0001392380-24-000014 | 10-Q | XBRL Viewer

Net Loss per Share (Tables)

3 Months Ended

Mar. 31, 2024

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


	Three Months Ended March 31,
	2024		2023
Net loss	$	(18,875)	$	(17,618)
Basic weighted-average shares outstanding		240,844,334		237,260,681
Net loss per share - basic and diluted	$	(0.08)	$	(0.07)

Leases, Right-of-Use Assets and Related Liabilities

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases, Right-of-Use Assets and Related Liabilities

7.	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, and two operating lease contracts for additional office space in Albuquerque, New Mexico, and San Diego, California, which expire in 2025. These leases contain options to extend the leases, which management does not reasonably expect to exercise, so they are not included in the length of the terms.

The Company 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 a gas upgrade facility with related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. These leases expire at various dates between 2031 and 2050. The Company accounts for lease components separately from non-lease components for the Company’s dairy lease asset class. The total consideration in the lease agreement is allocated to the lease and non-lease components based on their relative standalone selling prices.

The following tables present the (i) other quantitative information and (ii) 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 March 31,
	2024			2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	23		$	23
Operating cash flows from operating leases	$	71		$	74
Finance cash flows from finance leases	$	2		$	2
Right-of-use asset obtained in exchange for new operating lease liabilities	$	35		$	—
Weighted-average remaining lease term, finance lease (months)		303			308
Weighted-average remaining lease term, operating leases (months)		54			61
Weighted-average discount rate - finance leases⁽¹⁾		12	%		12	%
Weighted-average discount rate - operating leases⁽¹⁾		6	%		5	%

(1)

Our leases do not provide an implicit interest rate, and 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.


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	339	$	28
2025		411		25
2026		367		25
2027		335		26
2028		345		25
2029 and thereafter		—		523
Total		1,797		652
Less: amounts representing present value discounts		211		441
Total lease liabilities		1,586		211
Less: current portion		364		25
Non-current portion	$	1,222	$	186

Leases, Right-of-Use Assets and Related Liabilities


	Three Months Ended March 31,
	2024			2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	23		$	23
Operating cash flows from operating leases	$	71		$	74
Finance cash flows from finance leases	$	2		$	2
Right-of-use asset obtained in exchange for new operating lease liabilities	$	35		$	—
Weighted-average remaining lease term, finance lease (months)		303			308
Weighted-average remaining lease term, operating leases (months)		54			61
Weighted-average discount rate - finance leases⁽¹⁾		12	%		12	%
Weighted-average discount rate - operating leases⁽¹⁾		6	%		5	%

(1)


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	339	$	28
2025		411		25
2026		367		25
2027		335		26
2028		345		25
2029 and thereafter		—		523
Total		1,797		652
Less: amounts representing present value discounts		211		441
Total lease liabilities		1,586		211
Less: current portion		364		25
Non-current portion	$	1,222	$	186

Accounts Payable and Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2024

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 the Consolidated Balance Sheets (in thousands) as of:


	March 31, 2024		December 31, 2023
Accounts payable	$	3,600	$	2,718
Accrued liabilities		4,882		6,448
Accrued construction in progress		9,554		6,965
Accrued payroll and related benefits		3,520		6,621
Total accounts payable and accrued liabilities	$	21,556	$	22,752

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2024 USD ($)
Income Tax Disclosure [Abstract]
Provision for income tax	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies - Narrative (Details)	1 Months Ended	3 Months Ended
Commitments and Contingencies - Narrative (Details)	Sep. 30, 2022 USD ($)	Mar. 31, 2024 USD ($) contract item
Gain Contingencies [Line Items]
Liabilities associated with indemnities		$ 0
Losses accrual for known contingent liability		0
Environmental liabilities		$ 0
Number of long-term fuel supply contracts \| contract		3
Contractual obligation		$ 35,000,000.0
Number of commitments with collateral \| item		2
Commitment collateral, percentage of renewable energy credits		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

Debt

3 Months Ended

Mar. 31, 2024

Debt Disclosure [Abstract]

Debt

13.

Debt

2021 Bond Issuance

On April 15, 2021, on behalf of Gevo NW Iowa RNG, LLC, the Iowa Finance Authority (the “Issuer”) 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 were used as a source of construction financing alongside equity from the Company. The 2021 Bonds were issued under a Trust Indenture dated April 1, 2021 (the “Indenture”) between the Issuer and Citibank, N.A. as trustee (the “Trustee”). The 2021 Bonds mature April 1, 2042. The bonds 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 1.1%. The 2021 Bonds are supported by the $71.2 million Bond Letter of Credit; see Note 5, 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 2021 Bonds are callable and re-marketable on or after October 1, 2022. If the 2021 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 March 31, 2024, 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 non-current debt and is presented net of the premium and issuance costs, which are being amortized over the life of the 2021 Bonds using the interest method. As of March 31, 2024 all premiums and debt issuance costs were fully amortized. As of December 31, 2023, the premium balance and the debt issuance cost net of amortization were $0.1 million and $0.3 million, respectively.

2024 Bond Remarketing

On April 1, 2024 (the “Conversion Date”), the 2021 Bonds became subject to mandatory tender for purchase and have been remarketed to bear interest in a new term rate period (the “Remarketed Bonds”). In connection with the conversion and remarketing of the 2021 Bonds on the Conversion Date, the original Indenture was amended by a First Supplemental Indenture dated as of April 1, 2024 (together with the original Indenture the “First Supplemental Indenture,”) between the Issuer and the Trustee. The original bond financing agreement was amended by a First Supplemental Bond Financing Agreement dated as of April 1, 2024 (together with the original bond financing Agreement, the “First Supplemental Bond Financing Agreement”) between the Issuer and the Company.

The Remarketed Bonds retained the same maturity date of April 1, 2042. The Remarketed Bonds now bear interest of 3.875% per annum during the Initial Term Rate Period (as defined in the Indenture), payable semi-annually on October 1 and April 1 of each year. The effective interest rate is 1.2%. The Company incurred approximately $1.7 million of debt issuance costs associated with the remarketing. The Remarketed Bonds are supported by a $69.6 million New Letter of Credit; see Note 5, Restricted Cash, issued to the incumbent Trustee that can draw sufficient amounts on the New Letter of Credit to pay the principal and interest, in case of default, until the first mandatory tender date of March 31, 2026. The Remarketed Bonds are callable and re-marketable on or after November 1, 2024. If the Remarketed 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.

Loans Payable

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 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 $0.2 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	March 31, 2024		December 31, 2023
2021 Bonds, net	1.5%	April 2042	$	68,155	$	67,967
SBA Loans	1.0%	April 2025		94		119
Equipment	4% to 5%	December 2023 to December 2024		24		32
Total debt				68,273		68,118
Less: current portion				(118)		(68,097)
Non-current portion			$	68,155	$	21

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


Year Ending December 31,	Total Debt
2024	$	97
2025		21
2026		68,155
Total debt	$	68,273

- 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://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 1C
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Revenues from Contracts with Customers and Other Revenue (Tables)

3 Months Ended

Mar. 31, 2024

Revenues from Contracts with Customers and Other Revenue

Schedule of Disaggregation of Revenue

The following table displays the Company’s revenue by major source based on product type (in thousands):


	Three Months Ended March 31,
Major Goods/Service Line	2024		2023
Renewable natural gas	$	219	$	130
Environmental attributes		3,771		3,533
Other hydrocarbon revenue - ethanol, isooctane, IBA		—		397
Total operating revenue	$	3,990	$	4,060

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at March 31, 2024, and December 31, 2023 are as follows (in thousands):

Fair Value Measurements at March 31, 2024

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Fair Value at

Identical

Observable

Unobservable

March 31,

Assets

Inputs

2024

(Level 1)

(Level 2)

(Level 3)

Cash and cash equivalents ⁽¹⁾

270,642

—

Fair Value Measurements at December 31, 2023

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Fair Value at

Identical

Observable

Unobservable

December 31,

Assets

Inputs

2023

(Level 1)

(Level 2)

(Level 3)

Cash and cash equivalents ⁽¹⁾

298,349

—

(1)	Cash and cash equivalents includes $258.2 million and $283.2 million invested in U.S. government money market funds as of March 31, 2024 and December 31, 2023, respectively.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values and estimated fair values of the 2021 Bonds as of March 31, 2024, are summarized as follows (in thousands):


	Carrying		Estimated
	Value		Fair Value
2021 Bonds	$	68,155	$	66,482

CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock shares issued (in shares)	239,576,404	240,499,833
Common stock, shares outstanding (in shares)	239,576,404	240,499,833

Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stockholders' Equity

18.	Stockholders’ Equity

Share Issuances

In January 2024 the Company filed Form S-3, which included a base prospectus which covers the offer, issuance and sale of up to an aggregate of $750.0 million of the registrant’s common stock, preferred stock, debt securities, depositary shares, warrants, purchase contracts and units and an at-the-market offering prospectus supplement covering the offering, issuance and sale by the registrant of up to a maximum aggregate offering price of $500.0 million of the Company’s common stock that may be issued and sold under an at-the-market-offering agreement.

As of March 31, 2024, the Company has remaining capacity to issue up to approximately $500.0 million of common stock under the at-the-market offering program.

In June 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 March 31, 2024, 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.

