Gevo Reports Fourth Quarter 2024 Financial Results and Reaffirms Business Update

Core Viewpoint - Gevo, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024, highlighting a decrease in operating revenue and an increase in operational losses, while reaffirming its business update released earlier in March 2025 [1]. Financial Highlights - Operating revenue for 2024 decreased by $0.3 million compared to the prior year, primarily due to lower sales of environmental attributes from the RNG project [4]. - The company sold 366,557 MMBtu of RNG, generating biogas commodity sales of $0.7 million and environmental attribute sales of $15.1 million [4]. - Total operating revenues for 2024 were $16.915 million, down from $17.200 million in 2023 [23]. - Loss from operations increased by $9.0 million to $90.824 million for the year ended December 31, 2024, compared to $81.835 million in 2023 [10][23]. - Non-GAAP adjusted EBITDA loss for 2024 was $57.793 million, compared to a loss of $45.741 million in 2023 [29]. Expense Analysis - Cost of production remained consistent at $12.002 million in 2024, compared to $11.991 million in 2023 [23]. - Research and development expenses decreased by $1.1 million to $5.576 million in 2024, primarily due to reduced consulting and personnel costs [6]. - General and administrative expenses increased by $3.2 million to $45.798 million, driven by higher personnel costs and consulting fees [7]. - Project development costs rose by $3.4 million to $18.166 million, mainly due to patent-related costs and increased personnel expenses [8]. Cash and Investment Position - As of December 31, 2024, the company had cash, cash equivalents, and restricted cash totaling $259.0 million [11]. - Interest and investment income decreased by $3.4 million to $15.740 million in 2024, attributed to cash usage for capital projects and operating costs [12]. Operational Developments - The company anticipates receiving final pathway approval under the LCFS Program in the first quarter of 2025, which is expected to result in a lower CI score [4][11]. - The RNG subsidiary generated revenue of $15.8 million in 2024, reflecting an increase of $0.3 million compared to the previous year [11]. Stockholder Equity - Total stockholders' equity decreased to $489.488 million as of December 31, 2024, from $557.389 million in 2023 [22].