0001628280-26-054462 | 10-Q | XBRL Viewer

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Debt - 2025 Bonds (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
Debt - 2025 Bonds (Details) - USD ($) $ in Thousands	Feb. 06, 2026	Jul. 10, 2025	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Debt
Restricted cash released	$ 35,800
Interest income on restricted cash				$ 700	$ 100	$ 1,400
Payment of transaction costs					2,612	5,480
Redemption of bonds					68,155	0
Gain (Loss) on Extinguishment of Debt			$ 0	$ 0	(10,304)	0
Loss on extinguishment of bonds					$ (10,304)	$ 0
Restricted cash released that was held as reserve	7,000
Series 2025A Bonds
Debt
Aggregate principal amount		$ 40,000
Restricted cash released		40,800
Interest income on restricted cash		800
Restricted cash released to cash and cash equivalents		30,400
Payment of transaction costs		3,400
Debt service reserve		4,000
Operating and maintenance reserve		3,000
Redemption of bonds	38,900
Gain (Loss) on Extinguishment of Debt	10,300
Loss on extinguishment of bonds	6,500
Write-off of deferred financing costs	3,800
Restricted cash released that was held as reserve	$ 7,000
Term Loan 1
Debt
Aggregate principal amount		$ 13,800
Interest Rate		8.125%
Term Loan 2
Debt
Aggregate principal amount		$ 26,200
Interest Rate		8.50%

Fair Value Measurements - Financial Instruments, by Fair Value Hierarchy (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 48,621	$ 59,904
Commodities derivative instruments	2,781	91
Total	51,402	59,995
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	48,600	59,900
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	48,621	59,904
Commodities derivative instruments	0	0
Total	48,621	59,904
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	2,781	91
Total	2,781	91
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	0
Total	$ 0	$ 0

Restricted Cash (Details) - USD ($) $ in Millions		3 Months Ended	6 Months Ended
Restricted Cash (Details) - USD ($) $ in Millions	Feb. 06, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Restricted Cash and Cash Equivalent [Abstract]
Restricted cash released	$ 35.8
Restricted cash held as collateral	28.8
Restricted cash released that was held as reserve	$ 7.0
Interest income on restricted cash		$ 0.7	$ 0.1	$ 1.4

Variable Interest Entities	6 Months Ended
Variable Interest Entities	Jun. 30, 2026
Variable Interest Entities
Variable Interest Entities	23. 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 facilities to provide carbon neutral power to the ATJ-60 project in Lake Preston, South Dakota via the two project companies: 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. Given the Company's strategic shift away from the ATJ-60 project in South Dakota, KCWF is actively evaluating options to redeploy resources, including supplying power to other sites and advancing or completing projects in other viable locations. Each Project LLC is currently funded via advances for certain long-lead equipment items from Gevo. The Company has made certain 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. The Company is not the primary beneficiary of the Project LLCs; however, the Company has determined that each Project LLC is a variable interest entity ("VIE") and the Company holds an implicit variable interest in each Project LLC, as their equity is insufficient to maintain their on-going collateral requirements without additional financial support. As of June 30, 2026, we have $14.6 million of Deposits receivable 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. See Note 14, Deposits and Other Assets, for additional information.

Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property, Plant and Equipment

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


	June 30, 2026		December 31, 2025
Land	$	12,232	$	12,232
Plant facilities and infrastructure	49,794		49,352
Machinery and equipment	143,958		140,552
Furniture and office equipment	2,771		2,731
Software	10,028		8,753
Construction in progress	72,712		186,641
Total property, plant and equipment	291,495		400,261
Less: accumulated depreciation and amortization	(53,376)		(46,684)
Property, plant and equipment, net	$	238,119	$	353,577

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Schedule of prepaid and other current assets

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



	June 30, 2026		December 31, 2025
Clean fuel production tax credit receivable	$	3,344	$	—
Corn derivative contracts	2,781		91
Prepaid insurance	1,790		1,354
Notes receivable - current	1,206		894
Other prepaid expenses	1,411		1,462
Other current assets	1,647		2,200
Total prepaid expenses and other current assets	$	12,179	$	6,001

Nature of Business, Financial Condition and Basis of Presentation (Details) gal in Millions	1 Months Ended	3 Months Ended
	Jan. 31, 2025	Mar. 31, 2025 MMBTU	Jun. 30, 2026 dairy T gal
Nature of Business, Financial Condition and Basis of Presentation
Number of dairies \| dairy			3
Subscription agreement, option exercisable period	3 years
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
Gevo North Dakota
Nature of Business, Financial Condition and Basis of Presentation
Ethanol process capacity \| gal			70
Annual injection capacity for wells \| T			170,000
Additional annual injection capacity for wells from leases \| T			1,000,000

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

Stockholders' Equity - Shares Issued Upon Exercise of Warrants (Details) - $ / shares	Jun. 30, 2026	Sep. 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

Intangible Assets and Goodwill

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets and Goodwill

13. Intangible Assets and Goodwill

During the six months ended June 30, 2026, the Company generated $15.0 million in CFPCs as intangible assets, related to the production and sale of low-carbon transportation fuels under Section 45Z of the Internal Revenue Code. See Note 4, Tax Credit Recognition and Sales. Other identifiable intangible assets consist of developed technology, customer-related intangible assets, trade name and 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.

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


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, net		Weighted- Average Remaining Useful Life (Years)
Patents	$	5,393	$	(2,776)	$	2,617	9.9
Defensive assets	4,900		(2,801)		2,099		3.6
Developed technology	1,300		(477)		823		3.2
Customer-related intangible assets	46,300		(16,398)		29,902		3.1

Intangible assets with finite lives	57,893		(22,452)		35,441		3.4
Other intangible assets:
CFPC intangible assets	36,151		—		36,151
Total intangible assets	$	94,044	$	(22,452)	$	71,592


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net		Weighted- Average Remaining Useful Life (Years)
Patents	$	4,280	$	(2,485)	$	1,795	3.1
Defensive assets	4,900		(2,508)		2,392		4.1
Developed technology	1,300		(347)		953		3.7
Customer-related intangible assets	47,800		(10,735)		37,065		3.5
Trade name	100		(33)		67		2.7
Intangible assets with finite lives	58,380		(16,108)		42,272		3.5
Other intangible assets:
CFPC intangible assets	52,731		—		52,731
Total intangible assets	$	111,111	$	(16,108)	$	95,003

The Company recorded amortization expense of $3.3 million for each of the three months ended June 30, 2026 and 2025. The Company recorded amortization expense of $6.6 million and $5.6 million for the six months ended June 30, 2026 and 2025, respectively.

The following table details the estimated amortization of identifiable intangible assets with finite lives as of June 30, 2026 (in thousands):


	Patents		Defensive Assets		Developed Technology		Customer Related		Total
2026 (remaining)	$	319	$	293	$	130	$	5,787	$	6,529
2027	638		586		260		11,575		13,059
2028	638		586		260		11,575		13,059
2029	104		586		173		965		1,828
2030	56		48		—		—		104
2031 and thereafter	862		—		—		—		862
Total intangible assets	$	2,617	$	2,099	$	823	$	29,902	$	35,441

Goodwill

During 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) for the periods presented:




	Six Months Ended June 30, 2026		Year Ended December 31, 2025
Goodwill, beginning of period:
Gevo	$	3,790	$	3,740
GevoND	39,768		—
Total	43,558		3,740
Acquisitions:
Gevo	—		—
GevoND	—		37,815
Total	—		37,815




Balance adjustments (post-acquisition working capital adjustments):
Gevo	—		50
GevoND	—		1,953
Total	—		2,003
Goodwill, end of period:
Gevo	3,790		3,790
GevoND	39,768		39,768
Total	$	43,558	$	43,558

Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Property, Plant and Equipment
Total property, plant and equipment	$ 291,495	$ 400,261
Less: accumulated depreciation and amortization	(53,376)	(46,684)
Property, plant and equipment, net	238,119	353,577
Land
Property, Plant and Equipment
Total property, plant and equipment	12,232	12,232
Plant facilities and infrastructure
Property, Plant and Equipment
Total property, plant and equipment	49,794	49,352
Machinery and equipment
Property, Plant and Equipment
Total property, plant and equipment	143,958	140,552
Furniture and office equipment
Property, Plant and Equipment
Total property, plant and equipment	2,771	2,731
Software
Property, Plant and Equipment
Total property, plant and equipment	10,028	8,753
Construction in progress
Property, Plant and Equipment
Total property, plant and equipment	$ 72,712	$ 186,641

Intangible Assets and Goodwill - Carrying amount of goodwill (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Goodwill
Goodwill, beginning of period:	$ 43,558,000	$ 3,740,000
Acquisitions:	0	37,815,000
Balance adjustments (post-acquisition working capital adjustments):	0	2,003,000
Goodwill, end of period:	43,558,000	43,558,000
Gevo
Goodwill
Goodwill, beginning of period:	3,790,000	3,740,000
Acquisitions:	0	0
Balance adjustments (post-acquisition working capital adjustments):	0	50,000
Goodwill, end of period:	3,790,000	3,790,000
GevoND
Goodwill
Goodwill, beginning of period:	39,768,000	0
Acquisitions:	0	37,815,000
Balance adjustments (post-acquisition working capital adjustments):	0	1,953,000
Goodwill, end of period:	$ 39,768,000	$ 39,768,000

- 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.

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+ Details

- Definition

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+ Details

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2026	Aug. 05, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2026
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		247,237,104
Entity Central Index Key	0001392380
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q2
Amendment Flag	false

Revenues from Contracts with Customers and Other Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues from Contracts with Customers and Other Revenue
Total operating revenue	$ 46,501	$ 43,413	$ 89,449	$ 72,522
Ethanol
Revenues from Contracts with Customers and Other Revenue
Total operating revenue	29,504	28,508	58,122	45,753
Ethanol related products
Revenues from Contracts with Customers and Other Revenue
Total operating revenue	9,702	8,672	19,015	14,241
Environmental attributes
Revenues from Contracts with Customers and Other Revenue
Total operating revenue	5,558	4,058	9,679	9,431
Renewable natural gas
Revenues from Contracts with Customers and Other Revenue
Total operating revenue	209	225	744	523
Other
Revenues from Contracts with Customers and Other Revenue
Total operating revenue	$ 1,528	$ 1,950	$ 1,889	$ 2,574

- Definition

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- 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.

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+ Details

Segments

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Segments

24. 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 2025 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 ATJ projects that are not only good for the environment but also cost-effective for businesses and consumers. Our flagship project, ATJ-30, is a groundbreaking initiative focused on producing SAF in the U.S.

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 greenhouse gases that contribute to climate change.

GevoND segment. The GevoND segment was a new operating segment for 2025, and includes the assets acquired in the business combination completed in January 2025. GevoND includes advanced CCS technologies and low-carbon ethanol assets at the 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 70 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 170,000 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, allowance for credit losses on refundable deposits, losses on disposal of assets, net and other expenses.


	Three Months Ended June 30, 2026
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	1,526	$	—	$	4,447	$	40,528	$	46,501
Less:
Depreciation and amortization	923		—		1,057		4,804		6,784
Research and development expense	440		—		—		—		440
Project development costs	1,724		457		—		222		2,403
Impairment of long-lived assets	1,382		134,406		—		—		135,788
Other expenses	14,267		39,782		2,207		16,536		72,792
Income (loss) from operations	(17,210)		(174,645)		1,183		18,966		(171,706)
Interest expense	—		—		(2,330)		(3,301)		(5,631)

Interest and investment income, net of other expense	1,137		8		(20)		(49)		1,076
Consolidated net income (loss)	$	(16,073)	$	(174,637)	$	(1,167)	$	15,616	$	(176,261)

Acquisitions of property, plant, and equipment	$	4,660	$	369	$	179	$	7,286	$	12,494
Goodwill as of June 30, 2026	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of June 30, 2026	$	114,239	$	46,040	$	81,570	$	248,865	$	490,714


	Three Months Ended June 30, 2025
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	1,952	$	—	$	4,282	$	37,179	$	43,413
Less:
Depreciation and amortization	779		—		1,374		5,060		7,213
Research and development expense	934		—		—		—		934
Project development costs	417		376		—		38		831
Other expenses	12,188		—		1,452		14,999		28,639
Income (loss) from operations	(12,366)		(376)		1,456		17,082		5,796
Interest expense	(183)		—		(850)		(3,312)		(4,345)

Interest and investment income, net of other expense	1,205		—		—		117		1,322
Consolidated net income (loss)	$	(11,326)	$	(376)	$	586	$	13,845	$	2,729

Acquisitions of property, plant, and equipment	$	2,460	$	9,587	$	870	$	396	$	13,313
Goodwill as of December 31, 2025	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of December 31, 2025	$	124,198	$	235,034	$	88,876	$	270,821	$	718,929


	Six Months Ended June 30, 2026
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	1,888	$	—	$	9,004	$	78,557	$	89,449
Less:
Depreciation and amortization	1,825		—		2,005		9,814		13,644
Research and development expense	1,939		—		—		—		1,939
Project development costs	4,080		1,141		—		222		5,443
Impairment of long-lived assets	1,382		134,406		—		—		135,788
Other expenses	26,694		39,782		4,853		37,910		109,239
Income (loss) from operations	(34,032)		(175,329)		2,146		30,611		(176,604)
Interest expense	(21)		—		(4,347)		(6,433)		(10,801)
Loss on extinguishment of bonds	—		—		(10,304)		—		(10,304)
Interest and investment income, net of other expense	787		(468)		(76)		(146)		97
Consolidated net income (loss)	$	(33,266)	$	(175,797)	$	(12,581)	$	24,032	$	(197,612)

Acquisitions of property, plant, and equipment	$	10,407	$	1,070	$	241	$	9,651	$	21,369
Goodwill as of June 30, 2026	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of June 30, 2026	$	114,239	$	46,040	$	81,570	$	248,865	$	490,714


	Six Months Ended June 30, 2025
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	2,576	$	—	$	9,953	$	59,993	$	72,522
Less:
Depreciation and amortization	1,526		—		2,777		8,532		12,835
Research and development expense	1,986		—		—		—		1,986
Project development costs	4,694		1,100		—		39		5,833
Other expenses	27,720		—		5,251		33,240		66,211
Income (loss) from operations	(33,350)		(1,100)		1,925		18,182		(14,343)
Interest expense	(374)		—		(1,754)		(5,511)		(7,639)

