0001392380-25-000032 | 10-Q | XBRL Viewer

Debt (Tables)

9 Months Ended

Sep. 30, 2025

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



	Interest Rate	Maturity Date	September 30, 2025		December 31, 2024
Term Loan	11.5%	January 2030	$	105,000	$	—
Remarketed Bonds	3.9%	April 2026		28,155		68,155
Series 2025A Term Bond 1	8.1%	July 2030		13,835		—
Series 2025A Term Bond 2	8.5%	July 2036		26,165		—
SBA loans	1.0%	April 2025		—		21
Total debt				173,155		68,176
Less: debt issuance costs				(8,684)		(1,046)
Total debt, net			$	164,471	$	67,130
Less: current portion				(30,281)		(21)
Total non-current debt			$	134,190	$	67,109

Schedule of Future Payments for Long-term Debt



	Interest Rate	Maturity Date	September 30, 2025		December 31, 2024
Term Loan	11.5%	January 2030	$	105,000	$	—
Remarketed Bonds	3.9%	April 2026		28,155		68,155
Series 2025A Term Bond 1	8.1%	July 2030		13,835		—
Series 2025A Term Bond 2	8.5%	July 2036		26,165		—
SBA loans	1.0%	April 2025		—		21
Total debt				173,155		68,176
Less: debt issuance costs				(8,684)		(1,046)
Total debt, net			$	164,471	$	67,130
Less: current portion				(30,281)		(21)
Total non-current debt			$	134,190	$	67,109

- 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

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-Name Accounting Standards Codification
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+ Details

Derivative Financial Instruments

9 Months Ended

Sep. 30, 2025

Derivative Financial Instruments

Derivative Financial Instruments

10.	Derivative Financial Instruments

The Company uses corn commodity-based derivative financial instruments to manage the exposure to price risk related to corn purchases. The Company does not apply hedge accounting. Accordingly, these derivative contracts are recorded on the Company’s balance sheet at fair value and changes in fair value are recognized in Cost of production on the Condensed Consolidated Statements of Operations. Changes in fair value are recognized as non-cash adjustments on the Condensed Consolidated Statement of Cash Flows.

The following table provides details regarding the Company's derivative financial instruments as recorded in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets (in thousands):


	September 30, 2025
Contract Type	# of Contracts	Notional Amount (Qty)		Fair Value
Corn futures	188	940,000	bushels	$	15
Total fair value				$	15

The following table sets forth the Company’s gain (loss) recognized in income (in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
Statement of Operations Income/(Expense)	Location of gain (loss) in fair value recognized in income	2025		2024		2025		2024
Corn derivative instruments	Cost of production	$	395	$	—	$	5,602	$	—
Total fair value		$	395	$	—	$	5,602	$	—

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 72,598	$ 189,389
Restricted cash	28,770	1,489
Trade accounts receivable, net	7,742	2,411
Inventories	21,911	4,502
Prepaid expenses and other current assets	5,687	5,920
Total current assets	136,708	203,711
Property, plant and equipment, net	343,339	221,642
Restricted cash	7,006	68,155
Operating right-of-use assets	1,988	1,064
Finance right-of-use assets	1,047	1,877
Intangible assets, net	79,559	8,129
Goodwill	43,558	3,740
Deposits and other assets	72,002	75,623
Total assets	685,207	583,941
Current liabilities
Accounts payable and accrued liabilities	40,048	22,006
Operating lease liabilities	658	333
Finance lease liabilities	673	2,001
Bonds payable, net	30,281	21
Total current liabilities	71,660	24,361
Bonds payable, net	33,956	67,109
Loans payable	100,234
Operating lease liabilities	1,531	966
Finance lease liabilities	421	187
Asset retirement obligation	2,213
Other long-term liabilities	365	1,830
Total liabilities	210,380	94,453
Redeemable non-controlling interest	5,956
Equity
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 242,124,640 and 239,176,293 shares issued and outstanding at September 30, 2025, and December 31, 2024, respectively.	2,421	2,392
Additional paid-in capital	1,294,264	1,287,333
Accumulated deficit	(827,814)	(800,237)
Total stockholders' equity	468,871	489,488
Total liabilities and stockholders' equity	$ 685,207	$ 583,941

Debt - Future Principal Payments for Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Debt
2026	$ 30,455
2027	2,550
2028	2,760
2029	2,990
2030 and thereafter	134,400
Total debt	$ 173,155	$ 68,176

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Accounts Payable and Accrued Liabilities
Accounts payable	$ 3,186	$ 539
Accrued liabilities	26,135	9,873
Accrued construction in progress	1,199	2,595
Accrued payroll and related benefits	9,528	8,999
Total accounts payable and accrued liabilities	$ 40,048	$ 22,006

Deposits and Other Assets (Details) $ in Thousands	9 Months Ended
Deposits and Other Assets (Details) $ in Thousands	Sep. 30, 2025 USD ($) item	Dec. 31, 2024 USD ($)
Deposits and Other Assets [Line Items]
Deposits	$ 507	$ 184
Prepaid feedstock	2,650	2,636
Equity interest	1,500	1,500
Deposits receivable	55,065	47,737
Earnest money deposit		10,000
Other assets, net	12,280	13,566
Total deposits and other assets	$ 72,002	$ 75,623
Number of commitments with collateral \| item	2
Deposits receivable, reimbursed or used as investment	$ 5,500
Deposits receivable, fully reimbursed upon completion	$ 49,600
Zero6 \| Series A Preferred Stock
Deposits and Other Assets [Line Items]
Noncontrolling interest, ownership percentage	3.60%

Segments (Tables)

9 Months Ended

Sep. 30, 2025

Segments

Schedule of Segment Reporting Information, by Segment


	Three Months Ended September 30, 2025
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	517	$	—	$	3,965	$	38,228	$	42,710
Less:
Depreciation and amortization		808		—		1,776		4,820		7,404
Research and development		1,273		—		—		—		1,273
Project development		2,797		547		—		(115)		3,229
Operating and other expenses		11,586		—		1,706		21,202		34,494
Income (loss) from operations		(15,947)		(547)		483		12,321		(3,690)
Interest expense		(118)		—		(1,732)		(3,357)		(5,207)
Interest and investment income		831		—		—		157		988
Consolidated net income (loss)		(14,782)		(550)		(1,249)		9,004		(7,577)

Acquisitions of property, plant, and equipment		(323)		764		369		1,464		2,274
Goodwill as of September 30, 2025		3,790		—		—		39,768		43,558
Total assets as of September 30, 2025		111,241		228,610		87,768		257,588		685,207


	Three Months Ended September 30, 2024
	Gevo		GevoFuels		GevoRNG		Consolidated
Revenues	$	13	$	—	$	1,952	$	1,965
Less:
Depreciation and amortization		2,822		—		672		3,494
Research and development		1,113		—		—		1,113
Project development		5,021		1,572		—		6,593
Operating and other expenses		10,662		—		4,111		14,773
Loss from operations		(19,605)		(1,572)		(2,831)		(24,008)
Interest expense		(227)		—		(880)		(1,107)
Interest income		3,817		—		—		3,817
Consolidated net loss		(15,879)		(1,572)		(3,705)		(21,156)

Acquisitions of property, plant, and equipment		1,350		7,658		743		9,751
Goodwill as of December 31, 2024		3,740		—		—		3,740
Total assets as of December 31, 2024		297,979		208,309		77,653		583,941


	Nine Months Ended September 30, 2025
	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	3,093	$	—	$	13,918	$	98,221	$	115,232
Less:
Depreciation and amortization		2,334		—		4,553		13,352		20,239
Research and development		3,259		—		—		—		3,259
Project development		7,491		1,647		—		(76)		9,062
Operating and other expenses		39,306		—		6,957		54,442		100,705
Income (loss) from operations		(49,297)		(1,647)		2,408		30,503		(18,033)
Interest expense		(492)		—		(3,486)		(8,868)		(12,846)
Interest, investment and other income		3,798		—		—		282		4,080
Consolidated net income (loss)		(45,615)		(1,650)		(1,098)		21,742		(26,621)

Acquisitions of property, plant, and equipment		2,408		15,574		1,579		1,860		21,421
Goodwill as of September 30, 2025		3,790		—		—		39,768		43,558
Total assets as of September 30, 2025		111,241		228,610		87,768		257,588		685,207


	Nine Months Ended September 30, 2024
	Gevo		GevoFuels		GevoRNG		Consolidated
Revenues	$	950	$	—	$	10,265	$	11,215
Less:
Depreciation and amortization		8,875		—		3,347		12,222
Research and development		4,302		—		—		4,302
Project development		15,842		3,806		—		19,648
Operating and other expenses		32,259		—		13,962		46,221
Loss from operations		(60,328)		(3,806)		(7,044)		(71,178)
Interest expense		(558)		—		(2,204)		(2,762)
Interest income		12,504		—		—		12,504
Consolidated net loss		(49,765)		(3,806)		(7,462)		(61,033)

Acquisitions of property, plant, and equipment		11,702		22,969		1,788		36,459
Goodwill as of December 31, 2024		3,740		—		—		3,740
Total assets as of December 31, 2024		297,979		208,309		77,653		583,941

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Sep. 30, 2025	Dec. 31, 2024
CONDENSED 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)	242,124,640	239,176,293
Common stock, shares outstanding (in shares)	242,124,640	239,176,293

Net Income (Loss) per Share - Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Net Income (Loss) per Share
Net income (loss)	$ (7,954)	$ (21,156)	$ (27,538)	$ (61,033)
Basic weighted-average shares outstanding (in shares)	232,684,017	239,445,900	233,338,776	239,767,047
Diluted weighted-average shares outstanding (in shares)	232,684,017	239,445,900	233,338,776	239,767,047
Net loss per share - basic (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.12)	$ (0.25)
Net loss per share - diluted (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.12)	$ (0.25)

- Definition

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

+ References

+ 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

+ Details

- 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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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Fair Value Measurements - Narrative (Details) - USD ($) $ in Millions		9 Months Ended	12 Months Ended
	Apr. 15, 2021	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value assets, transfer from level 1 to level 2		$ 0.0	$ 0.0
Fair value assets, transfer from level 2 to level 1		0.0	0.0
Fair value assets, transfer in and out of level 3		0.0	0.0
Fair value liability, transfer from level 1 to level 2		0.0	0.0
Fair value liability, transfer from level 2 to level 1		0.0	0.0
Fair value liability, transfer in and out of level 3		$ 0.0	$ 0.0
2021 Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument, term	2 years
Percentage of principal payment on maturity date	100.00%

Stockholders' Equity - Shares Issued Upon Exercise of Warrants (Details) - $ / shares	Sep. 30, 2025	Jun. 30, 2022
Class of Warrant or Right [Line Items]
Shares Underlying Warrants on Issuance Date (in shares)	33,333,336
Shares Issued upon Warrant Exercises (in shares)	0
Shares Underlying Warrants Outstanding (in shares)	33,333,336
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 on Issuance Date (in shares)	33,333,336
Shares Issued upon Warrant Exercises (in shares)	0
Shares Underlying Warrants Outstanding (in shares)	33,333,336

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jul. 10, 2025	Jan. 31, 2025	Dec. 31, 2024	Apr. 21, 2024	Apr. 01, 2024
Debt Instrument [Line Items]
Total debt	$ 173,155			$ 68,176
Less: debt issuance costs	(8,684)			(1,046)
Total debt, net	164,471			67,130
Less: current portion	(30,281)			(21)
Total non-current debt	134,190			$ 67,109
Term Loan
Debt Instrument [Line Items]
Interest Rate			11.50%
Remarketed Bonds
Debt Instrument [Line Items]
Interest Rate						3.875%
Less: debt issuance costs					$ (1,700)
2025 Bonds
Debt Instrument [Line Items]
Less: debt issuance costs	$ (3,700)
Series 2025A Term Bond 1
Debt Instrument [Line Items]
Interest Rate		8.125%
Series 2025A Term Bond 2
Debt Instrument [Line Items]
Interest Rate		8.50%
Loans Payable \| Term Loan
Debt Instrument [Line Items]
Interest Rate	11.50%
Total debt	$ 105,000
Loans Payable \| Remarketed Bonds
Debt Instrument [Line Items]
Interest Rate	3.90%			3.90%
Total debt	$ 28,155			$ 68,155
Loans Payable \| Series 2025A Term Bond 1
Debt Instrument [Line Items]
Interest Rate	8.10%
Total debt	$ 13,835
Loans Payable \| Series 2025A Term Bond 2
Debt Instrument [Line Items]
Interest Rate	8.50%
Total debt	$ 26,165
Loans Payable \| SBA Loans
Debt Instrument [Line Items]
Interest Rate				1.00%
Total debt				$ 21

Stock-Based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock	9 Months Ended
	Sep. 30, 2025 $ / shares shares
Number of Shares
Outstanding , Beginning Balance (in shares) \| shares	7,588,144
Granted (in shares) \| shares	2,360,659
Vested and issued (in shares) \| shares	(3,131,285)
Forfeited and expired (in shares) \| shares	(373,501)
Nonvested, Ending Balance (in shares) \| shares	6,444,017
Weighted-Average Grant-Date Fair Value
Outstanding , Beginning Balance (in dollars per share) \| $ / shares	$ 1.08
Granted (in dollars per share) \| $ / shares	1.21
Vested and issued (in dollars per share) \| $ / shares	1.29
Forfeited and expired (in dollars per share) \| $ / shares	1.13
Nonvested, Ending Balance (in dollars per share) \| $ / shares	$ 1.02

Variable Interest Entities

9 Months Ended

Sep. 30, 2025

Variable Interest Entities

Variable Interest Entities

22.	Variable Interest Entities

The Company has entered into agreements with various special purpose entities (“SPEs”) to facilitate the development and construction of facilities designed to provide carbon neutral power for the Company’s operations. These SPEs are structured as a limited liability companies.

Nonconsolidated VIEs

During September 2022 and February 2023, the Company entered into agreements with Zero6 Energy Development, Inc. (“ZEDI”), a national clean energy expert that provides expertise in capital management, development, engineering, and asset management, to develop and construct renewable power generation facilities through project entities: Kingsbury County Wind Fuel, LLC (“KCWF”) and Dakota Renewable Hydrogen, LLC (“DRH” and together with KCWF, the “Project LLCs” and each, individually, a Project LLC”), 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 supply renewable energy for the Company’s future operations.

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 their 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 $55.1 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.

Net Income (Loss) per Share - Diluted Weighted Average Shares Outstanding (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares excluded from net loss per share calculation (in shares)	5,864,551	1,472,629	5,719,024	633,565
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares excluded from net loss per share calculation (in shares)	170	19,051	1,691	18,866
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares excluded from net loss per share calculation (in shares)	2,351,974		1,811,839
Unvested restricted stock awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares excluded from net loss per share calculation (in shares)	3,512,407	1,453,578	3,905,494	614,699

Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Leases, Right-of-Use Assets and Related Liabilities
Operating lease cost	$ 414	$ 207
Amortization of leased assets	1,074	705
Interest on lease liabilities	166	209
Total lease expense	1,654	1,121
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	1,359	578
Operating cash flows from operating leases	569	296
Finance cash flows from finance leases	123	128
Right-of-use asset obtained in exchange for new finance lease liabilities	$ 202	2,731
Right-of-use asset obtained in exchange for new operating lease liabilities		$ 32
Weighted-average remaining lease term, finance leases (months)	65 months	39 months
Weighted-average remaining lease term, operating leases (months)	40 months	48 months
Weighted-average discount rate - finance leases	15.00%	17.00%
Weighted-average discount rate - operating leases	9.00%	6.00%

Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 30, 2025

Net Income (Loss) per Share

Schedule of Net Income (Loss) per share

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	(7,954)	$	(21,156)	$	(27,538)	$	(61,033)
Basic weighted-average shares outstanding		232,684,017		239,445,900		233,338,776		239,767,047
Net loss per share - basic and diluted	$	(0.03)	$	(0.09)	$	(0.12)	$	(0.25)

Schedule Diluted Weighted Average Shares Outstanding


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Warrants		170		19,051		1,691		18,866
Stock options		2,351,974		—		1,811,839		—
Unvested restricted stock awards		3,512,407		1,453,578		3,905,494		614,699
Total		5,864,551		1,472,629		5,719,024		633,565

Business Combinations - Pro Forma Financial Information (Details) - Red Trail Purchase Agreement - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Business Combinations
Total operating revenues	$ 42,710	$ 39,759	$ 129,771	$ 117,622
Net income (loss)	$ (7,577)	$ (21,889)	$ (25,422)	$ (64,367)

Deposits and Other Assets (Tables)

9 Months Ended

Sep. 30, 2025

Deposits and Other Assets

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:


	September 30, 2025		December 31, 2024
Deposits	$	507	$	184
Prepaid feedstock		2,650		2,636
Equity interest ⁽¹⁾		1,500		1,500
Deposits receivable ⁽²⁾		55,065		47,737
Earnest money deposit ⁽³⁾		—		10,000
Other assets, net ⁽⁴⁾		12,280		13,566
Total deposits and other assets	$	72,002	$	75,623

(1)

The Company directly holds a 3.6% 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 or an increase to the carrying value. This ownership interest is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC (“RCWF”), a Zero6 subsidiary. See Note 19, Commitments and Contingencies, for additional information.

(2)

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 ATJ-60, $5.5 million of which will be either reimbursed or used as an investment into the wind generation facility and the remaining $49.6 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.

(3)	Earnest money deposited in connection with the Red Trail Energy Purchase Agreement. See Note 2, Business Combinations, for additional information.

(4)	Expenditures related to the feedstock agreements.

