Fundamentally, Gevo aligns with the renewable energy market and enjoys robust prospects. According to Grand View Research, the sector may expand from a valuation of $1.21 trillion in 2023 to $3.6 trillion by 2030. If so, the expansion would translate to a compound annual growth rate (CAGR) of 17.2%. Admittedly, analysts believe that fiscal 2024 sales will only reach $17.64 million, which is up only 2.6% from last year. However, the gold mine centers on fiscal 2025, when sales could soar to $31.05 million. T ...

ENGLEWOOD, Colo., May 14, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO), announced today that Dr. Chris Ryan, President and Chief Operating Officer, will participate in a Renmark Virtual Non- Deal Roadshow Series on Wednesday, May 15th at 12:00 pm ET. Topics will include how Gevo implements purpose-built plant designs into its SAF projects, Gevo's recently updated guidance on Net Zero 1 spend and project financing strategy. Investors and other persons interested in participating in the event must regist ...

ENGLEWOOD, Colo., May 07, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO), along with its wholly owned subsidiary, Verity Holdings, LLC, ("Verity"), and ClearFlame Engine Technologies, Inc., ("ClearFlame") announced today a collaboration to drive decarbonization traceability from field-to-fleet for the road freight transportation market in the United States, which consumes an estimated 29 billion gallons of fuel every year.  Under this collaboration, the parties intend to use Verity's proprietary carbon a ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR (Exact name of registrant as specified in its charter) Delaware 87-0747704 (State or other jurisdiction of incorporation or organization) 345 Inverness Drive South, Building C, Suite 310 Englewood, CO 80112 (Address of principal executive offices) (Zip Code) (303) 858-8358 ...

Recent Corporate Highlights · Share repurchases: Gevo began utilizing its previously announced stock repurchase program. Through May 2, 2024, we repurchased approximately 5.5 million shares of our common stock for approximately $3.7 million, which leaves approximately $21.3 million available under the stock repurchase program. 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 future ...

ENGLEWOOD, Colo., April 30, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO) has issued a response to the recently unveiled version of the Argonne National Laboratory Greenhouse Gases, Regulated Emissions, and Energy use in Technologies (GREET) method and model for carbon accounting. This model will be utilized for lifecycle greenhouse gas emissions calculations under the Inflation Reduction Act's (IRA) Section 40B sustainable aviation fuel (SAF) tax credits. "Today's guidance reinforces the importance of ...

Gevo, Inc. (GEVO) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.05. This compares to loss of $0.11 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -60%. A quarter ago, it was expected that this company would post a loss of $0.06 per share when it actually produced a loss of $0.07, delivering a surprise of -16.67%.Over the last four quarters, the company has not been able ...

Financial Data and Key Metrics Changes - The company reported a combined revenue and interest income of $9.4 million for Q4 2023, benefiting from higher interest rates [61] - The company ended Q4 2023 with a strong liquidity position of $375.6 million in cash, restricted cash, and other liquid investments [37][61] - The corporate spend for 2023 was $25.5 million, excluding non-cash stock-based compensation, which increased by $2.5 million from 2022 [61] Business Line Data and Key Metrics Changes - The dairy RNG assets in Northwest Iowa sold 90,666 MMBtu of RNG, generating revenue of $4.4 million for the quarter [62] - The company expanded its dairy manure RNG capacity from about 350,000 to 400,000 MMBtu per year, achieving positive standalone non-GAAP cash EBITDA for two consecutive quarters [5][62] - The non-GAAP cash EBITDA from the RNG business could reach $12 million to $16 million annually, with potential upside to $50 million to $60 million if LCFS prices recover [28] Market Data and Key Metrics Changes - The initial target market for the Verity platform in the U.S. is estimated to be between $1.5 billion and $3 billion for carbon intensity reduction tracking [36] - The company is seeing strong support for carbon abatement initiatives, with New Mexico recently signing a clean fuel standard into law [35] Company Strategy and Development Direction - The company is focused on delivering EPC contracts and customer contracts that align with the DOE loan guarantee to begin construction of the Net-Zero 1 project, estimated to take 24 months [34] - The company aims to leverage its knowledge and technology from the Net-Zero 1 project to produce higher value low carbon ethanol and SAF over time [4][27] - The company is committed to integrating field-level measurement and tracking of agricultural practices into the GREET protocol to enhance carbon abatement data [59] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market dynamics favoring the reuse of knowledge-based assets developed through the Net-Zero 1 business model [27] - The company is working closely with the DOE to secure a loan guarantee and is optimistic about the progress on federal support for carbon abatement [26][27] - Management highlighted the importance of proving that taxpayers receive value for their money in carbon abatement initiatives, which aligns with the goals of the Verity platform [49] Other Important Information - The company anticipates spending between $236 million and $286 million to achieve FID for the Net-Zero 1 project, with $125 million to $175 million of cash remaining to complete the project [26] - The company is developing additional sites to meet customer demand for carbon abatement beyond the initial production capacity [66] Q&A Session Summary Question: What is the budget for spending to achieve FID for Net-Zero 1? - Management clarified that the budget of $125 million to $175 million is for spending to achieve FID, not time-based [64] Question: What are the operating expenses and flexibility in spending for 2024? - Management indicated that spending will be moderated and that the basic burn rate is estimated to be between $12 million and $15 million, with careful management of expenditures [18][72] Question: What are the latest sentiments around the 45Z and carbon value in the marketplace? - Management noted that there is a positive sentiment regarding 45Z and that there appears to be sufficient carbon value in the marketplace to support various initiatives [49]

Part I [Business and Properties](index=8&type=section&id=Item%201.%20and%202.%20Business%20and%20Properties) Gevo is a carbon abatement company focused on producing energy-dense liquid hydrocarbons, primarily Sustainable Aviation Fuel (SAF), from renewable sources with a goal of achieving a net-zero greenhouse gas footprint - Gevo's mission is to reduce greenhouse gas emissions in transportation sectors by transforming renewable energy into energy-dense liquid hydrocarbons like Sustainable Aviation Fuel (SAF), aiming for a "net-zero" carbon footprint based on the GREET Model[17](index=17&type=chunk)[18](index=18&type=chunk) - The company's primary production strategies are: - **Greenfield Projects:** Developing new "Net-Zero" facilities, starting with Net-Zero 1 (NZ1) in South Dakota, designed to produce ~**65 MGPY** of hydrocarbons, including **60 MGPY** of SAF - **Leveraging Existing Capacity:** Converting existing ethanol plants for SAF production by decarbonizing their energy sources and adding hydrocarbon production capabilities[27](index=27&type=chunk)[30](index=30&type=chunk)[35](index=35&type=chunk) - The Gevo NW Iowa RNG project surpassed its 2023 production target of **310,000 MMBtu** and expanded its annual design capacity to **400,000 MMBtu** The company realized substantial sales from environmental attributes (LCFS credits and RINs) in 2023[39](index=39&type=chunk)[40](index=40&type=chunk) - Gevo launched its Verity Tracking platform in Q2 2023, a blockchain-based system to measure, report, and verify the carbon intensity (CI) of feedstocks and fuels The company has signed joint development agreements with three ethanol producers to implement the technology[53](index=53&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk) Employee Headcount and Distribution (as of Dec 31, 2023) | Category | Count | | :--- | :--- | | **Total Employees** | **103** | | Full-time | 101 | | Part-time | 2 | | **By Department** | | | Project Development | 31 | | Research and Development | 16 | | Production | 13 | | General, admin & business dev | 43 | | **By Location** | | | Colorado | 44 | | Other US States | 46 | | Foreign | 3 | [Risk Factors](index=29&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks, including a history of net losses ($66.2 million in 2023) and the need for substantial additional financing to fund its capital-intensive Net-Zero projects - The company has a history of net losses, incurring **$66.2 million** in 2023 and **$98.0 million** in 2022, with an accumulated deficit of **$721.6 million** as of December 31, 2023 Profitability is not expected in the foreseeable future[99](index=99&type=chunk) - Gevo requires substantial additional financing for its capital-intensive growth strategy, particularly for the development and construction of its