Interest and investment income, net of other expense	2,967		—		—		125		3,092
Consolidated net income (loss)	$	(30,833)	$	(1,100)	$	151	$	12,738	$	(19,044)

Acquisitions of property, plant, and equipment	$	2,731	$	14,810	$	1,210	$	396	$	19,147
Goodwill as of December 31, 2025	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of December 31, 2025	$	124,198	$	235,034	$	88,876	$	270,821	$	718,929

- 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

Impairment of Long-Lived Assets and Intangible Assets, net - Impairment Charges Recognized by Long-Lived Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Intangible Assets and Goodwill
Impairment of long-lived assets	$ 135,788	$ 0	$ 135,788	$ 0
Construction in progress
Intangible Assets and Goodwill
Impairment of long-lived assets	134,406		134,406
Intangible assets, net
Intangible Assets and Goodwill
Impairment of long-lived assets	$ 1,382		$ 1,382

- Definition

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+ Details

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Deposits receivable	$ 14,638	$ 54,035
Variable Interest Entity, Primary Beneficiary
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net [Line Items]
Deposits receivable	$ 14,600

Stock-Based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2026	Jun. 30, 2026	Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Outstanding, Beginning Balance (in shares)	19,342,292	19,342,292
Granted (in shares)		2,832,781
Forfeited and expired (in shares)		(1,548,861)
Exercised (in shares)		(210,240)
Outstanding, Ending Balance (in shares)		20,415,972
Options vested and expected to vest (in shares)		20,415,972
Weighted-Average Exercise Price
Beginning Balance (in dollars per share)	$ 1.93	$ 1.93
Grants (in dollars per share)		1.64
Forfeited and expired (in dollars per share)		2.27
Exercised (in dollars per share)		1.20
Ending Balance (in dollars per share)		1.87
Options vested and expected to vest (in dollars per share)		$ 1.87
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value
Options Outstanding, Weighted Average Remaining Contractual Term (years)	8 years 2 months 12 days	8 years
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years)		8 years
Weighted-Average Grant-Date Fair Value
Weighted-average grant-date fair value options outstanding, beginning (in dollars per share)	$ 1.66	$ 1.66
Weighted-average grant-date fair value options outstanding, granted (in dollars per share)		1.42
Weighted-average grant-date fair value options outstanding, forfeited and expired (in dollars per share)		1.95
Weighted-average grant-date fair value options outstanding, exercised (in dollars per share)		1.08
Weighted-average grant-date fair value options outstanding, ending (in dollars per share)		1.61
Weighted-Average Grant-Date Fair Value Options vested and expected to vest (in dollars per share)		$ 1.61
Options Outstanding, Aggregate Intrinsic Value		$ 5,962	$ 6,516
Forfeited and expired, aggregate intrinsic value		(480)
Exercised, aggregate intrinsic value		(74)
Options vested and expected to vest		$ 5,962
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)		$ 20.00

Impairment of Long-Lived Assets and Intangible Assets, net (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026 USD ($) gallons_per_year	Jun. 30, 2025 USD ($)	Jun. 30, 2026 USD ($) gallons_per_year	Jun. 30, 2025 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Development portfolio, gallons per year \| gallons_per_year	30,000,000		30,000,000
Impairment of long-lived assets \| $	$ 135,788	$ 0	$ 135,788	$ 0

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

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 June 30, 2026, and December 31, 2025 are as follows (in thousands):


			Fair Value Measurements at June 30, 2026
Recurring	Fair Value at June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents (1)	$	48,621	$	48,621	$	—	$	—
Commodities derivative instruments	2,781		—		2,781		—
Total	$	51,402	$	48,621	2,781		$	—


			Fair Value Measurements at December 31, 2025
Recurring	Fair Value at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents (1)	$	59,904	$	59,904	$	—	$	—
Commodities derivative instruments	91		—		91		—
Total	$	59,995	$	59,904	$	91	$	—

_______________________________________________________________

(1)Cash and cash equivalents includes $48.6 million and $59.9 million invested in U.S. government money market funds as of June 30, 2026 and December 31, 2025, respectively.

Schedule of accounts notes loans receivable

The carrying value and the fair value of the notes receivable as of June 30, 2026 are as follows (in thousands):


	Carrying Value		Estimated Fair Value
Note receivable - A.E, Innovation, LLC	$	3,722	$	3,722
Note receivable - Future Energy Capital Limited	250		250
Total notes receivable	$	3,972	$	3,972

Schedule Of Fair Value of the Redeemable Non-Controlling Interest

The following table reflects the changes in the fair value of the redeemable non-controlling interest as of June 30, 2026 (in thousands):


	Redeemable Non- Controlling Interest
Fair value as of December 31, 2025	$	4,832
Increase in equity of non-controlling member	2,009
Income attributable to non-controlling member	1,026
Fair value adjustment	(769)
Fair value as of June 30, 2026	$	7,098

Stock-Based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2026 $ / shares shares
Number of Shares
Outstanding , Beginning Balance (in shares) \| shares	6,262,580
Granted (in shares) \| shares	4,477,084
Vested and issued (in shares) \| shares	(2,739,699)
Forfeited and expired (in shares) \| shares	(184,765)
Nonvested, Ending Balance (in shares) \| shares	7,815,200
Weighted-Average Grant-Date Fair Value
Outstanding , Beginning Balance (in dollars per share) \| $ / shares	$ 1.02
Granted (in dollars per share) \| $ / shares	1.73
Vested and issued (in dollars per share) \| $ / shares	0.99
Forfeited and expired (in dollars per share) \| $ / shares	1.09
Nonvested, Ending Balance (in dollars per share) \| $ / shares	$ 1.43

Tax Credit Recognition and Sales	6 Months Ended
Tax Credit Recognition and Sales	Jun. 30, 2026
Government Assistance [Abstract]
Tax Credit Recognition and Sales	4. 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 (the “IRA”) replaced Section 6426 of the Internal Revenue Code with Section 45Z, providing Clean Fuel Production Credits (“CFPCs”) for the years 2025 through 2027. This was further updated and extended on July 4, 2025, under the One Big Beautiful Bill Act (the “OBBBA”), extending the credit through 2029. Producers of transportation fuels, including ethanol and SAF, may be eligible to claim a credit of up to $1.00 per gallon (or gallon equivalent), determined based on the fuel's emissions rate. Fuel emissions rates generally may not be less than zero; however, fuels produced from animal manure-derived feedstocks may have emissions rates below zero and, as a result, may qualify for a credit exceeding $1.00 per gallon equivalent. The applicable credit amount is indexed annually for inflation. The Company generates clean fuel production credits under Section 45Z of the Internal Revenue Code in connection with qualifying production at its GevoND and RNG facilities, and monetizes these credits through transfer agreements with third parties. For credits sold under transfer agreements and for which cash consideration has been received but the credits have not yet been formally transferred for tax purposes, the Company records a contract liability representing its obligation to transfer such credits in accordance with applicable tax filing requirements. During 2025, the Company entered into multiple tax credit transfer agreements pursuant to which it agreed to sell and transfer CFPCs generated from qualifying ethanol production. Under these agreements, the Company sells CFPCs to financial institutions at agreed-upon prices, with credits transferred in accordance with contractual terms and applicable tax filing requirements. Certain agreements include provisions such as volume commitments, optional additional purchases, and customary delivery performance requirements, including potential under-delivery fees and rights of first refusal. During the six months ended June 30, 2026, no under delivery fees were paid by the Company, and the financial institutions did not exercise their rights of first refusal. The Company’s ability to generate and transfer CFPCs is dependent on qualifying production volumes, compliance with applicable tax laws and regulations, and satisfaction of the conditions set forth in the applicable transfer agreements. Changes in regulatory guidance, production levels, or counterparty performance could affect the amount and timing of tax credits transferred.

Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details)	1 Months Ended	6 Months Ended
	Oct. 31, 2025 USD ($) renewal_options	Jun. 30, 2026 USD ($) lease facility site	Jun. 30, 2025 USD ($)	Aug. 31, 2024
Leases, Right-of-Use Assets and Related Liabilities
Term of contract	30 years
Operating cash flows from operating leases \| $	$ 1.00	$ 456,000	$ 351,000
Number of options to extend \| renewal_options	2
Renewal term	20 years
Notice period for opting the option to terminate	12 months
Number of digester sites \| site		3
Land
Leases, Right-of-Use Assets and Related Liabilities
Number of finance lease \| lease		4
Plant facilities and infrastructure
Leases, Right-of-Use Assets and Related Liabilities
Number of finance lease \| facility		1
Third-party processing facility				12 months

Subsequent Events (Details) - USD ($) $ in Millions		3 Months Ended	4 Months Ended	12 Months Ended
Subsequent Events (Details) - USD ($) $ in Millions	Aug. 04, 2026	Jun. 30, 2026	Dec. 15, 2026	Dec. 31, 2025
Subsequent Event [Line Items]
Clean fuel production credits transferred		$ 3.8		$ 52.0
Subsequent Event
Subsequent Event [Line Items]
Clean fuel production credits transferred	$ 14.0
Subsequent Event \| Forecast
Subsequent Event [Line Items]
Clean fuel production credits transferred			$ 20.0

Intangible Assets and Goodwill - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Amortization Expense
2026 (remaining)	$ 6,529
2027	13,059
2028	13,059
2029	1,828
2030	104
2031 and thereafter	862
Total intangible assets	35,441	$ 42,272
Patents
Amortization Expense
2026 (remaining)	319
2027	638
2028	638
2029	104
2030	56
2031 and thereafter	862
Total intangible assets	2,617	1,795
Defensive Assets
Amortization Expense
2026 (remaining)	293
2027	586
2028	586
2029	586
2030	48
2031 and thereafter	0
Total intangible assets	2,099	2,392
Developed Technology
Amortization Expense
2026 (remaining)	130
2027	260
2028	260
2029	173
2030	0
2031 and thereafter	0
Total intangible assets	823	953
Customer Related
Amortization Expense
2026 (remaining)	5,787
2027	11,575
2028	11,575
2029	965
2030	0
2031 and thereafter	0
Total intangible assets	$ 29,902	$ 37,065

Net (Loss) Income per Share - Basic and diluted net loss per share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Earnings Per Share [Abstract]
Net (loss) income	$ (176,941)	$ 2,144	$ (198,638)	$ (19,584)
Basic weighted-average shares outstanding (in shares)	237,054,708	232,945,048	237,429,647	232,490,122
Dilutive effect of RSAs, stock options and unexercised warrants (in shares)	0	3,894,069	0	0
Weighted-average common shares outstanding - diluted (in shares)	237,054,708	236,839,117	237,429,647	232,490,122
Net (loss) income per share - diluted (in dollars per share)	$ (0.75)	$ 0.01	$ (0.84)	$ (0.08)
Net (loss) income per share - basic (in dollars per share)	$ (0.75)	$ 0.01	$ (0.84)	$ (0.08)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482662/260-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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 46: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 47: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1B

Reference 48: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 65
-Paragraph 4
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481538/470-20-65-4

Reference 49: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Stockholders' Equity - Warrants (Details) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended
Stockholders' Equity - Warrants (Details) - $ / shares	Jun. 30, 2022	Jun. 30, 2025	Jun. 30, 2026	Jul. 06, 2025	Sep. 30, 2022
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			33,333,336
Warrants exercisable (in shares)		0	0
Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)			33,333,336
Warrant exercise price (in dollars per share)			$ 4.37		$ 4.37
Warrants exercisable (in shares)			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
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)	$ 4.50
June 2022 Offering \| Series 2022-A Warrants
Class of Warrant or Right [Line Items]
Warrants outstanding (in shares)	33,333,336

Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Inventories
Raw Materials	$ 6,818	$ 8,250
Spare parts	3,746	3,530
Total inventories	19,304	19,076
Finished goods:
Inventories
Biofuels	1,948	2,028
Work in process:	1,742	1,421
Environmental attributes
Inventories
Work in process:	$ 5,050	$ 3,847

Business Combinations (Tables)

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Schedule of 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, 2025. 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 June 30, 2025		Six Months Ended June 30, 2025
Total revenues	$	43,413	$	87,061
Net income (loss)	2,729		(13,407)

Debt - Future Principal Payments for Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Debt Disclosure [Abstract]
2026 (remaining)	$ 0
2027	0
2028	0
2029	0
2030	175,000
2031 and thereafter	0
Total debt	$ 175,000	$ 173,155

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2026
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events On August 4, 2026 (the “Effective Date”), Gevo Intermediate HoldCo, LLC (“Transferor”), a subsidiary of Gevo, Inc., entered into a Tax Credit Transfer Agreement (the “TCTA”) with Quill Financial, Inc. (“Quill”), pursuant to which Transferor agreed to supply “Clean Fuel Production Credits” (“Credits”) to Quill from the production of ethanol between January 1, 2026 and December 31, 2026 (the “Production Year”), by Transferor’s wholly-owned subsidiary, Net-Zero Richardton, LLC (“NZ-R”). Under the TCTA, Transferor expects to deliver $20.0 million of Credits to Quill between the Effective Date and December 15, 2026, upon satisfaction of certain conditions precedent on each transfer date, with $14.0 million of such Credits transferred as of the Effective Date. On the Effective Date, the Company received the funds associated with the Credits transferred that day.