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,362	$ 3,786	$ 6,504	$ 12,485
Equity Classified Awards \| Cost of production
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	17	16	33	47
Equity Classified Awards \| General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	1,937	3,113	5,332	10,772
Equity Classified Awards \| Other operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 408	$ 657	$ 1,139	$ 1,666

- 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
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-Section 35
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: 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

Segments- Narrative (Details) gal in Millions	9 Months Ended
Segments- Narrative (Details) gal in Millions	Sep. 30, 2025 segment T gal
Revenue from External Customer [Line Items]
Number of operating segments \| segment	4
Number of reportable segments \| segment	4
GevoND
Revenue from External Customer [Line Items]
Ethanol process capacity	67
Annual capacity for disposal or recycle of carbon dioxide (in tons) \| T	160,000
Low carbon ethanol \| GevoND
Revenue from External Customer [Line Items]
Ethanol process capacity	67
Corn fiber ethanol \| GevoND
Revenue from External Customer [Line Items]
Ethanol process capacity	2
Low carbon animal feed and vegetable oil \| GevoND
Revenue from External Customer [Line Items]
Minimum production capacity (in tons) \| T	230,000

Revenues from Contracts with Customers and Other Revenue

9 Months Ended

Sep. 30, 2025

Revenues from Contracts with Customers and Other Revenue

Revenues from Contracts with Customers and Other Revenue

4.	Revenues from Contracts with Customers and Other Revenue

Ethanol and Related Products

The Company recognizes revenue from sales of ethanol and co-products at the point in time when the performance obligations in the Company's contracts with customers are met, which is when the customer obtains control of such products and typically occurs upon shipment (depending on the terms of the underlying contracts). Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. In some instances, the Company enters into contracts with customers that contain multiple performance obligations to deliver specified volumes of co-products over a contractual period of less than 12 months. In such instances, the Company allocates the transaction price to each performance obligation identified in the contract based on relative standalone selling prices and recognizes the related revenue when control of each individual product is transferred to the customer in satisfaction of the corresponding performance obligation.

RNG and Environmental Attribute Revenue

The Company’s recognized revenue from the sale of RNG and related environmental attributes are 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 the 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 multiple performance obligations 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.

Other Revenue

The Company recorded limited revenues from the sale of isooctane and software services during the three and nine months ended September 30, 2025 and 2024. The isooctane was sold 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 September 30,				Nine Months Ended September 30,
Major Goods/Service Line	2025		2024		2025		2024
Ethanol	$	30,284	$	—	$	76,037	$	—
Ethanol related products		7,943		—		22,184		—
Environmental attributes		3,722		1,780		13,153		9,733
Renewable natural gas		242		173		765		533
Licensing and development revenue		—		—		400		800
Other revenue		519		12		2,693		149
Total operating revenue	$	42,710	$	1,965	$	115,232	$	11,215

Contract Assets, Current Liabilities, and Trade Receivables. During the three and nine months ended September 30, 2025 and 2024, there were no contract assets or liabilities as all customer amounts owed to the Company are unconditional and the Company does not receive payment in advance for its products. Accordingly, amounts owed by customers are included in “Trade accounts receivable, net” on the Company’s Condensed Consolidated Balance Sheets. In addition, due to the nature of the Company’s contracts, there are no costs incurred or to be paid in the future that qualify for asset recognition as a cost to fulfill or obtain a contract. No allowance for credit losses was recorded for each of the three and nine months ended September 30, 2025 and 2024.

- 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
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (c)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

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)	9 Months Ended
	Sep. 30, 2025
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. 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 nine months ended September 30, 2025, 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, 2024. The financial statements at December 31, 2024, 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, 2024 (the “2024 Annual Report”).
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. These estimates and assumptions are inherently subject to uncertainty, and actual results could differ from these estimates. Significant areas requiring estimates and assumptions include, but are not limited to, the determination of useful lives of property, plant and equipment, inventory, asset retirement obligations, the recognition of revenue, the valuation of business combinations and the fair value of clean fuel production tax credits (“PTC”). Management regularly reviews our estimates based on the most current available information. Changes in facts and circumstances may result in revised estimates.
Business Combinations	Business Combinations The Company accounts for its business combinations in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 805-10, Business Combinations ("ASC 805-10"). ASC 805-10 mandates the use of the purchase method of accounting for all business combinations. Under this method, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. For transactions meeting the definition of business combinations, the Company evaluates the recognition of goodwill. Goodwill represents the excess of the purchase price over the fair value of the identifiable tangible and intangible assets acquired, and liabilities assumed, in a business combination. ASC 805-10 further stipulates criteria that intangible assets acquired in a business combination must meet in order to be recognized and reported separately from goodwill. Acquisition-related costs, including transaction fees, are recognized separately from the business combination and expensed as incurred. The determination of the fair value of net assets acquired, including the allocation of fair value to identifiable assets and liabilities, is based on established valuation techniques. 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 context of purchase accounting, determining fair value often requires significant judgments and estimates by management, including the selection of appropriate valuation methodologies, estimates of future revenues, costs, cash flows, discount rates, and the identification of comparable companies. The estimated fair values of assets acquired and liabilities assumed are based on management's judgment, supplemented by the expertise of third-party valuation specialists engaged to assist in determining fair value. The allocation of fair value to the identifiable assets and liabilities is based on available information at the acquisition date and assumptions deemed reasonable by management. However, changes in facts and circumstances may result in adjustments to the initial fair value estimates during the measurement period, which may not exceed one year from the acquisition date.
Tax Credit Recognition and Sales	Tax Credit Recognition and Sales The Company accounts for tax credits associated with the U.S. federal clean fuel production incentives under Section 45Z of the Internal Revenue Code in accordance with IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance. These credits, as they are generated are recorded based on the eligible PTC rate per gallon, the emission factor based on the carbon intensity score and are adjusted to their estimated fair value. The credits are recognized as a nonmonetary asset in intangible assets and a reduction to cost of goods sold (“COGS”), reflecting their role in offsetting the production costs of low-carbon fuels.
Derivative Financial Instruments	Derivative Financial Instruments After acquiring an ethanol operating facility in the first quarter of 2025, the Company integrated commodity-based derivative transactions, specifically corn futures contracts, into its hedging strategy to manage its exposure to commodity price fluctuations. This strategy aims to protect cash flows associated with the increased exposure to commodity price volatility arising from its GevoND operations, which include corn-based production and procurement activities. These derivative contracts are intended to economically hedge the Company’s cash flow exposure to changes in corn prices, which directly impact the cost of raw materials used in production. The Company does not apply hedge accounting to these instruments under Financial Accounting Standards Board (“FASB”) ASC 815, Derivatives and Hedging. As such, all derivative instruments are recorded at fair value on the consolidated balance sheet, and changes in the fair value of these instruments are recognized in earnings in the period in which they occur. Gains and losses resulting from changes in the fair value of corn derivative contracts are included in the cost of goods sold in the consolidated statements of operations, as they directly relate to the Company’s inventory procurement and production activities. The fair value of the derivative contracts is included in prepaid and other current assets on the consolidated balance sheets. These instruments may create volatility in earnings from period to period, as the timing of derivative gains or losses may not align with the recognition of the related exposure in the financial statements. The Company does not use derivative instruments for speculative purposes.
Asset Retirement Obligation	Asset Retirement Obligation The fair value of an asset retirement obligation (“ARO”) is recognized in the period in which it is incurred, provided that a reasonable estimate of fair value can be made. The Company’s ARO is primarily related to commitments to restore or decommission property subject to operating leases associated with its GevoND and RNG operations. In January 2025, Gevo completed the acquisition of substantially all of the assets and certain liabilities of Red Trail Energy. As part of the acquisition, management recorded the ARO related to the Broom Creek formation pore space, which includes plugging injection wells, sealing the site, and post-closure monitoring, as required by regulatory and environmental standards to ensure long-term CO₂ containment. These requirements are driven by both regulatory mandates and industry best practices to ensure long-term environmental safety and mitigate the risk of CO₂ leakage. Additionally, during the first quarter of 2025, certain operating lease agreements were amended, resulting in changes to the terms of property restitution. As a result of these amendments, the Company recognized new AROs and corresponding assets. The capitalized ARO costs included in property, plant, and equipment are depreciated over the shorter of the useful life of the related asset or the term of the associated lease. ARO liabilities are accreted over time using the credit-adjusted risk-free rate applied at initial recognition and recorded in operations expense on the Condensed Consolidated Statement of Operations.
Accounting for Redeemable Non-Controlling Interest	Accounting for Redeemable Non-Controlling Interest In connection with the Company's acquisition of substantially all of the assets and certain liabilities of Red Trail Energy, Gevo Intermediate HoldCo, LLC (“HoldCo”), a wholly owned subsidiary of Gevo entered into a membership subscription agreement with OIC, pursuant to which OIC purchased equity units. The subscription agreement includes put and call options (the "Put/Call Option") related to the non-controlling interest. Specifically, the Company has the right to exercise a call option to purchase all outstanding units, and OIC holds a put option requiring the Company to purchase the outstanding units at fair value. These options are exercisable for a period of three years (the "Option Period") following the date on which all indebtedness under the related credit agreement with OIC has been paid. Under applicable accounting guidance, an equity instrument that is redeemable for cash or other assets must be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event not solely within the control of the issuer. As a result of the Put/Call Option feature, the Company has classified the non-controlling interest as redeemable and reported it within temporary equity on the Condensed Consolidated Balance Sheets, initially at its fair value as of the acquisition date. The redeemable non-controlling interest is adjusted each reporting period to reflect income (or loss) attributable to the redeemable non-controlling interest, as well as any applicable distributions. A measurement period adjustment, if necessary, is made to adjust the redeemable non-controlling interest to the higher of its redemption value (fair value) or carrying value as of each reporting date. These fair value adjustments are recognized through equity and are not reflected in the Company's Condensed Consolidated Statements of Income. For earnings per share calculations, the Company adjusts net income attributable to the Company for the measurement period adjustment to the extent the redemption value exceeds the fair value of the redeemable non-controlling interest on a cumulative basis. The fair value of the redeemable non-controlling interest is determined using the income approach (specifically, a discounted cash flow analysis). As of September 30, 2025, the fair value of the redeemable non-controlling interest has been adjusted to its estimated redemption value with a related adjustment to accumulated deficit.
Recently Issued, Not Yet Adopted Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued, Not Yet Adopted Accounting Pronouncements Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. Income Statement Disclosures. In November 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 will require companies to disaggregate, within the notes to the financial statements, certain expenses presented on the face of the financial statements to enhance transparency and help investors better understand an entity's performance. The amendment will specifically require that an entity disclose the amounts related to purchases of inventory, employee compensation, depreciation and intangible asset amortization. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on the Company’s financial statement disclosures. Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 amends certain aspects of the accounting and disclosure of software costs. ASU 2025-06, which can be applied prospectively, retrospectively, or with a modified transition approach, is effective for annual reporting period beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures Recently Adopted Accounting Pronouncements Segment Reporting. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 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, Topic 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 were effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company adopted this guidance in the fourth quarter of 2024. The requirements of this ASU are disclosure-related and did not have an impact on the Company’s consolidated financial statements and results of operations. See Note 23, Segments, for the updated segment disclosures.

Deposits and Other Assets

9 Months Ended

Sep. 30, 2025

Deposits and Other Assets

Deposits and Other Assets

13.	Deposits and Other Assets

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


	September 30, 2025		December 31, 2024
Deposits	$	507	$	184
Prepaid feedstock		2,650		2,636
Equity interest ⁽¹⁾		1,500		1,500
Deposits receivable ⁽²⁾		55,065		47,737
Earnest money deposit ⁽³⁾		—		10,000
Other assets, net ⁽⁴⁾		12,280		13,566
Total deposits and other assets	$	72,002	$	75,623

(1)

(2)

(3)	Earnest money deposited in connection with the Red Trail Energy Purchase Agreement. See Note 2, Business Combinations, for additional information.

(4)	Expenditures related to the feedstock agreements.

Property, Plant and Equipment

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment

Property, Plant and Equipment

11.	Property, Plant and Equipment

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



	September 30, 2025		December 31, 2024
Land	$	12,417	$	6,592
Plant facilities and infrastructure		106,371		74,255
Machinery and equipment		150,595		79,637
Furniture and office equipment		2,957		2,779
Software		7,723		5,419
Construction in progress		175,153		154,272
Total property, plant and equipment		455,216		322,954
Less: accumulated depreciation and amortization		(111,877)		(101,312)
Property, plant and equipment, net	$	343,339	$	221,642

During the three months ended September 30, 2025 and 2024, the Company recorded depreciation expense of $4.0 million and $3.1 million, respectively. Depreciation expense recorded into inventory during the three months ended September 30, 2025 and 2024 was $1.5 million and $1.2 million, respectively. During the three months ended September 30, 2025 and 2024, $1.5 million and $0.6 million, respectively was recorded to depreciation expense due to sales of inventory. During the nine months ended September 30, 2025 and 2024, the Company recorded depreciation expense of $10.4 million and $11.0 million, respectively. Depreciation expense recorded into inventory during the nine months ended September 30, 2025 and 2024 was $4.3 million and $3.7 million, respectively. During the nine months ended September 30, 2025 and 2024 $4.5 million and $3.2 million, respectively was recorded to depreciation expense due to sales of inventory. The Company’s Construction in progress primarily relates to our Alcohol-to-Jet projects, in particular engineering work, design work and modularization.

Business Combinations - Fair Values of the Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Jan. 31, 2025	Dec. 31, 2024	Sep. 30, 2024
Current assets:
Goodwill	$ 43,558		$ 3,740	$ 3,740
Red Trail Purchase Agreement
Current assets:
Trade accounts receivable		$ 4,970
Inventories		11,558
Prepaid expenses and other current assets		212
Total current assets		16,740
Property, plant and equipment		110,841
Intangible assets		46,300
Goodwill		39,767
Right-of use assets (operating and finance)		1,359
Other assets		40
Total assets acquired		215,047
Current liabilities:
Accounts payable and accrued liabilities		1,678
Lease liabilities (operating and finance)		315
Other current liabilities		668
Total current liabilities		2,661
Lease liabilities (operating and finance)		1,044
Asset retirement obligation		1,018
Total liabilities assumed		4,723
Total assets acquired and liabilities assumed		$ 210,324

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2025

Stockholders' Equity

Schedule of warrants

Shares

Issued upon

Underlying

Shares

Warrant

Warrants

Exercise

Underlying

Exercises as

Outstanding

Price as of

Warrants on

as of

Issuance

Expiration

September 30,

Issuance

September 30,

Date

2025

Date

2025

Series 2022-A Warrants ⁽¹⁾

6/8/2022

6/7/2027

4.37

33,333,336

—

33,333,336

Total Warrants

33,333,336

—

33,333,336

(1)	Equity-classified warrants.

Derivative Financial Instruments - Statement of Operations Income/(Expense) (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2025
Derivative Financial Instruments
Corn derivative instruments	$ 395	$ 5,602
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization	Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization

Fair Value Measurements - Carrying Values and Estimated Fair Values of Debt Instruments (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Term Loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 105,000
Term Loan \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	105,000
Remarketed Bonds \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	28,155
Remarketed Bonds \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	28,123
Series 2025A Bonds \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	40,000
Series 2025A Bonds \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 40,000

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

+ Details

Intangible Assets and Goodwill - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	$ 3,280
2026	13,122
2027	13,122
2028	13,114
2029	1,866
2030 and thereafter	1,049
Total intangible assets	45,553	$ 8,129
Patents
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	146
2026	582
2027	582
2028	582
2029	49
Total intangible assets	1,941	2,377
Defensive Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	146
2026	586
2027	586
2028	586
2029	586
2030 and thereafter	49
Total intangible assets	2,539	2,978
Developed Technology
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	65
2026	260
2027	260
2028	260
2029	173
Total intangible assets	1,018	1,213
Customer-Related Intangible Assets
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	2,917
2026	11,669
2027	11,669
2028	11,669
2029	1,058
2030 and thereafter	1,000
Total intangible assets	39,982	1,469
Trade Name
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2025 (remaining)	6
2026	25
2027	25
2028	17
Total intangible assets	$ 73	$ 92

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

9 Months Ended

Sep. 30, 2025

Leases, Right-of-Use Assets and Related Liabilities

Schedule of Lease, Cost

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


	Nine Months Ended September 30,
	2025		2024
Operating lease cost	$	414	$	207
Finance lease expense:
Amortization of leased assets		1,074		705
Interest on lease liabilities		166		209
Total lease expense	$	1,654	$	1,121


	Nine Months Ended September 30,
	2025			2024
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	1,359		$	578
Operating cash flows from operating leases	$	569		$	296
Finance cash flows from finance leases	$	123		$	128
Right-of-use asset obtained in exchange for new finance lease liabilities	$	202		$	2,731
Right-of-use asset obtained in exchange for new operating lease liabilities	$	—		$	32
Weighted-average remaining lease term, finance leases (months)		65			39
Weighted-average remaining lease term, operating leases (months)		40			48
Weighted-average discount rate - finance leases⁽¹⁾		15	%		17	%
Weighted-average discount rate - operating leases⁽¹⁾		9	%		6	%

(1)

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

Schedule of Operating Lease, Liability, Fiscal Year Maturity


	Operating Leases		Finance Leases
2025 (remaining)	$	186	$	671
2026		817		43
2027		749		44
2028		568		43
2029		194		32
2030 and thereafter		10		507
Total		2,524		1,340
Less: amounts representing present value discounts		335		246
Total lease liabilities		2,189		1,094
Less: current portion		658		673
Non-current portion	$	1,531	$	421

Accounts Payable and Accrued Liabilities (Tables)

