Thank you for standing by. Welcome to Gevo's fourth quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question- and- answer session. To ask a question during the session, you'll need to press star one one on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star one one again. As a reminder, today's program is being recorded. Now I'd like to introduce your host for today's program, Eric Frey, Vice President of Finance and Strategy. Please go ahead, sir. Good afternoon, everyone. Thank you for joining us on today's call to discuss Gevo's fourth quarter and full year 2025 results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. With me today, we have Patrick Gruber, our Chief Executive Officer, Paul Bloom, our President, Leke Agiri, our Chief Financial Officer, and Chris Ryan, our Chief Operating Officer. Earlier today, we issued a press release that outlines our fourth quarter and full year 2025 results and some of the topics we plan to discuss, as well as a slide presentation that we will discuss on today's call. Copies of the press release and the slide presentation are available on our website at www.gevo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those statements include projections about the timing, development, engineering, financing, and construction of our Alcohol-to-Jet projects, our future carbon credit sales, our Gevo North Dakota and RNG plants, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements. In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release, which can be found on our website at www.gevo.com in the investor relations section. Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media, and we are providing a simultaneous webcast to the public. A replay of this call and other past events will be available via the company's investor relations page at www.gevo.com. I'd now like to turn the call over to the CEO of Gevo, Patrick Gruber. Pat. Thanks, Eric. What a year. Successfully acquiring and integrating our North Dakota ethanol and carbon capture assets has transformed our Adjusted EBITDA and has enabled us to learn to capture value from carbon, treating it as an important co-product in addition to the ethanol, animal feed, and oil that we produce. Gevo North Dakota has performed superbly well. It's the well-run operations combined with our learnings on how to capture value from carbon dioxide that have allowed us to turn positive on operating cash flow in the fourth quarter. We also now have three quarters in a row of positive non-GAAP Adjusted EBITDA. I'm very pleased with the progress and what we are learning. Great operating results combined with consolidating our debt in early 2026 has strengthened our balance sheet and increased our cash on the balance sheet without tapping into equity markets. We also continue to make progress on our ATJ-30 plant, the jet fuel project that is targeted for our North Dakota site. I believe Gevo is in a really good place. I make this point because you probably all recall that I'm retiring as CEO on March 31st. Paul Bloom, who has been with us for five years now, will assume the role of CEO on April 1st. He has been instrumental in helping us build the business platform to where it is today. He also knows technology and processing, operations, market development, and business. I'm convinced he's the right person to take over. I think he'll be a really strong CEO, and I'm excited for him to take the helm. Paul, it's your show today. Thanks, Pat. To begin, I'm extremely honored to be taking on the role of CEO starting April 1st. Pat has led the company for nearly two decades, guiding Gevo through some incredible times and put us in a great spot with our current business that sets the stage for future growth. From developing our intellectual property portfolio to shaping Gevo's business system from field to flight, Pat has been a visionary leader for renewable fuels and chemicals. I'm happy to announce that after Pat's retirement, he will continue to serve on Gevo's Board of Directors, and the company will continue to benefit from his expertise and insights. Thank you, Pat. Now I'm pleased to highlight some of the progress we made in Q4 and on our full year for 2025. 2025 was truly a transformational year for Gevo. The successful acquisition and integration of the Red Trail Energy assets, now operating as Gevo North Dakota, marked a pivotal moment in the company's growth story. I want to express my sincere appreciation for the outstanding people and great community who have welcomed us so warmly. Their partnership and dedication have been essential to our success. The team did an outstanding job across the board in 2025, delivering record-setting biofuel production, starting up our Carbon business, and leading the industry with some of the first large-scale 45Z clean fuel production tax credit sales. All of this was accomplished while substantially advancing our Alcohol-to-Jet growth platform. Our execution in 2025 led to three consecutive quarters of positive Adjusted EBITDA, with almost $8 million in Adjusted EBITDA in Q4 as we continue to make solid progress on our goal of reaching $40 million in Adjusted EBITDA on an annualized basis from our current asset base. Leke will give more color when he highlights our financial results. Gevo's operation team exceeded the nameplate capacity of our ethanol production facility, reporting a record of about 69 million gallons of ethanol produced during the full 12-month period of 2025, while capturing 173,000 metric tons of carbon dioxide. To further build on these strong results, I'm happy to announce that we've approved our capital plan for Gevo North Dakota to expand capacity to 75 million gallons per year, produce more co-products, improve energy efficiency, capture more carbon dioxide, and invest in our operational reliability. We are reinvesting in Gevo North Dakota to grow our base business and improve our returns while we set the table for Alcohol-to-Jet. We have an aggressive timeline to deliver these projects and anticipate they will be starting to deliver returns in early 2027. Chris will