Stock Repurchase Program

On May 30, 2023, the Company authorized a stock repurchase program, under which it may repurchase up to $25 million of its common stock. The primary goal of the repurchase program is to allow the Company to opportunistically repurchase shares, while maintaining the Company’s ability to fund its development projects. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of stock repurchases, if any, will be in the Company’s sole discretion and will be dependent on market conditions, applicable securities laws, and other factors. The stock repurchase program may be suspended or discontinued at any time by the Company and does not have an expiration date.

The Company repurchased 2.1 million shares of common stock for $1.4 million under the stock repurchase program during the three months ended March 31, 2024.

In April 2024, the Company repurchased 3.3 million shares of common stock for $2.3 million under the stock repurchase program.

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 a component of 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.

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

Shares

Issued upon

Underlying

Shares

Warrant

Warrants

Exercise

Underlying

Exercises as

Outstanding

Price as of

Warrants on

as of

Issuance

Expiration

March 31,

Issuance

March 31,

Date

2024

Date

2024

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 three months ended March 31, 2024, no warrants were exercised.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 14
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-16

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

+ Details

Restricted Cash

3 Months Ended

Mar. 31, 2024

Restricted Cash and Cash Equivalents [Abstract]

Restricted Cash

5.	Restricted Cash

As of March 31, 2024, non-current restricted cash of $69.9 million consists of amounts held as collateral for letters of credit to provide financing support for the Company’s 2021 Bonds (as defined below).

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 13, Debt, for additional information on the 2021 Bonds. The Bond Letter of Credit has a 0.5% annual fee and would have expired April 4, 2024 (but was terminated earlier and replaced with the New Bond Letter of Credit on April 1, 2024 as described below). The Company deposited $71.2 million with Citibank as restricted cash to secure any amounts drawn under the Bond Letter of Credit. As of March 31, 2024, no amounts have been drawn under the Bond Letter of Credit.

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 a 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). In January 2024, Citibank was notified by the local electric utility company to close the letter of credit, as the Company has discontinued its relationship with the local utility and fulfilled all obligations under the Power Letter of Credit.

The Company is entitled to receive interest income on the restricted cash, and recorded interest income of $0.9 million and $0.7 million for the three months ended March 31, 2024, and 2023, respectively, included in “Other income, net” in the Consolidated Statements of Operations.

In April 2024, the Company entered into an irrevocable direct pay letter of credit (the “New Bond Letter of Credit”) with Citibank to support the Remarketed Bonds (as defined below). See Note 13, Debt, for additional information on the Remarketed Bonds. The New Bond Letter of Credit has a 0.75% annual fee and expires April 6, 2026 (unless terminated earlier). The Company maintained $69.6 million of the existing collateral with Citibank as restricted cash to secure any amounts drawn under the New Bond Letter of Credit, with $0.3 million of the balance as of March 31, 2024, returned to the Company in the second quarter of 2024.

Debt - 2021 Bonds and Loans Payable - Other (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Apr. 15, 2021
Debt Instrument [Line Items]
Long-term debt, total	$ 68,273	$ 68,118
Less: current portion	(118)	(68,097)
Non-current portion	$ 68,155	21
2021 Bonds, net
Debt Instrument [Line Items]
Interest Rate			1.50%
Loans Payable \| 2021 Bonds, net
Debt Instrument [Line Items]
Interest Rate	1.50%
Long-term debt, total	$ 68,155	67,967
Loans Payable \| SBA Loans
Debt Instrument [Line Items]
Interest Rate	1.00%
Long-term debt, total	$ 94	119
Loans Payable \| Equipment
Debt Instrument [Line Items]
Long-term debt, total	$ 24	$ 32
Loans Payable \| Equipment \| Minimum
Debt Instrument [Line Items]
Interest Rate	4.00%
Loans Payable \| Equipment \| Maximum
Debt Instrument [Line Items]
Interest Rate	5.00%

Income Taxes

3 Months Ended

Mar. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

15.	Income Taxes

The 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 our 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
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Prepaid and Other Current Assets (Tables)

3 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of 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:


	March 31, 2024		December 31, 2023
Prepaid insurance	$	1,826	$	568
Interest receivable		1,195		1,331
Prepaid feedstock		1,097		1,097
Other current assets		1,290		1,357
Total prepaid expenses and other current assets	$	5,408	$	4,353

Property, Plant, and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 317,935	$ 297,878
Less: accumulated depreciation and amortization	(90,261)	(86,315)
Property, plant and equipment, net	227,674	211,563
Land
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	6,505	6,505
Plant facilities and infrastructure
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	77,426	77,329
Machinery and equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	95,581	95,212
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	2,881	2,864
Software
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,656	1,636
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 133,886	$ 114,332

Net Loss per Share

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

3.	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 26,668 and 58,651 of dilutive common stock equivalents have been excluded for the three months ended March 31, 2024 and 2023, respectively, as the Company is in a net loss position. See Notes 14 and 18 for all outstanding options and warrants that were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options and warrants exceeded the average price of the Company’s common stock during the reporting period, and therefore are anti-dilutive.

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


	Three Months Ended March 31,
	2024		2023
Net loss	$	(18,875)	$	(17,618)
Basic weighted-average shares outstanding		240,844,334		237,260,681
Net loss per share - basic and diluted	$	(0.08)	$	(0.07)

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities
Net loss	$ (18,875)	$ (17,618)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,233	4,677
Depreciation and amortization	4,451	4,575
Amortization of marketable securities discount	0	(114)
Other noncash expense	656	234
Changes in operating assets and liabilities:
Accounts receivable	135	(429)
Inventories	(55)	1,650
Prepaid expenses and other current assets, deposits and other assets	(3,297)	(2,193)
Accounts payable, accrued expenses and non-current liabilities	(3,326)	446
Net cash used in operating activities	(16,078)	(8,772)
Investing Activities
Acquisitions of property, plant and equipment	(17,512)	(22,093)
Proceeds from maturity of marketable securities	0	135,550
Proceeds from sale of property, plant and equipment	0	67
Net cash (used in) provided by investing activities	(17,512)	113,524
Financing Activities
Payment of loans payable	(32)	(39)
Payment of finance lease liabilities	(23)	(23)
Repurchases of common stock	(1,397)	0
Net cash used in by financing activities	(1,452)	(62)
Net (decrease) increase in cash and cash equivalents	(35,042)	104,690
Cash, cash equivalents and restricted cash at beginning of period	375,597	315,376
Cash, cash equivalents and restricted cash at end of period	340,555	420,066
Schedule of cash, cash equivalents and restricted cash
Cash and cash equivalents	270,642	342,298
Restricted cash (current)		1,032
Restricted cash (non-current)	69,913	76,736
Total cash, cash equivalents and restricted cash	340,555	420,066
Supplemental disclosures of cash and non-cash investing and financing transactions
Cash paid for interest	770	515
Non-cash purchase of property, plant and equipment	9,554	13,277
Right-of-use asset purchased with operating lease	$ 35	$ 0

Stockholders' Equity- Narrative (Details) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended
	Apr. 30, 2024 USD ($) shares	Jan. 31, 2024 USD ($)	Jun. 30, 2022 USD ($) $ / shares shares	Mar. 31, 2024 USD ($) $ / shares shares	May 30, 2023 USD ($)
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares				33,419,267
Warrants exercised (in shares) \| shares				0
Stock repurchase program, authorized amount \| $					$ 25,000
Repurchase of common stock (in shares) \| shares				2,100,000
Repurchase of common stock \| $				$ 1,397
Subsequent Event
Class of Warrant or Right [Line Items]
Repurchase of common stock (in shares) \| shares	3,300,000
Repurchase of common stock \| $	$ 2,300
Maximum
Class of Warrant or Right [Line Items]
Issuance of stock aggregate value \| $		$ 750,000
Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares				33,333,336
Warrants exercisable term (in years)			5 years
Warrant exercise price (in dollars per share) \| $ / shares			$ 4.37	$ 4.37
Warrants exercised (in shares) \| shares				0
Warrants and rights outstanding \| $			$ 92,900
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) \| shares				85,931
Warrant exercise price (in dollars per share) \| $ / shares				$ 0.60
Warrants and rights outstanding \| $			$ 8,300
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
At The Market Offering
Class of Warrant or Right [Line Items]
Offering program remaining capacity \| $				$ 500,000
At The Market Offering \| Maximum
Class of Warrant or Right [Line Items]
Aggregate offering price \| $		$ 500,000
June 2022 Offering
Class of Warrant or Right [Line Items]
Sale of stock, Issuance of common stock (in shares) \| shares			33,333,336
Sale of stock, price (in dollars per share) \| $ / shares			$ 4.50
Proceeds from issuance or sale of stock \| $			$ 139,200
June 2022 Offering \| Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares) \| shares			33,333,336

Inventories (Tables)

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	March 31, 2024		December 31, 2023
Raw materials	$	97	$	104
Finished goods
SAF, Isooctane, Isooctene and other		1,167		1,167
Work in process
Environmental attributes		1,947		2,067
Spare parts		551		471
Total inventories	$	3,762	$	3,809

Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	$ 876
2025	1,168
2026	1,168
2027	1,168
2028	1,168
2029 and thereafter	684
Identifiable Intangible Assets, net	6,232	$ 6,524
Patents
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	437
2025	582
2026	582
2027	582
2028	582
2029 and thereafter	49
Identifiable Intangible Assets, net	2,814	2,959
Defensive assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2024	439
2025	586
2026	586
2027	586
2028	586
2029 and thereafter	635
Identifiable Intangible Assets, net	$ 3,418	$ 3,565