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities

Schedule of Accounts Payable and Accrued Liabilities

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


	September 30, 2025		December 31, 2024
Accounts payable	$	3,186	$	539
Accrued liabilities		26,135		9,873
Accrued construction in progress		1,199		2,595
Accrued payroll and related benefits		9,528		8,999
Total accounts payable and accrued liabilities	$	40,048	$	22,006

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Income Taxes
Provision for income taxes			$ 0
Effective tax rate	0.00%	0.00%	0.00%	0.00%
Federal income tax at statutory rate			21.00%

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2025

Prepaid Expenses and Other Current Assets

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:



	September 30, 2025		December 31, 2024
Prepaid insurance	$	2,115	$	1,520
Corn derivative contracts		15		—
Interest receivable		155		730
Prepaid feedstock		544		1,097
Other current assets		2,858		2,573
Total prepaid expenses and other current assets	$	5,687	$	5,920

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (7,954)	$ (21,156)	$ (27,538)	$ (61,033)

- Definition

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

+ References

+ Details

Nature of Business, Financial Condition and Basis of Presentation (Details) lb in Millions, gal in Millions, $ in Millions			3 Months Ended	9 Months Ended
	Jan. 31, 2025 USD ($)	Sep. 10, 2024 USD ($)	Jun. 30, 2025 USD ($)	Sep. 30, 2025 USD ($) ft² a MMBTU item lb T gal	May 31, 2025 USD ($) gal
Nature of Business, Financial Condition and Basis of Presentation
Jet fuel supply short fall volume \| gal				2,300
Number of dairies \| item				3
Agri Energy LLC \| Disposal group, held for sale
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in gallon per year) \| gal					18
Consideration \| $					$ 7.0
Red Trail Purchase Agreement
Nature of Business, Financial Condition and Basis of Presentation
Purchase price \| $		$ 210.0		$ 210.3
Proceeds from senior secured term loan facility \| $	$ 105.0
Equity from Orion Infrastructure Capital \| $	$ 5.0
Minimum
Nature of Business, Financial Condition and Basis of Presentation
Renewable natural gas facilities, annual expected capacity \| MMBTU				355,000
Maximum
Nature of Business, Financial Condition and Basis of Presentation
Renewable natural gas facilities, annual expected capacity \| MMBTU				400,000
2025 bonds principal payments \| Loans Payable
Nature of Business, Financial Condition and Basis of Presentation
Aggregate principal amount \| $			$ 40.0
Restricted cash released to cash and cash equivalents \| $			$ 30.0
High-Value Protein Products \| Plant ATJ-60
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in pound per year) \| lb				1,300
Corn Oil \| Plant ATJ-60
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in pound per year) \| lb				30
Sustainable Aviation Fuel (SAF) \| Plant ATJ-30
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in gallon per year) \| gal				30
Sustainable Aviation Fuel (SAF) \| Plant ATJ-60
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in gallon per year) \| gal				60
Sustainable Aviation Fuel (SAF) \| Plant ATJ-150
Nature of Business, Financial Condition and Basis of Presentation
Project production capacity (in gallon per year) \| gal				150
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				50,000
Gevo North Dakota
Nature of Business, Financial Condition and Basis of Presentation
Ethanol process capacity \| gal				67
Annual injection capacity for wells \| T				165,000
Additional annual injection capacity for wells from leases \| T				1,000,000

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)
Operating Activities
Net loss	$ (7,577)	$ (26,621)	$ (61,033)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on extinguishment of debt		369
Stock-based compensation		6,504	12,485
Depreciation and amortization	7,404	20,239	12,222
Tax credit generation	(12,500)	(34,006)
Amortization of deferred financing costs		1,334
Other non-cash (income) expense		(808)	1,847
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable		(361)	1,417
Inventories		(4,108)	(1,542)
Prepaid expenses and other current assets, deposits and other assets		(7,455)	(10,750)
Accounts payable, accrued expenses and non-current liabilities		11,557	6,814
Net cash used in operating activities		(33,356)	(38,540)
Investing Activities
Acquisitions of property, plant and equipment		(18,907)	(36,459)
Acquisition of Red Trail Energy		(198,461)
Proceeds from sale of investment tax credit			15,336
Payment of earnest money deposit			(10,000)
Acquisition of CultivateAI, net of cash acquired			(6,070)
Net cash used in investing activities		(217,368)	(37,193)
Financing Activities
Proceeds from issuance of bonds		40,000	68,155
Repayments of bonds		(40,000)	(68,155)
Loan proceeds		105,000
Payment of debt issuance costs		(9,425)	(1,665)
Non-controlling interest		5,000
Proceeds from the exercise of warrants			49
Proceeds from the exercise of stock options		456
Payment of loans payable		(21)	(89)
Payment of finance lease liabilities		(945)	(578)
Repurchases of common stock			(4,710)
Net cash provided by (used in) financing activities		100,065	(6,993)
Net decrease in cash and cash equivalents		(150,659)	(82,726)
Cash, cash equivalents and restricted cash at beginning of period		259,033	375,597
Cash, cash equivalents and restricted cash at end of period	108,374	108,374	292,871
Schedule of cash, cash equivalents and restricted cash
Cash and cash equivalents	72,598	72,598	223,227
Restricted cash, current	28,770	28,770	1,489
Restricted cash, non-current	7,006	7,006	68,155
Total cash, cash equivalents and restricted cash	$ 108,374	108,374	292,871
Supplemental disclosures of cash and non-cash investing and financing transactions
Cash paid for interest		8,151	1,556
Non-cash purchase of property, plant and equipment		3,997	5,600
Right-of-use asset purchased with financing leases		$ 202	2,731
Right-of-use asset purchased with operating lease			$ 32

Intangible Assets and Goodwill - Intangible Assets Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Jan. 31, 2025	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Amount recognized on tax credits		$ 12,500		$ 34,006
Estimated Life (Years)				3 years 8 months 12 days		8 years 10 months 24 days
Amortization expense		$ 3,300	$ 300	$ 8,900	$ 900
Tax credits
Finite-Lived Intangible Assets [Line Items]
Amount recognized on tax credits				$ 34,000
Customer-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Estimated Life (Years)				3 years 3 months 18 days		16 years
Red Trail Purchase Agreement \| Customer-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Recognized intangible assets				$ 46,300
Estimated Life (Years)	4 years

- 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

Business Combinations

9 Months Ended

Sep. 30, 2025

Business Combinations

Business Combinations

2.	Business Combinations

Red Trail Energy Asset Purchase Agreement

On September 10, 2024, Gevo and its subsidiaries entered into an Asset Purchase Agreement (the “Red Trail Purchase Agreement”) with Red Trail Energy to acquire substantially all of its assets and assume certain liabilities. The acquisition was completed on January 31, 2025 (the “Closing Date”). Gevo’s acquisition of Red Trail Energy was a strategic move aimed at accelerating its production of renewable fuels, particularly SAF, while also enabling additional co-located projects. This acquisition aligns with Gevo’s broader goal of reducing carbon emissions and promoting sustainability in the energy and transportation sectors. Furthermore, the acquisition grants access to critical CCS assets.

The transaction met the requirements to be considered a business combination under FASB ASC 805: Business Combinations (“ASC 805”). The assets and liabilities acquired from Red Trail Energy, affected for preliminary adjustments to reflect the fair market values assigned to assets purchased and liabilities assumed, and results of operations, are included in the Company’s consolidated financial statements from the Closing Date. The Company has allocated the purchase price to the tangible and identifiable intangible assets and liabilities assumed based on their estimated fair market values at the Closing Date as required under ASC 805.

The Red Trail Purchase Agreement was accounted for using the acquisition method of accounting. The purchase price per the Red Trail Purchase Agreement was $210 million and was adjusted to $208.4 million at the Closing Date, based on minor adjustments to the purchase price and an estimated working capital adjustment (the “Purchase Price”). The Purchase Price was adjusted further based on the final net working capital amount of $1.9 million. The purchase price as of September 30, 2025 is $210.3 million. The Purchase Price was funded through a combination of $103.9 million in cash, of which $10.0 million was paid in escrow in 2024, $99.5 million senior secured term loan facility, net of discount and financing costs, and $5.0 million in the form of a redeemable non-controlling interest investment from OIC.

The Company incurred approximately $4.5 million of direct acquisition-related expenditures for the nine months ended September 30, 2025, which are recognized in General and administrative expense in the Condensed Consolidated Statements of Operations.

The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Red Trail Purchase Agreement (in thousands):


	Red Trail
	Purchase Agreement
	Fair Value
Current assets:
Trade accounts receivable	$	4,970
Inventories		11,558
Prepaid expenses and other current assets		212
Total current assets		16,740
Property, plant and equipment		110,841
Intangible assets		46,300
Goodwill		39,767
Right-of use assets (operating and finance)		1,359
Other assets		40
Total assets acquired		215,047
Current liabilities:
Accounts payable and accrued liabilities		1,678
Lease liabilities (operating and finance)		315
Other current liabilities		668
Total current liabilities		2,661
Lease liabilities (operating and finance)		1,044
Asset retirement obligation		1,018
Total liabilities assumed		4,723
Total assets acquired and liabilities assumed	$	210,324

Fair Value of Net Assets Acquired and Intangibles

The assets and liabilities were recorded at their respective fair values as of the Closing Date. The Company marked the inventory to fair value based on the market prices adjusted for various factors. The property, plant and equipment assets were valued using the cost and market approaches as of the acquisition date. The Company developed the fair value of the customer-related intangible assets using the multi-period excess earnings method. For all other major assets and liabilities acquired, the Company determined that book value approximated fair value. Goodwill represents the future economic benefits that the Company expects to achieve as a result of the acquisition of the human capital and assets acquired. The goodwill resulting from this acquisition is expected to be deductible for tax purposes. The fair value of net assets acquired, intangibles, and goodwill, were assigned to the Company’s GevoND segment.

The following table sets forth the intangible assets acquired in the Red Trail Purchase Agreement (in thousands):


	Red Trail		Estimated
	Purchase Agreement		Life
	Fair Value		(Years)
Customer-related intangible	$	46,300	4.0
Total intangible assets	$	46,300

Pro Forma Financial Information

The pro forma financial information (in thousands) presented in the following table was computed by combining the historical financial information of Gevo along with the effects from business combination accounting and the associated debt resulting from this

acquisition as if the companies were combined on January 1, 2024. This information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred if the acquisition had been consummated as of that date. This information should not be used as a predictive measure of our future financial position, results of operations, or liquidity.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total operating revenues	$	42,710	$	39,759	$	129,771	$	117,622
Net income (loss)		(7,577)		(21,889)		(25,422)		(64,367)

Segments

9 Months Ended

Sep. 30, 2025

Segments

Segments

23.

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 assesses the segments’ performance by using income (loss) from operations.

The CODM uses operating results for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources of each segment. As such, management has determined that the Company has organized its operations and activities in the manner in which information is utilized by the CODM and has determined that it has four operating and reportable segments: (i) Gevo segment; (ii) GevoFuels segment; (iii) GevoRNG segment; and (iv) GevoND segment. All segments follow the same basis of accounting policies as described in Note 2, Summary of Significant Accounting Policies, of Part II, Item 8 in our 2024 Annual Report.

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 of Verity platforms.

GevoFuels segment. GevoFuels is a cornerstone of the Company’s operations, committed to driving low-cost, sustainable, and American-made energy solutions. Our focus is on advancing practical, low-carbon energy alternatives that promote energy independence and strengthen the economy. This segment is dedicated to the development, construction, and operation of Alcohol-to-Jet projects that are not only good for the environment but also cost-effective for businesses and consumers. Our flagship projects represent groundbreaking greenfield initiatives focused on producing sustainable aviation fuel (“SAF”) in the United States.

GevoRNG segment. The Renewable Natural Gas segment includes GevoRNG which is an innovative project that leverages anaerobic digestion technology to capture and convert methane emissions into renewable natural gas. This project plays a significant role in addressing both the environmental impact of methane emissions and the growing demand for cleaner energy alternatives. RNG is chemically identical to conventional natural gas, but it is produced from organic waste rather than fossil fuels, making it a sustainable and carbon-neutral energy source. By converting methane emissions into RNG, GevoRNG helps mitigate the environmental impact of livestock farming, specifically reducing the GHGs that contribute to climate change.

GevoND segment. The GevoND segment includes advanced CCS technologies and low-carbon ethanol assets at a newly acquired facility in North Dakota, enhancing our portfolio of integrated, cost-effective carbon abatement solutions. The principal products manufactured by our ethanol plant include ethanol and distillers grains. At capacity, GevoND facility is capable of processing approximately 67 million gallons of low-carbon ethanol annually, including 2 million gallons of corn fiber ethanol with an ultra-low carbon intensity. Additionally, the facility produces more than 230,000 tons of low-carbon animal feed and vegetable oil, contributing to sustainable agriculture and food systems. The site has an operating, fully permitted Class VI CCS well, which captures and sequesters approximately 160,000 tons of biogenic carbon dioxide annually. This capability is a key component of our strategy to drive meaningful carbon abatement at scale, with the potential to sequester multiple times that amount in total carbon emissions, directly supporting Gevo’s vision of decarbonizing the energy, transportation, and agriculture sectors.

The "Other Expenses" in the segment table include the following components: cost of production, general and administrative expenses, acquisition-related costs, facility idling costs, and other expenses.


	Three Months Ended September 30, 2025
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	517	$	—	$	3,965	$	38,228	$	42,710
Less:
Depreciation and amortization		808		—		1,776		4,820		7,404
Research and development		1,273		—		—		—		1,273
Project development		2,797		547		—		(115)		3,229
Operating and other expenses		11,586		—		1,706		21,202		34,494
Income (loss) from operations		(15,947)		(547)		483		12,321		(3,690)
Interest expense		(118)		—		(1,732)		(3,357)		(5,207)
Interest and investment income		831		—		—		157		988
Consolidated net income (loss)		(14,782)		(550)		(1,249)		9,004		(7,577)

Acquisitions of property, plant, and equipment		(323)		764		369		1,464		2,274
Goodwill as of September 30, 2025		3,790		—		—		39,768		43,558
Total assets as of September 30, 2025		111,241		228,610		87,768		257,588		685,207


	Three Months Ended September 30, 2024
	Gevo		GevoFuels		GevoRNG		Consolidated
Revenues	$	13	$	—	$	1,952	$	1,965
Less:
Depreciation and amortization		2,822		—		672		3,494
Research and development		1,113		—		—		1,113
Project development		5,021		1,572		—		6,593
Operating and other expenses		10,662		—		4,111		14,773
Loss from operations		(19,605)		(1,572)		(2,831)		(24,008)
Interest expense		(227)		—		(880)		(1,107)
Interest income		3,817		—		—		3,817
Consolidated net loss		(15,879)		(1,572)		(3,705)		(21,156)

Acquisitions of property, plant, and equipment		1,350		7,658		743		9,751
Goodwill as of December 31, 2024		3,740		—		—		3,740
Total assets as of December 31, 2024		297,979		208,309		77,653		583,941


	Nine Months Ended September 30, 2025
	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	3,093	$	—	$	13,918	$	98,221	$	115,232
Less:
Depreciation and amortization		2,334		—		4,553		13,352		20,239
Research and development		3,259		—		—		—		3,259
Project development		7,491		1,647		—		(76)		9,062
Operating and other expenses		39,306		—		6,957		54,442		100,705
Income (loss) from operations		(49,297)		(1,647)		2,408		30,503		(18,033)
Interest expense		(492)		—		(3,486)		(8,868)		(12,846)
Interest, investment and other income		3,798		—		—		282		4,080
Consolidated net income (loss)		(45,615)		(1,650)		(1,098)		21,742		(26,621)

Acquisitions of property, plant, and equipment		2,408		15,574		1,579		1,860		21,421
Goodwill as of September 30, 2025		3,790		—		—		39,768		43,558
Total assets as of September 30, 2025		111,241		228,610		87,768		257,588		685,207


	Nine Months Ended September 30, 2024
	Gevo		GevoFuels		GevoRNG		Consolidated
Revenues	$	950	$	—	$	10,265	$	11,215
Less:
Depreciation and amortization		8,875		—		3,347		12,222
Research and development		4,302		—		—		4,302
Project development		15,842		3,806		—		19,648
Operating and other expenses		32,259		—		13,962		46,221
Loss from operations		(60,328)		(3,806)		(7,044)		(71,178)
Interest expense		(558)		—		(2,204)		(2,762)
Interest income		12,504		—		—		12,504
Consolidated net loss		(49,765)		(3,806)		(7,462)		(61,033)

Acquisitions of property, plant, and equipment		11,702		22,969		1,788		36,459
Goodwill as of December 31, 2024		3,740		—		—		3,740
Total assets as of December 31, 2024		297,979		208,309		77,653		583,941

- 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.

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+ Details

Business Combinations (Tables)

9 Months Ended

Sep. 30, 2025

Business Combinations

Schedule of fair values of the assets acquired and liabilities assumed in connection with the Red Trail Purchase Agreement

The following table sets forth the fair values of the assets acquired and liabilities assumed in connection with the Red Trail Purchase Agreement (in thousands):


	Red Trail
	Purchase Agreement
	Fair Value
Current assets:
Trade accounts receivable	$	4,970
Inventories		11,558
Prepaid expenses and other current assets		212
Total current assets		16,740
Property, plant and equipment		110,841
Intangible assets		46,300
Goodwill		39,767
Right-of use assets (operating and finance)		1,359
Other assets		40
Total assets acquired		215,047
Current liabilities:
Accounts payable and accrued liabilities		1,678
Lease liabilities (operating and finance)		315
Other current liabilities		668
Total current liabilities		2,661
Lease liabilities (operating and finance)		1,044
Asset retirement obligation		1,018
Total liabilities assumed		4,723
Total assets acquired and liabilities assumed	$	210,324

Schedule of intangible assets acquired

The following table sets forth the intangible assets acquired in the Red Trail Purchase Agreement (in thousands):


	Red Trail		Estimated
	Purchase Agreement		Life
	Fair Value		(Years)
Customer-related intangible	$	46,300	4.0
Total intangible assets	$	46,300

Schedule of Pro Forma Financial Information


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total operating revenues	$	42,710	$	39,759	$	129,771	$	117,622
Net income (loss)		(7,577)		(21,889)		(25,422)		(64,367)

Asset Retirement Obligation

9 Months Ended

Sep. 30, 2025

Asset Retirement Obligation.

