0001392380-22-000036 | 10-Q | XBRL Viewer

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Nature of Business, Financial Condition and Basis of Presentation (Details) milking_cow in Thousands, ft² in Thousands, lb in Millions	Sep. 30, 2022 a ft² dairy milking_cow lb gal
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Number of dairies \| dairy	3
Number of milking cows \| milking_cow	20
Lake Preston, South Dakota \| Sustainable Aviation Fuel (SAF)
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Project production capacity (in gallon per year) \| gal	62,000,000
Lake Preston, South Dakota \| Hydrocarbon revenue
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Project production capacity (in gallon per year) \| gal	55
Lake Preston, South Dakota \| High-Value Protein Products
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Project production capacity (in pound per year) \| lb	475
Lake Preston, South Dakota \| Corn Oil
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Project production capacity (in pound per year) \| lb	30
Luverne, Minnesota \| Land
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Area of land (in acres) \| a	55
Luverne, Minnesota \| Building and Building Improvements
Nature of Business, Financial Condition and Basis of Presentation [Line Items]
Area of real estate property \| ft²	50

Asset Impairment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Asset Impairment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Property, Plant and Equipment [Abstract]
Impairment loss	$ 24,749	$ 0	$ 24,749	$ 0

Marketable Securities - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Marketable Securities [Line Items]
Interest receivable	$ 688		$ 688		$ 1,530
Interest income	1,200	$ 0	3,900	$ 0
Marketable securities maturities in 2022	55,800		55,800
Marketable securities maturities in 2023	168,600		168,600
Prepaid Expenses and Other Current Assets
Marketable Securities [Line Items]
Interest receivable	$ 700		$ 700

Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring (Details) - Recurring - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability-classified restricted stock awards		$ 702
Total recurring	$ 222,012	340,438
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability-classified restricted stock awards		702
Total recurring	222,012	340,438
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability-classified restricted stock awards		0
Total recurring	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liability-classified restricted stock awards		0
Total recurring	0	0
U.S. Treasury notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	108,598	225,792
U.S. Treasury notes \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	108,598	225,792
U.S. Treasury notes \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. Treasury notes \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. Government-sponsored enterprise securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	113,414	113,944
U.S. Government-sponsored enterprise securities \| Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	113,414	113,944
U.S. Government-sponsored enterprise securities \| Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	0	0
U.S. Government-sponsored enterprise securities \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 0	$ 0

Segments (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended September 30, 2022
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	—	$	—	$	309	$	309
Loss from Operations	$	(15,480)	$	(27,948)	$	(241)	$	(43,669)
Acquisitions of patents, plant, property and equipment	$	17,458	$	4,351	$	6,305	$	28,114

	Three Months Ended September 30, 2021
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	104	$	16	$	—	$	120
Loss from Operations	$	(10,968)	$	(3,548)	$	(218)	$	(14,734)
Acquisitions of patents, plant, property and equipment	$	15,511	$	3,154	$	14,450	$	33,115

	Nine Months Ended September 30, 2022
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	81	$	240	$	309	$	630
Loss from Operations	$	(40,629)	$	(34,869)	$	(241)	$	(75,739)
Acquisitions of patents, plant, property and equipment	$	33,766	$	8,626	$	24,973	$	67,365

	Nine Months Ended September 30, 2021
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	465	$	14	$	—	$	479
Loss from Operations	$	(30,697)	$	(12,807)	$	(286)	$	(43,790)
Acquisitions of patents, plant, property and equipment	$	16,352	$	5,062	$	31,551	$	52,965


	September 30, 2022
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Total assets	$	579,984	$	38,473	$	110,954	$	729,411

	December 31, 2021
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Total assets	$	484,528	$	64,008	$	117,940	$	666,476

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2018	Dec. 31, 2018	Jun. 09, 2021
Schedule of Equity Incentive Plans [Line Items]
Number of shares available for awards (in shares)	4,113,735
Exercise price range, minimum (in dollars per share)			$ 3.45
Exercise price range, maximum (in dollars per share)		$ 138.00
Other
Schedule of Equity Incentive Plans [Line Items]
Granted (in shares)			67,739
Aggregate value of awards granted			$ 0.1
Stock option
Schedule of Equity Incentive Plans [Line Items]
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options	$ 15.7
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year)	2 years 4 months 24 days
Restricted Stock
Schedule of Equity Incentive Plans [Line Items]
Granted (in shares)	2,348,105,000
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year)	2 years 3 months 18 days
Total fair value of restricted stock, vested	$ 0.6
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards	$ 19.4
2010 Plan
Schedule of Equity Incentive Plans [Line Items]
Number of shares of common stock reserved for issuance (in shares)				22,980,074

Net loss Per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Net loss	$ (43,786)	$ (14,380)	$ (72,620)	$ (42,690)
Net loss	$ (43,786)	$ (14,380)	$ (72,620)	$ (42,690)
Basic weighted-average shares outstanding (in shares)	236,649,805	199,341,519	216,255,710	193,739,605
Net loss per share - basic (in dollars per share)	$ (0.19)	$ (0.07)	$ (0.34)	$ (0.22)
Net loss per share - diluted (in dollars per share)	$ (0.19)	$ (0.07)	$ (0.34)	$ (0.22)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Net loss Per Share (Tables)

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Schedule of Net Loss Per Share

Basic and diluted net loss per share is calculated as follows (net loss in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss	$	(43,786)	$	(14,380)	$	(72,620)	$	(42,690)
Basic weighted-average shares outstanding	236,649,805		199,341,519		216,255,710		193,739,605
Net loss per share - basic and diluted	$	(0.19)	$	(0.07)	$	(0.34)	$	(0.22)

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring

The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at September 30, 2022, and December 31, 2021, respectively, are as follows (in thousands):


			Fair Value Measurements at September 30, 2022
	Fair Value at September 30, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Marketable securities
U.S. Treasury notes	$	108,598	$	108,598	$	—	$	—
U.S. Government-sponsored enterprise securities	113,414		113,414		—		—
Total recurring	$	222,012	$	222,012	$	—	$	—


			Fair Value Measurements at December 31, 2021
	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Marketable securities
U.S. Treasury notes	$	225,792	$	225,792	$	—	$	—
U.S. Government-sponsored enterprise securities	113,944		113,944		—		—
Other
Liability-classified restricted stock awards	702		702		—		—
Total recurring	$	340,438	$	340,438	$	—	$	—

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values and estimated fair values of the 2021 Bonds as of September 30, 2022, are summarized as follows:


	September 30, 2022
	Carrying Value		Estimated Fair Value

2021 Bonds	$	67,038	$	64,910

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	250,000,000
Common stock shares issued (in shares)	237,221,732	201,988,662
Common stock, shares outstanding (in shares)	237,221,732	201,988,662

Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Debt

2021 Bond Issuance

On April 15, 2021, on behalf of Gevo NW Iowa RNG, LLC, the Iowa Finance Authority (the "Authority") issued $68,155,000 of its non-recourse Solid Waste Facility Revenue Bonds (Gevo NW Iowa RNG, LLC Renewable Natural Gas Project), Series 2021 (Green Bonds) (the "2021 Bonds") for NW Iowa RNG. The bond proceeds are being used as a source of construction financing alongside equity from the Company. The bonds were issued under a Trust Indenture dated April 1, 2021 (the "Indenture") between the Authority and Citibank, N.A. as trustee (the "Trustee"). The 2021 Bonds mature April 1, 2042. The bonds initially bear interest at 1.5% per annum during the Initial Term Rate Period, (as defined in the Indenture), payable semi-annually on January 1 and July 1 of each year. The effective interest rate is 1.0%. The bonds are supported by the $71.2 million Bond Letter of Credit; see Note 6, Restricted Cash. The Trustee can draw sufficient amounts on the Bond Letter of Credit to pay the principal and interest until the first mandatory tender date of April 1, 2024. The bonds are callable and re-marketable on or after October 1, 2022. If the bonds have not been called and re-marketed by the first mandatory tender date, the Trustee may draw on the Bond Letter of Credit to repay the bonds in their entirety at the purchase price. As of September 30, 2022, no amounts have been drawn under the Bond Letter of Credit.

The 2021 Bonds were issued at a premium of $0.8 million and debt issuance costs were $3.0 million. The bond debt is classified as long-term debt and is presented net of the premium and issuance costs, which are being amortized over the life of the bonds using the interest method. As of September 30, 2022, the premium balance and the debt issuance cost net of amortization were $0.5 million and $1.5 million, respectively.

Loans Payable - Other

In April 2020, the Company and Agri-Energy each entered into a loan agreement with Live Oak Banking Company, pursuant to which the Company and Agri-Energy obtained loans from the Small Business Administration's Paycheck Protection Program (“SBA PPP”) totaling $1.0 million in the aggregate (the "SBA Loans").

In April 2021, the entire balance of $0.5 million of the Company's and $0.1 million of Agri-Energy's loans and accrued interest obtained through the SBA PPP were forgiven. The remaining SBA Loan for Agri-Energy totals $0.3 million, bears interest at 1.0% per annum and matures in April 2025. Monthly payments of $8,230, including interest, began on June 5, 2021, and are payable through April 2025.

The summary of the Company's long-term debt is as follows (in thousands) as of:


	Interest Rate			Maturity Date			September 30, 2022		December 31, 2021
2021 Bonds	1.5%			January 2042			$	67,038	$	66,486
SBA Loans	1.0%			April 2025			248		320
Equipment	4%	to	5%	February 2022	to	December 2024	109		156
Total loans payable - other							67,395		66,962
Less current portion							(158)		(158)
Long-term portion							$	67,237	$	66,804

Future principal payments for the Company's long-term debt are as follows (in thousands):


Year Ending December 31,	Total Debt
2022 (remaining)	$	39
2023	159
2024	67,167
2025	30

Total loans payable - other	$	67,395

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
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-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1I
-Subparagraph (a)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

+ Details

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Stock-based Compensation Expense

The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Equity Classified Awards
Cost of goods sold	$	208	$	188	$	599	$	188
Selling, general and administrative	3,910		1,419		10,992		2,593
Other	243		273		1,034		519
Total equity classified awards	4,361		1,880		12,625		3,300
Liability Classified Awards
Selling, general and administrative	(267)		2,366		(460)		2,374
Other	126		(40)		—		149
Total liability classified awards	(141)		2,326		(460)		2,523
Total stock-based compensation	$	4,220	$	4,206	$	12,165	$	5,823

Schedule Stock Option Award Activity

Stock option activity under the Company’s stock incentive plans and changes during the nine months ended September 30, 2022, were as follows:


	Number of Options	Weighted-Average Exercise Price (1)		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at December 31, 2021	4,746,368	$	5.11	9.6	$	—
Granted	1,620,183	$	3.46		$	—
Canceled or forfeited	(353,169)	$	5.62		$	—
Exercised	—	$	—		$	—
Options outstanding at September 30, 2022	6,013,382	$	4.66	9.1	$	—
Options vested and expected to vest at Options vested at September 30, 2022	1,510,728	$	5.33	0.5	$	—

(1)Exercise price of options outstanding range from $2.42 to $11,340 as of September 30, 2022. The higher end of the range is due to the impact of reverse stock splits subsequent to grants.

