Financial Data and Key Metrics Changes - The company ended the quarter with $108 million in cash and cash equivalents, with combined operating revenue, interest, and investment income of $43.6 million, marking a significant increase from approximately $2 million in the same quarter last year [11][12] - The loss from operations was $3.7 million, while non-GAAP adjusted EBITDA was a positive $6.6 million, an improvement of approximately $23 million from last year's negative $16.7 million [11][12] - Gevo North Dakota generated income from operations of $12.3 million and a positive non-GAAP adjusted EBITDA of $17.8 million [11] Business Line Data and Key Metrics Changes - Gevo North Dakota has become a core earnings engine, demonstrating reliable energy production and efficient carbon capture, contributing significantly to the company's financial performance [12] - Gevo R&G generated income from operations of $0.5 million and positive non-GAAP adjusted EBITDA of $2.7 million [11] Market Data and Key Metrics Changes - The company successfully sold all of its 2025 Section 45(z) clean fuel production credits for a total of $52 million, with net proceeds of approximately $29 million received so far [12][13] - The company is expanding its carbon dioxide removal (CDR) credit sales, with expectations to grow from $1 million in Q2 to $3-$5 million by the end of 2025 [17] Company Strategy and Development Direction - The company aims to monetize carbon as a key initiative, viewing it as an important co-product that can unlock economics for growth products like jet fuel [5][8] - Plans to build a 30 million-gallon jet fuel plant (ATJ30) at Gevo North Dakota are underway, with expected adjusted EBITDA uplift of about $150 million from this addition [9][27] - The company is focusing on incremental expansions and optimizing existing operations before pursuing larger capital projects [8][50] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the business environment in North Dakota, highlighting its pro-agriculture and pro-energy stance, which aligns well with the company's operations [5] - The management team believes that the integration of ethanol production and carbon sequestration will lead to better economics and carbon scores for jet fuel production [29] - The company anticipates steady improvement in cash generation and financial flexibility, with a credible pathway to break-even operating cash flow [15] Other Important Information - The company has implemented Verity, a digital carbon tracking and verification platform, at its Gevo North Dakota facility, which is expected to enhance transparency and efficiency in carbon accounting [20][22] - A strategic partnership with Frontier Infrastructure Holdings aims to offer integrated carbon management solutions for ethanol producers [22] Q&A Session Summary Question: Can you elaborate on the incremental capital and steps required to optimize your operation and a reasonable timeline to achieve $110 million of EBITDA? - Management indicated that incremental capital is estimated at around $15 million, focusing on debottlenecking the ethanol plant and optimizing energy use [33][34] Question: Can you elaborate on the DOE loan extension and how it increases the likelihood of DOE financing? - Management noted that the shift of the loan guarantee to North Dakota reflects the project's attractiveness due to existing profitable operations and reduced financing needs [36][38] Question: What are the EBITDA drivers for next year? - Management highlighted that improvements in carbon intensity scores and operational efficiencies will be key drivers, with a focus on maximizing carbon value [40][43] Question: How should we project the incremental CI improvement over the next quarters? - Management explained that the CI score is expected to drop due to provisions in the One Big Beautiful Bill, which will enhance credit generation [71][74] Question: Can you update on conversations with potential customers for carbon sequestration services? - Management confirmed ongoing discussions with companies interested in co-locating to utilize the sequestration capacity, which could enhance profitability [65][66]