Debt - Term Loan (Details) $ in Thousands				6 Months Ended
Debt - Term Loan (Details) $ in Thousands	Feb. 06, 2026 USD ($)	Dec. 26, 2025 USD ($)	Jan. 31, 2025 USD ($) quarter observer	Jun. 30, 2026 USD ($)	Jun. 30, 2025 USD ($)	Feb. 05, 2026	Jul. 10, 2025 USD ($)	Apr. 01, 2024 USD ($)
Debt
Contributions from non-controlling member			$ 5,000	$ 0	$ 5,000
Number of nonvoting observers \| observer			2
Redeemable non-controlling interest issued for payment of debt issuance costs				$ 2,009	$ 0
HoldCo, LLC
Debt
Noncontrolling interest, ownership percentage	6.00%		4.00%			4.00%
Credit Agreement
Debt
Aggregate principal amount	$ 175,000		$ 105,000
Interest Rate	12.00%
Number of fiscal quarters, Measurement period \| quarter			4
Incremental proceeds	$ 67,400
Discount to lenders	2,100
Third party debt issuance costs	500
Redeemable non-controlling interest issued for payment of debt issuance costs	2,000
Commitment fees and issuance costs	700
Withdrawal and transfer amount		$ 36,400
Credit Agreement \| Leverage ratio less than 1.5x
Debt
Interest Rate			10.00%
Leverage Ratio			1.5
Credit Agreement \| Leverage ratio greater than 1.5x but less than 3.0x
Debt
Interest Rate			10.75%
Credit Agreement \| Leverage ratio greater than 1.5x but less than 3.0x \| Maximum
Debt
Leverage Ratio			3.0
Credit Agreement \| Leverage ratio is greater than 3.0x
Debt
Interest Rate			11.50%
Leverage Ratio			3.0
Remarketed 2021 Bonds
Debt
Aggregate principal amount								$ 68,200
Interest Rate								3.875%
Repurchased face amount	28,200
Term Loan 1
Debt
Aggregate principal amount							$ 13,800
Interest Rate							8.125%
Repurchased face amount	$ 38,900

Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($)	1 Months Ended	3 Months Ended	6 Months Ended
	Oct. 31, 2025	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Leases [Abstract]
Operating lease cost		$ 263,000	$ 416,000
Finance lease expense:
Amortization of leased assets		720,000	18,000
Interest on lease liabilities		134,000	24,000
Total lease expense		$ 1,117,000	458,000
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases			14,000	$ 830,000
Operating cash flows from operating leases	$ 1.00		456,000	351,000
Finance cash flows from finance leases			13,000	90,000
Right-of-use asset obtained in exchange for new finance lease liabilities			258,000	21,000
Right-of-use asset obtained in exchange for new operating lease liabilities			$ 1,123,000	$ 1,337,000
Weighted-average remaining lease term, finance leases (months)		52 months	106 months	52 months
Weighted-average remaining lease term, operating leases (months)		42 months	38 months	42 months
Weighted-average discount rate - finance leases		16.00%	12.00%	16.00%
Weighted-average discount rate - operating leases		9.00%	10.00%	9.00%

Nature of Business, Financial Condition and Basis of Presentation	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
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, diversified energy company focused on developing, financing, and operating facilities that produce renewable fuels, chemicals, and other products designed to reduce greenhouse gas (“GHG”) emissions and diversify energy supply. Our mission is to provide solutions for sectors of the transportation industry that are difficult to electrify or otherwise decarbonize. The Company is focused on transforming renewable energy and carbon derived from photosynthesis into energy-dense liquid, drop-in and cost-effective ethanol and hydrocarbon fuels. 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. Gevo’s key asset is its low-carbon ethanol production facility in North Dakota (“Gevo North Dakota” or “GevoND”), which has an annual production capacity of approximately 70 million gallons. The facility is integrated with a Class VI permitted carbon capture and sequestration (“CCS”) well capable of injecting approximately 170,000 metric tons of carbon dioxide (“CO₂”) from GevoND per year, with additional pore space available to support future carbon capture expansion of up to one million metric tons per year. We view this asset as a strategic growth platform. The Company also operates a renewable natural gas (“RNG”) facility in Northwest Iowa (“NW Iowa RNG”). NW Iowa RNG produces RNG from dairy cow manure, which is 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 of 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 into the California market through an agreement with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “BP”). In addition, we generate and sell Low Carbon Fuel Standard (“LCFS”) credits, and D3 Renewable Identification Numbers (“RINs”) (collectively, “environmental attributes”). 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. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 six months ended June 30, 2026, and are not necessarily indicative of the results to be expected for the full year. The Company had no components of other comprehensive income (loss) for the six months ended June 30, 2026 and 2025. Accordingly, net income (loss) equals comprehensive income (loss) for the periods presented. 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, 2025. The financial statements at December 31, 2025, 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, 2025 (the “2025 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; the assessment of impairment of long-lived assets, inventory, asset retirement obligations, the recognition of revenue, the estimation of current expected credit losses, including the reserve for uncollectible deposits, 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 Financial Accounting Standards Board (“FASB”) 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 International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (IAS 20). These credits are recorded as they are generated based on the eligible PTC rate per gallon and 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, net on the Condensed Consolidated Balance Sheets, and as a reduction to Cost of production on the Condensed Consolidated Statements of Operations, reflecting their role in offsetting the production costs of low-carbon fuels. Derivative Financial Instruments Following the integration of the ethanol operating facility in the first quarter of 2025, the Company has incorporated 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 ASC 815, Derivatives and Hedging. As such, all derivative instruments are recorded at fair value on the Condensed Consolidated Balance Sheets, 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 Cost of production in the Company’s Condensed Consolidated Statement of Operations, as they directly relate to the Company’s inventory procurement and production activities. If the fair value of the derivative contract is in an asset position, it is included in Prepaid and other current assets, and if the fair value of the derivative contract is in a liability position it is included in Accounts payable and accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. These instruments may introduce volatility in earnings from period to period due to timing differences between the derivative settlement and the related exposure. 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. The ARO related to CO₂ sequestration activities includes obligations such as plugging injection wells, site closure, and post-closure monitoring in accordance with regulatory requirements and industry standards to ensure long-term CO₂ containment and mitigate the risk of leakage. 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 operating expenses on the Condensed Consolidated Statement of Operations. 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 operating expense on the Condensed Consolidated Statement of Operations. Accounting for Redeemable Non-Controlling Interest In January 2025, Gevo Intermediate HoldCo, LLC (“HoldCo”), a wholly-owned subsidiary of Gevo, entered into a membership subscription agreement with Orion Infrastructure Capital (“OIC”), a U.S.-based private investment firm, pursuant to which OIC purchased equity units in HoldCo. The membership 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 that all indebtedness under the related credit agreement with an affiliate of 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 Consolidated Statements of Operations. For earnings per share calculations, the Company adjusts net income (loss) 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. Recently Issued, Not Yet Adopted Accounting Pronouncements 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 that the adoption of this standard will have on its consolidated financial statements and 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. Environmental Credits. In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”). ASU 2026-02 improves the financial accounting for and disclosure of environmental credits and environmental credit obligations and provides recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. An entity is required to disclose in annual reporting periods qualitative information about how it obtained and intends to use its environmental credits, the accounting policies used to account for environmental credits, and significant estimates and judgments used in applying the guidance. An entity also is required to disclose in annual reporting periods the current and noncurrent amounts of compliance environmental credits and noncompliance environmental credits (if not separately presented on a classified balance sheet), the total expense for voluntary environmental credits, and the total impairment expense. ASU 2026-02 is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. An entity should apply the amendments of ASU 2026-02 on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet) as of the beginning of the annual reporting period of adoption. 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 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. The Company adopted ASU 2023-09 retrospectively in the fourth quarter of 2025. We modified the disclosures related to our rate reconciliation and the details of our cash taxes paid included in Note 19, Income taxes.

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2026

Prepaid Expense and Other Assets, Current [Abstract]

Prepaid Expenses and Other Current Assets

8. 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:



	June 30, 2026		December 31, 2025
Clean fuel production tax credit receivable	$	3,344	$	—
Corn derivative contracts	2,781		91
Prepaid insurance	1,790		1,354
Notes receivable - current	1,206		894
Other prepaid expenses	1,411		1,462
Other current assets	1,647		2,200
Total prepaid expenses and other current assets	$	12,179	$	6,001

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Prepaid Expense and Other Assets, Current [Abstract]
Clean fuel production tax credit receivable	$ 3,344	$ 0
Corn derivative contracts	2,781	91
Prepaid insurance	1,790	1,354
Notes receivable - current	1,206	894
Other prepaid expenses	1,411	1,462
Other current assets	1,647	2,200
Prepaid expenses and other current assets	$ 12,179	$ 6,001

Debt - 2021 Bond Issuance (Details) - 2021 Bonds	Apr. 15, 2021 USD ($)
Debt
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	$ 3,000,000.0

- 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

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(f))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/exampleRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482949/835-30-55-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 12: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69F
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F

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

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 15: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
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+ Details

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($)	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Tax Disclosure [Abstract]
Provision for income taxes			$ 0
Effective tax rate	0.00%	0.00%	0.00%	0.00%

- Definition

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

+ References

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+ Details

Leases, Right-of-Use Assets and Related Liabilities

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Leases, Right-of-Use Assets and Related Liabilities

9. 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. On March 30, 2026, the Company signed an operating lease agreement for adjacent space in the same building. The lease for the adjacent space expires in July 2030. The Company also has an operating lease for additional office space in Albuquerque, New Mexico, which expires in 2026. The Company’s primary 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.

In connection with the Company’s sale of Agri-Energy, LLC, in October 2025, the Company entered into a 30-year ground lease with the buyer to provide the Company access to assets retained at the Agri-Energy facility in Luverne, Minnesota for the potential future production of isobutanol at that facility. The lease payments total $1.00 for the entire 30-year period. There are two options to renew the lease, each for an additional 20-year period, which the Company expects to

exercise. In addition, the Company has the right to terminate the lease at any time and for any reason with 12 months’ notice to the lessor.

In connection with the Company’s acquisition of substantially all the assets and certain liabilities of Red Trail Energy in January 2025, the Company assumed rail car lease agreements used to transport dried distillers grains, all of which are classified as operating leases.

The Company has four finance leases for land and one for a processing facility. The land leases are related to our renewable natural gas operations at 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. In addition, the Company has leased various equipment which it has classified as finance leases, which expire at various dates between 2029 and 2031.

The Company accounts for lease components separately from non-lease components for the Company’s dairy lease asset class. The total consideration in the lease agreement is allocated to the lease and non-lease components based on their relative standalone selling prices. These leases contain options to extend the leases, which management reasonably expects to exercise and are included in the length of the terms.

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 expired in 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.

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):


	Six Months Ended June 30,
	2026		2025
Operating lease cost	$	416	$	263
Finance lease expense:
Amortization of leased assets	18		720
Interest on lease liabilities	24		134
Total lease expense	$	458	$	1,117


	Six Months Ended June 30,
	2026		2025
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$14		$830
Operating cash flows from operating leases	$456		$351
Finance cash flows from finance leases	$13		$90
Right-of-use asset obtained in exchange for new finance lease liabilities	$258		$21
Right-of-use asset obtained in exchange for new operating lease liabilities	$1,123		$1,337
Weighted-average remaining lease term, finance leases (months)	106		52
Weighted-average remaining lease term, operating leases (months)	38		42
Weighted-average discount rate - finance leases (1)	12	%	16	%
Weighted-average discount rate - operating leases (1)	10	%	9	%

(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.


	Operating Leases		Finance Leases
2026 (remaining)	$	452	$	84
2027	1,126		147
2028	914		146
2029	550		235
2030	224		99
2031 and thereafter	—		530
Total	3,266		1,241
Less: amounts representing present value discounts	509		536
Total lease liabilities	2,757		705
Less: current portion	817		92
Non-current portion	$	1,940	$	613

Leases, Right-of-Use Assets and Related Liabilities

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

exercise. In addition, the Company has the right to terminate the lease at any time and for any reason with 12 months’ notice to the lessor.


	Six Months Ended June 30,
	2026		2025
Operating lease cost	$	416	$	263
Finance lease expense:
Amortization of leased assets	18		720
Interest on lease liabilities	24		134
Total lease expense	$	458	$	1,117


	Six Months Ended June 30,
	2026		2025
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$14		$830
Operating cash flows from operating leases	$456		$351
Finance cash flows from finance leases	$13		$90
Right-of-use asset obtained in exchange for new finance lease liabilities	$258		$21
Right-of-use asset obtained in exchange for new operating lease liabilities	$1,123		$1,337
Weighted-average remaining lease term, finance leases (months)	106		52
Weighted-average remaining lease term, operating leases (months)	38		42
Weighted-average discount rate - finance leases (1)	12	%	16	%
Weighted-average discount rate - operating leases (1)	10	%	9	%


	Operating Leases		Finance Leases
2026 (remaining)	$	452	$	84
2027	1,126		147
2028	914		146
2029	550		235
2030	224		99
2031 and thereafter	—		530
Total	3,266		1,241
Less: amounts representing present value discounts	509		536
Total lease liabilities	2,757		705
Less: current portion	817		92
Non-current portion	$	1,940	$	613

Deposits and Other Assets

6 Months Ended

Jun. 30, 2026

Other Assets, Noncurrent [Abstract]

Deposits and Other Assets

14. Deposits and Other Assets

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




	June 30, 2026		December 31, 2025
Deposits	$	644	$	664
Prepaid insurance	481		538
Prepaid feedstock	1,649		1,942
Equity interest (1)	1,500		1,500
Deposits receivable (2)	14,638		54,035
Improvements on assets owned by others	4,305		4,445
Debt Issuance Costs	467		1,907
Capitalized Fuel Supply (3)	6,054		6,371
Note receivable	2,766		2,586
Total deposits and other assets	$	32,504	$	73,987

_______________________________________________________________

(1)The Company directly holds a 3.6% interest in the Series A Preferred Stock of Zero6 Clean Energy Assets, Inc. (“Zero6”), formerly known as 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. This ownership interest is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC (“RCWF”), a Zero6 subsidiary.

(2)Deposits provided to a wind project developer and power utility contractor for the design and construction of power generation, transmission, and distribution facilities. These deposits are reimbursable pursuant to the related contractual arrangements, and the Company holds contractual priority liens on the related equipment and constructed facilities. However, as discussed in Note 3, Impairment of Long-Lived Assets, as a result of management's strategic review during the three months ended June 30, 2026, the Company determined that the ATJ-60 project, together with these related development initiatives, would not be advanced. In accordance with ASC 326, Financial Instruments-Credit Losses, the Company assessed the recoverability of the Deposits receivable balance. The expected credit loss was determined based upon the amount that the Company estimated will be reimbursed. During the three and six months ended June 30, 2026, the Company recorded an allowance for credit losses of $39.8 million, representing the portion of the balance not expected to be recovered. The write-off is included in Allowance for credit losses on refundable deposits within operating expenses in the Condensed Consolidated Statement of Operations.

(3)Expenditures related to the feedstock agreements.