Schedule of Non-vested Restricted Stock Awards

Non-vested restricted stock awards and the changes during the nine months ended September 30, 2022, were as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2021	6,882,502	$	3.77
Granted	2,348,105	$	2.58
Vested and issued	(3,484,585)	$	2.85
Canceled or forfeited	(374,842)	$	4.90

Non-vested at September 30, 2022	5,371,180	$	3.95

Leases, Right-of-Use Assets and Related Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Lease, Cost

The following four tables present the (a) costs by lease category, (b) other quantitative information, and (c) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Finance lease cost:
Amortization of right-of-use assets (1)	$	470	$	464	$	1,395	$	930
Interest on lease liabilities (1)	423		297		948		627
Operating lease cost	139		64		416		192
Short-term lease cost	—		377		1,449		1,003
Variable lease cost (2)	—		94		951		164
Total lease cost	$	1,032	$	1,296	$	5,159	$	2,916

(1)Amortization and interest on finance lease liabilities capitalized as construction-in-progress totaled $0.3 million and $2.0 million during the three and nine months ended September 30, 2022, respectively, and nil and $0.8 million during the three and nine months ended September 30, 2021, respectively. Total capitalized amounts of $2.8 million are included in "Property, plant and equipment, net" in the Consolidated Balance Sheets related to NW Iowa RNG facilities as of September 30, 2022.

(2)Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our NW Iowa RNG leases based on the number of cows maintained by the owners above the minimum required by the contracts of the respective facilities.


	Nine Months Ended September 30,
	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	627	$	627
Operating cash flows from operating leases	$	431	$	192
Finance cash flows from finance leases	$	4,316	$	5,975
Right-of-use asset obtained in exchange for new finance lease liabilities	$	834	$	28,416
Right-of-use asset obtained in exchange for new operating lease liabilities	$	—	$	1,611
Weighted-average remaining lease term, finance lease (months)	208		225
Weighted-average remaining lease term, operating leases (months)	66		88
Weighted-average discount rate - finance leases (1)	10%		5%
Weighted-average discount rate - operating leases (1)	5%		5%

(1)Our leases do not provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease.

Operating Lease, Liability, Fiscal Year Maturity


Year ending December 31,	Operating Leases		Finance Leases
2022 (remaining)	$	303	$	1,772
2023	528		1,576
2024	305		2,730
2025	315		1,744
2026	324		1,760
2027 and thereafter	706		30,499
Total	2,481		40,081
Less: Amounts representing present value discounts	317		21,607
Total lease liabilities	2,164		18,474
Less: current portion	430		2,125
Long-term portion	$	1,734	$	16,349

Finance Lease, Liability, Fiscal Year Maturity


Year ending December 31,	Operating Leases		Finance Leases
2022 (remaining)	$	303	$	1,772
2023	528		1,576
2024	305		2,730
2025	315		1,744
2026	324		1,760
2027 and thereafter	706		30,499
Total	2,481		40,081
Less: Amounts representing present value discounts	317		21,607
Total lease liabilities	2,164		18,474
Less: current portion	430		2,125
Long-term portion	$	1,734	$	16,349

Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 627	$ 627
Operating cash flows from operating leases	431	192
Finance cash flows from finance leases	4,316	5,975
Right-of-use asset obtained in exchange for new finance lease liabilities	834	28,416
Right-of-use asset obtained in exchange for new operating lease liabilities	$ 0	$ 1,611
Weighted-average remaining lease term, finance lease (months)	208 months	225 months
Weighted-average remaining lease term, operating leases (months)	66 months	88 months
Weighted-average discount rate - finance leases	10.00%	5.00%
Weighted-average discount rate - operating leases	5.00%	5.00%

Property, Plant, and Equipment

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment by classification (in thousands) as of:


	September 30, 2022		December 31, 2021
Land	$	6,452	$	410
Plant facilities and infrastructure			76,310		84,117
Machinery and equipment			89,797		25,369
Furniture and office equipment			2,699		2,550
Software			2,134		1,564
Construction in progress	56,713		88,990
Total property, plant and equipment			234,105		203,000
Less accumulated depreciation and amortization			(68,101)		(63,859)
Property, plant and equipment, net			$	166,004	$	139,141

The Company recorded depreciation expenses of $1.3 million and $3.6 million for the three and nine months ended September 30, 2022, respectively, as compared with $1.2 million and $3.6 million for the same periods ended September 30, 2021.

At September 30, 2022, construction in progress included accruals of $9.2 million.

Construction in progress includes $0.3 million for Gevo, $12.0 million for Agri-Energy related to a fractionation and hydrocarbon skid, $2.1 million for NW Iowa RNG and $42.3 million for NZ1 at September 30, 2022. Construction in progress includes $0.4 million for Gevo, $9.1 million for Agri-Energy, $56.9 million for NW Iowa RNG and $22.5 million for NZ1 at December 31, 2021. Construction in progress is not subject to depreciation until the assets are placed into service.

Borrowing costs. Borrowing costs directly attributable to acquisition and construction of an asset are capitalized until it is completed and ready for its intended use, and thereafter are recognized in profit or loss for the current period. The Company capitalized $1.2 million and nil of interest expense for the nine months ended September 30, 2022, and September 30, 2021, respectively.

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating Activities
Net loss	$ (43,786)	$ (14,380)	$ (72,620)	$ (42,690)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment loss	24,749	0	24,749	0
Loss on disposal of assets	0	183	0	5,137
(Gain) on forgiveness of SBA Loans	0	0	0	(641)
Stock-based compensation			12,624	5,823
Depreciation and amortization			4,452	3,572
Amortization of marketable securities premium			2,755	0
Other noncash (income) expense			(153)	77
Changes in operating assets and liabilities:
Accounts receivable			626	14
Inventories			(338)	150
Prepaid expenses and other current assets, deposits and other assets			(8,445)	(4,459)
Accounts payable, accrued expenses and long-term liabilities			(420)	4,324
Net cash used in operating activities			(36,770)	(28,693)
Investing Activities
Acquisitions of property, plant and equipment			(68,535)	(30,955)
Acquisition of patent portfolio			(10)	0
Proceeds from sale and maturity of marketable securities			243,817	34,332
Purchase of patents and license			0	(9,000)
Purchase of marketable securities			(130,402)	(422,362)
Net cash provided by (used in) investing activities			44,870	(427,985)
Financing Activities
Proceeds from issuance of 2021 Bonds			0	68,995
Debt and equity offering costs			(10,993)	(34,919)
Proceeds from issuance of common stock and common stock warrants			150,000	487,549
Proceeds from exercise of warrants			3	1,119
Net settlement of common stock under stock plans			(285)	(5,137)
Payment of loans payable - other			(112)	(98)
Payment of finance lease liabilities			(4,316)	(2,996)
Net cash provided by financing activities			134,297	514,513
Net increase (decrease) in cash and cash equivalents			142,397	57,835
Cash, cash equivalents and restricted cash at beginning of period			136,033	78,338
Cash, cash equivalents and restricted cash at end of period	278,430	136,173	278,430	136,173
Schedule of cash, cash equivalents and restricted cash
Cash and cash equivalents	200,564	16,201	200,564	16,201
Restricted cash (current)	1,024	49,804	1,024	49,804
Long-term restricted cash	76,842	70,168	76,842	70,168
Total cash, cash equivalents and restricted cash	$ 278,430	$ 136,173	278,430	136,173
Supplemental disclosures of cash and non-cash investing and financing transactions
Cash paid for interest, net of amounts capitalized			770	11
Non-cash purchase of property, plant and equipment			11,136	12,164
Right-of-use asset purchased with financing leases			834	28,416
Right-of-use asset purchased with operating lease			$ 0	$ 1,611

Prepaid and Other Current Assets

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid and Other Current Assets

The following table sets forth the components of the Company’s prepaid and other current assets (in thousands) as of:


	September 30, 2022		December 31, 2021
Prepaid insurance	$	906	$	805
Interest receivable	688		1,530
Prepaid engineering	900		409
Tax refunds	195		—
Prepaid other	946		863
Total Prepaid and other current assets	$	3,635	$	3,607

Segments

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Segments

Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, management has determined that the Company has organized its operations and activities into three reportable segments: (i) Gevo segment; (ii) Agri-Energy segment; (iii) Renewable Natural Gas segment. Transactions between segments are eliminated in consolidation.

Gevo segment. The Gevo segment is responsible for all research and development activities related to the future production of SAF, commercial opportunities for other renewable hydrocarbon products, such as hydrocarbons for gasoline blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes; plastics and materials; and other chemicals. The Gevo segment also develops, maintains and protects its intellectual property portfolio, provides corporate oversight services, and responsible for development and construction of our Net-Zero projects.

Agri-Energy segment. The Agri-Energy segment is currently responsible for the operation of the Company’s Luverne Facility, development and optimization of the production of isobutanol, ethanol and related products.

Renewable Natural Gas segment. The Renewable Natural Gas segment produces-pipeline quality methane gas captured from dairy cow manure.


	Three Months Ended September 30, 2022
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	—	$	—	$	309	$	309
Loss from Operations	$	(15,480)	$	(27,948)	$	(241)	$	(43,669)
Acquisitions of patents, plant, property and equipment	$	17,458	$	4,351	$	6,305	$	28,114

	Three Months Ended September 30, 2021
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	104	$	16	$	—	$	120
Loss from Operations	$	(10,968)	$	(3,548)	$	(218)	$	(14,734)
Acquisitions of patents, plant, property and equipment	$	15,511	$	3,154	$	14,450	$	33,115

	Nine Months Ended September 30, 2022
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	81	$	240	$	309	$	630
Loss from Operations	$	(40,629)	$	(34,869)	$	(241)	$	(75,739)
Acquisitions of patents, plant, property and equipment	$	33,766	$	8,626	$	24,973	$	67,365

	Nine Months Ended September 30, 2021
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Revenues	$	465	$	14	$	—	$	479
Loss from Operations	$	(30,697)	$	(12,807)	$	(286)	$	(43,790)
Acquisitions of patents, plant, property and equipment	$	16,352	$	5,062	$	31,551	$	52,965


	September 30, 2022
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Total assets	$	579,984	$	38,473	$	110,954	$	729,411

	December 31, 2021
	Gevo		Agri-Energy		Renewable Natural Gas		Consolidated
Total assets	$	484,528	$	64,008	$	117,940	$	666,476

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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+ Details

Prepaid and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2022

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of Prepaid and Other Assets

The following table sets forth the components of the Company’s prepaid and other current assets (in thousands) as of:


	September 30, 2022		December 31, 2021
Prepaid insurance	$	906	$	805
Interest receivable	688		1,530
Prepaid engineering	900		409
Tax refunds	195		—
Prepaid other	946		863
Total Prepaid and other current assets	$	3,635	$	3,607

Marketable Securities - Investments In Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Short-term marketable securities, amortized cost basis	$ 224,180	$ 275,754
Short-term marketable securities, gross unrealized losses	(2,168)	(414)
Short-term marketable securities, fair value	222,012	275,340
Long-term marketable securities, amortized cost basis		64,596
Long-term marketable securities, gross unrealized losses		(200)
Long-term marketable securities, fair value		64,396
U.S. Treasury notes
Debt Securities, Available-for-sale [Line Items]
Short-term marketable securities, amortized cost basis	109,327	226,136
Short-term marketable securities, gross unrealized losses	(729)	(344)
Short-term marketable securities, fair value	108,598	225,792
U.S. Government-sponsored enterprise securities
Debt Securities, Available-for-sale [Line Items]
Short-term marketable securities, amortized cost basis	114,853	49,618
Short-term marketable securities, gross unrealized losses	(1,439)	(70)
Short-term marketable securities, fair value	$ 113,414	49,548
Long-term marketable securities, amortized cost basis		64,596
Long-term marketable securities, gross unrealized losses		(200)
Long-term marketable securities, fair value		$ 64,396