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 270,642	$ 298,349
Restricted cash		77,248
Trade accounts receivable, net	2,488	2,623
Inventories	3,762	3,809
Prepaid expenses and other current assets	5,408	4,353
Total current assets	282,300	386,382
Property, plant and equipment, net	227,674	211,563
Restricted cash	69,913
Operating right-of-use assets	1,295	1,324
Finance right-of-use assets	208	210
Intangible assets, net	6,232	6,524
Deposits and other assets	45,949	44,319
Total assets	633,571	650,322
Current liabilities
Accounts payable and accrued liabilities	21,556	22,752
Operating lease liabilities	364	532
Finance lease liabilities	25	45
Loans payable	118	130
2021 Bonds payable, net		67,967
Total current liabilities	22,063	91,426
2021 Bonds payable, net	68,155
Loans payable		21
Operating lease liabilities	1,222	1,299
Finance lease liabilities	186	187
Total liabilities	91,626	92,933
Stockholders' Equity
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 239,576,404 and 240,499,833 shares issued and outstanding at March 31, 2024, and December 31, 2023, respectively.	2,396	2,405
Additional paid-in capital	1,280,021	1,276,581
Accumulated deficit	(740,472)	(721,597)
Total stockholders' equity	541,945	557,389
Total liabilities and stockholders' equity	$ 633,571	$ 650,322

Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 4,233	$ 4,677
Equity Classified Awards \| Cost of production
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	13	18
Equity Classified Awards \| General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	3,688	3,923
Equity Classified Awards \| Other
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 532	$ 736

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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
-Topic 718
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF OPERATIONS
Total operating revenues	$ 3,990	$ 4,060
Operating expenses:
Cost of production	2,587	4,425
Depreciation and amortization	4,451	4,575
Research and development expense	1,548	1,198
General and administrative expense	12,150	10,761
Project development costs	5,319	2,959
Facility idling costs	1,076	999
Total operating expenses	27,131	24,917
Loss from operations	(23,141)	(20,857)
Other income (expense)
Interest expense	(542)	(539)
Interest and investment income	4,593	3,784
Other income (expense), net	215	(6)
Total other income, net	4,266	3,239
Net loss	$ (18,875)	$ (17,618)
Net loss per share - basic (in dollars per share)	$ (0.08)	$ (0.07)
Net loss per share - diluted (in dollars per share)	$ (0.08)	$ (0.07)
Weighted-average number of common shares outstanding - basic (in shares)	240,844,334	237,260,681
Weighted-average number of common shares outstanding - diluted (in shares)	240,844,334	237,260,681

Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details)	Mar. 31, 2024 contract site
Leases [Abstract]
Number of operating lease	2
Number of finance lease	4
Number of digester sites \| site	3

Accounts Payable and Accrued Liabilities

3 Months Ended

Mar. 31, 2024

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

12.

Accounts Payable and Accrued Liabilities

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


	March 31, 2024		December 31, 2023
Accounts payable	$	3,600	$	2,718
Accrued liabilities		4,882		6,448
Accrued construction in progress		9,554		6,965
Accrued payroll and related benefits		3,520		6,621
Total accounts payable and accrued liabilities	$	21,556	$	22,752

Stockholders' Equity - Shares Issued Upon Exercise of Warrants (Details) - $ / shares	Mar. 31, 2024	Jun. 30, 2022
Class of Warrant or Right [Line Items]
Shares Underlying Warrants Issuance (in shares)	63,333,336
Shares Issued upon Warrant Exercises (in shares)	29,914,069
Shares Underlying Warrants Outstanding (in shares)	33,419,267
Series 2020-A Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)	$ 0.60
Shares Underlying Warrants Issuance (in shares)	30,000,000
Shares Issued upon Warrant Exercises (in shares)	29,914,069
Shares Underlying Warrants Outstanding (in shares)	85,931
Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrant exercise price (in dollars per share)	$ 4.37	$ 4.37
Shares Underlying Warrants Issuance (in shares)	33,333,336
Shares Issued upon Warrant Exercises (in shares)	0
Shares Underlying Warrants Outstanding (in shares)	33,333,336

Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$ 23	$ 23
Operating cash flows from operating leases	71	74
Finance cash flows from finance leases	2	2
Right-of-use asset obtained in exchange for new operating lease liabilities	$ 35	$ 0
Weighted-average remaining lease term, finance lease (months)	303 months	308 months
Weighted-average remaining lease term, operating leases (months)	54 months	61 months
Weighted-average discount rate - finance leases	12.00%	12.00%
Weighted-average discount rate - operating leases	6.00%	5.00%

Revenues from Contracts with Customers and Other Revenue

3 Months Ended

Mar. 31, 2024

Revenues from Contracts with Customers and Other Revenue

Revenues from Contracts with Customers and Other Revenue

2.	Revenues from Contracts with Customers and Other Revenue

RNG Revenue

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. The customer obtains control of the product upon RNG delivery into gas pipeline system, whereas the title and control for the environmental attributes are transferred to the customer subsequent to the issuance of such attributes by the relevant regulatory agency. 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. All material contracts have payment terms of between one to three months and there are no return or refund rights.

Licensing and Development Revenue

The Company’s licensing and development revenue is related to a joint development agreement with LG Chem, Ltd. ("LG Chem") to develop bio-propylene for renewable chemicals using Gevo’s Ethanol-to-Olefins ("ETO") technology. As the contractually promised intellectual properties (“IP”) are not individually distinct, the Company combined each individual IP noted in the contract into a bundle of IP (“IP Rights”) that is distinct and accounted for all of the IP Rights promised in the contract as a single performance obligation. The IP Rights granted were “functional IP rights” that have significant standalone functionality. The Company’s subsequent activities do not substantively change that functionality and do not significantly affect the utility of the IP to which the licensee has rights. The Company has no further obligation with respect to the grant of IP Rights, including no expressed or implied obligation to maintain or upgrade the technology, or provide future support or services. Licensees legally obtain control of the IP Rights upon execution of the contract. As such, the earnings process is complete and revenue is recognized upon the execution of the contract, when collectability is probable and all other revenue recognition criteria have been met.

The Company realized $1.3 million in Q2 2023 when the first milestone was met under the joint development agreement, and expects to receive another $0.8 million in Q2 2024 due to the achievement of the second milestone in April 2024.

Other Hydrocarbon Revenue

The Company recorded limited revenues from its development-scale plant, the Luverne Facility, during the three months ended March 31, 2023. 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.

The following table displays the Company’s revenue by major source based on product type (in thousands):


	Three Months Ended March 31,
Major Goods/Service Line	2024		2023
Renewable natural gas	$	219	$	130
Environmental attributes		3,771		3,533
Other hydrocarbon revenue - ethanol, isooctane, IBA		—		397
Total operating revenue	$	3,990	$	4,060

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: 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
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Nature of Business, Financial Condition and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2024
Nature of Business, Financial Condition and Basis of Presentation
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 the 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 three months ended, March 31, 2024, 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, 2023. The financial statements at December 31, 2023, 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, 2023 (the “2023 Annual Report”).
Governmental Grants	Governmental Grants There is no U.S. GAAP that explicitly covers accounting for government "grants" to for-profit entities, with the exception of certain agricultural subsidies. In the absence of authoritative U.S. GAAP guidance, the Company considered the application of other authoritative accounting guidance by analogy and concluded that the guidance outlined in International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (“IAS 20”) was the most appropriate analogy for the purpose of recording and classifying the federal funds received by the Company. Under IAS 20, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the periods in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate. The Company recognizes grants once both of the following conditions are met: (1) the Company is able to comply with the relevant conditions of the grant and (2) the grant is received. Further, IAS 20 permits for the recognition in earnings either (1) separately under a general heading such as other income, or (2) as a reduction of the related expenses. The Company records such grants either as a reduction of the related expense, a reduction of the cost of the related asset, or as other income depending upon the nature of the grant. In September 2023, the Company executed a Notice of Grant and Agreement Award with the U.S. Department of Agriculture (“USDA”) for a Partnerships for Climate-Smart Commodities grant of up to $30.0 million for Gevo’s Climate-Smart Farm-to-Flight Program (the “USDA Grant”), with project activity beginning in 2023 and continuing through 2027. The project expects to create critical structural climate-smart market incentives for corn with a low carbon intensity (“CI”) score as well as to accelerate the production of SAF to reduce the sector’s dependency on fossil-based fuels. In addition, this program will help provide support and incentive payments for farmers to produce, measure, report and verify low CI corn using climate smart agricultural practices, as well as accelerate development of the low-CI corn supply chain for low-carbon ethanol and SAF. During the three months ended March 31, 2024, the Company incurred $0.7 million of costs under the USDA Grant, which are included in Project development costs in the Consolidated Statement of Operations. During the three months ended March 31, 2024, the Company recognized $0.8 million of grant reimbursements, included in Project development costs in the Consolidated Statement of Operations, which represent reimbursements for prior period costs. The Company expects to be reimbursed for all remaining costs not yet reimbursed by the USDA under the grant in future periods.
Recently Issued, Not Yet Adopted Accounting Pronouncements	Recently Issued, Not Yet Adopted Accounting Pronouncements Segment Reporting. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, ASC 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that ASU 2023-07 may have on its financial statements and related disclosures when adopted.