Debt (Tables)

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Schedule of Long-term Debt

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



	Interest Rate		Maturity Date	June 30, 2026		December 31, 2025
Term Loan	12.0	%	January 2030	$	175,000	$	105,000
Revolving credit facility	SOFR + 2.75%		January 2030	—		—
Remarketed Bonds	3.9	%	April 2026	—		28,155
Series 2025A Term Bond 1	8.1	%	July 2030	—		13,835
Series 2025A Term Bond 2	8.5	%	July 2036	—		26,165
Total debt				175,000		173,155
Less: debt issuance costs				(7,761)		(8,405)
Total debt, net				$	167,239	$	164,750
Less: current portion				—		—
Total non-current debt				$	167,239	$	164,750

Schedule of Future Payments for Long-term Debt

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


Year Ending December 31,	Total Debt
2026 (remaining)	$	—
2027	—
2028	—
2029	—
2030	175,000
2031 and thereafter	—
Total debt	$	175,000

- 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
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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+ Details

Asset Retirement Obligation

6 Months Ended

Jun. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation

16. Asset Retirement Obligation

The Company recognizes liabilities for the estimated costs associated with the retirement of certain assets that are subject to legal or contractual obligations. These liabilities 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 abandonment of 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:


	June 30, 2026		December 31, 2025
Asset retirement obligation, beginning of period	$	2,250	$	—
Liabilities assumed upon acquisition	—		1,018
Liabilities incurred	—		1,093
Accretion expense	76		139
Asset retirement obligation, end of period	$	2,326	$	2,250

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.

Business Combinations - Pro Forma Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Business Combination [Abstract]
Total revenues	$ 43,413	$ 87,061
Net income (loss)	$ 2,729	$ (13,407)

Asset Retirement Obligation (Tables)

6 Months Ended

Jun. 30, 2026

Asset Retirement Obligation Disclosure [Abstract]

Schedule of asset retirement obligation

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


	June 30, 2026		December 31, 2025
Asset retirement obligation, beginning of period	$	2,250	$	—
Liabilities assumed upon acquisition	—		1,018
Liabilities incurred	—		1,093
Accretion expense	76		139
Asset retirement obligation, end of period	$	2,326	$	2,250

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2026

Derivative Instrument Detail [Abstract]

Derivative Financial Instruments

11. Derivative Financial Instruments

The Company uses corn futures contracts to manage exposure to changes in corn prices associated with anticipated corn purchases. The Company does not apply hedge accounting and records derivative instruments at fair value, with changes in fair value recognized within Cost of production on the Condensed Consolidated Statements of Operations. As of June 30, 2026 and December 31, 2025, the fair value of the Company's corn futures contracts was an asset of $2.8 million and $0.1 million, respectively, which was included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets.

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


		Three Months Ended June 30,				Six Months Ended June 30,
Statement of Operations Income/(Expense)	Location of gain (loss) in fair value recognized in income	2026		2025		2026		2025
Corn futures	Cost of production	$	4,085	$	1,603	$	3,576	$	5,207
Total realized gain		$	4,085	$	1,603	$	3,576	$	5,207

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2026

Trading Arrangements, by Individual

Non-Rule 10b5-1 Arrangement Adopted

false

Rule 10b5-1 Arrangement Terminated

false

Non-Rule 10b5-1 Arrangement Terminated

false

Andrew Marsh [Member]

Trading Arrangements, by Individual

Material Terms of Trading Arrangement

Name and Title

Action

Date

Duration of Plan

Total Number of Shares of Common Stock

to be Purchased or Sold

Andrew Marsh,

Director

Adopt

June 26, 2026

September 29, 2026 to

September 29, 2027

Up to 396,946

Name

Andrew Marsh

Title

Director

Rule 10b5-1 Arrangement Adopted

true

June 26, 2026

September 29, 2027

365 days

396,946

Stockholders' Equity - Stock Repurchase Program (Details) - USD ($) $ in Millions	Jun. 30, 2026	May 30, 2023
Equity [Abstract]
Amount of repurchase of common stock		$ 25.0
Remaining stock of stock repurchase program	$ 20.3

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Schedule of warrants

The following table sets forth information regarding unexercised warrants outstanding as of June 30, 2026:


	Issuance Date	Expiration Date	Exercise Price as of June 30, 2026		Shares Underlying Warrants on Issuance Date	Shares Issued upon Warrant Exercises as of June 30, 2026	Shares Underlying Warrants Outstanding as of June 30, 2026
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.

Property, Plant and Equipment - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 3.4		$ 6.9	$ 6.3
Depreciation expense recorded into inventory	1.0	$ 1.5	2.1	2.8
Depreciation expense due to sales of inventory	$ 0.9	$ 1.3	$ 2.3	$ 3.2

Net (Loss) Income per Share (Tables)

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net (loss) income	$	(176,941)	$	2,144	$	(198,638)	$	(19,584)
Basic weighted-average shares outstanding	237,054,708		232,945,048		237,429,647		232,490,122
Dilutive effect of RSAs, stock options and unexercised warrants	—		3,894,069		—		—
Dilutive weighted-average shares outstanding	237,054,708		236,839,117		237,429,647		232,490,122
Net (loss) income per share - diluted	$	(0.75)	$	0.01	$	(0.84)	$	(0.08)
Net (loss) income per share - basic	$	(0.75)	$	0.01	$	(0.84)	$	(0.08)

Schedule of anti-dilutive securities

For the three and six months ended June 30, 2026 and 2025, potentially dilutive securities excluded from the calculation of diluted weighted average shares outstanding because they were anti-dilutive are as follows:


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Warrants	—	—	—	2,387
Stock options	2,800,961	—	3,168,789	1,530,010
Unvested restricted stock awards	3,614,565	—	3,887,983	3,726,353
Total	6,415,526	—	7,056,772	5,258,750

CONDENSED CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares	Jun. 30, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	500,000,000	500,000,000
Common stock, shares issued (in shares)	247,237,104	242,464,470
Common stock, shares outstanding (in shares)	247,237,104	242,464,470

Commitments and Contingencies

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

20. Commitments and Contingencies

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

Indemnifications. In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of June 30, 2026, 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 June 30, 2026.

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 June 30, 2026, the Company had various fixed price contracts for the purchase of corn.

Water Purchases. The Company has entered into a ten-year extension to its water purchase agreement with the North Dakota State Water Commission to operate the GevoND plant. Under the agreement, the Company has agreed to purchase no less than 200 million gallons per year through March 2035. Based on the current price per gallon, the committed amount is $8.3 million.

The estimated commitments as of June 30, 2026, and thereafter are shown below (in thousands):


	2026		2027		2028		2029		2030		2031 and thereafter		Total
Fuel supply payments	$	963	$	2,053	$	1,747	$	2,201	$	2,331	$	27,695	$	36,990
Firm purchase commitments for corn	26,628		—		—		—		—		—		26,628
Renewable energy credits	71		142		142		142		142		1,326		1,965
Water purchases	472		944		944		944		944		4,012		8,260
Total	$	28,134	$	3,139	$	2,833	$	3,287	$	3,417	$	33,033	$	73,843

Revenues from Contracts with Customers and Other Revenue

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

Revenues from Contracts with Customers and Other Revenue

5. 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 Revenue

The Company’s RNG revenues relate to the sale of RNG 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 a gas pipeline system. The Company generally has multiple performance obligations in our arrangements with customers. The Company’s performance obligation related to the sales of RNG 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.

Environmental Attribute Revenue

The Company’s environmental attribute revenue represents the sale of RNG related environmental attributes produced at the NW Iowa RNG facility and the generation of carbon dioxide removal credits (“CORCs”) at GevoND. 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 CORCs also are subject to a third-party confirmation under Puro.Earth standards that support the sale of the qualifying attributes into the voluntary carbon market. The Company generally has multiple performance obligations in our arrangements with customers. The Company’s performance obligations related to the sales of 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 the environmental attributes. There is no variable consideration present in the Company’s performance obligations. Consideration for each transaction is based upon either quoted market prices at the time of delivery or fixed prices per the contract terms. All material contracts have payment terms of between one to three months and there are no return or refund rights.

Other Revenue

Other revenue includes hydrocarbon revenue and licensing, development, and software services revenue. The Company generates hydrocarbon revenue from the sale of renewable low-carbon intensity products, including isooctane and SAF blendstocks. Revenue is recognized at the point in time when control transfers to the customer, generally upon shipment under free-on-board shipping terms. Licensing revenue is primarily derived from agreements granting rights to intellectual property developed by the Company and is recognized when control of the intellectual property transfers to the customer and any related performance obligations are satisfied. Software services revenue consists of subscription and

support services provided to customers of the Verity’s digital platforms and is recognized over time as services are performed.

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


	Three Months Ended June 30,				Six Months Ended June 30,
Major Goods/Service Line	2026		2025		2026		2025
Ethanol	$	29,504	$	28,508	$	58,122	$	45,753
Ethanol related products	9,702		8,672		19,015		14,241
Environmental attributes	5,558		4,058		9,679		9,431
Renewable natural gas	209		225		744		523
Other	1,528		1,950		1,889		2,574
Total operating revenue	$	46,501	$	43,413	$	89,449	$	72,522

Contract Assets, Contract Liabilities, and Trade Receivables. As of June 30, 2026 and 2025, 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 three and six months ended June 30, 2026 and 2025.

- 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
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-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Impairment of Long-Lived Assets and Intangible Assets, net (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Details of Impairment of Long-Lived Assets Held and Used by Asset

The following table sets forth the impairment charge recognized by long-lived asset category (in thousands):


	Three and six months ended June 30, 2026
Long-lived asset category:
Construction in progress	$	134,406
Intangible assets, net	1,382
Total impairment charge	$	135,788

Impairment of Long-Lived Assets and Intangible Assets, net

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Impairment of Long-Lived Assets and Intangible Assets, net

3. Impairment of Long-Lived Assets

During the three months ended June 30, 2026, management completed a strategic review of the Company's development portfolio, capital allocation priorities, and future commercialization strategy. As a result of this review, management and the Board of Directors determined the Company should prioritize development of the ethanol platform, the 30 million gallon per year (“MMGPY”) alcohol-to-jet (“ATJ”) sustainable aviation fuel (“SAF) platform (“ATJ-30”), at Gevo North Dakota, and other commercialization opportunities. Following the strategic review initiated in connection with the leadership transition, management determined that certain previously contemplated initiatives, including the ATJ-60 project, other ATJ projects and certain isobutanol projects would no longer be advanced under the Company's revised strategic direction.

As a result, the Company evaluated the recoverability of long-lived assets associated with the affected initiatives and concluded that certain capitalized engineering costs related to these initiatives were not recoverable.

As a result, during the three and six months ended June 30, 2026, the Company recognized an impairment charge of $135.8 million, reducing the carrying value of the affected long-lived assets to their estimated fair value. The impairment charge is included within operating expenses in the Condensed Consolidated Statement of Operations, and did not result in any cash charges during the three and six months ended June 30, 2026. The majority of the impaired assets, including those related to the ATJ-60 project, were written down to a fair value of zero because the Company is no longer pursuing these projects and determined that the assets have no expected recoverable value. Certain other impaired assets, consisting primarily of constructed equipment, were written down to their estimated fair value using a market-based approach that incorporated significant unobservable inputs and was classified as a Level 3 fair value measurement under ASC 820, Fair Value Measurement.

The following table sets forth the impairment charge recognized by long-lived asset category (in thousands):


	Three and six months ended June 30, 2026
Long-lived asset category:
Construction in progress	$	134,406
Intangible assets, net	1,382
Total impairment charge	$	135,788

The remaining capitalized development assets represent engineering, technology development, process design, catalyst development, and other project costs that management expects will provide future economic benefit through their anticipated use in the Company's ATJ-30 platform or other development initiatives. The remaining intangible assets consist primarily of patents, licenses, developed technology, and customer-related intangible assets. Management evaluated these assets for impairment in accordance with ASC 350 and concluded that they will continue to provide future economic benefit through their anticipated use in the Company's operations.

Tax Credit Recognition and Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Tax Credit Carryforward [Line Items]
Fuel production credits generated	$ 15,000	$ 21,500	$ 32,000	$ 21,500
Proceeds from clean fuel production credits	0		7,500		$ 41,100
Clean fuel production credits transferred	3,800				52,000
Carrying value of intangible asset sold					48,600
Deferred clean fuel production tax credits	3,344		3,344		$ 41,115
Transfer agreement to transfer credits, under delivery fees			$ 0
Prepaid Expenses and Other Current Assets
Tax Credit Carryforward [Line Items]
Clean fuel production credits transferred	$ 3,300

Segments- Narrative (Details) gal in Millions	6 Months Ended
Segments- Narrative (Details) gal in Millions	Jun. 30, 2026 segment T gal
Revenue from External Customer [Line Items]
Number of reportable segments \| segment	4
Number of operating segments \| segment	4
GevoND
Revenue from External Customer [Line Items]
Ethanol process capacity	70
Annual capacity for disposal or recycle of carbon dioxide (in tons) \| T	170,000
Low carbon ethanol \| GevoND
Revenue from External Customer [Line Items]
Ethanol process capacity	70
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

Net (Loss) Income per Share - Anti-dilutive securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential anti-dilutive shares excluded from net loss per share calculation (in shares)	6,415,526	0	7,056,772	5,258,750
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)	0	0	0	2,387
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)	2,800,961	0	3,168,789	1,530,010
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)	3,614,565	0	3,887,983	3,726,353

Debt - 2024 Bond Remarketing (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 06, 2026	Apr. 01, 2024	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Jul. 10, 2025
Debt
Gain (Loss) on Extinguishment of Debt			$ 0	$ 0	$ (10,304)	$ 0
Unamortized debt issuance costs			$ 7,761		7,761		$ 8,405
Redemption of bonds					$ 68,155	$ 0
Restricted cash held as collateral	$ 28,800
Remarketed 2021 Bonds
Debt
Gain (Loss) on Extinguishment of Debt		$ 0
Aggregate principal amount		$ 68,200
Interest Rate		3.875%
Effective interest rate (in percent)		1.20%
Unamortized debt issuance costs		$ 1,700
Debt instrument, refinanced amount								$ 40,000
Redemption of bonds	28,200
Write-off of deferred financing costs	53
Debt collateral amount		$ 69,600
Restricted cash held as collateral	$ 28,800

Business Combinations

6 Months Ended

Jun. 30, 2026

Business Combination [Abstract]

Business Combinations

2. Business Combinations

The Company completed the acquisition of substantially all of the assets and certain liabilities of Red Trail Energy, LLC (“Red Trail Energy”) on January 31, 2025. The assets and liabilities acquired in connection with the Red Trail Energy acquisition were recorded at their respective fair values as of the acquisition date in accordance with ASC 805-10. The Company has finalized the purchase accounting for the acquisition. The acquired operations are included in the Company’s Gevo North Dakota segment.