say more on this during his operations update. During 2025, we also started up our Carbon business. The team has done extremely well developing the business from scratch, and we believe we are the first biofuel producer to develop and operate this business model. We believe our flexibility to sell carbon value, either with our fuel products or separately in the voluntary carbon market, provides a distinct advantage for optimizing returns and will apply to our ATJ growth platform in the future. In Q4, about 80% of our carbon benefits remained attached to ethanol gallons sold into low- carbon fuel markets, and we built our inventory to roughly 30,000 tons of Carbon Dioxide Removal credits, or CDRs, by the quarter's end to meet future demand from spot and contract sales. Our customer base for CDR credits continues to grow beyond those previously reported, such as Nasdaq, and now includes companies like PayPal, Bank of Montreal, and additional international clients. As the market develops, we are confident that Gevo is well-positioned to produce, certify, and supply high-integrity carbon credits that can help supply the growing market demand. In addition, Gevo retired carbon credits from Gevo North Dakota to offset substantially all our own air travel in 2025. At Gevo, we're committed to leading by example. We don't just talk about our values, we put them into action by utilizing our own products and solutions. Turning to our growth platform, let me comment on ATJ-30, which stands for Alcohol-to-Jet at 30 million gallons per year in North Dakota. We refer to this as Project North Star. As we've mentioned before, we anticipate that by adding Project North Star, once constructed, we could deliver $150 million in Adjusted EBITDA per year from the fuels, carbon value, and co-products. First, we believe we can enable and create a franchise approach to deploying synthetic aviation fuel globally. First, we need to build serial number one and demonstrate the value proposition, monetizing our commodities and carbon. Project North Star is designed to be a modular build that we can copy, edit, paste to meet the growing global demand for synthetic aviation fuel. North Star lays the groundwork for building out a franchise. That is, deploying many similar plants, either with our own capital or through partnerships, to meet the growing global demand for jet fuel as the world flies more, not less. We are developing the playbook containing Gevo's intellectual property and business system, which can be effectively replicated and implemented on a global scale. The work we are doing at Gevo North Dakota and with Verity is critical and provides the blueprint for what needs to happen at more ethanol plants in the future. Low-carbon ethanol is the feedstock for our synthetic aviation fuel. We need more of it, and we can help enable it. In fact, we've started to sign letters of intent with third-party ethanol producers to bring Gevo's Carbon business and Verity capabilities to other locations, along with carbon management services. We believe our collaboration with Frontier Infrastructure Holdings and the options we are exploring to transport and store third-party carbon dioxide at Gevo North Dakota may enable more low-carbon ethanol facilities to be viable sites for additional ATJ plants. As we started to show at Gevo North Dakota, there is money to be made in setting the table with low-carbon ethanol today and potentially a lot more with ATJ additions in the future. We currently believe that this will take the form of us delivering and getting paid for our technology, business system, and know-how. It could give us more flexibility between investing our own capital and more of a capital-light type growth model, the franchise model. While we are very optimistic about this growth, we will continue to be laser-focused on getting Project North Star to the finish line. Our goal is to reach FID on the project in 2026. We have a conditional commitment from the U.S. Department of Energy's Office of Energy Dominance Financing, or EDF, for a loan guarantee to finance the construction of an ATJ plant. As previously announced, we are discussing with them using that loan for ATJ-30. EDF is an excellent goal-aligned partner and a strong option for us, assuming we can get all the details worked out. Our goal is project-level, non-dilutive funding to build ATJ-30. As part of our growth strategy and what we've learned at Gevo North Dakota, we'll also stay on the lookout for more acquisitions that are accretive, that strategically fit our platform and further scale our Adjusted EBITDA. It was a transformational 2025 that we are leveraging to make 2026 even better. I'll turn it over to Leke. Thanks, Paul. Starting on slide four of our earnings presentation. For the full year of 2025, we had revenue of $161 million, a loss from operations of $20 million, non-GAAP Adjusted EBITDA of $16 million, a record-setting low- carbon ethanol volume of about 69 million gallons, plus 173,000 metric tons of CCS at our production facility. During the fourth quarter of 2025, we turned positive on cash flows from operation, generating $20 million during the period. We increased cash equivalents, and restricted cash to $117 million at year-end, which is a $9 million increase versus the third quarter. All of the restricted cash we had at year-end was released after we completed our debt consolidation transaction in February 2026. We maintained our strong 2026 outlook, including our previously communicated near term organic growth target of achieving annualized non-GAAP Adjusted EBITDA of about $40 million and a neutral to positive operating cash flow in full year 2026. Turning to slide five. Our full year 2025 results showcase a transformative year and highlight how we executed on and integrated our strategic acquisition of Red Trail Energy assets. In comparison to prior year, revenue during full year 2025 increased by 849%. Loss from operations decreased by $71 million. Non-GAAP Adjusted EBITDA increased by $74 million, and the cash flow from operations increased by $44 million. On slide