Deposits and Other Assets

3 Months Ended

Mar. 31, 2024

Other Assets, Noncurrent [Abstract]

Deposits and Other Assets

11.	Deposits and Other Assets

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


	March 31, 2024		December 31, 2023
Deposits⁽¹⁾	$	167	$	166
Prepaid feedstock ⁽²⁾		1,562		440
Equity interest ⁽³⁾		1,500		1,500
Exclusivity fees⁽⁴⁾		583		583
Deposits receivable ⁽⁵⁾		34,217		33,602
Other assets, net ⁽⁶⁾		7,920		8,028
Total deposits and other assets	$	45,949	$	44,319

(1)	Deposits for services.

(2)	Prepaid feedstock fees, non-current, for the production of RNG.

(3)

The Company directly holds a 4.3% interest in the Series A Preferred Stock of Zero6 Clean Energy Assets, Inc. (“Zero6”), formerly Juhl Clean Energy Assets, Inc., which is not a publicly listed entity with a readily determinable fair value. The Company therefore measures the securities at cost. Recent observable equity raises indicated no impairment issues. This ownership interest is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC (“RCWF”), a Zero6 subsidiary, see Note 16, Commitments and Contingencies, for additional information.

(4)	Axens will provide certain alcohol-to-SAF technologies and services exclusively provided to the Company which may be offset against future license fees subject to the delivery of a process design package.

(5)

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 $28.7 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.

(6)	Pre-operation payments for sand separation systems to process manure feedstock which were allocated to the non-lease fuel supply, being amortized over the life of the project.

Debt (Tables)

3 Months Ended

Mar. 31, 2024

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	March 31, 2024		December 31, 2023
2021 Bonds, net	1.5%	April 2042	$	68,155	$	67,967
SBA Loans	1.0%	April 2025		94		119
Equipment	4% to 5%	December 2023 to December 2024		24		32
Total debt				68,273		68,118
Less: current portion				(118)		(68,097)
Non-current portion			$	68,155	$	21

Schedule of Future Principal Payments for Debt

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


Year Ending December 31,	Total Debt
2024	$	97
2025		21
2026		68,155
Total debt	$	68,273

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accounts payable	$ 3,600	$ 2,718
Accrued liabilities	4,882	6,448
Accrued construction in progress	9,554	6,965
Accrued payroll and related benefits	3,520	6,621
Total accounts payable and accrued liabilities	$ 21,556	$ 22,752

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Other Commitments [Line Items]
2024	$ 31,632
2025	16,458
2026	1,846
2027	2,188
2028	1,881
2029 and thereafter	27,428
Purchase Obligation, Total	81,433
Fuel Supply Payments
Other Commitments [Line Items]
2024	3,111
2025	1,702
2026	1,718
2027	2,060
2028	1,753
2029 and thereafter	25,979
Purchase Obligation, Total	36,323
Zero6 Commitment
Other Commitments [Line Items]
2024	28,045
2025	14,628
2026	0
2027	0
2028	0
2029 and thereafter	0
Purchase Obligation, Total	42,673
Renewable Energy Credits
Other Commitments [Line Items]
2024	96
2025	128
2026	128
2027	128
2028	128
2029 and thereafter	1,449
Purchase Obligation, Total	2,057
Electricity Above Use (Est.)
Other Commitments [Line Items]
2024	380
Purchase Obligation, Total	$ 380

Net Loss per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (18,875)	$ (17,618)
Net loss	$ (18,875)	$ (17,618)
Basic weighted-average shares outstanding (in shares)	240,844,334	237,260,681
Net loss per share - basic (in dollars per share)	$ (0.08)	$ (0.07)
Net loss per share - diluted (in dollars per share)	$ (0.08)	$ (0.07)

- Definition

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

+ References

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-Topic 250
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+ Details

- 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.

+ References

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

- 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

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Stock-based Compensation Expense

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


	Three Months Ended March 31,
	2024		2023
Cost of production	$	13	$	18
General and administrative		3,688		3,923
Other		532		736
Total stock-based compensation	$	4,233	$	4,677

Schedule Stock Option Award Activity

Stock option activity under the Company’s stock incentive plans and changes during the three months ended March 31, 2024, were as follows:


				Weighted-
				Average
		Weighted-		Remaining
		Average		Contractual		Aggregate
	Number of	Exercise		Term		Intrinsic
	Options	Price ⁽¹⁾		(years)		Value
Options outstanding at December 31, 2023	8,109,123	$	3.51		8.8	$	—
Granted	—	$	—			$	—
Canceled or forfeited	(145,190)	$	2.74			$	—
Exercised	—	$	—			$	—
Options outstanding at March 31, 2024	7,963,933	$	3.53		8.6	$	—
Options vested and expected to vest at March 31, 2024	3,001,384	$	4.80		7.8	$	—

(1)	Exercise price of options outstanding ranges from $1.15 to $876 as of March 31, 2024. The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018.

Schedule of Non-vested Restricted Stock Awards

The Company periodically grants restricted stock awards to employees and directors. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, which for awards that vest based on a service period is generally two to three years.


		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Outstanding at December 31, 2023	6,159,341	$	2.30
Granted	668,281	$	0.97
Vested and issued	(236,394)	$	1.45
Canceled or forfeited	(108,403)	$	1.99
Non-vested at March 31, 2024	6,482,825	$	2.21

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

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Schedule of Lease, Cost


	Three Months Ended March 31,
	2024			2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	23		$	23
Operating cash flows from operating leases	$	71		$	74
Finance cash flows from finance leases	$	2		$	2
Right-of-use asset obtained in exchange for new operating lease liabilities	$	35		$	—
Weighted-average remaining lease term, finance lease (months)		303			308
Weighted-average remaining lease term, operating leases (months)		54			61
Weighted-average discount rate - finance leases⁽¹⁾		12	%		12	%
Weighted-average discount rate - operating leases⁽¹⁾		6	%		5	%

(1)

Schedule of Operating Lease, Liability, Fiscal Year Maturity


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	339	$	28
2025		411		25
2026		367		25
2027		335		26
2028		345		25
2029 and thereafter		—		523
Total		1,797		652
Less: amounts representing present value discounts		211		441
Total lease liabilities		1,586		211
Less: current portion		364		25
Non-current portion	$	1,222	$	186

Schedule of Finance Lease, Liability, Fiscal Year Maturity


Year Ending December 31,	Operating Leases		Finance Leases
2024	$	339	$	28
2025		411		25
2026		367		25
2027		335		26
2028		345		25
2029 and thereafter		—		523
Total		1,797		652
Less: amounts representing present value discounts		211		441
Total lease liabilities		1,586		211
Less: current portion		364		25
Non-current portion	$	1,222	$	186

Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment Reporting Information [Line Items]
Revenues	$ 3,990	$ 4,060
Depreciation and amortization	(4,451)	(4,575)
Loss from operations	(23,141)	(20,857)
Interest income	4,569	3,688
Interest expense	(542)	(539)
Acquisitions of property, plant, and equipment	17,512	22,093
Total assets	633,571		$ 650,322
Operating Segments \| Gevo
Segment Reporting Information [Line Items]
Revenues		397
Depreciation and amortization	(455)	(438)
Loss from operations	(19,645)	(15,499)
Interest income	4,569	3,688
Interest expense	(93)	(88)
Acquisitions of property, plant, and equipment	16,505	20,636
Total assets	505,553		519,994
Operating Segments \| Agri-Energy
Segment Reporting Information [Line Items]
Depreciation and amortization	(2,622)	(2,629)
Loss from operations	(3,272)	(3,147)
Interest expense		(4)
Acquisitions of property, plant, and equipment	474
Total assets	27,043		28,818
Operating Segments \| Renewable Natural Gas
Segment Reporting Information [Line Items]
Revenues	3,990	3,663
Depreciation and amortization	(1,374)	(1,508)
Loss from operations	(224)	(2,211)
Interest expense	(449)	(447)
Acquisitions of property, plant, and equipment	533	$ 1,457
Total assets	$ 100,975		$ 101,510

Variable Interest Entities

3 Months Ended

Mar. 31, 2024

Nature of Business, Financial Condition and Basis of Presentation

Variable Interest Entities

19.	Variable Interest Entities

The Company has entered into agreements with Zero6 Energy Development, Inc. (“ZEDI”) to facilitate the development and construction of facilities to provide carbon neutral power to NZ1. ZEDI established two wholly owned subsidiaries, structured as limited liability companies, to operate the power facilities.

Nonconsolidated VIEs

During September 2022 and February 2023, the Company entered into agreements with ZEDI, a national clean energy expert that provides expertise in capital management, development, engineering, and asset management, to develop and construct facilities to provide carbon neutral power to NZ1 via the two Project LLCs: Kingsbury County Wind Fuel, LLC (“KCWF”) and Dakota Renewable Hydrogen, LLC (“DRH”), respectively. In December 2023 the agreements with ZEDI related to the two Project LLCs were amended to remove certain kickout rights that previously existed.

Each Project LLC is currently funded via advances for certain long lead equipment items from Gevo. The Company has made certain refundable project advances indirectly to the Project LLCs via ZEDI, to induce ZEDI to design and construct the power generation, transmission and distribution facilities that will serve NZ1.

Each Project LLC is a VIE, and the Company holds an implicit variable interest in each Project LLC. As of December 2023, we have concluded that the removal of the kickout rights from the agreements has resulted in a loss of control and that, therefore, the Company is no longer the primary beneficiary of the Project LLCs. The Project LLCs are a VIE because their equity is insufficient to maintain its on-going collateral requirements without additional financial support from the Company.

