Gevo, Inc. GEVO
Gevo, Inc. (Nasdaq: GEVO), a Delaware corporation founded in 2005, is a growth-oriented company that focuses on hard to decarbonize market sectors such as jet fuel, certain specialty fuels, on-road fuels, chemicals and materials, and certain products for the food chain such as protein and feeds made as co-products from our processes. Each of the market areas that Gevo focuses on has the common need for carbon-based products and is not conducive to full electrification or hydrogen. We produce and sell competitively priced, renewable, drop-in products for these sectors, and generate carbon abatement value through our plant design and business systems.
In addition to generating value from physical products such as fuels, chemicals, protein, feed and oil, our business model is designed to generate carbon abatement value through our production processes, plant design, and operating systems. This carbon abatement value may be monetized through mechanisms such as direct sales of certified carbon credits, Renewable Identification Numbers ("RINs"), state-level clean fuel credits, federal tax credits enacted under the Inflation Reduction Act ("IRA"), Canada's Clean Fuel Regulations ("CFR"), state level clean fuel regulations, and, in certain cases, through the value attributed to reduced Scope 3 greenhouse gas ("GHG") emissions by end customers, particularly related to fuel products. Gevo owns certain operating assets that generate cash flow and expects growth by developing markets, pursuing project development, investing in capital assets, and licensing certain technologies.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $160.6M | $16.9M | $17.2M | $1.2M | $533.0K | $5.5M | $24.5M | $32.9M | $27.3M | $26.5M |
| Cost of revenue | — | — | — | — | — | $15.0M | $36.7M | $41.6M | $38.2M | $37.0M |
| Gross profit | — | — | — | — | -$11.5M | -$9.5M | -$12.2M | -$8.7M | -$10.6M | -$9.8M |
| R&D | $4.5M | $5.6M | $6.6M | $7.4M | $6.8M | $3.5M | $3.9M | $5.4M | $5.2M | $5.2M |
| SG&A | $51.2M | $45.8M | $42.6M | $39.9M | $25.5M | $11.2M | $9.8M | $8.1M | $7.5M | $9.0M |
| Total operating expenses | $180.8M | $107.7M | $99.0M | $103.9M | $60.8M | $17.5M | $14.1M | $13.5M | $12.7M | $14.2M |
| Operating income | -$20.2M | -$90.8M | -$81.8M | -$102.7M | -$60.3M | -$27.0M | -$26.4M | -$22.2M | -$23.3M | -$24.0M |
| Interest expense | $17.6M | $3.9M | $2.2M | $1.2M | $251.0K | $2.1M | $2.7M | — | $3.0M | $7.8M |
| Pre-tax income | — | — | — | — | — | -$40.2M | -$28.7M | -$28.0M | — | — |
| Income tax | — | — | — | — | — | $0 | $0 | $0 | — | — |
| Net income | -$33.8M | -$78.6M | -$66.2M | -$98.0M | -$59.2M | -$40.2M | -$28.7M | -$28.0M | -$24.6M | -$37.2M |
| EPS, basic | -0.14 | -0.34 | -0.28 | -0.44 | -0.30 | — | — | — | — | — |
| EPS, diluted | -0.14 | -0.34 | -0.28 | -0.44 | -0.30 | -0.71 | -2.35 | -5.74 | -30.23 | -193.52 |
| Shares, diluted (wtd. avg.) | $234.0M | $231.7M | $238.7M | $221.5M | $195.8M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $81.2M | $189.4M | $375.6M | $315.4M | $136.0M | $78.3M | $16.3M | $33.7M | $11.6M | $27.9M |
| Short-term investments | — | — | — | $167.4M | $275.3M | $0 | — | — | — | — |
| Receivables | $8.4M | $2.4M | $2.6M | $476.0K | $978.0K | $527.0K | $1.1M | $526.0K | $1.1M | $1.1M |
| Inventory | $19.1M | $4.5M | $3.8M | $6.3M | $2.8M | $2.5M | $3.2M | $3.2M | $4.4M | $3.5M |
| Total current assets | $143.4M | $203.7M | $386.4M | $415.4M | $348.5M | $83.3M | $24.2M | $38.7M | $17.7M | $33.3M |
| Property, plant and equipment | $353.6M | $221.6M | $211.6M | $185.2M | $137.7M | $66.4M | $66.7M | $67.5M | $70.4M | $75.6M |
| Goodwill | $43.6M | $3.7M | — | — | — | — | — | — | — | — |
| Other intangibles | $95.0M | $8.1M | $6.5M | $7.7M | $8.9M | $114.0K | — | — | — | — |
| Total assets | $718.9M | $583.9M | $650.3M | $700.7M | $645.4M | $152.1M | $93.4M | $107.0M | $88.9M | $112.3M |
| Accounts payable | $1.1M | $539.0K | $2.7M | $5.0M | $4.8M | $3.9M | $5.7M | $4.9M | $4.0M | $6.2M |
| Short-term debt | — | $21.0K | $68.1M | $159.0K | $158.0K | $807.0K | — | — | — | — |
| Total current liabilities | $78.6M | $24.4M | $91.4M | $25.4M | $29.1M | $4.9M | $20.1M | $5.3M | $11.2M | $34.7M |
| Long-term debt | $164.8M | $67.1M | $21.0K | $67.4M | $66.8M | $447.0K | $749.0K | — | — | $35.7M |
| Total liabilities | $247.8M | $94.5M | $92.9M | $95.3M | $98.1M | $5.7M | $20.9M | $18.2M | $25.3M | $43.1M |
| Retained earnings | -$834.2M | -$800.2M | -$721.6M | -$655.4M | -$557.4M | -$498.2M | -$458.0M | -$429.3M | -$401.4M | -$376.7M |
| Total equity | $466.3M | $489.5M | $557.4M | $605.5M | $547.3M | $146.4M | $72.5M | $88.8M | $63.5M | $69.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$13.4M | -$57.4M | -$53.7M | -$44.3M | -$48.3M | -$19.3M | -$20.8M | -$15.9M | -$20.6M | -$20.5M |
| Depreciation and amortisation | $25.3M | $18.3M | $19.0M | $7.9M | $5.1M | $5.9M | $6.7M | $6.5M | — | — |
| Stock-based compensation | $9.2M | $14.7M | $17.1M | $17.4M | $9.9M | $2.1M | $1.3M | $683.0K | $421.0K | $886.0K |
| Capital expenditure | $30.1M | $51.1M | $54.5M | $84.1M | $56.8M | $6.2M | $6.5M | $2.2M | $1.9M | $5.9M |
| Investing cash flow | -$226.6M | -$51.8M | $114.1M | $85.1M | -$411.4M | -$5.9M | -$7.5M | -$2.2M | -$1.9M | -$5.9M |
| Financing cash flow | $97.9M | -$7.4M | -$189.0K | $138.6M | $517.3M | $87.3M | $10.9M | $40.3M | $3.6M | $37.3M |
| Buybacks | — | $4.7M | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-041262.
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