Gevo Inc 2025年季度报告

OR ☐TRANSITION REPORT PURSUANT TO SECTION13 OR 15(d)OF THE SECURITIES ANDEXCHANGE ACT OF 1934 (Exact name of registrant as specified in its charter) Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or15(d)of the Securities Exchange Act of 1934 during the preceding 12months (or for such shorter period that theregistrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File requiredto be submitted pursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12months(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-acceleratedfiler, 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 Rule12b-2 of the ExchangeAct: If an emerging growth company, indicate by check mark if the registrant has elected not to use the extendedtransition period for complying with any new or revised financial accounting standards provided pursuant toSection13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the ExchangeAct). Yes☐No☒ As of August 7, 2025,241,839,083shares of the registrant’s common stock were outstanding. GEVO,INC. FORM10-QFOR THE QUARTERLY PERIOD ENDED JUNE 30, 2025TABLE OF CONTENTS PART I. FINANCIAL INFORMATION Item1.Financial Statements3Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024(unaudited)3Condensed Consolidated Statements of Operations for the three and six months ended June30, 2025 and 2024 (unaudited)4Condensed Consolidated Statements of Stockholders’ Equity for the three and six monthsended June 30, 2025 and 2024 (unaudited)5Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025and 2024 (unaudited)6Notesto Condensed Consolidated Financial Statements (unaudited)7 Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations37Item3.Quantitative and Qualitative Disclosures About Market Risk52Item4.Controls and Procedures52 PARTII. OTHER INFORMATION Item1.Legal Proceedings54Item1A.Risk Factors54Item2.Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of EquitySecurities54Item3.Defaults Upon Senior Securities54Item4.Mine Safety Disclosures54Item5.Other Information54Item6.Exhibits55 Signatures56 PARTI: FINANCIAL INFORMATION GEVO,INC.CONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited, in thousands, except share and per share amounts) GEVO,INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Unaudited, in thousands, except share and per share amounts) GEVO,INC.CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(Unaudited, in thousands, except share amounts) GEVO,INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited, in thousands) 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 otherwiseindicated, refers to Gevo,Inc. and its subsidiaries), a Delaware corporation founded in 2005, is a growth-oriented,carbon abatement company with the mission of solving greenhouse gas (“GHG”) emissions for those sectors ofthe transportation industry that are not amenable to electrification or hydrogen. The Company is focused on transforming renewable energy into energy-dense liquid drop-in hydrocarbonsthat can be used as renewable fuels, such as synthetic aviation fuel (“SAF”) and other fuels and chemicals, withthe potential to create new energy production, new jobs, new agricultural uses, and result in significant economicbenefits. Moreover, we have the potential to achieve a “net-zero” GHG, or even carbon negative footprintmeasured by the Argonne National Laboratory’s GREET (Greenhouse gases, Regulated Emissions, and Energyuse in Transportation) model (the “GREET Model”) to measure, predict and verify GHG emissions across the lifecycle. Our “net-zero” concept means production of drop-in hydrocarbon fuels by using sustainably grownfeedstocks (e.g., low till and no-till corn cultivation) and renewable and substantially decarbonized energysources, resulting in an expected net-zero carbon footprint from the full life cycle of the fuel measured from thecapture of renewable carbon through the burning of the fuel. Gevo’s primary market focus is on energy-dense liquid drop-in hydrocarbon products that are not only costcompetitive but also play a cr