Acquisition and Financing - Gevo acquired substantially all assets of Red Trail Energy for $210 million, funded by cash and a $105 million senior secured term loan[212]. - The company completed the acquisition of Red Trail Energy for $198.5 million during the nine months ended September 30, 2025[282]. - The company entered into a credit agreement for $105 million, partially funding the acquisition of Red Trail Energy, with an additional equity investment of $5 million in Gevo Intermediate HoldCo, LLC[286]. - Gevo expects to finance ATJ plants using a combination of company equity and project-level equity and debt financing[218]. - The company expects to finance the construction of the ATJ-60 project using a combination of equity and third-party capital, with projected costs between $90.0 million and $125.0 million[283]. - The company expects to finance the construction of ATJ using a combination of its own, third-party, and debt capital, while retaining an equity interest in the project[287]. Production and Capacity - The ATJ-60 facility is designed to produce approximately 65 MMGPY of total hydrocarbon volumes, including 60 MMGPY of sustainable aviation fuel (SAF) and 1.3 billion pounds of high-value protein products annually[216]. - The construction of the ATJ-60 facility is projected to provide a temporary $184 million economic boost and support 1,266 jobs during the construction phase[216]. - The ATJ-30 design is expected to be deployed at GevoND, upgrading low-carbon ethanol to jet fuel, with engineering and development continuing through 2025 and into 2026[215]. - Gevo's processes are designed to produce jet fuel with a zero or even negative carbon footprint across the entire life cycle[207]. - The RNG business in Northwest Iowa achieved stable production levels in 2023, surpassing the annual production target of 310,000 MMBtu and expanding expected output from 355,000 MMBtu to 400,000 MMBtu in 2024[221][224]. Revenue and Financial Performance - Total operating revenues for the three months ended September 30, 2025, reached $3,964,000, a 103% increase from $1,952,000 in the same period of 2024[241]. - Renewable natural gas (RNG) revenues increased by 40% to $243,000 from $173,000 year-over-year[241]. - Environmental attributes revenue from Renewable Identification Numbers (RINs) surged by 121% to $1,979,000 compared to $896,000 in the prior year[241]. - Total operating revenues for the nine months ended September 30, 2025, were $13,918,000, a 36% increase from $10,265,000 in 2024[242]. - Operating revenue from GevoND contributed $98.2 million during the nine months ended September 30, 2025[259]. - Total operating revenues for GevoND segment in the three months ended September 30, 2025, amounted to $38,470,000, a significant increase from $1,965,000 in the same period of 2024[248]. Costs and Expenses - Cost of production for the three months ended September 30, 2025, increased by $19.7 million primarily due to GevoND operations[249]. - The cost of production increased by $52.4 million to $61.0 million for the nine months ended September 30, 2025, primarily due to net production costs associated with GevoND[260]. - Operating expenses for RNG decreased by 27% to $3,499,000 from $4,784,000 year-over-year[241]. - Project development costs decreased by $10.6 million to $9.1 million for the nine months ended September 30, 2025, a 54% reduction compared to $19.6 million in 2024[257]. - Research and development expenses increased by $0.2 million during the three months ended September 30, 2025, primarily due to increased consulting expenses[251]. Net Income and Loss - Net income attributable to Gevo, Inc. for the three months ended September 30, 2025, was $(7,954,000), improving by $13,202,000 compared to $(21,156,000) in 2024[248]. - The loss from operations decreased by $53.1 million to $(18.0) million for the nine months ended September 30, 2025, compared to $(71.2) million in 2024, primarily due to increased revenues from GevoND and lower production costs[266]. Market and Risk Factors - The company is exposed to market risks including environmental attribute pricing, increased project costs, commodity pricing, interest rate, credit risk, and equity price risks[291]. Strategic Partnerships and Developments - Gevo entered into a joint development agreement with LG Chem to develop bio-propylene using Ethanol-to-Olefins technology, with a market size for low-carbon solutions estimated at $400.0 – $500.0 billion[236]. - The agreement with LG Chem includes $5.0 million upon commercialization and a 1% royalty on net sales for production facilities, with $2.1 million received to date under the agreement[237]. - Verity Holdings, LLC is developing a data and software platform for traceability and compliance reporting, onboarding customers across multiple segments of the renewable fuels supply chain in 2025[225][227]. - Eight customers are currently contracted with Verity, including ethanol producers and soybean processors, with additional customers in the pipeline[232]. - The acquisition of CultivateAI enhances Verity's capabilities in agricultural data and carbon abatement solutions, integrating real-time analytics for improved decision-making[234]. Other Financial Activities - A stock repurchase program was authorized for up to $25 million, allowing the company to opportunistically repurchase shares while funding development projects[289]. - The company repurchased 1.1 million shares for $0.6 million and 7.2 million shares for $4.7 million during the three and nine months ended September 30, 2024, respectively[290]. - As of September 30, 2025, approximately $20.3 million remained available under the stock repurchase program[290]. - Interest expense increased by $10.1 million to $12.8 million for the nine months ended September 30, 2025, compared to $2.8 million in 2024, primarily due to debt from the acquisition of GevoND[267]. - Interest and investment income decreased by $8.5 million to $4.1 million for the nine months ended September 30, 2025, compared to $12.6 million in 2024[268].