There was no gain or loss recognized as a result of the deconsolidation of the Project LLCs. We have recognized $33.4 million in Deposits and other assets related to advances made to the Project LLCs which are reimbursable upon the achievement or failure to achieve certain milestones. Such amounts represent our maximum exposure to loss as a result of our involvement with the Project LLCs.

Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring (Details) - Recurring - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 270,642	$ 298,349
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	258,200	283,200
Quoted Prices in Active Markets for Identical Assets (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	270,642	298,349
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0	$ 0

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023	May 31, 2023
Stock option
Schedule of Equity Incentive Plans [Line Items]
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options	$ 6.6
Share-based payment arrangement, nonvested award, cost not yet expensed, period for recognition (year)	1 year 7 months 6 days
Restricted Stock
Schedule of Equity Incentive Plans [Line Items]
Share-based payment arrangement, nonvested award, cost not yet expensed, period for recognition (year)	1 year 7 months 6 days
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards	$ 8.4
Number of non-vested equity-based stock	6,482,825	6,159,341
Liability Classified Restricted Stock Awards
Schedule of Equity Incentive Plans [Line Items]
Number of non-vested equity-based stock	0
2010 Plan
Schedule of Equity Incentive Plans [Line Items]
Number of shares of common stock reserved for issuance (in shares)			37,980,074
Number of shares available for awards (in shares)	13,015,893

Net Loss per Share - Narrative (Details) - shares	3 Months Ended
Net Loss per Share - Narrative (Details) - shares	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Potential anti-dilutive shares excluded from net loss per share calculation	26,668	58,651

Commitment and Contingencies (Tables)

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Commitments

The estimated commitments as of March 31, 2024, and thereafter are shown below (in thousands):


	December 31,
											2029 and
	2024		2025		2026		2027		2028		thereafter		Total
Fuel Supply Payments	$	3,111	$	1,702	$	1,718	$	2,060	$	1,753	$	25,979	$	36,323
Zero6 Commitment		28,045		14,628		—		—		—		—		42,673
Renewable Energy Credits		96		128		128		128		128		1,449		2,057
Electricity Above Use (Est.)		380		—		—		—		—		—		380
Total	$	31,632	$	16,458	$	1,846	$	2,188	$	1,881	$	27,428	$	81,433

Inventories

3 Months Ended

Mar. 31, 2024

Inventory Disclosure [Abstract]

Inventories

8.	Inventories

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


	March 31, 2024		December 31, 2023
Raw materials	$	97	$	104
Finished goods
SAF, Isooctane, Isooctene and other		1,167		1,167
Work in process
Environmental attributes		1,947		2,067
Spare parts		551		471
Total inventories	$	3,762	$	3,809

During each of the three months ended March 31, 2024 and 2023, the Company recorded net realizable value adjustments of $0.3 million.

Intangible Assets (Tables)

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Finite-Lived Intangible Assets

The following tables set forth the Company’s intangible assets by classification (in thousands) as of:


	March 31, 2024
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Patents	$	4,580	$	(1,766)	$	2,814	7.4
Defensive assets		4,900		(1,482)		3,418	8.4
Intangible assets	$	9,480	$	(3,248)	$	6,232	7.9


	December 31, 2023
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, Net		(Years)
Patents	$	4,580	$	(1,621)	$	2,959	7.4
Defensive assets		4,900		(1,335)		3,565	8.4
Intangible assets	$	9,480	$	(2,956)	$	6,524	7.9

Schedule of Estimated Net Amortization of Identifiable Intangible Assets

The following table details the estimated amortization of identifiable intangible assets as of March 31, 2024 (in thousands):


Year Ending December 31,	Patents		Defensive Assets		Total
2024	$	437	$	439	$	876
2025		582		586		1,168
2026		582		586		1,168
2027		582		586		1,168
2028		582		586		1,168
2029 and thereafter		49		635		684
Total intangible assets	$	2,814	$	3,418	$	6,232

Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 0.3	$ 0.3

Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

16.	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.

State Tax Audit. During the year ended 2023, the Company was notified of a pending sales and use tax audit by the South Dakota Department of Revenue for the period covering January 2021 through December 2023. Although the final resolution of the Company’s sales and use tax audit is uncertain, based on current information, in the opinion of the Company’s management, the ultimate disposition of these matters will not have a material adverse effect on the Consolidated Balance Sheets, Statements of Operations, or Liquidity.

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 March 31, 2024, 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 March 31, 2024.

Fuel Supply Commitment. The Company has three long-term fuel supply contracts to source feedstock for our anaerobic digesters at the NW Iowa RNG project. These contracts provide an annual amount of feedstock to be used in the production of RNG.

Zero6 Commitments. In September 2022, the Company entered into a development agreement with Zero6 to construct and operate a wind project for the provision of electric energy for NZ1. Pursuant to the agreement, the Company has committed to pay Zero6 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 is not contractually obligated for the specified development charges until certain milestones are met in future periods, and upon completion of the project. Further, the Company has committed to fund certain discretionary, budgeted costs associated with long lead equipment and engineering services for NZ1, totaling an estimated $35.0 million. The amount 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. See Footnote 19 below for further information.

Additionally, the Company’s investment in Zero6, see Note 11 above, is pledged separately as collateral for two commitments for the purchase of wind electricity for the Luverne Facility, as well as the purchase of 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 March 31, 2024, and thereafter are shown below (in thousands):


	December 31,
											2029 and
	2024		2025		2026		2027		2028		thereafter		Total
Fuel Supply Payments	$	3,111	$	1,702	$	1,718	$	2,060	$	1,753	$	25,979	$	36,323
Zero6 Commitment		28,045		14,628		—		—		—		—		42,673
Renewable Energy Credits		96		128		128		128		128		1,449		2,057
Electricity Above Use (Est.)		380		—		—		—		—		—		380
Total	$	31,632	$	16,458	$	1,846	$	2,188	$	1,881	$	27,428	$	81,433

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Schedule of Warrants

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

Shares

Issued upon

Underlying

Shares

Warrant

Warrants

Exercise

Underlying

Exercises as

Outstanding

Price as of

Warrants on

as of

Issuance

Expiration

March 31,

Issuance

March 31,

Date

2024

Date

2024

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.

Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of Shares
Outstanding , Beginning Balance (in shares) \| shares	6,159,341
Granted (in shares) \| shares	668,281
Vested and issued (in shares) \| shares	(236,394)
Canceled or forfeited (in shares) \| shares	(108,403)
Nonvested, Ending Balance (in shares) \| shares	6,482,825
Weighted-Average Grant-Date Fair Value
Outstanding , Beginning Balance (in dollars per share) \| $ / shares	$ 2.30
Granted (in dollars per share) \| $ / shares	0.97
Vested and issued (in dollars per share) \| $ / shares	1.45
Canceled or forfeited (in dollars per share) \| $ / shares	1.99
Nonvested, Ending Balance (in dollars per share) \| $ / shares	$ 2.21

Deposits and Other Assets (Tables)

3 Months Ended

Mar. 31, 2024

Other Assets, Noncurrent [Abstract]

Schedule of Deposits and Other Assets

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


	March 31, 2024		December 31, 2023
Deposits⁽¹⁾	$	167	$	166
Prepaid feedstock ⁽²⁾		1,562		440
Equity interest ⁽³⁾		1,500		1,500
Exclusivity fees⁽⁴⁾		583		583
Deposits receivable ⁽⁵⁾		34,217		33,602
Other assets, net ⁽⁶⁾		7,920		8,028
Total deposits and other assets	$	45,949	$	44,319

(1)	Deposits for services.

(2)	Prepaid feedstock fees, non-current, for the production of RNG.

(3)

(4)	Axens will provide certain alcohol-to-SAF technologies and services exclusively provided to the Company which may be offset against future license fees subject to the delivery of a process design package.

(5)

(6)	Pre-operation payments for sand separation systems to process manure feedstock which were allocated to the non-lease fuel supply, being amortized over the life of the project.

Nature of Business, Financial Condition and Basis of Presentation

3 Months Ended

Mar. 31, 2024

Nature of Business, Financial Condition and Basis of Presentation

Nature of Business, Financial Condition and Basis of Presentation

1.	Nature of Business, Financial Condition and Basis of Presentation

Nature of business.

Gevo, Inc. (Nasdaq: GEVO) (“Gevo”, “we”, “us”, “our”, or the “Company,” which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries), a Delaware corporation founded in 2005, is a growth-oriented, carbon abatement company with the mission of solving greenhouse gas (“GHG”) 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” GHG, or even carbon negative footprint measured by 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. Our “net-zero” concept means production of drop-in hydrocarbon fuels by using sustainably grown feedstocks (e.g., low till, no-till and dry corn cultivation), renewable and substantially decarbonized energy sources, resulting in a net-zero carbon footprint from the full life cycle of the fuel 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 that SAF from carbohydrates to alcohol is the most economically viable approach for carbon abatement. The Company also has commercial opportunities for other renewable hydrocarbon products, such as (i) renewable natural gas, also known as biogas (“RNG”), (ii) hydrocarbons for gasoline blendstocks and diesel fuel, and (iii) plastics, materials and other chemicals. We are engaged in technology, process and intellectual property development targeted to large scale deployment of net-zero hydrocarbon fuels and chemicals. We are developing the marketplace and customers for SAF and other related products. We also are engaged as a developer and enabler/licensor for large scale commercial production, and we expect to be a co-investor on certain projects. Gevo’s business model is that of a developer of projects, a licensor, process technology developer, and operator of certain assets in the future.