Commitments and Contingencies - Narrative (Details)	1 Months Ended			9 Months Ended
Commitments and Contingencies - Narrative (Details)	Sep. 30, 2022 USD ($)	Jul. 31, 2022 USD ($)	Apr. 30, 2022 incident digester discharge	Sep. 30, 2022 USD ($) commitment	Jun. 30, 2021 USD ($)
Gain Contingencies [Line Items]
Liabilities associated with indemnities	$ 0			$ 0
Losses accrual for known contingent liability	0			0
Environmental liabilities	0			0
Contractual obligation	$ 3,500,000			$ 3,500,000	$ 10,200,000
Environmental liabilities, damages assessed		$ 10,000
Number of incidents \| incident			2
Number of digesters \| digester			2
Number of discharges \| discharge			2
Number of commitments with collateral \| commitment				2
Commitment collateral, percentage of renewable energy credits	100.00%			100.00%
Development Agreement with Juhl
Gain Contingencies [Line Items]
Collaborative arrangement, development charges committed to pay	$ 8,600,000
Collaborative arrangement, advanced development fee payments committed	900,000
Collaborative arrangement reimbursable costs	1,200,000
Collaborative arrangement, development charges committed, upon completion	6,500,000
Collaborative arrangement, payment	$ 600,000

Stock-based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, Beginning Balance (in shares)	4,746,368,000
Granted (in shares)	1,620,183,000
Canceled or forfeited (in shares)	(353,169,000)
Exercised (in shares)	0
Outstanding, Ending Balance (in shares)	6,013,382,000	4,746,368,000
Options vested and expected to vest (in shares)	1,510,728,000
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 5,110
Granted (in dollars per share)	3,460
Canceled or forfeited (in dollars per share)	5.62
Exercised (in dollars per share)	0
Ending Balance (in dollars per share)	4.66	$ 5,110
Options vested and expected to vest (in dollars per share)	$ 5.33
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Options Outstanding, Weighted Average Remaining Contractual Term (years)	9 years 1 month 6 days	9 years 7 months 6 days
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years)	6 months
Options Outstanding, Aggregate Intrinsic Value	$ 0	$ 0
Granted, Aggregate Intrinsic Value	0
Canceled or forfeited, Aggregate Intrinsic Value	0
Exercised, Aggregate Intrinsic Value	0
Options vested and expected to vest	$ 0
Minimum
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Exercise price of options outstanding (in dollars per share)	$ 2.42
Maximum
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Exercise price of options outstanding (in dollars per share)	$ 11,340

Debt - Narrative (Details) - USD ($)	1 Months Ended
Debt - Narrative (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Sep. 30, 2022	Dec. 31, 2021	Apr. 15, 2021
Debt Instrument [Line Items]
Long-term debt			$ 67,395,000	$ 66,962,000
2021 Bonds
Debt Instrument [Line Items]
Aggregate principal amount					$ 68,155,000
Interest rate					1.50%
Effective interest rate (in percent)					1.00%
Debt collateral amount					$ 71,200,000
Debt premium			500,000		800,000
Debt issuance costs			$ 1,500,000		$ 3,000,000
2021 Bonds \| Loans Payable
Debt Instrument [Line Items]
Interest rate			1.50%
Long-term debt			$ 67,038,000	66,486,000
SBA Loans \| Loans Payable
Debt Instrument [Line Items]
Interest rate	1.00%		1.00%
Proceeds from issuance of long-term debt		$ 1,000,000
Debt instrument, decrease, forgiveness	$ 500,000
Long-term debt	300,000		$ 248,000	$ 320,000
Debt Instrument, monthly payment	8,230
SBA Loans \| Loans Payable \| Agri-Energy
Debt Instrument [Line Items]
Debt instrument, decrease, forgiveness	$ 100,000

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 906	$ 805
Interest receivable	688	1,530
Prepaid engineering	900	409
Tax refunds	195	0
Prepaid other	946	863
Total Prepaid and other current assets	$ 3,635	$ 3,607

Property, Plant, and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 234,105	$ 203,000
Less accumulated depreciation and amortization	(68,101)	(63,859)
Property, plant and equipment, net	166,004	139,141
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,452	410
Plant facilities and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	76,310	84,117
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	89,797	25,369
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,699	2,550
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,134	1,564
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 56,713	$ 88,990

Inventories - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Inventories - Narrative (Details) - USD ($) $ in Millions	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Inventory Disclosure [Abstract]
Inventory write-down	$ 0.0	$ 1.2	$ 0.8	$ 2.0

Deposits and Other Assets (Tables)

9 Months Ended

Sep. 30, 2022

Other Assets, Noncurrent [Abstract]

Deposits and Other Assets

The following table sets forth the components of the Company's deposits and other assets (in thousands) as of:


	September 30, 2022		December 31, 2021
Deposits (1)	$	276	$	831
Equity interest (2)	1,500		1,500
Exclusivity fees (3)	8,087		3,250
Deposits receivable (4)	8,302		—
Total Deposits and Other Assets	$	18,165	$	5,581

(1)Deposits for legal services and products for NZ1.

(2)The Company directly holds a 4.6% interest in the Series A Preferred Stock of Juhl Clean Energy Assets, Inc. ("Juhl"), which is not a publicly listed entity with a readily determinable fair value. The Company therefore measures the securities at cost, which is deemed to be the value indicated by the last observable transaction in Juhl's stock, subject to impairment. The equity interest in Juhl is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC ("RCWF"), a Juhl subsidiary, see Note 17, Commitments and Contingencies, for additional information.

(3)Axens North America, Inc. ("Axens") will provide certain alcohol-to-SAF services exclusively to the Company which may be offset against future license fees subject to the delivery of a process design package. On October 14, 2022, the Company entered into a licensing agreement with Axens to support development of the Company's alcohol-to-SAF process, incurring $4.2 million of licensing fees which will be offset against these prepaid exclusivity fees.

(4)Deposits provided to a developer of certain wind-farm projects and power utility contractor to induce to design and construct the power generation, transmission and distribution facilities that will serve NZ1, $5.5 million of which will be either reimbursed or used as an investment into wind generation facility and the remaining $2.8 million is expected to be fully reimbursed upon completion of the project. Gevo has contractual priority liens against the equipment and constructed facilities under the contracts.

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.4	$ 0.0	$ 1.0	$ 0.0

Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Segment Reporting Information [Line Items]
Revenues	$ 309	$ 120	$ 630	$ 479
Loss from operations	(43,669)	(14,734)	(75,739)	(43,790)
Acquisitions of property, plant and equipment	28,114	33,115	67,365	52,965
Total assets	729,411		729,411		$ 666,476
Operating Segments \| Gevo
Segment Reporting Information [Line Items]
Revenues	0	104	81	465
Loss from operations	(15,480)	(10,968)	(40,629)	(30,697)
Acquisitions of property, plant and equipment	17,458	15,511	33,766	16,352
Total assets	579,984		579,984		484,528
Operating Segments \| Agri-Energy
Segment Reporting Information [Line Items]
Revenues	0	16	240	14
Loss from operations	(27,948)	(3,548)	(34,869)	(12,807)
Acquisitions of property, plant and equipment	4,351	3,154	8,626	5,062
Total assets	38,473		38,473		64,008
Operating Segments \| Renewable Natural Gas
Segment Reporting Information [Line Items]
Revenues	309	0	309	0
Loss from operations	(241)	(218)	(241)	(286)
Acquisitions of property, plant and equipment	6,305	$ 14,450	24,973	$ 31,551
Total assets	$ 110,954		$ 110,954		$ 117,940

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Revenues from Contracts with Customers and Other Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Renewable natural gas commodity
Disaggregation of Revenue [Line Items]
Revenue and cost of goods sold	$ 309,000	$ 0	$ 309,000	$ 0
Environmental Attributes
Disaggregation of Revenue [Line Items]
Revenue and cost of goods sold	$ 0		$ 0

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Schedule of Warrants

The following table sets forth information pertaining to shares issued upon the exercise of warrants:


	Issuance Date	Expiration Date	Exercise Price as of September 30, 2022		Shares Underlying Warrants on Issuance Date	Shares Issued upon Warrant Exercises as of September 30, 2022	Shares Underlying Warrants Outstanding as of September 30, 2022
Series 2020-A Warrants (1)	7/6/2020	7/6/2025	$	0.60	30,000,000	29,914,069	85,931
Series 2022-A Warrants (1)	6/8/2022	6/7/2027	$	4.37	33,333,336	—	33,333,336
Total Warrants					63,333,336	29,914,069	33,419,267

(1)Equity-classified warrants.

During the nine months ended September 30, 2022, common stock was issued as a result of the exercise of warrants as shown below (dollars in thousands):


	Common Stock Issued	Proceeds
Series 2020-A Warrants	4,677	$	3

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Electricity Above Use (estimated)
Other Commitments [Line Items]
2022 (remaining)	$ 117
2023	474
2024	485
2025	163
2026	0
2027 and thereafter	0
Total commitments	1,239
Renewable Energy Credits
Other Commitments [Line Items]
2022 (remaining)	37
2023	149
2024	149
2025	149
2026	149
2027 and thereafter	1,985
Total commitments	$ 2,618

Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022 (remaining)	$ 304
2023	1,164
2024	1,168
2025	1,164
2026	1,164
2027 and thereafter	3,031
Identifiable Intangible Assets, net	7,995	$ 8,938
Patents
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022 (remaining)	151
2023	578
2024	580
2025	578
2026	578
2027 and thereafter	1,227
Identifiable Intangible Assets, net	3,692	4,207
Defensive assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022 (remaining)	153
2023	586
2024	588
2025	586
2026	586
2027 and thereafter	1,804
Identifiable Intangible Assets, net	$ 4,303	$ 4,731

Fair Value Measurements

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value.

Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities.

Level 2 – inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data.

Level 3 – inputs are unobservable and corroborated by little or no market data.

The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at September 30, 2022, and December 31, 2021, respectively, are as follows (in thousands):


			Fair Value Measurements at September 30, 2022
	Fair Value at September 30, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Marketable securities
U.S. Treasury notes	$	108,598	$	108,598	$	—	$	—
U.S. Government-sponsored enterprise securities	113,414		113,414		—		—
Total recurring	$	222,012	$	222,012	$	—	$	—


			Fair Value Measurements at December 31, 2021
	Fair Value at December 31, 2021		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Recurring
Marketable securities
U.S. Treasury notes	$	225,792	$	225,792	$	—	$	—
U.S. Government-sponsored enterprise securities	113,944		113,944		—		—
Other
Liability-classified restricted stock awards	702		702		—		—
Total recurring	$	340,438	$	340,438	$	—	$	—

The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2021, and September 30, 2022.