Asset Retirement Obligation

15.

Asset Retirement Obligation

During the nine months ended September 30, 2025, the Company recognized a liability for the estimated costs associated with the retirement of certain assets that are subject to legal or contractual obligations. These assets primarily relate to the decommissioning of RNG production facilities and associated infrastructure at our RNG plant. Additionally, the Company recognized an ARO related to the closure plan for our Class VI injection and monitoring wells at the GevoND operation.

The Company estimates the fair value of the ARO based on current regulatory requirements and historical cost data, considering appropriate inflation and discount rates for the estimated timeline of asset removal. The fair value of the estimated ARO is recorded as a long-term liability, with a corresponding increase in the carrying amount of the related asset.

The following table summarizes the Company’s asset retirement obligation (in thousands) as of:


	September 30, 2025
Asset retirement obligation, beginning of period	$	—
Liabilities assumed upon acquisition		1,018
Liabilities incurred		1,093
Accretion expense		102
Asset retirement obligation, end of period	$	2,213

Any changes in the assumptions used to calculate the fair value of the asset retirement obligation are recorded as an offset to the related asset. Surety bonds have been established to cover the cost of a portion of the facility closure plan.

Revenues from Contracts with Customers and Other Revenue - Narrative (Details) - USD ($)	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Contract with customer, asset	$ 0	$ 0
Contract with customer, liability	0	0
Allowance for doubtful accounts	0	$ 0
RNG and Environmental Attribute Revenue
Disaggregation of Revenue
Revenue recognized	$ 0

- 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

Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details)	1 Months Ended
	Aug. 31, 2024	Sep. 30, 2025 site contract
Lessee, Lease, Description [Line Items]
Number of digester sites \| site		3
Land
Lessee, Lease, Description [Line Items]
Number of finance lease		4
Plant facilities and infrastructure
Lessee, Lease, Description [Line Items]
Number of finance lease		1
Third-party processing facility	12 months
Option to extend the lease term	false
Operating equipment
Lessee, Lease, Description [Line Items]
Number of finance lease		1

Stock-Based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, Beginning Balance (in shares)	14,103,458
Granted (in shares)	6,893,724
Forfeited and expired (in shares)	(537,281)
Exercised (in shares)	(533,535)
Outstanding, Ending Balance (in shares)	19,926,366	14,103,458
Options vested and expected to vest (in shares)	19,926,366
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 2.24
Granted (in dollars per share)	1.17
Forfeited and expired (in dollars per share)	2.37
Exercised (in dollars per share)	0.85
Ending Balance (in dollars per share)	1.91	$ 2.24
Options vested and expected to vest (in dollars per share)	$ 1.91
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Options Outstanding, Weighted Average Remaining Contractual Term (years)	8 years 4 months 24 days	8 years 4 months 24 days
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years)	8 years 4 months 24 days
Options Outstanding, Aggregate Intrinsic Value	$ 13,349	$ 8,874
Options vested and expected to vest	$ 13,349
Weighted-Average Grant-Date Fair Value
Weighted-Average Grant-Date Fair Value Options outstanding, Beginning	$ 1.9
Weighted-Average Grant-Date Fair Value Options outstanding, Ending	1.64	$ 1.9
Weighted-Average Grant-Date Fair Value Options vested and expected to vest	1.64
Minimum
Weighted-Average Grant-Date Fair Value
Exercise price of options outstanding (in dollars per share)	0.67
Maximum
Weighted-Average Grant-Date Fair Value
Exercise price of options outstanding (in dollars per share)	$ 20

Variable Interest Entities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Deposits receivable	$ 55,065	$ 47,737
Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Gain or loss recognized as a result deconsolidation	0
Deposits receivable	$ 55,100

Inventories

9 Months Ended

Sep. 30, 2025

Inventories

Inventories

9.	Inventories

Inventory is valued at the lower of cost or net realizable value. The following table sets forth the components of the Company’s inventory balances (in thousands) as of:


	September 30, 2025		December 31, 2024
Raw materials	$	7,358	$	198
Finished goods
Biofuels		1,560		1,250
Work in process
Environmental attributes		4,361		2,146
Biofuels		5,219		248
Spare parts		3,413		660
Total inventories	$	21,911	$	4,502

The Company has entered into forward corn purchase contracts under which it is required to take delivery at the contract price. At the time the contracts were created, the price of the contract approximated market price. Subsequent changes in market conditions could cause the contract prices to become higher or lower than market prices. As of September 30, 2025, the average price of corn purchased under certain fixed price contracts, that had not yet been delivered, was higher than the approximated market price. Given the uncertainty of future ethanol prices, future losses on the outstanding purchase commitments could be recorded in future periods.

Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies

Commitments and Contingencies

19.	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 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 Company concluded that certain losses on litigation were probable and estimable; as a result, the Company recorded $0.9 million accrual for use tax contingencies, included in Accounts payable and accrued liabilities on the Condensed Consolidated Balance Sheets.

Indemnifications. In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of September 30, 2025, the Company did not have any liabilities associated with indemnities.

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

Environmental Liabilities. The Company’s operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable, and the costs can be reasonably estimated. No environmental liabilities have been recorded as of September 30, 2025.

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

Firm Purchase Commitments for Corn. To ensure an adequate supply of corn to operate the GevoND plant, the Company enters into contracts to purchase corn from local farmers and elevators. As of September 30, 2025, the Company had various fixed price contracts for the purchase of approximately 3.2 million bushels of corn. Using the stated contract price for the fixed price contracts, the Company had commitments of approximately $13.8 million related to the 3.2 million bushels under contract.

The estimated commitments as of September 30, 2025, and thereafter are shown below (in thousands):


											2030 and
	2025		2026		2027		2028		2029		thereafter		Total
Fuel supply payments	$	409	$	1,714	$	2,055	$	1,748	$	2,202	$	30,049	$	38,177
East River commitment		—		195		6,858		—		—		—		7,053
Firm purchase commitments for corn		13,790		—		—		—		—		—		13,790
Renewable energy credits		36		142		142		142		142		1,468		2,072
Water purchases		424		424		424		424		424		—		2,120
Electricity above use (est.)		92		—		—		—		—		—		92
Total	$	14,751	$	2,475	$	9,479	$	2,314	$	2,768	$	31,517	$	63,304

Intangible Assets and Goodwill (Tables)

9 Months Ended

Sep. 30, 2025

Intangible Assets and Goodwill

Schedule of Identifiable Intangible Assets with Finite Lives

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


	September 30, 2025
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Patents	$	4,580	$	(2,639)	$	1,941	6.7
Defensive assets		4,900		(2,361)		2,539	7.7
Developed technology		1,300		(282)		1,018	4.3
Customer-related intangible assets		47,800		(7,818)		39,982	3.3
Trade name		100		(27)		73	3.3
Intangible assets with finite lives	$	58,680	$	(13,127)	$	45,553	3.7


	December 31, 2024
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, Net		(Years)
Patents	$	4,580	$	(2,203)	$	2,377	7.4
Defensive assets		4,900		(1,922)		2,978	8.4
Developed technology		1,300		(87)		1,213	5.0
Customer-related intangible assets		1,500		(31)		1,469	16.0
Trade name		100		(8)		92	4.0
Intangible assets with finite lives	$	12,380	$	(4,251)	$	8,129	8.9

Schedule of Intangible Assets with Indefinite Lives


	September 30, 2025
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Tax credits		34,006		—		34,006	—
Other intangible assets	$	34,006	$	—	$	34,006	—

Schedule of Estimated Amortization of Identifiable Intangible Assets

The following table details the estimated amortization of identifiable intangible assets with finite lives as of September 30, 2025 (in thousands):


					Developed		Customer-Related
	Patents		Defensive Assets		Technology		Intangible Assets		Trade Name		Total
2025 (remaining)	$	146	$	146	$	65	$	2,917	$	6	$	3,280
2026		582		586		260		11,669		25		13,122
2027		582		586		260		11,669		25		13,122
2028		582		586		260		11,669		17		13,114
2029		49		586		173		1,058		—		1,866
2030 and thereafter		—		49		—		1,000		—		1,049
Total intangible assets	$	1,941	$	2,539	$	1,018	$	39,982	$	73	$	45,553

Schedule of carrying amount of goodwill

The following table sets forth the changes in the carrying amount of goodwill (in thousands) as of:


	September 30, 2025		December 31, 2024
Goodwill, beginning of period	$	3,740	$	—
Acquisitions		37,815		3,742
Goodwill acquisition balance adjustments		2,003		(2)
Goodwill, end of period	$	43,558	$	3,740

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Fair Value Measurements

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Fair Value Measurements

20.	Fair Value Measurements

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

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

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

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

The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at September 30, 2025, and December 31, 2024 are as follows (in thousands):


			Fair Value Measurements at September 30, 2025
			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
	Fair Value at		Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents ⁽¹⁾	$	22,695	$	22,695	$	—	$	—
Commodities derivative instruments		15		—		15		—
Total	$	22,710	$	22,695	$	15	$	—

Fair Value Measurements at December 31, 2024

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Fair Value at

Identical

Observable

Unobservable

December 31,

Assets

Inputs

2024

(Level 1)

(Level 2)

(Level 3)

Cash and cash equivalents ⁽¹⁾

189,389

—

(1)	Cash and cash equivalents includes $22.7 million and $186.7 million invested in U.S. government money market funds as of September 30, 2025 and December 31, 2024, respectively.

The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2024, and September 30, 2025.

Remarketed Bonds

The fair value of the Remarketed Bonds is estimated using the Black-Derman-Toy interest rate lattice framework. The effective maturity of the Remarketed Bonds was assumed to be April 1, 2026 (two years from issuance) with repayment of 100% of principal on that date. The impact of the Company’s optional redemption feature, effective November 1, 2024, is appropriately captured by the Black-Derman-Toy interest rate lattice.

Term Loan and Series 2025A Bonds

The fair value of the Term Loan entered into on January 31, 2025, and the fair value of the Series 2025A Bonds entered into on July 10, 2025, are estimated to be equal to their carrying amount as of September 30, 2025, due to the short duration for which the loan and the bonds were outstanding during the period.

The carrying values and estimated fair values of the Term Loan, the Remarketed Bonds and the Series 2025A Bonds as of September 30, 2025, are summarized as follows (in thousands):


	Carrying		Estimated
	Value		Fair Value
Term Loan	$	105,000	$	105,000
Remarketed Bonds	$	28,155	$	28,123
Series 2025A Bonds	$	40,000		40,000

Redeemable non-controlling interest

The following table reflects the changes in the fair value of the redeemable non-controlling interest as of September 30, 2025:


	Redeemable Non-
	Controlling Interest
Contributions from non-controlling member made on January 31, 2025	$	5,000
Net income attributable to non-controlling member		917
Fair value adjustment		39
Ending balance as of September 30, 2025	$	5,956

- 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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Operating Leases
2025 (remaining)	$ 186
2026	817
2027	749
2028	568
2029	194
2030 and thereafter	10
Total	2,524
Less: amounts representing present value discounts	335
Total lease liabilities	2,189
Less: current portion	658	$ 333
Non-current portion	1,531	966
Finance Leases
2025 (remaining)	671
2026	43
2027	44
2028	43
2029	32
2030 and thereafter	507
Total	1,340
Less: amounts representing present value discounts	246
Total lease liabilities	1,094
Less: current portion	673	2,001
Non-current portion	$ 421	$ 187

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation

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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of production	$	17	$	16	$	33	$	47
General and administrative		1,937		3,113		5,332		10,772
Other operating expenses		408		657		1,139		1,666
Total stock-based compensation	$	2,362	$	3,786	$	6,504	$	12,485

Schedule Stock Option Award Activity

Stock option activity under the Company’s stock incentive plans and changes during the nine months ended September 30, 2025, were as follows:


				Weighted-
				Average
		Weighted-		Remaining		Weighted-
		Average		Contractual		Average		Aggregate
	Number of	Exercise		Term		Grant-Date		Intrinsic
	Options	Price ⁽¹⁾		(years)		Fair Value		Value
Options outstanding at December 31, 2024	14,103,458	$	2.24		8.4	$	1.90	$	8,874
Granted	6,893,724		1.17
Forfeited and expired	(537,281)		2.37
Exercised	(533,535)		0.85
Options outstanding at September 30, 2025	19,926,366	$	1.91		8.4	$	1.64	$	13,349
Options vested and expected to vest at September 30, 2025	19,926,366	$	1.91		8.4	$	1.64	$	13,349

(1)	Exercise price of options outstanding ranges from $0.67 to $20.00 as of September 30, 2025.

Schedule of Non-vested Restricted Stock Awards

Non-vested restricted stock awards and the changes during the nine months ended September 30, 2025, were as follows:


		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Outstanding at December 31, 2024	7,588,144	$	1.08
Granted	2,360,659	$	1.21
Vested and issued	(3,131,285)	$	1.29
Forfeited and expired	(373,501)	$	1.13
Non-vested at September 30, 2025	6,444,017	$	1.02

Fair Value Measurements - Financial Instruments, by Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Commodities derivative instruments	$ 15
Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	22,695	$ 189,389
Commodities derivative instruments	15
Total	22,710
Recurring \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	22,700	186,700
Recurring \| 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	22,695	189,389
Total	22,695
Recurring \| 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
Commodities derivative instruments	15
Total	15
Recurring \| Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	$ 0
Commodities derivative instruments	0
Total	$ 0

Subsequent Events

9 Months Ended

Sep. 30, 2025

Subsequent Events

Subsequent Events

24. Subsequent Events

On November 5, 2025, the Company announced that it had contracted for the sale of the remaining 2025 from its Gevo North Dakota facility for a total of $30.0 million worth of credits to Stifel Financial Corp and Capital Community Bank.

On November 4, 2025, the Company completed the previously announced sale of Agri to A.E.. The sale includes Agri’s 18- million gallon per year ethanol production facility and a portion of the adjacent land in Luverne, Minnesota. The sales price is comprised of $2.0 million in cash and a $5.0 million note receivable. The sale of the plant is expected to save approximately $2.0 million per year in idle facility costs. The Company has retained ownership of the majority of the isobutanol production assets onsite and approximately 30 acres of land adjacent to the ethanol facility.

Debt

9 Months Ended

Sep. 30, 2025

Debt

Debt

16.

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 had a maturity date of January 1, 2042. The bonds bore 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 was 1.1%. The 2021 Bonds were supported by the $71.2 million Bond Letter of Credit; see Note 6, Restricted Cash. The Trustee could 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 were callable and re-marketable on or after October 1, 2022.

The 2021 Bonds were issued at a premium of $0.8 million and debt issuance costs were $3.0 million. As of the Conversion Date (defined below) all premiums and debt issuance costs were fully amortized.

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 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 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 were accounted for as a debt extinguishment, with no gain or loss recognized from extinguishment.

The Remarketed Bonds retained the same $68.2 million principal amount and maturity date of January 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 with a first mandatory tender date of April 1, 2026. The effective interest rate is 1.2%. The Company incurred $1.7 million of debt issuance costs associated with the remarketing. On July 10, 2025, $40.0 million of the Remarketed Bonds were refinanced. The current portion of the Remarketed Bonds of $28.2 million is included in current liabilities on the Condensed Consolidated Balance as of September 30, 2025. As of September 30, 2025, debt issuance costs net of amortization for the Remarketed Bonds was $0.2 million.

The Remarketed Bonds were supported by a $69.6 million New Bond Letter of Credit; see Note 6, Restricted Cash, issued to the incumbent Trustee that can draw sufficient amounts on the New Bond Letter of Credit to pay the principal and interest, in case of default, until the first mandatory tender date of April 1, 2026. The current portion of the New Bond Letter of Credit of $28.2 million is included in Restricted Cash in current assets on the Condensed Consolidated Balance sheet as of September 30, 2025. As of September 30, 2025, no amounts have been drawn under the New Bond Letter of Credit.

2025 Bonds

On July 10, 2025, Barclays Capital Inc. purchased $40.0 million of the Remarketed Bonds (the “2025 Bonds” or “Series 2025A Bonds”) on a non-recourse basis. This partial refinancing enabled Gevo to release $40.8 million of restricted cash, including interest of $0.8 million, which was securing the letter of credit and returned approximately $30.4 million of cash to Gevo after paying debt issuance costs of $3.4 million and funding the Debt Service Reserve Fund of $4.0 million and the Operating and Maintenance Reserve Fund of $3.0 million associated with the 2025 Bonds. The total amount of the funds is included in noncurrent restricted cash on the Condensed Consolidated Balance Sheet at September 30, 2025. The reserve funds were paid to UMB Bank, the trustee of the bonds. The Debt Service Reserve Fund serves as security for the payment of principal and interest on the bonds. The Operating and Maintenance Reserve Fund also serves as security for the maintenance and operating expenses of the RNG project.