Net-Zero Projects

In early 2021, we announced our proprietary “Net-Zero Projects” that we are developing and engineering as a series of planned facilities to produce energy dense liquid hydrocarbons using renewable energy and our proprietary technology. Our Net-Zero Projects will convert renewable energy (e.g., photosynthetic, wind, RNG) from a variety of sources into energy dense liquid hydrocarbons that, when burned in traditional engines, has 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 burned as a fuel for planes, cars, trucks, and ships. Gevo owns our Net-Zero plant designs and the overall Gevo Net-Zero process (i.e., the process to enable carbon-negative olefins, and hydrocarbon fuels with an anticipated net-zero or better carbon footprint measured across the lifecycle of the whole processes). The proprietary Gevo Net-Zero processes and plant designs are based upon the conversion of carbohydrates to alcohols, then the conversion of the alcohols to olefins (i.e., building blocks for chemicals, plastics, and fuels), and then the conversion of the olefins into fuels, all optimized and integrated to achieve a net-zero carbon footprint. In the fermentation section of our plant design, we work with Fluid Quip Technologies, LLC and PRAJ Industries Limited (“PRAJ”), as well as other suppliers of unit operations, and using Axens North America, Inc. (“Axens”) as the unit operation technology supplier for producing olefins and fuels. Gevo owns the overall proprietary plant designs, engineering details, integration technologies, and has filed patents on several process improvements.

In November 2021, Gevo entered into an agreement to exclusively utilize Axens’ technology for isobutanol conversion into hydrocarbons. In February of 2022, Gevo and Axens entered into a second exclusive agreement to specifically cover the process steps for ethanol to finished jet fuel.

Our initial Net-Zero Project, Net-Zero 1 (“NZ1”), is expected to be located in Lake Preston, South Dakota, and is being currently designed to produce approximately 65 million gallons per year (“MGPY”) of total hydrocarbon volumes, including 60 MGPY of SAF. Along with the hydrocarbons, NZ1 is being currently designed to produce approximately 1,390 million pounds per year of high-value protein products for use in the food chain and more than 34 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.

We are also developing other commercial production projects for SAF at other locations in the United States where we expect to use our Net-Zero plant designs based on work done for NZ1 at Lake Preston. Gevo expects to play the role of project developer, plant design and technology licensor, and investor, based on traditional developer business models where the developer gets a partial ownership stake for developing the project. We may also co-invest in projects to increase our equity ownership in those projects.

Renewable Natural Gas Facilities

Gevo’s RNG facilities in Northwest Iowa (“NW Iowa RNG”), recorded in the Renewable Natural Gas segment, produce RNG captured from dairy cow manure supplied by three local dairies. Animal manure can be digested anaerobically to produce biogas, which is then upgraded to pipeline quality gas referred to as RNG. The original design capacity for this project was 355,000 MMBtu. We sell the produced RNG to the California market through an agreement with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “BP”). In addition, we generate and sell Low Carbon Fuel Standard (“LCFS”) credits as well as D3 Renewable Identification Numbers (“RINs”) through the production of RNG (collectively, “environmental attributes”).

Luverne Facility

Gevo’s development plant in Luverne, Minnesota (the “Luverne Facility”), recorded in the Agri-Energy segment, 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, market development, and customer education.

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 the 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 three months ended, March 31, 2024, 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, 2023. The financial statements at December 31, 2023, 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, 2023 (the “2023 Annual Report”).

Significant Accounting Policies

Governmental Grants

There is no U.S. GAAP that explicitly covers accounting for government "grants" to for-profit entities, with the exception of certain agricultural subsidies. In the absence of authoritative U.S. GAAP guidance, the Company considered the application of other authoritative accounting guidance by analogy and concluded that the guidance outlined in International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (“IAS 20”) was the most appropriate analogy for the purpose of recording and classifying the federal funds received by the Company. Under IAS 20, once it is reasonably assured that the entity will comply with the conditions of the grant, the grant money should be recognized on a systematic basis over the periods in which the entity recognizes the related expenses or losses for which the grant money is intended to compensate.

The Company recognizes grants once both of the following conditions are met: (1) the Company is able to comply with the relevant conditions of the grant and (2) the grant is received. Further, IAS 20 permits for the recognition in earnings either (1) separately under a general heading such as other income, or (2) as a reduction of the related expenses. The Company records such grants either as a reduction of the related expense, a reduction of the cost of the related asset, or as other income depending upon the nature of the grant.

In September 2023, the Company executed a Notice of Grant and Agreement Award with the U.S. Department of Agriculture (“USDA”) for a Partnerships for Climate-Smart Commodities grant of up to $30.0 million for Gevo’s Climate-Smart Farm-to-Flight Program (the “USDA Grant”), with project activity beginning in 2023 and continuing through 2027. The project expects to create critical structural climate-smart market incentives for corn with a low carbon intensity (“CI”) score as well as to accelerate the production of SAF to reduce the sector’s dependency on fossil-based fuels. In addition, this program will help provide support and incentive payments for farmers to produce, measure, report and verify low CI corn using climate smart agricultural practices, as well as accelerate development of the low-CI corn supply chain for low-carbon ethanol and SAF.

During the three months ended March 31, 2024, the Company incurred $0.7 million of costs under the USDA Grant, which are included in Project development costs in the Consolidated Statement of Operations. During the three months ended March 31, 2024, the Company recognized $0.8 million of grant reimbursements, included in Project development costs in the Consolidated Statement of Operations, which represent reimbursements for prior period costs. The Company expects to be reimbursed for all remaining costs not yet reimbursed by the USDA under the grant in future periods.

Recently Issued, Not Yet Adopted Accounting Pronouncements

Segment Reporting. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (ASC 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 would enhance disclosures for significant segment expenses for all public entities required to report segment information in accordance with ASC 280. ASC 280 requires a public entity to report for each reportable segment a measure of segment profit or loss that its chief operating decision maker (“CODM”) uses to assess segment performance and to make decisions about resource allocations. The amendments in ASU 2023-07 improve financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more useful financial analyses. Currently, ASC 280 requires that a public entity disclose certain information about its reportable segments. For example, a public entity is required to report a measure of segment profit or loss that the CODM uses to assess segment performance and make decisions about allocating resources. ASC 280 also requires other specified segment items and amounts such as depreciation, amortization and depletion expense to be disclosed under certain circumstances. The amendments in ASU 2023-07 do not change or remove those disclosure requirements. The amendments in ASU 2023-07 also do not change how a public entity identifies its operating segments, aggregates those operating segments, or applies the quantitative thresholds to determine its reportable segments. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that ASU 2023-07 may have on its financial statements and related disclosures when adopted.

Debt - Narrative (Details) - USD ($)	1 Months Ended
Debt - Narrative (Details) - USD ($)	Apr. 30, 2021	Apr. 30, 2020	Mar. 31, 2024	Dec. 31, 2023	Apr. 15, 2021
Debt Instrument [Line Items]
Long-term debt			$ 68,273,000	$ 68,118,000
Bond Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding			$ 0
2021 Bonds, net
Debt Instrument [Line Items]
Aggregate principal amount					$ 68,155,000
Interest rate					1.50%
Effective interest rate (in percent)					1.10%
Debt collateral amount					$ 71,200,000
Debt premium				100,000	800,000
Debt issuance costs				300,000	$ 3,000,000.0
2021 Bonds, net \| Loans Payable
Debt Instrument [Line Items]
Interest rate			1.50%
Long-term debt			$ 68,155,000	67,967,000
SBA Loans \| Loans Payable
Debt Instrument [Line Items]
Interest rate			1.00%
Proceeds from issuance of long-term debt		$ 1,000,000.0
Debt instrument, decrease, forgiveness	$ 500,000
Long-term debt			$ 94,000	$ 119,000
Debt Instrument, monthly payment	$ 8,230
SBA Loans \| Loans Payable \| Agri-Energy
Debt Instrument [Line Items]
Interest rate	1.00%
Debt instrument, decrease, forgiveness	$ 100,000
Long-term debt	$ 200,000
Remarketed 2021 Bonds
Debt Instrument [Line Items]
Interest rate			3.875%
Effective interest rate (in percent)			1.20%
Debt collateral amount			$ 69,600,000
Debt issuance costs			$ 1,700,000

Debt - Future Principal Payments for Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 97
2025	21
2026	68,155
Long-term debt, total	$ 68,273	$ 68,118

- Definition

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

+ References + Details

Segments- Narrative (Details)	3 Months Ended
Segments- Narrative (Details)	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	3

Restricted Cash (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Mar. 31, 2024	Mar. 31, 2023	Apr. 15, 2021
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash		$ 69,913	$ 76,736
Interest income on restricted cash		$ 900	$ 700
2021 Bonds, net
Restricted Cash and Cash Equivalents Items [Line Items]
Debt collateral amount				$ 71,200
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
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
New bond letter of credit
Restricted Cash and Cash Equivalents Items [Line Items]
New bond letter of credit percentage		0.75%
Collateral as restricted cash		$ 69,600
original balance returned to the Company		$ 300

Fair Value Measurements - Carrying Values and Estimated Fair Values (Details) - 2021 Bonds, net $ in Thousands	Mar. 31, 2024 USD ($)
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 68,155
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 66,482

Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 4,000	$ 4,200
Property, plant and equipment, gross	317,935		$ 297,878
Construction in progress
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	133,886		114,332
Construction in progress \| Gevo
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	117,500		98,200
Construction in progress \| Agri-Energy
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	16,000		15,500
Construction in progress \| NW Lowa RNG
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 400		$ 600

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Paid-In Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Beginning balance (in shares) at Dec. 31, 2022	237,166,625
Beginning balance at Dec. 31, 2022	$ 2,372	$ 1,259,527	$ (1,040)	$ (655,382)	$ 605,477
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash stock-based compensation		4,677			4,677
Stock-based awards and related share issuances, net ( in shares)	94,539
Stock-based awards and related share issuances, net	$ 1	(1)			0
Other comprehensive income (loss)			925		925
Net loss				(17,618)	(17,618)
Ending balance (in shares) at Mar. 31, 2023	237,261,164
Ending balance at Mar. 31, 2023	$ 2,373	1,264,203	$ (115)	(673,000)	$ 593,461
Beginning balance (in shares) at Dec. 31, 2023	240,499,833				240,499,833
Beginning balance at Dec. 31, 2023	$ 2,405	1,276,581		(721,597)	$ 557,389
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash stock-based compensation		4,233			4,233
Stock-based awards and related share issuances, net ( in shares)	1,204,232
Stock-based awards and related share issuances, net	$ 12	583			595
Repurchase of common stock	$ (21)	(1,376)			$ (1,397)
Repurchase of common stock (in shares)	(2,127,661)				(2,100,000)
Net loss				(18,875)	$ (18,875)
Ending balance (in shares) at Mar. 31, 2024	239,576,404				239,576,404
Ending balance at Mar. 31, 2024	$ 2,396	$ 1,280,021		$ (740,472)	$ 541,945

Marketable Securities (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Marketable Securities (Details) - USD ($) $ in Millions	May 31, 2023	Mar. 31, 2024	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain (loss)	$ 0.0
Interest income		$ 0.0	$ 0.8

Fair Value Measurements

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

17.	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 March 31, 2024, and December 31, 2023 are as follows (in thousands):

Fair Value Measurements at March 31, 2024

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Fair Value at

Identical

Observable

Unobservable

March 31,

Assets

Inputs

2024

(Level 1)

(Level 2)

(Level 3)

Cash and cash equivalents ⁽¹⁾

270,642

—

Fair Value Measurements at December 31, 2023

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Fair Value at

Identical

Observable

Unobservable

December 31,

Assets

Inputs

2023

(Level 1)

(Level 2)

(Level 3)

Cash and cash equivalents ⁽¹⁾

298,349

—

(1)	Cash and cash equivalents includes $258.2 million and $283.2 million invested in U.S. government money market funds as of March 31, 2024 and December 31, 2023, respectively.

The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2023, and March 31, 2024.

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 March 31, 2024, are summarized as follows (in thousands):


	Carrying		Estimated
	Value		Fair Value
2021 Bonds	$	68,155	$	66,482

- 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

Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 9,480	$ 9,480
Accumulated Amortization	(3,248)	(2,956)
Identifiable Intangible Assets, net	$ 6,232	$ 6,524
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	$ 4,580
Accumulated Amortization	(1,766)	(1,621)
Identifiable Intangible Assets, net	$ 2,814	$ 2,959
Weighted-Average Useful Life (Years)	7 years 4 months 24 days	7 years 4 months 24 days
Defensive assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,900	$ 4,900
Accumulated Amortization	(1,482)	(1,335)
Identifiable Intangible Assets, net	$ 3,418	$ 3,565
Weighted-Average Useful Life (Years)	8 years 4 months 24 days	8 years 4 months 24 days

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (18,875)	$ (17,618)
Other comprehensive income:
Unrealized gain on available-for-sale securities		925
Comprehensive loss	$ (18,875)	$ (16,693)

- Definition

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

+ References

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+ Details

Variable Interest Entities (Details) (Imported) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Variable Interest Entities
Gain or loss recognized as a result deconsolidation	$ 0
Deposits receivable	34,217	$ 33,602
Variable interest entity, primary beneficiary
Variable Interest Entities
Deposits receivable	$ 33,400

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segments (Tables)

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31, 2024
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Revenues	$	—	$	—	$	3,990	$	3,990
Depreciation and amortization	$	(455)	$	(2,622)	$	(1,374)	$	(4,451)
Loss from operations	$	(19,645)	$	(3,272)	$	(224)	$	(23,141)
Interest income	$	4,569	$	—	$	—	$	4,569
Interest expense	$	(93)	$	—	$	(449)	$	(542)
Acquisitions of property, plant, and equipment	$	16,505	$	474	$	533	$	17,512


	Three Months Ended March 31, 2023
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Revenues	$	397	$	—	$	3,663	$	4,060
Depreciation and amortization	$	(438)	$	(2,629)	$	(1,508)	$	(4,575)
Loss from operations	$	(15,499)	$	(3,147)	$	(2,211)	$	(20,857)
Interest income	$	3,688	$	—	$	—	$	3,688
Interest expense	$	(88)	$	(4)	$	(447)	$	(539)
Acquisitions of property, plant, and equipment	$	20,636	$	—	$	1,457	$	22,093


	March 31, 2024
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Total assets	$	505,553	$	27,043	$	100,975	$	633,571


	December 31, 2023
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Total assets	$	519,994	$	28,818	$	101,510	$	650,322

Marketable Securities

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

4.	Marketable Securities

The Company’s investments in marketable securities are stated at fair value and are available for sale. All remaining investments in marketable securities matured with no realized gain or loss during May 2023.

The cost of securities sold is based upon the specific identification method. The Company did not record investment income during the three months ended March 31, 2024, and recorded $0.8 million for the three months ended March 31, 2023, included in “Interest and investment income” in the Consolidated Statements of Operations.

Property, Plant, and Equipment

3 Months Ended

Mar. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

9.	Property, Plant and Equipment

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


	March 31, 2024		December 31, 2023
Land	$	6,505	$	6,505
Plant facilities and infrastructure		77,426		77,329
Machinery and equipment		95,581		95,212
Furniture and office equipment		2,881		2,864
Software		1,656		1,636
Construction in progress		133,886		114,332
Total property, plant and equipment		317,935		297,878
Less: accumulated depreciation and amortization		(90,261)		(86,315)
Property, plant and equipment, net	$	227,674	$	211,563

The Company recorded depreciation expense of $4.0 million and $4.2 million for the three months ended March 31, 2024, and 2023, respectively.

Construction in progress includes $117.5 million for Gevo, primarily related to the NZ1 project, $16.0 million for the Agri-Energy segment (“Agri-Energy”) related to a fractionation and hydrocarbon skid, and $0.4 million for NW Iowa RNG at March 31, 2024. Construction in progress includes $98.2 million for Gevo, primarily related to the NZ1 project, $15.5 million for Agri-Energy, and $0.6 million for NW Iowa RNG at December 31, 2023. Construction in progress is not subject to depreciation until the assets are placed into service.

Revenues from Contracts with Customers and Other Revenue - Narrative (Details) - USD ($)	1 Months Ended	3 Months Ended
	Apr. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Revenues from Contracts with Customers and Other Revenue
Revenue from joint development agreement		$ 3,990,000		$ 4,060,000
Renewable natural gas
Revenues from Contracts with Customers and Other Revenue
Revenue recognized		$ 0
Licensing and development revenue
Revenues from Contracts with Customers and Other Revenue
Revenue recognized			$ 1,300,000
Licensing and development revenue \| Forecast
Revenues from Contracts with Customers and Other Revenue
Revenue from joint development agreement	$ 800,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding 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

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+ Details

Revenues from Contracts with Customers and Other Revenue - Contracts with Customers (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues from Contracts with Customers and Other Revenue
Total operating revenues	$ 3,990	$ 4,060
Renewable natural gas
Revenues from Contracts with Customers and Other Revenue
Total operating revenues	219	130
Environmental attributes
Revenues from Contracts with Customers and Other Revenue
Total operating revenues	3,771	3,533
Other hydrocarbon revenue - ethanol, isooctane, IBA
Revenues from Contracts with Customers and Other Revenue
Total operating revenues	$ 0	$ 397

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

+ Details

Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023
Inventory [Line Items]
Raw materials	$ 97	$ 104
Spare parts	551	471
Total inventories	3,762	3,809
Inventory value adjustments	300		$ 300
SAF, Isooctane, Isooctene and other
Inventory [Line Items]
Finished goods	1,167	1,167
Environmental attributes
Inventory [Line Items]
Work in process	$ 1,947	$ 2,067

Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Segments

20.

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 the 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; and (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 is responsible for development and construction of our Net-Zero Projects and other preliminary stage projects.

