Gevo第二季虧損1.77億美元 因放棄ATJ-60項目錄巨額減值

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Table of Contents

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________________________

FORM 10-Q
_______________________________________________________________

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES AND EXCHANGE ACT OF 1934

For the transition period from __________ to __________
Commission File Number 001-35073
_______________________________________________________________

GEVO, INC.
(Exact name of registrant as specified in its charter)
_______________________________________________________________

Delaware87-0747704
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

345 Inverness Drive South,
Building C, Suite 310
Englewood, CO
80112

(Address of principal executive offices)(Zip Code)

(303) 858-8358
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:

Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.01 per shareGEVOThe Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

Large accelerated filer☐Accelerated filer☐
Non-accelerated filer☒Smaller reporting company☒
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 5, 2026, 247,237,104 shares of the registrant’s common stock were outstanding.

Table of Contents

GEVO, INC.
FORM 10-Q
FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2026
TABLE OF CONTENTS

Page
PART I. FINANCIAL INFORMATION

Item 1.
Financial Statements (Unaudited)
3

Condensed Consolidated Balance Sheets 
3

Condensed Consolidated Statements of Operations 
4

Condensed Consolidated Statements of Stockholders’ Equity
5

Condensed Consolidated Statements of Cash Flows
6

Notes to Condensed Consolidated Financial Statements
8

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
35

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
50

Item 4.
Controls and Procedures
50

PART II. OTHER INFORMATION

Item 1.
Legal Proceedings
51

Item 1A.
Risk Factors
51

Item 2.
Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
51

Item 3.
Defaults Upon Senior Securities
51

Item 4.
Mine Safety Disclosures
51

Item 5.
Other Information
51

Item 6.
Exhibits
52

Signatures
53

2

Table of Contents

PART I: FINANCIAL INFORMATION

GEVO, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited, in thousands, except share and per share amounts)

June 30, 2026December 31, 2025
Assets
Current assets
Cash and cash equivalents$58,147 $81,163 
Restricted cash— 28,770 
Trade accounts receivable, net11,970 8,394 
Inventories19,304 19,076 
Prepaid expenses and other current assets12,179 6,001 
Total current assets101,600 143,404 
Property, plant and equipment, net238,119 353,577 
Restricted cash— 7,006 
Operating right-of-use assets2,671 1,964 
Finance right-of-use assets670 430 
Intangible assets, net71,592 95,003 
Goodwill43,558 43,558 
Deposits and other assets32,504 73,987 
Total assets$490,714 $718,929 
Liabilities
Current liabilities
Accounts payable and accrued liabilities$33,391 $36,508 
Deferred clean fuel production tax credits3,344 41,115 
Operating lease liabilities817 689 
Finance lease liabilities92 273 
Total current liabilities37,644 78,585 
Bonds payable, net— 64,247 
Loans payable167,239 100,503 
Operating lease liabilities1,940 1,416 
Finance lease liabilities613 394 
Asset retirement obligation2,326 2,250 
Other long-term liabilities— 365 
Total liabilities209,762 247,760 

Redeemable non-controlling interest7,789 4,832 

Equity
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 247,237,104 and 242,464,470 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.
2,472 2,425 
Additional paid-in capital1,303,403 1,298,064 
Accumulated deficit(1,032,712)(834,152)
Total stockholders' equity273,163 466,337 
Total liabilities and stockholders' equity$490,714 $718,929 

See the accompanying Notes to the Condensed Consolidated Financial Statements.
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GEVO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited, in thousands, except share and per share amounts)