Pro Forma Financial Information


	Three Months Ended June 30, 2025		Six Months Ended June 30, 2025
Total revenues	$	43,413	$	87,061
Net income (loss)	2,729		(13,407)

- Definition

The entire disclosure for business combination.

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+ Details

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2026
Income Tax Disclosure [Abstract]
Income Taxes	19. 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 six months ended June 30, 2026 and 2025. The rate differs from the U.S. Federal statutory tax rate of 21% due to a full valuation allowance. On July 4, 2025, the OBBBA was signed into law, which may be subject to further clarification and the issuance of interpretive guidance. The OBBBA did not have a material impact to the effective tax rate for the three and six months ended June 30, 2026 and we do not expect the OBBBA to have a material impact on our effective tax rate for the current fiscal year.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Deposits and Other Assets (Tables)

6 Months Ended

Jun. 30, 2026

Other Assets, Noncurrent [Abstract]

Schedule of Deposits and Other Assets

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




	June 30, 2026		December 31, 2025
Deposits	$	644	$	664
Prepaid insurance	481		538
Prepaid feedstock	1,649		1,942
Equity interest (1)	1,500		1,500
Deposits receivable (2)	14,638		54,035
Improvements on assets owned by others	4,305		4,445
Debt Issuance Costs	467		1,907
Capitalized Fuel Supply (3)	6,054		6,371
Note receivable	2,766		2,586
Total deposits and other assets	$	32,504	$	73,987

_______________________________________________________________

Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Commodities derivative instruments	$ 2,781	$ 91

Revenues from Contracts with Customers and Other Revenue - Narrative (Details) - USD ($)	6 Months Ended
	Jun. 30, 2026	Dec. 31, 2025	Jun. 30, 2025
Revenues from Contracts with Customers and Other Revenue
Contract with customer, asset	$ 0	$ 0
Contract with customer, liability	0	$ 0
Allowance for credit losses	0		$ 0
RNG Revenue
Revenues from Contracts with Customers and Other Revenue
Revenue recognized	0
Environmental Attribute Revenue
Revenues from Contracts with Customers and Other 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

Nature of Business, Financial Condition and Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain prior period amounts have been reclassified to conform to the current period presentation. 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 six months ended June 30, 2026, and are not necessarily indicative of the results to be expected for the full year. The Company had no components of other comprehensive income (loss) for the six months ended June 30, 2026 and 2025. Accordingly, net income (loss) equals comprehensive income (loss) for the periods presented. 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, 2025. The financial statements at December 31, 2025, 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, 2025 (the “2025 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; the assessment of impairment of long-lived assets, inventory, asset retirement obligations, the recognition of revenue, the estimation of current expected credit losses, including the reserve for uncollectible deposits, 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 Financial Accounting Standards Board (“FASB”) 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 International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (IAS 20). These credits are recorded as they are generated based on the eligible PTC rate per gallon and 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, net on the Condensed Consolidated Balance Sheets, and as a reduction to Cost of production on the Condensed Consolidated Statements of Operations, reflecting their role in offsetting the production costs of low-carbon fuels.
Derivative Financial Instruments	Derivative Financial Instruments Following the integration of the ethanol operating facility in the first quarter of 2025, the Company has incorporated 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 ASC 815, Derivatives and Hedging. As such, all derivative instruments are recorded at fair value on the Condensed Consolidated Balance Sheets, 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 Cost of production in the Company’s Condensed Consolidated Statement of Operations, as they directly relate to the Company’s inventory procurement and production activities. If the fair value of the derivative contract is in an asset position, it is included in Prepaid and other current assets, and if the fair value of the derivative contract is in a liability position it is included in Accounts payable and accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. These instruments may introduce volatility in earnings from period to period due to timing differences between the derivative settlement and the related exposure. 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. The ARO related to CO₂ sequestration activities includes obligations such as plugging injection wells, site closure, and post-closure monitoring in accordance with regulatory requirements and industry standards to ensure long-term CO₂ containment and mitigate the risk of leakage. 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 operating expenses on the Condensed Consolidated Statement of Operations. 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 operating expense on the Condensed Consolidated Statement of Operations.
Accounting for Redeemable Non-Controlling Interest	Accounting for Redeemable Non-Controlling Interest In January 2025, Gevo Intermediate HoldCo, LLC (“HoldCo”), a wholly-owned subsidiary of Gevo, entered into a membership subscription agreement with Orion Infrastructure Capital (“OIC”), a U.S.-based private investment firm, pursuant to which OIC purchased equity units in HoldCo. The membership 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 that all indebtedness under the related credit agreement with an affiliate of 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 Consolidated Statements of Operations. For earnings per share calculations, the Company adjusts net income (loss) 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.
Recently Issued, Not Yet Adopted Accounting Pronouncements and Recently Adopted Accounting Pronouncements	Recently Issued, Not Yet Adopted Accounting Pronouncements 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 that the adoption of this standard will have on its consolidated financial statements and 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. Environmental Credits. In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”). ASU 2026-02 improves the financial accounting for and disclosure of environmental credits and environmental credit obligations and provides recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. An entity is required to disclose in annual reporting periods qualitative information about how it obtained and intends to use its environmental credits, the accounting policies used to account for environmental credits, and significant estimates and judgments used in applying the guidance. An entity also is required to disclose in annual reporting periods the current and noncurrent amounts of compliance environmental credits and noncompliance environmental credits (if not separately presented on a classified balance sheet), the total expense for voluntary environmental credits, and the total impairment expense. ASU 2026-02 is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. An entity should apply the amendments of ASU 2026-02 on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet) as of the beginning of the annual reporting period of adoption. 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 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. The Company adopted ASU 2023-09 retrospectively in the fourth quarter of 2025. We modified the disclosures related to our rate reconciliation and the details of our cash taxes paid included in Note 19, Income taxes.
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.

Restricted Cash	6 Months Ended
Restricted Cash	Jun. 30, 2026
Restricted Cash and Cash Equivalent [Abstract]
Restricted Cash	7. Restricted Cash On February 6, 2026, as a result of the redemption of the Remarketed Bonds and the Series 2025A Bonds with the proceeds from the OIC Term Loan Amendment, the Company’s restricted cash balances of $35.8 million were released. The restricted cash that was released consisted of $28.8 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 supported the development and construction of NW Iowa RNG, and reserve accounts totaling $7.0 million for debt service reserves and an operating and maintenance reserves related to the Series 2025A Bonds. See Note 17, Debt, for additional information on the Remarketed Bonds, the Series 2025A Bonds and OIC Term Loan Amendment. The Company recorded interest income on the restricted cash balances of $0.1 million during the six months ended June 30, 2026, and $0.7 million and $1.4 million during the three and six months ended June 30, 2025, respectively. The interest income is included in Interest and investment income in the Condensed Consolidated Statements of Operations.

Intangible Assets and Goodwill - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Intangible Assets and Goodwill
Amortization of Intangible Assets	$ 3,300		$ 3,300	$ 6,600	$ 5,600
Acquisitions:				0		$ 37,815
Red Trail Purchase Agreement
Intangible Assets and Goodwill
Acquisitions:		$ 39,800
CFPC intangible assets
Intangible Assets and Goodwill
Indefinite-lived intangible assets acquired				$ 15,000

- Definition

The aggregate expense charged against earnings to allocate the cost of intangible assets (nonphysical assets not used in production) in a systematic and rational manner to the periods expected to benefit from such assets.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
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Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
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Reference 6: http://www.xbrl.org/2003/role/exampleRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Section 50
-Paragraph 2
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 350
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482686/350-30-45-2

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476148/220-40-50-6

+ Details

- 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

Fair Value Measurements

6 Months Ended

Jun. 30, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

21. 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 June 30, 2026, and December 31, 2025 are as follows (in thousands):


			Fair Value Measurements at June 30, 2026
Recurring	Fair Value at June 30, 2026		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents (1)	$	48,621	$	48,621	$	—	$	—
Commodities derivative instruments	2,781		—		2,781		—
Total	$	51,402	$	48,621	2,781		$	—


			Fair Value Measurements at December 31, 2025
Recurring	Fair Value at December 31, 2025		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Cash and cash equivalents (1)	$	59,904	$	59,904	$	—	$	—
Commodities derivative instruments	91		—		91		—
Total	$	59,995	$	59,904	$	91	$	—

_______________________________________________________________

(1)Cash and cash equivalents includes $48.6 million and $59.9 million invested in U.S. government money market funds as of June 30, 2026 and December 31, 2025, respectively.

The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2025, and June 30, 2026.

Notes Receivable

On October 31, 2025, the Company received a $5.0 million note receivable from A.E. Innovation, LLC as partial consideration for the sale of our subsidiary, Agri-Energy, LLC. The note bears interest at the Federal Funds Rate and matures on October 31, 2030. The note requires annual principal and interest payments on October 31 of each year

beginning October 31, 2026. The Company used a market approach to adjust the value of the note to fair value and recorded a discount on the note of $1.6 million. Factors considered by the Company in determining fair value were (i) the credit standing of the issuer, (ii) the secured nature of the note and, (iii) the prevailing rates for similar instruments based on the issuer’s credit. In addition, on February 26, 2026, the Company received a $250 thousand note receivable from Future Energy Capital Limited. The note accrues interest at 12% per annum and matures one year from the date of issuance, on February 26, 2027. The carrying value and the fair value of the notes receivable as of June 30, 2026 are as follows (in thousands):


	Carrying Value		Estimated Fair Value
Note receivable - A.E, Innovation, LLC	$	3,722	$	3,722
Note receivable - Future Energy Capital Limited	250		250
Total notes receivable	$	3,972	$	3,972

Term Loan

The fair value of the Term Loan entered into on January 1, 2025, and subsequently modified on February 6, 2026, is estimated to be equal to its carrying amount as of June 30, 2026, due to the short duration for which the loan was outstanding during the period. The carrying value and estimated fair value of the Term Loan as of June 30, 2026 was $175.0 million.

Redeemable non-controlling interest

The following table reflects the changes in the fair value of the redeemable non-controlling interest as of June 30, 2026 (in thousands):


	Redeemable Non- Controlling Interest
Fair value as of December 31, 2025	$	4,832
Increase in equity of non-controlling member	2,009
Income attributable to non-controlling member	1,026
Fair value adjustment	(769)
Fair value as of June 30, 2026	$	7,098

- 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/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: 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 3: 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 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-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 7: 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 8: 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 9: 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 10: 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 11: 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 12: 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 13: 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

Commitments and Contingencies - Narrative (Details) $ in Millions	6 Months Ended
	Jun. 30, 2026 USD ($) gallons_per_year contract
Commitments and Contingencies Disclosure [Abstract]
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, period	10 years
Purchase commitment, minimum quantity required \| gallons_per_year	200,000,000
Purchase commitment, amount	$ 8.3

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-based Compensation Expense

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of production	$	14	$	4	$	27	$	16
General and administrative	2,392		1,844		4,242		3,395
Other operating expenses	152		396		392		731
Total stock-based compensation	$	2,558	$	2,244	$	4,661	$	4,142

Schedule Stock Option Award Activity

Stock option award activity. Stock option activity under the Company’s stock incentive plans and changes during the six months ended June 30, 2026, were as follows:


	Number of Options	Weighted- Average Exercise Price (1)		Weighted- Average Remaining Contractual Term (years)	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2025	19,342,292	$	1.93	8.2	$	1.66	$	6,516
Granted	2,832,781	1.64			1.42		—
Forfeited and expired	(1,548,861)	2.27			1.95		(480)
Exercised	(210,240)	1.20			1.08		(74)
Options outstanding at June 30, 2026	20,415,972	$	1.87	8.0	$	1.61	$	5,962
Options vested and expected to vest at June 30, 2026	20,415,972	$	1.87	8.0	$	1.61	$	5,962

_______________________________________________________________

Exercise price of options outstanding ranges from $0.67 to $20.00 as of June 30, 2026.

Schedule of Non-vested Restricted Stock Awards

Non-vested restricted stock awards and the changes during the six months ended June 30, 2026, were as follows:


	Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025	6,262,580	$	1.02
Granted	4,477,084	$	1.73
Vested and issued	(2,739,699)	$	0.99
Forfeited and expired	(184,765)	$	1.09
Non-vested at June 30, 2026	7,815,200	$	1.43