Net-Zero Projects Failure to obtain this capital could force delays or termination of these efforts[102](index=102&type=chunk)[107](index=107&type=chunk) - Revenue from existing offtake agreements is subject to significant conditions, primarily the successful financing and construction of production facilities There is no guarantee these conditions will be met or that expected revenues will be realized[110](index=110&type=chunk)[112](index=112&type=chunk) - The business is exposed to market volatility, including fluctuations in the price of corn and other feedstocks, petroleum prices which affect demand for renewable fuels, and the value of carbon credits (e.g., RINs, LCFS credits)[113](index=113&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk) - On February 29, 2024, Gevo received a notice from Nasdaq for non-compliance with the minimum bid price requirement of **$1.00 per share**, posing a risk of delisting if not rectified within the grace period[189](index=189&type=chunk)[191](index=191&type=chunk) [Unresolved Staff Comments](index=68&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that it has no unresolved staff comments from the SEC - None[216](index=216&type=chunk) [Cybersecurity](index=68&type=section&id=Item%201C.%20Cybersecurity) Gevo maintains an information security program to manage cybersecurity risks, overseen by the Chief People Officer and the Board's Audit Committee - The company has an information security program to identify and manage cybersecurity risks, which includes regular risk assessments and testing[217](index=217&type=chunk)[218](index=218&type=chunk) - Oversight is provided by the Chief People Officer and the Board's Audit Committee, which receives regular reports on cybersecurity matters[220](index=220&type=chunk)[221](index=221&type=chunk) - As of the report date, Gevo has not experienced a cybersecurity threat or incident that resulted in a material adverse impact[219](index=219&type=chunk) [Legal Proceedings](index=68&type=section&id=Item%203.%20Legal%20Proceedings) The company is not currently a party to any litigation that it believes to be material, nor is it aware of any pending or threatened litigation that could have a material adverse effect on its business - The company is not presently a party to any material litigation[222](index=222&type=chunk) [Mine Safety Disclosures](index=68&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not Applicable[223](index=223&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=69&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Gevo's common stock is traded on The Nasdaq Capital Market under the symbol "GEVO" and the company does not anticipate paying dividends in the foreseeable future - The company's common stock is listed on The Nasdaq Capital Market under the symbol "GEVO"[225](index=225&type=chunk) - No cash dividends have been paid to date, and none are anticipated in the foreseeable future[226](index=226&type=chunk) - A stock repurchase program of up to **$25 million** was authorized in May 2023, but no shares were repurchased during 2023[228](index=228&type=chunk)[229](index=229&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=71&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Gevo's revenue increased significantly to **$17.2 million** from **$1.2 million** in 2022, driven primarily by its Renewable Natural Gas (RNG) project which became fully operational Comparison of Operations (Years Ended Dec 31, in thousands) | Account | 2023 | 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Total operating revenues | $17,200 | $1,175 | $16,025 | 1,364% | | Loss from operations | ($81,835) | ($102,686) | $20,851 | (20)% | | Net loss | ($66,215) | ($98,007) | $31,792 | (32)% | | Net loss per share | ($0.28) | ($0.44) | | | - The **$16.0 million** increase in revenue in 2023 was primarily due to sales of RNG and related environmental attributes from the RNG project, which commenced sales in Q3 2022[269](index=269&type=chunk) - The decrease in net loss was primarily due to the increased revenue and a **$24.7 million** impairment loss on the Luverne Facility recorded in 2022 that did not recur in 2023[277](index=277&type=chunk)[279](index=279&type=chunk) - As of December 31, 2023, the company had **$298.3 million** in cash and cash equivalents and **$77.3 million** in current restricted cash, totaling **$375.6 million**[290](index=290&type=chunk) Cash Flow Summary (Years Ended Dec 31, in thousands) | Account | 2023 | 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($53,719) | ($44,311) | | Net cash provided by investing activities | $114,129 | $85,092 | | Net cash (used in) provided by financing activities | ($189) | $138,562 | [Quantitative and Qualitative Disclosures about