Gevo, Inc. (GEVO): Business Model Canvas [Dec-2025 Updated]

You're looking at a company in a massive pivot, and honestly, understanding the mechanics behind Gevo, Inc.'s shift from basic ethanol to a full-blown, low-carbon energy platform centered on Sustainable Aviation Fuel (SAF) is key to valuing their next move. This isn't just about making cleaner fuel; it's about monetizing carbon attributes, evidenced by their $52 million in Clean Fuel Production Credit sales for 2025 so far, alongside securing a conditional $1.46 billion loan commitment for their Net-Zero 1 project. Below, we break down the nine essential blocks of their Business Model Canvas, showing exactly how they plan to turn proprietary Alcohol-to-Jet (ATJ) technology and Renewable Natural Gas (RNG) production into future, multi-billion dollar SAF sales.

Gevo, Inc. (GEVO) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Gevo, Inc. has locked in to move from development to commercial scale. These partnerships are critical because Gevo, Inc. doesn't yet have active Sustainable Aviation Fuel (SAF) production, meaning these agreements are the foundation for future revenue and project financing.

Major airlines for long-term SAF offtake agreements

Gevo, Inc. has secured significant forward-looking demand, which is essential for attracting the capital needed for its Net-Zero projects. These take-or-pay contracts provide revenue certainty, even though the realization of this income is contingent on production starting, which is expected not earlier than 2026.

The total contracted demand across various partners is substantial, requiring multiple plants to meet the volume.

• Total take-or-pay contracts in place for SAF and hydrocarbon fuel supply exceed 375 million gallons per year.
• The estimated long-term income value from these contracts is over $2 billion.

Here's a look at some of the major airline and fuel partners that have committed to purchasing volumes:

Honestly, having this much volume under contract before breaking ground on the main SAF facility is a huge de-risking factor for potential lenders.

U.S. Department of Energy (DOE) for $1.46 billion NZ1 loan guarantee

The support from the U.S. Department of Energy's Loan Programs Office (LPO) is a cornerstone partnership, signaling federal confidence in Gevo, Inc.'s Alcohol-to-Jet (ATJ) technology.

• Gevo, Inc. received a conditional commitment for a loan guarantee totaling $1.46 billion (disbursements, excluding capitalized interest during construction) for its proposed Net-Zero 1 (NZ1) project in South Dakota.
• The total borrowing capacity of the DOE loan facility, including capitalized interest during construction, is $1.63 billion.
• The conditional commitment extension was granted until April 16, 2026, to allow for evaluation of potential project scope modifications.
• The NZ1 facility, as originally planned, was designed to produce approximately 60 million gallons per year (MMgy) of SAF.

This commitment is crucial because it is expected to attract the remaining large-scale equity investors needed to finalize financing for the project.

LG Chem for bio-based chemical joint development

The partnership with LG Chem, Ltd. focuses on accelerating the commercialization of Gevo, Inc.'s proprietary Ethanol-to-Olefins (ETO) technology for renewable chemicals, specifically bio-propylene.

The agreement was extended in December 2024 to allow LG Chem to assess existing assets for deploying the ETO technology. This process uses ethanol as a feedstock to produce olefins, which are drop-in replacements for petroleum-based building blocks used in plastics, flooring, and diapers.

• The ETO process is intended to create carbon-neutral or carbon-negative replacements for traditional petroleum-based building blocks.
• LG Chem is committed to reaching carbon-neutral growth by 2030 and net-zero emissions by 2050.

While specific financial terms of the joint development extension aren't public, the goal is clearly to scale up commercial activities ahead of the original timeline.

Future Energy Global for emissions credit acquisition

Gevo, Inc. signed a pioneering multi-year offtake agreement with Future Energy Global (FEG) based on the Book and Claim mechanism, which separates the environmental attributes from the physical fuel.

This agreement is a key element expected to help enable the financing of the ATJ-60 facility, which is designed to produce 60 million gallons of SAF per year. FEG's initial focus is on aviation customers seeking to decarbonize their operations.

Dairy farm operators for Renewable Natural Gas (RNG) feedstock

The Renewable Natural Gas (RNG) Project in Northwest Iowa is a vital partnership providing low-carbon thermal energy, which helps lower the carbon intensity score of Gevo, Inc.'s final products.

