GEVO

Gevo’s second quarter results were met with a positive market response, reflecting the company’s ability to surpass revenue expectations and maintain disciplined execution in its core operations. Management attributed the quarter’s performance to the continued strength of its low-carbon ethanol and renewable natural gas businesses, as well as the full-period benefit from the Red Trail acquisition. CEO Paul Bloom emphasized that “our carbon strategy is working well, and we are positioning the business for 3 stages of expansion that build on our existing operations.” Is now the time to buy GEVO? Find out in our full research report (it’s free). Revenue: $46.5 million vs analyst estimates of $44.62 million (7.1% year-on-year growth, 4.2% beat) Adjusted EPS: -$0.01 vs analyst estimates of -$0.01 (in line) Adjusted EBITDA: $11.08 million vs analyst estimates of $9.05 million (23.8% margin, 22.4% beat) Operating Margin: -369%, down from 13.4% in the same quarter last year Market Capitalization: $378.3 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Jeffrey Grampp (Northland): questioned the sustainability of the $60 million EBITDA target given retroactive CFR credits; CEO Paul Bloom explained that most of the target reflects ongoing business, with one-time effects mostly already incorporated. Grampp (Northland): also asked about the proportion of ethanol expected to be sold into Canada; Bloom stated there are no major limitations and emphasized a strategy of optimizing returns across compliance and voluntary markets. Amit Dayal (H.C. Wainwright): inquired about capital expenditures for the North Dakota ethanol expansion; Bloom and EVP Greg Hanselman indicated that detailed CapEx guidance will be provided once engineering and permitting advance further. Dayal (H.C. Wainwright): asked about financing options for the ATJ-30 project; CFO Agiri explained that Gevo is engaging multiple project-level lenders beyond Ara Energy, aiming for non-dilutive, project-based financing. Peter Gastreich (Water Tower Research): questioned implications of new CDR marketing partnerships and further cost savings; Bloom noted Gevo’s focus on high-quality, deliverable carbon credits and Agiri detailed ongoing operational efficiency initiatives under the company’s “EBITDA challenge.” In the coming quarters, the StockStory team will closely watch (1) the operational ramp-up and capacity gains from debottlenecking at the North Dakota facility, (2) the pace and scale of CFR credit monetization and associated revenue recognition, and (3) progress on securing financing and offtake agreements for the ATJ-30 synthetic aviation fuel project. The execution of cost discipline initiatives and demonstration of reliable cash flow generation will also be critical indicators of Gevo’s ability to deliver on its growth strategy. Gevo currently trades at $1.59, up from $1.44 just before the earnings. In the wake of this quarter, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). WHILE YOU’RE HERE: Top 9 Market-Beating Stocks. The best stocks don’t just beat the market once. They do it again. And again. Robust revenue growth, rising free cash flow, returns on capital that leave their competition in the dust. The market has already rewarded these businesses. But our AI platform says the party isn’t over. Find out which 9 stocks made the cut this week — FREE. Get Our Top 9 Market-Beating Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Alto Ingredients, Inc. ALTO delivered a significantly improved second-quarter 2026 performance, marking its fourth consecutive quarter of positive gross profit, operating income, net income and adjusted EBITDA. The renewable fuels producer benefited from stronger ethanol crush margins, improved essential ingredient values, lower corn costs and higher sales volumes. However, despite the sharp improvement in profitability, ALTO’s shares have come under significant pressure following the earnings release.Since reporting results on Aug. 5, 2026, Alto Ingredients’ shares have declined 17%. Over the past month, the stock has fallen 19.1%, considerably underperforming the Consumer Products - Discretionary industry, which gained 6.2%, as well as the broader Consumer Discretionary sector, which advanced 0.5%. The S&P 500 also increased 2.1% during the same period. Alto Ingredients has also substantially underperformed several key peers, including Green Plains Inc. GPRE, Gevo, Inc. GEVO and MGP Ingredients, Inc. MGPI. MGP Ingredients and Gevo gained 2.4% and 3.1%, respectively, while Green Plains declined 7.4% during the same period. Image Source: Zacks Investment Research Nevertheless, ALTO’s quarterly results showed continued progress in its underlying business. Alto Ingredients’ second-quarter results reflected a substantial year-over-year improvement. Net sales of $245.7 million surpassed the Zacks Consensus Estimate of $243 million and increased 12.5% from $218.4 million in the prior-year quarter. This growth reflected higher alcohol selling prices, increased specialty alcohol volumes and stronger essential ingredient values. The company sold 88.5 million gallons of ethanol and specialty alcohols, up from 86.7 million gallons a year ago, while the average sales price increased 10% to $2.15 per gallon.Gross profit surged to $16.6 million from a gross loss of $1.9 million in the year-ago quarter. Earnings per share came in at 15 cents, compared with a loss of 15 cents in the prior-year period. Adjusted EBITDA also improved sharply to $23.7 million from negative $0.2 million. The improvement was driven primarily by stronger industry crush margins, which increased to 33 cents per gallon from 11 cents a year ago and contributed approximately $17 million of incremental gross profit. Favorable market conditions also supported ALTO’s performance in the quarter, including robust export demand, strong domestic blending activity and tighter ethanol inventories following industrywide spring maintenance outages. Favorable crop conditions and larger projected grain supplies helped lower corn costs. The company’s essential ingredient business also performed well, with sales increasing $6.1 million year over year. Stronger pricing and a 5% decline in corn costs lifted the consolidated essential ingredient return to 51.6% from 45.2% a year earlier.ALTO is also investing in projects aimed at increasing production and improving profitability. In the second quarter, the company completed a debottlenecking project at its Pekin Campus that is expected to increase annual production capacity by approximately 8%, or 5 million gallons. Management expects the facility to reach the new production levels and realize the full benefit of the additional capacity in the fourth quarter. Apart from this, the company is expanding its CO2-related opportunities, with a third CO2 storage tank at the Columbia facility expected to become operational in the fourth quarter. Alto Ingredients is further benefiting from the 45Z clean fuel production tax credit. Despite the improvement in its financial performance, ALTO continues to face headwinds in the export business. Geopolitical disruptions in the Middle East have increased freight costs and reduced vessel availability, while competition from Brazilian ethanol has weakened the economics of shipping U.S. renewable fuels to Europe. Management noted that these factors contributed to lower renewable fuel export volumes. Continued changes in global trade flows and freight economics could therefore weigh on export opportunities and create volatility in future results.ALTO also incurred higher operating expenses during the quarter, partially offsetting the improvement in gross profit. Repairs and maintenance expenses increased approximately $2 million year over year, primarily due to work related to the Pekin dry mill and ICP spring outages, as well as continued work at the Carbonic facility. Selling, general and administrative expenses also increased $1.8 million. Higher operating costs could weigh on profitability as the company continues its optimization and maintenance activities. Reflecting cautious sentiment around Alto Ingredients, the Zacks Consensus Estimate for EPS has seen downward revisions. Over the past seven days, the EPS estimate for 2026 and 2027 has declined 27.8% and 66.3% to 39 cents and 28 cents, respectively. Image Source: Zacks Investment Research Alto Ingredients is showing meaningful improvement in profitability, supported by stronger ethanol fundamentals, lower corn costs and strategic growth initiatives. However, the sharp post-earnings decline, weaker export conditions, higher operating expenses and downward revisions to earnings estimates point to limited near-term visibility. For now, current investors may consider reducing exposure or exiting positions, while potential investors may prefer to remain on the sidelines. Alto Ingredients currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alto Ingredients, Inc. (ALTO) : Free Stock Analysis Report Gevo, Inc. (GEVO) : Free Stock Analysis Report Green Plains, Inc. (GPRE) : Free Stock Analysis Report MGP Ingredients, Inc. (MGPI) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, Aug. 6, 2026 at 4:30 p.m. ET Vice President of Finance and Strategy - Eric Frey Chief Executive Officer - Paul Bloom Chief Financial Officer - Leke Agiri Chief Commercial Officer - Kyle James Executive Vice President of Operations and Engineering - Greg Hanselman Operator: My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Gevo, Incorporated Q2 2026 earnings call. I would now like to turn the call over to Eric Frey. Eric. Eric Frey: Good afternoon, everyone. And thank you for joining us on today's call to discuss Gevo's second quarter results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. With me today, we have Paul Bloom, our Chief Executive Officer, and Leke Agiri, our Chief Financial Officer. We also have Kyle James, our Chief Commercial Officer, and Greg Hanselman, our Executive Vice President of Operations and Engineering. Earlier today we issued a press release that outlines our second quarter 2026 results and some of the topics we plan to discuss. Copies of the press release are available on our website at www.gevo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those statements include projections about the timing, development, engineering, financing, and construction of our potential expansion and debottlenecking of our Gevo North Dakota plant, our expected future cash flows and adjusted EBITDA, our expected carbon business revenues, our expected future tax credit monetizations, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements. In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release, which can be found on our website at www.gevo.com in the Investor Relations section. Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media, and we're providing a simultaneous webcast to the public. A replay of this call and other past events will be available via the company's investor relations page at www.gevo.com. I'd now like to turn the call over to the CEO of Gevo, Paul Bloom. Paul. Paul Bloom: Good afternoon, everyone. Gevo is a strong growing business. Our operating results this quarter demonstrate that our company is set to deliver revenue growth and positive cash flow from operations. Our carbon strategy is working well, and we are positioning the business for 3 stages of expansion that build on our existing operations and capture near-and medium-term opportunities. Long term, we believe the businesses we are building today will serve as the blueprint for future growth. Our results also demonstrate that Gevo is not just a future story. Revenue increased 7% compared to the last quarter and gross profit increased 70% in the past 6 months compared to the same period last year. Some of that increase reflects 6 full months of benefit from the Red Trail assets we acquired instead of 5 months during the same period last year. The majority of that increase reflects a durable strengthening of our core low-carbon ethanol and renewable natural gas businesses. In the second quarter, our team continued to deliver on critical milestones we've communicated previously. Our debottlenecking activities in our Gevo North Dakota facility remain on target to increase our low-carbon ethanol capacity to 75 million gallons per year by the end of 2026. We also advanced new carbon market pathways, identified new cost efficiencies, and optimized the sale of carbon attributes. As a result, we now expect full-year 2026 non-GAAP adjusted EBITDA of more than $60 million, which is double our previous estimate. These developments are significant, and they reflect a disciplined execution to unlock new revenue opportunities. A particularly important milestone is our recent Canada Clean Fuel Regulations, or CFR, pathway approval for low-carbon ethanol with carbon capture and sequestration, which was granted in the second quarter. This pathway gives Gevo access to a more than 1 billion gallon per year compliance market for our low-carbon ethanol beginning in the third quarter and further diversifies our cash flows internationally. It also gives us another lever to improve returns from our carbon business by directing carbon value to the markets where it is worth the most, whether bundled with our fuels in compliance markets or sold separately in voluntary markets. Importantly, the approval also applies retroactively to credits we banked for low-carbon ethanol sold into Canada beginning in 2025. And we've already sold approximately 17 million of these banked credits to be recognized in the third quarter. Going forward, we believe our carbon business, based on current capacity and market conditions, can deliver over $30 million per year in revenue on a run rate basis, excluding our banked CFR credit sales. We're not simply producing low-carbon ethanol, co-products, and RNG. Those commodity products are a means to deliver energy that drops into supply chains today while also driving down carbon intensity, producing more efficiently, capturing and storing carbon, and selling high-quality credits into compliance and voluntary carbon markets. And importantly, we believe the carbon business model we are building today will be the same durable model we use in the future for SAF, isobutanol, and other renewable fuels and chemicals powered by our Verity Carbon Accounting Digital Solutions platform. We expect to grow with discipline by scaling the businesses we have today and delivering the products and solutions our customers and markets demand. At Gevo North Dakota, we are focused on growing our low-carbon fuel and carbon businesses through a 3-stage plan. First, debottlenecking the plant, second, expanding capacity to double low-carbon ethanol and carbon capture, and third, producing SAF. Stage 1 is our debottlenecking initiative to increase low-carbon ethanol co-products, carbon capture and associated incentive volumes by approximately 10% to 15% by the end of this year. Meaningful progress was made during the second quarter, and we remain on track and on budget to deliver this anticipated extra capacity, thereby enhancing revenues, growing adjusted EBITDA, and expanding our margins in 2027. This near-term expansion is fully funded and budgeted for this year and builds on an asset we already own and operate. We believe our Gevo North Dakota complex can create more value in the near term while also supporting longer-term growth. Stronger cash generation from Gevo North Dakota helps us reduce risk and