Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) Delaware 87-0747704 (State or other jurisdiction of i ...

Wall Street expects a year-over-year increase in earnings on higher revenues when Gevo, Inc. (GEVO) reports results for the quarter ended December 2023. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on March 7. On ...

ENGLEWOOD, Colo., Feb. 26, 2024 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ:GEVO) is pleased to announce that Damien Perriman has been hired as Chief Business Development Officer to lead the effort to bring in new business in a wider variety of industry sectors and expand the brand footprint for the company. Damien is a highly experienced business executive with proven thought leadership and a track record for establishing partnerships with companies looking to engage with disruptive bio-based technologies. His ...

Gevo, Inc. (NASDAQ:GEVO) Q3 2023 Earnings Call Transcript November 13, 2023 4:30 PM ET Company Participants Eric Frey - VP, Finance and Strategy Patrick Gruber - CEO Lynn Smull - CFO Conference Call Participants Derrick Whitfield - Stifel Sameer Joshi - H.C. Wainwright Shawn Severson - Water Tower Research Abhishek Sinha - Northland Capital Markets Operator Good day, and thank you for standing by. Welcome to the Gevo, Inc. Q3, 2023 Earnings Conference Call. At this time, all participants are in listen-only ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) Delaware 87-0747704 (State or other juris ...

Financial Data and Key Metrics Changes - The company ended Q2 2023 with a strong liquidity position of $426 million in cash, restricted cash, and other liquid investments, with restricted cash totaling $77.8 million related to the Northwest Iowa RNG bonds and Net Zero-1 development [34] - Combined revenue and interest income for Q2 2023 was $9.3 million, with SG&A expenses at $6.7 million, reflecting a $0.2 million decrease from Q1 due to cost control efforts [49] - RNG revenue for the quarter was $2.9 million, achieving positive standalone RNG EBITDA despite a temporary CI score of minus 150 [50] Business Line Data and Key Metrics Changes - The company invested $17.7 million in capital projects during Q2 2023, with $9.8 million allocated to Net Zero-1, $3 million to Northwest Iowa RNG, and $4.9 million to other NZ projects [34] - The Northwest Iowa RNG project achieved an onstream injection of 97% and uptime of 91% in its first year, with plans to expand capacity to 400,000 MMBtus per annum expected to be completed in Q4 [35] - The company signed agreements with additional ethanol partners for its Verity carbon tracking platform, aiming to capture and monetize carbon value [30] Market Data and Key Metrics Changes - The U.S. jet fuel demand is approximately 20 billion gallons per year, with nearly 200 ethanol plants having a collective capacity of about 17 billion gallons per year, presenting significant opportunities for the company [16] - The company is exploring the potential of the plastics and chemicals market, which exceeds 400 million tons and hundreds of billions of dollars, leveraging proprietary technology to produce olefins [18] Company Strategy and Development Direction - The company aims to optimize capital use by taking on roles as a developer, licensor, and co-investor in projects, focusing on generating higher returns and cash flow [10][25] - The strategy includes licensing plant designs to other developers and pursuing partnerships to expand its market presence in sustainable aviation fuel (SAF) and low-carbon products [14][17] - The company is also focused on developing proprietary technologies, such as ETO, to reduce capital and operating costs in converting ethanol to olefins and SAF [20][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a pathway to positive cash flow, with multiple avenues to become EBITDA positive in the near future, including RNG, specialty chemicals, and fuels [40] - The company is closely monitoring regulatory developments, particularly regarding the 45Z rule-making, which is expected to provide clarity on carbon credits and economic returns [79][97] - Management emphasized the importance of partnerships with airlines and other stakeholders to navigate potential economic challenges and ensure project success [41] Other Important Information - The company is in the term sheet phase for a DOE loan guarantee of up to $950 million for the Net Zero-1 project, which is a significant milestone for financing [42] - The company has received payments related to its ETO technology and expects additional payments as commercialization progresses [73] Q&A Session Summary Question: Clarification on RNG revenues - The $2.9 million RNG revenue includes the LCFS at a score of minus 150 [53][54] Question: Additional steps needed to reach 400,000 MMBtu capacity - The additional steps are minor and involve optimization work, with some costs potentially covered by the IRA bill [55] Question: EPC process and DOE loan finalization - The EPC pricing must be finalized to complete the DOE loan, with McDermott being the preferred contractor [78] Question: Variance in expected CI pathways for RNG - The variance is due to the company's advanced instrumentation and operational discipline in managing the RNG project [90] Question: Licensing and development business model returns - The returns will likely be linked to carbon value, with a focus on specialty products and government support [94] Question: Timing on 45Z rule-making - The 45Z rule-making is expected to occur in late fall, with potential impacts on the company's operations [97]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35073 GEVO, INC. (Exact name of registrant as specified in its charter) Delaware 87-0747704 (State or other jurisdicti ...