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025

Total revenues$46,501 $43,413 $89,449 $72,522 
Cost of production19,918 17,265 40,150 38,711 
Depreciation and amortization6,784 7,213 13,644 12,835 
Gross profit19,799 18,935 35,655 20,976 
Operating expenses:
Research and development expense440 934 1,939 1,986 
General and administrative expense12,882 10,783 29,097 21,867 
Project development costs2,403 831 5,443 5,833 
Acquisition related costs— — — 4,438 
Facility idling costs— 591 — 1,195 
Impairment of long-lived assets135,788 — 135,788 — 
Allowance for credit losses on refundable deposits39,782 — 39,782 — 
Loss on disposal of assets, net210 — 210 — 
Total operating expenses191,505 13,139 212,259 35,319 
(Loss) income from operations(171,706)5,796 (176,604)(14,343)
Other (expense) income
Interest expense(5,631)(4,345)(10,801)(7,639)
Loss on extinguishment of bonds— — (10,304)— 
Interest and investment income630 1,322 1,443 3,092 
Other expense, net446 (44)(1,346)(154)
Total other expense, net(4,555)(3,067)(21,008)(4,701)
Net (loss) income(176,261)2,729 (197,612)(19,044)
Net income attributable to redeemable non-controlling interest680 585 1,026 540 
Net (loss) income attributed to Gevo, Inc.$(176,941)$2,144 $(198,638)$(19,584)

Net (loss) income per share - basic$(0.75)$0.01 $(0.84)$(0.08)
Net (loss) income per share - diluted$(0.75)$0.01 $(0.84)$(0.08)
Weighted-average common shares outstanding - basic237,054,708 232,945,048 237,429,647 232,490,122 
Weighted-average common shares outstanding - diluted237,054,708 236,839,117 237,429,647 232,490,122 

See the accompanying Notes to the Condensed Consolidated Financial Statements.
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GEVO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited, in thousands, except share amounts)

For the Three Months Ended June 30, 2026 and 2025
Stockholders' EquityMezzanine Equity
Common StockAdditional
Paid-In CapitalAccumulated
DeficitStockholders’
EquityRedeemable
Non-Controlling
Interest
SharesAmount
Balance, March 31, 2026243,073,561 $2,431 $1,300,931 $(855,616)$447,746 $6,954 

Non-cash stock-based compensation— — 2,558 — 2,558 — 
Stock-based awards and related share issuances, net4,141,620 41 (41)— — — 
Exercise of stock options74,319 1 79 — 80 — 
Payments for tax withholdings on employee equity awards(52,396)(1)(124)— (125)— 
Change in redemption value of redeemable non-controlling interest— — — (155)(155)155 
Net income (loss)— — — (176,941)(176,941)680 
Balance, June 30, 2026247,237,104 $2,472 $1,303,403 $(1,032,712)$273,163 $7,789 

Balance, March 31, 2025239,562,995 $2,396 $1,289,406 $(821,965)$469,837 $4,955 

Non-cash stock-based compensation— — 2,244 — 2,244 — 
Stock-based awards and related share issuances, net2,278,595 23 (20)— 3 — 

Change in redemption value of redeemable non-controlling interest— — — (124)(124)124 
Net income— — — 2,144 2,144 585 
Balance, June 30, 2025241,841,590 $2,419 $1,291,630 $(819,945)$474,104 $5,664 

For the Six Months Ended June 30, 2026 and 2025
Stockholders' EquityMezzanine Equity
Common StockAdditional
Paid-In CapitalAccumulated
DeficitStockholders’
EquityRedeemable
Non-Controlling
Interest
SharesAmount
Balance, December 31, 2025242,464,470 $2,425 $1,298,064 $(834,152)$466,337 $4,832 
Issuance of redeemable non-controlling interest— — — — — 2,009 
Non-cash stock-based compensation— — 4,661 — 4,661 — 
Stock-based awards and related share issuances, net4,843,175 47 1,022 — 1,069 — 
Exercise of stock options210,240 3 249 — 252 — 
Payments for tax withholdings on employee equity awards(280,781)(3)(593)— (596)— 
Change in redemption value of redeemable non-controlling interest— — — 78 78 (78)
Net income (loss)— — — (198,638)(198,638)1,026 
Balance, June 30, 2026247,237,104 $2,472 $1,303,403 $(1,032,712)$273,163 $7,789 

Balance, December 31, 2024239,176,293 $2,392 $1,287,333 $(800,237)$489,488 $— 
Issuance of redeemable non-controlling interest— — — — — 5,000 
Non-cash stock-based compensation— — 4,142 — 4,142 — 
Stock-based awards and related share issuances, net2,665,297 27 155 — 182 — 