enhances our future financing flexibility. Our Gevo North Dakota complex is better suited to support a strategic platform growth than the Lake Preston, South Dakota site we were previously developing. Gevo North Dakota combines 1 of the strongest active on-site carbon capture and sequestration capabilities in the world with access to advantaged local feedstocks, established rail and truck logistics, an experienced operating workforce, available land and pore space capacity for future growth, and it's in a business-friendly state that supports agriculture, energy, and carbon management. Given the strengths of the Gevo North Dakota complex and other business factors we considered, we have finalized our decision to exit our ATJ-60 project activities in South Dakota and formally discontinued other non-core project activities. As a result, we recognized a $176 million 1-time non-cash impairment charge. Leke will talk more about this non-cash charge. Continuing with our growth plans, stage 2 at Gevo North Dakota targets doubling our capacity to about 150 million gallons per year of low-carbon ethanol with associated carbon capture and sequestration and tax incentive opportunities. Financing efforts for this expansion are on track and are targeted to be completed in the second half of 2026, consistent with our previously announced arrangement and timeline with Ara Energy. Engineering, permitting, and initial equipment procurement for the expansion project are underway. We anticipate completion of the expansion in 2028 once financing is complete and construction commences. This expansion is expected to result in meaningful revenue and gross profit growth. Stage 3 of our growth plan contemplates the conversion of approximately 1/3 of Gevo North Dakota's expanded low-carbon ethanol capacity into higher-value synthetic aviation fuel through Project Northstar, also known as ATJ-30, which is our 30 million gallon-per-year alcohol-to-jet development project. We are making good progress on this medium-term, multi-year effort and provided details on our milestones in our recent business update. The team delivered our FEL-3 engineering estimates on schedule in the second quarter. As we moved from FEL-2 to FEL-3, the capital estimate was refined based on substantially more detailed engineering, vendor engagement and execution planning. The updated estimate of $600 million remains within the expected range and accuracy associated with an FEL-2 estimate, and we believe it provides a much higher level of confidence as we approach FID. FEL-3 showed very favorable results for the underlying alcohol-to-jet process modules, which were within 2% of the previous estimates. That's a good sign for enabling the development in a repeatable fashion at other locations in the future. The site-specific engineering and equipment logistics costs increased in FEL-3, but we believe that the project's ROI remains attractive. Securing additional financeable offtake agreements is needed to reach FID and remains a gating item. These are complex multi-year economic commitments. We are making progress advancing these agreements from the current term sheet stage. We remain committed to advancing our ATJ-30 initiative in a disciplined way, sequencing capital based on customer demand, project financeability, and policy support. And as a reminder, we are currently pursuing non-dilutive project-level financing for the project. We do not have to choose between becoming a cash-generating, low-carbon fuels and carbon management business and building future ATJ projects. The Gevo North Dakota site and its near-term cash generation are expected to support ATJ in the future. We continue to target final investment decision for this initiative by the end of the year. I will now turn the call over to Leke to discuss our financial results and outlook in more detail. Oluwagbemileke Agiri: Thank you, Paul. This last quarter was an important one for Gevo. We delivered solid operating performance and completed planned maintenance and debottlenecking activities to expand capacity at our flagship North Dakota site. During the second quarter, we reported revenue of $47 million, compared to $43 million in the same quarter last year. This 7% year-over-year growth reflects consistent operations of our low-carbon businesses, even with modest impact of planned downtime at our Gevo North Dakota site for maintenance and debottlenecking activities. In comparison to the first half of 2025, revenue during the first half of 2026 grew by 23% to $89 million, reflecting a full 6 months of the benefit of our Red Trail Energy acquisition compared to just 5 months last year, coupled with continued solid performance in our carbon business. Gross profit was $20 million in the second quarter, representing a gross margin of 43% compared to gross profit of $19 million and gross margin of 44% in the same quarter last year. Relative to revenues alone, we believe that gross profit is a meaningful barometer of our business performance. It captures not only our revenue performance, but also the impact of optimizing carbon, commodities, and incentives that are monetized as part of our business model. During the first half of 2026, gross profit was $36 million, an increase from $21 million in the first half of 2025, reflecting a full 6 months of the benefit of our Red Trail Energy acquisition, coupled with dynamic efforts to optimize 45Z tax credit generation from our assets. Note that we recognize the benefit of 45Z tax credits as a reduction to cost of goods sold. Operating expenses in the second quarter included a 1-time non-cash impairment charge of $176 million. This was related to capitalized development and engineering expenses previously incurred, which was primarily associated with our prior ATJ-60 project in Lake Preston, South Dakota, and other prior initiatives that are no longer in alignment with our strategic project priorities. This non-cash impairment charge does not impact our cash position, liquidity, or operating cash flow outlook. It does not trigger additional cash payment obligations or affect the underlying economics of Gevo North Dakota or ability to execute our development plan there as our core growth platform. Excluding the non-cash impairment charge, operating expenses in the second quarter were up 18% over the second quarter of 2025, which reflects an increase in G&A expenses primarily due to non-recurring employee severance and accelerated equity award charges. On a GAAP basis, net loss attributable to Gevo was $177 million or $0.75 per share in the second quarter. On a non-GAAP basis, adjusted net loss attributable to Gevo was $1 million or $0.01 per share. Reconciliation of this amount to the GAAP measure is included in today's earnings release. Non-GAAP adjusted EBITDA for the second quarter was $11 million. Note that the second quarter results did not include revenue related to our recently approved CFR pathway, which is expected to show up in the third quarter. We believe that this quarter's adjusted net loss, coupled with the growing adjusted EBITDA, reflect an ongoing improvement in our underlying earnings power of our business. This quarter establishes a strong foundation from which we expect meaningful adjusted EBITDA and operating cash flows during the second half of the year. As we look to the full year, we now expect 2026 adjusted EBITDA of more than $60 million, which is more than double our prior outlook of $30 million. This is a meaningful acceleration from our first half 2026 operating performance and is supported by 4 main drivers. First, the recently approved Canada CFR pathway and associated sales. We expect to begin realizing those sales in the third quarter. Second, our assets are on track to generate more than $70 million of 45Z tax credits that we expect to monetize in 2026 compared to $52 million last year. This is driven by updated policy guidance and our operational efficiencies this year that improve the carbon intensity of our operating assets. Third, continued operational execution of low-carbon fuel sales, including revenue growth from our specialty fuels. And fourth, further fiscal discipline. Of the more than $70 million in 45Z monetization we expect to achieve this year, we already closed on the sale of $20 million in 45Z credits after the end of the second quarter. With our current engagement with seasoned tax credit buyers, we expect to monetize the remaining approximately $50 million of credits and receive the associated proceeds by year end. A reminder that our 45Z tax credit incentives are generated ratably each quarter based on the volume and carbon intensity of our low-carbon ethanol and RNG production. These credits show up as a reduction in our cost of goods sold on our income statement and are a benefit to our adjusted EBITDA. Note that the cash proceeds from 45Z can lag behind the quarter in which the credit is generated. This results in some quarter-to-quarter variability in our cash flow from operations. While we continue to expect operating cash flow to be neutral to positive for full year 2026, we also expect meaningful positive operating cash flow in the second half of the year. This further demonstrates the underlying cash-generating power of our businesses continues to strengthen. Turning to liquidity, we ended the quarter with cash, cash equivalents, and restricted cash of $58 million. Importantly, this does not include approximately $16 million of cash proceeds from the monetization of 45Z credits that we have collected since the end of the second quarter. We are also excited about our performance in 2027 and beyond. Our debottlenecking project remains on track and on budget. We expect 2027 adjusted EBITDA to be broadly in line with our current 2026 full-year target after we factor in some non-recurring revenue this year and the debottlenecking production uplift starting at the end of this year. Our expansion of Gevo North Dakota to double its production capacity is advancing, with financing on track for completion in the second half of 2026. This is consistent with our previously announced arrangement with our financing partner, Ara Energy. And as Paul mentioned earlier, we also continue to push forward on securing bankable offtake contracts to enable securing accretive financing of our ATJ-30 project. We are engaged with various project-level capital providers and remain focused on moving forward to FID by year end. In closing, we are seeing continued improvement in adjusted EBITDA and cash flow generation supported by the strong underlying fundamentals of our business. We are confident in our ability to sustain our positive momentum as our near-term growth projects at Gevo North Dakota continue to mature on schedule. Today's results anchors Gevo's growth trajectory, further strengthening our capacity to execute our long-term objectives while delivering sustainable value to our shareholders. With that, I would turn the call back to Paul. Paul Bloom: Thanks, Leke. We strengthened our financial position, doubled our expected 2026 adjusted EBITDA outlook, and are starting to show that Gevo North Dakota can serve as a scalable blueprint for profitable growth. We've talked before about the potential for a capital licensing or franchise-type model, and that opportunity is becoming more tangible as we demonstrate how our technology, operating model and carbon capabilities can be deployed to meet customer demand and capture value across markets. We'll have more to share as these initiatives advance. For now, I want to thank our employees, partners, customers, and shareholders for their continued support. We're building Gevo with discipline, focus, and a clear path to creating long-term value. With that, we'll open the call for questions. Operator: [Operator Instructions] Looks like our first question today comes from the line of Jeff Grampp with Northland. Jeffrey Grampp: I wanted to dive into the $60 million EBITDA target that you guys have refreshed here lately. I just wanted to understand some of the moving parts with respect to the approval to reach the Canadian markets. It sounded like some of that $60 million is a little bit of a 1-time bump related to some volumes prior to getting that approval, like a retroactive credit, if you will. Can you help us understand how much of a windfall that might be just to kind of level set, I guess, kind of what the true earnings power of the business is in '26? Paul Bloom: Yes, sure thing. And that's a perfect question, right? Because, you know, we're really excited that the carbon business itself, right, has grown now to what we think is a run rate of about $30 million a year going forward, right? So that's going to be the part that goes forward into 2026. When we think about the CFR credits, this is a big part of what we wanted to get done because we had made a bet that we were going to be able to capture the value from the CFR credits once we got the approval. And, we had sold a lot of fuel in 2025 and the first half of 2026 here. So we haven't been able to monetize those credits yet, but about 40%, a little more than 40% are actually credits that were realized this year. So when we think about that, there's a big component of those banked credits that really are in a run rate for 2026. So that is a big component going forward. But I would say that when you think about the $60 million that we're talking about, going forward, remember we're going to be completing the debottlenecking by the end of the year. So we believe that this is really the upside of that, minus maybe these 1-time events. We're really kind of flattish going into 2027. So we think most of the $60 million is going to be a repeatable run rate on the forward basis. I don't know, Leke, if you have any other comments on that. Oluwagbemileke Agiri: Thanks, Paul. Generally agree with the description there. So the way to think about it is what Paul just mentioned. As we complete the debottlenecking, there's going to be uplift in terms of production volume. That increases just our revenue profile. And then when we subtract out the non-recurring basis from 2026, effectively we end up at that flattish projection as to where we are for 2026. Paul Bloom: Yes. And remember, this is like, we're really thinking about how are we going to grow this EBITDA nicely? It's also about the increase in the 45Z tax credits that we've got. Right. So we're kind of putting all of these different levers together to make sure that we can have this durable business going forward that hits, that exceeds that 60 really. Jeffrey Grampp: Got it. Thanks for the details. For my follow-up, just to stick in the Canadian market. What percent, do you have like an estimate? I know this changes as market prices and dynamics change, but like round numbers, how much of your ethanol do you expect to send to Canada in the second half of this year? I mean, seeing some of the pricing points, it seems like that's the most economic market for you, but perhaps there's some other factors at play that might, I don't know, make sense to send to other markets or if there's any constraints to how much you can send to Canada? Paul Bloom: Yes, no, again, great question. And this is the whole point of our business on carbon arbitrage, right? So we want to make sure that we've got all the levers that we can pull to maximize the returns for Gevo and our shareholders. And so having this new lever that we can send is, you know, as Canada is a very strong market over, you know, 1 billion gallon opportunity