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Sep 30, 2025
Gevo Q3 2025 Earnings Report
Gevo reported a smaller operating loss in Q3 2025 alongside positive Adjusted EBITDA, driven by strong contributions from its North Dakota and RNG operations.
Key Takeaways
Gevo delivered solid operational performance in Q3 2025, with the Gevo North Dakota segment producing substantial income and the RNG facility contributing positively to Adjusted EBITDA. The company also completed the sale of $30 million in clean fuel tax credits during the quarter.
Achieved positive Adjusted EBITDA of $6.7 million for the second consecutive quarter.
Gevo North Dakota reported $12.3 million in operating income and $17.8 million in Adjusted EBITDA.
Sold $30 million in remaining 2025 Clean Fuel Production Credits, totaling $52 million for the year.
Ended the quarter with $108.4 million in cash, cash equivalents, and restricted cash.
Revenue by Segment
Forward Guidance
Gevo aims to achieve neutral or positive cash flow from operations in upcoming quarters, while continuing to expand its carbon and jet fuel initiatives.
Positive Outlook
- Targeting more than $100 million in Adjusted EBITDA via optimization at Gevo North Dakota.
- ATJ-30 project expected to add ~$150 million in future Adjusted EBITDA.
- DOE loan extension allows project scope modifications to reduce costs.
- Carbon capture operations surpassed 560,000 metric tons sequestered.
- Operational efficiency expected to support sustainable earnings growth.
Challenges Ahead
- Ongoing losses from core Gevo business excluding North Dakota and RNG.
- Interest expense increased significantly due to acquisition-related debt.
- Cash balance declined by over $150 million since the start of the year.
- Project development spending still weighs on overall profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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