Financial Performance - Gevo reported a loss from operations of $3.7 million for Q3 2025, but achieved positive Adjusted EBITDA of approximately $6.7 million, marking the second consecutive quarter of positive Adjusted EBITDA [2][5]. - The net loss for Q3 2025 was $7.95 million, compared to a net loss of $21.16 million in Q3 2024, indicating an improvement of about 62% [29]. - For the three months ended September 30, 2025, Gevo reported a Non-GAAP adjusted EBITDA loss of $6,713,000, compared to a loss of $16,728,000 for the same period in 2024, representing a 60% improvement [32]. - The total loss from operations for the nine months ended September 30, 2025, was $18,033,000, a decrease from $71,178,000 in the same period of 2024, indicating a significant reduction of approximately 75% [32]. - Gevo's overall consolidated loss from operations for the three months ended September 30, 2025, was $3,690,000, compared to a loss of $24,008,000 in the same period of 2024, reflecting a 85% improvement [33]. Revenue and Sales - Operating revenue for Q3 2025 increased by $40.7 million compared to Q3 2024, primarily due to $38.2 million in revenue from Gevo North Dakota [9]. - Total operating revenues for Q3 2025 reached $42.71 million, a significant increase from $1.97 million in Q3 2024, representing a growth of approximately 2,067% [29]. - The company sold all $30 million of its remaining 2025 Clean Fuel Production Credits, bringing the total for the year to $52 million [5]. - The company signed a multi-year offtake agreement expected to generate approximately $26 million in Carbon Dioxide Removal credit sales revenues over five years, with a target to grow carbon co-product sales from $1 million in Q2 to $3-5 million by the end of 2025 [5]. Costs and Expenses - Cost of production increased by $19.7 million in Q3 2025, primarily due to production costs related to Gevo North Dakota, partially offset by $11.8 million in 45Z tax credits [10]. - The company reported a total of $60.99 million in cost of production for the nine months ended September 30, 2025, compared to $8.55 million in the same period of 2024, reflecting a significant increase [29]. - Depreciation and amortization expenses for the three months ended September 30, 2025, were $7,404,000, up from $3,494,000 in the same period of 2024, reflecting a 112% increase [32]. - Stock-based compensation for the nine months ended September 30, 2025, totaled $6,504,000, down from $12,485,000 in the same period of 2024, showing a decrease of about 48% [32]. Assets and Liabilities - Total assets increased to $685.21 million as of September 30, 2025, compared to $583.94 million at the end of 2024, marking a growth of about 17% [28]. - Total liabilities rose to $210.38 million as of September 30, 2025, up from $94.45 million at the end of 2024, representing an increase of approximately 123% [28]. - Gevo's total stockholders' equity decreased to $468.87 million as of September 30, 2025, down from $489.49 million at the end of 2024, indicating a decline of about 4% [28]. Strategic Initiatives - The company is targeting a Final Investment Decision for its ATJ-30 jet fuel facility in mid-2026, which is expected to add approximately $150 million of Adjusted EBITDA once operational [7][8]. - The company plans to continue its focus on expanding its renewable natural gas (RNG) business and developing new projects to enhance future cash flow generation [26]. - Gevo's Carbon Capture and Sequestration operation has sequestered over 560,000 metric tons of carbon since its startup in June 2022 [5]. Segment Performance - Gevo North Dakota generated income from operations of $12.3 million and non-GAAP Adjusted EBITDA of $17.8 million for Q3 2025 [7][9]. - Gevo's GevoFuels segment reported a loss from operations of $547,000 for the three months ended September 30, 2025, compared to a loss of $1,572,000 in the same period of 2024, marking a 65% improvement [33]. - The total Non-GAAP adjusted EBITDA loss for GevoRNG for the three months ended September 30, 2025, was $2,831,000, compared to a loss of $2,111,000 in the same period of 2024, indicating a decline of 34% [33]. - For the nine months ended September 30, 2025, GevoRNG reported a Non-GAAP adjusted EBITDA of $7,883,000, a significant increase from $1,791,000 in the same period of 2024, representing a growth of approximately 339% [33]. Cash Position - Gevo ended Q3 2025 with cash, cash equivalents, and restricted cash of $108.4 million [7]. - Cash and cash equivalents decreased to $70.14 million as of September 30, 2025, down from $189.39 million at the end of 2024, reflecting a decrease of approximately 63% [28]. - The sale of Gevo's subsidiary, Agri-Energy, for $2 million plus $5 million in future payments is expected to eliminate approximately $3 million per annum in facility idling costs [7].