for us. Obviously, we're a lot smaller than that. So we want to continue to maximize the volumes to where we're going to get the highest returns. So really no limitations there on how much we can send. We're going to continue to make sure that we've got the right certifications and everything in place to do that. But then we have to look at the other markets. We have to take a look at, how's the voluntary market developing? That's something that we talked about because we've got more interest in that side. You saw that in our business update. We talked about Nasdaq, you know, is a second year that they bought carbon from us on a substantial size buy. So we're always weighing, you know, how do we place the carbon in either a compliance market or a voluntary market? What's going to give us the total return that we're looking for? How do we diversify our business too? Because we don't want all our eggs in 1 basket. I think that's the thing that we've learned, you know, about being in the fuels and carbon markets, that we want a good mix there and be able to play these off of each other. Operator: And our next question comes from the line of Amit Dayal with H.C. Wainwright. Amit Dayal: Congrats on all the progress. On the ethanol expansion, Paul, can you remind us what the CapEx requirements are going to be on this project? Paul Bloom: Yes. So we haven't disclosed the capital requirements on the ethanol expansion. If you flip back to the debottlenecking, we said we were deploying about a $24 million of capital in that range, about half of that was going to operational reliability. The other half was going to the actual debottlenecking to improve the output from 67 million gallons to 75 million gallons. So we'll have more details as we get further along here, but it's really about getting this done and getting our deal done with Ara Energy. We're feeling really good about that and expect to get this done within the next few months because we want to then move directly into the execution. As we mentioned, we're moving quickly on this and looking at permitting. We're looking at a lot of the other engineering things. All that's well underway because it essentially doubles what we're already doing today at Gevo North Dakota. And because the carbon business is working, because we're able to monetize and kind of firing on all cylinders, monetizing tax credits, this is the most accretive project that we have in the hopper. We want to get this to the finish line. Amit Dayal: Understood. So we'll have maybe more color on this in the 3Q earnings call? Paul Bloom: Most likely. I think the biggest thing, and Greg, you can jump in here too. Greg Hanselman is on the line with us. So Greg, you want to talk about what your expectations are on? Greg Hanselman: Yes. Capital? We don't know the exact timing, but the engineering team is working hard on designing an integrated plant. This isn't like 2 separate facilities. We really want to optimize the CapEx and the OpEx to drive the best synergies for the long term. And we don't have all those answers yet, but we're working hard to solidify that so we have the answer when the time is right and we bring that together later in H2. Paul Bloom: Yes, and very much like what we're doing on ATJ working through an FEL-2, FEL-3, we're refining these estimates. So, you know, today we're not there yet on refining that estimate to where we want to be, but we'll keep moving that forward so we have a much finer point on this when we're able to communicate that. Amit Dayal: OK, understood. So for ATJ-30, would you potentially go with Ara or are you looking at other financing options and partners? Paul Bloom: Yes, I'll let Leke, chime in here on some of the updates we've got on financing. But this has been something that we've been working on for a long time. So the key thing again is that we've completed the FEL-3 estimates like we talked about, we're working on these financeable offtakes. And really when we think about financing, you need to make sure you've got a bankable project. And the discipline that we're putting in this is making sure that we not only have the offtakes, but we've got the right customers, the right customers who are going to be there because it's going to take us a few years to build this plant and then have long-term, very complex, multi-year, you know, financial arrangements that are going to support this project. So it's a mix of making sure that we've got the offtakes and that we've really got the right set of customers who see us. And then, you know, the financing at that point, it kind of falls into place because then you can start to look at what's your risk profile on the overall project, but we are working through that de-risking today. Leke, I don't know if you want to make comments on the other. Oluwagbemileke Agiri: Yes. I think just to probably sum it up, in terms of cap raise or capital raise profile, we're engaged with multiple project-level lenders and equity providers. So just not Ara at this point. But also just to express really the excitement that we have is as we look to the development of ATJ-30, what's also very important is to highlight our existing operations, the cash flows that we're generating now, those actually enable the ability for us to fund ATJ-30 from a development perspective, but also fund our portion of the construction capital as well. So that's the really exciting part. I think the engagement with the project-level capital is on the right track. And as Paul mentioned, as we secure the bankable offtakes with the right partners, with the right economics, then the puzzle comes together in terms of just moving forward with the project at the right time. Paul Bloom: Yes, just to maybe close the loop with Ara, we're really laser-focused on the expansion today, right? That's what we need to get done. And like Greg was saying, move that forward so we can get, 2028 will be here before you know it. So we've got a full-court press on making sure that we can get that project executed. Amit Dayal: Just last one for me, maybe just on Verity, any updates on progress with commercialization, et cetera, for that offering? Paul Bloom: Yes, great question. Verity, 1 of my favorite topics. So with Verity, I think the thing we're really learning more than anything else is as we get to this run rate of $30 million on our carbon business, Verity is just a key component of how we put all that together. It goes back to the original reasons of why did we build this platform? And it was because we can take 1 source of data from multiple areas, whether that comes from the farm inputs, whether that's from the energy inputs, carbon capture, tie it all together, and then use that tool to basically be able to substantiate and track our claims and carbon accounting into multiple markets, whether that's Canadian CFR, whether that's 45Z, whether that's a voluntary market. So it's becoming, I would say, a much bigger part of what we see as a key component of the carbon business for us. The other thing with that is that we're just getting to this point now in the development phase. But not only can we track, but we can optimize. So you start to think about now, how do we use Verity as an optimization tool? So I think internally, we're very optimistic about how Verity is contributing value to the carbon business results that you're seeing today. Externally, we've got a number of customers. I would say a little bit slower on the uptake of, you know, external development, mostly because we still don't have good clarity on things like 45Z [ Ag ] benefits, right? Those are kind of some of the big things that we've looked at. And we're still trying to figure out how much are we going to be able to pull in from a compliance-type tool, right? And as we look at this, you know, not everybody's running a carbon business. I think we're actually the only ones running a carbon business like us. So I think as this catches on, there'll be more demand for Verity out there. But we still have the 8 customers that we've had in the past and continue to develop that portfolio, but the external development's definitely been a little slower on the uptake. Operator: And our next question comes from the line of Derrick Whitfield with Texas Capital. Derrick Whitfield: Congrats on the quarter. I have 2 questions for you guys. Both on ethanol. With respect to the ethanol expansion to 150, could you speak to the expected capital structure for the expansion? And second, staying on the ethanol facility. It's clear that you guys operate a very low CI plant based on efficiency in CCUS, given that you operate in a more progressive region for CSA practices, how are you thinking about the benefit of expected CSA policy on your 45Z credits? Paul Bloom: Yes, both great questions. Thanks. I'll start with the first one. So on the capital structure, right, as we work through the details with Ara on the expansion, you know, we'll stay in the lead, right? So we're going to have a controlling interest in the plant. Obviously, we will operate the plant and as we work through that, everything's going to be consolidated on our balance sheet. That's the plan going forward. Leke, you want to jump in there? Oluwagbemileke Agiri: The only thing to add to that is there is going to be project-level debt that we also use to optimize the financing strategy. So as Paul mentioned, we are targeting a controlling interest. We'll consolidate the expansion project and then the rest of the capital stack is going to be provided by us and Ara, which again, it goes back to the point I was raising earlier, our existing operations generating the right level of EBITDA on a recurring basis, cash is coming in for us to be able to fund our ownership interest of the expansion project. Paul Bloom: Yes, and then again, just to be clear, right, again, a non-dilutive financing approach at that project level. That's right. That Leke is talking about. Moving on to your second part of the question, we do have 1 of the lowest CI scores out there. And so, you know, from a 45Z Ag benefits perspective, the question is always how much lower can you go? So we do have a little bit, but that's going to be, you know, Greg, can chime in here too, but we've got more energy optimization. When you think about CI, carbon intensity, it's kind of a proxy for a lot of good things that happen. The best one is called efficiency. So as you continue to do more with less or have more output with less input, you drive down the carbon intensity, your economics in a favorable way for your projects. So we're laser-focused on that. Again, we already have a low CI score, so probably compared to a lot of others, we've got a smaller amount that we can take advantage of, like a CSA or Ag benefits, regen Ag benefits that are coming in because you can't go lower than 0, right? And so we're already getting pretty close, so it could be a few million dollars that we're going to be trying to, you know, pull out of that, but it's really going to come to that. We're going to need more bushels. We've got an expansion coming, so we think that this is just a bigger deal. And again, we're optimistic that this is the right way to go because climate-smart agriculture or regen agriculture, all of those things help to also enrich the carbon in the soil. They make soils more robust, you know, to weather events. And so we think that this is just the right way to move forward. So farmers can do more with less too, right? It's just a good practice to have. I don't know, Greg, if you want to talk about anything else that we've got. Greg Hanselman: No, I just add on the CI score. We do have a little room to go and volume is a nice lever to dilute out fixed, obviously. But also energy is there's less consumption as you get that next unit at the top end of a big facility. And so working and solving for that in our modeling and our design is a key part of what we're working on, not only in the debottlenecking, but also the expansion project. Paul Bloom: And I think the other thing that we're really focused on is that reliability, because we can't get time back. So our operational excellence, we're laser-focused on making sure that we're a great operator and the only downtime we have is the planned downtime. And so that's the thing that gives me a lot of optimism about this growth plan that we have is we're already demonstrating this. We've been doing the debottlenecking now this year. And thinking about that, take a look at our website when you get a chance. We've got some time-lapse photography of everything that we've been doing. I mean, it's fantastic. The team's really been executing well. We've been building and growing while operating. It's not an easy thing to do, we need to do that safely. And we need to make sure that's at the top of our list and continue to be focused on that. But then we're going to move into the next phase. We're really going to be doing the expansion. And then we'll move into the third phase beyond that where we've got the ATJ project. So I think my confidence level is really building with the entire team because they're able to execute on this and you can see it. So again, go to the website, check out our photos and it's pretty cool stuff. Derrick Whitfield: Excellent. Congratulations on all your progress. Operator: And it looks like our final question today comes from the line of Peter Gastreich with Water Tower Research. Peter Gastreich: Congratulations on the results. Just a couple questions. First of all, for Frontier Infrastructure and Carbonfuture, they announced a new partnership a few days ago to market CDRs from ethanol CO2. That's a parallel initiative, right? Does that have any implications to you in terms of advancing the strategy and what can you share about that? Paul Bloom: So, Peter, I think, you know, CDR is just in general, right? I mean, this is what we're selling today, right? So the CDR is the voluntary side of the carbon market. And so the CDR stands for carbon dioxide removal. And so we've been certified from the very beginning through Puro.earth. And that's the business that we continue to look at growing. You know, we sold 8,500 tons to Nasdaq. Overall, we were actually, just finalizing some more transactions around the carbon business on the voluntary side. So we think this is great if you look at the overall macros on that business, about $12 billion has been actually committed in CDR purchases. But only about 3.3% of that has been actually delivered. That comes from a website called cdr.fyi. I think that is a really good place to look. We're actually #5 on the leaderboard on cdr.fyi as a supplier. So the thing that I think is great about what we're doing is we're 1 of, you know, the handful of companies who can actually not only just talk about CDRs and sell CDRs, but we can deliver those CDRs. So we're becoming, I would say as you work through the quality requirements which are very, we have very high-quality carbon and we're going to stay focused on delivering that high-quality product that, we're a trusted supplier in this space. Peter Gastreich: Just a second question on the EBITDA challenge which you discussed in the Q1 results. Have you thought about where some of the low-hanging fruit could lie and also with respect to the South Dakota, are there any other benefits to your cost that could be reflected, for example, in the Gevo business segment or other that could come up in subsequent quarters? Paul Bloom: Yes, look, we're very happy with how we've been progressing the