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,…
Earnings analysis · 10-Q
GEVO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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,…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.09
What stood out
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Revenue Decline vs Estimates
Actual revenue of $42.9 million was 4.4% below the estimated $44.9 million.
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Year-over-Year Revenue Growth
Q1 2026 revenue rose 47.5% from $29.1 million in Q1 2025.
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Improvement in Operating Loss
Loss from operations improved significantly, narrowing to $4.9 million from $20.1 million in Q1 2025.
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Increased Production Efforts
Gevo's ethanol production reached 17.75 million gallons, showcasing operational scale-up.
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Cost of Production Reduced
Total cost of production decreased by $1.2 million to $20.2 million compared to Q1 2025.
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Tax Credit Impact
Recognition of $16.5 million in clean fuel production tax credits positively impacted net production costs.
What to watch
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Cash Flow Challenges Persist
Net cash used in operating activities was $21.7 million, only a slight improvement from $24 million in Q1 2025.
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Increased Interest Expenses
Interest expense rose to $5.17 million from $3.29 million year-over-year due to a recent credit agreement amendment.
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Environmental Attribute Volatility
Revenue from GevoRNG segment fell by $1.1 million primarily due to reduced environmental credit prices.
Management's outlook
Management expects approximately $30 million in Non-GAAP Adjusted EBITDA for 2026, up from $17 million in 2025.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.