Core Insights - Gevo, Inc. reported a loss from operations of $3.7 million for Q3 2025, but achieved positive Adjusted EBITDA of approximately $6.7 million, marking the second consecutive quarter of positive Adjusted EBITDA [1][2][5] Financial Performance - The company generated total operating revenues of $42.7 million for Q3 2025, a significant increase of $40.7 million compared to Q3 2024, primarily driven by $38.2 million in revenue from Gevo North Dakota [8][27] - The cost of production increased by $19.7 million during Q3 2025 compared to the same period in 2024, largely due to production costs at Gevo North Dakota, although offset by $11.8 million in tax credits [9][27] - The net loss attributable to Gevo for Q3 2025 was $7.95 million, with a net loss per share of $0.03 [27][36] Operational Highlights - Gevo produced approximately 17 million gallons of low-carbon ethanol, 46 thousand tons of protein and corn oil co-products, 42 thousand tons of sequestered carbon, and 92 thousand MMBtu of renewable natural gas (RNG) during Q3 2025 [2][5] - The company signed a multi-year offtake agreement expected to generate approximately $26 million in Carbon Dioxide Removal (CDR) credit sales revenues over five years [2][5] Strategic Developments - Gevo is targeting a Final Investment Decision (FID) in mid-2026 for its planned ATJ-30 facility to produce jet fuel from existing low-carbon ethanol production [2][5] - The company received an extension on a $1.46 billion loan guarantee from the U.S. Department of Energy until April 16, 2026, allowing for potential modifications to the project scope [2][5] Asset Management - Gevo completed the sale of its subsidiary, Agri-Energy, LLC, for $2 million in cash, which is expected to eliminate approximately $3 million in annual facility idling costs [3][5] - The company ended Q3 2025 with cash, cash equivalents, and restricted cash totaling $108.4 million [6][8]

Core Insights - Gevo, Inc. has contracted sales of its remaining Section 45Z Clean Fuel Production Credits for 2025, totaling $30 million, bringing total sales for the year to $52 million [1][2] - The Section 45Z tax credits are generated based on ethanol production volumes and carbon sequestration efficiencies, supporting domestic biofuel production [2] - The sales of these credits are expected to enhance Gevo's cash flow from operations and are anticipated to be recurring [2] Company Overview - Gevo is a diversified energy company focused on producing cost-effective, renewable fuels and products that contribute to energy security and economic growth [3] - The company operates an ethanol plant with an adjacent carbon capture, utilization, and sequestration facility, and is developing the world's first large-scale alcohol-to-jet fuel facility [3] - Gevo's business model emphasizes job creation and community revitalization while providing transparency and efficiency in tracking sustainability attributes through its Verity subsidiary [3]

Core Viewpoint - Gevo, Inc. has successfully completed the sale of its subsidiary Agri-Energy, LLC to A.E. Innovation, LLC, marking a strategic divestiture of a non-core asset while retaining key production capabilities [1][2]. Financial Summary - The transaction provided Gevo with $2 million in upfront cash and an additional $5 million in future cash installments, alongside annual savings of approximately $3 million in idling costs [2]. Operational Impact - A.E. plans to restart ethanol production at the Agri facility, which has been idle since March 2020, and aims to utilize the site for innovation and scaling new technologies [3]. - Gevo retains the majority of its isobutanol production assets at the site, allowing for continued production of 1 million gallons per year of low-carbon isobutanol for various markets [4]. Company Overview - Gevo is a diversified energy company focused on renewable products, including sustainable aviation fuel (SAF), motor fuels, and chemicals, contributing to energy security and economic growth in rural communities [5]. - The company operates an ethanol plant with a carbon capture facility and is developing the world's first large-scale alcohol-to-jet facility in North Dakota [5].