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Redeemable Non-Controlling Interest
Beginning balance (in shares) at Dec. 31, 2024		239,176,293
Beginning balance at Dec. 31, 2024	$ 489,488	$ 2,392	$ 1,287,333	$ (800,237)
Stockholders' Equity
Non-cash stock-based compensation	4,142		4,142
Stock-based awards and related share issuances, net (in shares)		2,665,297
Stock-based awards and related share issuances, net	182	$ 27	155
Change in redemption value of redeemable non-controlling interest	(124)			(124)
Net income (loss)	(19,584)			(19,584)
Ending balance (in shares) at Jun. 30, 2025		241,841,590
Ending balance at Jun. 30, 2025	474,104	$ 2,419	1,291,630	(819,945)
Mezzanine Equity
Issuance of redeemable non-controlling interest	5,000
Change in redemption value of redeemable non-controlling interest	124
Net income (loss)	540
Redeemable non-controlling interest ending balance at Jun. 30, 2025	5,664				$ 5,664
Beginning balance (in shares) at Mar. 31, 2025		239,562,995
Beginning balance at Mar. 31, 2025	469,837	$ 2,396	1,289,406	(821,965)
Stockholders' Equity
Non-cash stock-based compensation	2,244		2,244
Stock-based awards and related share issuances, net (in shares)		2,278,595
Stock-based awards and related share issuances, net	3	$ 23	(20)
Change in redemption value of redeemable non-controlling interest	(124)			(124)
Net income (loss)	2,144			2,144
Ending balance (in shares) at Jun. 30, 2025		241,841,590
Ending balance at Jun. 30, 2025	474,104	$ 2,419	1,291,630	(819,945)
Redeemable non-controlling interest beginning balance at Mar. 31, 2025					4,955
Mezzanine Equity
Change in redemption value of redeemable non-controlling interest	124
Net income (loss)					585
Redeemable non-controlling interest ending balance at Jun. 30, 2025	$ 5,664				5,664
Beginning balance (in shares) at Dec. 31, 2025	242,464,470	242,464,470
Beginning balance at Dec. 31, 2025	$ 466,337	$ 2,425	1,298,064	(834,152)
Stockholders' Equity
Non-cash stock-based compensation	4,661		4,661
Stock-based awards and related share issuances, net (in shares)		4,843,175
Stock-based awards and related share issuances, net	$ 1,069	$ 47	1,022
Proceeds from exercise of stock options (in shares)	210,240	210,240
Exercise of stock options	$ 252	$ 3	249
Shares withheld to settle employee tax obligations (in shares)		(280,781)
Payments for tax withholdings on employee equity awards	(596)	$ (3)	(593)
Change in redemption value of redeemable non-controlling interest	78			78
Net income (loss)	$ (198,638)			(198,638)
Ending balance (in shares) at Jun. 30, 2026	247,237,104	247,237,104
Ending balance at Jun. 30, 2026	$ 273,163	$ 2,472	1,303,403	(1,032,712)
Redeemable non-controlling interest beginning balance at Dec. 31, 2025	4,832
Mezzanine Equity
Issuance of redeemable non-controlling interest	2,009
Change in redemption value of redeemable non-controlling interest	(78)
Net income (loss)	1,026
Redeemable non-controlling interest ending balance at Jun. 30, 2026	7,789				7,789
Beginning balance (in shares) at Mar. 31, 2026		243,073,561
Beginning balance at Mar. 31, 2026	447,746	$ 2,431	1,300,931	(855,616)
Stockholders' Equity
Non-cash stock-based compensation	2,558		2,558
Stock-based awards and related share issuances, net (in shares)		4,141,620
Stock-based awards and related share issuances, net	0	$ 41	(41)
Proceeds from exercise of stock options (in shares)		74,319
Exercise of stock options	80	$ 1	79
Shares withheld to settle employee tax obligations (in shares)		(52,396)
Payments for tax withholdings on employee equity awards	(125)	$ (1)	(124)
Change in redemption value of redeemable non-controlling interest	(155)			(155)
Net income (loss)	$ (176,941)			(176,941)
Ending balance (in shares) at Jun. 30, 2026	247,237,104	247,237,104
Ending balance at Jun. 30, 2026	$ 273,163	$ 2,472	$ 1,303,403	$ (1,032,712)
Redeemable non-controlling interest beginning balance at Mar. 31, 2026					6,954
Mezzanine Equity
Change in redemption value of redeemable non-controlling interest					155
Net income (loss)					680
Redeemable non-controlling interest ending balance at Jun. 30, 2026	$ 7,789				$ 7,789

Deposits and Other Assets - Schedule of Deposits and Other Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2026 USD ($) obligation	Dec. 31, 2025 USD ($)
Deposits and Other Assets
Deposits	$ 644	$ 664
Prepaid insurance	481	538
Prepaid feedstock	1,649	1,942
Equity interest	1,500	1,500
Deposits receivable	14,638	54,035
Improvements on assets owned by others	4,305	4,445
Debt Issuance Costs	467	1,907
Capitalized fuel supply	6,054	6,371
Note receivable	2,766	2,586
Total deposits and other assets	$ 32,504	$ 73,987
Number of commitments with collateral \| obligation	2
Zero6 \| Series A Preferred Stock
Deposits and Other Assets
Noncontrolling interest, ownership percentage	3.60%

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Feb. 06, 2026	Dec. 31, 2025	Jul. 10, 2025	Apr. 01, 2024
Debt
Total debt	$ 175,000		$ 173,155
Less: debt issuance costs	(7,761)		(8,405)
Total debt, net	167,239		164,750
Less: current portion	0		0
Total non-current debt	$ 167,239		164,750
Term Loan
Debt
Interest Rate		12.00%
Remarketed Bonds
Debt
Interest Rate					3.875%
Less: debt issuance costs					$ (1,700)
Series 2025A Term Bond 1
Debt
Interest Rate				8.125%
Series 2025A Term Bond 2
Debt
Interest Rate				8.50%
Loans Payable \| Term Loan
Debt
Interest Rate	12.00%
Total debt	$ 175,000		105,000
Loans Payable \| Remarketed Bonds
Debt
Interest Rate	3.90%
Total debt	$ 0		28,155
Loans Payable \| Series 2025A Term Bond 1
Debt
Interest Rate	8.10%
Total debt	$ 0		13,835
Loans Payable \| Series 2025A Term Bond 2
Debt
Interest Rate	8.50%
Total debt	$ 0		26,165
Line of credit \| Revolving Credit
Debt
Variable rate	2.75%
Total debt	$ 0		$ 0

Debt - Revolving Credit Facility (Details) - Revolving Credit - USD ($) $ in Millions		6 Months Ended
	Feb. 06, 2026	Jun. 30, 2026
Debt
Borrowing capacity	$ 20.0
Unused commitment fee	0.375%
Proceeds from line of credit		$ 0.0
Debt issuance costs		$ 0.5
Secured Overnight Financing Rate
Debt
Variable rate	2.75%
Base Rate
Debt
Variable rate	0.75%

- 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

Inventories

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Inventories

10. 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:


	June 30, 2026		December 31, 2025
Raw Materials	$	6,818	$	8,250
Finished goods:
Biofuels	1,948		2,028
Work in process:
Environmental attributes	5,050		3,847
Biofuels	1,742		1,421
Spare parts	3,746		3,530
Total inventories	$	19,304	$	19,076

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.

Fair Value Measurements - Fair Value Of The Redeemable Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Redeemable non-controlling interest beginning balance			$ 4,832
Increase in equity of non-controlling member			2,009
Income attributable to non-controlling member	$ 680	$ 585	1,026	$ 540
Fair value adjustment			(769)
Redeemable non-controlling interest ending balance	$ (7,098)		$ (7,098)

Inventories (Tables)

6 Months Ended

Jun. 30, 2026

Inventory Disclosure [Abstract]

Schedule of Inventories

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


	June 30, 2026		December 31, 2025
Raw Materials	$	6,818	$	8,250
Finished goods:
Biofuels	1,948		2,028
Work in process:
Environmental attributes	5,050		3,847
Biofuels	1,742		1,421
Spare parts	3,746		3,530
Total inventories	$	19,304	$	19,076

Intangible Assets and Goodwill - Identifiable Intangible Assets - Finite (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Intangible Assets and Goodwill
Gross Carrying Amount	$ 57,893	$ 58,380
Accumulated Amortization	(22,452)	(16,108)
Total intangible assets	$ 35,441	$ 42,272
Weighted- Average Remaining Useful Life (Years)	3 years 4 months 24 days	3 years 6 months
Intangible assets, gross	$ 94,044	$ 111,111
Intangible assets, net	71,592	95,003
CFPC intangible assets
Intangible Assets and Goodwill
CFPC intangible assets	36,151	52,731
Patents
Intangible Assets and Goodwill
Gross Carrying Amount	5,393	4,280
Accumulated Amortization	(2,776)	(2,485)
Total intangible assets	$ 2,617	$ 1,795
Weighted- Average Remaining Useful Life (Years)	9 years 10 months 24 days	3 years 1 month 6 days
Defensive assets
Intangible Assets and Goodwill
Gross Carrying Amount	$ 4,900	$ 4,900
Accumulated Amortization	(2,801)	(2,508)
Total intangible assets	$ 2,099	$ 2,392
Weighted- Average Remaining Useful Life (Years)	3 years 7 months 6 days	4 years 1 month 6 days
Developed technology
Intangible Assets and Goodwill
Gross Carrying Amount	$ 1,300	$ 1,300
Accumulated Amortization	(477)	(347)
Total intangible assets	$ 823	$ 953
Weighted- Average Remaining Useful Life (Years)	3 years 2 months 12 days	3 years 8 months 12 days
Customer-related intangible assets
Intangible Assets and Goodwill
Gross Carrying Amount	$ 46,300	$ 47,800
Accumulated Amortization	(16,398)	(10,735)
Total intangible assets	$ 29,902	$ 37,065
Weighted- Average Remaining Useful Life (Years)	3 years 1 month 6 days	3 years 6 months
Trade name
Intangible Assets and Goodwill
Gross Carrying Amount		$ 100
Accumulated Amortization		(33)
Total intangible assets		$ 67
Weighted- Average Remaining Useful Life (Years)		2 years 8 months 12 days

Debt

6 Months Ended

Jun. 30, 2026

Debt Disclosure [Abstract]

Debt

17. Debt

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



	Interest Rate		Maturity Date	June 30, 2026		December 31, 2025
Term Loan	12.0	%	January 2030	$	175,000	$	105,000
Revolving credit facility	SOFR + 2.75%		January 2030	—		—
Remarketed Bonds	3.9	%	April 2026	—		28,155
Series 2025A Term Bond 1	8.1	%	July 2030	—		13,835
Series 2025A Term Bond 2	8.5	%	July 2036	—		26,165
Total debt				175,000		173,155
Less: debt issuance costs				(7,761)		(8,405)
Total debt, net				$	167,239	$	164,750
Less: current portion				—		—
Total non-current debt				$	167,239	$	164,750

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


Year Ending December 31,	Total Debt
2026 (remaining)	$	—
2027	—
2028	—
2029	—
2030	175,000
2031 and thereafter	—
Total debt	$	175,000

Term Loan

On January 31, 2025 (the “Closing Date”), the Company, through its subsidiaries Net-Zero North HoldCo, LLC, Richardton-CCS, Net-Zero-Richardton, and other affiliates (collectively, the “Borrower”), entered into a Credit Agreement

(the “Credit 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 Credit Agreement provided 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 Credit Agreement. The Credit 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 accrued 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 is 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 Credit Agreement, entities affiliated with OIC made an equity investment in HoldCo equal to $5 million, or approximately 4% of the membership interests in HoldCo, on the Closing Date. The organizational documents of HoldCo also provide the Lenders with the right to appoint two non-voting observers to the board of managers of HoldCo.

On February 6, 2026, (the “Amendment Date”) the Company, entered into an amendment to the Term Loan (the “Term Loan Amendment”) to increase the total commitments on the Term Loan to $175.0 million (the “Revised Credit Facility”). The incremental proceeds of $67.4 million, after payment of a $2.1 million discount to the Lenders and $0.5 million in third-party debt issuance costs were used to (i) redeem $28.2 million aggregate principal outstanding on the Remarketed Bonds and (ii) $38.9 million aggregate principal amount outstanding on the Series 2025A Bonds. The Revised Credit Facility added Gevo RNG HoldCo, LLC and Gevo NW Iowa RNG, LLC as borrowers and guarantors. The Revised Credit Facility was transferred from Net-Zero North HoldCo LLC to a new entity, Gevo Operating Holdings LLC, which includes all subsidiaries guaranteeing the Revised Credit Facility through an Assignment and Assumption Agreement executed on the Amendment Date. In addition, HoldCo’s Limited Liability Company Agreement was amended to add additional OIC Controlled Members, which increased the redeemable non-controlling interest in HoldCo to 6.0% from 4.0%. The additional redeemable non-controlling interest was considered debt issuance costs of $2.0 million and was allocated between the carrying amount of the debt and the redeemable non-controlling interest on a relative fair value basis. Effective on the Amendment Date, the interest rate on the Revised Credit Facility increased to 12.00%, otherwise the Term Loan Amendment maintains substantially the same terms and covenants as the original Term Loan. The Term Loan Amendment was accounted for as a debt modification. Third-Party legal costs of $0.7 million related to the Term Loan Amendment were included in General and administrative expenses on the Condensed Consolidated Statement of Operations.

The Revised Credit Facility 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 Revised Credit Facility also contains customary affirmative and negative covenants, events of default, mandatory prepayments (including an excess cash flow sweep), conditions precedent, representations, and warranties. On December 26, 2025, the Borrower entered into an amended and restated waiver, consent and amendment letter with the Administrative Agent under the Credit Agreement. Pursuant to the amendment, the Administrative Agent consented to the withdrawal and transfer of approximately $36.4 million from the Borrower’s revenue account. The withdrawn funds were deemed distributed to Holdco in accordance with HoldCo’s limited liability company agreement and treated as a restricted payment under the Credit Agreement. Except as amended, the Credit Agreement remains in full force and effect. The Company was in compliance with the covenants under the Revised Credit Facility as of June 30, 2026.

Revolving Credit Facility

On February 6, 2026, the Company entered into a revolving credit agreement with Huntington National Bank providing for a working capital facility of up to $20.0 million (the “Revolving Credit Facility”). Borrowings under the facility bear interest, at the Company’s option, at either (i) Adjusted Term SOFR plus 2.75% per annum or (ii) an alternate base rate plus 0.75% per annum. The facility also includes a 0.375% unused commitment fee. The facility matures on the earlier of February 6, 2031 or three months prior to the maturity of the Revised Credit Facility. As of June 30, 2026, no amounts had been borrowed on the Revolving Credit Facility. The Company paid debt issuance costs of $0.5 million related to the Revolving Credit Facility, which are recorded in Deposits and other assets in the Condensed Consolidated Balance Sheets as of June 30, 2026. The costs are amortized to interest expense over the remaining term of the facility.

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 a $71.2 million letter of credit. The Trustee could draw sufficient amounts on the 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 an extinguishment of bonds, 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 bore 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 was 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 with the issuance of the 2025 Bonds (as defined below) and on February 6, 2026, the remaining $28.2 million outstanding on the Remarketed Bonds was repaid with partial proceeds from the Term Loan Amendment. The unamortized debt issuance costs as of the Amendment Date of $53 thousand were included in Loss on extinguishment of bonds in the Condensed Consolidated Statement of Operations.

The Remarketed Bonds were supported by a $69.6 million letter of credit that was issued to the incumbent Trustee that can draw sufficient amounts on the letter of credit to pay the principal and interest, in case of default, until the first mandatory tender date of April 1, 2026. On the Amendment Date, the letter of credit and restricted cash of $28.8 million was released.