EBITDA challenge. So there's a lot in the hopper. We've gone through, I don't know, Leke can provide the details. He's the champion of the EBITDA challenge here at Gevo. But we've identified quite a number of opportunities and started to execute on those. So, Leke, I'll let you give some of the good news. Oluwagbemileke Agiri: Yes, absolutely. So great question. So in terms of EBITDA challenge, we're at a place where we've identified over 3 dozens of opportunities in front of us, which are really probably half of it is low-hanging fruit. So to date, we've actually implemented about 50% of those identified items, which is not necessarily related to ATJ-60 or the South Dakota project. This is actually a recurring operational project efficiencies that we can actually just implement this year. And during the second half of this year is what we expect to see some of those executions and implementation to start manifesting in our financial performance for the year as well. So where we are tracking today our Q3 and Q4 results is going to be reflecting our focus and the implementation of the EBITDA challenge. And we're on the right trajectory to see some very, very groundbreaking milestones on that as well. Paul Bloom: Yes, and it's really the combination of how do we continue to unlock revenue through new pathways, things like the CFR, right? I mean, we were focused on that. That was part of the EBITDA challenge, and we've got more pathways to unlock. And then the other part is just how do we really manage and control our costs going forward and really have a disciplined approach to these are the things we need to accomplish and make sure that we understand what that's going to return for us and our shareholders as we do that. Operator: And ladies and gentlemen, that does conclude our question and answer session. So I will now turn the call back over to CEO Paul Bloom for closing remarks. Paul? Paul Bloom: Thank you. Hey, this quarter shows that Gevo is really executing. We've got stronger adjusted EBITDA. We're improving our cash generation. We have a working carbon business and disciplined growth plan centered on Gevo North Dakota and that's the platform that we intend to scale. So again I just want to thank all our colleagues and really our partners and our customers and our shareholders for all the support. Thank you very much. Operator: Thanks, Paul. And ladies and gentlemen, that concludes today's call. Thank you so much for joining and you may now disconnect. Have a great day, everyone. Before you buy stock in Gevo, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gevo wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $400,209!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,375,393!* Now, it’s worth noting Stock Advisor’s total average return is 964% — a market-crushing outperformance compared to 215% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 13, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Gevo (GEVO) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Alto Ingredients, Inc.’s ALTO 45Z tax credits are becoming a larger earnings contributor as it works to expand eligible production and lower carbon intensity. In the second quarter of 2026, Alto Ingredients generated $5.1 million in 45Z tax credit earnings, comprising $4 million of credits earned during the quarter and $1.1 million of final adjustments related to the sale of its 2025 credits. Year to date, it has accrued $7.9 million in net 2026 45Z credits that are expected to be monetized in the future.For 2026, Alto Ingredients remains on track to qualify 90 million gallons or more of combined production for 45Z credits, supporting a minimum expectation of $15 million in income after monetization costs. Based on credits recognized through the first half, the company is currently tracking toward a $15-$16 million range.The opportunity could expand through higher eligible volumes. Alto Ingredients completed a debottlenecking project at its Pekin dry mill that increased annual production capacity by about 8%, or 5 million gallons. The additional gallons are eligible for 45Z credits, with the full benefit of the added capacity expected in the fourth quarter.Another opportunity is to lower the carbon intensity of corn sourced from farmer partners. Alto Ingredients is exploring how much corn and production volume could qualify under low-carbon-intensity corn. However, the company is not yet able to recognize this benefit for 2026. Practices such as cover crops implemented after the 2026 harvest could begin providing benefits in 2027. Green Plains Inc. GPRE generated significant value from 45Z credits in the second quarter of 2026. Green Plains reported $58.7 million in 45Z production tax credits, net of discounts and other costs, contributing to adjusted EBITDA of $93.3 million. For the first half, Green Plains recognized $113.9 million in 45Z credits on a net basis, highlighting the potential impact of the tax credit on ethanol economics.Gevo, Inc. GEVO is targeting more than $70 million in 45Z tax credit monetization in 2026, compared with $52 million last year. In its second-quarter 2026 earnings call, GEVO noted that the increase is supported by continued low-carbon ethanol and RNG production and improvements in carbon intensity. Gevo had already closed $20 million in 45Z credit sales after the second quarter, with the remaining approximately $50 million targeted for monetization by year-end. Shares of Alto Ingredients have fallen 8.4% over the three months against the industry’s growth of 18%. Image Source: Zacks Investment Research From a valuation standpoint, ALTO trades at a forward price-to-sales ratio of 0.33, lower than the industry’s average of 3.41. Image Source: Zacks Investment Research The Zacks Consensus Estimate for Alto Ingredients’ 2026 and 2027 earnings per share has declined 27.8% and 66.3% to 39 cents and 28 cents, respectively, in the past seven days. Image Source: Zacks Investment Research Alto Ingredients currently carries a Zacks Rank #4 (Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Alto Ingredients, Inc. (ALTO) : Free Stock Analysis Report Gevo, Inc. (GEVO) : Free Stock Analysis Report Green Plains, Inc. (GPRE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Gevo, Inc.? Here are five stocks we like better. Gevo raised its 2026 adjusted EBITDA outlook to more than $60 million, up from $30 million, supported by Canadian clean-fuel credits, more than $70 million in expected 45Z tax-credit monetization, fuel sales and cost controls. Revenue rose 7% year over year to $47 million in the second quarter, while the company reported an adjusted net loss of $1 million. A $176 million non-cash impairment tied to its South Dakota ATJ-60 exit drove a GAAP net loss of $177 million. Gevo’s North Dakota expansion remains on schedule, with debottlenecking expected to raise ethanol capacity to 75 million gallons annually by year-end 2026. The company is also targeting financing for a larger 150-million-gallon expansion and a year-end investment decision for its $600 million ATJ-30 sustainable aviation fuel project. 2 Energy Stocks Surging on Billion-Dollar DOE Loan Commitments Gevo (NASDAQ:GEVO) reported second-quarter revenue growth and raised its full-year adjusted EBITDA outlook, citing stronger performance in its low-carbon fuels and carbon businesses, higher expected tax-credit monetization, and newly approved access to Canada’s clean-fuel market. Revenue for the second quarter totaled $47 million, up 7% from $43 million in the prior-year period, despite planned maintenance and debottlenecking work at the company’s North Dakota facility. First-half revenue rose 23% to $89 million, aided by a full six months of contribution from the Red Trail Energy assets acquired in 2025, compared with five months in the prior-year period. → 3 Drone Stocks That Should Soar After the Summer Slump October's 4 Best Penny Stocks: High-Risk, High-Reward Picks Gross profit was $20 million, producing a 43% gross margin, compared with $19 million and a 44% margin a year earlier. For the first half, gross profit increased to $36 million from $21 million. Chief Financial Officer Leke Agiri said the improvement reflected the Red Trail acquisition and efforts to optimize generation of 45Z clean-fuel tax credits, which Gevo records as a reduction to cost of goods sold. Gevo now expects non-GAAP adjusted EBITDA of more than $60 million for 2026, more than double its previous forecast of $30 million. Second-quarter adjusted EBITDA was $11 million, while adjusted net loss was $1 million, or $0.01 per share. → Meta’s Earnings Drop Shows Wall Street Wants More Than Ad Growth Gevo's Cash Flow, Small Cap Buying Back Shares The revised outlook is supported by four factors outlined by Agiri: revenue from Canada’s Clean Fuel Regulation, more than $70 million in anticipated 45Z tax-credit generation and monetization, continued low-carbon fuel and specialty-fuel sales, and further cost discipline. The company received approval during the quarter for a Canada Clean Fuel Regulation pathway covering low-carbon ethanol produced with carbon capture and sequestration. Chief Executive Officer Paul Bloom said the approval provides access to a Canadian compliance market exceeding 1 billion gallons annually, beginning in the third quarter. → Jersey Mike's Serves Fresh Gains After IPO Stumble The approval also applies retroactively to credits associated with low-carbon ethanol sold into Canada beginning in 2025. Bloom said Gevo has sold approximately 17 million banked credits, which are expected to be recognized in the third quarter. He said the company believes its carbon business can generate more than $30 million in annual revenue on a run-rate basis under current capacity and market conditions, excluding the banked Canadian credit sales. During the question-and-answer session, Bloom said some of the Canadian credit benefit in the 2026 outlook is nonrecurring, but more than 40% of the credits were realized during 2026. He added that Gevo expects its 2027 adjusted EBITDA to be broadly in line with the updated 2026 target after accounting for nonrecurring 2026 revenue and production gains from debottlenecking. Gevo is pursuing a three-stage growth plan at its North Dakota complex. The first phase involves debottlenecking the site to lift low-carbon ethanol capacity to 75 million gallons annually by the end of 2026. The work is expected to increase low-carbon ethanol, co-product, carbon-capture and associated incentive volumes by roughly 10% to 15% by year-end. Bloom said the project remains on schedule and on budget. The company previously disclosed capital spending of roughly $24 million for the work, with about half directed toward operational reliability and half toward increasing output from 67 million gallons to 75 million gallons. The second phase would double capacity to about 150 million gallons annually of low-carbon ethanol, along with associated carbon-capture and tax-incentive capacity. Gevo said financing for that expansion remains targeted for completion in the second half of 2026 under its previously announced arrangement with Ara Energy. Engineering, permitting and initial equipment procurement are underway, and Gevo anticipates completing the expansion in 2028 once financing and construction proceed. Agiri said the planned capital structure is expected to include project-level debt along with investment by Gevo and Ara Energy. He said Gevo intends to retain a controlling interest and consolidate the expansion project on its balance sheet. The company has not yet disclosed the expansion’s total capital requirement. The third phase calls for converting roughly one-third of expanded ethanol capacity into sustainable aviation fuel through Project Northstar, or ATJ-30, a planned 30-million-gallon-per-year alcohol-to-jet project. Gevo completed front-end loading level-three engineering estimates during the second quarter. The project’s updated capital estimate is $600 million, with the company saying costs for alcohol-to-jet process modules were within 2% of prior estimates, while site-specific engineering and logistics costs increased. Gevo continues to target a final investment decision for ATJ-30 by year-end, although Bloom said securing additional bankable offtake agreements remains a gating item. The company is pursuing non-dilutive, project-level financing and said it is engaged with multiple lenders and equity providers. Gevo finalized its decision to exit activities related to the ATJ-60 project in Lake Preston, South Dakota, and to discontinue other non-core initiatives. The company recorded a $176 million one-time, non-cash impairment charge tied primarily to previously capitalized development and engineering costs for the South Dakota project. Agiri said the charge did not affect cash, liquidity, expected operating cash flow or the economics of the North Dakota operation. Including the impairment, Gevo reported a GAAP net loss attributable to shareholders of $177 million, or $0.75 per share, for the quarter. The company ended the quarter with $58 million in cash, cash equivalents and restricted cash. Agiri said that figure excludes approximately $16 million in proceeds collected after quarter-end from the sale of 45Z credits. Gevo has already closed on a $20 million sale of 45Z credits and expects to monetize the remaining roughly $50 million by year-end. Gevo continues to expect full-year operating cash flow to range from neutral to positive, with meaningful positive operating cash flow anticipated in the second half. The company also said it has identified more than three dozen EBITDA improvement opportunities, about half of which management characterized as relatively low-hanging fruit, and has implemented approximately half of those initiatives. Gevo, Inc (NASDAQ: GEVO) is a renewable chemicals and biofuels company that develops and produces low-carbon alternatives to petroleum-based products. The company's core technology platform converts fermentable sugars into isobutanol, which can be further processed into sustainable aviation fuel (SAF), renewable gasoline, diesel, and jet fuel. Gevo's integrated biorefinery model combines fermentation, recovery, and downstream processing to deliver scalable, drop-in replacements for conventional fossil-derived hydrocarbons. Gevo's primary products include isobutanol, a four-carbon alcohol used as a building block for various fuels and chemicals, and hydrocarbon fuels that meet ASTM specifications for aviation and road transport. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gevo Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