Core Insights - Gevo, Inc. has expanded its carbon business by delivering certified carbon dioxide removal credits (CORCs) to Biorecro North America, marking a significant milestone in carbon removal commercialization [1][2] - The multi-year agreement with Biorecro is expected to generate approximately $26 million in revenue over five years, with potential for volume expansion [1] - Gevo is the only producer of CORCs derived from carbon capture and sequestration linked to ethanol production, positioning itself as a market leader in high-integrity carbon credits [1][2] Company Overview - Gevo is a diversified energy company focused on producing cost-effective, renewable fuels and products that enhance energy security and support rural economic growth [3] - The company operates an ethanol plant alongside a carbon capture, utilization, and sequestration (CCUS) facility, and a Class VI carbon-storage well [3] - Gevo is developing the world's first large-scale alcohol-to-jet (ATJ) facility at its North Dakota site, further diversifying its product offerings [3] Carbon Capture and Revenue Generation - Gevo's Class VI carbon-storage well has a capacity of 1 million tons per year, currently utilizing about 165,000 tons annually, and has captured over 550,000 tons of CO2 since its inception in June 2022 [2] - The well has received certification for over a thousand years of permanence, making it unique in the ethanol production sector [2] - The company aims to maximize the value of carbon removal by optimizing sales strategies, either selling CORCs separately or bundling them with ethanol for the low carbon fuels market [2] Partner Overview - Biorecro is a global project developer specializing in bioenergy with carbon capture and storage (BECCS), integrating operations into existing industrial facilities [5] - The company has over 15 years of experience in developing BECCS projects across multiple continents, contributing to large-scale carbon removal efforts [5]

Core Points - Gevo, Inc. will host a conference call on November 10, 2025, at 4:30 p.m. ET to report its financial results for Q3 2025 [1] - A webcast replay of the conference call will be available two hours after it ends, accessible in the Investor Relations section of Gevo's website [2] Company Overview - Gevo is a diversified energy company focused on providing cost-effective, drop-in fuels that enhance energy security, reduce carbon emissions, and support rural economic growth [3] - The company utilizes innovative technology to produce renewable products such as sustainable aviation fuel (SAF), motor fuels, and chemicals, contributing to U.S.-made solutions [3] - Gevo operates one of the largest dairy-based renewable natural gas facilities in the U.S. and an ethanol plant with a carbon capture and sequestration facility, reinforcing America's position in energy innovation [3] - The company is recognized for owning the world's first production facility for specialty alcohol-to-jet fuels and chemicals [3] - Gevo's business model emphasizes a "pay for performance" approach regarding carbon and sustainability attributes, ensuring value delivery to local economies [3] - Through its Verity subsidiary, Gevo enhances transparency and efficiency in tracking and verifying supply chain attributes [3]

Core Insights - Gevo, Inc. (NASDAQ: GEVO) shares have experienced a significant increase recently due to renewed investor interest in the Sustainable Aviation Fuel (SAF) theme [1] - A key driver for this interest was the company's acquisition of a conditional commitment from the US Energy Department [1] Company Summary - Gevo, Inc. is focused on the production of sustainable aviation fuel, which has gained traction in the market [1] - The recent rise in share price indicates a positive market sentiment towards the company's potential in the SAF sector [1] Industry Context - The SAF theme is becoming increasingly relevant as investors look for opportunities in sustainable energy solutions [1] - The commitment from the US Energy Department highlights governmental support for the development of sustainable fuels, which could benefit companies like Gevo [1]

Core Viewpoint - Gevo, Inc. (NASDAQ: GEVO) has seen a significant increase in its share price due to renewed investor interest in the Sustainable Aviation Fuel (SAF) theme, primarily driven by a conditional commitment from the US Energy Department [1] Group 1: Company Developments - Gevo, Inc. has secured a conditional commitment from the US Energy Department, which is a key catalyst for the recent rise in its stock price [1] - The company's focus on the SAF theme aligns with growing market trends and investor interest in sustainable energy solutions [1] Group 2: Market Context - The increase in Gevo's share price reflects a broader trend of investor enthusiasm for small-cap companies in the energy sector, particularly those involved in innovative and sustainable technologies [1]