Gevo (GEVO) investor relations material

Key business highlights

• Pioneered alcohol-to-hydrocarbon fuels, achieving firsts in ASTM certification and synthetic aviation fuel flights.

• Operates a North Dakota plant producing 67 million gallons/year of low carbon ethanol, animal feed, and vegetable oil, with a Class VI carbon capture well sequestering 1 million tons/year CO2.

• Profitable methane capture business from dairy manure, providing low carbon energy for operations.

• Verity software tracks sustainability attributes across the agriculture-to-biofuels value chain, offered as SaaS to external customers.

• Over 300 patents and partnerships with LG and Axens support ongoing R&D and process improvement.

Market positioning and strategy

• Focuses on drop-in renewable fuels for existing fleets and infrastructure, targeting sectors difficult to electrify, like aviation.

• Leverages abundant U.S. corn as feedstock, with a business model that incentivizes efficiency and sustainability throughout the supply chain.

• Monetizes multiple revenue streams: ethanol, animal feed, vegetable oil, carbon capture credits, and voluntary carbon markets.

• Optimizes product allocation between regulatory and voluntary carbon markets to enhance margins.

• U.S. policy support for biofuels and aviation aligns with growth strategy.

Financial performance and outlook

• Achieved $17 million adjusted EBITDA in Q2, with a run-rate of $20 million annually; targets $40 million near-term and over $100 million with incremental expansion and full CO2 utilization.

• Holds $127 million in cash and $700 million in total assets, including significant carbon capture and ethanol operations.

• $168 million in debt, primarily tax-exempt green bonds and asset-secured loans.

• Long-term growth driven by deploying Alcohol-to-Jet (ATJ) facilities, with North Dakota and South Dakota as initial sites.

• ATJ 30 design projects $150 million/year EBITDA for a 30 million gallon jet fuel plant.