Gevo Inc.
03/05/2026 | Press release | Distributed by Public on 03/05/2026 15:04
Gevo Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update (Form 8-K)
Gevo Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update
ENGLEWOOD, Colo. - March 5, 2026 - Gevo, Inc. (NASDAQ: GEVO) ("Gevo", the "Company", "we", "us" or "our"), a leader in renewable fuels and chemicals as well as carbon management, today announced financial results for the fourth quarter and full year ended December 31, 2025 and provided an update on operating performance, cash flow, and progress across its carbon management and synthetic aviation fuel ("SAF") growth platform. A quarterly earnings presentation of the financial results will also be posted to the Company's website at https://investors.gevo.com/news-events/events-presentations.
Fourth Quarter and Full Year 2025 Highlights
| ● | We achieved positive cash flow from operations of $20 million during the fourth quarter of 2025 and are now targeting neutral to positive cash flow from operations for 2026. Additionally, we report: |
| o | Increased cash, cash equivalents and restricted cash to $117 million at year end, a $9 million increase versus the end of the prior quarter. Subsequent to the end of 2025, all of the restricted cash that served as collateral for our renewable natural gas ("RNG") project financings was released as a result of our debt consolidation transaction announced in February 2026. |
| o | Revenue of $45 million in the fourth quarter, and $161 million in the full year 2025. |
| o | Loss from operations of $2.2 million for the fourth quarter. |
| o | Non-GAAP Adjusted EBITDA(1) of $7.7 million in the fourth quarter, which is the third consecutive quarter of positive non-GAAP adjusted EBITDA. The Company reaffirms its near-term target of reaching run rate Non-GAAP Adjusted EBITDA of approximately $40 million per year. |
| o | Approximately 140,000 tons of carbon dioxide credits were monetized via low carbon fuel and voluntary carbon markets. The balance of carbon dioxide credits was used to build inventory of approximately 30,000 tons of carbon dioxide removal credits ("CDR" credits) to support the growing, global carbon market that includes growing spot sales and multi-year offtake contracts. |
| o | We sold $52 million of production tax credits during 2025 relating to Gevo North Dakota. We received approximately $41 million of cash proceeds from these sales in 2025, and we expect to receive the remainder in the first quarter of 2026. |
| ● | We had a record-setting production year at Gevo North Dakota: |
| o | We produced a record low-carbon ethanol volume of 69 million gallons in 2025, a 3% increase versus 2024 volume of 67 million gallons. We also produced 173,000 metric tons of high-quality carbon removal credits during the full twelve-months period ended December 31, 2025(2). |
| o | Surpassed 500,000 metric tons of high-quality carbon removal by the CCS asset since its startup in 2022. |
| ● | Our Gevo North Dakota CCS asset and well was certified by Puro.Earth as a thousand-year permanence well. We believe we have the only ethanol-associated CCS well in the world with such a certification. We also achieved an "A" rating from a preeminent global carbon rating agency, BeZero Carbon, simplifying the due diligence process for CDR customers. |
| ● | The U.S. Department of Energy Office of Energy Dominance Financing ("EDF") loan guarantee conditional commitment to potentially finance the construction of an Alcohol-to-Jet ("ATJ") SAF project was extended last year, as previously announced. The Company is working together with EDF to progress a potential change of scope from the previously contemplated South Dakota project to the new ATJ-30 project at Gevo North Dakota. |
| ● | We successfully closed on and integrated our acquisition of substantially all of the assets of Red Trail Energy, LLC, which is now called Gevo North Dakota following the closing of the transaction on January 31, 2025. |
Additional 2025 Milestones and Recent Corporate Highlights
| ● | We launched our carbon business in 2025, which consists of revenue derived from carbon value: a combination of low carbon fuel standard ("LCF") credits and CDR credits. The CDR credits were sold to multiple customers, and we secured a multi-year offtake agreement as well. We also secured contracted sales of Scope 1 and Scope 3 credits based upon 15 million gallons per year of future SAF production, to support financing of our ATJ-30 project. |
| ● | We consolidated our tax-exempt bonds relating to our RNG assets with our Gevo North Dakota debt facility in February 2026, which simplified our debt structure and freed up all of our previously restricted cash. |
| ● | We signed an agreement with Praj Industries to jointly develop isobutanol opportunities for diesel fuel in India. |
| ● | We generated about $5 million in revenue from producing and selling our patented and proprietary low carbon specialty racing motor fuel blendstock. |
| ● | We were granted 1 patent thus far in 2026, 3 patents in 2025, and 13 patents in 2024, including several related to our ethanol-to-olefins ("ETO") technology. These patents add to our intellectual property portfolio, which now has more than 350 patents. We also filed 22 new patent applications in 2025. |
| ● | We licensed our ETO technology to Axens and formed an alliance with them to accelerate development of the technology for fuels. We believe that ETO technology has the potential to significantly reduce the operating and capital costs of converting alcohols to drop-in fuels and chemicals. |
| ● | We divested our Luverne, Minnesota ethanol production assets, while retaining control of our isobutanol-related production assets at the site. This reduced our Luverne facility idling costs by about $1.5 million during 2025 with an expected estimated $3 million in cost savings next year. |
Management Comment
Dr. Patrick Gruber, chief executive officer, commented: "Last year was exceptional, even surpassing my expectations. We generated positive operating cash flow and strengthened our cash position, driven by strong performance across fuels, RNG, carbon, and production tax credit sales. Alongside growing Adjusted EBITDA through increased capacity and improved operations at Gevo North Dakota, we see meaningful opportunities ahead with the ATJ-30 jet fuel project and our expanding carbon-related businesses. I'm especially proud of the Gevo North Dakota team, whose seamless integration and record production made a tremendous impact."
Leke Agiri, chief financial officer, added: "Our strong operating results, along with recent debt consolidation that simplified our capital structure and released restricted cash, have strengthened our balance sheet. In the near term, we're focused on growing Adjusted EBITDA and operating cash flow by executing organic initiatives that improve efficiency, expand our asset base, and maintain disciplined capital allocation. We're also making progress toward securing the project level financing needed to start construction on our ATJ-30 jet fuel project as soon as possible, and we're proving we can capture and grow value from carbon dioxide in a way that directly strengthens our bottom line."
Webcast and Conference Call Information
Hosting today's conference call at 4:30 p.m. ET will be Dr. Patrick R. Gruber, chief executive officer, Dr. Chris Ryan, our president and chief operating officer, Dr. Paul Bloom, president, Leke Agiri, chief financial officer, and Dr. Eric Frey, vice president of finance and strategy. They will review Gevo's financial results and provide an update on recent corporate highlights.
To participate in the live call and view the slide presentation please register through the following event weblink: https://register-conf.media-server.com/register/BIfdb403c2e64c49cb8424353313763f3e. After registering, participants will be provided with a dial-in number and pin. The slide presentation will also be made available at https://investors.gevo.com/news-events/events-presentations.
To listen to the conference call (audio only), please register through the following event weblink: https://edge.media-server.com/mmc/p/yw6ggb9k.
A webcast replay will be available two hours after the conference call ends on March 5, 2026. The archived webcast will be available in the Investor Relations section of Gevo's website at www.gevo.com.
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About Gevo
Gevo is a next-generation diversified energy company committed to fueling America's future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo's innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo's business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world's first production facility for specialty ATJ fuels and chemicals operating since 2012. Gevo is currently developing the world's first large-scale ATJ facility to be co-located at our North Dakota site. Gevo's market-driven "pay-for-performance" approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.
For more information, see www.gevo.com.
Gevo Inc. published this content on March 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 05, 2026 at 21:05 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]