The 2025 Bonds are in the form of two separate term bonds. Term Bond 1 has a principal amount of $13.8 million, bears interest at 8.125% per annum, and requires semi-annual principal and interest payments beginning January 1, 2026 through July 1, 2030. Term Bond 2, in the principal amount $26.2 million, bears interest at 8.5%, and requires semi-annual principal and interest payments beginning January 1, 2031 through July 1, 2036. The unamortized debt issuance costs related to the 2025 Bonds as of September 30, 2025 was $3.7 million. The refinancing of the Remarketed Bonds was accounted for as a partial extinguishment of debt. The Company recorded a loss on extinguishment of debt in the amount of $0.4 million related to the refinanced portion of unamortized debt issuance costs on the Remarketed Bonds. The loss is included in other income (expense) on the Condensed Consolidated Statement of Operations. The indenture to the 2025 Bonds contains covenants requiring the maintenance of corporate existence, compliance with laws and prohibits any pledge, liens or encumbrances of the pledged assets. The Company was in compliance with all covenants of the 2025 Bonds as of September 30, 2025.

Credit Agreement

On January 31, 2025, the Company, through its subsidiaries Net-Zero North HoldCo, LLC, Richardton-CCS, Net-Zero-Richardton, and other affiliates (the “Borrower”), entered into a Credit Agreement (the “Agreement”) with OIC Investment Agent, LLC as the administrative agent and collateral agent for the secured parties (“Lenders”), in connection with the Red Trail Energy

acquisition transaction. The Agreement provides for a $105 million senior secured term loan (the “Term Loan”) that was funded on the Closing Date with a maturity of January 31, 2030. The proceeds of the Term Loan were used to partially fund the transaction and the payment of fees under the Agreement. The Agreement also provides for additional uncommitted term loans in an aggregate amount to be mutually agreed upon by the Borrower, the Guarantors and the Lenders for use for certain future growth opportunities after the Closing Date. Interest on the Term Loan will accrue at a rate of (i) 10.00% per annum if the net leverage ratio as of the last day of the quarter for the measurement period (the “Measurement Period”) consisting of the prior four consecutive fiscal quarters of the Borrower (“Leverage Ratio”) is less than 1.5x, (ii) 10.75% per annum if the Leverage Ratio is equal to or greater than 1.5x, but less than 3.0x, and (iii) 11.50% per annum if the Leverage Ratio is equal to or greater than 3.0x and shall initially be set at 11.50% per annum until the next quarterly adjustment date. The Leverage Ratio is defined as the ratio of the combined indebtedness of the Borrower and the Guarantors (other than any indebtedness pursuant to any permitted working capital facility) less any cash equivalent investments in any collateral accounts to the consolidated EBITDA of the Borrower and Guarantors for the relevant Measurement Period. Interest will be due and payable in cash at the end of each quarter.

In connection with the Term Loan, and subject to the other terms under the Agreement, Lenders made an equity investment in HoldCo equal to $5 million on the Closing Date. The organizational documents of HoldCo also provide Lenders with the right to appoint two non-voting observers to the board of managers of HoldCo.

The Term Loan is secured by a first-lien security interest subject only to reasonable and customary permitted liens and encumbrances, in all the Borrower’s and each Guarantor’s tangible and intangible assets, properties controlled by Borrower and Guarantors, and contracts, including deposit accounts and collateral assignment of material contracts and certain real estate assets to be determined, and includes a pledge of all equity interests in the Borrower and its subsidiaries. The Agreement also contains customary affirmative and negative covenants, events of default, mandatory prepayments (including an excess cash flow sweep), conditions precedent, representations, and warranties.

Loans Payable

In April 2020, the Company entered into loan agreements with Live Oak Banking Company, pursuant to which the Company obtained loans from the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) totaling $1.0 million (the “SBA Loans”).

In April 2021, the balance of $0.6 million of loans and accrued interest obtained through the SBA PPP were forgiven. The remaining SBA Loan 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 were fully paid off in April 2025.

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



	Interest Rate	Maturity Date	September 30, 2025		December 31, 2024
Term Loan	11.5%	January 2030	$	105,000	$	—
Remarketed Bonds	3.9%	April 2026		28,155		68,155
Series 2025A Term Bond 1	8.1%	July 2030		13,835		—
Series 2025A Term Bond 2	8.5%	July 2036		26,165		—
SBA loans	1.0%	April 2025		—		21
Total debt				173,155		68,176
Less: debt issuance costs				(8,684)		(1,046)
Total debt, net			$	164,471	$	67,130
Less: current portion				(30,281)		(21)
Total non-current debt			$	134,190	$	67,109

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


Year Ending December 31,	Total Debt
2025 (remaining)	$	—
2026		30,455
2027		2,550
2028		2,760
2029		2,990
2030 and thereafter		134,400
Total debt	$	173,155

- 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 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Business Combinations - General (Details) - USD ($) $ in Thousands			3 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2025	Sep. 10, 2024	Sep. 30, 2025	Sep. 30, 2025	Dec. 31, 2024
Business Combinations
Cash consideration				$ 198,461
Red Trail Purchase Agreement
Business Combinations
Purchase price		$ 210,000		210,300
Adjusted purchase price	$ 208,400
Purchase price of net working capital			$ 1,900
Cash consideration	103,900
Escrow deposit paid					$ 10,000
Senior secured term loan facility	99,500
Equity from OIC	$ 5,000
Direct acquisition-related expenditures				$ 4,500

Net Income (Loss) per Share

9 Months Ended

Sep. 30, 2025

Net Income (Loss) per Share

Net Income (Loss) per Share

5.	Net Income (Loss) per Share

Basic net income (loss) per share is calculated by dividing income (loss) by the weighted average number of common shares outstanding for the respective periods. Diluted income (loss) per share is calculated using the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. These potentially dilutive securities for this calculation consist of unexercised warrants, stock options and unvested restricted stock awards, all of which are measured using the treasury stock method. Potentially dilutive securities are not considered to be dilutive in periods in which a net loss is reported. See Note 17, Stock-Based Compensation, for discussion of our stock options and restricted stock awards and Note 21, Stockholders’ Equity, for discussion of our warrants.

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	(7,954)	$	(21,156)	$	(27,538)	$	(61,033)
Basic weighted-average shares outstanding		232,684,017		239,445,900		233,338,776		239,767,047
Net loss per share - basic and diluted	$	(0.03)	$	(0.09)	$	(0.12)	$	(0.25)

For the three and nine months ended September 30, 2025 and 2024, potentially dilutive securities excluded from the calculation of diluted weighted average shares outstanding because they were anti-dilutive are as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Warrants		170		19,051		1,691		18,866
Stock options		2,351,974		—		1,811,839		—
Unvested restricted stock awards		3,512,407		1,453,578		3,905,494		614,699
Total		5,864,551		1,472,629		5,719,024		633,565

Tax Credit Recognition and Sales (Details) $ in Thousands	3 Months Ended	9 Months Ended
Tax Credit Recognition and Sales (Details) $ in Thousands	Sep. 30, 2025 USD ($)	Sep. 30, 2025 USD ($) Right $ / item
Tax Credit Recognition and Sales
Amount recognized on tax credits	$ 12,500	$ 34,006
Credits expected to transferred	$ 21,500	21,500
receivable at the time of execution		$ 4,700
Number of additional rights \| Right		2
Amount of credits available		$ 20,000
Transfer Agreement To Transfer Credits Threshold Percentage		90.00%
Transfer Agreement To Transfer Credits Per Credit Fee \| $ / item		0.05

Intangible Assets and Goodwill - Identifiable Intangible Assets - Indefinite (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Finite-Lived Intangible Assets [Line Items]
Intangible assets with indefinite lives	$ 34,006
Tax credits
Finite-Lived Intangible Assets [Line Items]
Intangible assets with indefinite lives	$ 34,006

- 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

Restricted Cash (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jul. 31, 2025	Jul. 10, 2025
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 35,800		$ 35,800
Restricted cash, current	28,770	$ 1,489	28,770	$ 1,489
Restricted cash, non-current	7,006	68,155	7,006	68,155
Collateral as restricted cash	31,200		31,200
Debt service reserve and operating and maintenance reserve					$ 7,000
Interest income on restricted cash	300	$ 900	1,800	$ 2,700
2021 Bonds \| Loans Payable
Restricted Cash and Cash Equivalents Items [Line Items]
Debt instrument, refinanced amount	40,000		$ 40,000			$ 40,000
Bond Letter of Credit
Restricted Cash and Cash Equivalents Items [Line Items]
Line of credit annual fee percentage			0.75%
Letters of credit outstanding	$ 0		$ 0

Income Taxes

9 Months Ended

Sep. 30, 2025

Income Taxes

Income Taxes

18.	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 assets as they relate to income taxes. Our effective tax rate from continuing operations was 0% for each of the three and nine months ended September 30, 2025 and 2024. The rate differs from the U.S. Federal statutory tax rate of 21% due to a full valuation allowance. On July 4, 2025, OBBBA was signed into law, which may be subject to further clarification and the issuance of interpretive guidance. OBBBA did not have a material impact to the effective tax rate for the three months ended September 30, 2025 and we do not expect OBBBA to have a material impact on our effective tax rate for the current fiscal year

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2025

Property, Plant and Equipment

Schedule of Property, Plant and Equipment

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



	September 30, 2025		December 31, 2024
Land	$	12,417	$	6,592
Plant facilities and infrastructure		106,371		74,255
Machinery and equipment		150,595		79,637
Furniture and office equipment		2,957		2,779
Software		7,723		5,419
Construction in progress		175,153		154,272
Total property, plant and equipment		455,216		322,954
Less: accumulated depreciation and amortization		(111,877)		(101,312)
Property, plant and equipment, net	$	343,339	$	221,642

Commitments and Contingencies - Narrative (Details) bu in Millions, $ in Millions	9 Months Ended
	Sep. 30, 2025 USD ($) contract bu
Commitments and Contingencies
Accrual for use tax contingencies	$ 0.9
Liabilities associated with indemnities	0.0
Losses accrual for known contingent liability	0.0
Environmental liabilities	$ 0.0
Number of long term fuel supply contracts \| contract	3
Purchase commitment, fixed price contract, capacity, volume of corn \| bu	3.2
Purchase commitment, remaining minimum amount committed	$ 13.8

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2025

Prepaid Expenses and Other Current Assets

Prepaid and Other Current Assets

7.	Prepaid Expenses and Other Current Assets

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



	September 30, 2025		December 31, 2024
Prepaid insurance	$	2,115	$	1,520
Corn derivative contracts		15		—
Interest receivable		155		730
Prepaid feedstock		544		1,097
Other current assets		2,858		2,573
Total prepaid expenses and other current assets	$	5,687	$	5,920

Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Financial Instruments

Schedule regarding the Company's derivative financial instruments and gain (loss) recognized in income


	September 30, 2025
Contract Type	# of Contracts	Notional Amount (Qty)		Fair Value
Corn futures	188	940,000	bushels	$	15
Total fair value				$	15

The following table sets forth the Company’s gain (loss) recognized in income (in thousands):


		Three Months Ended September 30,				Nine Months Ended September 30,
Statement of Operations Income/(Expense)	Location of gain (loss) in fair value recognized in income	2025		2024		2025		2024
Corn derivative instruments	Cost of production	$	395	$	—	$	5,602	$	—
Total fair value		$	395	$	—	$	5,602	$	—

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Measurements

Schedule of Financial Instruments, by Fair Value Hierarchy

The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at September 30, 2025, and December 31, 2024 are as follows (in thousands):


			Fair Value Measurements at September 30, 2025
			Quoted
			Prices in
			Active		Significant
			Markets for		Other		Significant
	Fair Value at		Identical		Observable		Unobservable
	September 30,		Assets		Inputs		Inputs
	2025		(Level 1)		(Level 2)		(Level 3)
Cash and cash equivalents ⁽¹⁾	$	22,695	$	22,695	$	—	$	—
Commodities derivative instruments		15		—		15		—
Total	$	22,710	$	22,695	$	15	$	—

Fair Value Measurements at December 31, 2024

Quoted

Prices in

Active

Significant

Markets for

Other

Significant

Fair Value at

Identical

Observable

Unobservable

December 31,

Assets

Inputs

2024

(Level 1)

(Level 2)

(Level 3)

Cash and cash equivalents ⁽¹⁾

189,389

—

(1)	Cash and cash equivalents includes $22.7 million and $186.7 million invested in U.S. government money market funds as of September 30, 2025 and December 31, 2024, respectively.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying values and estimated fair values of the Term Loan, the Remarketed Bonds and the Series 2025A Bonds as of September 30, 2025, are summarized as follows (in thousands):


	Carrying		Estimated
	Value		Fair Value
Term Loan	$	105,000	$	105,000
Remarketed Bonds	$	28,155	$	28,123
Series 2025A Bonds	$	40,000		40,000

Schedule Of Fair Value of the Redeemable Non-Controlling Interest


	Redeemable Non-
	Controlling Interest
Contributions from non-controlling member made on January 31, 2025	$	5,000
Net income attributable to non-controlling member		917
Fair value adjustment		39
Ending balance as of September 30, 2025	$	5,956

Derivative Financial Instruments Contract Type (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2025 USD ($) contract bu
Derivative Financial Instruments
Contracts \| contract	188
Notional Amount (Qty) \| bu	940,000
Total fair value \| $	$ 15

Intangible Assets and Goodwill - Carrying amount of goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Goodwill [Line Items]
Goodwill, beginning of period	$ 3,740
Acquisitions	37,815	$ 3,742
Goodwill acquisition balance adjustments	2,003	(2)
Goodwill, end of period	43,558	$ 3,740
Red Trail Purchase Agreement
Goodwill [Line Items]
Acquisitions	$ 39,800

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

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

Inventories (Tables)

9 Months Ended

Sep. 30, 2025

Inventories

Schedule of Inventories

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


	September 30, 2025		December 31, 2024
Raw materials	$	7,358	$	198
Finished goods
Biofuels		1,560		1,250
Work in process
Environmental attributes		4,361		2,146
Biofuels		5,219		248
Spare parts		3,413		660
Total inventories	$	21,911	$	4,502

Asset Retirement Obligation (Tables)

9 Months Ended

Sep. 30, 2025

Asset Retirement Obligation.

Schedule of asset retirement obligation

The following table summarizes the Company’s asset retirement obligation (in thousands) as of:


	September 30, 2025
Asset retirement obligation, beginning of period	$	—
Liabilities assumed upon acquisition		1,018
Liabilities incurred		1,093
Accretion expense		102
Asset retirement obligation, end of period	$	2,213

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Jan. 31, 2024	Jun. 30, 2022	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Jul. 06, 2025	May 30, 2023
Class of Warrant or Right [Line Items]
Amount of repurchase of common stock								$ 25,000
Repurchase of common stock (in shares)			0	1,100,000	0	7,200,000
Repurchase of common stock				$ 646		$ 4,710
Remaining stock of stock repurchase program			$ 20,300		$ 20,300
Warrants outstanding (in shares)			33,333,336		33,333,336
Warrants exercisable					0	0
Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			33,333,336		33,333,336
Warrants term (in years)		5 years
Warrant exercise price (in dollars per share)		$ 4.37	$ 4.37		$ 4.37
Warrants exercisable					0
Warrants unexercised (in shares)							4,133
Series 2022-A Warrants \| Expected term
Class of Warrant or Right [Line Items]
Warrants term (in years)		5 years
At the market offering
Class of Warrant or Right [Line Items]
Sale of stock, remaining capacity to issue shares			$ 500,000		$ 500,000
At the market offering \| Maximum
Class of Warrant or Right [Line Items]
Issuance of stock aggregate value	$ 750,000
Aggregate offering price	$ 500,000
June 2022 Offering
Class of Warrant or Right [Line Items]
Sale of stock, Issuance of common stock (in shares)		33,333,336
Sale of stock, price (in dollars per share)		$ 4.5
June 2022 Offering \| Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)		33,333,336

Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Jan. 31, 2025	Sep. 30, 2025	Dec. 31, 2024
Business Combinations
Estimated Life (Years)		3 years 8 months 12 days	8 years 10 months 24 days
Customer-related intangible assets
Business Combinations
Estimated Life (Years)		3 years 3 months 18 days	16 years
Red Trail Purchase Agreement
Business Combinations
Fair value of intangible assets	$ 46,300
Red Trail Purchase Agreement \| Customer-related intangible assets
Business Combinations
Fair value of intangible assets	$ 46,300
Estimated Life (Years)	4 years

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Other Commitments [Line Items]
2025	$ 14,751
2026	2,475
2027	9,479
2028	2,314
2029	2,768
2030 and thereafter	31,517
Total	63,304
Fuel supply payments
Other Commitments [Line Items]
2025	409
2026	1,714
2027	2,055
2028	1,748
2029	2,202
2030 and thereafter	30,049
Total	38,177
East River commitment
Other Commitments [Line Items]
2026	195
2027	6,858
Total	7,053
Firm purchase commitments for corn
Other Commitments [Line Items]
2025	13,790
Total	13,790
Renewable energy credits
Other Commitments [Line Items]
2025	36
2026	142
2027	142
2028	142
2029	142
2030 and thereafter	1,468
Total	2,072
Water purchases
Other Commitments [Line Items]
2025	424
2026	424
2027	424
2028	424
2029	424
Total	2,120
Electricity above use (est.)
Other Commitments [Line Items]
2025	92
Total	$ 92

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Prepaid Expenses and Other Current Assets
Prepaid insurance	$ 2,115	$ 1,520
Corn derivative contracts	15
Interest receivable	155	730
Prepaid feedstock	544	1,097
Other current assets	2,858	2,573
Total prepaid expenses and other current assets	$ 5,687	$ 5,920

Commitment and Contingencies (Tables)

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies

Schedule of Estimated Commitments

The estimated commitments as of September 30, 2025, and thereafter are shown below (in thousands):


