Gevo — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported record revenue of $83 million for the quarter ended September 30, 2026, compared to $43 million in the same quarter of 2025.
• Revenue included approximately $29.4 million from sales of Canadian Clean Fuel Regulation (CFR) credits.
• Gross profit reached $48 million in the third quarter of 2026, up from $13 million in the prior year period.
• Reported net income of $23 million ($0.09 per share diluted) for the quarter, compared to a net loss of $8 million ($0.03 per share diluted) in the prior year.
• Non-GAAP adjusted net income was $29 million ($0.12 per share), compared to an adjusted net loss of $5 million ($0.02 per share) in the prior year.
• Non-GAAP Adjusted EBITDA was $44 million for the quarter, compared to $7 million in the prior year.
• Cash flow from operations was $41 million for the quarter and $12 million for the nine months ended September 30, 2026.
• Ended the quarter with $68 million in cash and cash equivalents.
• Total assets were $540.2 million as of September 30, 2026, down from $718.9 million as of December 31, 2025.
• Total liabilities were $231.7 million as of September 30, 2026, down from $247.8 million as of December 31, 2025.
• Loans payable increased to $167.8 million as of September 30, 2026, from $100.5 million as of December 31, 2025.
• Bonds payable were $0 as of September 30, 2026, compared to $64.2 million as of December 31, 2025.

Guidance and Future Outlook:

• Updated full-year 2026 non-GAAP Adjusted EBITDA outlook to greater than $90 million.
• Updated 2027 non-GAAP Adjusted EBITDA outlook to greater than $70 million.
• The improved outlook is supported by non-recurring revenue of approximately $20 million from banked CFR credits recognized in Q3 2026.
• Gevo expects its carbon business to generate more than $50 million of revenue in 2026.
• Recent improvements to the 45ZCF GREET model are expected to create more than $10 million of additional 45Z value to gross profit from existing RNG assets annually.
• Gevo expects 45Z tax credit sales to grow further in 2027 due to increased production from its debottlenecking project.

Business Segments and Product Lines:

• Low-carbon ethanol production was 19 million gallons in Q3 2026, compared to 17 million gallons in Q3 2025.
• RNG production was 91,729 MMBtu in Q3 2026, compared to 92,396 MMBtu in Q3 2025.
• The debottlenecking project at Gevo North Dakota is nearing completion, expected to increase low-carbon ethanol production to a nameplate capacity of approximately 75 million gallons per year by year-end 2026.
• Progress was made to secure financing for an expansion project expected to approximately double low-carbon ethanol production and carbon capture starting in 2028; long lead time capital equipment was secured in Q3.
• Gevo contracted sales of $70 million worth of Section 45Z tax credits in October, representing substantially all expected credits from ethanol and RNG production for 2026.
• The Company continues securing fixed or floor price commercial offtake agreements for sustainable aviation fuel (SAF) to enable Project Northstar (ATJ-30).

Market and Competitive Landscape:

• The carbon business generates revenue based on the volume of carbon capture and sequestration (CCS) delivered to regulatory and voluntary carbon credits and the average realized price of carbon across those markets.
• Revenue is driven by sales into both compliance and voluntary carbon markets.

Risks and Challenges:

• Forward-looking statements regarding growth, monetization of credits, project financing, and construction timelines are subject to significant risks and uncertainties that may cause actual results to differ materially.
• Specific risks include the ability to successfully develop, construct, and finance operations and growth projects, and the ability to achieve cash flow from planned projects.

Management Commentary and Tone:

• CEO Paul Bloom stated the quarter marked the strongest financial performance to date, confirming the carbon business stands on its own in 2026.
• Management highlighted a focus on improving margins and near-term cash flow through existing operations and a portfolio of growth projects.
• The tone indicates confidence in the durability of the carbon business and the potential for substantial shareholder value creation.

Other Key Points:

• Gevo produced 19 million gallons of low-carbon ethanol in Q3 2026, with the increase attributed to the timing of scheduled maintenance completed prior to the quarter.
• The Company owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well.
• Gevo owns and operates one of the largest dairy-based RNG facilities in the United States.
• Gevo developed the world's first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals, operating since 2012.
• The Company is developing the world's first large-scale ATJ facility to be co-located at its North Dakota site.
• Through its Verity subsidiary, Gevo provides transparency and efficiency in tracking, measuring, and verifying supply chain attributes.
• The Company recognized an impairment of long-lived assets of $135.8 million in the nine months ended September 30, 2026, which was excluded from non-GAAP Adjusted EBITDA.
• An allowance for credit losses on refundable deposits of $40.3 million was recognized in the nine months ended September 30, 2026.
• A loss on extinguishment of bonds of $10.3 million was recognized in the nine months ended September 30, 2026.
• The Company redeemed bonds totaling $68.2 million during the nine months ended September 30, 2026.
• Proceeds from the sale of production tax credits were $41.1 million for the nine months ended September 30, 2026.