Gevo, Inc. (NASDAQ:GEVO) Q1 2023 Results Earnings Conference Call May 10, 2023 4:30 PM ET Company Participants John Richardson - Director of Investor Relations Patrick Gruber - Chief Executive Officer Lynn Smull - Chief Financial Officer Conference Call Participants Dushyant Ailani - Jefferies Derrick Whitfield - Stifel Amit Dayal - H.C. Wainwright & Co., LLC Operator Good day and thank you for standing by. Welcome to the Gevo Incorporated Q1 2023 Earnings Conference Call. At this time, all participants are ...

Net-Zero Projects - Gevo's initial Net-Zero Project (NZ1) is designed to produce approximately 65 million gallons per year of total hydrocarbon volumes, including 60 million gallons of sustainable aviation fuel (SAF) [136] - The installed cost for NZ1 is currently forecasted to be approximately $850 million, excluding certain contingencies and financing costs [138] - Gevo expects to finance NZ1 using a combination of its own capital and third-party capital, retaining a carried equity interest in the project [139] - The U.S. Department of Energy (DOE) loan application process for NZ1 is expected to carry into 2024, with the plant start-up date projected to occur 24 to 30 months after financing closes [140] - Gevo is evaluating several sites for its second Net-Zero Project (NZ2), focusing on existing ethanol plants for decarbonization opportunities [142] - The NZ1 project is forecasted to have an installed cost of approximately $850 million, with efforts underway to reduce projected spending prior to financial close from $100 million to $200 million [178][179] - The company allocated approximately $25 million for the development of its next Net-Zero Project, with $11 million spent to date and the remaining $14 million expected to be spent in the next four to six months [180] Renewable Natural Gas (RNG) Initiatives - Gevo's RNG project in Iowa, developed to generate renewable natural gas from dairy cow manure, was financed with $68.16 million in Solid Waste Facility Revenue Bonds [145] - Gevo RNG project aims to produce approximately 400,000 MMBtu of RNG per year, with expected production levels for 2023 around 275,000-300,000 MMBtu [146] - Environmental attribute sales from RNG amounted to $3.5 million in Q1 2023, contributing to total revenues [158] Financial Performance - Total operating revenues for Q1 2023 reached $4.06 million, a significant increase of 1,650% compared to $232,000 in Q1 2022 [158] - RIN generation in Q1 2023 was 1,356, representing a 1,256% increase from 100 in Q1 2022 [155] - Average realized RIN price in Q1 2023 was $2.01, a decrease of 6% from $2.13 in Q4 2022 [155] - Operating expenses for Q1 2023 totaled $24.92 million, up from $16.19 million in Q1 2022, primarily due to increased production costs [158] - General and administrative expenses increased by $1.4 million to $X million for the three months ended March 31, 2023, primarily due to personnel costs related to strategic projects [162] - Project development costs rose by $1.9 million to $X million during the same period, driven by increased personnel and consulting expenses [163] - Loss from operations increased by $4.9 million to $X million for the three months ended March 31, 2023, attributed to heightened activities for Net-Zero Projects [165] - Investment income increased by $2.8 million to $X million, primarily due to higher interest earned on cash equivalent investments [167] - Cash and cash equivalents totaled $342.3 million, with total liquidity (including restricted cash and marketable securities) amounting to $452.9 million as of March 31, 2023 [171] - Net cash used in operating activities was $19.4 million for the three months ended March 31, 2023, compared to $12.5 million in the prior year [176] - Net cash provided by investing activities was $124.2 million, primarily from sales and maturities of marketable securities [177] Strategic Partnerships and Agreements - Gevo entered into a Side Agreement with Axens, potentially generating milestone payments of $50 million and royalty payments of at least $75 million [153] - A joint development agreement with LG Chem aims to develop bio-propylene, with LG Chem covering scale-up costs and making payments totaling $2.5 million [154] - The U.S. Department of Agriculture selected Gevo's Climate-Smart Farm to Flight proposal for funding, with a ceiling of up to $30 million [154] Industry Context and Demand - The global fuel consumption by commercial airlines has ranged from 52 billion gallons to 60 billion gallons in recent years, indicating strong demand for SAF [130] - The Biden administration aims to supply at least 3 billion gallons of SAF per year by 2030, with a long-term goal of meeting 100% of aviation fuel demand by 2050 [132] - Delta Air Lines has committed to investing $1 billion through 2030 to mitigate emissions, highlighting the industry's focus on sustainability [132] - Gevo's SAF production process utilizes carbohydrates as feedstock, which are renewable and derived from photosynthesis, aiming for a net-zero carbon intensity across the product lifecycle [133] Facility Operations - Gevo's Luverne Facility transitioned to care and maintenance in 2022, focusing resources on Net Zero Projects and RNG initiatives [152]