											2030 and
	2025		2026		2027		2028		2029		thereafter		Total
Fuel supply payments	$	409	$	1,714	$	2,055	$	1,748	$	2,202	$	30,049	$	38,177
East River commitment		—		195		6,858		—		—		—		7,053
Firm purchase commitments for corn		13,790		—		—		—		—		—		13,790
Renewable energy credits		36		142		142		142		142		1,468		2,072
Water purchases		424		424		424		424		424		—		2,120
Electricity above use (est.)		92		—		—		—		—		—		92
Total	$	14,751	$	2,475	$	9,479	$	2,314	$	2,768	$	31,517	$	63,304

Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 42,710	$ 1,965	$ 115,232	$ 11,215
Depreciation and amortization	7,404	3,494	20,239	12,222
Research and development	1,273	1,113	3,259	4,302
Project development	3,229	6,593	9,062	19,648
Operating and other expenses	34,494	14,773	100,705	46,221
Income (loss) from operations	(3,690)	(24,008)	(18,033)	(71,178)
Interest expense	(5,207)	(1,107)	(12,846)	(2,762)
Interest income		3,817		12,504
Interest and investment income	988	3,843	4,080	12,579
Consolidated net income (loss)	(7,577)	(21,156)	(26,621)	(61,033)
Acquisitions of property, plant, and equipment	2,274	9,751	21,421	36,459
Goodwill	43,558	3,740	43,558	3,740	$ 3,740
Total assets	685,207	583,941	685,207	583,941	$ 583,941
Gevo
Segment Reporting Information [Line Items]
Revenues	517	13	3,093	950
Depreciation and amortization	808	2,822	2,334	8,875
Research and development	1,273	1,113	3,259	4,302
Project development	2,797	5,021	7,491	15,842
Operating and other expenses	11,586	10,662	39,306	32,259
Income (loss) from operations	(15,947)	(19,605)	(49,297)	(60,328)
Interest expense	(118)	(227)	(492)	(558)
Interest income		3,817		12,504
Interest and investment income	831		3,798
Consolidated net income (loss)	(14,782)	(15,879)	(45,615)	(49,765)
Acquisitions of property, plant, and equipment	(323)	1,350	2,408	11,702
Goodwill	3,790	3,740	3,790	3,740
Total assets	111,241	297,979	111,241	297,979
Gevo Fuels
Segment Reporting Information [Line Items]
Project development	547	1,572	1,647	3,806
Income (loss) from operations	(547)	(1,572)	(1,647)	(3,806)
Consolidated net income (loss)	(550)	(1,572)	(1,650)	(3,806)
Acquisitions of property, plant, and equipment	764	7,658	15,574	22,969
Total assets	228,610	208,309	228,610	208,309
GevoRNG
Segment Reporting Information [Line Items]
Revenues	3,965	1,952	13,918	10,265
Depreciation and amortization	1,776	672	4,553	3,347
Operating and other expenses	1,706	4,111	6,957	13,962
Income (loss) from operations	483	(2,831)	2,408	(7,044)
Interest expense	(1,732)	(880)	(3,486)	(2,204)
Consolidated net income (loss)	(1,249)	(3,705)	(1,098)	(7,462)
Acquisitions of property, plant, and equipment	369	743	1,579	1,788
Total assets	87,768	$ 77,653	87,768	$ 77,653
GevoND
Segment Reporting Information [Line Items]
Revenues	38,228		98,221
Depreciation and amortization	4,820		13,352
Project development	(115)		(76)
Operating and other expenses	21,202		54,442
Income (loss) from operations	12,321		30,503
Interest expense	(3,357)		(8,868)
Interest and investment income	157		282
Consolidated net income (loss)	9,004		21,742
Acquisitions of property, plant, and equipment	1,464		1,860
Goodwill	39,768		39,768
Total assets	$ 257,588		$ 257,588

Accounts Payable and Accrued Liabilities

9 Months Ended

Sep. 30, 2025

Accounts Payable and Accrued Liabilities

Accounts Payable and Accrued Liabilities

14.

Accounts Payable and Accrued Liabilities

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


	September 30, 2025		December 31, 2024
Accounts payable	$	3,186	$	539
Accrued liabilities		26,135		9,873
Accrued construction in progress		1,199		2,595
Accrued payroll and related benefits		9,528		8,999
Total accounts payable and accrued liabilities	$	40,048	$	22,006

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital [Member]	Accumulated Deficit	Redeemable Noncontrolling Interest	Total
Beginning balance (in shares) at Dec. 31, 2023	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		12,485			12,485
Stock-based awards and related share issuances, net (in shares)	6,015,823
Stock-based awards and related share issuances, net	$ 60	481			$ 541
Repurchase of common stock (in shares)	(7,190,006)				(7,200,000)
Repurchase of common stock	$ (72)	(4,638)			$ (4,710)
Issuance of common stock upon exercise of warrants (in shares)	81,798
Issuance of common stock upon exercise of warrants	$ 1	48			49
Net income (loss)			(61,033)		(61,033)
Ending balance (in shares) at Sep. 30, 2024	239,407,448
Ending balance at Sep. 30, 2024	$ 2,394	1,284,957	(782,630)		504,721
Beginning balance (in shares) at Jun. 30, 2024	240,565,240
Beginning balance at Jun. 30, 2024	$ 2,406	1,281,810	(761,474)		522,742
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash stock-based compensation		3,786			3,786
Stock-based awards and related share issuances, net (in shares)	(145,097)
Stock-based awards and related share issuances, net	$ (2)	(52)			$ (54)
Repurchase of common stock (in shares)	(1,094,493)				(1,100,000)
Repurchase of common stock	$ (11)	(635)			$ (646)
Issuance of common stock upon exercise of warrants (in shares)	81,798
Issuance of common stock upon exercise of warrants	$ 1	48			49
Net income (loss)			(21,156)		(21,156)
Ending balance (in shares) at Sep. 30, 2024	239,407,448
Ending balance at Sep. 30, 2024	$ 2,394	1,284,957	(782,630)		$ 504,721
Beginning balance (in shares) at Dec. 31, 2024	239,176,293				239,176,293
Beginning balance at Dec. 31, 2024	$ 2,392	1,287,333	(800,237)		$ 489,488
Shareholders Equity including Noncontrolling interest Beginning balance at Dec. 31, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash stock-based compensation		6,504			6,504
Stock-based awards and related share issuances, net (in shares)	2,948,347
Stock-based awards and related share issuances, net	$ 29	427			456
Issuance of Noncontrolling Interest				5,000
Change in redemption value of redeemable noncontrolling interest			(39)	39	$ (39)
Repurchase of common stock (in shares)					0
Net income (loss)			(27,538)	917	$ (27,538)
Ending balance (in shares) at Sep. 30, 2025	242,124,640				242,124,640
Ending balance at Sep. 30, 2025	$ 2,421	1,294,264	(827,814)		$ 468,871
Shareholders Equity including Noncontrolling Interest Ending Balance at Sep. 30, 2025				5,956
Beginning balance (in shares) at Jun. 30, 2025	241,841,590
Beginning balance at Jun. 30, 2025	$ 2,419	1,291,630	(819,945)		474,104
Shareholders Equity including Noncontrolling interest Beginning balance at Jun. 30, 2025				5,664
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Non-cash stock-based compensation		2,362			2,362
Stock-based awards and related share issuances, net (in shares)	283,050
Stock-based awards and related share issuances, net	$ 2	272			274
Change in redemption value of redeemable noncontrolling interest			85	(85)	$ 85
Repurchase of common stock (in shares)					0
Net income (loss)			(7,954)	377	$ (7,954)
Ending balance (in shares) at Sep. 30, 2025	242,124,640				242,124,640
Ending balance at Sep. 30, 2025	$ 2,421	$ 1,294,264	$ (827,814)		$ 468,871
Shareholders Equity including Noncontrolling Interest Ending Balance at Sep. 30, 2025				$ 5,956

Insider Trading Arrangements

3 Months Ended

Sep. 30, 2025

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

During the three months ended September 30, 2025, the below directors and/or officers, as defined in Rule 16a-1(f), adopted, modified or terminated a “Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K. The Rule 10b5-1 trading arrangements were each intended to satisfy the affirmative defense in Rule 10b5-1(c)(1).


Name and Title	Action	Date	Duration of Plan	Total Number of Shares of Common Stock to be Purchased or Sold
Patrick R. Gruber Chief Executive Officer	Terminate	August 11, 2025	February 17, 2025 to February 16, 2026	Up to 2,957,838
Patrick R. Gruber Chief Executive Officer	Adopt	August 26, 2025	November 25, 2025 to November 25, 2026	Up to 4,381,557
Gary W. Mize Director	Terminate	August 14, 2025	May 23, 2025 to May 22, 2026	Up to 224,639

Except as set forth above, no directors or officers, as defined in Rule 16a-1(f), adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement,” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K, during the three months ended September 30, 2025.

Plan February 17, 2025 to February 16, 2026 | Patrick R. Gruber

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Terminated

true

August 11, 2025

February 16, 2026

1 year

2,957,838

Plan November 25, 2025 to November 24, 2026

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Adopted

true

August 26, 2025

November 25, 2026

1 year

4,381,557

Plan May 23, 2025 to May 22, 2026

Trading Arrangements, by Individual

Rule 10b5-1 Arrangement Terminated

true

August 14, 2025

May 22, 2026

1 year

224,639

Nature of Business, Financial Condition and Basis of Presentation

9 Months Ended

Sep. 30, 2025

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 and carbon derived from photosynthesis into energy-dense liquid, drop-in and cost-effective hydrocarbon fuels. These fuels include jet fuel, gasoline and diesel. The Company’s technology and development activities are intended to enable additional domestic energy production, support the construction of new manufacturing facilities, create employment opportunities, expand agricultural markets, and contribute to broader economic growth. Moreover, through the use of carbon capture, sequestration and utilization (“CCUS”), we have the potential to achieve a “net-zero” greenhouse gas footprint, or even a carbon negative footprint as 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. CCUS includes injecting carbon dioxide for permanent geological storage, as well as utilizing it in industrial products and for enhanced oil recovery.

Carbon dioxide (“CO₂”) is an important co-product that is monetized in both voluntary and compliance markets through the generation and sale of carbon abatement or removal credits, as well as through the qualification for certain tax credits. The Company is focused primarily on generating high-integrity carbon credits that derive the highest value in the marketplace. We believe it is important to measure and present traceable, auditable data from the source of carbon (i.e. a field or forest where photosynthesis occurs) through the end use, while accounting for all energy inputs and their associated carbon footprints throughout production.

Gevo’s production facility in North Dakota (“Gevo North Dakota” or “GevoND”) currently produces low-carbon ethanol, animal feed, and corn oil. A key differentiator of this facility is the wholly owned and operational carbon sequestration well located onsite. Carbon dioxide is captured from the fermentation process (the bubbles that occur from fermentation of plant sugars to alcohol). Gevo North Dakota processes the CO₂ and injects it to a carbon sequestration well more than one mile underground. This enables us to create carbon credits based on the CO₂ sequestered. These credits are sold into certain low-carbon fuel markets, or in voluntary carbon markets, independent of the sale of ethanol produced at the facility.

In addition, Gevo North Dakota benefits from Clean Fuel Production Credits (“CFPC”), included in Section 45Z of the One Big Beautiful Bill Act (“OBBBA”). These production tax credits are based upon the volume of ethanol produced and the carbon intensity (“CI”) score of ethanol produced. The CFPC are monetized by selling the credits to third parties.

Gevo views renewable jet fuel as a platform growth opportunity in which it has a proprietary position. Data from the United States Energy Information Agency (EIA) predicts a shortfall of domestic fossil-based jet fuel supply of about 2.3 billion gallons per year by 2035. Gevo is at the forefront of this market, being the first company to convert alcohol into jet fuel. We learned that it is possible to produce jet fuel at large scale that is both economically viable and environmentally beneficial. The Company believes that it can deliver jet fuel that is competitive with fossil-based jet fuel from a cost of production point of view, while also abating carbon emissions across the whole business system and value chain, thereby addressing an unmet market need.

Gevo North Dakota

Gevo North Dakota consists of an ethanol production plant with approximately 67 million gallons per year of capacity, a carbon capture and sequestration (“CCS”) well injecting approximately 165,000 metric tons of CO₂ per year, and leases which give us rights to use additional pore space for carbon capture with an estimated capacity of one million metric tons per year. We view this asset as a strategic growth platform.

Gevo North Dakota was acquired when Gevo acquired substantially all of the assets and assumed certain liabilities of Red Trail Energy, LLC (“Red Trail Energy”) in an acquisition completed on January 31, 2025, for a purchase price of $210 million, subject to customary adjustments, including a working capital adjustment. The acquired assets are now known as Gevo North Dakota. The transaction was funded through a combination of Gevo cash, and a $105 million senior secured term loan facility. Simultaneous with the closing of the transaction, Orion Infrastructure Capital (“OIC”), a U.S.-based private investment firm made a $5 million investment in the form of a redeemable non-controlling interest in Gevo North Dakota. The acquired assets include the ethanol production plant, the carbon capture and storage well, and the pore space. See Note 2, Business Combinations, for additional information.

Renewable Natural Gas

The Company has a renewable natural gas (“RNG”) facility in Northwest Iowa (“NW Iowa RNG”). NW Iowa RNG was originally built because we believed we would need RNG to lower the carbon footprint of our jet fuel plants by using the RNG rather than fossil-based natural gas. However, because we have made significant innovations in how energy can be efficiently used and recycled in our jet fuel plant designs, we no longer believe that we will need the RNG for those plants. Currently, we operate our RNG business primarily to supply RNG to markets such as California’s compressed natural gas trucking fleets.

NW Iowa RNG recorded in the Renewable Natural Gas segment, produced RNG from dairy cow manure supplied by three local dairies. Animal manure can be digested anaerobically by microorganisms to produce biogas, which is then upgraded to pipeline quality gas. In 2024, we completed an expansion to the RNG business to increase its annual expected output from 355,000 million British thermal units (“MMBtu”) to 400,000 MMBtu. We sell our 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 LCFS credits, D3 Renewable Identification Numbers (“RINs”), and Clean Fuel Production Credits through the production of RNG (collectively, “environmental attributes”). During the third quarter of 2025, we refinanced $40 million of our tax-exempt bonds on a non-recourse basis, resulting in the release of approximately $30 million of restricted cash on our balance sheet. See Note 16, Debt, 2025 Bonds section for further information.

Verity

Verity Holdings, LLC (“Verity”), a wholly owned subsidiary of Gevo, is developing a data and software platform designed to support traceability, compliance reporting, and the monetization of CI reductions across the renewable fuels supply chain. The Verity platform currently enables the collection, aggregation and end-to-end tracking of data from agricultural production and processing partners to support reporting under federal and state regulatory programs, including Section 45Zof the Internal Revenue Code and Low Carbon Fuel Standard (“LCFS”) programs in California, Oregon, Washington, British Columbia and other Canadian provinces. In 2025, Verity began onboarding customers across multiple segments of the supply chain, including grain elevators, biofuel producers, and supply chain partners, with the goal of enabling full lifecycle CI tracking and audit support. While still in the early stages of commercialization, Verity is actively building capabilities to support measurement, reporting, and verification (“MRV”) of Scope 1 and Scope 3 carbon insets and other environmental attributes. The platform is intended to support Gevo’s Alcohol-to-Jet Projects and is expected to evolve into a core infrastructure asset for CI tracking and carbon monetization across the broader low-carbon fuels and agriculture ecosystem.

Renewable Jet Fuel Platform

We continue developing improved technology, processes and engineering targeted to large scale deployment of hydrocarbon fuels and chemicals made from renewable resources. We have a large portfolio inclusive of hundreds of patents. We also are engaged as a developer and enabler/licensor for large scale commercial production and plan to be an investor in certain projects. Gevo’s business model is that of a developer of projects, licensor, process technology developer, and operator of certain assets in the future.

Gevo owns our Alcohol-to-Jet (“ATJ”) 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 ATJ processes and plant designs are based upon the conversion of carbohydrates to alcohols, followed by 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. Our partners in developing and executing the ATJ projects have included Fluid Quip Technologies, LLC, Axens North America, Inc. (“Axens”), PRAJ Industries Limited (“PRAJ”), Zero6 Clean Energy Assets, Inc. (“Zero6”), McDermott International Ltd., and Fagen, Inc. Gevo owns the overall proprietary plant designs, engineering details, integration technologies, and associated intellectual property, and we have filed patents on several process improvements. One of the key characteristics of our plant design is the extent of modularization of the process, which helps to enable a duplicate and revise approach to serve the industry. In this approach, we will offer for sale the modularized processes, and encompassing business system, that are already designed in order to save potential customers time and money to enter the renewable jet fuel business.

Our business system and engineering packages have been developed for three different size ATJ production facilities of 30, 60 and 150 million gallons per year (“MMGPY”) of jet fuel, referred to as ATJ-30, ATJ-60 and ATJ-150, respectively. Along with hydrocarbons, ATJ-60 is currently being designed to produce approximately 1.3 billion pounds per year of high-value protein products for use in the food chain and approximately 30 million pounds per year of corn oil. We have duplicated and revised the ATJ-60 design into a 30 MMGPY plant design (“ATJ-30”), which we plan to deploy at our Gevo North Dakota site and would upgrade the low-carbon ethanol already produced onsite to jet fuel. 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 commercial production projects for ATJ jet fuel at other locations in the United States, as well as in other parts of the world where we plan to be the project developer, plant designer, licensor of the technology and product marketer in exchange for an ownership stake in the project.