For the 2021 Bonds, the fair values are estimated using the Black-Derman-Toy interest rate lattice framework. The effective maturity of the 2021 Bonds was assumed to be April 1, 2024 (three years from issuance) with repayment of 100% of principal on that date. The impact of the Company's optional redemption feature, effective October 1, 2022, is appropriately captured by the Black-Derman-Toy interest rate lattice. The carrying values and estimated fair values of the 2021 Bonds as of September 30, 2022, are summarized as follows:


	September 30, 2022
	Carrying Value		Estimated Fair Value

2021 Bonds	$	67,038	$	64,910

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fair Value Measurements - Carrying Values and Estimated Fair Values (Details) - 2021 Bonds $ in Thousands	Sep. 30, 2022 USD ($)
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 67,038
Measurement Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 64,910

Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Investments in Marketable Securities

The Company's investments in marketable securities are stated at fair value and are available-for-sale. The following table summarizes the Company's investments in marketable securities (in thousands) as of:


		September 30, 2022
	Maturity	Amortized Cost Basis		Gross Unrealized Losses		Fair Value

Short-term marketable securities
U.S. Treasury notes	Within one year	$	109,327	$	(729)	$	108,598
U.S. Government-sponsored enterprise securities	Within one year	114,853		(1,439)		113,414
Total short-term marketable securities		$	224,180	$	(2,168)	$	222,012


		December 31, 2021
	Maturity	Amortized Cost Basis		Gross Unrealized Losses		Fair Value

Short-term marketable securities
U.S. Treasury notes	Within one year	$	226,136	$	(344)	$	225,792
U.S. Government-sponsored enterprise securities	Within one year	49,618		(70)		49,548
Total short-term marketable securities		$	275,754	$	(414)	$	275,340

Long-term marketable securities
U.S. Government-sponsored enterprise securities	Within two years	64,596		(200)		64,396
Total long-term marketable securities		$	64,596	$	(200)	$	64,396

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4,220	$ 4,206	$ 12,165	$ 5,823
Equity Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	4,361	1,880	12,625	3,300
Equity Classified Awards \| Cost of goods sold
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	208	188	599	188
Equity Classified Awards \| Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	3,910	1,419	10,992	2,593
Equity Classified Awards \| Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	243	273	1,034	519
Liability Classified Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	(141)	2,326	(460)	2,523
Liability Classified Awards \| Selling, general and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	(267)	2,366	(460)	2,374
Liability Classified Awards \| Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 126	$ (40)	$ 0	$ 149

Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

The following table sets forth the components of the Company's accounts payable and accrued liabilities (in thousands) as of:


	September 30, 2022		December 31, 2021
Accounts payable	$	1,449	$	4,830
Accrued liabilities	8,800		18,345
Accrued payroll and related benefits	4,189		4,678
Other accrued liabilities	478		435
Total accounts payable and accrued liabilities	$	14,916	$	28,288

Net loss Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share [Abstract]

Net loss Per Share

Basic net loss per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted net loss per share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company's common shares during the period, would have been exercised on the later of the beginning of the period or the date granted, and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. None of the Company's stock options or other dilutive securities are considered to be dilutive in periods with net losses.

The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Diluted net loss per share excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported net loss per share. Therefore, the following number of potentially dilutive common stock equivalents have been excluded 1,193,436 and 1,716,010 for the three and nine months ended September 30, 2022, respectively, and 4,835,752 and 4,835,752, for the three and nine months ended September 30, 2021, respectively.

Basic and diluted net loss per share is calculated as follows (net loss in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Net loss	$	(43,786)	$	(14,380)	$	(72,620)	$	(42,690)
Basic weighted-average shares outstanding	236,649,805		199,341,519		216,255,710		193,739,605
Net loss per share - basic and diluted	$	(0.19)	$	(0.07)	$	(0.34)	$	(0.22)

The impact of the one-time impairment charge of $24.7 million, discussed in Note 3 above, was $0.10 and $0.11 of basic and diluted impairment loss per share for the three and nine months ended September 30, 2022, respectively.

Inventories (Tables)

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Schedule of Inventories

The following table sets forth the components of the Company’s inventory balances (in thousands) as of:


	September 30, 2022		December 31, 2021
Raw materials:
Corn	$	—	$	301
Enzymes and other inputs	31		186
Catalyst materials	203		265
Finished goods:
SAF, Isooctane, Isooctene and other	221		335
Isobutanol	124		223
Ethanol	—		96
Work in process:
Isobutanol	—		83
Jet fuel	51		—
Spare parts	1,432		1,262
RNG - environmental attributes	2,073		—
Total inventories	$	4,135	$	2,751

Commitments and Contingencies

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Legal matters. From time to time, the Company has been, and may again become, involved in legal proceedings arising in the ordinary course of its business. The Company is not presently a party to any litigation and is not aware of any pending or threatened litigation against the Company that it believes could have a material adverse effect on its business, operating results, financial condition or cash flows.

Indemnifications. In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of September 30, 2022, the Company did not have any liabilities associated with indemnities.

In addition, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limitations. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date.

Environmental liabilities. The Company’s operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable, and the costs can be reasonably estimated. No environmental liabilities have been recorded as of September 30, 2022.

In June 2021 the Company contracted with a manufacturer in India to build a fractionation and hydrocarbon skid for $10.2 million, the remaining commitment for the contract is $3.5 million as of September 30, 2022.

In February 2022, an incident occurred at one of the anaerobic digesters that is part of NW Iowa RNG that resulted in the accidental discharge of a mixture of water and manure into the environment. We promptly notified the Iowa Department of Natural Resources (the "DNR") and began mitigation work to minimize the impact of the discharge. The DNR has issued a notice of violation in connection with the discharge. This matter was resolved with the DNR in July 2022 through an administrative consent order and damages of $10,000 were assessed.

In April 2022, two separate incidents occurred at two of the anaerobic digesters that are part of NW Iowa RNG that resulted in the accidental discharge of very small amounts of water and manure into the environment. The DNR has issued notices of violation in connection with the two discharges.

There is a possibility that the DNR will initiate an enforcement action with respect to the April 2022, discharges described above that could result in a monetary sanction being levied against Gevo for the accidental discharges. We do not believe that any such monetary sanctions would have a material impact on the financial statements.

Juhl Commitment.

In September 2022, the Company entered into a Development Agreement with Juhl to construct and operate a wind project for the provision of electric energy for the NZ1. Pursuant to the agreement, the Company has committed to pay Juhl a total development charges of $8.6 million, comprised of advanced development fee payments of $0.9 million, certain reimbursable costs of $1.2 million, and $6.5 million upon completion of the project. The Company has paid $0.6 million pursuant to the agreement as of September 30, 2022. The Company is not contractually obligated for the specified development charges until certain milestones are met in future periods, and upon completion of the project.

The Company's investment in Juhl is pledged as a collateral for two commitments related to a purchase of wind electricity for the Luverne Facility, as well as 100% of RCWF's renewable energy credits. Gevo has a commitment to purchase all of RCWF's electricity. The portion not used by the Luverne Facility is charged to the Company at a lower price. The estimated commitments as of September 30, 2022, and thereafter are shown below (in thousands):


Year ending December 31,	Electricity Above Use (estimated)		Renewable Energy Credits
2022 (remaining)	$	117	$	37
2023	474		149
2024	485		149
2025	163		149
2026	—		149
2027 and thereafter	—		1,985
Total commitments	$	1,239	$	2,618

Shareholders' Equity

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Shareholders' Equity

Share Issuances

In February 2018, the Company commenced an at-the-market offering program, which allows it to sell and issue shares of its common stock from time to time. In 2021, the at-the-market offering program was amended to provide a total capacity of $500.0 million. As of September 30, 2022, the Company has remaining capacity to issue up to approximately $360.6 million of common stock under the at-the-market offering program.

On June 8, 2022, the Company completed a registered direct offering ("the June 2022 Offering") of an aggregate of 33,333,336 shares of the Company’s common stock at a price of $4.50 per share, accompanied by Series 2022-A warrants to purchase an aggregate of 33,333,336 shares of the Company’s common stock (each, a “Series 2022-A Warrant”) pursuant to a securities purchase agreement with certain institutional and accredited investors. The Series 2022-A Warrants are exercisable for a term of five years from the date of issuance at an exercise price of $4.37 per share. As of September 30, 2022, none of the Series 2022-A Warrants had been exercised.

The net proceeds to the Company from the June 2022 Offering were $139.2 million, after deducting placement agent's fees, advisory fees and other offering expenses payable by the Company, and assuming none of the Series 2022-A Warrants issued in the June 2022 Offering are exercised for cash. The Company intends to use the net proceeds from the June 2022 Offering to fund capital projects, working capital and for general corporate purposes.

Warrants

In addition to the Series 2022-A Warrants, the Company has warrants outstanding that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The Company evaluated the Series 2022-A Warrants and Series 2020-A Warrants for liability or equity classification and determined that equity treatment was appropriate because both the Series 2022-A Warrants and Series 2020-A Warrants do not meet the definition of liability instruments.

The Series 2022-A Warrants and Series 2020-A Warrants are classified as component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and will expire five years from the date of issuance, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Series 2022-A Warrants and Series 2020-A Warrants do not provide any guarantee of value or return. The Company valued the Series 2022-A Warrants and Series 2020-A Warrants at issuance using the Black-Scholes option pricing model. The fair value at the issuance date of the Series 2022-A Warrants was $92.9 million with the key inputs to the valuation model including a weighted average volatility of 151.1%, a risk-free rate of 2.86% and an expected term of five years. The fair value at the issuance date of the Series 2020-A Warrants was $8.3 million with the key inputs to the valuation model including a weighted average volatility of 130%, a risk-free rate of 0.30% and an expected term of five years.

While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date.

On February 17, 2022, the remaining Series K warrants expired with 7,126 unexercised warrants.

The following table sets forth information pertaining to shares issued upon the exercise of warrants:


	Issuance Date	Expiration Date	Exercise Price as of September 30, 2022		Shares Underlying Warrants on Issuance Date	Shares Issued upon Warrant Exercises as of September 30, 2022	Shares Underlying Warrants Outstanding as of September 30, 2022
Series 2020-A Warrants (1)	7/6/2020	7/6/2025	$	0.60	30,000,000	29,914,069	85,931
Series 2022-A Warrants (1)	6/8/2022	6/7/2027	$	4.37	33,333,336	—	33,333,336
Total Warrants					63,333,336	29,914,069	33,419,267

(1)Equity-classified warrants.