six, we can see the step change and the strong foundation for growth that we have built. The past three quarters have averaged $43 million-$45 million in revenue. Going forward, we expect revenue to vary quarter- to- quarter, depending on the market prices of ethanol, RNG and environmental benefits. We expect our Adjusted EBITDA drivers to remain resilient and grow in 2026. One of our Adjusted EBITDA drivers, which does not depend on the market prices that I just mentioned, is our Production Tax Credit. Last year, we sold $52 million of Production Tax Credit related to Gevo North Dakota as we produce ethanol and sequester carbon. We received about $41 million of cash proceeds in 2025 and expect the remainder in the first quarter of 2026. As a reminder, we book Production Tax Credit as a reduction to cost of goods sold each quarter. Looking forward to 2026 operating results, we are confident in our execution capabilities and remain focused on achieving our target of approximately $10 million in Adjusted EBITDA per quarter in 2026 or roughly $40 million on an annualized basis. We're also now targeting neutral to positive operating cash flow in 2026. With that, I'll turn it over to Chris. Thanks, Leke. 2025 was a record operational year. Gevo North Dakota recorded 69 million gallons of low- carbon ethanol volume during the full 12-month period and achieved a yield of nearly three gallons per bushel, which is close to the theoretical maximum. Included in that number is approximately 2 million gallons of cellulosic ethanol that was produced from corn kernel fiber. That adds incremental value due to its lower carbon score. Our carbon sequestration system sequestered 173,000 metric tons of CO2, exceeding our previously stated benchmark of 165,000 metric tons. Operationally, the plant is running reliably and efficiently. Our focus now is on, one, debottlenecking to increase ethanol, CO2, and co-product volumes. Two, reducing carbon intensity further. Three, preparing for the fabrication of modules for our ATJ-30 project. We think our debottlenecking and expansion organic growth projects can increase efficiencies, put more money in the pockets of our farmer partners and local communities, drive down our carbon intensity score, optimize our production tax credits, and finally increase ethanol production to as high as 75 million gallons per year. We'll raise carbon sequestration to at least 200,000 metric tons a year. Most of these projects have a one-two year payback, and the remainder of the projects will improve our operational efficiency and asset life. In 2026, we plan to deploy about $26 million of capital, which further positions us to achieve stronger operating results starting next year. In addition to incremental organic growth, Gevo North Dakota provides an exceptional foundation for our ATJ-30 project. We have our own captive low- carbon ethanol feedstock, our own operating CCS, we have rail infrastructure, we have about 500 acres of space, and we have a great operations team. This is why we believe ATJ-30 is the right project for the site, and why Project North Star will be a good showcase to pursue Gevo's long-term copy paste strategy. Back to you, Pat. Thanks, Chris, Paul, and Leke. While the company has solid economic footing with a clear path to grow Adjusted EBITDA even without building the jet plant, investors should be able to see how the cash flow from our businesses benefit us prior to the ATJ-30 plant coming online in the future. We built a strong foundation from which to grow. I believe the ATJ opportunity is exciting, especially with Project North Star and the franchise approach. It has taken longer than I ever wanted to get to the point where we are today, but here we are. Looking back, what a journey it's been. I'm incredibly pleased with where we are and where we are going. I'm most proud of the terrific team we have. I hear from investors and partners all the time how impressed they are with our people. We work to deliver, and we are incredibly persistent because we believe in what we are doing with deep conviction. For me, the timing is right. The team is strong. The balance sheet is looking good. There are what I believe to be great opportunities in front of us. It's time for me to pass the torch to Paul, who I have bet will be a great CEO. With that, we'll take your questions. Operator? Certainly. Our first question for today comes from the line of Jeff Grampp from Northland Capital Markets. Your question, please. Good afternoon, guys. Thanks for the time. Was curious on the CI front. I believe there were some changes in the calculations that kicked in at the start of this year. Was just kinda curious to contextualize those a bit more. Is there any way you guys could share maybe, like, what your CI score were in the back half of 2025, and how much of a benefit that could be for you guys looking ahead into this year? I think what we should do is give an outline, Leke, of the kinda numbers that you're seeing. Yeah, absolutely. Thanks, Pat. I think high level, last year, our Gevo North Dakota, as you know, we generated and monetized $52 million of tax credits. That was based on a CI score of low, double- digits, last year. With the changes to the guidance and then the 45Z- GREET model, how that's going to work in terms of no iLUC, effectively, I think that's what you're referring to. That impact is going to be reflected in the amount of 45Z that we generate for our Gevo North Dakota asset in 2026, not necessarily 2025. The impact that that has on our CI score is it's going to reduce our CI score by pretty much six to seven CI points. When that happens, we expect to generate an incremental $0.10 per gallon in 2026. That is what we expect to see from our facility in 2026 in terms of 45Z. Based on our projected production of our Gevo North Dakota asset in 2026, of 67 million gallons, we are going to be in that threshold of $0.90 per gallon of credit generation in 2026. Changes to the 45Z guidance has very little to no impact to the 45Z generation for our RNG production or our RNG asset at this time. Perfect, Leke. I