ENGLEWOOD, Colo., Aug. 06, 2026 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO), a leader in renewable fuels, chemicals and carbon management, today announced its financial results for the second quarter ended June 30 and provided an update on its 2026 outlook, cash-flow expectations and strategic priorities. “Gevo delivered strong second quarter operational results and unlocked significant carbon business revenue that is expected to begin in the third quarter, which supports increased expectations of full-year non-GAAP Adjusted EBITDA1 outlook of more than $60 million,” said Gevo Chief Executive Officer Paul Bloom. “We have a strong, returns-focused business. Our carbon business strategy is working and Gevo North Dakota is a strategic asset for profitable growth. Exiting our ATJ-60 project in South Dakota and other non-core projects and recognizing a one-time, non-cash impairment reflects our disciplined approach to prioritize the most attractive near-term growth while enabling long-term value creation.” Financial Highlights Revenue of $47 million in the second quarter of 2026, which was affected by our annual planned downtime for maintenance that was completed in April. We do not expect any further operational downtime this year. Gross profit of $36 million in the six months ended June 30, 2026, compared to $21 million in the same period last year, an increase that reflects six full months of benefit from the acquired Red Trail Energy, LLC assets as well as a strengthening of the Company's core businesses. Net loss attributable to Gevo of $(177) million, or $(0.75) per share in the second quarter of 2026. Non-GAAP adjusted net loss attributable to Gevo2 was $(1) million, or $(0.01) per share. Non-GAAP Adjusted EBITDA1 of $11 million in the second quarter of 2026. Business and Operations Highlights “Gevo has a powerful growth platform centered on commodities, carbon and incentives,” said Bloom. “We have focused development around our existing operations, improving margins and near-term cash flow, with a portfolio of growth projects that we believe will create substantial shareholder value.” Improved full year 2026 Non-GAAP Adjusted EBITDA1 outlook: Gevo now expects full year 2026 non-GAAP Adjusted EBITDA1 to be greater than $60 million, which is more than double the prior target of $30 million. The improved outlook is supported by: Increased cash flow: The Company expects substantial operating cash flow in the third and fourth quarters of 2026, supported by the improved 2026 non-GAAP Adjusted EBITDA1 outlook and more than $70 million in expected Section 45Z tax credit monetizations for the full year 2026, of which $20 million in sales closed subsequent to the second quarter of 2026 and the remaining $50 million in sales and associated cash proceeds are targeted by year end. Debottlenecking: Site improvement efforts at Gevo North Dakota remain on track, with debottlenecking activities expected to deliver increased low-carbon ethanol, coproduct, carbon capture and associated incentive volumes by approximately 10–15%, including 75 million gallons per year of low-carbon ethanol, starting in 2027. Growth projects: Gevo continues to advance its portfolio of growth projects, including the planned expansion of Gevo North Dakota that would double production to about 150 million gallons per year of low-carbon ethanol and associated carbon capture and sequestration (CCS) which is targeting startup of operations in 2028, and the ongoing development of the ATJ-30 SAF deployment, while maintaining disciplined capital allocation. Low-carbon ethanol production: Gevo produced 16.3 million gallons of low-carbon ethanol during the second quarter of 2026, compared to 16.8 million gallons in the same quarter last year, primarily due to planned downtime for maintenance completed in April. RNG production: Gevo produced 95,939 MMBtu of RNG during the second quarter of 2026, compared to 92,138 MMBtu in the same quarter last year. Webcast and Conference Call Information Hosting today’s conference call at 4:30 p.m. ET will be Paul Bloom, chief executive officer, Leke Agiri, chief financial officer and Eric Frey, vice president of finance and strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights. To participate in the live call, please register through the following event weblink: https://registrations.events/direct/Q4I702120. To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://events.q4inc.com/attendee/341485152. A webcast replay will be available after the conference call ends on August 6, 2026. The archived webcast along with the earnings press release and slide presentation will be available in the Investor Relations section of Gevo’s website at www.gevo.com. About Gevo Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world’s first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals, operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at its North Dakota site. Gevo’s market-driven “pay-for-performance” approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market. For more information, see www.gevo.com. Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, Adjusted EBITDA expectations, expected financial results from the new CFR pathway, expected future monetization of Section 45Z and other carbon credits, the financing and timing of our ethanol and CCS expansion project, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo. Non-GAAP Financial Information This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted net income (loss) and adjusted EBITDA. Non-GAAP adjusted net income excludes impairment of long lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss). Non-GAAP Adjusted EBITDA excludes depreciation and amortization, impairment of long lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss) from operations. Management believes it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial information also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial information is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below. Gevo has not provided a reconciliation of forward-looking non-GAAP adjusted EBITDA guidance measures to the most directly comparable GAAP measures because of the inherent difficulty in accurately forecasting certain items excluded from GAAP, which have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort. 1 Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations. A reconciliation of non-GAAP adjusted EBITDA to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above. 2 Adjusted net income (loss) is a non-GAAP measure calculated by adding back impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss). A reconciliation of non-GAAP adjusted net income (loss) from operations to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above. 3 The one-time, non-cash impairment charge of $176 million consists of $136 million of impairment of long-lived assets and $40 million of allowance for credit losses on refundable deposits as shown on the Consolidated Statement of Operations. Gevo, Inc.Consolidated Balance Sheets(In thousands, except share and per share amounts) Gevo, Inc.Consolidated Statements of Operations(In thousands, except share and per share amounts) Gevo, Inc.Consolidated Statements of Stockholders’ Equity(In thousands, except share amounts) Gevo, Inc.Consolidated Statements of Cash Flows(In thousands) Gevo, Inc.Reconciliation of GAAP to Non-GAAP Financial Information(In thousands) Media [email protected] Investor ContactEric Frey, PhDVice President of Finance and [email protected]

ENGLEWOOD, Colo., July 22, 2026 (GLOBE NEWSWIRE) -- Gevo, Inc. (NASDAQ: GEVO) today announced it will host a conference call at 4:30 p.m. ET on August 6 to report its financial results for the second quarter ended June 30. To participate in the live call, please register through the following event weblink: https://registrations.events/direct/Q4I702120 To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://events.q4inc.com/attendee/341485152 A webcast replay will be available after the conference call ends on August 6. The archived webcast will be available in the Investor Relations section of Gevo's website at investors.gevo.com. About Gevo Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including sustainable aviation fuel (SAF), motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent carbon capture and storage (CCS) facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based renewable natural gas (RNG) facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world’s first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at our North Dakota site. Gevo’s market-driven “pay-for-performance” approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market. For more information, see www.gevo.com. MEDIA [email protected] IR [email protected]

Wrapping up Q1 earnings, we look at the numbers and key takeaways for the mixed or offshore upstream E&P stocks, including Gevo (NASDAQ:GEVO) and its peers. This category includes smaller or niche E&P companies operating in specialized basins, geographies, or resource types outside major classifications. These firms may target unconventional resources, frontier regions, or specific commodity niches. Tailwinds include potential for outsized returns from successful exploration, acquisition opportunities during industry downturns, and specialized expertise commanding premium valuations. Headwinds include higher operational and geological risks, limited scale reducing negotiating power and cost efficiencies, and constrained capital market access during challenging commodity environments. Regulatory risks and ESG concerns may disproportionately affect smaller operators with fewer resources for compliance. The 21 mixed or offshore upstream E&P stocks we track reported a satisfactory Q1. As a group, revenues missed analysts’ consensus estimates by 0.8%. Amidst this news, share prices of the companies have had a rough stretch. On average, they are down 12.8% since the latest earnings results. Operating one of the largest dairy-based renewable natural gas facilities in the United States, Gevo (NASDAQ:GEVO) produces sustainable aviation fuel and other renewable hydrocarbon fuels from plant-based feedstocks like corn. Gevo reported revenues of $42.95 million, up 47.5% year on year. This print fell short of analysts’ expectations by 5%. Overall, it was a slower quarter for the company with EPS in line with analysts’ estimates. “We continue to deliver solid quarterly results while strengthening and expanding our low-carbon ethanol and carbon business to provide a solid foundation for Alcohol-to-Jet (“ATJ”) growth,” said Paul Bloom, chief executive officer of Gevo. The market seems disappointed with the results as the stock is down 29.6% since reporting and currently trades at $1.43. Is now the time to buy Gevo? Access our full analysis of the earnings results here, it’s free. Operating in water depths reaching 12,000 feet below the surface, Seadrill (NYSE:SDRL) owns and operates drillships and semi-submersible rigs that drill oil and gas wells in deepwater offshore locations. Seadrill reported revenues of $358 million, up 6.9% year on year, outperforming analysts’ expectations by 7.2%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates. Although it had a fine quarter compared to its peers, the market seems unhappy with the results as the stock is down 17.5% since reporting. It currently trades at $39.86. Is now the time to buy Seadrill? Access our full analysis of the earnings results here, it’s free. Operating in some of the world's deepest waters with projects located up to 120 kilometers offshore, Kosmos Energy (NYSE:KOS) explores for, develops, and produces oil and natural gas from deepwater offshore fields. Kosmos Energy reported revenues of $370.9 million, up 27.7% year on year, falling short of analysts’ expectations by 8.9%. It was a disappointing quarter as it posted a significant miss of analysts’ EBITDA and EPS estimates. As expected, the stock is down 24.3% since the results and currently trades at $2.48. Read our full analysis of Kosmos Energy’s results here. Operating in three continents with a history stretching back to 1954, APA Corporation (NASDAQ:APA) explores for, develops, and produces crude oil, natural gas, and natural gas liquids in the U.S., Egypt, and the U.K. North Sea. APA Corporation reported revenues of $2.14 billion, up 1.6% year on year. This result surpassed analysts’ expectations by 3%. It was an exceptional quarter as it also put up a beat of analysts’ EPS and EBITDA estimates. The stock is down 11.2% since reporting and currently trades at $34.02. Read our full, actionable report on APA Corporation here, it’s free. Operating in waters over a mile deep in the Gulf of Mexico and extracting hydrocarbons from tight shale rock formations in Texas, Murphy Oil (NYSE:MUR) explores for and produces crude oil, natural gas, and natural gas liquids from fields in North America and Asia. Murphy Oil reported revenues of $733.6 million, up 10.2% year on year. This number beat analysts’ expectations by 3.7%. More broadly, it was a slower quarter as it produced a significant miss of analysts’ EBITDA estimates. The stock is down 9.5% since reporting and currently trades at $35.22. Read our full, actionable report on Murphy Oil here, it’s free. Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. 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Gevo’s first quarter saw a negative market reaction as the company missed Wall Street’s revenue and earnings expectations, despite posting strong year-on-year growth. Management attributed the performance to continued operational improvements at its North Dakota plant, growth in low carbon ethanol and renewable natural gas, and successful monetization of carbon credits. CEO Paul D. Bloom emphasized the company’s focus on “advancing execution and strengthening the foundation for scale,” noting that operational reliability and carbon attribute sales were key contributors. Management also launched a corporate-wide EBITDA Challenge aimed at boosting efficiency and unlocking new sources of revenue. Is now the time to buy GEVO? Find out in our full research report (it’s free). Revenue: $42.95 million vs analyst estimates of $45.21 million (47.5% year-on-year growth, 5% miss) Adjusted EPS: -$0.03 vs analyst estimates of -$0.01 ($0.02 miss) Adjusted EBITDA: $8.53 million vs analyst estimates of $7.89 million (19.9% margin, 8.1% beat) Operating Margin: -11.4%, up from -69.2% in the same quarter last year Market Capitalization: $410.9 million While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Amit Dayal (H.C. Wainwright) asked if debottlenecking will impact financials in 2027; CEO Paul D. Bloom confirmed the benefits are expected to be realized starting in Q1 2027 as construction is completed. Amit Dayal (H.C. Wainwright) questioned funding burdens for the Ara expansion; CFO Oluwagbemileke Agiri explained that project-level debt, combined with Ara’s capital, will fund the expansion without additional balance sheet strain. Amit Dayal (H.C. Wainwright) asked about Verity’s progress; Bloom shared that Verity has secured eight customers and partnerships with Bushel and Cboe, though regulatory clarity is needed for further scale. Jeffrey Grampp (Northland Capital Markets) inquired about financing sources for both major projects; Agiri said they are considering both joint and separate capital stacks, prioritizing optimal returns and speed. Derrick Whitfield (Texas Capital) asked about the potential EBITDA impact of the company-wide challenge; Bloom explained it is designed to reach and exceed the $40 million target, with future phases planned as expansion projects come online. In the coming quarters, the StockStory team will monitor (1) the pace and completion of the North Dakota plant’s debottlenecking and expansion, (2) progress on securing private financing and offtake agreements for Project NorthStar, and (3) the company’s ability to monetize new carbon credits and gain regulatory approvals for additional low carbon fuel pathways. Execution on these fronts will be critical to achieving Gevo’s growth and profitability targets. Gevo currently trades at $1.72, down from $2.03 just before the earnings. At this price, is it a buy or sell? See for yourself in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+782% five-year return). Find your next big winner with StockStory today.