Agri-Energy segment. The Agri-Energy segment is currently responsible for the operation of the Company’s Luverne Facility and the 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 March 31, 2024
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Revenues	$	—	$	—	$	3,990	$	3,990
Depreciation and amortization	$	(455)	$	(2,622)	$	(1,374)	$	(4,451)
Loss from operations	$	(19,645)	$	(3,272)	$	(224)	$	(23,141)
Interest income	$	4,569	$	—	$	—	$	4,569
Interest expense	$	(93)	$	—	$	(449)	$	(542)
Acquisitions of property, plant, and equipment	$	16,505	$	474	$	533	$	17,512


	Three Months Ended March 31, 2023
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Revenues	$	397	$	—	$	3,663	$	4,060
Depreciation and amortization	$	(438)	$	(2,629)	$	(1,508)	$	(4,575)
Loss from operations	$	(15,499)	$	(3,147)	$	(2,211)	$	(20,857)
Interest income	$	3,688	$	—	$	—	$	3,688
Interest expense	$	(88)	$	(4)	$	(447)	$	(539)
Acquisitions of property, plant, and equipment	$	20,636	$	—	$	1,457	$	22,093


	March 31, 2024
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Total assets	$	505,553	$	27,043	$	100,975	$	633,571


	December 31, 2023
					Renewable
	Gevo		Agri-Energy		Natural Gas		Consolidated
Total assets	$	519,994	$	28,818	$	101,510	$	650,322

- 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
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid insurance	$ 1,826	$ 568
Interest receivable	1,195	1,331
Prepaid feedstock	1,097	1,097
Other current assets	1,290	1,357
Total prepaid expenses and other current assets	$ 5,408	$ 4,353

Stock-Based Compensation

3 Months Ended

Mar. 31, 2024

Equity [Abstract]

Stock-Based Compensation

14.	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 May 2023, upon approval of the stockholders at the 2023 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 37,980,074 shares. At March 31, 2024, 13,015,893 shares were available for future issuance under the 2010 Plan.

Stock-based compensation expense. The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees.

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


	Three Months Ended March 31,
	2024		2023
Cost of production	$	13	$	18
General and administrative		3,688		3,923
Other		532		736
Total stock-based compensation	$	4,233	$	4,677

Stock option award activity. Stock option activity under the Company’s stock incentive plans and changes during the three months ended March 31, 2024, were as follows:


				Weighted-
				Average
		Weighted-		Remaining
		Average		Contractual		Aggregate
	Number of	Exercise		Term		Intrinsic
	Options	Price ⁽¹⁾		(years)		Value
Options outstanding at December 31, 2023	8,109,123	$	3.51		8.8	$	—
Granted	—	$	—			$	—
Canceled or forfeited	(145,190)	$	2.74			$	—
Exercised	—	$	—			$	—
Options outstanding at March 31, 2024	7,963,933	$	3.53		8.6	$	—
Options vested and expected to vest at March 31, 2024	3,001,384	$	4.80		7.8	$	—

(1)	Exercise price of options outstanding ranges from $1.15 to $876 as of March 31, 2024. The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018.

As of March 31, 2024, the total unrecognized compensation expense, net of actual forfeitures, relating to stock options was $6.6 million, which is expected to be expensed over the remaining weighted-average recognition period of approximately 1.6 years.

Restricted stock. The Company periodically grants restricted stock awards to employees and directors. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, which for awards that vest based on a service period is generally two to three years.

Non-vested restricted stock awards and the changes during the three months ended March 31, 2024, were as follows:


		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Outstanding at December 31, 2023	6,159,341	$	2.30
Granted	668,281	$	0.97
Vested and issued	(236,394)	$	1.45
Canceled or forfeited	(108,403)	$	1.99
Non-vested at March 31, 2024	6,482,825	$	2.21

As of March 31, 2024, the total unrecognized compensation expense, net of actual forfeitures, relating to restricted stock awards was $8.4 million, which is expected to be recognized over the remaining weighted-average period of approximately 1.6 years. As of March 31, 2024, there are no unvested liability-classified restricted stock awards.

Nature of Business, Financial Condition and Basis of Presentation (Details) ft² in Thousands, lb in Millions, gal in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($) a ft² MMBTU item lb gal
Nature of Business, Financial Condition and Basis of Presentation
Renewable natural gas facilities, original design capacity \| MMBTU	355,000
Notice of Grant and Agreement Award with the U.S. Department of Agriculture
Nature of Business, Financial Condition and Basis of Presentation
Project development costs	$ 0.7
Amount received from development cost	$ 0.8
Government Assistance, Statement of Income or Comprehensive Income [Extensible Enumeration]	Project Development Costs
Maximum \| Notice of Grant and Agreement Award with the U.S. Department of Agriculture
Nature of Business, Financial Condition and Basis of Presentation
Commodities grant	$ 30.0
Lake Preston, South Dakota \| Hydrocarbon revenue
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in gallon per year) \| gal	65
Lake Preston, South Dakota \| Sustainable Aviation Fuel (SAF)
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in gallon per year) \| gal	60
Lake Preston, South Dakota \| High-Value Protein Products
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in pound per year) \| lb	1,390
Lake Preston, South Dakota \| Corn Oil
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in pound per year) \| lb	34
Luverne, Minnesota \| Land
Nature of Business, Financial Condition and Basis of Presentation
Area of land (in acres) \| a	55
Luverne, Minnesota \| Building and Building Improvements
Nature of Business, Financial Condition and Basis of Presentation
Area of real estate property \| ft²	50
Northwest Iowa
Nature of Business, Financial Condition and Basis of Presentation
Number of dairies \| item	3

Intangible Assets

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

10.	Intangible Assets

Identifiable intangible assets consist of acquired 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 tables set forth the Company’s intangible assets by classification (in thousands) as of:


	March 31, 2024
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Patents	$	4,580	$	(1,766)	$	2,814	7.4
Defensive assets		4,900		(1,482)		3,418	8.4
Intangible assets	$	9,480	$	(3,248)	$	6,232	7.9


	December 31, 2023
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, Net		(Years)
Patents	$	4,580	$	(1,621)	$	2,959	7.4
Defensive assets		4,900		(1,335)		3,565	8.4
Intangible assets	$	9,480	$	(2,956)	$	6,524	7.9

The Company recorded amortization expense of $0.3 million for each of the three months ended March 31, 2024 and 2023.

The following table details the estimated amortization of identifiable intangible assets as of March 31, 2024 (in thousands):


Year Ending December 31,	Patents		Defensive Assets		Total
2024	$	437	$	439	$	876
2025		582		586		1,168
2026		582		586		1,168
2027		582		586		1,168
2028		582		586		1,168
2029 and thereafter		49		635		684
Total intangible assets	$	2,814	$	3,418	$	6,232

Property, Plant, and Equipment (Tables)

3 Months Ended

Mar. 31, 2024

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:


	March 31, 2024		December 31, 2023
Land	$	6,505	$	6,505
Plant facilities and infrastructure		77,426		77,329
Machinery and equipment		95,581		95,212
Furniture and office equipment		2,881		2,864
Software		1,656		1,636
Construction in progress		133,886		114,332
Total property, plant and equipment		317,935		297,878
Less: accumulated depreciation and amortization		(90,261)		(86,315)
Property, plant and equipment, net	$	227,674	$	211,563

Prepaid and Other Current Assets

3 Months Ended

Mar. 31, 2024

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid and Other Current Assets

6.	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:


	March 31, 2024		December 31, 2023
Prepaid insurance	$	1,826	$	568
Interest receivable		1,195		1,331
Prepaid feedstock		1,097		1,097
Other current assets		1,290		1,357
Total prepaid expenses and other current assets	$	5,408	$	4,353

Cover page - shares	3 Months Ended
Cover page - shares	Mar. 31, 2024	May 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
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		236,232,717
Entity Central Index Key	0001392380
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false

Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Operating Leases
2024	$ 339
2025	411
2026	367
2027	335
2028	345
Total	1,797
Less: amounts representing present value discounts	211
Total lease liabilities	1,586
Less: current portion	364	$ 532
Non-current portion	1,222	1,299
Finance Leases
2024	28
2025	25
2026	25
2027	26
2028	25
2029 and thereafter	523
Total	652
Less: amounts representing present value discounts	441
Total lease liabilities	211
Less: current portion	25	45
Non-current portion	$ 186	$ 187

Deposits and Other Assets (Details) $ in Thousands	3 Months Ended
Deposits and Other Assets (Details) $ in Thousands	Mar. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)
Deposits and Other Assets [Line Items]
Deposits	$ 167	$ 166
Prepaid feedstock	1,562	440
Equity interest	1,500	1,500
Exclusivity fees	583	583
Deposits receivable	34,217	33,602
Other assets, net	7,920	8,028
Total deposits and other assets	$ 45,949	$ 44,319
Number of commitments with collateral \| item	2
Deposits receivable, reimbursed or used as investment	$ 5,500
Deposits receivable, fully reimbursed upon completion	$ 28,700
Zero6 \| Series A Preferred Stock
Deposits and Other Assets [Line Items]
Noncontrolling interest, ownership percentage	4.30%

Fair Value Measurements - Narrative (Details) - 2021 Bonds, net	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%

Stock-based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Number of Options
Outstanding, Beginning Balance (in shares)	8,109,123
Canceled or forfeited (in shares)	(145,190)
Exercised (in shares)	0
Outstanding, Ending Balance (in shares)	7,963,933	8,109,123
Options vested and expected to vest (in shares)	3,001,384
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 3.51
Canceled or forfeited (in dollars per share)	2.74
Exercised (in dollars per share)	0
Ending Balance (in dollars per share)	3.53	$ 3.51
Options vested and expected to vest (in dollars per share)	$ 4.80
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Options Outstanding, Weighted Average Remaining Contractual Term (years)	8 years 7 months 6 days	8 years 9 months 18 days
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years)	7 years 9 months 18 days
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)	$ 1.15
Maximum
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Exercise price of options outstanding (in dollars per share)	$ 876