Change in redemption value of redeemable non-controlling interest— — — (124)(124)124 
Net income (loss)— — — (19,584)(19,584)540 
Balance, June 30, 2025241,841,590 $2,419 $1,291,630 $(819,945)$474,104 $5,664 

See the accompanying Notes to the Condensed Consolidated Financial Statements.
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GEVO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)

Six Months Ended June 30,
20262025
Operating Activities
Net loss$(197,612)$(19,044)
Adjustments to reconcile net loss to net cash used in operating activities:

Impairment of long-lived assets135,788 — 
Allowance for credit losses on refundable deposits39,782 — 
Loss on disposal of property and equipment210 — 
Loss on extinguishment of bonds10,304 — 
Stock-based compensation4,661 4,142 
Depreciation and amortization13,644 12,835 
Change in fair value of derivative instruments(2,690)(652)
Production tax credits generated(32,014)(21,494)

Other non-cash expense2,203 1,274 
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable(3,576)(3,634)
Inventories(501)(788)
Prepaid expenses and other current assets, deposits and other assets475 (9,504)
Accounts payable, accrued expenses and non-current liabilities(7,569)10,295 
Deferred clean fuel production tax credits7,480 — 
Net cash used in operating activities(29,415)(26,570)
Investing Activities
Acquisitions of property, plant and equipment(21,369)(11,077)
Acquisition of Red Trail Energy, net of cash acquired— (198,461)

Issuance of note receivable(250)— 
Net cash used in investing activities(21,619)(209,538)
Financing Activities

Redemption of bonds(68,155)— 
Term loan proceeds70,000 105,000 
Payment of debt issuance costs(2,612)(5,480)
Non-controlling interest— 5,000 

Payment of prepayment penalty on redemption of bonds(6,506)— 
Proceeds from the exercise of stock options252 182 

Payment of finance lease liabilities(141)(726)

Payments for tax withholdings on employee equity awards(596)— 
Net cash (used in) provided by financing activities(7,758)103,976 
Net decrease in cash and cash equivalents(58,792)(132,132)
Cash, cash equivalents and restricted cash at beginning of period116,939 259,033 
Cash, cash equivalents and restricted cash at end of period$58,147 $126,901 

See the accompanying Notes to the Condensed Consolidated Financial Statements.
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GEVO, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited, in thousands)

Six Months Ended June 30,
Schedule of cash, cash equivalents and restricted cash20262025
Cash and cash equivalents$58,147 $57,257 
Restricted cash (current)— 69,644 

Total cash, cash equivalents and restricted cash$58,147 $126,901 

Six Months Ended June 30,
Supplemental disclosures of cash and non-cash investing and financing transactions20262025
Cash paid for interest, net of amounts capitalized$11,845 $3,052 
Capitalized interest included in property, plant and equipment$405 $— 
Non-cash purchase of property, plant and equipment$10,806 $6,317 

Redeemable non-controlling interest issued for payment of debt issuance costs$2,009 $— 
Stock-based awards and related share issuances, net$1,069 $758 

See the accompanying Notes to the Condensed Consolidated Financial Statements.
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GEVO, INC.
Notes to Condensed Consolidated Financial Statements
(unaudited)