Financial Data and Key Metrics Changes - The company reported long-term debt outstanding of $67 million related to the Northwest Iowa RNG project [9] - The corporate spend for SG&A was approximately $7.3 million for the quarter, net of non-cash stock-based compensation of $3.4 million [9] - The company expects revenue from the RNG project to be about $13 million in 2023 based on production of approximately 360,000 million BTUs [99] Business Line Data and Key Metrics Changes - The Northwest Iowa RNG project has been operational since Q3 2022, achieving greater than design raw gas production by late Q4 2022 [14] - The capacity of the Northwest Iowa RNG project is being expanded to 400,000 million BTUs per year, up from 355,000 million BTUs, with completion expected by Q3 2023 [14] - The company invested $15.6 million in capital projects during Q4 2022, with allocations of $8.6 million to Net-Zero 1, $5.3 million to Net-Zero 2, and $1.7 million to the Northwest Iowa RNG project [40] Market Data and Key Metrics Changes - The company is working with Guggenheim and Citigroup on equity financing, and Nomura Greentech and Citigroup on debt financing, finding strong interest from potential investors [89] - The company expects to see cash flow much sooner than the operation date of NZ1 due to ongoing development and investment in projects [91] Company Strategy and Development Direction - The company plans to use its balance sheet to execute remaining detailed engineering purchases and enter into construction contracts for the NZ1 project [15] - The company is developing a new business line called Verity Carbon Solutions, which includes a proprietary digital MRV platform to track and monetize carbon intensity reductions [39] - The company aims to recycle capital from project-to-project, indicating a strategy focused on sustainable growth and development across multiple projects [91] Management's Comments on Operating Environment and Future Outlook - Management emphasized that the expectation of waiting until 2026 for cash flow from NZ1 is a misconception, as they plan to grow the R&D business to generate cash sooner [18] - The company is optimistic about the support from the Department of Energy for loan guarantees, which could provide lower-cost debt for projects [16] - Management noted that the EPC contracts are not on the critical path for the commercial operation date, allowing for parallel progress on financing and construction [100] Other Important Information - The company has engaged with investors and is in the due diligence phase for potential equity and debt partners [89] - The company has already received RIN approval from the EPA and is awaiting final pathway approval for LCFS credits [14] Q&A Session Summary Question: What is the overall CapEx budget for NZ1? - Management indicated that the expected spending for NZ1 over the next 12 months will be between $100 million and $200 million, depending on the EPC contracting process [23] Question: How does the company view the SAF Tax Credit in Illinois? - Management expressed optimism about the cooperation from airlines regarding the SAF Tax Credit, highlighting the importance of SAF in large scale [48] Question: What is the path forward for the RNG business? - Management stated that RNG is crucial for displacing fossil-based natural gas and will continue to be involved in other RNG projects [50][51] Question: What are the financing options being considered? - Management discussed the potential for both equity and debt financing, emphasizing the importance of securing favorable terms [58][91] Question: How is the Verity Tracking solution being developed? - Management confirmed that the Verity Tracking solution is in the final stages of development and is expected to attract a variety of customers [63][64]