Image source: The Motley Fool. Thursday, May 7, 2026 at 4:30 p.m. ET Chief Executive Officer — Paul D. Bloom Chief Financial Officer — Oluwagbemileke Agiri Vice President of Finance and Strategy — Eric Frey Executive Vice President of Operations and Engineering — [Name not provided] Need a quote from a Motley Fool analyst? Email [email protected] Eric Frey: Good afternoon, everyone, and thank you for joining us on today’s call to discuss Gevo, Inc.’s first quarter and full year 2026 results. I am Eric Frey, Vice President of Finance and Strategy at Gevo, Inc. With me today, we have Paul D. Bloom, our Chief Executive Officer; Oluwagbemileke Agiri, our Chief Financial Officer; and Unknown Speaker, Executive Vice President of Operations and Engineering. Earlier today, we issued a press release that outlines our first quarter 2026 results and some of the topics we plan to discuss. Copies of the press release are available on our website at gevo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those statements include projections about the timing, development, engineering, financing, and construction of our alcohol-to-jet project; the potential expansion and debottlenecking of our Gevo, Inc. North Dakota plant; the potential expansion of our carbon sequestration well; our expected future adjusted EBITDA; our agreements with Ara Energy; and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements. In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release which can be found on our website at gevo.com in the Investor Relations section. Following the prepared remarks, we will open the call for questions. I would like to remind everyone that this conference call is open to the media, and we are providing a simultaneous webcast to the public. A replay of this call and other past events will be available via the company’s Investor Relations page at gevo.com. I would now like to turn the call over to the CEO of Gevo, Inc., Paul D. Bloom. Paul? Paul D. Bloom: Thanks, Eric. Good afternoon, everyone, and thanks for joining us. This quarter was about advancing execution and strengthening the foundation for scale. Our team continued to build on the momentum of last year, strengthening our core business while advancing the next phase of our growth. We made measurable progress on our ATJ 30 project and our planned debottlenecking and expansion of Gevo, Inc. North Dakota. We continued to improve the performance of our existing business and refine our financing strategy. 2026 was our fourth consecutive quarter delivering positive non-GAAP adjusted EBITDA that reflected better than expected results with improved margins on top of solid production volumes. Our carbon business continued to deliver strong returns from low carbon ethanol compliance markets. In Q1, we sold approximately 57% of our carbon attributes attached to fuel. We also generated nearly 20 thousand tons of engineered carbon dioxide removal credits, or CDRs, to be sold into the voluntary carbon market and continue to see steady demand and relatively strong credit pricing for low carbon ethanol sales in markets where we participate. Our customers for CDRs continued to grow in Q1, including purchases and retirements by Amgen, Bank of Montreal, and PayPal, while continuing to advance more sizable long-term CDR deals. Importantly, we see continued growth this year even before our debottlenecking at Gevo, Inc. North Dakota comes into effect. Last year, we reported approximately $16 million adjusted EBITDA. For 2026, we expect approximately $30 million of adjusted EBITDA as we progress towards our previously stated target of achieving $40 million of adjusted EBITDA on an annualized run-rate basis from existing operations by the end of this year. The impact of our debottlenecking and other growth plans is incremental to this target. To further support our efforts, we have launched a corporate-wide initiative we are calling the EBITDA Challenge. This is about unlocking new revenue growth, improving operational performance, and managing costs across our organization. We look forward to providing more updates as we make progress on this critical initiative. Now let me turn to our alcohol-to-jet project that we call Project NorthStar, since I know that is top of mind. As previously announced, we made the decision to withdraw from the DOE financing process following a conversation with them around certain new requirements for the loan guarantee, including enhanced oil recovery as a business objective. These requirements did not align with our duty to maximize value for our stakeholders, from both an economic and timeline perspective. Withdrawing from the DOE process allows us to fully engage with a broader group of private capital providers while adding greater certainty and flexibility to our financing efforts. I am pleased to report that we have received nonbinding indications of interest from multiple lenders, which supports our goal of securing financing for Project NorthStar by the end of 2026. As a reminder, we are pursuing a combination of non-dilutive project-level debt and strategic capital options for Project NorthStar. Beyond financing, we are making good progress on our other key milestones that include engineering and offtake agreements. On engineering, we talk about front end loading, otherwise known as FEL, for which stage two has been completed. We remain on track to complete FEL 3 this quarter, which will further refine our capital cost estimates and position us to move forward to detailed engineering. Regarding offtake, we have already secured approximately half of the financeable long-term contracts for synthetic aviation fuel and carbon attributes for the project. Currently, we are at the term sheet stage for additional contracts which, upon completion, we expect will meet our financing requirements. We see a clear path to final investment decision, or FID, and based on our progress, continue to believe that Project NorthStar can deliver approximately $150 million of adjusted EBITDA per year once fully commissioned and online. Switching gears to our expansion projects, on March 30, we announced our intent to expand the capacity of Gevo, Inc. North Dakota by up to 75 million gallons per year, bringing our total capacity to an expected 150 million gallons per year. This expansion would effectively double the carbon capture and low carbon ethanol production and all the value that comes with that, from our original acquisition of the plant last year. To help finance the expansion, we entered into a preliminary agreement with Ara Energy, a global private equity and infrastructure firm focused on industrial decarbonization, to co-invest in the project. We still have to finalize the details, but we believe partnering with experienced capital providers will allow us to move faster than our balance sheet alone would support, while maintaining a disciplined approach to capital projects, avoiding dilution, and optimizing risk-adjusted returns. We expect construction of that expansion to take approximately 18 to 24 months following final investment decision. Lastly, let me touch on the debottlenecking and other site improvements that are currently in progress at Gevo, Inc. North Dakota. As previously announced, the volumes unlocked by our debottlenecking efforts should expand adjusted EBITDA in the Gevo, Inc. North Dakota segment by an anticipated 10% to 15%. We are on track to deliver the debottlenecking and operational reliability projects by the end of 2026. Site improvements are underway, and Unknown Speaker will talk more about that and our other operational and engineering highlights. But first, I will turn it over to Oluwagbemileke Agiri to run through the financial performance for the quarter. I will come back at the end to recap. Oluwagbemileke Agiri: Thanks, Paul. During Q1 2026, we reported revenue of $43 million compared to $29 million in Q1 last year, net loss attributable to Gevo, Inc. of $22 million, or $0.09 per share, which is coincidentally the same as it was in Q1 of last year. I would emphasize that first quarter results include debt extinguishment and modification of $11 million, and non-GAAP adjusted EBITDA of $9 million compared to a loss of $15 million in Q1 last year. Adjusted EBITDA largely reflects contributions from our carbon capture, low carbon ethanol and RNG operations, and corporate expenses. While our adjusted EBITDA for full year 2025 was $16 million, we continue to see adjusted EBITDA growth in 2026 and are excited to reaffirm our target of reaching an annualized run-rate adjusted EBITDA of $40 million this year. During the 12 months of 2026, we expect $30 million of adjusted EBITDA. Our first quarter results were better than expected due to strong production and margin performance, in spite of typical seasonal softness in ethanol margins. We are optimizing value from monetizing carbon, commodity, and tax credits, in addition to our strong focus on fiscal discipline and cost management. As Paul mentioned, we launched a corporate-wide initiative that we are calling the EBITDA Challenge. This is not just a cost-cutting exercise. This is about unlocking new revenue growth, improving operational performance, and managing costs across our organization. Going forward, we continue to expect some quarter-to-quarter variability in adjusted EBITDA, but overall, we reaffirm our targets. I also note that we see some potential upsides to our targets across a number of fronts, including unlocking revenue from expected new low carbon fuel pathway approvals we have been working on for over a year. Turning to cash flow and the balance sheet, we ended the quarter with approximately $39 million of cash and cash equivalents. We reported negative operating cash flow of $21 million. This reflects timing-related impacts, including $17 million of tax credits that have been generated but have not yet been monetized, and roughly $4 million of one-time costs tied to debt refinancing and extinguishment. Adjusting for these factors, operating cash flow would have been close to neutral, in line with our expectations and consistent with our path toward achieving our 2026 cash flow objectives. Refinancing our growth, we are taking a disciplined and methodical approach. Our priority is to ensure that any capital we raise aligns with our long-term strategy, preserves flexibility, and supports sustainable value creation for our shareholders. Regarding ATJ 30, we are actively evaluating indications of interest that we have received from private capital providers. This process is focused not only on securing funding, but partnering with capital providers who understand the strategic position of our project, share a commitment to our execution timeline, and help minimize dilution. On debottlenecking and other asset enhancement projects, we expect to spend $26 million this year that we plan to fund internally, as we have said previously. And as Paul mentioned, we expect to finance our expansion project with capital partners like Ara Energy. Overall, we believe our cash and cash flow put us in a strong place to execute this year and confidently pursue our long-term objectives. And now I will hand it over to Unknown Speaker to talk about operations. Unknown Speaker? Unknown Speaker: Thanks, Oluwagbemileke. From an operations standpoint, we saw consistent performance across our asset base in the first quarter. At Gevo, Inc. RNG, we produced about 92 thousand BTUs of renewable natural gas compared to about 80 thousand during the same quarter last year, or a 15% increase. Last quarter saw improved reliability as a result of our continued focus on operational stability. At Gevo, Inc. North Dakota, the plant delivered 18 million gallons of low carbon ethanol, plus 16 thousand tons of dry distillers grains, 51 thousand tons of modified distillers grains, and 5 million pounds of corn oil co-products. This was even better than expected as a result of our continued focus on operational excellence. The team remains focused on executing the debottlenecking and asset reliability projects that are expected to unlock incremental volumes and expand margins. During a planned shutdown in April, we succeeded in making the process tie-ins we need for these improvements. We believe we will not need any additional or unplanned outages to complete and commission the debottlenecking. That is great because we can start adding long-term production capacity without sacrificing our short-term volume this year. We are currently in construction of a new fermenter, liquefaction tank, beer degassing system, and a new milling building, which are all part of our plans to increase the plant capacity to around 75 million gallons per year of low carbon ethanol starting in 2027. For comparison, the current nameplate capacity is 67 million gallons per year, which we are already exceeding. We budgeted $26 million in capital expenditures this year for the debottlenecking and site improvements, funded by Gevo, Inc. North Dakota operating cash flows, as Oluwagbemileke mentioned, and we continue to expect about that level of capital spend. On our plant expansion from 75 to 150 million gallons a year, we are repurposing much of our work, design, and team from our previous ethanol project that was originally planned for South Dakota. We believe these efforts, while working with our existing network of partners, including Fluid Quip Technologies, will accelerate the expansion. Finally, on ATJ 30, we are on schedule to complete FEL 3, which will bring us to a plus or minus 10% estimate on the capital cost of the project, including the modularization work being done by Praj along with the Gevo, Inc. engineering team in India. Our U.S. engineering team and engineering partners are focused on completing the balance of plant design and integration of the entire project. In summary, we are focused on delivering operational excellence while also positioning our assets to support the next phase of growth. Now I will turn it back to Paul. Paul D. Bloom: Thanks. As you can see, we are in a much stronger position than we were a year ago. We have a solid operating base, a clear path to improving profitability, and multiple opportunities to scale our business in a meaningful and repeatable way. In addition, the conflict in the Middle East has highlighted, among other things, the relative inelasticity of jet fuel supply and demand, underscoring the critical importance of renewable alternatives like SAF. With the expected increase in global demand for jet fuel in the future, Gevo, Inc. has seen increased interest in our SAF and franchise strategy, both in our carbon management and our anticipated ability to supplement regional supply with our modular approach to deploying alcohol-to-jet capacity. Let me finish by saying our focus is clear. First, expand our cash-generating business. Second, secure a durable capital structure. Third, deliver our first commercial-scale SAF project. And lastly, build a repeatable platform for growth. With that, I will turn it back over to the operator to take your questions. Thank you. Operator: We will now open the call for questions. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. Your first question comes from Amit Dayal from H.C. Wainwright. Please go ahead. Amit Dayal: Thank you. Good afternoon, everyone. Thank you for taking my questions. Good to see all the progress, Paul. On the debottlenecking front, should we assume that the impact from these efforts will reflect in the financials in 2027? Paul D. Bloom: Hi, Amit. Thanks for the question. Yes, that is the plan here because, like Unknown Speaker mentioned, we have already got the tie-ins done for the expansion. We are working on that construction today. That will be done at the end of the year, so that should immediately start in 2027 in Q1 to start delivering that extra 10% to 15% that we are talking about compared to where we end the year. Amit Dayal: Understood. Thank you for that. And with the efforts with Ara, does that require any capital commitment from you, or will that also be project finance? I am just trying to think through whether that puts any burden on the balance sheet or whether you have optionality to fund that through project financing and outside sources. Oluwagbemileke Agiri: Thanks for the question. High level, we are going to arrange project-level debt to complete the capital stack. So the combination of cash that we have on hand with capital from Ara Energy completes all the capital we need to complete that expansion project. Paul D. Bloom: Yes, we were really excited about that, Amit, to say we found what we think is a really good partner in Ara Energy. We are looking forward to getting that finalized so we can get started because the clock is ticking, and we want to get that done as soon as possible. Like we mentioned, we have a timeline of 18 to 24 months to get that completed, and that effectively doubles what we have at Gevo, Inc. North Dakota. That is a pretty exciting project for us, and we just cannot go fast enough. Amit Dayal: On that front, Paul, can we assume that if everything closes in a timely manner, work on the buildout starts this year in 2026 itself? Paul D. Bloom: Absolutely. We have already started to work on this project because, Amit, we had a lot of the team working on ethanol plant design back when we had the South Dakota greenfield plant. We have done a lot already, so we are repurposing the team. Unknown Speaker mentioned we are already working with Fluid Quip, for example. So we have already started. How do we get this done? What does that engineering look like on site? We started talking about that right after we got the acquisition done of the Red Trail assets, now Gevo, Inc. North Dakota. So this has been in the works and in the planning for some time, and we are ready to hit the ground running. Amit Dayal: That is good to hear. Just last question. Did not hear too much about Verity. Just wondering how that is progressing and if you are seeing traction with potential customers on that front? Paul D. Bloom: Sure. Thanks for the question on Verity. We love Verity. Verity has become part of our core franchise business for one because if you look at a bottle of Jet A and a bottle of SAF, they look the same because the molecules are essentially identical. The only difference is how we got there: what was the source of the feedstock, how we produced it, and the carbon intensity score, and customers want that proof. So as we build out our business, we will have Verity inside everything that we are doing, whether it is low carbon ethanol or on the SAF side. On Verity specifically, we have more customers. We had a couple of partnerships that we announced over the past few months. One was with Bushel, who basically services about 50% of the grain elevators in the United States and Canada. We think that is a really good way to take Verity and combine it with another software platform and get out to the market faster. We have also been working with a company called Cboe, and Cboe really helps with data acquisition, boots on the ground. We have signed up 8 customers so far. We are really excited about this. The one thing that we need to still see for Verity—because we designed this to take the benefits from the field to the fleet, or the field to the seat on the aircraft—is ag benefits, the 45Z ag benefits specifically included into 45Z. We have been waiting for that. We think we are getting closer, but we really need to see that, and I think that is a catalyst for Verity to really take off and grow in the marketplace because we have a tool that was designed to do that. Amit Dayal: Understood. Thank you, Paul. That is all I have. I will step back in the queue. Paul D. Bloom: Great. Thanks. Operator: Your next question comes from Jeffrey Grampp from Northland Capital Markets. Please go ahead. Jeffrey Grampp: Afternoon, guys. I am curious, with respect to the project finance opportunities for both the expansion project and ATJ, given that the timelines could potentially coincide a bit, are you evaluating perhaps a single source of capital for both projects? Does it make sense to have varying capital for different projects? Just curious how you are evaluating funding since it seems like there is perhaps some overlap. Oluwagbemileke Agiri: Thanks for the question. High level, we are evaluating all executable project financing plans, and some of the current project capital providers that we are talking to have expressed appetite in both projects. At the end of the day, we have a decision to make in terms of how we prioritize the capital providers that optimize our return for each of the various projects we have in front of us. We are really excited about the opportunities and the engagement that we have so far. Stay tuned. We will be sharing more definitively in terms of what those selection criteria are and the parties that we are going to be developing those projects with, especially ATJ 30, in due course. Paul D. Bloom: Thanks, Oluwagbemileke. Just to add on to that, Jeff, one of the things that we want to make sure of is we go as fast as we can on these projects. Making sure that we have the right options, whether they are together or independent, could change timelines on some things. Like we said, we are looking at all the options and are really excited and happy about the response that we have at this point. Jeffrey Grampp: For my follow-up, somewhat related to the financing but more specific to ATJ. It sounds like you have half the offtake in place and you are working on additional offtake. Is it safe to assume that is a prerequisite to closing anything on that side? And are there any other major obstacles or negotiating points outside of the offtake beyond just normal terms and conditions? Paul D. Bloom: The offtakes are the major gating item that we are still working through here, Jeff. We are focusing on delivering those bankable contracts that everybody is comfortable with on the financing side. We are pretty far along. We just need to finish up a few things that are at the term sheet stage. We will get that completed here, hopefully in the near future. I do not want to have everything under contract either for the ATJ 30 project. Project NorthStar we believe is going to be very accretive, and we want to make sure that we have some free to sell in the market so we can be opportunistic with those sales because who knows what those carbon values and jet fuel prices are going to be in the future. We will get enough to get where we need to be for the financing and go from there. Jeffrey Grampp: Understood. If I can sneak one more in related to that last point, what is that right mix? I understand there is not a single right number, but what kind of spot exposure makes sense for you? Oluwagbemileke Agiri: Ideally, you effectively do the math to understand what amount of contracted offtakes underpin the investments from our capital providers. It is a negotiation that we are going through. Typically, when you look at capital projects like ours, you see facilities under contracted offtakes somewhere between 70% to 80%. Maybe we will be in that mix. Maybe we can expose our volumes to more spot offtake volumes. That is yet to be determined. Did I address your question? Jeffrey Grampp: Yes, that is perfect. I will turn it back. Thank you, guys. Oluwagbemileke Agiri: Thanks. Operator: Before we proceed, again, if you would like to ask a question and join the queue, simply press star 1. Your next question comes from Derrick Whitfield from Texas Capital. Please go ahead. Derrick Whitfield: Good afternoon all, and congrats on the strong quarter. Paul, I am sure a lot of this was in process with your team before, but you have hit the ground running with this release. Paul D. Bloom: Thanks. We have been busy. It is a busy group. Derrick Whitfield: On the EBITDA Challenge, could you speak to the scale and scope of the program and what it could reasonably yield on the current platform before accounting for debottlenecking and expansion? Paul D. Bloom: Sure thing. We are pretty excited about this. It is focused on getting us to the run-rate of $40 million in adjusted EBITDA per year as soon as possible. We said we are going to do it, and the main thing is: how are we going to do it and measure it? We put process and an initiative in place for all Gevo, Inc. colleagues where we are capturing the metrics of what we are putting in place. It is part of an incentive plan that all employees have to drive EBITDA, not just to that $40 million but well beyond that. Think of this as phase one. It is getting us all to think about how we work, how we do our jobs the most efficient way, and deliver value—whether unlocking revenue, managing our costs, or coming up with better operational projects. We have a whole list already, and that list will continue to grow. I think it will go well beyond the $40 million that we set as a target by the end of the year. If you look at the investor presentation, after $40 million, we will have the debottlenecking. After debottlenecking, we are looking at the terminal for third-party CO2, and then we have the expansion with Ara Energy, and then monetizing that pore space fully. That gets to over $100 million in adjusted EBITDA that we are targeting. Again, think of it as a phased approach. We will continue this challenge. The challenge never ends; it will just go in phases as we work through it. Oluwagbemileke Agiri: One of the key points is we are targeting sustainable EBITDA growth. As we look at cost management, we also look at opportunities for investment to expand margins. Those are aspects that we hope to translate into recurring EBITDA growth and drive shareholder value. Paul D. Bloom: One other thing to reinforce: we have a number of fuel pathways today where we are selling low carbon fuel with the carbon attributes attached in compliance markets as part of our carbon business. Some of those recognize the value of carbon capture and sequestration, or the CCS value; some do not. We have made sure with our sustainability team that we have optionality to sell that value with or without the fuel, and we are getting more approvals. We expect additional approvals this year that should unlock substantial value. That is an example of a revenue unlock that could be quite substantial for us going forward. Derrick Whitfield: Along the same lines, are you seeing opportunities to further improve your ethanol netbacks? Ethanol is, globally, the cheapest octane in the world at present, and the global product markets are exceptionally tight. It seems like there are ways to make more economics just on the brown molecule as well. Paul D. Bloom: Absolutely. A couple of things are going on. We will see where the farm bill gets with E15, but that could increase ethanol demand by 5% just right there if we go to year-round E15. We have also seen other markets that are pulling for export, just extra demand. We see demand growth in Japan as they think about E10 and then moving on to E20. We look at marine markets where there has been a lot of talk and potential expansion. We are going to stay focused on the markets that we service really well because those are great markets for us, and we see new low carbon fuel markets open up. Hawaii just announced a low carbon fuel standard. We have New Mexico that is starting to take shape. The Canadian market is really strong today on their credit pricing and demand, and they are a large importer of