1. Nature of Business, Financial Condition and Basis of Presentation

Nature of business
Gevo, Inc. (Nasdaq: GEVO) (“Gevo,” “we,” “us,” “our,” or the “Company,” which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries), a Delaware corporation founded in 2005, is a growth-oriented, diversified energy company focused on developing, financing, and operating facilities that produce renewable fuels, chemicals, and other products designed to reduce greenhouse gas (“GHG”) emissions and diversify energy supply. Our mission is to provide solutions for sectors of the transportation industry that are difficult to electrify or otherwise decarbonize.
The Company is focused on transforming renewable energy and carbon derived from photosynthesis into energy-dense liquid, drop-in and cost-effective ethanol and hydrocarbon fuels. The Company’s technology and development activities are intended to enable additional domestic energy production, support the construction of new manufacturing facilities, create employment opportunities, expand agricultural markets, and contribute to broader economic growth. 
Gevo’s key asset is its low-carbon ethanol production facility in North Dakota (“Gevo North Dakota” or “GevoND”), which has an annual production capacity of approximately 70 million gallons. The facility is integrated with a Class VI permitted carbon capture and sequestration (“CCS”) well capable of injecting approximately 170,000 metric tons of carbon dioxide (“CO₂”) from GevoND per year, with additional pore space available to support future carbon capture expansion of up to one million metric tons per year. We view this asset as a strategic growth platform.
The Company also operates a renewable natural gas (“RNG”) facility in Northwest Iowa (“NW Iowa RNG”). NW Iowa RNG produces RNG from dairy cow manure, which is supplied by three local dairies. Animal manure can be digested anaerobically by microorganisms to produce biogas, which is then upgraded to pipeline quality gas. In 2024, we completed an expansion of the RNG business to increase its annual expected output from 355,000 million British thermal units (“MMBtu”) to 400,000 MMBtu. We sell our RNG into the California market through an agreement with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “BP”). In addition, we generate and sell Low Carbon Fuel Standard (“LCFS”) credits, and D3 Renewable Identification Numbers (“RINs”) (collectively, “environmental attributes”). 

Basis of presentation
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain prior period amounts have been reclassified to conform to the current period presentation. Accordingly, they do not include the information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the six months ended June 30, 2026, and are not necessarily indicative of the results to be expected for the full year. The Company had no components of other comprehensive income (loss) for the six months ended June 30, 2026 and 2025. Accordingly, net income (loss) equals comprehensive income (loss) for the periods presented. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The financial statements at December 31, 2025, have been derived from the audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included for the year ended December 31, 2025 (the “2025 Annual Report”).
Significant Accounting Policies
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. These estimates and assumptions are inherently subject to uncertainty, and actual results could differ from these estimates. Significant areas requiring estimates and assumptions include, but are not limited to, the determination of useful lives of 
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GEVO, INC.
Notes to Condensed Consolidated Financial Statements
(unaudited)

