$GEVO earnings report

Gevo reported third quarter 2026 total revenues of $82,953 thousand, against $42,710 thousand in the third quarter of 2025, and gross profit of $47,812 thousand, against $13,021 thousand. Cost of production rose to $28,216 thousand from $22,285 thousand. The release states that the quarter included approximately $29.4 million of revenue from sales of Canadian CFR credits, the majority of which were generated in 2025 and the first half of 2026, so the revenue line includes credit monetization that the company describes as relating to earlier periods. Income from operations swung to $30,200 thousand from $(3,690) thousand, and net income attributable to Gevo was $22,714 thousand, or $0.09 per diluted share, against a net loss of $(7,954) thousand in the prior-year quarter. Non-GAAP adjusted net income attributable to Gevo was $29,307 thousand, or $0.12 per share, and Non-GAAP Adjusted EBITDA was $44,121 thousand, against $6,713 thousand.

The segment reconciliation shows where the quarter's profit sits. GevoND reported income from operations of $41,901 thousand and Non-GAAP Adjusted EBITDA of $51,662 thousand, while the Gevo and GevoFuels lines remained negative at the operating level. The filing does not disclose segment revenue, so the revenue mix across these businesses cannot be read from the document. Low-carbon ethanol output rose to 19 million gallons from 17 million gallons, which the company attributes primarily to the timing of scheduled maintenance. RNG output was roughly flat at 91,729 MMBtu against 92,396 MMBtu.

The nine-month figures give a different picture from the quarter. Revenue was $172,402 thousand against $115,232 thousand, but income from operations was $(146,404) thousand because of a $135,788 thousand impairment of long-lived assets and a $40,282 thousand allowance for credit losses on refundable deposits. Net loss attributed to Gevo was $(175,924) thousand, or $(0.74) per diluted share. Operating cash flow for the nine months was $12,025 thousand, against $(33,356) thousand, and the company reports proceeds from production tax credit sales of $41,089 thousand within that figure. Capital expenditure was $(51,587) thousand, against $(18,907) thousand. Cash ended at $67,554 thousand, down from $81,163 thousand at year-end 2025, and loans payable increased to $167,769 thousand from $100,503 thousand after a $70,000 thousand term loan drawdown, while bonds were redeemed.

On guidance, Gevo now expects full year 2026 non-GAAP Adjusted EBITDA of greater than $90 million and 2027 non-GAAP Adjusted EBITDA of greater than $70 million. The company ties the 2026 figure to approximately $20 million of non-recurring revenue from banked CFR credits recognized in Q3 2026 and to a GREET model change it expects to add more than $10 million of 45Z value annually, subject to third-party validation. It also expects carbon business revenue above $50 million in 2026 and has contracted $70 million of Section 45Z credit sales for 2026. No guidance for revenue, gross margin, operating expenses or tax rate is given, and the company did not reconcile its forward Adjusted EBITDA to GAAP. The reader should weigh the non-recurring credit revenue in the Q3 and full-year figures against the recurring operating base, which the filing separately shows as an operating loss at the Gevo and GevoFuels levels.

Gevo reported $47 million of second-quarter revenue, which the company said was affected by annual planned maintenance downtime completed in April. Management said it does not expect further operational downtime during the year. Low-carbon ethanol production was 16.3 million gallons, compared with 16.8 million gallons in the same quarter last year, while RNG production was 95,939 MMBtu, compared with 92,138 MMBtu.

Profitability was sharply affected by a portfolio decision. Gevo reported a GAAP net loss attributable to Gevo of $(177) million, or $(0.75) per share, including a $176 million one-time, non-cash impairment charge. The charge relates to capitalized development costs for the ATJ-60 project and other non-core business activities as the company exits Lake Preston, South Dakota activities and focuses capital projects at Gevo North Dakota. On a non-GAAP basis, adjusted net loss attributable to Gevo was $(1) million, or $(0.01) per share, and Adjusted EBITDA was $11 million.

The reported six-month gross-profit comparison indicates a stronger underlying contribution from acquired operations and core businesses. Gross profit was $36 million for the six months ended June 30, 2026, compared with $21 million in the same period last year. The company attributed the improvement to six full months of benefit from the acquired Red Trail Energy, LLC assets and strengthening core businesses.

Management raised full-year 2026 non-GAAP Adjusted EBITDA expectations to greater than $60 million from a prior target of $30 million. The company cites approval of a new Canada CFR pathway, with sales expected to begin in third-quarter results, along with Section 45Z tax-credit monetization, operating performance, targeted fuel sales growth and cost management. It is targeting monetization of more than $70 million in Section 45Z tax credits during 2026, compared with $52 million last year.

Capital allocation is being concentrated on Gevo North Dakota. The company said debottlenecking remains on track to increase 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. It is also advancing a planned expansion that would double production to about 150 million gallons per year and is targeting startup in 2028, while it expects substantial operating cash flow in the third and fourth quarters of 2026.