Earnings release
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gevo FUELING THE FUTURE Gevo Reports Second Quarter Results and Raises Financial Expectations for Full - Year 2026 August 6 , 2026 ENGLEWOOD , Colo . , Aug. 06 , 2026 ( GLOBE NEWSWIRE ) -- Gevo , Inc. ( NASDAQ : GEVO ) , a leader in renewable fuels , chemicals and carbon management , today announced its financial results for the second quarter ended June 30 and provided an update on its 2026 outlook , cash - flow expectations and strategic priorities . " Gevo delivered strong second quarter operational results and unlocked significant carbon business revenue that is expected to begin in the third quarter , which supports increased expectations of full - year non - GAAP Adjusted EBITDA¹ outlook of more than $ 60 million , ” said Gevo Chief Executive Officer Paul Bloom . " We have a strong , returns - focused business . Our carbon business strategy is working and Gevo North Dakota is a strategic asset for profitable growth . Exiting our ATJ - 60 project in South Dakota and other non - core projects and recognizing a one - time , non - cash impairment reflects our disciplined approach to prioritize the most attractive near - term growth while enabling long - term value creation . " Financial Highlights • Revenue of $ 47 million in the second quarter of 2026 , which was affected by our annual planned downtime for maintenance that was completed in April . We do not expect any further operational downtime this year . • Gross profit of $ 36 million in the six months ended June 30 , 2026 , compared to $ 21 million in the same period last year , an increase that reflects six full months of benefit from the acquired Red Trail Energy , LLC assets as well as a strengthening of the Company's core businesses . • Net loss attributable to Gevo of $ ( 177 ) million , or $ ( 0.75 ) per share in the second quarter of 2026. Non - GAAP adjusted net loss attributable to Gevo² was $ ( 1 ) million , or $ ( 0.01 ) per share . • The second quarter 2026 net loss attributable to Gevo includes a one - time , non - cash impairment charge of $ 176 million³ related to capitalized development costs associated with the Company's ATJ - 60 project and other non - core business activities . • This one - time , non - cash impairment charge reflects the Company's decision to exit all activities related to low - carbon ethanol and sustainable aviation fuel ( SAF ) production in Lake Preston , South Dakota to focus on capital projects at Gevo North Dakota , including debottlenecking , the potential expansion of the ethanol plant to double capacity , and SAF production . • Non - GAAP Adjusted EBITDA¹ of $ 11 million in the second quarter of 2026 . o Our second quarter results did not include revenue relating to the Company's recently approved new Canada Clean Fuel Regulation ( CFR ) pathway , which is expected to be included starting in the third quarter of 2026 . Business and Operations Highlights " Gevo has a powerful growth platform centered on commodities , carbon and incentives , " said Bloom . " We have focused development around our existing operations , improving margins and near - term cash flow , with a portfolio of growth projects that we believe will create substantial shareholder value . " • Improved full year 2026 Non - GAAP Adjusted EBITDA¹ outlook : Gevo now expects full year 2026 non - GAAP Adjusted EBITDA¹ to be greater than $ 60 million , which is more than double the prior target of $ 30 million . The improved outlook is supported by : 。 Canada Clean Fuel Regulation Pathway : Approval of the Company's new Canada CFR pathway in the second quarter of 2026 creates a large , additional compliance market opportunity for Gevo's low - carbon ethanol , including recognition of credits associated with qualifying volumes previously delivered into that market . Gevo expects sales under this new pathway to be included in the Company's third quarter 2026 financial results . o Section 45Z Clean Fuel Production Credits : Gevo is targeting monetization of more than $ 70 million in Section 45Z tax credits during 2026 compared to $ 52 million last year , as a result of continued low - carbon ethanol and
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renewable natural gas (RNG) production and improvements in the carbon intensity of those products. Strong Operating Performance: Continued strong operating performance at Gevo North Dakota, expected sales growth from low-carbon racing fuel blendstock for high-end motorsports and demonstration-scale SAF, and cost management initiatives. Increased cash flow: The Company expects substantial operating cash flow in the third and fourth quarters of 2026, supported by the improved 2026 non-GAAP Adjusted EBITDA 1 outlook and more than $70 million in expected Section 45Z tax credit monetizations for the full year 2026, of which $20 million in sales closed subsequent to the second quarter of 2026 and the remaining $50 million in sales and associated cash proceeds are targeted by year end. Debottlenecking: Site improvement efforts at Gevo North Dakota remain on track, with debottlenecking activities expected to deliver increased