property, plant and equipment; the assessment of impairment of long-lived assets, inventory, asset retirement obligations, the recognition of revenue, the estimation of current expected credit losses, including the reserve for uncollectible deposits, the valuation of business combinations, and the fair value of clean fuel production tax credits (“PTC”). Management regularly reviews our estimates based on the most current available information. Changes in facts and circumstances may result in revised estimates.
Business Combinations
The Company accounts for its business combinations in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 805-10, Business Combinations ("ASC 805-10"). ASC 805-10 mandates the use of the purchase method of accounting for all business combinations. Under this method, assets acquired and liabilities assumed are recorded at their respective fair values as of the acquisition date. For transactions meeting the definition of business combinations, the Company evaluates the recognition of goodwill. Goodwill represents the excess of the purchase price over the fair value of the identifiable tangible and intangible assets acquired, and liabilities assumed, in a business combination. ASC 805-10 further stipulates criteria that intangible assets acquired in a business combination must meet in order to be recognized and reported separately from goodwill. Acquisition-related costs, including transaction fees, are recognized separately from the business combination and expensed as incurred.
The determination of the fair value of net assets acquired, including the allocation of fair value to identifiable assets and liabilities, is based on established valuation techniques. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In the context of purchase accounting, determining fair value often requires significant judgments and estimates by management, including the selection of appropriate valuation methodologies, estimates of future revenues, costs, cash flows, discount rates, and the identification of comparable companies. The estimated fair values of assets acquired and liabilities assumed are based on management's judgment, supplemented by the expertise of third-party valuation specialists engaged to assist in determining fair value. The allocation of fair value to the identifiable assets and liabilities is based on available information at the acquisition date and assumptions deemed reasonable by management. However, changes in facts and circumstances may result in adjustments to the initial fair value estimates during the measurement period, which may not exceed one year from the acquisition date.
Tax Credit Recognition and Sales
The Company accounts for tax credits associated with the U.S. federal clean fuel production incentives under Section 45Z of the Internal Revenue Code in accordance with International Accounting Standard 20 – Accounting for Government Grants and Disclosures of Government Assistance (IAS 20). These credits are recorded as they are generated based on the eligible PTC rate per gallon and the emission factor based on the carbon intensity score, and are adjusted to their estimated fair value. The credits are recognized as a nonmonetary asset in Intangible assets, net on the Condensed Consolidated Balance Sheets, and as a reduction to Cost of production on the Condensed Consolidated Statements of Operations, reflecting their role in offsetting the production costs of low-carbon fuels. 
Derivative Financial Instruments
Following the integration of the ethanol operating facility in the first quarter of 2025, the Company has incorporated commodity-based derivative transactions, specifically corn futures contracts, into its hedging strategy to manage its exposure to commodity price fluctuations. This strategy aims to protect cash flows associated with the increased exposure to commodity price volatility arising from its GevoND operations, which include corn-based production and procurement activities. These derivative contracts are intended to economically hedge the Company’s cash flow exposure to changes in corn prices, which directly impact the cost of raw materials used in production.
The Company does not apply hedge accounting to these instruments under ASC 815, Derivatives and Hedging. As such, all derivative instruments are recorded at fair value on the Condensed Consolidated Balance Sheets, and changes in the fair value of these instruments are recognized in earnings in the period in which they occur. Gains and losses resulting from changes in the fair value of corn derivative contracts are included in Cost of production in the Company’s Condensed Consolidated Statement of Operations, as they directly relate to the Company’s inventory procurement and production activities. If the fair value of the derivative contract is in an asset position, it is included in Prepaid and other current assets, 
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GEVO, INC.
Notes to Condensed Consolidated Financial Statements
(unaudited)

and if the fair value of the derivative contract is in a liability position it is included in Accounts payable and accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. These instruments may introduce volatility in earnings from period to period due to timing differences between the derivative settlement and the related exposure. The Company does not use derivative instruments for speculative purposes.
Asset Retirement Obligation
The fair value of an asset retirement obligation (“ARO”) is recognized in the period in which it is incurred, provided that a reasonable estimate of fair value can be made. The Company’s ARO is primarily related to commitments to restore or decommission property subject to operating leases associated with its GevoND and RNG operations. 
The ARO related to CO₂ sequestration activities includes obligations such as plugging injection wells, site closure, and post-closure monitoring in accordance with regulatory requirements and industry standards to ensure long-term CO₂ containment and mitigate the risk of leakage. The capitalized ARO costs included in property, plant, and equipment are depreciated over the shorter of the useful life of the related asset or the term of the associated lease. ARO liabilities are accreted over time using the credit-adjusted risk-free rate applied at initial recognition and recorded in operating expenses on the Condensed Consolidated Statement of Operations.
The capitalized ARO costs included in property, plant, and equipment are depreciated over the shorter of the useful life of the related asset or the term of the associated lease. ARO liabilities are accreted over time using the credit-adjusted risk-free rate applied at initial recognition and recorded in operating expense on the Condensed Consolidated Statement of Operations.
Accounting for Redeemable Non-Controlling Interest
In January 2025, Gevo Intermediate HoldCo, LLC (“HoldCo”), a wholly-owned subsidiary of Gevo, entered into a membership subscription agreement with Orion Infrastructure Capital (“OIC”), a U.S.-based private investment firm, pursuant to which OIC purchased equity units in HoldCo. The membership subscription agreement includes put and call options (the “Put/Call Option”) related to the non-controlling interest. Specifically, the Company has the right to exercise a call option to purchase all outstanding units, and OIC holds a put option requiring the Company to purchase the outstanding units at fair value. These options are exercisable for a period of three years (the “Option Period”) following the date that all indebtedness under the related credit agreement with an affiliate of OIC has been paid.
Under applicable accounting guidance, an equity instrument that is redeemable for cash or other assets must be classified outside of permanent equity if it is redeemable (a) at a fixed or determinable price on a fixed or determinable date, (b) at the option of the holder, or (c) upon the occurrence of an event not solely within the control of the issuer. As a result of the Put/Call Option feature, the Company has classified the non-controlling interest as redeemable and reported it within temporary equity on the Condensed Consolidated Balance Sheets, initially at its fair value as of the acquisition date.
The redeemable non-controlling interest is adjusted each reporting period to reflect income (or loss) attributable to the redeemable non-controlling interest, as well as any applicable distributions. A measurement period adjustment, if necessary, is made to adjust the redeemable non-controlling interest to the higher of its redemption value (fair value) or carrying value as of each reporting date. These fair value adjustments are recognized through equity and are not reflected in the Company's Consolidated Statements of Operations.
For earnings per share calculations, the Company adjusts net income (loss) attributable to the Company for the measurement period adjustment to the extent the redemption value exceeds the fair value of the redeemable non-controlling interest on a cumulative basis.
Recently Issued, Not Yet Adopted Accounting Pronouncements
Income Statement Disclosures. In November 2024, the FASB issued Accounting Standards Update (ASU) No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”). ASU 2024-03 will require companies to disaggregate, within the notes to the financial statements, certain expenses presented on the face of the financial statements to enhance transparency and help investors better 
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GEVO, INC.
Notes to Condensed Consolidated Financial Statements
(unaudited)

