Gevo, Inc. Q4 FY2025 earnings call

• Patrick Gruber discussed the successful acquisition and integration of GEVO North Dakota, which transformed adjusted EBITDA, led to positive operating cash flow in Q4, and three consecutive quarters of positive non - GAAP adjusted EBITDA. He is retiring as CEO on March 31st, 2026, and Paul Bloom will assume the role on April 1st. - Paul Bloom highlighted 2025 as a transformational year with the acquisition and integration of Red Trail Energy Assets, record - setting biofuel production, start - up of the carbon business, and progress on the ATJ30 plant (Project North Star). The capital plan for GEVO North Dakota was approved to expand capacity, produce more coproducts, improve energy efficiency, capture more carbon dioxide, and invest in operational reliability, with projects expected to start delivering returns in early 2027. The carbon business customer base is growing, including companies like PayPal, Bank of Montreal, etc. - Leike Aguirre presented financial results for 2025, including revenue of $161 million, loss from operations of $20 million, non - GAAP adjusted EBITDA of $16 million, record - setting low carbon ethanol volume, and cash flow from operations turning positive in Q4 2025. Maintained 2026 outlook with near - term organic growth target of achieving annualized non - GAAP adjusted EBITDA of about $40 million and neutral to positive operating cash flow. - Chris Ryan talked about 2025 being a record operational year for GEVO North Dakota with 69 million gallons of low - carbon ethanol volume and 173,000 metric tons of CO2 sequestration. Focus now is on de - bottlenecking, reducing carbon intensity, and preparing for ATJ30 project module fabrication. Plan to deploy about $26 million of capital in 2026 for organic growth projects to increase efficiencies and support ATJ30 project.

For 2025 full year, revenue was $161 million, loss from operations was $20 million, non - GAAP adjusted EBITDA was $16 million. GEVO North Dakota produced a record - setting 69 million gallons of low - carbon ethanol and captured 173,000 metric tons of carbon dioxide. In Q4 2025, operating cash flow turned positive, generating $20 million. The carbon business started up, with about 80% of carbon benefits attached to ethanol gallons sold into low - carbon fuel markets in Q4 and an inventory of roughly 30,000 tons of carbon dioxide removal credits by quarter - end. The adjusted EBITDA drivers include production tax credits, with $52 million of production tax credits related to GEVO North Dakota in 2025, and expecting remainder in Q1 2026. The goal is to achieve annualized non - GAAP adjusted EBITDA of about $40 million in 2026 with neutral to positive operating cash flow.

• Maintain 2026 outlook including near - term organic growth target of achieving annualized non - GAAP adjusted EBITDA of about $40 million and neutral to positive operating cash flow in full year 2026. - Goal is to reach FID on ATJ30 project in 2026. Have a conditional commitment from the U.S. Department of Energy's Office of Energy Dominance Financing for a loan guarantee to finance the construction of an ATJ plant. - Expect to achieve approximately $10 million in adjusted EBITDA per quarter in 2026, or roughly $40 million on an annualized basis.

Q: Curious on the CI front, changes in calculations at start of year, contextualize back half of 2025 CI scores and benefit for 2026.

A: RGVO North Dakota had CI score of low double digits last year. Changes to guidance and 45 - Z greet model will reduce CI score by 6 - 7 CI points in 2026, expecting incremental 10 cents per gallon in 2026 based on projected production of 67 million gallons.

Q: On ATJ side, DOE extension, fair to assume something gets figured out by deadline, additional time needed?

A: Been working on ATJ for years, working with DOE to reach decision, likely looking for extra extension, also working with other parties as economics are good.

Q: Detail on path to 40 million in EBITDA, bridge?

A: Last quarter had $20 million in EBITDA run rate, with carbon and low - carbon fuel sales, expecting around $10 million per quarter in 2026 based on EBITDA mix and carbon monetizations.

Q: Potential acquisitions, what kind of assets looking for and timing?

A: Looking for similar assets to GEVO North Dakota with onsite CCS and capture, good corn, logistics, and will be opportunistic.

Q: FID on ATJ30 dependent on EDF loan guarantee?

A: EDF loan guarantee accelerates things, but working with others as well, with good economics and strong base.

Q: Considerations in increasing corn fiber cellulosic ethanol volume?

A: Through new enzymes, room to optimize, with capital investment to further de - bottleneck plant resulting in more corn fiber ethanol.

Q: On verity, on track to commercialize for feedstock traceability, agricultural applications?

A: Pretty excited, signing up more customers, integrated with farm business software like Bushel, with Verity designed for traceability and compliance services.

Q: Pricing in voluntary CDR markets and outlook?

A: Voluntary CDR markets range from $100 to $300 a ton, GEVO is in top 10 suppliers, with competition between voluntary and compliance markets.

Q: Timeline for starting to bring in third - party CO2 and incremental capex?

A: Still in design phase, scoping out, building terminal, and potential to access more pore space, with potential to enable more low - carbon ethanol plants.