Market Risk](index=88&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company is exposed to several market risks, including the pricing of environmental attributes (RINs and LCFS credits), commodity prices (RNG), and interest rates - A hypothetical **10%** decrease in the average realized price per RIN would reduce operating profit by ~**$1.0 million**, and a **10%** decrease per LCFS credit would reduce it by ~**$0.5 million**[307](index=307&type=chunk) - A hypothetical **0.25%** decrease in market interest rates would negatively impact annual interest income by approximately **$2.8 million**[309](index=309&type=chunk) - The company anticipates its interest rate on the 2021 Bonds will increase to **4.5%** upon remarketing in 2024, which would negatively impact annual interest expense by **$2.0 million**[310](index=310&type=chunk) [Financial Statements and Supplementary Data](index=90&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) The consolidated financial statements for the years ended December 31, 2023 and 2022 are presented, with key financial data showing total assets of **$650.3 million** and a net loss of **$66.2 million** for 2023 [Report of Independent Registered Public Accounting Firm](index=91&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) The auditor, Grant Thornton LLP, issued an unqualified opinion on the financial statements, identifying the company's assessment of Variable Interest Entities (VIEs) as a critical audit matter - The auditor identified a critical audit matter related to management's assessment of Variable Interest Entities (VIEs), specifically the determination of the primary beneficiary for the Project LLCs (Kingsbury County Wind Fuel, LLC and Dakota Renewable Hydrogen, LLC)[321](index=321&type=chunk)[324](index=324&type=chunk) - The complexity arose from management's judgment in evaluating which party had the power to direct the activities that most significantly affect the VIEs' economic performance, especially after agreements were amended in December 2023, leading to their deconsolidation[324](index=324&type=chunk)[325](index=325&type=chunk) [Consolidated Financial Statements](index=94&type=section&id=Consolidated%20Financial%20Statements) For the year ended December 31, 2023, Gevo reported total assets of **$650.3 million**, a decrease from **$700.7 million** in 2022, with a net loss of **$66.2 million** Consolidated Balance Sheet Data (in thousands) | Account | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $298,349 | $237,125 | | Total current assets | $386,382 | $415,422 | | Property, plant and equipment, net | $211,563 | $185,174 | | **Total assets** | **$650,322** | **$700,748** | | Total current liabilities | $91,426 | $25,436 | | **Total liabilities** | **$92,933** | **$95,271** | | **Total stockholders' equity** | **$557,389** | **$605,477** | Consolidated Statement of Operations Data (in thousands) | Account | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Total operating revenues | $17,200 | $1,175 | | Loss from operations | ($81,835) | ($102,686) | | **Net loss** | **($66,215)** | **($98,007)** | | Net loss per share | ($0.28) | ($0.44) | [Notes to Consolidated Financial Statements](index=100&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes provide detailed explanations of the financial statements, including revenue breakdown, significant commitments, and the deconsolidation of Project LLCs in December 2023 Revenue by Major Source (in thousands) | Major Goods/Service Line | 2023 | 2022 | | :--- | :--- | :--- | | Renewable natural gas commodity | $659 | $640 | | Environmental attribute revenue | $14,798 | $214 | | Licensing and development revenue | $1,300 | $— | | Other hydrocarbon revenue | $443 | $321 | | **Total operating revenue** | **$17,200** | **$1,175** | - In December 2023, the company deconsolidated two Project LLCs (VIEs) with ZEDI after amendments to the agreements resulted in a loss of control This led to the recognition of **$33.6 million** in 'Deposits and other assets' representing the company's maximum exposure to loss[478](index=478&type=chunk)[479](index=479&type=chunk) - As of Dec 31, 2023, the company has significant future commitments totaling **$83.8 million**, including **$43.4 million** related to the Zero6 wind project for NZ1 and **$37.9 million** for RNG fuel supply payments[457](index=457&type=chunk) - The **$68.2 million** 2021 Bonds, used to finance the NW Iowa RNG project, are classified as current liabilities as of Dec 31, 2023, due to a mandatory tender date of April 1, 2024, by which they must be repaid or re-marketed[429](index=429&type=chunk)[433](index=433&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=133&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no