This RNG project is supplied by manure from local dairy operations.

• The feedstock is supplied by three dairy farms in Northwest Iowa.
• These farms collectively total over 20,000 milking cows.
• The RNG Project has a capacity of 400,000 MMBtu of RNG per year, following an expansion completed in 2024 from an initial target of 310,000 MMBtu.

The RNG produced is sold into the California market under dispensing agreements with BP entities. The initial Phase 1 of the biogas cluster was envisioned to include 8-10 total farms when fully built out.

Finance: review the impact of the extended DOE commitment deadline on the Q1 2026 financing milestone by next Tuesday.

Gevo, Inc. (GEVO) - Canvas Business Model: Key Activities

You're looking at the core things Gevo, Inc. is actively doing to drive revenue and meet its net-zero fuel goals as of late 2025. These aren't just plans; these are the operational engines running right now.

Producing low-carbon ethanol (67 million gallons per year capacity)

The foundation of the current business is the operation of the Gevo North Dakota facility, which Gevo acquired in Q1 2025. This facility has a stated nameplate capacity of 67 million gallons per year of low-carbon ethanol. For context on recent output, the facility produced 11.1 million gallons of low-carbon ethanol in the first two months of 2025 (February and March). Looking at the first half of 2025, the low-carbon ethanol operations produced 28 million gallons. A portion of this production, specifically 2 million gallons per year, is corn fiber ethanol, which qualifies for a cellulosic D3 Renewable Identification Number (RIN) due to its near-zero carbon intensity.

Operating Carbon Capture and Sequestration (CCS) at North Dakota facility

The Gevo North Dakota site features a wholly-owned, operational proprietary CCS well with a total estimated sequestration capacity of up to 1 million metric tons per year of CO₂. This well has been operating since 2022. In the first quarter of 2025, approximately 29 thousand metric tons of CO₂ were captured and sequestered. By the third quarter of 2025, the facility sequestered 42,000 tons of carbon. The geological storage is certified for 1,000 years of permanence. This activity directly enables the monetization of carbon credits; Gevo began selling Puro-certified Carbon Removal Certificates (CORCs) in July 2025. The company estimates long-term sales from this co-product could exceed $30 million per year or more from the GevoND site alone, even before Sustainable Aviation Fuel (SAF) production begins there.

Developing and financing Alcohol-to-Jet (ATJ) SAF production plants

Gevo, Inc. is actively developing its next-generation SAF capacity, primarily shifting focus to a smaller, more capital-efficient project. The original plan involved the ATJ-60 project in Lake Preston, South Dakota, designed to produce 60 million gallons per year (MMgy) of SAF. This project secured a conditional commitment from the U.S. Department of Energy (DOE) for a loan guarantee facility of approximately $1.46 billion. However, the current development priority is the smaller ATJ-30 facility, planned for the North Dakota site, designed for 30 MMgy of jet fuel. The DOE loan commitment for the SAF project was extended to April 16, 2026, allowing time to evaluate the shift in scope to the North Dakota location. A Final Investment Decision (FID) for the ATJ-30 plant is targeted by mid-2026.

Producing and injecting Renewable Natural Gas (RNG) into pipelines

The Renewable Natural Gas (RNG) project in Northwest Iowa is a current revenue generator, capturing methane from dairy cow manure. The project has a capacity of 400,000 MMBtu per year, with an ongoing goal to debottleneck to 500,000 MMBtu output per year. For the first six months of 2025, the RNG facility produced approximately 172 thousand MMBtu. In the first quarter of 2025 specifically, RNG production reached 79,963 MMBtu. Revenue in Q1 2025 included $0.3 million in RNG sales and $5.4 million in environmental attribute sales, driven by a favorable Carbon Intensity (CI) score from the California Low Carbon Fuel Standard (LCFS) program.