appreciate it. That's exactly what I was looking for. My follow-up's on the ATJ side. I believe that DOE extension that you guys got last year has maybe couple more months remaining, at least on the original extension. Is it fair to assume that something gets figured out with them or another party by that deadline? Do you think additional time may be needed? I know you guys are targeting this year for FID on that, but wasn't sure if there's other things at play to reach that FID outside of financing. Thanks. Paul, your question. Yeah, sure. Great, great question, Jeff. Yeah, we've been working on this for, you know, a number of years now, three years going on. We wanna get this to the finish line with the DOE. We're pretty excited about where we're at in continuing to move this forward. Yeah, we're absolutely. When that got extended, you know, through mid-April, we'll be working with the DOE to reach a decision there on most likely an extra extension is what we're looking for. You know, we're also working with a number of other parties who we're excited about, who see the value in the ATJ platform. It's a combination of things. Yeah, I'll add to this point is that the economics look good. One of the interesting things that happened was that, you know, we're in engagement with the DOE, they fully understand that we wanna build that ATJ 30 plant up there in North Dakota rather than a 60 million gallon plant down in South Dakota. Outstanding. You know what? The economics are good. We have low- carbon ethanol. It's a great site. Carbon capture's under our control. We've got, you know, half of what we would've had to build in South Dakota already built up there in North Dakota. Other parties are interested too, and other people are interested in working with us to finance it, particularly because of this franchise model that Paul was talking about. Perfect details. I'll turn it back. Thank you guys for the time. Thank you. Our next question comes from the line of Dushyant Ailani from Jefferies. Your question, please. Hi. Yeah, thanks for taking my question. Yeah, Pat, it was, you know, a pleasure working with you and Paul. You know, again, congrats on the new role. Thank you. My first question, I know that you kind of talked about that incremental $0.10. Maybe, could you give a little bit more detail on the details on the path to get to that $40 million in EBITDA, the bridge? I know you guys have highlighted that before. Maybe if you could talk a little bit about the timing of it and how you can think about that going forward. Paul, that's a question for you and then you and Leke teaming up on it, I think. Yeah, sure thing, Dushyant. I mean, you see what we've done right now. I mean, last quarter we were kind of at this $20 million in EBITDA run rate. You know, with the extra push on the carbon and our good low- carbon fuel sales, we've got that, you know, coming forward. Now we're looking at. You heard what Leke was saying. Now we can't get more than kind of this $1 per gallon. That's where we're gonna cap out with the 45Z tax credits. You put those kind of things together with the existing assets even before expansion, and we're really looking at how this shapes up to something like around a $10 million kind of average per quarter going forward. That kind of puts in perspective. Leke, maybe you can chime in with a few extra details there. Paul, no, I think you captured it. I think the trajectory is we are on track with really just how our EBITDA mix is made up to be tracking exactly as to how we're projecting, which is that $10 million per quarter. We feel very confident. I think 45Z is gonna be part of the story, but we also do believe that really the intrinsic EBITDA margin that our assets can also generate, also from the carbon monetizations that we're doing, we're on the right track to achieve that goal. Understood. Thank you. My follow-up was, I know you mentioned, some talk around potential acquisitions as well. Maybe could you dive a little bit further into that? What kind of assets you're looking for, and maybe around timing of those? Yeah, I think I'm gonna follow up on one other thing about an important point about Gevo and Leke and his team compared to other companies who talk about 45Z. Leke's team actually brought the money in the door. That's an important distinction, it shouldn't be. That's an important point. It's not a hypothetical. It's a real thing that's been brought in. As far as, you know, looking at, you know, are there other Gevo North Dakotas that we could apply our skill to and bring value to? Paul, you wanna comment on that? Yeah, sure. I mean, look, I think this is what we're learning, Dushyant, at Gevo North Dakota, that there's a lot of money to be made, you know, kind of setting the table as we think about the ATJ franchise. As we look for how do we build out that franchise, we're looking for similar things that we've already identified. It was a good learning for us going from South Dakota to North Dakota. You know, we have on-site CCS and capture, so that's good. You gotta have good corn, you gotta have good logistics, right? You have to have all the good things that we're proving that are critical. Again, that kind of sets the base for then how do you grow ATJ. You know, so as we look through this and we talk to others, we know there aren't, you know, that many of these different assets out there, but we're gonna keep our eye on that because I'd sure like to have another Gevo North Dakota if it exists. We're gonna just keep watching for that and be opportunistic. Got it. Thank you. Thank you. Our next question comes from the line of Sameer Joshi from H.C. Wainwright. Your question, please. Hey, good afternoon. Good evening. Thanks for taking my questions. Just sticking to ATJ-30, and the financing thereof, the FID is expected during 2026. Is it dependent on the EDF loan guarantee transferring to this, or is it independent of it? Paul? Sure, Sameer. Look, I mean, it definitely accelerates things quickly, right? We can get the debt sizing right and move this forward and get the loan completed