GEVO · Gevo, Inc.

Gevo’s Q1 2026 results reflect meaningful operational progress and margin improvement: revenue rose 48% year-over-year to $43 million, driven by increased low-carbon ethanol production (18M vs. 11M gallons), higher RNG output (92K vs. 80K MMBtu), and expanded carbon capture (46K vs. 29K metric tons). The $9 million Non-GAAP Adjusted EBITDA marks a $24 million swing from negative $15 million in Q1 2025—attributed to scale, debottlenecking execution, and disciplined cost management under the internally launched 'EBITDA challenge.' Management explicitly tied this improvement to tangible near-term levers: the GND debottlenecking (targeting 75M gal/year low-carbon ethanol capacity starting next year), Ara Energy’s preliminary co-investment agreement enabling a capacity-doubling expansion at GND (targeting 2028 startup), and advancing ATJ-30 financing via non-binding private capital indications and secured take-or-pay agreements covering half the project’s SAF and carbon reduction capacity. While net loss remained flat at $(22) million—largely due to a $11 million one-time loss on bond extinguishment—the Company reaffirmed its full-year 2026 Non-GAAP Adjusted EBITDA guidance of $30 million and emphasized that the $40 million annualized run-rate target remains on track for year-end. This guidance is predicated on incremental contributions from debottlenecking, expansion, and ATJ-30 development—not just base operations—signaling confidence in execution velocity and de-risking progress across its core growth pillars.