During the nine months ended September 30, 2022, common stock was issued as a result of the exercise of warrants as shown below (dollars in thousands):


	Common Stock Issued	Proceeds
Series 2020-A Warrants	4,677	$	3

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-URI https://asc.fasb.org/topic&trid=2208762

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 13
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496158-112644

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 14
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126973232&loc=SL123496171-112644

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases, Right-of-Use Assets and Related Liabilities - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Finance lease cost:
Amortization of right-of-use assets	$ 470	$ 464	$ 1,395	$ 930
Interest on lease liabilities	423	297	948	627
Operating lease cost	139	64	416	192
Short-term lease cost	0	377	1,449	1,003
Variable lease cost	0	94	951	164
Total lease cost	1,032	1,296	5,159	2,916
Finance right-of-use assets	27,012		27,012		$ 27,297
Construction in progress
Finance lease cost:
Amortization of right-of-use assets	300	$ 0	2,000	$ 800
Finance right-of-use assets	$ 2,800		$ 2,800

Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Jun. 30, 2022 USD ($)	Sep. 30, 2022 USD ($) contract site	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Leases [Abstract]
Operating right-of-use assets		$ 1,671		$ 2,414
Total lease liabilities		2,164
Operating lease liabilities (current)		430		772
Operating lease liabilities (long-term)		$ 1,734		$ 1,902
Number of finance lease \| contract		4
Number of digester sites \| site		3
Right-of-use asset purchased with financing leases		$ 834	$ 28,416
Increase of right-of-use-asset due to lease modification	$ 800
Increase of lease liability due to lease modification	$ 800

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThe Company has incurred operating losses since inception, therefore no provision for income taxes was recorded and all related deferred tax assets are fully reserved. We continue to assess the impact of a deferred tax asset as it relates to income taxes.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 17
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 14
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 30
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

+ Details

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities [Line Items]
Accounts payable	$ 1,449	$ 4,830
Accrued payroll and related benefits	4,189	4,678
Total accounts payable and accrued liabilities	14,916	28,288
NW Lowa RNG
Accounts Payable and Accrued Liabilities [Line Items]
Accrued liabilities	8,800	18,345
Net Zero Segment
Accounts Payable and Accrued Liabilities [Line Items]
Other accrued liabilities	$ 478	$ 435

Intangible Assets

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

Intangible assets consist of patents, which management evaluates to determine whether they (i) support current products, (ii) support planned research and development, or (iii) prevent others from competing with Gevo's products.

The following table sets forth the Company’s identifiable intangible assets by classification (in thousands) as of:


	September 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, net		Weighted-Average Useful Life (Years)
Patents	$	4,580	$	(888)	$	3,692	7.4
Defensive assets	4,900		(597)		4,303		8.4
Identifiable intangible assets	$	9,480	$	(1,485)	$	7,995	7.9


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net		Weighted-Average Useful Life (Years)
Patents	$	4,575	$	(368)	$	4,207	7.3
Defensive assets	4,895		(164)		4,731		8.4
Identifiable intangible assets	$	9,470	$	(532)	$	8,938	7.9

The Company recorded amortization expense of $0.4 million and $1.0 million for the three and nine months ended September 30, 2022, respectively, as compared with nil for each of the three and nine months ended September 30, 2021.

The following table details the estimated amortization of identifiable intangible assets as of September 30, 2022 (in thousands):


Year ending December 31,	Patents		Defensive Assets		Total
2022 (remaining)	$	151	$	153	$	304
2023	578		586		1,164
2024	580		588		1,168
2025	578		586		1,164
2026	578		586		1,164
2027 and thereafter	1,227		1,804		3,031
Total	$	3,692	$	4,303	$	7,995

Restricted Cash (Details) - USD ($)	1 Months Ended	9 Months Ended
Restricted Cash (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2022	Apr. 15, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Deposited of restricted cash	$ 77,900,000	$ 77,900,000
2021 Bonds
Restricted Cash and Cash Equivalents Items [Line Items]
Debt collateral amount			$ 71,200,000
Bond Letter of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Line of credit annual fee percentage		0.50%
Letters of credit outstanding	$ 0	$ 0
Power Letter of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Line of credit annual fee percentage	0.30%
Debt collateral amount	$ 6,600,000	6,600,000
Letters of credit outstanding	$ 0	$ 0

Fair Value Measurements - Narrative (Details) - 2021 Bonds	Apr. 15, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, term	3 years
Percentage of principal payment on maturity date	100.00%

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 200,564	$ 40,833
Marketable securities (current)	222,012	275,340
Restricted cash (current)	1,024	25,032
Accounts receivable, net	352	978
Inventories	4,135	2,751
Prepaid expenses and other current assets	3,635	3,607
Total current assets	431,722	348,541
Property, plant and equipment, net	166,004	139,141
Marketable securities (long-term)	0	64,396
Restricted cash (long-term)	76,842	70,168
Operating right-of-use assets	1,671	2,414
Finance right-of-use assets	27,012	27,297
Intangible assets, net	7,995	8,938
Deposits and other assets	18,165	5,581
Total assets	729,411	666,476
Current liabilities
Accounts payable and accrued liabilities	14,916	28,288
Operating lease liabilities (current)	430	772
Finance lease liabilities (current)	2,125	3,413
Loans payable - other (current)	158	158
Total current liabilities	17,629	32,631
2021 Bonds payable (long-term)	67,038	66,486
Loans payable - other (long-term)	199	318
Operating lease liabilities (long-term)	1,734	1,902
Finance lease liabilities (long-term)	16,349	17,797
Other long-term liabilities	1,520	87
Total liabilities	104,469	119,221
Stockholders' Equity
Common stock, $0.01 par value per share; 500,000,000 and 250,000,000 shares authorized at September 30, 2022, and December 31, 2021, respectively; 237,221,732 and 201,988,662 shares issued and outstanding at September 30, 2022, and December 31, 2021, respectively.	2,372	2,020
Additional paid-in capital	1,254,733	1,103,224
Accumulated other comprehensive loss	(2,168)	(614)
Accumulated deficit	(629,995)	(557,375)
Total stockholders' equity	624,942	547,255
Total liabilities and stockholders' equity	$ 729,411	$ 666,476

Restricted Cash	9 Months Ended
Restricted Cash	Sep. 30, 2022
Restricted Cash and Cash Equivalents [Abstract]
Restricted Cash	Restricted Cash Short-term and long-term restricted cash of $77.9 million consists of amounts held as collateral for letters of credit to provide financing support for development and construction of the NW Iowa RNG and NZ1 projects. The Company entered into an irrevocable direct pay letter of credit (the "Bond Letter of Credit") with Citibank N.A ("Citibank") in April 2021 to support the 2021 Bonds for the development and construction of NW Iowa RNG. See Note 14, Debt, for additional information on the 2021 Bonds. The Bond Letter of Credit has a 0.5% annual fee and expires April 4, 2024 (unless terminated earlier). The Company deposited $71.2 million with Citibank as restricted cash to secure any amounts drawn under the Bond Letter of Credit. The Company is entitled to receive interest income on the restricted cash. As of September 30, 2022, no amounts have been drawn under the Bond Letter of Credit. The proceeds from issuance of the 2021 Bonds recorded as restricted cash are maintained by the Trustee under the Indenture and are released to the Company to pay costs of the construction of NW Iowa RNG. The Company has used all bond proceeds for the project as of September 30, 2022. In September 2022, the Company entered into a Pledge and Assignment agreement with Citibank to provide credit support in the form of a letter of credit (the “Power Letter of Credit”) from Citibank to the local electric utility company in order to induce the utility company to design and construct the power transmission and distribution facilities that will serve NZ1. The Company deposited $6.6 million of restricted cash in an account with Citibank to collateralize the Power Letter of Credit, which has a 0.3% annual fee and expires September 30, 2024 (unless terminated earlier). As of September 30, 2022, no amounts have been drawn under the Power Letter of Credit.

Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory [Line Items]
Spare parts	$ 1,432	$ 1,262
Total inventories	4,135	2,751
Corn
Inventory [Line Items]
Raw materials	0	301
Enzymes and other inputs
Inventory [Line Items]
Raw materials	31	186
Catalyst materials
Inventory [Line Items]
Raw materials	203	265
SAF, Isooctane, Isooctene and other
Inventory [Line Items]
Finished goods	221	335
Isobutanol
Inventory [Line Items]
Finished goods	124	223
Work in process	0	83
Ethanol
Inventory [Line Items]
Finished goods	0	96
Jet Fuel
Inventory [Line Items]
Work in process	51	0
RNG
Inventory [Line Items]
RNG - environmental attributes	$ 2,073	$ 0

Stock-Based Compensation

9 Months Ended

Sep. 30, 2022

Equity [Abstract]

Stock-Based Compensation

Equity incentive plans. In February 2011, the Company’s stockholders approved the Gevo, Inc. 2010 Stock Incentive Plan (as amended and restated to date, the "2010 Plan"), and the Employee Stock Purchase Plan (the "ESPP").

The 2010 Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units and other equity awards to employees and directors of the Company. In June 2021, upon approval of stockholders at the 2021 Annual Meeting of Stockholders, the 2010 Plan was amended and restated, which increased the number of shares of common stock reserved for issuance under the 2010 Plan to 22,980,074 shares. On September 30, 2022, 4,113,735 shares remained available for awards under the 2010 Plan.

Stock Appreciation Rights. The Company granted 67,739 stock appreciation rights valued at an aggregate of $0.1 million on the respective grant dates during the year ended December 31, 2018, with exercise prices ranging from $3.45 to $138.00 per share, expiring in 2028. The vesting period for stock appreciation rights granted is based on a service period. The stock appreciation rights have the potential to be cash settled and are therefore classified as a liability and remeasured at each reporting period based on the price of the Company's common stock.

Stock-based compensation expense. The Company records stock-based compensation expense during the requisite service period for stock-based payment awards granted to employees and non-employees. Our stock-based compensation is classified as either an equity award or a liability award in accordance with generally accepted accounting principles. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the vesting life of the award. The fair-value of a liability-classified award is determined on a quarterly basis through the final vesting date and is amortized based on the current fair value of the award and the percentage of vesting period incurred to date.

The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Equity Classified Awards
Cost of goods sold	$	208	$	188	$	599	$	188
Selling, general and administrative	3,910		1,419		10,992		2,593
Other	243		273		1,034		519
Total equity classified awards	4,361		1,880		12,625		3,300
Liability Classified Awards
Selling, general and administrative	(267)		2,366		(460)		2,374
Other	126		(40)		—		149
Total liability classified awards	(141)		2,326		(460)		2,523
Total stock-based compensation	$	4,220	$	4,206	$	12,165	$	5,823

Stock option award activity. Stock option activity under the Company’s stock incentive plans and changes during the nine months ended September 30, 2022, were as follows:


	Number of Options	Weighted-Average Exercise Price (1)		Weighted-Average Remaining Contractual Term (years)	Aggregate Intrinsic Value
Options outstanding at December 31, 2021	4,746,368	$	5.11	9.6	$	—
Granted	1,620,183	$	3.46		$	—
Canceled or forfeited	(353,169)	$	5.62		$	—
Exercised	—	$	—		$	—
Options outstanding at September 30, 2022	6,013,382	$	4.66	9.1	$	—
Options vested and expected to vest at Options vested at September 30, 2022	1,510,728	$	5.33	0.5	$	—

(1)Exercise price of options outstanding range from $2.42 to $11,340 as of September 30, 2022. The higher end of the range is due to the impact of reverse stock splits subsequent to grants.

As of September 30, 2022, the total unrecognized compensation expense, net of estimated forfeitures, relating to stock options was $15.7 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.4 years.

Restricted stock. Non-vested restricted stock awards and the changes during the nine months ended September 30, 2022, were as follows:


	Number of Shares	Weighted-Average Grant-Date Fair Value
Outstanding at December 31, 2021	6,882,502	$	3.77
Granted	2,348,105	$	2.58
Vested and issued	(3,484,585)	$	2.85
Canceled or forfeited	(374,842)	$	4.90

Non-vested at September 30, 2022	5,371,180	$	3.95

The total fair value of restricted stock that vested during the nine months ended September 30, 2022, was $0.6 million. As of September 30, 2022, the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was $19.4 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.3 years. As of September 30, 2022, we have no unvested liability-classified restricted stock awards.