Luverne Facility

In May 2025, Gevo entered into a definitive agreement to sell Agri-Energy, LLC (“Agri”), a wholly owned subsidiary of Gevo, to A.E. Innovation, LLC (“A.E.”) for $7 million, which closed in October 2025. The transaction includes Agri’s 18-million-gallon-per-year ethanol-production facility located in Luverne, Minnesota (the “Luverne Facility”) Gevo retained the ownership of certain equipment at the facility, including isobutanol fermentation capacity and some of the vacant land. Gevo and A.E. expect to cooperate to produce isobutanol as needed at the facility in the future. Prior to the closing, the Luverne Facility was being used for market development and customer education but was not operating as a production plant. The plant was originally constructed in 1998 and is located on approximately 55 acres of land, which contains approximately 50,000 square feet of building space.

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. 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 nine months ended September 30, 2025, 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, 2024. The financial statements at December 31, 2024, 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, 2024 (the “2024 Annual Report”).

Significant Accounting Policies

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. These estimates and assumptions are inherently subject to uncertainty, and actual results could differ from these estimates. Significant areas requiring estimates and assumptions include, but are not limited to, the determination of useful lives of property, plant and equipment, inventory, asset retirement obligations, the recognition of revenue, the valuation of business combinations and the fair value of clean fuel production tax credits (“PTC”). Management regularly reviews our estimates based on the most current available information. Changes in facts and circumstances may result in revised estimates.

Business Combinations

The Company accounts for its business combinations in accordance with the provisions of Accounting Standards Codification (“ASC”) Topic 805-10, Business Combinations ("ASC 805-10"). ASC 805-10 mandates the use of the purchase method of accounting for all business combinations. Under this method, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. For transactions meeting the definition of business combinations, the Company evaluates the recognition of goodwill. Goodwill represents the excess of the purchase price over the fair value of the identifiable tangible and intangible assets acquired, and liabilities assumed, in a business combination. ASC 805-10 further stipulates criteria that intangible assets acquired in a business combination must meet in order to be recognized and reported separately from goodwill. Acquisition-related costs, including transaction fees, are recognized separately from the business combination and expensed as incurred.

The determination of the fair value of net assets acquired, including the allocation of fair value to identifiable assets and liabilities, is based on established valuation techniques. 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 context of purchase accounting, determining fair value often requires significant judgments and estimates by management, including the selection of appropriate valuation methodologies, estimates of future revenues, costs, cash flows, discount rates, and the identification of comparable companies. The estimated fair values of assets acquired and liabilities assumed are based on management's judgment, supplemented by the expertise of third-party valuation specialists engaged to assist in determining fair value. The allocation of fair value to the identifiable assets and liabilities is based on available information at the acquisition date and assumptions deemed reasonable by management. However, changes in facts and circumstances may result in adjustments to the initial fair value estimates during the measurement period, which may not exceed one year from the acquisition date.

Tax Credit Recognition and Sales

The Company accounts for tax credits associated with the U.S. federal clean fuel production incentives under Section 45Z of the Internal Revenue Code in accordance with IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance. These credits, as they are generated are recorded based on the eligible PTC rate per gallon, the emission factor based on the carbon intensity score and are adjusted to their estimated fair value. The credits are recognized as a nonmonetary asset in intangible assets and a reduction to cost of goods sold (“COGS”), reflecting their role in offsetting the production costs of low-carbon fuels.

Derivative Financial Instruments

After acquiring an ethanol operating facility in the first quarter of 2025, the Company integrated commodity-based derivative transactions, specifically corn futures contracts, into its hedging strategy to manage its exposure to commodity price fluctuations. This strategy aims to protect cash flows associated with the increased exposure to commodity price volatility arising from its GevoND operations, which include corn-based production and procurement activities. These derivative contracts are intended to economically hedge the Company’s cash flow exposure to changes in corn prices, which directly impact the cost of raw materials used in production.

The Company does not apply hedge accounting to these instruments under Financial Accounting Standards Board (“FASB”) ASC 815, Derivatives and Hedging. As such, all derivative instruments are recorded at fair value on the consolidated balance sheet, and changes in the fair value of these instruments are recognized in earnings in the period in which they occur. Gains and losses resulting from changes in the fair value of corn derivative contracts are included in the cost of goods sold in the consolidated statements of operations, as they directly relate to the Company’s inventory procurement and production activities. The fair value of the derivative contracts is included in prepaid and other current assets on the consolidated balance sheets. These instruments may create volatility in earnings from period to period, as the timing of derivative gains or losses may not align with the recognition of the related exposure in the financial statements. The Company does not use derivative instruments for speculative purposes.

Asset Retirement Obligation

The fair value of an asset retirement obligation (“ARO”) is recognized in the period in which it is incurred, provided that a reasonable estimate of fair value can be made. The Company’s ARO is primarily related to commitments to restore or decommission property subject to operating leases associated with its GevoND and RNG operations.

In January 2025, Gevo completed the acquisition of substantially all of the assets and certain liabilities of Red Trail Energy. As part of the acquisition, management recorded the ARO related to the Broom Creek formation pore space, which includes plugging injection wells, sealing the site, and post-closure monitoring, as required by regulatory and environmental standards to ensure long-term CO₂ containment. These requirements are driven by both regulatory mandates and industry best practices to ensure long-term environmental safety and mitigate the risk of CO₂ leakage.

Additionally, during the first quarter of 2025, certain operating lease agreements were amended, resulting in changes to the terms of property restitution. As a result of these amendments, the Company recognized new AROs and corresponding assets.

The capitalized ARO costs included in property, plant, and equipment are depreciated over the shorter of the useful life of the related asset or the term of the associated lease. ARO liabilities are accreted over time using the credit-adjusted risk-free rate applied at initial recognition and recorded in operations expense on the Condensed Consolidated Statement of Operations.

Accounting for Redeemable Non-Controlling Interest

In connection with the Company's acquisition of substantially all of the assets and certain liabilities of Red Trail Energy, Gevo Intermediate HoldCo, LLC (“HoldCo”), a wholly owned subsidiary of Gevo entered into a membership subscription agreement with OIC, pursuant to which OIC purchased equity units. The subscription agreement includes put and call options (the "Put/Call Option") related to the non-controlling interest. Specifically, the Company has the right to exercise a call option to purchase all outstanding units, and OIC holds a put option requiring the Company to purchase the outstanding units at fair value. These options are exercisable for a period of three years (the "Option Period") following the date on which all indebtedness under the related credit agreement with OIC has been paid.

Under applicable accounting guidance, an equity instrument that is redeemable for cash or other assets must be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event not solely within the control of the issuer. As a result of the Put/Call Option feature, the Company has classified the non-controlling interest as redeemable and reported it within temporary equity on the Condensed Consolidated Balance Sheets, initially at its fair value as of the acquisition date.

The redeemable non-controlling interest is adjusted each reporting period to reflect income (or loss) attributable to the redeemable non-controlling interest, as well as any applicable distributions. A measurement period adjustment, if necessary, is made to adjust the redeemable non-controlling interest to the higher of its redemption value (fair value) or carrying value as of each reporting date. These fair value adjustments are recognized through equity and are not reflected in the Company's Condensed Consolidated Statements of Income.

For earnings per share calculations, the Company adjusts net income attributable to the Company for the measurement period adjustment to the extent the redemption value exceeds the fair value of the redeemable non-controlling interest on a cumulative basis.

The fair value of the redeemable non-controlling interest is determined using the income approach (specifically, a discounted cash flow analysis). As of September 30, 2025, the fair value of the redeemable non-controlling interest has been adjusted to its estimated redemption value with a related adjustment to accumulated deficit.

Recently Issued, Not Yet Adopted Accounting Pronouncements

Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. Early adoption is permitted. A public entity should apply the amendments in ASU 2023-09 prospectively to all annual periods beginning after December 15, 2024. The Company is currently evaluating the impact of this standard on our consolidated financial statements and related disclosures.

Income Statement Disclosures. In November 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) ("ASU 2024-03"). ASU 2024-03 will require companies to disaggregate, within the notes to the financial statements, certain expenses presented on the face of the financial statements to enhance transparency and help investors better understand an entity's performance. The amendment will specifically require that an entity disclose the amounts related to purchases of inventory, employee compensation, depreciation and intangible asset amortization. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2024-03 on the Company’s financial statement disclosures.

Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software ("ASU 2025-06"). ASU 2025-06 amends certain aspects of the accounting and disclosure of software costs. ASU 2025-06, which can be applied prospectively, retrospectively, or with a modified transition approach, is effective for annual reporting period beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures

Recently Adopted Accounting Pronouncements

Segment Reporting. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 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, Topic 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 were effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption was permitted. A public entity should apply the amendments in ASU 2023-07 retrospectively to all prior periods presented in the financial statements. The Company adopted this guidance in the fourth quarter of 2024. The requirements of this ASU are disclosure-related and did not have an impact on the Company’s consolidated financial statements and results of operations. See Note 23, Segments, for the updated segment disclosures.

Intangible Assets and Goodwill

9 Months Ended

Sep. 30, 2025

Intangible Assets and Goodwill

Intangible Assets and Goodwill

12.	Intangible Assets and Goodwill

Intangible Assets

During the nine months ended September 30, 2025, the Company recognized $34.0 million in Clean Fuel Production Tax Credits as intangible assets, related to the production and sale of low-carbon transportation fuels and SAF under Section 45Z of the Internal Revenue Code. See Note 3 – Tax Credit Recognition and Sales. Other 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, and identifiable intangible assets. During the nine months ended September 30, 2025, Gevo recognized approximately $46.3 million in customer-related intangible assets as part of the acquisition of substantially all the assets and certain liabilities of Red Trail Energy (see Note 2, Business Combinations, for additional information). These assets represent long-term customer relationships and commercial agreements that are expected to generate sustained revenue over time. They are being amortized over their estimated useful life of 4 years, based on the projected economic benefits derived from the underlying contracts and partnerships.

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


	September 30, 2025
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Patents	$	4,580	$	(2,639)	$	1,941	6.7
Defensive assets		4,900		(2,361)		2,539	7.7
Developed technology		1,300		(282)		1,018	4.3
Customer-related intangible assets		47,800		(7,818)		39,982	3.3
Trade name		100		(27)		73	3.3
Intangible assets with finite lives	$	58,680	$	(13,127)	$	45,553	3.7


	September 30, 2025
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Tax credits		34,006		—		34,006	—
Other intangible assets	$	34,006	$	—	$	34,006	—


	December 31, 2024
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, Net		(Years)
Patents	$	4,580	$	(2,203)	$	2,377	7.4
Defensive assets		4,900		(1,922)		2,978	8.4
Developed technology		1,300		(87)		1,213	5.0
Customer-related intangible assets		1,500		(31)		1,469	16.0
Trade name		100		(8)		92	4.0
Intangible assets with finite lives	$	12,380	$	(4,251)	$	8,129	8.9

The Company recorded amortization expense of $3.3 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. The Company recorded amortization expense of $8.9 million and $0.9 million for the nine months ended September 30, 2025 and 2024, respectively.

The following table details the estimated amortization of identifiable intangible assets with finite lives as of September 30, 2025 (in thousands):


					Developed		Customer-Related
	Patents		Defensive Assets		Technology		Intangible Assets		Trade Name		Total
2025 (remaining)	$	146	$	146	$	65	$	2,917	$	6	$	3,280
2026		582		586		260		11,669		25		13,122
2027		582		586		260		11,669		25		13,122
2028		582		586		260		11,669		17		13,114
2029		49		586		173		1,058		—		1,866
2030 and thereafter		—		49		—		1,000		—		1,049
Total intangible assets	$	1,941	$	2,539	$	1,018	$	39,982	$	73	$	45,553

Goodwill

During the nine months ended September 30, 2025, goodwill increased by $39.8 million, primarily as a result of the acquisition of substantially all the assets and certain liabilities of Red Trail Energy. The increase reflects the difference between the fair value of the net assets purchased from Red Trail Energy, including intangible assets, and the purchase price, with the excess recorded as goodwill. The goodwill recognized in this acquisition is primarily attributable to expected synergies from integrating operations, as well as other factors that are not individually identifiable or separately recognized.

The following table sets forth the changes in the carrying amount of goodwill (in thousands) as of:


	September 30, 2025		December 31, 2024
Goodwill, beginning of period	$	3,740	$	—
Acquisitions		37,815		3,742
Goodwill acquisition balance adjustments		2,003		(2)
Goodwill, end of period	$	43,558	$	3,740

Intangible Assets and Goodwill - Identifiable Intangible Assets - Finite (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2025	Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 58,680	$ 12,380
Accumulated Amortization	(13,127)	(4,251)
Total intangible assets	$ 45,553	$ 8,129
Weighted-Average Useful Life (Years)	3 years 8 months 12 days	8 years 10 months 24 days
Patents
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,580	$ 4,580
Accumulated Amortization	(2,639)	(2,203)
Total intangible assets	$ 1,941	$ 2,377
Weighted-Average Useful Life (Years)	6 years 8 months 12 days	7 years 4 months 24 days
Defensive assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 4,900	$ 4,900
Accumulated Amortization	(2,361)	(1,922)
Total intangible assets	$ 2,539	$ 2,978
Weighted-Average Useful Life (Years)	7 years 8 months 12 days	8 years 4 months 24 days
Developed technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,300	$ 1,300
Accumulated Amortization	(282)	(87)
Total intangible assets	$ 1,018	$ 1,213
Weighted-Average Useful Life (Years)	4 years 3 months 18 days	5 years
Customer-related intangible assets
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 47,800	$ 1,500
Accumulated Amortization	(7,818)	(31)
Total intangible assets	$ 39,982	$ 1,469
Weighted-Average Useful Life (Years)	3 years 3 months 18 days	16 years
Trade name
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 100	$ 100
Accumulated Amortization	(27)	(8)
Total intangible assets	$ 73	$ 92
Weighted-Average Useful Life (Years)	3 years 3 months 18 days	4 years

Debt - Narrative (Details)				1 Months Ended		3 Months Ended		9 Months Ended
Debt - Narrative (Details)	Jul. 10, 2025 USD ($)	Jan. 31, 2025 USD ($) item	Apr. 01, 2024 USD ($)	Apr. 30, 2021 USD ($)	Apr. 30, 2020 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2025 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Apr. 21, 2024 USD ($)	Apr. 15, 2021 USD ($)
Debt Instrument [Line Items]
Interest income on restricted cash						$ 300,000	$ 900,000	$ 1,800,000	$ 2,700,000
Payment of transaction costs								9,425,000	$ 1,665,000
Debt extinguishment								(369,000)
Unamortized debt issuance costs						8,684,000		8,684,000		$ 1,046,000
Long-term debt						164,471,000		164,471,000		67,130,000
Contributions from non-controlling member		$ 5,000,000						5,000,000
Number of nonvoting observers \| item		2
Loans payable						30,281,000		30,281,000		$ 21,000
Bond Letter of Credit
Debt Instrument [Line Items]
Letters of credit outstanding						0		0
2021 Bonds
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												800,000
Debt issuance costs						200,000		200,000				$ 3,000,000
Remarketed 2021 Bonds
Debt Instrument [Line Items]
Aggregate principal amount			$ 68,200,000
Debt extinguishment			$ 0
Interest rate			3.875%
Unamortized debt issuance costs											$ 1,700,000
Effective interest rate (in percent)			1.20%
Debt collateral amount						69,600,000		69,600,000
Loans payable						$ 28,200,000		$ 28,200,000
Remarketed 2021 Bonds \| Loans Payable
Debt Instrument [Line Items]
Interest rate						3.90%		3.90%		3.90%
2025 Bonds
Debt Instrument [Line Items]
Aggregate principal amount	$ 40,000,000
Restricted cash released	40,800,000
Interest income on restricted cash	800,000
Restricted cash released to cash and cash equivalents	30,400,000
Payment of transaction costs	3,400,000
Debt service reserve	4,000,000
Operating and maintenance reserve	3,000,000
Debt extinguishment	400,000
Unamortized debt issuance costs						$ 3,700,000		$ 3,700,000
Term Loan 1
Debt Instrument [Line Items]
Aggregate principal amount	$ 13,800,000
Interest rate	8.125%
Term Loan 1 \| Loans Payable
Debt Instrument [Line Items]
Interest rate						8.10%		8.10%
Term Loan 2
Debt Instrument [Line Items]
Aggregate principal amount	$ 26,200,000
Interest rate	8.50%
Term Loan 2 \| Loans Payable
Debt Instrument [Line Items]
Interest rate						8.50%		8.50%
SBA Loans \| Loans Payable
Debt Instrument [Line Items]
Interest rate										1.00%
Proceeds from issuance of bonds					$ 1,000,000
Debt instrument, decrease, forgiveness				$ 600,000
Debt Instrument, monthly payment				$ 8,230
SBA Loans \| Loans Payable \| Agri-Energy
Debt Instrument [Line Items]
Interest rate				1.00%
Long-term debt				$ 200,000
Credit Agreement
Debt Instrument [Line Items]
Aggregate principal amount		$ 105,000,000
Interest rate		11.50%
Number of fiscal quarters, Measurement period \| item		4
Leverage Ratio		3
Credit Agreement \| Leverage ratio less than 1.5x
Debt Instrument [Line Items]
Interest rate		10.00%
Leverage Ratio		1.5
Credit Agreement \| Leverage ratio greater than 1.5x but less than 3.0x
Debt Instrument [Line Items]
Interest rate		10.75%
Credit Agreement \| Leverage ratio greater than 1.5x but less than 3.0x \| Minimum
Debt Instrument [Line Items]
Leverage Ratio		1.5
Credit Agreement \| Leverage ratio greater than 1.5x but less than 3.0x \| Maximum
Debt Instrument [Line Items]
Leverage Ratio		3
Credit Agreement \| Leverage ratio is greater than 3.0x
Debt Instrument [Line Items]
Interest rate		11.50%
Credit Agreement \| Loans Payable
Debt Instrument [Line Items]
Interest rate						11.50%		11.50%