low-carbon ethanol, coproduct, carbon capture and associated incentive volumes by approximately 10–15%, including 75 million gallons per year of low-carbon ethanol, starting in 2027. Growth projects: Gevo continues to advance its portfolio of growth projects, including the planned expansion of Gevo North Dakota that would double production to about 150 million gallons per year of low-carbon ethanol and associated carbon capture and sequestration (CCS) which is targeting startup of operations in 2028, and the ongoing development of the ATJ-30 SAF deployment, while maintaining disciplined capital allocation. Low-carbon ethanol production: Gevo produced 16.3 million gallons of low-carbon ethanol during the second quarter of 2026, compared to 16.8 million gallons in the same quarter last year, primarily due to planned downtime for maintenance completed in April. RNG production: Gevo produced 95,939 MMBtu of RNG during the second quarter of 2026, compared to 92,138 MMBtu in the same quarter last year. Webcast and Conference Call Information Hosting today’s conference call at 4:30 p.m. ET will be Paul Bloom, chief executive officer, Leke Agiri, chief financial officer and Eric Frey, vice president of finance and strategy. They will review Gevo’s financial results and provide an update on recent corporate highlights. To participate in the live call, please register through the following event weblink: https://registrations.events/direct/Q4I702120. To listen to the conference call (audio only, non-participating), please register through the following event weblink: https://events.q4inc.com/attendee /341485152. A webcast replay will be available after the conference call ends on August 6, 2026. The archived webcast along with the earnings press release and slide presentation will be available in the Investor Relations section of Gevo’s website at www.gevo.com. About Gevo Gevo is a next-generation diversified energy company committed to fueling America’s future with cost-effective, drop-in fuels that contribute to energy security, abate carbon, and strengthen rural communities to drive economic growth. Gevo’s innovative technology can be used to make a variety of renewable products, including SAF, motor fuels, chemicals, and other materials that provide U.S.-made solutions. Gevo’s business model includes developing, financing, and operating production facilities that create jobs and revitalize communities. Gevo owns and operates an ethanol plant with an adjacent CCS facility and Class VI carbon-storage well. Gevo also owns and operates one of the largest dairy-based RNG facilities in the United States, turning by-products into clean, reliable energy. Additionally, Gevo developed the world’s first production facility for specialty alcohol-to-jet (ATJ) fuels and chemicals, operating since 2012. Gevo is currently developing the world’s first large-scale ATJ facility to be co-located at its North Dakota site. Gevo’s market-driven “pay-for-performance” approach regarding carbon and other sustainability attributes helps deliver value to our local economies. Through its Verity subsidiary, Gevo provides transparency, accountability, and efficiency in tracking, measuring, and verifying various attributes throughout the supply chain. By strengthening rural economies, Gevo is working to secure a self-sufficient future and to make sure value is brought to the market. For more information, see www.gevo.com. Forward-Looking Statements Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to a variety of matters, including, without limitation, Adjusted EBITDA expectations, expected financial results from the new CFR pathway, expected future monetization of Section 45Z and other carbon credits, the financing and timing of our ethanol and CCS expansion project, our financial condition, our results of operation and liquidity, our business plans, our business development activities, financial projections related to our business, our ability to successfully develop, construct, and finance our operations and growth projects, our ability to achieve cash flow from our planned projects, and other statements that are not purely statements of historical fact. These forward-looking statements are made based on the current beliefs, expectations and assumptions of the management of Gevo and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Gevo undertakes no obligation to update or revise these statements, whether as a result of new information,
