with LG Chem, Ltd. (“LG Chem”), a leading global chemical company, to develop bio-propylene for renewable chemicals using our Ethanol-to-Olefins (“ETO”) technology.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.
Previous report — wording carried elsewhere
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.