Gevo (GEVO) investor relations material

Executive summary

• Acquired and integrated North Dakota ethanol and carbon capture assets, transforming Adjusted EBITDA and enabling value capture from carbon as a co-product alongside ethanol, animal feed, and oil.

• Achieved three consecutive quarters of positive non-GAAP Adjusted EBITDA and positive operating cash flow in Q4 2025, with $20 million generated.

• Record-setting biofuel production and launch of Carbon business, including first large-scale 45Z clean fuel production tax credit sales and monetization of 140,000 tons of CO2 credits.

• CEO transition: Patrick Gruber retiring March 31, 2026, succeeded by Paul Bloom, who will continue to drive growth and innovation.

• Monetized 140,000 tons of CO2 credits and built inventory of 30,000 tons of CDR credits.

Financial highlights

• Full year 2025 revenue reached $161 million, up 849% year-over-year.

• Loss from operations for 2025 was $20 million, a $71 million improvement from prior year.

• Non-GAAP Adjusted EBITDA for 2025 was $16 million, up $74 million year-over-year.

• Q4 2025 Adjusted EBITDA was nearly $8 million; operating cash flow turned positive with $20 million generated in Q4.

• Cash, cash equivalents, and restricted cash at year-end totaled $117 million, up $9 million sequentially.

Outlook and guidance

• Targeting annualized non-GAAP Adjusted EBITDA of $40 million and neutral to positive operating cash flow for full year 2026.

• Expecting approximately $10 million in Adjusted EBITDA per quarter in 2026.

• Revenue expected to vary quarter-to-quarter based on ethanol, RNG, and environmental benefit market prices.

• Focused on growing Adjusted EBITDA and operating cash flow through efficiency improvements and asset expansion.

• Progressing toward project-level financing for ATJ-30 jet fuel project.