Debt - 2021 Bonds and Loans Payable - Other (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Apr. 30, 2021	Apr. 15, 2021
Debt Instrument [Line Items]
Long-term debt, total	$ 67,395	$ 66,962
Less current portion	(158)	(158)
Long-term portion	$ 67,237	66,804
2021 Bonds
Debt Instrument [Line Items]
Interest Rate				1.50%
Loans Payable \| 2021 Bonds
Debt Instrument [Line Items]
Interest Rate	1.50%
Long-term debt, total	$ 67,038	66,486
Loans Payable \| SBA Loans
Debt Instrument [Line Items]
Interest Rate	1.00%		1.00%
Long-term debt, total	$ 248	320	$ 300
Loans Payable \| Equipment
Debt Instrument [Line Items]
Long-term debt, total	$ 109	$ 156
Loans Payable \| Equipment \| Minimum
Debt Instrument [Line Items]
Interest Rate	4.00%
Loans Payable \| Equipment \| Maximum
Debt Instrument [Line Items]
Interest Rate	5.00%

Deposits and Other Assets (Details) - USD ($) $ in Thousands		9 Months Ended
	Oct. 14, 2022	Sep. 30, 2022	Dec. 31, 2021
Deposits and Other Assets [Line Items]
Deposits		$ 276	$ 831
Equity interest		1,500	1,500
Exclusivity fees		8,087	3,250
Deposits receivable		8,302	0
Total Deposits and Other Assets		18,165	$ 5,581
Deposits receivable, reimbursed or used as investment		5,500
Deposits receivable, fully reimbursed upon completion		$ 2,800
Subsequent Event
Deposits and Other Assets [Line Items]
License fees	$ 4,200
Juhl
Deposits and Other Assets [Line Items]
Preferred stock dividend rate		4.60%

Shareholders' Equity - Shares Issued Upon Exercise of Warrants (Details)	Sep. 30, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Shares Underlying Warrants Issuance (in shares)	63,333,336,000
Shares Issued upon Warrant Exercises (in shares)	29,914,069,000
Shares Underlying Warrants Outstanding (in shares)	33,419,267,000
Series 2020-A Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares	$ 0.60
Shares Underlying Warrants Issuance (in shares)	30,000,000,000
Shares Issued upon Warrant Exercises (in shares)	29,914,069,000
Shares Underlying Warrants Outstanding (in shares)	85,931,000
Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share) \| $ / shares	$ 4.37
Shares Underlying Warrants Issuance (in shares)	33,333,336,000
Shares Issued upon Warrant Exercises (in shares)	0
Shares Underlying Warrants Outstanding (in shares)	33,333,336,000

Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Operating Leases
2022 (remaining)	$ 303
2023	528
2024	305
2025	315
2026	324
2027 and thereafter	706
Total	2,481
Less: Amounts representing present value discounts	317
Total lease liabilities	2,164
Less: current portion	430	$ 772
Long-term portion	1,734	1,902
Finance Leases
2022 (remaining)	1,772
2023	1,576
2024	2,730
2025	1,744
2026	1,760
2027 and thereafter	30,499
Total	40,081
Less: Amounts representing present value discounts	21,607
Total lease liabilities	18,474
Less: current portion	2,125	3,413
Long-term portion	$ 16,349	$ 17,797

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 1,300	$ 1,200	$ 3,600	$ 3,600
Property, plant and equipment, gross	234,105		234,105		$ 203,000
Cash paid for interest capitalized to construction in progress			1,200	$ 0
Construction in progress
Property, Plant and Equipment [Line Items]
Construction in progress accrual			9,200
Property, plant and equipment, gross	56,713		56,713		88,990
Construction in progress \| Gevo
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	300		300		400
Construction in progress \| Agri-Energy
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	12,000		12,000		9,100
Construction in progress \| NW Lowa RNG
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,100		2,100		56,900
Construction in progress \| NZ1
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 42,300		$ 42,300		$ 22,500

Segments- Narrative (Details)	9 Months Ended
Segments- Narrative (Details)	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	3

Nature of Business, Financial Condition and Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X assuming the Company will continue as a going concern. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the nine months ended, September 30, 2022, and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The financial statements at December 31, 2021, have been derived from the audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included for the year ended December 31, 2021 (the "2021 Annual Report").
Environmental Attribute Inventory	Environmental Attribute Inventory. The Company generates D3 RINs Renewable Identification Numbers ("RINs") and Low Carbon Fuel Standard ("LCFS") credits (collectively, "environmental attributes") through the production of RNG used for transportation purposes as prescribed under the Renewable Fuels Standard program ("RFS"). The Company considers environmental attributes to be a distinguishable product that is generated as an integral component of the production process of RNG as the environmental attributes that are generated can be separated from the underlying commodity and may be sold independently from the RNG produced. As such, the Company considers environmental attributes to be a co-product of the production of RNG and accordingly allocates the costs of production based on the relative sales value of all revenue items for the NW Iowa RNG operations. Revenue is recognized on these environmental attributes when there is an agreement in place to monetize the credits at an agreed upon price with a customer based upon defined third party market prices and a transfer of control has occurred.
Reclassifications	Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation. The reclassifications included the categorization of depreciation and amortization on the Consolidated Statements of Operations and had no impact on total revenues, total cost of goods sold, total operating expenses, net loss or stockholders' equity for any period.

Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The following table sets forth the components of the Company's accounts payable and accrued liabilities (in thousands) as of:


	September 30, 2022		December 31, 2021
Accounts payable	$	1,449	$	4,830
Accrued liabilities	8,800		18,345
Accrued payroll and related benefits	4,189		4,678
Other accrued liabilities	478		435
Total accounts payable and accrued liabilities	$	14,916	$	28,288

Cover page - shares	9 Months Ended
Cover page - shares	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-35073
Entity Registrant Name	GEVO, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-0747704
Entity Address, Address Line One	345 Inverness Drive South
Entity Address, Address Line Two	Building C, Suite 310
Entity Address, City or Town	Englewood
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80112
City Area Code	303
Local Phone Number	858-8358
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	GEVO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		237,221,732
Entity Central Index Key	0001392380
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

Shareholders' Equity - Exercise of Warrants (Details) - USD ($) shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Class of Warrant or Right [Line Items]
Proceeds from exercise of warrants	$ 3	$ 1,119
Series 2020-A Warrants
Class of Warrant or Right [Line Items]
Common stock Issued upon exercise of warrants (in shares)	4,677
Proceeds from exercise of warrants	$ 3

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Total revenues	$ 309	$ 120	$ 630	$ 479
Idle facility costs	2,330	0	2,330	0
Cost of production	318	2,378	5,242	4,896
Idle facility costs	2,330	0	2,330	0
Depreciation and amortization	1,250	1,104	3,429	3,374
Total cost of goods sold	3,898	3,482	11,001	8,270
Gross loss	(3,589)	(3,362)	(10,371)	(7,791)
Operating expenses
Research and development expense	1,562	1,495	4,720	4,205
Selling, general and administrative expense	11,144	9,287	29,205	17,947
Preliminary stage project costs	915	313	1,736	8,512
Other operations	1,303	0	3,814	0
Impairment loss	24,749	0	24,749	0
Loss on disposal of assets	0	183	0	5,137
Stock-based compensation	407	94	1,144	198
Total operating expenses	40,080	11,372	65,368	35,999
Loss from operations	(43,669)	(14,734)	(75,739)	(43,790)
Other income (expense)
Gain (loss) from change in fair value of derivative warrant liability	0	6	16	(4)
Interest expense	(712)	(67)	(716)	(78)
Investment income (loss)	874	233	1,204	354
Gain on forgiveness of SBA loan	0	0	0	641
Other income (expense), net	(279)	182	2,615	187
Total other income (expense), net	(117)	354	3,119	1,100
Net loss	$ (43,786)	$ (14,380)	$ (72,620)	$ (42,690)
Net loss per share - basic (in dollars per share)	$ (0.19)	$ (0.07)	$ (0.34)	$ (0.22)
Net loss per share - diluted (in dollars per share)	$ (0.19)	$ (0.07)	$ (0.34)	$ (0.22)
Weighted-average number of common shares outstanding - basic (in shares)	236,649,805	199,341,519	216,255,710	193,739,605
Weighted-average number of common shares outstanding - diluted (in shares)	236,649,805	199,341,519	216,255,710	193,739,605
Ethanol sales and related products, net
Revenue and cost of goods sold	$ 0	$ 16	$ 240	$ 16
Hydrocarbon revenue
Revenue and cost of goods sold	0	104	81	463
Renewable natural gas commodity
Revenue and cost of goods sold	$ 309	$ 0	$ 309	$ 0

Debt (Tables)

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Abstract]

Schedule of 2021 Bonds and Loans Payable - Other

The summary of the Company's long-term debt is as follows (in thousands) as of:


	Interest Rate			Maturity Date			September 30, 2022		December 31, 2021
2021 Bonds	1.5%			January 2042			$	67,038	$	66,486
SBA Loans	1.0%			April 2025			248		320
Equipment	4%	to	5%	February 2022	to	December 2024	109		156
Total loans payable - other							67,395		66,962
Less current portion							(158)		(158)
Long-term portion							$	67,237	$	66,804

Schedule of Future Principal Payments for Long-term Debt

Future principal payments for the Company's long-term debt are as follows (in thousands):


Year Ending December 31,	Total Debt
2022 (remaining)	$	39
2023	159
2024	67,167
2025	30

Total loans payable - other	$	67,395

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details

Revenues from Contracts with Customers and Other Revenues	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenues from Contracts with Customers and Other Revenues	Revenues from Contracts with Customers and Other Revenues The Company’s revenues are primarily comprised of the sale of RNG and related environmental attributes produced at the NW Iowa RNG facility under long-term contracts with customers. Revenue is recognized at a point in time when the Company transfers the product to its customer as the customer obtains control of the product upon delivery. The Company generally has a single performance obligation in our arrangements with customers. The Company’s performance obligation related to the sales of RNG and related environmental attributes are satisfied at a point in time upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products. There is no variable consideration present in the Company’s performance obligations. Consideration for each transaction is based upon quoted market prices at the time of delivery. The Company recognized $0.3 million of revenue from the sale of RNG during each of the three and nine months ended September 30, 2022, and recognized no revenue from the sale of environmental attributes during each of the three and nine months ended September 30, 2022, due to the timing of governmental approval for the issuance of such environmental attributes. The Company recorded limited revenues from its development-scale plant, the Luverne Facility, during the three and nine months ended September 30, 2022, and 2021. These revenues were promotional in nature and from customer contracts for ethanol sales and related products and hydrocarbon revenues, which included SAF, isooctene, and isooctane. These products were sold mostly on a free-on-board, shipping point basis (recognized at a point in time), were independent transactions, did not provide post-sale support or promises to deliver future goods, and were single performance obligations.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Jun. 08, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Feb. 17, 2022 shares
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			33,419,267,000
Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			33,333,336,000
Warrants exercisable term (in years)	5 years
Warrant exercise price (in dollars per share) \| $ / shares			$ 4.37
Warrants and rights outstanding \| $	$ 92.9
Series 2022-A Warrants \| Volatility
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	1.511
Series 2022-A Warrants \| Risk Free Interest Rate
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	0.0286
Series 2022-A Warrants \| Expected Term
Class of Warrant or Right [Line Items]
Warrants exercisable term (in years)	5 years
Series 2020-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			85,931,000
Warrant exercise price (in dollars per share) \| $ / shares			$ 0.60
Warrants and rights outstanding \| $	$ 8.3
Series 2020-A Warrants \| Volatility
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	1.30
Series 2020-A Warrants \| Risk Free Interest Rate
Class of Warrant or Right [Line Items]
Warrants and rights outstanding, measurement input	0.0030
Series 2020-A Warrants \| Expected Term
Class of Warrant or Right [Line Items]
Warrants exercisable term (in years)	5 years
Series K Warrants
Class of Warrant or Right [Line Items]
Warrants unexercised (in shares)				7,126
At The Market Offering
Class of Warrant or Right [Line Items]
Sale of stock, authorized amount \| $		$ 500.0
Offering program remaining capacity \| $			$ 360.6
June 2022 Offering
Class of Warrant or Right [Line Items]
Sale of stock, Issuance of common stock (in shares)	33,333,336
Sale of stock, price (in dollars per share) \| $ / shares	$ 4.50
Warrants outstanding (in shares)	33,333,336
Warrant exercise price (in dollars per share) \| $ / shares	$ 4.37
Proceeds from issuance or sale of stock \| $	$ 139.2