here. That's a fast track that we want to try to keep moving forward. Like we said before, we're working with others, because we're advancing the engineering along. If you remember, we did a lot of work in South Dakota. This is, as we're thinking about how do we fit this project into at North Dakota, it's really taking it from that 60 million gallon size that we had there to a 30 million gallon size. Good news is now we've got two different size designs for our franchise, and then we basically have a little bit less on the capital to go out and get. It's a combination of looking at, you know, what's the debt and the equity that we're gonna have, and who are the partners to put that together. Either way, we wanna get this thing moving because we wanna get, like Pat was saying before, North Star has just fantastic economics, and we think that, you know, the returns speak for themselves, which potentially add up to $150 million in EBITDA from adding the ATJ-30 and at Gevo North Dakota. You have to remember that we're a lot more interesting than we used to be. We're positive cash flow. Yeah. Kind of situation here. That makes us a whole lot less risky. That's not lost on all kinds of people who invest in these types of things, right? There's a good base. Yes. Same thing we were talking about. Strong base, good economics up there. Everything's under our Gevo control, it's a good situation. Yeah, there's other options available. Makes sense. Thanks for that color. It was interesting to see the 2 million gallons of corn fiber cellulosic ethanol being produced. Is it like what are the considerations in either increasing that volume or in order to get a higher CI score, like can you go do 4 million next year or 7 million? Just wanted to understand what the limits or extent is. Chris. Sure. The way we make that corn fiber ethanol is really through the new enzymes that we add. There's definitely room to optimize things, absolutely. We continue to do that. You might expect incremental increases. At the same time, we are working on getting more ethanol gallons out the plant, including the capital investment to, you know, further debottleneck the plant. Likewise, that will result in more corn fiber ethanol. That's really, it's really in the enzymes. I think as far as improving the overall economics, you got several levers they're working on, right? Chris just mentioned the increased production of ethanol. We're producing quite a lot of CO2 right now, capturing more of it, and then capturing the additional that comes off as we produce more ethanol. That's awesome. We can optimize co-products, the protein and the corn oil, and of course we were just talking about the cellulosic. There's several levels, and that's why helping debottlenecking up there is important, is every little bit matters 'cause we really would rather have $1 a gallon on the tax credits, plus it generates more CDRs, and those are valuable in the marketplace. Those are completely separate than those Production Tax Credit. They're not the same at all. That's an important point. We're increasing the number of products available by increasing how effective we are at capturing the co-products. Got it. The ethanol. Got it. Just one last one. I don't think we discussed Verity, in any detail. Are we on track to sort of commercialize that during this year for feedstock traceability, agricultural applications? Just would like to see where Verity is at. Paul? Sure. Great question. We're pretty excited. You know, I think we finally got a really good catalyst. We talked a little bit about the 45B tax credits. If you look at what guidance came out from Treasury recently, while it didn't perfectly include that ag benefits would be counted, it indicated that ag benefits would likely be part of what is going to be added into 45B tax credits, which is exactly, you know, the kind of carbon accounting and traceability solutions that Verity was designed to actually deliver. We've been actually signing up more customers over the past quarter than we ever have before. It's a combination of traceability and basically think about compliance services that you need to simplify, right? These are a lot of complicated calculations that need to be done. Gevo has to do them for ourselves. This is why we created it. We created it as a tool to simplify our lives and make things, you know, more accurate and easier to do. That's the same thing that our customers for Verity need. We're really excited about that, and we're trying to make it more operational friendly and work with farmers. You may have seen that we also announced a partnership with Bushel, who has a lot of farm management and grain software that help farmers just with their regular business. This is how we're now starting to integrate Verity with actual farm business software to make it really an integral part of how people do their business and also do their tracking and traceability that is needed to monetize. We're pretty excited about that, thanks for asking the question. Sounds really good. Thanks. Thanks Patrick, for bringing the company so far and, Paul, good luck for the future. Thank you. Thank you. Thank you. Our next question comes from the line of Derrick Whitfield from Texas Capital. Your question please. Good afternoon, and congrats on a strong year-end. Pat and Paul, congrats on your respective updates. Pat, hopefully you can enjoy some well-deserved time off in retirement. Thank you. Starting, maybe first with bigger picture, with what you guys have accomplished over the last year, I mean, it's quite remarkable as you look at slide five. Paul, for you specifically, as you think about, again, this progress that the organization has accomplished and where you'd like the organization to be next year at this time, how would you paint the picture of what changes have been to expect? It could be as simple as emphasizing certain aspects of the business, but just kinda how you think about the business and where you'd like to be one year from now. Yeah, sure, Derrick. Look, it's an exciting time, right? Because we have come so far in this