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future events or otherwise. Although Gevo believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Gevo in general, see the risk disclosures in our most recent Annual Report on Form 10-K and in subsequent reports on Forms 10-Q and 8-K and other filings made with the U.S. Securities and Exchange Commission by Gevo. Non-GAAP Financial Information This press release contains financial measures that do not comply with U.S. generally accepted accounting principles (“GAAP”), including non-GAAP adjusted net income (loss) and adjusted EBITDA. Non-GAAP adjusted net income excludes impairment of long lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss). Non-GAAP Adjusted EBITDA excludes depreciation and amortization, impairment of long lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance from GAAP net income (loss) from operations. Management believes it is useful to supplement its GAAP financial statements with this non-GAAP information because management uses such information internally for its operating, budgeting and financial planning purposes. This non-GAAP financial information also facilitates management’s internal comparisons to Gevo’s historical performance as well as comparisons to the operating results of other companies. In addition, Gevo believes this non-GAAP financial information is useful to investors because it allows for greater transparency into the indicators used by management as a basis for its financial and operational decision making. Non-GAAP information is not prepared under a comprehensive set of accounting rules and therefore, should only be read in conjunction with financial information reported under U.S. GAAP when understanding Gevo’s operating performance. A reconciliation between GAAP and non-GAAP financial information is provided below. Gevo has not provided a reconciliation of forward-looking non-GAAP adjusted EBITDA guidance measures to the most directly comparable GAAP measures because of the inherent difficulty in accurately forecasting certain items excluded from GAAP, which have not yet occurred, are dependent on various factors, are out of the company's control, or cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort. 1 Adjusted EBITDA is a non-GAAP measure calculated by adding back depreciation and amortization, impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss) from operations. A reconciliation of non-GAAP adjusted EBITDA to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above. 2 Adjusted net income (loss) is a non-GAAP measure calculated by adding back impairment of long-lived assets, allocated intercompany expenses for shared service functions, non-cash stock-based compensation, the change in fair value of derivative instruments and executive severance and other non-recurring expenses to GAAP net income (loss). A reconciliation of non-GAAP adjusted net income (loss) from operations to GAAP is provided in the financial statement tables following this release. See Non-GAAP Financial Information above. 3 The one-time, non-cash impairment charge of $176 million consists of $136 million of impairment of long-lived assets and $40 million of allowance for credit losses on refundable deposits as shown on the Consolidated Statement of Operations. Gevo, Inc. Consolidated Balance Sheets (In thousands, except share and per share amounts) June 30, 2026 December 31, 2025 Assets Current assets Cash and cash equivalents $ 58,147 $ 81,163 Restricted cash — 28,770 Trade accounts receivable, net 11,970 8,394 Inventories 19,304 19,076 Prepaid expenses and other current assets 12,179 6,001 Total current assets 101,600 143,404 Property, plant and equipment, net 238,119 353,577 Restricted cash — 7,006 Operating right-of-use assets 2,671 1,964 Finance right-of-use assets 670 430 Intangible assets, net 71,592 95,003 Goodwill 43,558 43,558 Deposits and other assets 32,504 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 credits 3,344 41,115 Operating lease liabilities 817 689
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Finance lease liabilities 92 273 Total current liabilities 37,644 78,585 Bonds payable, net — 64,247 Loans payable 167,239 100,503 Operating lease liabilities 1,940 1,416 Finance lease liabilities 613 394 Asset retirement obligation 2,326 2,250 Other long-term liabilities — 365 Total liabilities 209,762 247,760 Redeemable non-controlling interest 7,789 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 capital 1,303,403 1,298,064 Accumulated deficit (1,032,712) (834,152) Total stockholders' equity 273,163 466,337 Total liabilities and stockholders' equity $ 490,714 $ 718,929 Gevo, Inc. Consolidated Statements of Operations (In thousands, except share and per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Total revenues $ 46,501 $ 43,413 $ 89,449 $ 72,522 Cost of production 19,918 17,265 40,150 38,711 Depreciation and amortization 6,784 7,213 13,644 12,835 Gross profit 19,799 18,935 35,655 20,976 Operating expenses: Research and development expense 440 934 1,939 1,986 General and administrative expense 12,882 10,783 29,097 21,867 Project development costs 2,403 831 5,443 5,833 Acquisition related costs — — — 4,438 Facility idling costs — 591 — 1,195 Impairment of long-lived assets 135,788 — 135,788 — Allowance for credit losses on refundable deposits 39,782 — 39,782 — Loss on disposal of assets, net 210 — 210 — Total operating expenses 191,505 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 income 630 1,322 1,443 3,092 Other expense, net 446 (44) (1346) (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 interest 680 585 1026 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 - basic 237,054,708 232,945,048 237,429,647 232,490,122 Weighted-average common shares outstanding - diluted 237,054,708 236,839,117 237,429,647 232,490,122 Gevo, Inc.
