GEVO earnings analysis
What we found in GEVO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Gevo's Q1 2026 results revealed challenges, with revenues of $42.9 million falling short of the expected $44.9 million, while EPS was reported at -$0.09 compared to an estimate of -$0.02. Despite these difficulties, management remains optimistic, targeting $30 million in Non-GAAP Adjusted EBITDA for the full year, aided by operational enhancements and continued growth strategies.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline vs Estimates
- Actual revenue of $42.9 million was 4.4% below the estimated $44.9 million.
- Year-over-Year Revenue Growth
- Q1 2026 revenue rose 47.5% from $29.1 million in Q1 2025.
- Improvement in Operating Loss
- Loss from operations improved significantly, narrowing to $4.9 million from $20.1 million in Q1 2025.
- Increased Production Efforts
- Gevo's ethanol production reached 17.75 million gallons, showcasing operational scale-up.
- Cost of Production Reduced
- Total cost of production decreased by $1.2 million to $20.2 million compared to Q1 2025.
- Tax Credit Impact
- Recognition of $16.5 million in clean fuel production tax credits positively impacted net production costs.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Cash Flow Challenges Persist
- Net cash used in operating activities was $21.7 million, only a slight improvement from $24 million in Q1 2025.
- Increased Interest Expenses
- Interest expense rose to $5.17 million from $3.29 million year-over-year due to a recent credit agreement amendment.
- Environmental Attribute Volatility
- Revenue from GevoRNG segment fell by $1.1 million primarily due to reduced environmental credit prices.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.09
- Segment
- GevoND: $38.03 million
- Segment
- GevoRNG: $4.56 million
- Segment
- Other: -$0.26 million
What they said about what is next.
Management expects approximately $30 million in Non-GAAP Adjusted EBITDA for 2026, up from $17 million in 2025.
The filing reads worse than the one before it.
What came before.
- 10-K · March 5, 2026
- Gevo materially scaled commercial operations in 2025 after acquiring Red Trail Energy (Gevo North Dakota) and growing revenue from roughly $17M in 2024 to approximately $160M in 2025 (sum of quarterly revenues: $29M,…
- 10-Q · November 10, 2025
- Q3 2025 revenue of $42,710 (thousands) represented a large YoY increase but was roughly flat vs prior quarter; gross margin compressed to 47.8% and operating margin swung to -8.6% from +13.4% in Q2 2025, driving diluted…
- 10-Q · August 11, 2025
- Gevo reported a sharp operational inflection in Q2 2025: revenue was $43,413,000 (Q2 2024: $5,260,000), gross margin expanded to 60.2% from 34.9% and the company delivered operating income of $5,796,000 vs an operating…
- 10-Q · May 13, 2025
- Gevo reported a material revenue inflection in Q1 2025 with total operating revenues of $29,109,000 versus $3,990,000 in Q1 2024, driven in part by the January 31, 2025 acquisition of Red Trail Energy. Gross margin was…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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