past year and started things. I think the Carbon business is one that, you know, we're really excited about and we've been working on growing, and it's just getting started, right? We're, we're selling fuel, you know, with carbon attached or pulling that off separately. I think the biggest thing that we've learned and the biggest, maybe the biggest opportunity is just how do we really sell and monetize that carbon? We're starting to see our sales pick up with brand names, and obviously there's a long way to go because we're just getting started. Really the market's just getting started. I think as carbon develops, if you, if you look at some of the stats on the carbon markets, about, you know, 44 million tons of carbon has been sold in these Carbon Dioxide Removal markets, but only about 2.8% of that has actually been delivered. We're one of the first companies to be actually producing and delivering Carbon credits and have a model where we can basically select between do we sell into low- carbon fuel markets that have you know, good returns, or do we separate that carbon if there's more value to sell into separate markets. Really dialing in that Carbon business and improving on it because we're just, again, just getting started, I think is a, is a big deal for us. That not only, you know, rolls into how we're doing our low- carbon ethanol business, that's exactly the same way we're thinking about the ATJ business as we think about a franchise, right? We can sell that fuel with those carbon attributes. It's called a little bit different terminology, Scope 1s and Scope 3s when it's sold with the fuel. We can also separate those off and sell customers those Scope 1s and Scope 3s separately from that physical fuel. It's really the same business model just applied to different commodities. As we get good at this, and we've already got essentially half of the output of the carbon sold from ATJ-30 under contracts. You know, I think that's gonna be a bigger part of what we do. That's a bigger part of the business that we believe we can bring to others, right, as we franchise this business. We don't have to own all the ethanol assets in the world. We don't have to own all the ATJ plants in the world. We have a business system that we can kinda copy-paste even on that side and help people and get paid for our know-how and our business system as we bring that playbook, right? This will be kind of the piece we really look at is how capital intensive do we wanna be? Obviously, we love the returns that we're getting from Gevo North Dakota. It's great to have that asset, and we'd sure love more. We realize that we gotta manage that growth, and how can we do that in an efficient way to balance our capital versus a capital-light strategy, which is where we think that franchise model comes into place. That's a model too, you know, just thinking about how else we grow. We're talking a lot about ATJ, you know, we just licensed our technology to Praj for IBA for diesel in India. I think this model really applies not only for, you know, what we're doing in ATJ, low- carbon ethanol, but it applies for what we can do in renewable chemicals. It applies for what we can do in isobutanol. Just think about that as we bring these business systems forward, that's the picture that we're gonna be working on and developing with partners, and we're excited to get this going. You know, like we said earlier, signing LOIs with even other ethanol companies to bring kinda Gevo's know-how and business system to help them and then, you know, for us to get paid for it. Great. No, that's a, it's a great update. Maybe shifting over to ATJ with my follow-up. One of your industry peers has experienced some challenges with their ATJ project over the last year. As we inch closer to your FID, could you speak to how your ATJ-30 project is different from a scale, process, and risk perspective to that other project that I'm referring to? I think I can give a perspective and then Chris. Here, one of the things that we did, we're using known unit operations, proven at full scale commercially unit operations. We didn't rely on anything new like other people might have done. We didn't take something off of a laboratory in a national lab and never have it seen proven out. We're using unit operations that anyone can go kick the tires upon 'cause they come directly from the petrochemical industry. There's nothing new in that regard. How we put it together, how you lower CI score, how you optimize, that's different, but that's not what makes or break it. Chris, Paul, you guys wanna add anything else? Yeah, I'll add just a bit and then Paul can chime in. Pat, I'll echo what you just said, which is, yeah, we're using proven technologies and they're technologies from a proven company that has commercialized many, many things at large scale, including at oil refineries. In fact, the engineering that's been done, so the heart of the process is from a company called Axens. As we design the entire process around it, we only use engineers that have experience working on these things and have the capability of supporting operations once we get operating. These engineers aren't just desktop engineers, they've actually operated assets and they have experience starting up plants. It's that experience and like what Pat said, there's no new technology, gives us a lot of confidence this is gonna start up very easily. Paul? I think Chris nailed it, right? I mean when we talk to a lot of companies in diligence, right? They figure out, especially on the petroleum side, that they've got these assets already running not all coupled together in the same order, but individually running in operations that they already are running. It's, you know, it's one of those kind of things where we took a proven approach, right? We know these unit operations work. Yes, they're integrated together a little bit differently, but, you know, we've also, you know, been working with companies like Praj. Praj actually just put all these unit operations together in a fully functional integrated pilot plant. I was actually there