$GEVO

Gevo, Inc.

CIK:0001392380|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Total revenues	$ 46,501	$ 43,413	$ 89,449	$ 72,522
Cost of production	19,918	17,265	40,150	38,711
Depreciation and amortization	6,784	7,213	13,644	12,835
Gross Profit	19,799	18,935	35,655	20,976
Operating expenses:
Research and development expense	440	934	1,939	1,986
General and administrative expense	12,882	10,783	29,097	21,867
Project development costs	2,403	831	5,443	5,833
Acquisition related costs	0	0	0	4,438
Facility idling costs	0	591	0	1,195
Impairment of long-lived assets	135,788	0	135,788	0
Allowance for credit losses on refundable deposits	39,782	0	39,782	0
Loss on disposal of assets, net	210	0	210	0
Total operating expenses	191,505	13,139	212,259	35,319
(Loss) income from operations	(171,706)	5,796	(176,604)	(14,343)
Other (expense) income
Interest expense	(5,631)	(4,345)	(10,801)	(7,639)
Gain (Loss) on Extinguishment of Debt	0	0	(10,304)	0
Interest and investment income	630	1,322	1,443	3,092
Other expense, net	446	(44)	(1,346)	(154)
Total other expense, net	(4,555)	(3,067)	(21,008)	(4,701)
Net (loss) income	(176,261)	2,729	(197,612)	(19,044)
Net income attributable to redeemable non-controlling interest	680	585	1,026	540
Net (loss) income attributed to Gevo, Inc.	$ (176,941)	$ 2,144	$ (198,638)	$ (19,584)
Net (loss) income per share - basic (in dollars per share)	$ (0.75)	$ 0.01	$ (0.84)	$ (0.08)
Net (loss) income per share - diluted (in dollars per share)	$ (0.75)	$ 0.01	$ (0.84)	$ (0.08)
Weighted-average common shares outstanding - basic (in shares)	237,054,708	232,945,048	237,429,647	232,490,122
Weighted-average common shares outstanding - diluted (in shares)	237,054,708	236,839,117	237,429,647	232,490,122

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities
Net loss	$ (197,612)	$ (19,044)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of long-lived assets	135,788	0
Allowance for credit losses on refundable deposits	39,782	0
Loss on disposal of property and equipment	210	0
Loss on extinguishment of bonds	10,304	0
Stock-based compensation	4,661	4,142
Depreciation and amortization	13,644	12,835
Change in fair value of derivative instruments	(2,690)	(652)
Production tax credits generated	(32,014)	(21,494)
Other non-cash expense	2,203	1,274
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable	(3,576)	(3,634)
Inventories	(501)	(788)
Prepaid expenses and other current assets, deposits and other assets	475	(9,504)
Accounts payable, accrued expenses and non-current liabilities	(7,569)	10,295
Deferred clean fuel production tax credits	7,480	0
Net cash used in operating activities	(29,415)	(26,570)
Investing Activities
Acquisitions of property, plant and equipment	(21,369)	(11,077)
Acquisition of Red Trail Energy, net of cash acquired	0	(198,461)
Issuance of note receivable	(250)	0
Net cash used in investing activities	(21,619)	(209,538)
Financing Activities
Redemption of bonds	(68,155)	0
Term loan proceeds	70,000	105,000
Payment of debt issuance costs	(2,612)	(5,480)
Non-controlling interest	0	5,000
Payment of prepayment penalty on redemption of bonds	(6,506)	0
Proceeds from the exercise of stock options	252	182
Payment of finance lease liabilities	(141)	(726)
Payments for tax withholdings on employee equity awards	(596)	0
Net cash (used in) provided by financing activities	(7,758)	103,976
Net decrease in cash and cash equivalents	(58,792)	(132,132)
Cash, cash equivalents and restricted cash at beginning of period	116,939	259,033
Cash, cash equivalents and restricted cash at end of period	58,147	126,901
Schedule of cash, cash equivalents and restricted cash
Cash and cash equivalents	58,147	57,257
Restricted cash (current)	0	69,644
Total cash, cash equivalents and restricted cash	58,147	126,901
Supplemental disclosures of cash and non-cash investing and financing transactions
Cash paid for interest, net of amounts capitalized	11,845	3,052
Capitalized interest included in property, plant and equipment	405	0
Non-cash purchase of property, plant and equipment	10,806	6,317
Redeemable non-controlling interest issued for payment of debt issuance costs	2,009	0
Stock-based awards and related share issuances, net	$ 1,069	$ 758

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 58,147	$ 81,163
Restricted cash	0	28,770
Trade accounts receivable, net	11,970	8,394
Inventories	19,304	19,076
Prepaid expenses and other current assets	12,179	6,001
Total current assets	101,600	143,404
Property, plant and equipment, net	238,119	353,577
Restricted cash	0	7,006
Operating right-of-use assets	2,671	1,964
Finance right-of-use assets	670	430
Intangible assets, net	71,592	95,003
Goodwill	43,558	43,558
Deposits and other assets	32,504	73,987
Total assets	490,714	718,929
Current liabilities
Accounts payable and accrued liabilities	33,391	36,508
Deferred clean fuel production tax credits	3,344	41,115
Operating lease liabilities	817	689
Finance lease liabilities	92	273
Total current liabilities	37,644	78,585
Bonds payable, net	0	64,247
Loans payable	167,239	100,503
Operating lease liabilities	1,940	1,416
Finance lease liabilities	613	394
Asset retirement obligation	2,326	2,250
Other long-term liabilities	0	365
Total liabilities	209,762	247,760
Redeemable non-controlling interest	7,789	4,832
Equity
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 247,237,104 and 242,464,470 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.	2,472	2,425
Additional paid-in capital	1,303,403	1,298,064
Accumulated deficit	(1,032,712)	(834,152)
Total stockholders' equity	273,163	466,337
Total liabilities and stockholders' equity	$ 490,714	$ 718,929