Nature of Business, Financial Condition and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business, Financial Condition and Basis of Presentation	Nature of Business, Financial Condition and Basis of Presentation Nature of business. Gevo, Inc. (Nasdaq: GEVO) ("Gevo" or the "Company," which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries), a Delaware corporation founded in 2005, is a growth-oriented company with the mission of solving greenhouse gas emissions for those sectors of the transportation industry that are not amenable to electrification or hydrogen. The Company is focused on transforming renewable energy into energy-dense liquid drop-in hydrocarbons that can be used as renewable fuels, such as sustainable aviation fuel ("SAF") and other fuels and chemicals, with the potential to achieve a “net-zero” greenhouse gas ("GHG") footprint. The Company uses the Argonne National Laboratory’s GREET (Greenhouse gases, Regulated Emissions, and Energy use in Transportation) model (the "GREET Model") to measure, predict and verify GHG emissions across the life-cycle of its products. The “net-zero” concept means Gevo expects that by using sustainably grown feedstock (i.e., low till, no-till and dry corn cultivation), renewable and substantially decarbonized energy sources, drop-in hydrocarbon fuels can be produced that have a net-zero, full life cycle footprint measured from the capture of renewable carbon through the burning of the fuel. Gevo's primary market focus, given current demand and growing customer interest, is SAF. The Company believes it also has commercial opportunities for other renewable hydrocarbon products, such as (i) hydrocarbons for gasoline blendstocks and diesel fuel, (ii) plastics, materials and other chemicals, and (iii) renewable natural gas (“RNG”). Net-Zero Projects In early 2021, we announced the concept of “Net-Zero Projects” as a series of planned facilities to produce energy dense liquid hydrocarbons using renewable energy and our proprietary technology. The concept of a Net-Zero Project is to convert renewable energy (e.g., photosynthetic, wind, RNG, biogas) from a variety of sources into energy dense liquid hydrocarbons that, when burned in traditional engines, have the potential to achieve net-zero GHG emissions across the whole lifecycle of the liquid fuel: from the way carbon is captured from the atmosphere, processed to make liquid fuel products, and burnt as a fuel for cars, planes, trucks and ships. Our initial Net-Zero Project, Net-Zero 1 (“NZ1"), is located in Lake Preston, South Dakota, and is being currently designed to produce approximately 62 million gallons per year ("MGPY") of total hydrocarbon volumes, including 55 MGPY of SAF. Along with the hydrocarbons, NZ1 is being currently designed to produce approximately 475 million pounds per year of high-value protein products for use in the food chain and more than 30 million pounds per year of corn oil. Our products will be produced in three steps; the first step is milling the corn and the production of protein, oil, and carbohydrates, the second step produces alcohols using fermentation and the third step is the conversion of the alcohols into hydrocarbons. Renewable Natural Gas Projects Gevo's RNG project in Northwest Iowa ("NW Iowa RNG") is owned by Gevo NW Iowa RNG, LLC, and produces RNG captured from dairy cow manure. The manure is supplied by three local dairies that have over 20,000 milking cows in total with additional milking cows expected pursuant to agreements executed during the second quarter of 2022. Animal manure can be digested anaerobically to produce biogas, which is then upgraded to pipeline quality gas referred to as RNG. Gevo NW Iowa RNG, LLC sells the produced RNG to the California market through an agreement with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, "BP"). Luverne Facility Gevo's development plant in Luverne, Minnesota (the "Luverne Facility") was originally constructed in 1998 and is located on approximately 55 acres of land, which contains approximately 50,000 square feet of building space. Gevo may use the Luverne Facility in the future to prove our processes, process concepts, unit operations and for other purposes in order to optimize feedstocks and the processes used for producing hydrocarbons from alcohols. Currently, the activities at the Luverne Facility are minimized to care and maintenance, as the Company has shifted focus to the Net-Zero Projects. Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X assuming the Company will continue as a going concern. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the nine months ended, September 30, 2022, and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The financial statements at December 31, 2021, have been derived from the audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included for the year ended December 31, 2021 (the "2021 Annual Report"). Environmental Attribute Inventory. The Company generates D3 RINs Renewable Identification Numbers ("RINs") and Low Carbon Fuel Standard ("LCFS") credits (collectively, "environmental attributes") through the production of RNG used for transportation purposes as prescribed under the Renewable Fuels Standard program ("RFS"). The Company considers environmental attributes to be a distinguishable product that is generated as an integral component of the production process of RNG as the environmental attributes that are generated can be separated from the underlying commodity and may be sold independently from the RNG produced. As such, the Company considers environmental attributes to be a co-product of the production of RNG and accordingly allocates the costs of production based on the relative sales value of all revenue items for the NW Iowa RNG operations. Revenue is recognized on these environmental attributes when there is an agreement in place to monetize the credits at an agreed upon price with a customer based upon defined third party market prices and a transfer of control has occurred. Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation. The reclassifications included the categorization of depreciation and amortization on the Consolidated Statements of Operations and had no impact on total revenues, total cost of goods sold, total operating expenses, net loss or stockholders' equity for any period.

Net loss Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings Per Share [Abstract]
Potential anti-dilutive shares excluded from net loss per share calculation	1,193,436	4,835,752	1,716,010	4,835,752
Impairment loss	$ 24,749	$ 0	$ 24,749	$ 0
Impairment loss per share basic (in dollars per share)	$ (0.10)
Impairment loss per share diluted (in dollars per share)			$ (0.11)

Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Abstract]

Inventories

The following table sets forth the components of the Company’s inventory balances (in thousands) as of:


	September 30, 2022		December 31, 2021
Raw materials:
Corn	$	—	$	301
Enzymes and other inputs	31		186
Catalyst materials	203		265
Finished goods:
SAF, Isooctane, Isooctene and other	221		335
Isobutanol	124		223
Ethanol	—		96
Work in process:
Isobutanol	—		83
Jet fuel	51		—
Spare parts	1,432		1,262
RNG - environmental attributes	2,073		—
Total inventories	$	4,135	$	2,751

Environmental attributes represent distinguishable and material output from our RNG operations. The Company started allocating the joint cost of production to the sales value of RNG, credits from California's LCFS program and U.S. Environmental Protection Agency ("EPA") RIN credits. The value of the environmental attributes is reviewed for potential write-downs based on the net realizable value methodology.

During the three and nine months ended September 30, 2022, the Company adjusted its finished goods and work in process inventory to net realizable value and recorded a nil and $0.8 million loss, respectively, in cost of goods sold, as compared to $1.2 million and $2.0 million during the three and nine months ended September 30, 2021, respectively.

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Commitments

The estimated commitments as of September 30, 2022, and thereafter are shown below (in thousands):


Year ending December 31,	Electricity Above Use (estimated)		Renewable Energy Credits
2022 (remaining)	$	117	$	37
2023	474		149
2024	485		149
2025	163		149
2026	—		149
2027 and thereafter	—		1,985
Total commitments	$	1,239	$	2,618

Marketable Securities

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Marketable Securities


		September 30, 2022
	Maturity	Amortized Cost Basis		Gross Unrealized Losses		Fair Value

Short-term marketable securities
U.S. Treasury notes	Within one year	$	109,327	$	(729)	$	108,598
U.S. Government-sponsored enterprise securities	Within one year	114,853		(1,439)		113,414
Total short-term marketable securities		$	224,180	$	(2,168)	$	222,012


		December 31, 2021
	Maturity	Amortized Cost Basis		Gross Unrealized Losses		Fair Value

Short-term marketable securities
U.S. Treasury notes	Within one year	$	226,136	$	(344)	$	225,792
U.S. Government-sponsored enterprise securities	Within one year	49,618		(70)		49,548
Total short-term marketable securities		$	275,754	$	(414)	$	275,340

Long-term marketable securities
U.S. Government-sponsored enterprise securities	Within two years	64,596		(200)		64,396
Total long-term marketable securities		$	64,596	$	(200)	$	64,396

The cost of securities sold is based upon the specific identification method. Interest receivable related to the marketable securities of $0.7 million was included within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets as of September 30, 2022.

Interest income from marketable securities totaled $1.2 million and $3.9 million for the three and nine months ended September 30, 2022, respectively and nil for both the three and nine months ended September 30, 2021. Interest income from marketable securities is included in "Investment income (loss)" in the Consolidated Statements of Operations.

Future maturities of the Company's marketable securities are $55.8 million in 2022 and $168.6 million in 2023.

Deposits and Other Assets

9 Months Ended

Sep. 30, 2022

Other Assets, Noncurrent [Abstract]

Deposits and Other Assets

The following table sets forth the components of the Company's deposits and other assets (in thousands) as of:


	September 30, 2022		December 31, 2021
Deposits (1)	$	276	$	831
Equity interest (2)	1,500		1,500
Exclusivity fees (3)	8,087		3,250
Deposits receivable (4)	8,302		—
Total Deposits and Other Assets	$	18,165	$	5,581