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 related 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 2025 Bonds were in the form of two separate term bonds. Series 2025A Term Bond 1 had a principal amount of $13.8 million, bore interest at 8.125% per annum, and required semi-annual principal and interest payments beginning January 1, 2026 through July 1, 2030. Series 2025A Term Bond 2, had a principal amount of $26.2 million, bore interest at 8.5%, and required semi-annual principal and interest payments beginning January 1, 2031 through July 1, 2036. On the Amendment Date, the principal amount of $38.9 million on the 2025 Bonds was repaid with partial proceeds from the Term Loan Amendment. The redemption of the 2025 Bonds was accounted for as an extinguishment of debt, recorded within included in Loss on extinguishment of bonds on the Condensed Consolidated Statement of Operations. The loss on extinguishment of $10.3 million included a prepayment penalty of $6.5 million and the write-off of the unamortized debt issuance costs of $3.8 million. The restricted cash balance of $7.0 million related to the debt service reserve fund and operating and maintenance reserve fund was returned to the Company.

- 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 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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-Subparagraph (SX 210.4-08(c))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (d)
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: 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

Derivative Financial Instruments - Gain recognized on derivative contracts (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Derivative [Line Items]
Cost of production	$ 19,918	$ 17,265	$ 40,150	$ 38,711
Total realized gain	4,085	1,603	3,576	5,207
Corn Futures
Derivative [Line Items]
Cost of production	$ 4,085	$ 1,603	$ 3,576	$ 5,207

Stockholders' Equity - At-the-Market Offering Program (Details) - At the market offering - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2024	Jun. 30, 2026
Class of Warrant or Right [Line Items]
Sale of stock, remaining capacity to issue shares		$ 500.0
Maximum
Class of Warrant or Right [Line Items]
Issuance of stock aggregate value	$ 750.0
Aggregate offering price	$ 500.0

- Definition

Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.

+ References + Details

Revenues from Contracts with Customers and Other Revenue (Tables)

6 Months Ended

Jun. 30, 2026

Revenue from Contract with Customer [Abstract]

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 June 30,				Six Months Ended June 30,
Major Goods/Service Line	2026		2025		2026		2025
Ethanol	$	29,504	$	28,508	$	58,122	$	45,753
Ethanol related products	9,702		8,672		19,015		14,241
Environmental attributes	5,558		4,058		9,679		9,431
Renewable natural gas	209		225		744		523
Other	1,528		1,950		1,889		2,574
Total operating revenue	$	46,501	$	43,413	$	89,449	$	72,522

Fair Value Measurements - Narrative (Details) - USD ($) $ in Thousands			3 Months Ended		6 Months Ended
	Feb. 26, 2026	Oct. 31, 2025	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2026	Jun. 30, 2025
Fair Value, Option, Quantitative Disclosures [Line Items]
Fair value assets, transfer in and out of level 3				$ 0	$ 0
Fair value liability, transfer in and out of level 3				0	0
Fair value assets, transfer from level 1 to level 2			$ 0	0
Fair value liability, transfer from level 1 to level 2				0	0
Fair value assets, transfer from level 2 to level 1				0	0
Fair value liability, transfer from level 2 to level 1				$ 0	0
Payments to acquire notes receivable					$ 250	$ 0
A.E. Innovation, LLC
Fair Value, Option, Quantitative Disclosures [Line Items]
Payments to acquire notes receivable		$ 5,000
Notes receivable discount		$ 1,600
Future Energy Capital Limited
Fair Value, Option, Quantitative Disclosures [Line Items]
Payments to acquire notes receivable	$ 250
Interest rate					12.00%
Loans receivables, term					1 year

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 2,558	$ 2,244	$ 4,661	$ 4,142
Equity Classified Awards \| Cost of production
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	14	4	27	16
Equity Classified Awards \| General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	2,392	1,844	4,242	3,395
Equity Classified Awards \| Other operating expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock-based compensation	$ 152	$ 396	$ 392	$ 731

- 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 50
-Paragraph 2
-Subparagraph (f)(2)
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

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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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)(1)
-Publisher FASB
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Segments (Tables)

6 Months Ended

Jun. 30, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended June 30, 2026
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	1,526	$	—	$	4,447	$	40,528	$	46,501
Less:
Depreciation and amortization	923		—		1,057		4,804		6,784
Research and development expense	440		—		—		—		440
Project development costs	1,724		457		—		222		2,403
Impairment of long-lived assets	1,382		134,406		—		—		135,788
Other expenses	14,267		39,782		2,207		16,536		72,792
Income (loss) from operations	(17,210)		(174,645)		1,183		18,966		(171,706)
Interest expense	—		—		(2,330)		(3,301)		(5,631)

Interest and investment income, net of other expense	1,137		8		(20)		(49)		1,076
Consolidated net income (loss)	$	(16,073)	$	(174,637)	$	(1,167)	$	15,616	$	(176,261)

Acquisitions of property, plant, and equipment	$	4,660	$	369	$	179	$	7,286	$	12,494
Goodwill as of June 30, 2026	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of June 30, 2026	$	114,239	$	46,040	$	81,570	$	248,865	$	490,714


	Three Months Ended June 30, 2025
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	1,952	$	—	$	4,282	$	37,179	$	43,413
Less:
Depreciation and amortization	779		—		1,374		5,060		7,213
Research and development expense	934		—		—		—		934
Project development costs	417		376		—		38		831
Other expenses	12,188		—		1,452		14,999		28,639
Income (loss) from operations	(12,366)		(376)		1,456		17,082		5,796
Interest expense	(183)		—		(850)		(3,312)		(4,345)

Interest and investment income, net of other expense	1,205		—		—		117		1,322
Consolidated net income (loss)	$	(11,326)	$	(376)	$	586	$	13,845	$	2,729

Acquisitions of property, plant, and equipment	$	2,460	$	9,587	$	870	$	396	$	13,313
Goodwill as of December 31, 2025	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of December 31, 2025	$	124,198	$	235,034	$	88,876	$	270,821	$	718,929


	Six Months Ended June 30, 2026
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	1,888	$	—	$	9,004	$	78,557	$	89,449
Less:
Depreciation and amortization	1,825		—		2,005		9,814		13,644
Research and development expense	1,939		—		—		—		1,939
Project development costs	4,080		1,141		—		222		5,443
Impairment of long-lived assets	1,382		134,406		—		—		135,788
Other expenses	26,694		39,782		4,853		37,910		109,239
Income (loss) from operations	(34,032)		(175,329)		2,146		30,611		(176,604)
Interest expense	(21)		—		(4,347)		(6,433)		(10,801)
Loss on extinguishment of bonds	—		—		(10,304)		—		(10,304)
Interest and investment income, net of other expense	787		(468)		(76)		(146)		97
Consolidated net income (loss)	$	(33,266)	$	(175,797)	$	(12,581)	$	24,032	$	(197,612)

Acquisitions of property, plant, and equipment	$	10,407	$	1,070	$	241	$	9,651	$	21,369
Goodwill as of June 30, 2026	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of June 30, 2026	$	114,239	$	46,040	$	81,570	$	248,865	$	490,714


	Six Months Ended June 30, 2025
(in thousands)	Gevo		GevoFuels		GevoRNG		GevoND		Consolidated
Revenues	$	2,576	$	—	$	9,953	$	59,993	$	72,522
Less:
Depreciation and amortization	1,526		—		2,777		8,532		12,835
Research and development expense	1,986		—		—		—		1,986
Project development costs	4,694		1,100		—		39		5,833
Other expenses	27,720		—		5,251		33,240		66,211
Income (loss) from operations	(33,350)		(1,100)		1,925		18,182		(14,343)
Interest expense	(374)		—		(1,754)		(5,511)		(7,639)

Interest and investment income, net of other expense	2,967		—		—		125		3,092
Consolidated net income (loss)	$	(30,833)	$	(1,100)	$	151	$	12,738	$	(19,044)

Acquisitions of property, plant, and equipment	$	2,731	$	14,810	$	1,210	$	396	$	19,147
Goodwill as of December 31, 2025	$	3,790	$	—	$	—	$	39,768	$	43,558
Total assets as of December 31, 2025	$	124,198	$	235,034	$	88,876	$	270,821	$	718,929

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

Fair Value Measurements - Carrying Values and Estimated Fair Values of Term Loan (Details) - Term Loan $ in Millions	Jun. 30, 2026 USD ($)
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 175.0
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt instrument, fair value disclosure	$ 175.0

- 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 2
-Subparagraph (bbb)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 9: 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 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
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-Name Accounting Standards Codification
-Section 55
-Paragraph 69C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D

+ Details

Fair Value Measurements - Carrying Values and Estimated Fair Values of Note Receivable (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Carrying Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 3,972
Carrying Value \| A.E. Innovation, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	3,722
Carrying Value \| Future Energy Capital Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	250
Estimated Fair Value
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	3,972
Estimated Fair Value \| A.E. Innovation, LLC
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	3,722
Estimated Fair Value \| Future Energy Capital Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total notes receivable	$ 250

Stock-Based Compensation

6 Months Ended

Jun. 30, 2026

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

18. 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 52,980,074 shares under the 2010 Plan), and (2) extend the term of the 2010 Plan to May 21, 2035. At June 30, 2026, 3,887,137 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 June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cost of production	$	14	$	4	$	27	$	16
General and administrative	2,392		1,844		4,242		3,395
Other operating expenses	152		396		392		731
Total stock-based compensation	$	2,558	$	2,244	$	4,661	$	4,142

Stock option award activity. Stock option activity under the Company’s stock incentive plans and changes during the six months ended June 30, 2026, were as follows:


	Number of Options	Weighted- Average Exercise Price (1)		Weighted- Average Remaining Contractual Term (years)	Weighted- Average Grant-Date Fair Value		Aggregate Intrinsic Value (in thousands)
Options outstanding at December 31, 2025	19,342,292	$	1.93	8.2	$	1.66	$	6,516
Granted	2,832,781	1.64			1.42		—
Forfeited and expired	(1,548,861)	2.27			1.95		(480)
Exercised	(210,240)	1.20			1.08		(74)
Options outstanding at June 30, 2026	20,415,972	$	1.87	8.0	$	1.61	$	5,962
Options vested and expected to vest at June 30, 2026	20,415,972	$	1.87	8.0	$	1.61	$	5,962

_______________________________________________________________

Exercise price of options outstanding ranges from $0.67 to $20.00 as of June 30, 2026.

As of June 30, 2026, 11.9 million stock options were exercisable. As of June 30, 2026, the total unrecognized compensation expense relating to stock options was $8.4 million, which is expected to be expensed over the remaining weighted-average recognition period of approximately 1.6 years.

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

Non-vested restricted stock awards and the changes during the six months ended June 30, 2026, were as follows:


	Number of Shares	Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2025	6,262,580	$	1.02
Granted	4,477,084	$	1.73
Vested and issued	(2,739,699)	$	0.99
Forfeited and expired	(184,765)	$	1.09
Non-vested at June 30, 2026	7,815,200	$	1.43

As of June 30, 2026, the total unrecognized compensation expense, net of actual forfeitures and expirations, relating to restricted stock awards was $9.6 million, which is expected to be recognized over the remaining weighted-average period of approximately 1.6 years.

Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands	Jun. 30, 2026 USD ($)
Other Commitments [Line Items]
2026	$ 28,134
2027	3,139
2028	2,833
2029	3,287
2030	3,417
2031 and thereafter	33,033
Total	73,843
Fuel supply payments
Other Commitments [Line Items]
2026	963
2027	2,053
2028	1,747
2029	2,201
2030	2,331
2031 and thereafter	27,695
Total	36,990
Firm purchase commitments for corn
Other Commitments [Line Items]
2026	26,628
2027	0
2028	0
2029	0
2030	0
2031 and thereafter	0
Total	26,628
Renewable energy credits
Other Commitments [Line Items]
2026	71
2027	142
2028	142
2029	142
2030	142
2031 and thereafter	1,326
Total	1,965
Water purchases
Other Commitments [Line Items]
2026	472
2027	944
2028	944
2029	944
2030	944
2031 and thereafter	4,012
Total	$ 8,260

Deposits and Other Assets - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Other Assets, Noncurrent [Abstract]
Deposits receivable	$ 14,638		$ 14,638		$ 54,035
Allowance for credit losses on refundable deposits	$ 39,782	$ 0	$ 39,782	$ 0

Commitment and Contingencies (Tables)

6 Months Ended

Jun. 30, 2026

Commitments and Contingencies Disclosure [Abstract]

Schedule of Estimated Commitments

The estimated commitments as of June 30, 2026, and thereafter are shown below (in thousands):


	2026		2027		2028		2029		2030		2031 and thereafter		Total
Fuel supply payments	$	963	$	2,053	$	1,747	$	2,201	$	2,331	$	27,695	$	36,990
Firm purchase commitments for corn	26,628		—		—		—		—		—		26,628
Renewable energy credits	71		142		142		142		142		1,326		1,965
Water purchases	472		944		944		944		944		4,012		8,260
Total	$	28,134	$	3,139	$	2,833	$	3,287	$	3,417	$	33,033	$	73,843

Intangible Assets and Goodwill (Tables)

6 Months Ended

Jun. 30, 2026

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Identifiable Intangible Assets with Finite Lives

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


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, net		Weighted- Average Remaining Useful Life (Years)
Patents	$	5,393	$	(2,776)	$	2,617	9.9
Defensive assets	4,900		(2,801)		2,099		3.6
Developed technology	1,300		(477)		823		3.2
Customer-related intangible assets	46,300		(16,398)		29,902		3.1

Intangible assets with finite lives	57,893		(22,452)		35,441		3.4
Other intangible assets:
CFPC intangible assets	36,151		—		36,151
Total intangible assets	$	94,044	$	(22,452)	$	71,592


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net		Weighted- Average Remaining Useful Life (Years)
Patents	$	4,280	$	(2,485)	$	1,795	3.1
Defensive assets	4,900		(2,508)		2,392		4.1
Developed technology	1,300		(347)		953		3.7
Customer-related intangible assets	47,800		(10,735)		37,065		3.5
Trade name	100		(33)		67		2.7
Intangible assets with finite lives	58,380		(16,108)		42,272		3.5
Other intangible assets:
CFPC intangible assets	52,731		—		52,731
Total intangible assets	$	111,111	$	(16,108)	$	95,003

Schedule of Intangible Assets with Indefinite Lives

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


	June 30, 2026
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, net		Weighted- Average Remaining Useful Life (Years)
Patents	$	5,393	$	(2,776)	$	2,617	9.9
Defensive assets	4,900		(2,801)		2,099		3.6
Developed technology	1,300		(477)		823		3.2
Customer-related intangible assets	46,300		(16,398)		29,902		3.1