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Consolidated Statements of Stockholders’ Equity (In thousands, except share amounts) For the Three Months Ended June 30, 2026 and 2025 Stockholders' Equity Mezzanine Equity Common Stock Additional Paid-In Capital Accumulated Deficit Stockholders’ Equity Redeemable Non-Controlling Interest Shares Amount Balance, March 31, 2026 243,073,561 $ 2,431 $ 1,300,931 $ (855,616) $ 447,746 $ 6,954 Issuance of redeemable non-controlling interest — — — — — — Non-cash stock-based compensation — — 2,558 — 2,558 — Stock-based awards and related share issuances, net 4,141,620 41 (41) — — — Exercise of stock options 74,319 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, 2026 247,237,104 $ 2,472 $ 1,303,403 $ (1,032,712) $ 273,163 $ 7,789 Balance, March 31, 2025 239,562,995 $ 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, net 2,278,595 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, 2025 241,841,590 $ 2,419 $ 1,291,630 $ (819,945) $ 474,104 $ 5,664 For the Six Months Ended June 30, 2026 and 2025 Stockholders' Equity Mezzanine Equity Common Stock Additional Paid-In Capital Accumulated Deficit Stockholders’ Equity Redeemable Non-Controlling Interest Shares Amount Balance, December 31, 2025 242,464,470 $ 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, net 4,843,175 47 1,022 — 1,069 — Exercise of stock options 210,240 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, 2026 247,237,104 $ 2,472 $ 1,303,403 $ (1,032,712) $ 273,163 $ 7,789 Balance, December 31, 2024 239,176,293 $ 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, net 2,665,297 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, 2025 241,841,590 $ 2,419 $ 1,291,630 $ (819,945) $ 474,104 $ 5,664
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Gevo, Inc. Consolidated Statements of Cash Flows (In thousands) Six Months Ended June 30, 2026 2025 Operating Activities Net loss $ (197,612) $ (19,044) Adjustments to reconcile net loss to net cash used in operating activities: Impairment of long-lived assets 135,788 — Allowance for credit losses on refundable deposits 39,782 — Loss on disposal of property and equipment 210 — Loss on extinguishment of bonds 10,304 — Stock-based compensation 4,661 4,142 Depreciation and amortization 13,644 12,835 Change in fair value of derivative instruments (2,690) (652) Production tax credits generated (32,014) (21,494) Other non-cash expense 2,203 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 assets 475 (9,504) Accounts payable, accrued expenses and non-current liabilities (7,569) 10295 Deferred clean fuel production tax credits 7,480 — 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 proceeds 70,000 105,000 Payment of debt issuance costs (2,612) (5,480) Non-controlling interest — 5,000 Distribution to non-controlling interest — — Payment of prepayment penalty on redemption of bonds (6,506) — Proceeds from the exercise of stock options 252 182 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 period 116,939 259,033 Cash, cash equivalents and restricted cash at end of period $ 58,147 $ 126,901 Gevo, Inc. Reconciliation of GAAP to Non-GAAP Financial Information (In thousands) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Non-GAAP Adjusted EBITDA (Consolidated): (Loss) income from operations (GAAP) $ (171,706) $ 5,796 $ (176,604) $ (14,343) Impairment of long-lived assets 135,788 — 135,788 — Allowance for credit losses on refundable deposits 39,782 — 39,782 — Loss on disposal of assets, net 210 — 210 — Depreciation and amortization 6,784 7,213 13,644 12,835 Other amortization 305 — 752 — Stock-based compensation 2,558 2,244 4,661 4,142 Change in fair value of derivative instruments (3,257) 2,080 (2,690) (652) Executive severance 582 — 3,293 —