understand an entity's performance. The amendment will specifically require that an entity disclose the amounts related to purchases of inventory, employee compensation, depreciation and intangible asset amortization. Entities will also be required to provide a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively, disclose the total amount of selling expenses and, in annual reporting periods, provide a definition of what constitutes selling expenses. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Internal Use Software. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software (“ASU 2025-06”). ASU 2025-06 amends certain aspects of the accounting and disclosure of software costs. ASU 2025-06, which can be applied prospectively, retrospectively, or with a modified transition approach, is effective for annual reporting period beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.
Environmental Credits. In May 2026, the FASB issued ASU No. 2026-02, Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”). ASU 2026-02 improves the financial accounting for and disclosure of environmental credits and environmental credit obligations and provides recognition, measurement, presentation, and disclosure requirements for all entities that generate, purchase, or receive environmental credits or have a regulatory compliance obligation that may be settled with environmental credits. An entity is required to disclose in annual reporting periods qualitative information about how it obtained and intends to use its environmental credits, the accounting policies used to account for environmental credits, and significant estimates and judgments used in applying the guidance. An entity also is required to disclose in annual reporting periods the current and noncurrent amounts of compliance environmental credits and noncompliance environmental credits (if not separately presented on a classified balance sheet), the total expense for voluntary environmental credits, and the total impairment expense. ASU 2026-02 is effective for annual reporting periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. An entity should apply the amendments of ASU 2026-02 on a retrospective basis through a cumulative-effect adjustment to the opening balance of retained earnings (or other appropriate components of equity or net assets on the balance sheet) as of the beginning of the annual reporting period of adoption. The Company is currently evaluating the impact that the adoption of this standard will have on its consolidated financial statements and disclosures.

Recently Adopted Accounting Pronouncements
Income Taxes. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”). ASU 2023-09 is intended to enhance the transparency and decision usefulness of income tax disclosures. The amendments in ASU 2023-09 address investor requests for enhanced income tax information primarily through changes to the rate reconciliation and income taxes paid information. The Company adopted ASU 2023-09 retrospectively in the fourth quarter of 2025. We modified the disclosures related to our rate reconciliation and the details of our cash taxes paid included in Note 19, Income taxes. 

2. Business Combinations

The Company completed the acquisition of substantially all of the assets and certain liabilities of Red Trail Energy, LLC (“Red Trail Energy”) on January 31, 2025. The assets and liabilities acquired in connection with the Red Trail Energy acquisition were recorded at their respective fair values as of the acquisition date in accordance with ASC 805-10. The Company has finalized the purchase accounting for the acquisition. The acquired operations are included in the Company’s Gev