ENGLEWOOD, Colo., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), a leader in renewable fuels, chemicals and carbon management, today announced its financial results for the second quarter ended June 30 and provided an update on its 2026 outlook, cash-flow expectations and strategic priorities.

“Gevo delivered strong second quarter operational results and unlocked significant carbon business revenue that is expected to begin in the third quarter, which supports increased expectations of full-year non-GAAP Adjusted EBITDA¹ outlook of more than $60 million,” said Gevo Chief Executive Officer Paul Bloom. “We have a strong, returns-focused business. Our carbon business strategy is working and Gevo North Dakota is a strategic asset for profitable growth. Exiting our ATJ-60 project in South Dakota and other non-core projects and recognizing a one-time, non-cash impairment reflects our disciplined approach to prioritize the most attractive near-term growth while enabling long-term value creation.”

Financial Highlights

• Revenue of $47 million in the second quarter of 2026, which was affected by our annual planned downtime for maintenance that was completed in April. We do not expect any further operational downtime this year.
  
  
• Gross profit of $36 million in the six months ended June 30, 2026, compared to $21 million in the same period last year, an increase that reflects six full months of benefit from the acquired Red Trail Energy, LLC assets as well as a strengthening of the Company's core businesses.
  
  
• Net loss attributable to Gevo of $(177) million, or $(0.75) per share in the second quarter of 2026. Non-GAAP adjusted net loss attributable to Gevo² was $(1) million, or $(0.01) per share.
  
  
  • The second quarter 2026 net loss attributable to Gevo includes a one-time, non-cash impairment charge of $176 million³ related to capitalized development costs associated with the Company’s ATJ-60 project and other non-core business activities.
    
    
  • This one-time, non-cash impairment charge reflects the Company’s decision to exit all activities related to low-carbon ethanol and sustainable aviation fuel (SAF) production in Lake Preston, South Dakota to focus on capital projects at Gevo North Dakota, including debottlenecking, the potential expansion of the ethanol plant to double capacity, and SAF production.
    
    
• Non-GAAP Adjusted EBITDA¹ of $11 million in the second quarter of 2026.
  
  
  • Our second quarter results did not include revenue relating to the Company’s recently approved new Canada Clean Fuel Regulation (CFR) pathway, which is expected to be included starting in the third quarter of 2026.
    
    

Business and Operations Highlights

“Gevo has a powerful growth platform centered on commodities, carbon and incentives,” said Bloom. “We have focused development around our existing operations, improving margins and near-term cash flow, with a portfolio of growth projects that we believe will create substantial shareholder value.”

• Improved full year 2026 Non-GAAP Adjusted EBITDA¹ outlook: Gevo now expects full year 2026 non-GAAP Adjusted EBITDA¹ to be greater than $60 million, which is more than double the prior target of $30 million. The improved outlook is supported by:
  
  
  • Canada Clean Fuel Regulation Pathway: Approval of the Company’s new Canada CFR pathway in the second quarter of 2026 creates a large, additional compliance market opportunity for Gevo’s low-carbon ethanol, including recognition of credits associated with qualifying volumes previously delivered into that market. Gevo expects sales under this new pathway to be included in the Company’s third quarter 2026 financial results.
    
    
  • Section 45Z Clean Fuel Production Credits: Gevo is targeting monetization of more than $70 million in Section 45Z tax credits during 2026 compared to $52 million last year, as a result of continued low-carbon ethanol and renewable natural gas (RNG) production and improvements in the carbon intensity of those products.
    
    
  • Strong Operating Performance: Continued strong operating performance at Gevo North Dakota, expected sales growth from low-carbon racing fuel blendstock for high-end motorsports and demonstration-scale SAF, and cost management initiatives.
    
    
• Increased cash flow: The Company expects substantial operating cash flow in the third and fourth quarters of 2026, supported by the improved 2026 non-GAAP Adjusted EBITDA¹ outlook and more than $70 million in expected Section 45Z tax credit monetizations for the full year 2026, of which $20 million in sales closed subsequent to the second quarter of 2026 and the remaining $50 million in sales and associated cash proceeds are targeted by year end.
  
  
• Debottlenecking: Site improvement efforts at Gevo North Dakota remain on track, with debottlenecking activities expected to deliver increased low-carbon ethanol, coproduct, carbon capture and associated incentive volumes by approximately 10–15%, including 75 million gallons per year of low-carbon ethanol, starting in 2027.
  
  
• Growth projects: Gevo continues to advance its portfolio of growth projects, including the planned expansion of Gevo North Dakota that would double production to about 150 million gallons per year of low-carbon ethanol and associated carbon capture and sequestration (CCS) which is targeting startup of operations in 2028, and the ongoing development of the ATJ-30 SAF deployment, while maintaining disciplined capital allocation.
  
  
• Low-carbon ethanol production: Gevo produced 16.3 million gallons of low-carbon ethanol during the second quarter of 2026, compared to 16.8 million gallons in the same quarter last year, primarily due to planned downtime for maintenance completed in April.
  
