Gevo (GEVO) Q3 2026 earnings summary

Executive summary

• Record Q3 revenue of $82.953M, net income attributable of $22.714M and Adjusted EBITDA of $44.121M; operating cash flow was ~$41M.

• 9M net loss attributable was $175.924M, primarily reflecting $135.788M of noncash impairments and $40.282M of deposit credit-loss allowances.

Financial highlights

• Q3 revenue was $82.953M vs. $42.710M YoY; gross profit was $47.812M vs. $13.021M and operating income was $30.200M vs. a $3.690M operating loss.

• Q3 adjusted net income was $29.307M, or $0.12/share; diluted EPS was $0.09.

• 9M revenue was $172.402M vs. $115.232M; Adjusted EBITDA was $63.728M vs. $8.695M, and operating cash flow was $12.025M vs. $33.356M used.

• Cash and cash equivalents were $67.554M at September 30, 2026, vs. $81.2M at December 31, 2025.

Outlook and guidance

• 2026 Adjusted EBITDA is expected to exceed $90M; 2027 guidance is above $70M, excluding non-recurring banked CFR credits.

• Carbon business revenue is expected to exceed $50M in 2026; excluding one-time items, estimated annual run-rate revenue is ~$30M.

• Updated 45ZCF-GREET treatment may add >$10M of annual gross profit from existing RNG assets, subject to third-party validation; $70M of 45Z credit sales cover substantially all expected 2026 ethanol and RNG credits.

• North Dakota debottlenecking targets ~75M annual gallons, with a full-year benefit expected in 2027; expansion targets ~150M gallons and ~400,000 tons of annual carbon capture, with startup expected in 2028.

• ATJ-30 remains the primary SAF commercialization focus; engineering and development are expected through 2026 before FEED completion and a project capital estimate and schedule.