and got to open this spigot and, you know. Jet fuel poured out the other end, ethanol going in one end. It was great, but I think we've really, you know, the combination of using known technologies and really good partners and great engineers who understand this have really put us in a very different spot from that other group that you're mentioning, if I'm assuming who it is, and how we're ready to execute. I'll add one more thing, is that we think about it completely differently. We're trying to do something that's scalable to really big scale and really low economics. We're not trying to do some one-off specialty thing, and we're not venture-backed. We weren't, you know, it isn't that kind of a perspective. We're actually trying to solve a real-life problem, deliver jet fuel that's cost competitive with petroleum. We're gonna sell the carbon attributes to go with it. Waste is not a strategy. You can't get there from here. I was just doing some research about this again, where it's, you take waste products, it drives up the price. We've seen this over and over again. You know what? Carbohydrates are a great feedstock. They're way abundant in oversupply across the world. Paul's got a great saying that I love, take carbohydrates, right? Paul, what do you do with them? From the waistline to the airline, I think. Yeah. We take those carbohydrate calories from the waistline to the airlines. Yeah. See, one more high for those closed circle. Should we make jet fuel out of it? Come on. It's a whole different perspective of scale of what we're trying to do, and that's how we think about it. Super pragmatic. We don't want technology risk. That's why we're able to clear diligence at the DOE. That's why we've been able to clear diligence with our other big partners. It isn't a, it's not a project just to generate vibes. It's to make it freaking real for the long run and win. That's a great answer. Maybe one, if I could just follow up on the 40 million run rate. I think based on what I've heard you guys say, there appears to be some upside with the bottlenecking that hasn't necessarily been factored into the 10 million per quarter run rate. Also when you kind of think about what's happening in the LCFS markets now and where you're gonna place the product, feels like there might be a little bit of extra upside there because you now have a few more markets competing with one another for those molecules. Again, any color you can offer on that front would be helpful. Paul? Yeah, sure, Derrick. You know, a couple things there. You know, if you look at the LCFS markets first, right, we're still, you know, applying for pathways where we want the pathway with carbon capture. We've got pathways today without carbon capture and sequestration, but we'll look at applying, and we're in the process of applying for those today and, you know, positive outlook on getting those done. Places like Canada in Canadian CFR, right, where the credit prices are CAD 250 or higher, right? Really nice from a carbon perspective, and that looks positive. You know, we're obviously selling into markets today that have good returns on LCF markets. The other thing that you have to remember is we're also inventorying some CDRs to build inventory to satisfy some of our contracts and spot sales in that market that we think is gonna grow later. As we do that's carbon value that we can't sell into those existing LCF markets that we're selling into today. It's a little bit of a delayed revenue there. What you probably will see, and Leke was talking about this a little earlier, you know, we'll have this kind of push and pull with inventory build on carbon that we sell separately into carbon dioxide removal markets, LCF markets that have more immediate returns. You'll see that kind of balance out a little back and forth. Then, yeah, I think of course, you know, as we continue to finish up some energy efficiency projects, we get a lift from, you know, additional or lower CI score on 45Z going forward. All those things are gonna be adding up to get us to that number. Terrific. Great update today, guys. Thank you. Our next question comes from the line of Peter Gastreich from Water Tower Research. Your question, please. Thank you. Congratulations to the team on the results, and thanks for taking my questions. Pat and Paul, many congratulations to you and really wish you both, you know, the best, you know, during the transition. Just a couple questions. You know, first of all, you were just talking about the, or Paul was just talking about the, you know, CDR inventory and carbon credits. Just curious what you're seeing in terms of pricing, in terms in the voluntary CDR markets and what is your outlook there? Paul? Yeah. Thanks first, Peter, for the congratulations. You know, when you look at the carbon markets, like we said, it's a developing space, right? It's hard to peg it at kind of a number. That's why if you look at our investor presentation, we've got a range. Typically we have a range in the voluntary markets, anywhere from $100-$300 a ton- Mm-hmm. ... for those voluntary, carbon dioxide removal credits. Like I said, we're on the top 10 list of the suppliers in that market today. That's pretty exciting for Gevo to move from basically nonexistent there to one of the top 10. When you look at the low- carbon fuel markets, I would've said, you know, in even in the investor presentation that's on our website, we've got that pegged a little lower. Typically, we've seen, you know, markets like California be down even as low as $50 a ton, which, you know, that's not very attractive if, especially if we're, we have this optionality. Now when you see, you know, Canada and Oregon start to, you know, really ramp up and get up to these $200 or $200+, over $200 numbers. This is where we've got good competition between, you know, carbon dioxide removal markets, the, in the voluntary space and the compliance markets with low- carbon fuel. So we're gonna continue to leverage that to, you know, our advantage so we can, we can make some decisions and figure out where to place volume, both, you