  
• RNG production: Gevo produced 95,939 MMBtu of RNG during the second quarter of 2026, compared to 92,138 MMBtu in the same quarter last year.
  
  

Webcast and Conference Call Information

Hosting today’s conference call at 4:30 p.m. ET will be Paul Bloom, chief executive officer, Leke Agiri, chief financial officer and Eric Frey, vice president of finance and strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights.

To participate in the live call, please register through the following event weblink: https://registrations.events/direct/Q4I702120.

To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://events.q4inc.com/attendee/341485152.

A webcast replay will be available after the conference call ends on August 6, 2026. The archived webcast along with the earnings press release and slide presentation will be available in the Investor Relations section of Gevo’s website at www.gevo.com.

About Gevo

Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world’s first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals, operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at its North Dakota site. Gevo’s market-driven “pay-for-performance” approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market.

For more information, see www.gevo.com.

Forward-Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, Adjusted EBITDA expectations, expected financial results from the new CFR pathway, expected future monetization of Section 45Z and other carbon credits, the financing and timing of our ethanol and CCS expansion project, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo.

Non-GAAP Financial Information

This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted net income (loss) and adjusted EBITDA. Non-GAAP adjusted net income excludes impairment of long lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss). Non-GAAP Adjusted EBITDA excludes depreciation and amortization, impairment of long lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss) from operations. Management believes it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial information also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial information is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below.

Gevo has not provided a reconciliation of forward-looking non-GAAP adjusted EBITDA guidance measures to the most directly comparable GAAP measures because of the inherent difficulty in accurately forecasting certain items excluded from GAAP, which have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort.

¹ Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations. A reconciliation of non-GAAP adjusted EBITDA to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above.

² Adjusted net income (loss) is a non-GAAP measure calculated by adding back impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss). A reconciliation of non-GAAP adjusted net income (loss) from operations to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above.

³ The one-time, non-cash impairment charge of $176 million consists of $136 million of impairment of long-lived assets and $40 million of allowance for credit losses on refundable deposits as shown on the Consolidated Statement of Operations.

Gevo, Inc.
Consolidated Balance Sheets
(In thousands, except share and per share amounts)

		June 30, 2026				December 31, 2025
Assets
Current assets
Cash and cash equivalents		$	58,147			$	81,163
Restricted cash			—				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			—				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
Liabilities
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			—				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			—				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

Gevo, Inc.
Consolidated Statements of Operations
(In thousands, except share and per share amounts)

		Three Months Ended June 30,								Six Months Ended June 30,
			2026				2025				2026				2025
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			—				—				—				4,438
Facility idling costs			—				591				—				1,195
Impairment of long-lived assets			135,788				—				135,788				—
Allowance for credit losses on refundable deposits			39,782				—				39,782				—
Loss on disposal of assets, net			210				—				210				—
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	)
Loss on extinguishment of bonds			—				—				(10,304	)			—
Interest and investment income			630				1,322				1,443				3,092
Other expense, net			446				(44	)			(1346	)			(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				1026				540
Net (loss) income attributed to Gevo, Inc.		$	(176,941	)		$	2,144			$	(198,638	)		$	(19,584	)
Net (loss) income per share - basic		$	(0.75	)		$	0.01			$	(0.84	)		$	(0.08	)
Net (loss) income per share - diluted		$	(0.75	)		$	0.01			$	(0.84	)		$	(0.08	)
Weighted-average common shares outstanding - basic			237,054,708				232,945,048				237,429,647				232,490,122
Weighted-average common shares outstanding - diluted			237,054,708				236,839,117				237,429,647				232,490,122

Gevo, Inc.
Consolidated Statements of Stockholders’ Equity
(In thousands, except share amounts)

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

Gevo, Inc.
Consolidated Statements of Cash Flows
(In thousands)

		Six Months Ended June 30,
			2026				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				—
Allowance for credit losses on refundable deposits			39,782				—
Loss on disposal of property and equipment			210				—
Loss on extinguishment of bonds			10,304				—
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	)			10295
Deferred clean fuel production tax credits			7,480				—
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			—				(198,461	)
Issuance of note receivable			(250	)			—
Net cash used in investing activities			(21,619	)			(209,538	)
Financing Activities
Redemption of bonds			(68,155	)			—
Term loan proceeds			70,000				105,000
Payment of debt issuance costs			(2,612	)			(5,480	)
Non-controlling interest			—				5,000
Distribution to non-controlling interest			—				—
Payment of prepayment penalty on redemption of bonds			(6,506	)			—
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	)			—
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

Gevo, Inc.
Reconciliation of GAAP to Non-GAAP Financial Information
(In thousands)