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Property, Plant and Equipment
Depreciation expense	$ 4.0	$ 3.1	$ 10.4	$ 11.0
Depreciation expense recorded into inventory	1.5	1.2	4.3	3.7
Depreciation expense due to sales of inventory	$ 1.5	$ 0.6	$ 4.5	$ 3.2

Revenues from Contracts with Customers and Other Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Disaggregation of Revenue
Total operating revenue	$ 42,710	$ 1,965	$ 115,232	$ 11,215
Ethanol
Disaggregation of Revenue
Total operating revenue	30,284		76,037
Ethanol related products
Disaggregation of Revenue
Total operating revenue	7,943		22,184
Environmental attributes
Disaggregation of Revenue
Total operating revenue	3,722	1,780	13,153	9,733
Renewable natural gas
Disaggregation of Revenue
Total operating revenue	242	173	765	533
Licensing and development revenue
Disaggregation of Revenue
Total operating revenue			400	800
Other revenue
Disaggregation of Revenue
Total operating revenue	$ 519	$ 12	$ 2,693	$ 149

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 9: 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 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	May 31, 2025	Sep. 30, 2025
Schedule of Equity Incentive Plans [Line Items]
Exercisable stock options (in shares)		9,100,000
Employee Stock Option
Schedule of Equity Incentive Plans [Line Items]
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options		$ 8.6
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		1 year 6 months
Restricted Stock
Schedule of Equity Incentive Plans [Line Items]
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards		$ 5.5
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		1 year 4 months 24 days
Restricted Stock \| Minimum
Schedule of Equity Incentive Plans [Line Items]
Awards vesting period		2 years
Restricted Stock \| Maximum
Schedule of Equity Incentive Plans [Line Items]
Awards vesting period		3 years
2010 Plan
Schedule of Equity Incentive Plans [Line Items]
Common shares reserved for future issuance (in shares)	15,000,000
Number of shares of common stock reserved for issuance (in shares)	52,984,207
Number of shares available for awards (in shares)		9,221,847

Tax Credit Recognition and Sales

9 Months Ended

Sep. 30, 2025

Tax Credit Recognition and Sales

Tax Credit Recognition and Sales

3.	Tax Credit Recognition and Sales

The U.S. federal government has introduced tax incentives to promote the production of low-carbon fuels and reduce GHG emissions, enhance energy security, and support the rural agricultural economy. Effective January 1, 2025, the Inflation Reduction Act of 2022 (IRA) replaces Section 6426 of the Internal Revenue Code with Section 45Z, providing a clean fuel production credit for the years 2025 through 2027. This was further updated and extended on July 4, 2025, under the OBBBA extending the credit through 2029. Producers of liquid transportation fuels, including SAF, are eligible to qualify for up to $1 per gallon, while producers of RNG could claim an amount exceeding $1 per gallon for significant CI reductions, with the credit amount indexed annually for inflation.

The Company recognizes tax credits associated with the U.S. federal clean fuel production incentives under Section 45Z of the Internal Revenue Code in accordance with IAS 20 - Accounting for Government Grants and Disclosure of Government Assistance. In accordance with IAS 20, the tax incentive is recognized when it is probable that the Company will comply with the provisions of the incentive and that the incentive will be earned. These credits are recognized in “Intangible assets, net” on the Company’s Condensed Consolidated Balance Sheets and as a reduction to COGS in the Condensed Consolidated Statements of Operations, reflecting their role in offsetting the production costs of low-carbon fuels.

Our GevoND and RNG production facilities are eligible for these federal tax credits, which became probable of being earned during the nine months ended September 30, 2025. For the three and nine months ended September 30, 2025, the Company recognized $12.5 million and $34.0 million, respectively, of Section 45Z tax credits, which were recorded as a reduction to COGS and a nonmonetary asset recorded within intangible assets. The Company monetizes these tax credits through sale of such credits to third parties.

On June 30, 2025, HoldCo entered into a Tax Credit Transfer Agreement (the “Transfer Agreement”) with a transferee bank, under which HoldCo agreed to supply Clean Fuel Production Credits to the bank from the production of ethanol between January 31, 2025, and December 31, 2025, from its GevoND operation. Under the Transfer Agreement, HoldCo expects to deliver $21.5 million worth of credits to the bank between June 30, 2025, and December 10, 2025, upon satisfaction of certain conditions precedent on each Transfer Date, as defined in the Transfer Agreement, with an initial $4.7 million worth of receivable at the time of execution of the Transfer Agreement, which were received on July 1, 2025. The bank was granted two additional rights: (i) a right of first offer for up to $20 million of additional credits for the 2025 production year, and (ii) a right of first refusal to purchase all 2026 credits at the same price and on substantially the same terms as those set forth in the Transfer Agreement. Under the agreement, if the Company fails to transfer at least 90% of the credits on any Transfer Date, the Company must pay an under-delivery fee to the bank calculated as $0.05 per PTC for the difference between 90% of the max credits and the actual number of tax credits transferred.

Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Inventory [Line Items]
Raw materials	$ 7,358	$ 198
Spare parts	3,413	660
Total inventories	21,911	4,502
Environmental attributes
Inventory [Line Items]
Work in process	4,361	2,146
Biofuels
Inventory [Line Items]
Finished goods	1,560	1,250
Work in process	$ 5,219	$ 248

Revenues from Contracts with Customers and Other Revenue (Tables)

9 Months Ended

Sep. 30, 2025

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 September 30,				Nine Months Ended September 30,
Major Goods/Service Line	2025		2024		2025		2024
Ethanol	$	30,284	$	—	$	76,037	$	—
Ethanol related products		7,943		—		22,184		—
Environmental attributes		3,722		1,780		13,153		9,733
Renewable natural gas		242		173		765		533
Licensing and development revenue		—		—		400		800
Other revenue		519		12		2,693		149
Total operating revenue	$	42,710	$	1,965	$	115,232	$	11,215

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Total operating revenues	$ 42,710	$ 1,965	$ 115,232	$ 11,215
Operating expenses:
Cost of production	22,285	2,544	60,996	8,554
Depreciation and amortization	7,404	3,494	20,239	12,222
Research and development expense	1,273	1,113	3,259	4,302
General and administrative expense	11,647	11,679	33,514	35,342
Project development costs	3,229	6,593	9,062	19,648
Acquisition related costs	90		4,528
Facility idling costs	472	550	1,667	2,325
Total operating expenses	46,400	25,973	133,265	82,393
Income (loss) from operations	(3,690)	(24,008)	(18,033)	(71,178)
Other (expense) income
Interest expense	(5,207)	(1,107)	(12,846)	(2,762)
Interest and investment income	988	3,843	4,080	12,579
Other (expense) income, net	332	116	178	328
Total other (expense) income, net	(3,887)	2,852	(8,588)	10,145
Net income (loss)	(7,577)	(21,156)	(26,621)	(61,033)
Net income attributable to redeemable non-controlling interest	377		917
Net income (loss) attributable to Gevo, Inc.	$ (7,954)	$ (21,156)	$ (27,538)	$ (61,033)
Net income (loss) per share - basic (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.12)	$ (0.25)
Net income (loss) per share - diluted (in dollars per share)	$ (0.03)	$ (0.09)	$ (0.12)	$ (0.25)
Weighted-average common shares outstanding - basic (in shares)	232,684,017	239,445,900	233,338,776	239,767,047
Weighted-average common shares outstanding - diluted (in shares)	232,684,017	239,445,900	233,338,776	239,767,047

Stock-Based Compensation

9 Months Ended

Sep. 30, 2025

Stock-Based Compensation

Stock-Based Compensation

17.	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 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 2025, upon approval of stockholders at the 2025 Annual Meeting of Stockholders, the 2010 Plan was amended and restated to (1) increase the number of shares of common stock reserved for issuance under the 2010 Plan by 15,000,000 shares (providing for a total of 52,984,207 shares under the 2010 Plan), and (2) extend the term of the 2010 Plan to May 21, 2035. At September 30, 2025, 9,221,847 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 September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of production	$	17	$	16	$	33	$	47
General and administrative		1,937		3,113		5,332		10,772
Other operating expenses		408		657		1,139		1,666
Total stock-based compensation	$	2,362	$	3,786	$	6,504	$	12,485

Stock option award activity. Stock option activity under the Company’s stock incentive plans and changes during the nine months ended September 30, 2025, were as follows:


				Weighted-
				Average
		Weighted-		Remaining		Weighted-
		Average		Contractual		Average		Aggregate
	Number of	Exercise		Term		Grant-Date		Intrinsic
	Options	Price ⁽¹⁾		(years)		Fair Value		Value
Options outstanding at December 31, 2024	14,103,458	$	2.24		8.4	$	1.90	$	8,874
Granted	6,893,724		1.17
Forfeited and expired	(537,281)		2.37
Exercised	(533,535)		0.85
Options outstanding at September 30, 2025	19,926,366	$	1.91		8.4	$	1.64	$	13,349
Options vested and expected to vest at September 30, 2025	19,926,366	$	1.91		8.4	$	1.64	$	13,349

(1)	Exercise price of options outstanding ranges from $0.67 to $20.00 as of September 30, 2025.

As of September 30, 2025, 9.1 million stock options were exercisable. As of September 30, 2025, the total unrecognized compensation expense relating to stock options was $8.6 million, which is expected to be expensed over the remaining weighted-average recognition period of approximately 1.5 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 nine months ended September 30, 2025, were as follows:


		Weighted-
		Average
	Number of	Grant-Date
	Shares	Fair Value
Outstanding at December 31, 2024	7,588,144	$	1.08
Granted	2,360,659	$	1.21
Vested and issued	(3,131,285)	$	1.29
Forfeited and expired	(373,501)	$	1.13
Non-vested at September 30, 2025	6,444,017	$	1.02

As of September 30, 2025, the total unrecognized compensation expense, net of actual forfeitures and expirations, relating to restricted stock awards was $5.5 million, which is expected to be recognized over the remaining weighted-average period of approximately 1.4 years.

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2025	Nov. 06, 2025
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2025
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		242,308,806
Entity Central Index Key	0001392380
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Amendment Flag	false

Restricted Cash

9 Months Ended

Sep. 30, 2025

Restricted Cash.

Restricted Cash

6.	Restricted Cash

As of September 30, 2025, the Company has restricted cash balances of $35.8 million, of which $28.8 million is included in current assets and $7.0 million is included in non-current assets on the Condensed Consolidated Balance Sheet. The restricted cash consists of $31.2 million held as collateral for a letter of credit to provide financing support for the Company’s Remarketed Bonds, (“the Bond Letter of Credit”), which support the development and construction of NW Iowa RNG (see Note 16, Debt). The letter of credit has a fee of 0.75% annually and expires April 6, 2026, unless terminated earlier. As of September 30, 2025, no amounts have been drawn under the Bond Letter of Credit. In addition, related to the refinancing of $40.0 million of the Remarketed Bonds, in July 2025, the Company established a debt service reserve and an operating and maintenance reserve totaling $7.0 million.

During the three and nine months ended September 30, 2025 and 2024, the Company recorded interest income on the restricted cash balances of $0.3 million and $1.8 million and $0.9 million and $2.7 million, respectively. The interest income is included in “Other (expense) income, net” in the Condensed Consolidated Statements of Operations.

Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 455,216	$ 322,954
Less: accumulated depreciation and amortization	(111,877)	(101,312)
Property, plant and equipment, net	343,339	221,642
Land
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	12,417	6,592
Plant facilities and infrastructure
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	106,371	74,255
Machinery and equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	150,595	79,637
Furniture and office equipment
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	2,957	2,779
Software
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	7,723	5,419
Construction in progress
Property, Plant and Equipment [Line Items]
Total property, plant and equipment	$ 175,153	$ 154,272

Subsequent Events (Details) - Subsequent Event gal in Millions, $ in Millions	Nov. 05, 2025 USD ($)	Nov. 04, 2025 USD ($) a gal
Subsequent Event [Line Items]
Amount of clean fuel production tax credits	$ 30.0
Amount of idle facility costs		$ 2.0
Area of land retained \| a		30
Agri Energy LLC \| Disposal group, disposed of by sale, not discontinued operations
Subsequent Event [Line Items]
Capacity of ethanol plant sold \| gal		18
Cash consideration received		$ 2.0
Note receivable		$ 5.0

Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity

Stockholders' Equity

21.	Stockholders’ Equity

Share Issuances

At-the-Market Offering Program

In January 2024 the Company filed a registration statement on 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 Company of up to a maximum aggregate offering price of $500.0 million of common stock that may be issued and sold under an at-the-market-offering agreement.

As of September 30, 2025, the Company has remaining capacity to issue up to $500.0 million of common stock under the at-the-market offering program.

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.

We did not repurchase shares of common stock under the stock repurchase program during the three and nine months ended September 30, 2025. The Company repurchased 1.1 million and 7.2 million shares of common stock for $0.6 million and $4.7 million under the stock repurchase program during the three and nine months ended September 30, 2024, respectively. Shares were repurchased at market value, and were retired immediately upon repurchase. As of September 30, 2025, approximately $20.3 million remained available under the stock repurchase program.

Warrants

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 September 30, 2025, none of the Series 2022-A Warrants had been exercised.

In addition to the Series 2022-A Warrants, the Company had warrants that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The remaining 4,133 unexercised Series 2020-A Warrants expired on July 6, 2025.

The Series 2022-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 do not provide any guarantee of value or return.

The following table sets forth information regarding unexercised warrants outstanding as of September 30, 2025:

Shares

Issued upon

Underlying

Shares

Warrant

Warrants

Exercise

Underlying

Exercises as

Outstanding

Price as of

Warrants on

as of

Issuance

Expiration

September 30,

Issuance

September 30,

Date

2025

Date

2025

Series 2022-A Warrants ⁽¹⁾

6/8/2022

6/7/2027

4.37

33,333,336

—

33,333,336

Total Warrants

33,333,336

—

33,333,336

(1)	Equity-classified warrants.

During the nine months ended September 30, 2025 and 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
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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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 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

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

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

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Asset Retirement Obligation (Details) $ in Thousands	9 Months Ended
Asset Retirement Obligation (Details) $ in Thousands	Sep. 30, 2025 USD ($)
Asset Retirement Obligation.
Liabilities assumed upon acquisition	$ 1,018
Liabilities incurred	1,093
Accretion expense	102
Asset retirement obligation, end of period	$ 2,213

Fair Value Measurements - Fair Value Of The Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jan. 31, 2025	Sep. 30, 2025	Sep. 30, 2025
Fair Value Measurements
Contributions from non-controlling member	$ 5,000		$ 5,000
Net income attributable to non-controlling member		$ 377	917
Fair value adjustment			39
Ending balance		$ 5,956	$ 5,956

Leases, Right-of-Use Assets and Related Liabilities

9 Months Ended

Sep. 30, 2025

Leases, Right-of-Use Assets and Related Liabilities

Leases, Right-of-Use Assets and Related Liabilities

8.	Leases, Right-of-Use Assets and Related Liabilities

The Company is party to an operating lease for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029, and an operating lease for additional office space in Albuquerque, New Mexico, which expires in 2026. The Company’s office facility lease contains an option to extend the lease which is not included in the length of the term as management does not reasonably expect to exercise. The additional office space lease does not contain an option to extend.

The Company has four finance leases for land, one for a processing facility, and one for a piece of operating equipment. The land leases are for NW Iowa RNG. The Company leases land from dairy farmers on which it has built three anaerobic digesters, and a gas upgrade facility 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 prices. These leases contain options to extend the leases, which management reasonably expects to exercise and are included in the length of the terms. The lease of operating equipment is used at GevoND and expires in 2029. The lease does not contain an option to extend, and contains a purchase option upon termination that the Company expects to exercise.

In August 2024, the Company entered into an amendment that extended the term of an existing agreement to use a third-party processing facility beyond the previous 12-month term, which resulted in the agreement being recorded as a lease. The agreement for the leased facility expires in the second half of 2025, with no option to extend the lease term. Lease amortization for the third-party processing facility was recorded as a component of Project development costs on the Condensed Consolidated Statement of Operations prior to the signing of a customer offtake agreement in August 2024, and after which it is included as a component of work-in-progress inventory, to be expended as a component of Cost of production as sales are made in future periods.

In connection with the Company’s acquisition of substantially all the assets and certain liabilities of Red Trail Energy, the Company assumed rail car lease agreements used to transport dried distillers grains, all of which are classified as operating leases. As these agreements did not specify an implicit interest rate, the Company utilized its estimated incremental borrowing rate to calculate the present value of future minimum lease payments in accordance with purchase accounting requirements as of the acquisition date.


	Nine Months Ended September 30,
	2025		2024
Operating lease cost	$	414	$	207
Finance lease expense:
Amortization of leased assets		1,074		705
Interest on lease liabilities		166		209
Total lease expense	$	1,654	$	1,121


	Nine Months Ended September 30,
	2025			2024
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$	1,359		$	578
Operating cash flows from operating leases	$	569		$	296
Finance cash flows from finance leases	$	123		$	128
Right-of-use asset obtained in exchange for new finance lease liabilities	$	202		$	2,731
Right-of-use asset obtained in exchange for new operating lease liabilities	$	—		$	32
Weighted-average remaining lease term, finance leases (months)		65			39
Weighted-average remaining lease term, operating leases (months)		40			48
Weighted-average discount rate - finance leases⁽¹⁾		15	%		17	%
Weighted-average discount rate - operating leases⁽¹⁾		9	%		6	%

(1)


	Operating Leases		Finance Leases
2025 (remaining)	$	186	$	671
2026		817		43
2027		749		44
2028		568		43
2029		194		32
2030 and thereafter		10		507
Total		2,524		1,340
Less: amounts representing present value discounts		335		246
Total lease liabilities		2,189		1,094
Less: current portion		658		673
Non-current portion	$	1,531	$	421