disagreements with its accountants on any matter of accounting principles or practices, or financial statement disclosure - None[487](index=487&type=chunk) [Controls and Procedures](index=133&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of December 31, 2023, with a previously identified material weakness in VIE accounting fully remediated - Management concluded that disclosure controls and procedures were effective as of December 31, 2023[489](index=489&type=chunk) - A material weakness related to identifying and accounting for Variable Interest Entities (VIEs), identified in Q3 2023, was remediated as of December 31, 2023[490](index=490&type=chunk)[491](index=491&type=chunk) - Remediation efforts included enhancing contract review procedures, performing a comprehensive review of existing agreements, and engaging third-party advisory services[491](index=491&type=chunk) [Other Information](index=134&type=section&id=Item%209B.%20Other%20Information) During the fourth quarter of 2023, CEO Patrick Gruber and Chief Carbon Officer Paul Bloom terminated their Rule 10b5-1 trading arrangements Termination of Rule 10b5-1 Trading Arrangements in Q4 2023 | Name and Title | Action | Date of Termination | | :--- | :--- | :--- | | Patrick Gruber, CEO | Terminate | November 15, 2023 | | Paul Bloom, Chief Carbon Officer | Terminate | December 8, 2023 | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=136&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20that%20Prevent%20Inspections) This item is not applicable to the company - None[499](index=499&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=136&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information required by this item, including details on directors, executive officers, and corporate governance, is incorporated by reference from the company's definitive proxy statement for the 2024 annual meeting of stockholders - This information is incorporated by reference from the registrant's proxy statement for the 2024 annual meeting of stockholders[501](index=501&type=chunk) [Executive Compensation](index=136&type=section&id=Item%2011.%20Executive%20Compensation) Information required by this item regarding executive compensation is incorporated by reference from the company's definitive proxy statement for the 2024 annual meeting of stockholders - This information is incorporated by reference from the registrant's proxy statement for the 2024 annual meeting of stockholders[503](index=503&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=136&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information required by this item concerning security ownership is incorporated by reference from the company's definitive proxy statement for the 2024 annual meeting of stockholders - This information is incorporated by reference from the registrant's proxy statement for the 2024 annual meeting of stockholders[504](index=504&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=136&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information required by this item regarding related party transactions and director independence is incorporated by reference from the company's definitive proxy statement for the 2024 annual meeting of stockholders - This information is incorporated by reference from the registrant's proxy statement for the 2024 annual meeting of stockholders[505](index=505&type=chunk) [Principal Accountant Fees and Services](index=136&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information required by this item regarding principal accountant fees and services is incorporated by reference from the company's definitive proxy statement for the 2024 annual meeting of stockholders - This information is incorporated by reference from the registrant's proxy statement for the 2024 annual meeting of stockholders[506](index=506&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=137&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists the financial statements included in the report, notes that all financial statement schedules have been omitted as they are not applicable, and provides a comprehensive list of exhibits filed with the report - This item lists the consolidated financial statements, notes that financial statement schedules are omitted, and provides an index of all exhibits filed with the Form 10-K[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk) [Form 10-K Summary](index=145&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company indicates that no Form 10-K summary is provided - None[517](index=517&type=chunk)

Wall Street expects a year-over-year increase in earnings on higher revenues when Gevo, Inc. (GEVO) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 7. On ...