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Non-recurring debt modification costs 29 — 771 — Non-GAAP Adjusted EBITDA (Consolidated) $ 11,075 $ 17,333 $ 19,607 $ 1,982 Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Non-GAAP Adjusted Net (Loss) Income (Consolidated): Net (loss) income attributable to Gevo, Inc. $ (176,941) $ 2,144 $ (198,638) $ (19,584) Impairment of long-lived assets 135,788 — 135,788 — Allowance for credit losses on refundable deposits 39,782 — 39,782 — Loss on disposal of assets, net 210 — 210 — Stock-based compensation 2,558 2,244 4,661 4,142 Change in fair value of derivative instruments (3,257) 2,080 (2,690) (652) Executive severance 582 — 3,293 — Non-recurring debt modification costs 29 — 771 — Non-GAAP adjusted net (loss) income attributable to Gevo, Inc. $ (1,249) $ 6,468 $ (16,823) $ (16,094) Non-GAAP adjusted net (loss) income attributable to Gevo, Inc. per share $ (0.01) $ 0.03 $ (0.07) $ (0.07) Three Months Ended June 30, 2026 Gevo GevoFuels GevoRNG GevoND Consolidated Non-GAAP Adjusted EBITDA (Consolidated): (Loss) Income from operations $ (17,210) $ (174,645) $ 1,183 $ 18,966 $ (171,706) Impairment of long-lived assets 1,382 134,406 — — 135,788 Allowance for credit losses on refundable deposits — 39,782 — — 39,782 Loss on disposal of assets, net — — 210 — 210 Depreciation and amortization 923 — 1,057 4,804 6,784 Other amortization (49) — 235 119 305 Allocated intercompany expenses for shared service functions (2,505) — 500 2,005 — Stock-based compensation 2,529 — 12 17 2,558 Change in fair value of derivative instruments — — — (3,257) (3,257) Executive severance 582 — — — 582 Non-recurring debt modification costs — — 8 21 29 Non-GAAP adjusted EBITDA (Consolidated) $ (14,348) $ (457) $ 3,205 $ 22,675 $ 11,075 Six Months Ended June 30, 2026 Gevo GevoFuels GevoRNG GevoND Consolidated Non-GAAP Adjusted EBITDA (Consolidated): (Loss) Income from operations $ (34,032) $ (175,329) $ 2,146 $ 30,611 $ (176,604) Impairment of long-lived assets 1,382 134,406 — — 135,788 Allowance for credit losses on refundable deposits — 39,782 — — 39,782 Loss on disposal of assets, net — — 210 — 210 Depreciation and amortization 1,825 — 2,005 9,814 13,644 Other amortization — — 513 239 752 Allocated intercompany expenses for shared service functions (2,610) — 605 2,005 — Stock-based compensation 4,616 — 21 24 4,661 Change in fair value of derivative instruments — — — (2,690) (2,690) Executive severance 3,293 — — — 3,293 Non-recurring debt modification costs — — 8 763 771 Non-GAAP adjusted EBITDA (Consolidated) $ (25,526) $ (1,141) $ 5,508 $ 40,766 $ 19,607 Three Months Ended June 30, 2025 Gevo GevoFuels GevoRNG GevoND Consolidated Non-GAAP Adjusted EBITDA (Consolidated):
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Income (loss) from operations $ (12,366) $ (376) $ 1,456 $ 17,082 $ 5,796 Depreciation and amortization 779 — 1,374 5,060 7,213 Allocated intercompany expenses for shared service functions 259 — (259) — — Stock-based compensation 2,230 — 12 2 2,244 Change in fair value of derivative instruments — — — 2,080 2,080 Non-GAAP adjusted EBITDA (Consolidated) $ (9,098) $ (376) $ 2,583 $ 24,224 $ 17,333 Six Months Ended June 30, 2025 Gevo GevoFuels GevoRNG GevoND Consolidated Non-GAAP Adjusted EBITDA (Consolidated): (Loss) Income from operations $ (33,350) $ (1,100) $ 1,925 $ 18,182 $ (14,343) Depreciation and amortization 1,526 — 2,777 8,532 12,835 Allocated intercompany expenses for shared service functions (631) — 631 — — Stock-based compensation 4,167 — (27) 2 4,142 Change in fair value of derivative instruments — — — (652) (652) Non-GAAP adjusted EBITDA (Consolidated) $ (28,288) $ (1,100) $ 5,306 $ 26,064 $ 1,982 Media Contact PR@gevo.com Investor Contact Eric Frey, PhD Vice President of Finance and Strategy IR@Gevo.com