know, with our commodity and our carbon value to give Gevo the best returns. Okay. Great. Thank you. The next question is just about your shares CCS capacity. It looks like the, you know, the Frontier partnership that's really gonna help accelerate the plans there. I'm just curious, you know, first of all, are you able to share what would be a realistic timeline for starting to bring in that third party CO2? The question also, second question related to that would be, you know, once you reach a critical mass of volume, I don't know if that's in terms of contracts or whatever, will you have incremental CapEx of any sort, you know, perhaps above ground, that would be required to accept those incremental volumes? Yeah. Sure, Peter. I mean, I think when, you know, the Frontier Infrastructure Holdings partnership or collaboration that we've been working on, you know, it's been really interesting because I think what, you know, there was a lot of promise from these pipelines. Obviously we had a pipeline that we thought was gonna come to us in South Dakota that didn't materialize. We feel that. This is exciting to think about CO2 by rail. I think it comes back to, you know, we're gonna be producing more fuel and more carbon dioxide co-product and capturing that and capturing more in North Dakota. Today, for example, we're only using 16%-17% of what's called our pore space, which is the available volume for storage. We got a lot of extra capacity. Really our goal is to figure out, you know, as we expand, we wanna make sure we're capturing Gevo's carbon dioxide, but we can help others. What we learned, you know, working with Frontier is that there are a lot of ethanol companies out there that we can help, and this is where it comes back into this approach where our carbon management services, if we can bring in CO2 by rail and monetize our pore space, this is a big deal for us because we could get paid in things like storage fees. We can help with carbon marketing. We're still in the design phase of this, so we're scoping this out. I think it's still gonna take a while because you have to build basically a terminal to put in place. That does, you know, get pretty exciting, if we can connect the dots between, you know, the rest of the capacity that we've got, and it doesn't mean that we have to stop there. We could probably access more capacity in the pore space around us. Pretty good opportunity for us. If you, if you look in our investor presentation, this is where a lot of the unlock, you know, going beyond that $40 million up to the $110 million in Adjusted EBITDA, and the carbon value comes from how do we monetize this pore space? How do we help others with the Carbon business? That, that in turn, right, I mean, the other piece, I'll just try to connect the dots full circle here, is the more low- carbon ethanol plants we can enable by helping them with carbon management services, whether it's the actual physical, you know, removal and storage of that carbon or the digital services like Verity and things like our Carbon business, that sets that table for more sites to be fully enabled and ready to be a site for an Alcohol-to-Jet plant. I think that's the, that's really that combination and how it fits. It's not just the revenues that we could generate today from that kind of relationship. Those are great, but it's really how do we have, you know, or enable 10, 15, 20 more sites in the future. Great. Thanks very much for taking my question. Thank you. This does conclude the question- and- answer session of today's program. I'd now like to hand the program back to Patrick Gruber for any further remarks. Well, thank you all. It was a fantastic year. It's a lot of potential. This Carbon business is extremely interesting. It gives us the ability to arbitrage, make decisions discreetly about where can we capture the most value. We're the first to do it, and we're breaking a lot of new ground at it, and it's quite interesting. I'm really grateful for the team up there at Gevo North Dakota. They've done a fantastic job running that plant. Congratulations to all the folk who've done it. Chris, great job. You know, it was really a good move for us to acquire that and bring it under our, you know, get that asset under our control because it solves all kinds of problems. Now we have low- carbon available. Boom. Box checked. That question's answered. Sequestration available. It's a beautiful sequestration site. I don't think we had a full appreciation of how great it actually is compared to the others that are out there. It's outstanding in that it's a, we're the only ones in that formation, and it's an outstanding well. We're learning more and more about why that's so important. You see the results in that we got certified as a 1,000-year well by Puro.earth. I look at the potential of what's going on here, and you see these things that Paul mentioned, like the IBA in diesel fuel. Who'd have thought? We never have quit working on IBA. It's just in the background because you don't need it for jet fuel, but it's good for other stuff, other fuels. Great. Those things are gonna happen sometime in the future using partners. Awesome. Get the ATJ plant done. You heard Paul talk about it. Gotta get that done. Then do the franchise model. Already Paul talked about bringing the being able to go to other parties or other ethanol companies who wanna learn from us, and we have a service we can provide and get paid for. Those are all very interesting things. We're in a hugely derisked situation compared to where we've been. We have a huge amount of intellectual property, huge amount of growth potential. So this is, I think, something around my 59th or 60th earnings call, my very last one. I wanna thank you all for your investment. Thank you for your questions and, you know, sharpening us, forcing us to sharpen up over the years, especially me. Thank you for all the opportunity to work with you all. I truly appreciate it, and I wish the team the very, very best. On that, I sign off. Thank you much. Thank you. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.