U.S. ethanol. We are well positioned to take advantage of that growth. Unknown Speaker: I would add, as we look inside the fence and drive operational excellence, we are very focused on energy consumption—how we can be more energy efficient—and also how we can drive value in our co-product valorization. One project is how we can be even better with our corn oil recovery. Paul D. Bloom: That operational excellence piece is important. The Red Trail assets and the team there have done a phenomenal job over time. We are bringing our team and combining forces now as Gevo, Inc. North Dakota to drive operational excellence. These are not just small incremental amounts. These are step-change kinds of improvements we could see. Corn oil recovery is a big one. As we look at things like D4 RINs, we will see how that continues to drive values for things like distillers corn oil as the D4 RINs in the recently announced RVO have gone up. That is also good for potentially jet fuel in the future because we believe that RVO increase, with SAF anticipated to qualify for a D4, is all moving in the right direction. Derrick Whitfield: With respect to project financing plans, how much of the total project CapEx could you reasonably cover with project financing? And should we think about the cost of financing as, let us call it, 200 to 300 basis points wide of DOE funding? Is that the right way to think about it? Oluwagbemileke Agiri: We are targeting a leverage ratio of around 60% of the total project cost for ATJ 30. That is our target, and our engagement with private capital providers is on that basis. We think that tracks what the market will bear and what we are going to transact. On pricing, what you are triangulating is close to fair. The cost of debt that the DOE brought to us will erode a little bit as we engage with private capital providers. Some of those reasons you know: the subsidized capital and the guarantee structure that DOE had does not exist with other parties, and they have to charge closer to what the market rate is. The range you gave is close to where we might end up. Derrick Whitfield: Fantastic. Great update, guys. Thanks for your time. Operator: There are no further questions at this time. I would now like to turn the call back over to Paul D. Bloom for the closing remarks. Please go ahead. Paul D. Bloom: Thanks again, everybody, for joining us for this quarter’s update. We are really happy with the team’s performance. We are headed strong, and you will see continued focus on our EBITDA growth, which is one of the critical things for us. Stay tuned for more updates on our ATJ 30 financing—Project NorthStar—as we get that done by the end of this year. Again, great quarter. Really pleased with the progress that everybody is making, and thanks for joining us. Operator: Ladies and gentlemen, thank you all for joining. That concludes today’s conference call. All participants may now disconnect. Thank you. Before you buy stock in Gevo, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gevo wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $476,034!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,274,109!* Now, it’s worth noting Stock Advisor’s total average return is 974% — a market-crushing outperformance compared to 206% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of May 7, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Gevo (GEVO) Q1 2026 Earnings Transcript was originally published by The Motley Fool

Interested in Gevo, Inc.? Here are five stocks we like better. Gevo reported Q1 revenue of $43 million (up from $29M) and adjusted EBITDA of $9 million — its fourth consecutive positive quarter — while net loss was $22 million (including $11M of debt extinguishment); management reiterated roughly $30M of adjusted EBITDA for 2026 and a target to reach a $40M annualized run‑rate by year‑end. For ATJ‑30 “Project North Star,” Gevo withdrew from DOE financing over new loan requirements and is pursuing private, project‑level debt and strategic capital (non‑binding lender interest received), aiming to secure financing by the end of 2026 as FEL‑3 refines capital costs to about ±10% and roughly half of financeable offtake is already secured. At Gevo North Dakota, debottlenecking is expected to lift segment adjusted EBITDA 10–15% and raise capacity to about 75M gallons by 2027, and the company plans a further expansion to up to 150M gallons with Ara Energy co‑investment (about $26M of 2026 spending funded internally), with construction taking 18–24 months after final investment decision. 2 Energy Stocks Surging on Billion-Dollar DOE Loan Commitments Gevo (NASDAQ:GEVO) reported first-quarter 2026 results that management said reflected stronger margins and solid production volumes, marking the company’s fourth consecutive quarter of positive non-GAAP adjusted EBITDA. Executives also provided updates on the company’s alcohol-to-jet (ATJ) project financing plans, an expansion strategy for its Gevo North Dakota ethanol and carbon capture business, and a new company-wide “EBITDA challenge” initiative. Chief Financial Officer Leke Agiri said Gevo reported revenue of $43 million for the first quarter of 2026, up from $29 million in the same quarter last year. Net loss attributable to Gevo was $22 million, or $0.09 per share, which he noted matched the prior-year quarter. Agiri emphasized that first-quarter results included $11 million related to debt extinguishment and modification. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% October's 4 Best Penny Stocks: High-Risk, High-Reward Picks On a non-GAAP basis, Agiri said adjusted EBITDA was $9 million, compared with a loss of $15 million in Q1 of last year. He attributed adjusted EBITDA performance primarily to contributions from carbon capture, low-carbon ethanol, and renewable natural gas (RNG) operations, offset by corporate expenses. Agiri said first-quarter performance was “better than expected” due to production and margin strength “in spite of typical seasonal softness in ethanol margins.” He added that the company is “optimizing value” across carbon, commodities, and tax credits while maintaining cost discipline. → Years in the Making, AMD’s Upside Movement Has Just Begun Gevo's Cash Flow, Small Cap Buying Back Shares CEO Paul Bloom said Gevo expects approximately $30 million of adjusted EBITDA for 2026 as it works toward a previously stated target of reaching a $40 million annualized run-rate from existing operations by the end of the year. Bloom said the impacts of debottlenecking and other growth plans would be incremental to that $40 million run-rate goal. Bloom and Agiri both discussed a new corporate-wide program dubbed the “EBITDA challenge,” which Bloom described as an effort to unlock new revenue, improve operational performance, and manage costs across the organization. Bloom told analysts the initiative is tied to employee incentives and is intended to push EBITDA “not just to that $40 million, but well beyond that.” → Light Speed Returns: Corning Cashes In on NVIDIA Growth Agiri said the company expects quarter-to-quarter variability but reaffirmed its targets, also pointing to potential upside from “new low carbon fuel pathways approvals” the company has been working on for more than a year. Bloom said Gevo’s carbon business continued to generate “strong returns” from low-carbon ethanol compliance markets. In the first quarter, he said the company sold about 57% of the carbon attributes attached to fuel. Bloom added that Gevo generated nearly 20,000 tons of engineered carbon dioxide removal (CDR) credits intended for sale into the voluntary carbon market. He said the company continued to see “steady demand and relatively strong credit pricing” for low-carbon ethanol in markets where it participates. Bloom also said the company’s CDR customer base grew in Q1, citing purchases and retirements by Amgen, Bank of Montreal, and PayPal, while also pursuing larger long-term CDR deals. Bloom said Gevo withdrew from the U.S. Department of Energy (DOE) financing process after discussions around “certain new requirements for the loan guarantee,” including enhanced oil recovery as a business objective. He said those requirements did not align with Gevo’s duty to maximize stakeholder value “from both an economic and timeline perspective.” Bloom said withdrawing from DOE financing allows Gevo to pursue a broader set of private capital sources, and he reported that the company has received non-binding indications of interest from multiple lenders. He said Gevo’s goal remains to secure financing for Project North Star by the end of 2026, using a mix of non-dilutive project-level debt and strategic capital options. On project readiness, Bloom said FEL-2 (front-end loading phase II) has been completed and the company remains on track to complete FEL-3 during the quarter, which he said would further refine capital cost estimates and position the project for detailed engineering. Greg Hanselman, executive vice president of operations and engineering, said FEL-3 would bring Gevo to a ±10% estimate on project capital costs, including modularization work with Praj and Gevo’s engineering team in India, while U.S. engineering partners work on balance-of-plant design and integration. On offtake, Bloom said Gevo has secured about half of the “financeable long-term contracts” for synthetic aviation fuel and carbon attributes for the project and is at the term-sheet stage for additional contracts. He said the company expects those to meet financing requirements. In the Q&A, Bloom characterized offtake as the “major gating item” still being worked through, and he added that Gevo does not intend to contract 100% of volumes in order to retain some ability to sell opportunistically into future market conditions. Agiri told analysts that, for projects like Gevo’s, contracted offtake levels are often “somewhere between 70% and 80%,” though he said the ultimate mix remains to be determined. He also said Gevo is targeting a leverage ratio of around 60% of total project cost for ATJ-30 and indicated that private-market debt pricing could land roughly “200–300 basis points” wider than DOE-supported financing, as suggested by an analyst. Bloom said the company is pursuing both debottlenecking and a larger capacity expansion at Gevo North Dakota. He said the debottlenecking and operational reliability projects are expected to expand adjusted EBITDA in the segment by 10% to 15% and remain on track for completion by the end of 2026. In response to a question, Bloom said the financial impact is expected to begin in Q1 2027 following completion at year-end 2026. Hanselman said that during a planned shutdown in April, the company completed process tie-ins needed for improvements, and he said Gevo does not believe it will need additional or unplanned outages to complete and commission the debottlenecking work. He also detailed current construction activity at the site, including a new fermenter, liquefaction tank, beer degassing system, and a new milling building, which he said are part of increasing capacity to about 75 million gallons per year of low-carbon ethanol starting in 2027. He noted the current nameplate capacity is 67 million gallons per year and said the plant is already exceeding that level. Agiri said Gevo expects to spend $26 million in 2026 on debottlenecking and other asset enhancement projects, funded internally. Bloom said Gevo also plans to expand Gevo North Dakota capacity by up to 75 million gallons per year, bringing expected total capacity to 150 million gallons per year. To help finance that expansion, Bloom said Gevo entered into a preliminary agreement with Ara Energy to co-invest, with final details still to be completed. Agiri said the expansion’s capital stack is expected to include project-level debt alongside Gevo’s cash on hand and capital from Ara Energy. Bloom said construction for the expansion is expected to take 18 to 24 months after a final investment decision, and he told analysts the company has already begun engineering work and planning, including repurposing a team from a prior South Dakota ethanol project and working with partners such as Fluid Quip Technologies. Operationally, Hanselman said Gevo’s RNG business produced about 92,000 million BTUs in Q1, up from about 80,000 a year earlier. At Gevo North Dakota, he said the plant produced 18 million gallons of low-carbon ethanol, along with 16,000 tons of dry distillers grains, 51,000 tons of modified distillers grains, and 5 million pounds of corn oil. Gevo ended the quarter with about $79 million in cash and cash equivalents, according to Agiri. He said operating cash flow was negative $21 million, reflecting the timing of $17 million of tax credits generated but not yet monetized and about $4 million of one-time costs tied to debt refinancing and extinguishment; adjusting for those factors, he said operating cash flow would have been “close to neutral.” Gevo, Inc (NASDAQ: GEVO) is a renewable chemicals and biofuels company that develops and produces low-carbon alternatives to petroleum-based products. The company's core technology platform converts fermentable sugars into isobutanol, which can be further processed into sustainable aviation fuel (SAF), renewable gasoline, diesel, and jet fuel. Gevo's integrated biorefinery model combines fermentation, recovery, and downstream processing to deliver scalable, drop-in replacements for conventional fossil-derived hydrocarbons. Gevo's primary products include isobutanol, a four-carbon alcohol used as a building block for various fuels and chemicals, and hydrocarbon fuels that meet ASTM specifications for aviation and road transport. The article "Gevo Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.