Intangible assets with finite lives	57,893		(22,452)		35,441		3.4
Other intangible assets:
CFPC intangible assets	36,151		—		36,151
Total intangible assets	$	94,044	$	(22,452)	$	71,592


	December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Identifiable Intangible Assets, Net		Weighted- Average Remaining Useful Life (Years)
Patents	$	4,280	$	(2,485)	$	1,795	3.1
Defensive assets	4,900		(2,508)		2,392		4.1
Developed technology	1,300		(347)		953		3.7
Customer-related intangible assets	47,800		(10,735)		37,065		3.5
Trade name	100		(33)		67		2.7
Intangible assets with finite lives	58,380		(16,108)		42,272		3.5
Other intangible assets:
CFPC intangible assets	52,731		—		52,731
Total intangible assets	$	111,111	$	(16,108)	$	95,003

Schedule of Estimated Amortization of Identifiable Intangible Assets

The following table details the estimated amortization of identifiable intangible assets with finite lives as of June 30, 2026 (in thousands):


	Patents		Defensive Assets		Developed Technology		Customer Related		Total
2026 (remaining)	$	319	$	293	$	130	$	5,787	$	6,529
2027	638		586		260		11,575		13,059
2028	638		586		260		11,575		13,059
2029	104		586		173		965		1,828
2030	56		48		—		—		104
2031 and thereafter	862		—		—		—		862
Total intangible assets	$	2,617	$	2,099	$	823	$	29,902	$	35,441

Schedule of carrying amount of goodwill

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




	Six Months Ended June 30, 2026		Year Ended December 31, 2025
Goodwill, beginning of period:
Gevo	$	3,790	$	3,740
GevoND	39,768		—
Total	43,558		3,740
Acquisitions:
Gevo	—		—
GevoND	—		37,815
Total	—		37,815




Balance adjustments (post-acquisition working capital adjustments):
Gevo	—		50
GevoND	—		1,953
Total	—		2,003
Goodwill, end of period:
Gevo	3,790		3,790
GevoND	39,768		39,768
Total	$	43,558	$	43,558

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

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

6 Months Ended

Jun. 30, 2026

Leases [Abstract]

Schedule of Lease, Cost


	Six Months Ended June 30,
	2026		2025
Operating lease cost	$	416	$	263
Finance lease expense:
Amortization of leased assets	18		720
Interest on lease liabilities	24		134
Total lease expense	$	458	$	1,117


	Six Months Ended June 30,
	2026		2025
Other Information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from finance leases	$14		$830
Operating cash flows from operating leases	$456		$351
Finance cash flows from finance leases	$13		$90
Right-of-use asset obtained in exchange for new finance lease liabilities	$258		$21
Right-of-use asset obtained in exchange for new operating lease liabilities	$1,123		$1,337
Weighted-average remaining lease term, finance leases (months)	106		52
Weighted-average remaining lease term, operating leases (months)	38		42
Weighted-average discount rate - finance leases (1)	12	%	16	%
Weighted-average discount rate - operating leases (1)	10	%	9	%

Schedule of Operating Lease, Liability, Fiscal Year Maturity


	Operating Leases		Finance Leases
2026 (remaining)	$	452	$	84
2027	1,126		147
2028	914		146
2029	550		235
2030	224		99
2031 and thereafter	—		530
Total	3,266		1,241
Less: amounts representing present value discounts	509		536
Total lease liabilities	2,757		705
Less: current portion	817		92
Non-current portion	$	1,940	$	613

Schedule of Finance Lease, Liability, Fiscal Year Maturity


	Operating Leases		Finance Leases
2026 (remaining)	$	452	$	84
2027	1,126		147
2028	914		146
2029	550		235
2030	224		99
2031 and thereafter	—		530
Total	3,266		1,241
Less: amounts representing present value discounts	509		536
Total lease liabilities	2,757		705
Less: current portion	817		92
Non-current portion	$	1,940	$	613

Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accounts payable	$ 7,860	$ 1,083
Accrued liabilities	5,136	17,711
Accrued construction in progress	10,806	6,207
Accrued payroll and related benefits	9,589	11,507
Total accounts payable and accrued liabilities	$ 33,391	$ 36,508

Property, Plant and Equipment

6 Months Ended

Jun. 30, 2026

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

12. Property, Plant and Equipment

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


	June 30, 2026		December 31, 2025
Land	$	12,232	$	12,232
Plant facilities and infrastructure	49,794		49,352
Machinery and equipment	143,958		140,552
Furniture and office equipment	2,771		2,731
Software	10,028		8,753
Construction in progress	72,712		186,641
Total property, plant and equipment	291,495		400,261
Less: accumulated depreciation and amortization	(53,376)		(46,684)
Property, plant and equipment, net	$	238,119	$	353,577

During each of the three months ended June 30, 2026 and 2025, the Company recorded depreciation expense of $3.4 million. Depreciation expense recorded into inventory during the three months ended June 30, 2026 and 2025 was $1.0 million and $1.5 million, respectively. During the three months ended June 30, 2026 and 2025, $0.9 million and $1.3 million, respectively, was recorded to depreciation expense due to sales of inventory.

During the six months ended June 30, 2026 and 2025, the Company recorded depreciation expense of $6.9 million and $6.3 million, respectively. Depreciation expense recorded into inventory during the six months ended June 30, 2026 and 2025 was $2.1 million and $2.8 million, respectively. During the six months ended June 30, 2026 and 2025, $2.3 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 ATJ-30 project, in particular engineering work, design work and modularization.

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2026

Derivative Instrument Detail [Abstract]

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

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


		Three Months Ended June 30,				Six Months Ended June 30,
Statement of Operations Income/(Expense)	Location of gain (loss) in fair value recognized in income	2026		2025		2026		2025
Corn futures	Cost of production	$	4,085	$	1,603	$	3,576	$	5,207
Total realized gain		$	4,085	$	1,603	$	3,576	$	5,207

Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Operating Leases
2026 (remaining)	$ 452
2027	1,126
2028	914
2029	550
2030	224
2031 and thereafter	0
Total	3,266
Less: amounts representing present value discounts	509
Total lease liabilities	2,757
Less: current portion	817	$ 689
Non-current portion	1,940	1,416
Finance Leases
2026 (remaining)	84
2027	147
2028	146
2029	235
2030	99
2031 and thereafter	530
Total	1,241
Less: amounts representing present value discounts	536
Total lease liabilities	705
Less: current portion	92	273
Non-current portion	$ 613	$ 394

Net (Loss) Income per Share

6 Months Ended

Jun. 30, 2026

Earnings Per Share [Abstract]

Net (Loss) Income per Share

6. Net (Loss) Income per Share

Basic net (loss) income per share is calculated by dividing (loss) income by the weighted-average number of common shares outstanding for the respective periods. Diluted (loss) income 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 18, Stock-Based Compensation, for discussion of our stock options and restricted stock awards and Note 22, Stockholders’ Equity, for discussion of our warrants.

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net (loss) income	$	(176,941)	$	2,144	$	(198,638)	$	(19,584)
Basic weighted-average shares outstanding	237,054,708		232,945,048		237,429,647		232,490,122
Dilutive effect of RSAs, stock options and unexercised warrants	—		3,894,069		—		—
Dilutive weighted-average shares outstanding	237,054,708		236,839,117		237,429,647		232,490,122
Net (loss) income per share - diluted	$	(0.75)	$	0.01	$	(0.84)	$	(0.08)
Net (loss) income per share - basic	$	(0.75)	$	0.01	$	(0.84)	$	(0.08)


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Warrants	—	—	—	2,387
Stock options	2,800,961	—	3,168,789	1,530,010
Unvested restricted stock awards	3,614,565	—	3,887,983	3,726,353
Total	6,415,526	—	7,056,772	5,258,750

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

Stockholders' Equity

6 Months Ended

Jun. 30, 2026

Equity [Abstract]

Stockholders' Equity

22. 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 June 30, 2026, 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 at 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 six months ended June 30, 2026 or 2025. As of June 30, 2026, 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 June 30, 2026, 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 June 30, 2026:


	Issuance Date	Expiration Date	Exercise Price as of June 30, 2026		Shares Underlying Warrants on Issuance Date	Shares Issued upon Warrant Exercises as of June 30, 2026	Shares Underlying Warrants Outstanding as of June 30, 2026
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 three and six months ended June 30, 2026 and 2025, no warrants were exercised.

- Definition

The entire disclosure for equity.

+ References

+ Details

Asset Retirement Obligation (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2026	Dec. 31, 2025
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward]
Asset retirement obligation, beginning of period	$ 2,250	$ 0
Liabilities assumed upon acquisition	0	1,018
Liabilities incurred	0	1,093
Accretion expense	76	139
Asset retirement obligation, end of period	$ 2,326	$ 2,250

Accounts Payable and Accrued Liabilities

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities

15. 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:



	June 30, 2026		December 31, 2025
Accounts payable	$	7,860	$	1,083
Accrued liabilities	5,136		17,711
Accrued construction in progress	10,806		6,207
Accrued payroll and related benefits	9,589		11,507

Total accounts payable and accrued liabilities	$	33,391	$	36,508

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	1 Months Ended	6 Months Ended
	May 31, 2025	Jun. 30, 2026
Schedule of Equity Incentive Plans [Line Items]
Exercisable stock options (in shares)		11,900,000
Share-Based Payment Arrangement, Option
Schedule of Equity Incentive Plans [Line Items]
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options		$ 8.4
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		1 year 7 months 6 days
Restricted Stock
Schedule of Equity Incentive Plans [Line Items]
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards		$ 9.6
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition		1 year 7 months 6 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)	52,980,074
Number of shares available for awards (in shares)		3,887,137

Accounts Payable and Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2026

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

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



	June 30, 2026		December 31, 2025
Accounts payable	$	7,860	$	1,083
Accrued liabilities	5,136		17,711
Accrued construction in progress	10,806		6,207
Accrued payroll and related benefits	9,589		11,507

Total accounts payable and accrued liabilities	$	33,391	$	36,508

Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025	Dec. 31, 2024
Segment Reporting Information [Line Items]
Revenues	$ 46,501	$ 43,413	$ 89,449	$ 72,522
Less:
Depreciation and amortization	6,784	7,213	13,644	12,835
Research and development expense	440	934	1,939	1,986
Project development costs	2,403	831	5,443	5,833
Impairment of long-lived assets	135,788	0	135,788	0
Other expenses	72,792	28,639	109,239	66,211
(Loss) income from operations	(171,706)	5,796	(176,604)	(14,343)
Interest expense	(5,631)	(4,345)	(10,801)	(7,639)
Loss on extinguishment of bonds			(10,304)	0
Interest and investment income, net of other expense	1,076	1,322	97	3,092
Net (loss) income	(176,261)	2,729	(197,612)	(19,044)
Acquisitions of property, plant, and equipment	12,494	13,313	21,369	19,147
Goodwill	43,558	43,558	43,558	43,558	$ 43,558	$ 3,740
Total assets	490,714	718,929	490,714	718,929	$ 718,929
Gevo
Segment Reporting Information [Line Items]
Revenues	1,526	1,952	1,888	2,576
Less:
Depreciation and amortization	923	779	1,825	1,526
Research and development expense	440	934	1,939	1,986
Project development costs	1,724	417	4,080	4,694
Impairment of long-lived assets	1,382		1,382
Other expenses	14,267	12,188	26,694	27,720
(Loss) income from operations	(17,210)	(12,366)	(34,032)	(33,350)
Interest expense	0	(183)	(21)	(374)
Loss on extinguishment of bonds			0
Interest and investment income, net of other expense	1,137	1,205	787	2,967
Net (loss) income	(16,073)	(11,326)	(33,266)	(30,833)
Acquisitions of property, plant, and equipment	4,660	2,460	10,407	2,731
Goodwill	3,790	3,790	3,790	3,790
Total assets	114,239	124,198	114,239	124,198
GevoFuels
Segment Reporting Information [Line Items]
Revenues	0	0	0	0
Less:
Depreciation and amortization	0	0	0	0
Research and development expense	0	0	0	0
Project development costs	457	376	1,141	1,100
Impairment of long-lived assets	134,406		134,406
Other expenses	39,782	0	39,782	0
(Loss) income from operations	(174,645)	(376)	(175,329)	(1,100)
Interest expense	0	0	0	0
Loss on extinguishment of bonds			0
Interest and investment income, net of other expense	8	0	(468)	0
Net (loss) income	(174,637)	(376)	(175,797)	(1,100)
Acquisitions of property, plant, and equipment	369	9,587	1,070	14,810
Goodwill	0	0	0	0
Total assets	46,040	235,034	46,040	235,034
GevoRNG
Segment Reporting Information [Line Items]
Revenues	4,447	4,282	9,004	9,953
Less:
Depreciation and amortization	1,057	1,374	2,005	2,777
Research and development expense	0	0	0	0
Project development costs	0	0	0	0
Impairment of long-lived assets	0		0
Other expenses	2,207	1,452	4,853	5,251
(Loss) income from operations	1,183	1,456	2,146	1,925
Interest expense	(2,330)	(850)	(4,347)	(1,754)
Loss on extinguishment of bonds			(10,304)
Interest and investment income, net of other expense	(20)	0	(76)	0
Net (loss) income	(1,167)	586	(12,581)	151
Acquisitions of property, plant, and equipment	179	870	241	1,210
Goodwill	0	0	0	0
Total assets	81,570	88,876	81,570	88,876
GevoND
Segment Reporting Information [Line Items]
Revenues	40,528	37,179	78,557	59,993
Less:
Depreciation and amortization	4,804	5,060	9,814	8,532
Research and development expense	0	0	0	0
Project development costs	222	38	222	39
Impairment of long-lived assets	0		0
Other expenses	16,536	14,999	37,910	33,240
(Loss) income from operations	18,966	17,082	30,611	18,182
Interest expense	(3,301)	(3,312)	(6,433)	(5,511)
Loss on extinguishment of bonds			0
Interest and investment income, net of other expense	(49)	117	(146)	125
Net (loss) income	15,616	13,845	24,032	12,738
Acquisitions of property, plant, and equipment	7,286	396	9,651	396
Goodwill	39,768	39,768	39,768	39,768
Total assets	$ 248,865	$ 270,821	$ 248,865	$ 270,821