(1)Deposits for legal services and products for NZ1.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands	Total	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		128,138,311,000
Beginning balance at Dec. 31, 2020	$ 146,379	$ 1,282	$ 643,269	$ 0	$ (498,172)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of issuance costs (in shares)		68,170,579,000
Issuance of common stock, net of issuance costs	457,483	$ 682	456,801
Issuance of common stock upon exercise of warrants (in shares)		1,866,758,000
Issuance of common stock upon exercise of warrants	1,121	$ 18	1,103
Non-cash stock-based compensation	3,300		3,300
Issuance of common stock under stock plans, net of taxes ( in shares)		3,704,330,000
Issuance of common stock under stock plans, net of taxes	(5,497)	$ 37	(5,534)
Other comprehensive loss	(296)			(296)
Net loss	(42,690)				(42,690)
Ending balance (in shares) at Sep. 30, 2021		201,879,978,000
Ending balance at Sep. 30, 2021	559,800	$ 2,019	1,098,939	(296)	(540,862)
Beginning balance (in shares) at Jun. 30, 2021		197,964,476,000
Beginning balance at Jun. 30, 2021	576,123	$ 1,980	1,100,932	(307)	(526,482)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and common stock warrants, net of issuance costs	(162)		(162)
Non-cash stock-based compensation	1,880		1,880
Issuance of common stock under stock plans, net of taxes ( in shares)		3,915,502,000
Issuance of common stock under stock plans, net of taxes	(3,672)	$ 39	(3,711)
Other comprehensive loss	11			11
Net loss	(14,380)				(14,380)
Ending balance (in shares) at Sep. 30, 2021		201,879,978,000
Ending balance at Sep. 30, 2021	$ 559,800	$ 2,019	1,098,939	(296)	(540,862)
Beginning balance (in shares) at Dec. 31, 2021	201,988,662	201,988,662,000
Beginning balance at Dec. 31, 2021	$ 547,255	$ 2,020	1,103,224	(614)	(557,375)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock and common stock warrants, net of issue costs (in shares)		33,333,336,000
Issuance of common stock and common stock warrants, net of issuance costs	139,008	$ 333	138,675
Issuance of common stock upon exercise of warrants (in shares)		4,677,000
Issuance of common stock upon exercise of warrants	3		3
Non-cash stock-based compensation	12,625		12,625
Issuance of common stock under stock plans, net of taxes ( in shares)		1,895,057,000
Issuance of common stock under stock plans, net of taxes	225	$ 19	206
Other comprehensive loss	(1,554)			(1,554)
Net loss	$ (72,620)				(72,620)
Ending balance (in shares) at Sep. 30, 2022	237,221,732	237,221,732,000
Ending balance at Sep. 30, 2022	$ 624,942	$ 2,372	1,254,733	(2,168)	(629,995)
Beginning balance (in shares) at Jun. 30, 2022		235,165,951,000
Beginning balance at Jun. 30, 2022	663,768	$ 2,353	1,249,880	(2,256)	(586,209)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash stock-based compensation	4,361		4,361
Issuance of common stock under stock plans, net of taxes ( in shares)		2,055,781,000
Issuance of common stock under stock plans, net of taxes	511	$ 19	492
Other comprehensive loss	88			88
Net loss	$ (43,786)				(43,786)
Ending balance (in shares) at Sep. 30, 2022	237,221,732	237,221,732,000
Ending balance at Sep. 30, 2022	$ 624,942	$ 2,372	$ 1,254,733	$ (2,168)	$ (629,995)

Asset Impairment	9 Months Ended
Asset Impairment	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
Asset Impairment	Asset ImpairmentDuring the three and nine months ended September 30, 2022, the Company recorded a $24.7 million impairment loss on long-lived assets, to reduce the carrying value of certain property, plant, and equipment, and a leased right of use ("ROU") asset, at the Agri-Energy, LLC ("Agri-Energy") segment to its fair value. The impairments recorded to date relate to the determination to suspend production at the Luverne Facility and shift the plant into an idled, care and maintenance status during the three months ended September 30, 2022. As a result of this change in use, combined with a sustained history of operating losses, the Company assessed that indicators of impairment were present for long-lived assets within its Agri-Energy reporting segment. The Company therefore performed impairment testing and determined that, as of September 30, 2022, the carrying amounts of certain property plant and equipment, and the leased ROU asset exceeded estimated fair values. The Company estimated the fair value of these asset groups generally using a cost approach which is based on replacement or reproduction costs of the assets and is considered a Level 2 measurement and recorded a corresponding impairment loss under Operating Expenses within the Consolidated Statements of Operations.

Leases, Right-of-Use Assets and Related Liabilities

9 Months Ended

Sep. 30, 2022

Leases [Abstract]

Leases, Right-of-Use Assets and Related Liabilities

The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029. The lease contains an option to extend the lease which management does not reasonably expect to exercise, so it is not included in the length of the term. The Company also has one production line piece of equipment with an operating lease that expires in 2024. As of September 30, 2022, right-of-use assets under operating leases totaling $1.7 million are included in "Operating right-of use assets," and the related lease liabilities totaling $2.2 million ($0.4 million in current and $1.7 million in long-term) are included in the Consolidated Balance Sheets.

The Company also has four finance leases for land under arrangements related to NW Iowa RNG. Under these contracts, the Company leases land from dairy farmers on which it has built three anaerobic digesters, and related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. The partially conditioned biogas is transported from the three digester sites to a central gas upgrade system located at the fourth site that upgrades the biogas to pipeline-quality RNG for sale. These leases expire at various dates between 2031 and 2050. The Company amended one of its leases in June 2022, which the Company treated as an existing lease modification due to an increase in the price per unit, resulting in an increase of the lease liability and right-of-use-asset by $0.8 million.

Since the Company elected the practical expedient to combine lease and non-lease components, all amounts paid to the lessors under these arrangements for cow manure and non-lease services are classified as lease payments and are included in the calculation of the right-of-use assets and lease liabilities. This results in significantly higher right-of-use assets and lease liabilities than if the Company did not elect this practical expedient. As of September 30, 2022, right-of-use assets under finance leases totaling $27.0 million are included in "Finance right-of-use assets," and related lease liabilities totaling $18.5 million are included in the Consolidated Balance Sheets.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Finance lease cost:
Amortization of right-of-use assets (1)	$	470	$	464	$	1,395	$	930
Interest on lease liabilities (1)	423		297		948		627
Operating lease cost	139		64		416		192
Short-term lease cost	—		377		1,449		1,003
Variable lease cost (2)	—		94		951		164
Total lease cost	$	1,032	$	1,296	$	5,159	$	2,916


	Nine Months Ended September 30,
	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	627	$	627
Operating cash flows from operating leases	$	431	$	192
Finance cash flows from finance leases	$	4,316	$	5,975
Right-of-use asset obtained in exchange for new finance lease liabilities	$	834	$	28,416
Right-of-use asset obtained in exchange for new operating lease liabilities	$	—	$	1,611
Weighted-average remaining lease term, finance lease (months)	208		225
Weighted-average remaining lease term, operating leases (months)	66		88
Weighted-average discount rate - finance leases (1)	10%		5%
Weighted-average discount rate - operating leases (1)	5%		5%


Year ending December 31,	Operating Leases		Finance Leases
2022 (remaining)	$	303	$	1,772
2023	528		1,576
2024	305		2,730
2025	315		1,744
2026	324		1,760
2027 and thereafter	706		30,499
Total	2,481		40,081
Less: Amounts representing present value discounts	317		21,607
Total lease liabilities	2,164		18,474
Less: current portion	430		2,125
Long-term portion	$	1,734	$	16,349

Leases, Right-of-Use Assets and Related Liabilities


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Finance lease cost:
Amortization of right-of-use assets (1)	$	470	$	464	$	1,395	$	930
Interest on lease liabilities (1)	423		297		948		627
Operating lease cost	139		64		416		192
Short-term lease cost	—		377		1,449		1,003
Variable lease cost (2)	—		94		951		164
Total lease cost	$	1,032	$	1,296	$	5,159	$	2,916


	Nine Months Ended September 30,
	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	627	$	627
Operating cash flows from operating leases	$	431	$	192
Finance cash flows from finance leases	$	4,316	$	5,975
Right-of-use asset obtained in exchange for new finance lease liabilities	$	834	$	28,416
Right-of-use asset obtained in exchange for new operating lease liabilities	$	—	$	1,611
Weighted-average remaining lease term, finance lease (months)	208		225
Weighted-average remaining lease term, operating leases (months)	66		88
Weighted-average discount rate - finance leases (1)	10%		5%
Weighted-average discount rate - operating leases (1)	5%		5%


Year ending December 31,	Operating Leases		Finance Leases
2022 (remaining)	$	303	$	1,772
2023	528		1,576
2024	305		2,730
2025	315		1,744
2026	324		1,760
2027 and thereafter	706		30,499
Total	2,481		40,081
Less: Amounts representing present value discounts	317		21,607
Total lease liabilities	2,164		18,474
Less: current portion	430		2,125
Long-term portion	$	1,734	$	16,349

Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,480	$ 9,470
Accumulated Amortization	(1,485)	(532)
Identifiable Intangible Assets, net	$ 7,995	$ 8,938
Weighted-Average Useful Life (Years)	7 years 10 months 24 days	7 years 10 months 24 days
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,580	$ 4,575
Accumulated Amortization	(888)	(368)
Identifiable Intangible Assets, net	$ 3,692	$ 4,207
Weighted-Average Useful Life (Years)	7 years 4 months 24 days	7 years 3 months 18 days
Defensive assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,900	$ 4,895
Accumulated Amortization	(597)	(164)
Identifiable Intangible Assets, net	$ 4,303	$ 4,731
Weighted-Average Useful Life (Years)	8 years 4 months 24 days	8 years 4 months 24 days

Debt - Future Principal Payments for Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2022 (remaining)	$ 39
2023	159
2024	67,167
2025	30
Long-term debt, total	$ 67,395	$ 66,962

- Definition

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Property, Plant, and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

The following table sets forth the Company’s property, plant and equipment by classification (in thousands) as of:


	September 30, 2022		December 31, 2021
Land	$	6,452	$	410
Plant facilities and infrastructure			76,310		84,117
Machinery and equipment			89,797		25,369
Furniture and office equipment			2,699		2,550
Software			2,134		1,564
Construction in progress	56,713		88,990
Total property, plant and equipment			234,105		203,000
Less accumulated depreciation and amortization			(68,101)		(63,859)
Property, plant and equipment, net			$	166,004	$	139,141

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net loss	$ (43,786)	$ (14,380)	$ (72,620)	$ (42,690)
Other comprehensive income (loss)
Unrealized gain (loss) on available-for-sale securities	88	11	(1,554)	(296)
Comprehensive loss	$ (43,698)	$ (14,369)	$ (74,174)	$ (42,986)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442526-122756

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 10
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-URI https://asc.fasb.org/extlink&oid=126975872&loc=SL124442552-122756

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 35: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

+ Details

Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Outstanding , Beginning Balance (in shares) \| shares	6,882,502,000
Granted (in shares) \| shares	2,348,105,000
Vested and issued (in shares) \| shares	(3,484,585,000)
Canceled or forfeited (in shares) \| shares	(374,842,000)
Nonvested, Ending Balance (in shares) \| shares	5,371,180,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Outstanding , Beginning Balance (in dollars per share) \| $ / shares	$ 3.77
Granted (in dollars per share) \| $ / shares	2.58
Vested and issued (in dollars per share) \| $ / shares	2.85
Canceled or forfeited (in dollars per share) \| $ / shares	4.90
Nonvested, Ending Balance (in dollars per share) \| $ / shares	$ 3.95

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2022

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following table sets forth the Company’s identifiable intangible assets by classification (in thousands) as of:


	September 30, 2022
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, net		Weighted-Average Useful Life (Years)
Patents	$	4,580	$	(888)	$	3,692	7.4
Defensive assets	4,900		(597)		4,303		8.4
Identifiable intangible assets	$	9,480	$	(1,485)	$	7,995	7.9


	December 31, 2021
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net		Weighted-Average Useful Life (Years)
Patents	$	4,575	$	(368)	$	4,207	7.3
Defensive assets	4,895		(164)		4,731		8.4
Identifiable intangible assets	$	9,470	$	(532)	$	8,938	7.9

Schedule of Estimated Net Amortization of Identifiable Intangible Assets

The following table details the estimated amortization of identifiable intangible assets as of September 30, 2022 (in thousands):


Year ending December 31,	Patents		Defensive Assets		Total
2022 (remaining)	$	151	$	153	$	304
2023	578		586		1,164
2024	580		588		1,168
2025	578		586		1,164
2026	578		586		1,164
2027 and thereafter	1,227		1,804		3,031
Total	$	3,692	$	4,303	$	7,995