		Three Months Ended June 30,								Six Months Ended June 30,
			2026				2025				2026				2025
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) income from operations (GAAP)		$	(171,706	)		$	5,796			$	(176,604	)		$	(14,343	)
Impairment of long-lived assets			135,788				—				135,788				—
Allowance for credit losses on refundable deposits			39,782				—				39,782				—
Loss on disposal of assets, net			210				—				210				—
Depreciation and amortization			6,784				7,213				13,644				12,835
Other amortization			305				—				752				—
Stock-based compensation			2,558				2,244				4,661				4,142
Change in fair value of derivative instruments			(3,257	)			2,080				(2,690	)			(652	)
Executive severance			582				—				3,293				—
Non-recurring debt modification costs			29				—				771				—
Non-GAAP Adjusted EBITDA (Consolidated)		$	11,075			$	17,333			$	19,607			$	1,982

		Three Months Ended June 30,								Six Months Ended June 30,
			2026				2025				2026				2025
Non-GAAP Adjusted Net (Loss) Income (Consolidated):
Net (loss) income attributable to Gevo, Inc.		$	(176,941	)		$	2,144			$	(198,638	)		$	(19,584	)
Impairment of long-lived assets			135,788				—				135,788				—
Allowance for credit losses on refundable deposits			39,782				—				39,782				—
Loss on disposal of assets, net			210				—				210				—
Stock-based compensation			2,558				2,244				4,661				4,142
Change in fair value of derivative instruments			(3,257	)			2,080				(2,690	)			(652	)
Executive severance			582				—				3,293				—
Non-recurring debt modification costs			29				—				771				—
Non-GAAP adjusted net (loss) income attributable to Gevo, Inc.		$	(1,249	)		$	6,468			$	(16,823	)		$	(16,094	)
Non-GAAP adjusted net (loss) income attributable to Gevo, Inc. per share		$	(0.01	)		$	0.03			$	(0.07	)		$	(0.07	)

		Three Months Ended June 30, 2026
		Gevo				GevoFuels				GevoRNG				GevoND				Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations		$	(17,210	)		$	(174,645	)		$	1,183			$	18,966			$	(171,706	)
Impairment of long-lived assets			1,382				134,406				—				—				135,788
Allowance for credit losses on refundable deposits			—				39,782				—				—				39,782
Loss on disposal of assets, net			—				—				210				—				210
Depreciation and amortization			923				—				1,057				4,804				6,784
Other amortization			(49	)			—				235				119				305
Allocated intercompany expenses for shared service functions			(2,505	)			—				500				2,005				—
Stock-based compensation			2,529				—				12				17				2,558
Change in fair value of derivative instruments			—				—				—				(3,257	)			(3,257	)
Executive severance			582				—				—				—				582
Non-recurring debt modification costs			—				—				8				21				29
Non-GAAP adjusted EBITDA (Consolidated)		$	(14,348	)		$	(457	)		$	3,205			$	22,675			$	11,075

		Six Months Ended June 30, 2026
		Gevo				GevoFuels				GevoRNG				GevoND				Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations		$	(34,032	)		$	(175,329	)		$	2,146			$	30,611			$	(176,604	)
Impairment of long-lived assets			1,382				134,406				—				—				135,788
Allowance for credit losses on refundable deposits			—				39,782				—				—				39,782
Loss on disposal of assets, net			—				—				210				—				210
Depreciation and amortization			1,825				—				2,005				9,814				13,644
Other amortization			—				—				513				239				752
Allocated intercompany expenses for shared service functions			(2,610	)			—				605				2,005				—
Stock-based compensation			4,616				—				21				24				4,661
Change in fair value of derivative instruments			—				—				—				(2,690	)			(2,690	)
Executive severance			3,293				—				—				—				3,293
Non-recurring debt modification costs			—				—				8				763				771
Non-GAAP adjusted EBITDA (Consolidated)		$	(25,526	)		$	(1,141	)		$	5,508			$	40,766			$	19,607

		Three Months Ended June 30, 2025
		Gevo				GevoFuels				GevoRNG				GevoND				Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
Income (loss) from operations		$	(12,366	)		$	(376	)		$	1,456			$	17,082			$	5,796
Depreciation and amortization			779				—				1,374				5,060				7,213
Allocated intercompany expenses for shared service functions			259				—				(259	)			—				—
Stock-based compensation			2,230				—				12				2				2,244
Change in fair value of derivative instruments			—				—				—				2,080				2,080
Non-GAAP adjusted EBITDA (Consolidated)		$	(9,098	)		$	(376	)		$	2,583			$	24,224			$	17,333

		Six Months Ended June 30, 2025
		Gevo				GevoFuels				GevoRNG				GevoND				Consolidated
Non-GAAP Adjusted EBITDA (Consolidated):
(Loss) Income from operations		$	(33,350	)		$	(1,100	)		$	1,925			$	18,182			$	(14,343	)
Depreciation and amortization			1,526				—				2,777				8,532				12,835
Allocated intercompany expenses for shared service functions			(631	)			—				631				—				—
Stock-based compensation			4,167				—				(27	)			2				4,142
Change in fair value of derivative instruments			—				—				—				(652	)			(652	)
Non-GAAP adjusted EBITDA (Consolidated)		$	(28,288	)		$	(1,100	)		$	5,306			$	26,064			$	1,982

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