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Gevo (GEVO) investor relations material
Gevo Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Q3 2025 operating revenue surged to $43.7 million, driven by the Gevo North Dakota acquisition, strong ethanol, animal feed, and carbon credit sales, and robust RNG/environmental attribute sales.
Achieved second consecutive quarter of positive Adjusted EBITDA, reaching $6.7 million, with Gevo North Dakota and RNG as primary drivers.
Section 45Z clean fuel production tax credits and improved LCFS carbon scores contributed to lower production costs and higher revenues, with all 2025 production tax credits sold for $52 million.
Net loss attributable to shareholders narrowed to $8.0 million in Q3 2025 from $21.2 million in Q3 2024; net loss per share was $0.03.
Plans are underway for the ATJ-30 jet fuel plant, expected to add $150 million in adjusted EBITDA, with FID targeted for mid-2026.
Financial highlights
Q3 2025 operating revenue: $43.7 million, up over 2,000% year-over-year; nine months: $115.2 million.
Adjusted EBITDA for Q3 2025 was $6.7 million, compared to a loss of $16.7 million in Q3 2024.
Gevo North Dakota generated $12.3 million in operating income and $17.8 million in adjusted EBITDA; RNG facility generated $0.5 million in operating income and $2.6 million in adjusted EBITDA.
Ended Q3 2025 with $108.4 million in cash, cash equivalents, and restricted cash.
Total assets: $685.2 million; total liabilities: $216.6 million; stockholders’ equity: $468.9 million.
Outlook and guidance
Targeting carbon co-product sales of $3–5 million by year-end 2025, with long-term annual sales potentially exceeding $30 million.
Plans to triple or quadruple Adjusted EBITDA in the near term through operational improvements and small capital expenditures.
ATJ-30 project financing targeted for mid-2026, with estimated capital cost of $500 million and DOE loan guarantee conditional commitment extended to April 2026.
Expectation of normalized and break-even or better operating cash flows in coming quarters as tax credit monetization cycles mature.
Ongoing site development for additional ATJ facilities and expansion of Verity platform for carbon tracking.
Detail path to $100M+ EBITDA pre-SAF plant
How to optimize carbon sales to exceed $30M/year
Explain ATJ-30 scope changes for DOE loan
GND EBITDA drivers to $100M+
Impact of DOE loan shift to GND for ATJ-30
Verity's role in scaling CDR credit delivery
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Q4 202527 Mar, 2026
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Frequently asked questions
Gevo, Inc. operates as a renewable fuels company. The company provides technologies for the cost-effective conversion of non-food, non-feed agricultural and forestry materials into isobutanol and ethanol. Its chief technology is a process for producing isobutanol from renewable, non-food sources including switchgrass and corn kernel fiber; it also produces ethanol from fermented sugarcane and sugarcane bagasse. The company offers proprietary technology, AgriCleanseTM; IsoFlexSM, consisting of isobutanol tolerant gasoline line filler hardware and gasoline specification bio-naphtha blendstock; and Bio Energia SecaTM Renewable Diesel, an isooctane, renewable diesel fuel derived from the Fischer Tropsch process that uses only natural gas as a feedstock. It also provides bio diesel in bulk and finished product through third party distributors in the United States and Europe.
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