0001392380-26-000006
SEC filingGevo, Inc. reported total revenues of $160.6 million for FY 2025, a significant increase from $16.9 million in FY 2024, primarily driven by the acquisition of Red Trail Energy (GevoND) which contributed $136.8 million in segment revenue. Despite the revenue growth, the company incurred a net loss of $32.6 million, an improvement from a net loss of $78.6 million in the prior year. The loss from operations was $20.2 million, compared to a loss of $90.8 million in FY 2024. The company's cash position decreased, with net cash used in operating activities of $13.4 million and a net decrease in cash and cash equivalents of $142.1 million, ending the period with total cash, cash equivalents, and restricted cash of $375.6 million. The company's accumulated deficit increased to $834.2 million, and management expects to continue incurring losses for the foreseeable future as it invests in growth projects like its Alcohol-to-Jet (ATJ) facilities.
Gevo, Inc. reported FY 2025 total revenues of $160.6 million, a substantial increase from $16.9 million in FY 2024. This growth was primarily attributable to the acquisition of Red Trail Energy (now GevoND) on January 31, 2025, which contributed $136.8 million in segment revenue from ethanol and related products. The company's net loss improved to $32.6 million from $78.6 million in the prior year. Loss from operations was $20.2 million, a significant improvement from a loss of $90.8 million in FY 2024. Key expense items included cost of production ($85.2M), general and administrative expense ($51.2M), and depreciation and amortization ($25.3M). The company ended the year with an accumulated deficit of $834.2 million.
Revenue growth was driven by the GevoND segment ($136.8M), which includes ethanol ($105.2M), ethanol-related products ($31.1M), and other revenues from the acquired Red Trail Energy assets. The GevoRNG segment contributed $18.0 million, up from $15.8 million in FY 2024, from renewable natural gas ($1.0M) and environmental attributes ($17.7M). The Gevo segment reported $5.8 million in revenue, primarily from licensing, development, and software services. The GevoFuels segment reported no revenue as it focuses on developing Alcohol-to-Jet projects. One customer accounted for 80% of total revenue in FY 2025.
The company does not report gross profit separately; cost of production was $85.2 million against total revenue of $160.6 million. Operating expenses totaled $180.8 million, resulting in an operating loss of $20.2 million. This represents an operating margin of -12.6%. The improvement in operating loss from $90.8 million in FY 2024 was due to revenue growth from the acquisition, partially offset by increased operating expenses, including acquisition-related costs ($4.4M) and project development costs ($11.7M). The company recognized a $52.0 million benefit from Clean Fuel Production Credits, which reduced cost of production.
Net cash used in operating activities was $13.4 million, an improvement from $57.4 million used in FY 2024, aided by a $41.1 million increase in deferred clean fuel production tax credits. Net cash used in investing activities was $226.6 million, primarily for the acquisition of Red Trail Energy ($198.5M net of cash) and acquisitions of property, plant, and equipment ($30.1M). Net cash provided by financing activities was $97.9 million, mainly from loan proceeds ($105.0M) and bond issuances ($40.0M). Total assets were $718.9 million, including property, plant and equipment ($353.6M net) and intangible assets ($95.0M net). Total liabilities were $247.8 million, with loans payable of $100.5M and bonds payable of $64.2M. Stockholders' equity was $466.3 million.
Management disclosed in the Risk Factors that the company has a history of net losses, incurred a net loss of $33.8 million attributable to Gevo in FY 2025, and expects to incur losses for the foreseeable future. The company will require substantial additional financing to achieve its goals, including developing and financing Alcohol-to-Jet projects like ATJ-30. Key risks include the ability to secure financing, fluctuations in corn and petroleum prices, dependence on government incentives like the RFS Program and LCFS credits, and challenges in operating commercial-scale facilities. The company also identified a material weakness in internal control over financial reporting related to IT controls at a recently acquired entity as of December 31, 2025.