Developing the Verity carbon tracking software platform

Verity Holdings, LLC, a wholly owned subsidiary, develops and operates a proprietary digital Measure, Report, Verify (MRV) platform powered by distributed ledger technology. This platform is key to tracking, verifying, and quantifying carbon intensity across the entire carbon cycle, maximizing the value of environmental attributes. As of early 2025, the Verity business had doubled its acreage under management and achieved customer revenue. In September 2025, Verity announced a partnership with Frontier Infrastructure to deliver an integrated carbon management platform, targeting over 200 ethanol facilities across North America.

Here's a quick look at the operational output from the acquired Gevo North Dakota assets for the first half of 2025, which underpins several key activities:

The operational success of these activities is directly tied to financial performance, as the company reported a positive Adjusted EBITDA of $6.7 million for the third quarter of 2025, its second consecutive quarter of profitability.

The core operational focus areas driving this performance include:

• Securing the $1.46 billion DOE loan guarantee for SAF development.
• Monetizing carbon credits, with estimated long-term annual CDR sales exceeding $30 million.
• Generating revenue from environmental attributes for RNG, with $5.4 million in Q1 2025 sales.
• Leveraging the Verity platform to track and verify attributes for customers like Midwest Renewable Energy.

Gevo, Inc. (GEVO) - Canvas Business Model: Key Resources

The Key Resources for Gevo, Inc. are centered on proprietary technology, significant physical assets with operational carbon capture capabilities, and substantial external financial backing.

The intellectual property foundation is built upon Gevo, Inc.'s proprietary Alcohol-to-Jet (ATJ) technology and a global portfolio exceeding 300 patents. For instance, U.S. Patent No. 12,043,587 B2, granted in September 2024, protects the company's Ethanol-to-Olefins (ETO) process, which is designed for best-in-class cost and yields from ethanol. This technology is critical for producing sustainable aviation fuel (SAF) and other renewable hydrocarbons.

A major physical asset is the Gevo North Dakota facility, which includes an operational Class VI Carbon Capture and Sequestration (CCS) well. This well has an estimated total sequestration capacity of up to 1 million metric tons of CO2 per year. By the end of the third quarter of 2025, the CCS operation at this site had sequestered more than 560,000 metric tons of carbon since its June 2022 startup. The facility itself is a significant revenue generator, reporting an income from operations of $12.3 million for the third quarter of 2025.

Financially, Gevo, Inc. held cash, cash equivalents, and restricted cash totaling $108.4 million as of September 30, 2025. This liquidity supports ongoing operations and development efforts.

Furthermore, a critical external resource is the conditional $1.46 billion DOE loan commitment for the Net-Zero 1 (NZ1) project in Lake Preston, South Dakota. This commitment, originally announced in October 2024, received an extension from the Department of Energy Loan Programs Office (DOE LPO) on October 8, 2025, keeping it effective until April 16, 2026. The total borrowing capacity under this facility, including capitalized interest during construction, is $1.63 billion. Gevo, Inc. and the DOE LPO are evaluating potential modifications, which may involve shifting focus to a smaller, 30 million gallon per year ATJ-30 facility at the North Dakota site.

The Verity end-to-end carbon accounting software platform, a wholly owned subsidiary, is a key digital resource. Verity utilizes a proprietary digital Measure, Report, Verify (MRV) platform powered by distributed ledger technology to ensure accurate, transparent, and secure carbon accounting across the supply chain, from feedstock to end products.

Here is a summary of the key financial and operational metrics:

The Verity platform integrates data from various sources to support its MRV functions:

• Farm-specific data from OEM systems like John Deere and New Holland Agriculture.
• GIS data aggregation tools, including FarmersEdge and Farmobile.
• Financial planning tools such as AgriEdge and Granular.

Gevo, Inc. also benefits from the operational performance of its assets, with Gevo North Dakota generating a non-GAAP Adjusted EBITDA of $17.8 million in the third quarter of 2025.

Gevo, Inc. (GEVO) - Canvas Business Model: Value Propositions

You're looking at the core promises Gevo, Inc. is making to its customers as of late 2025. This is where the rubber meets the road for their entire operation, blending fuel, carbon, and agriculture.

Sustainable Aviation Fuel (SAF) with net-zero or negative carbon intensity

Gevo, Inc. is focused on delivering Sustainable Aviation Fuel (SAF) that meets the ASTM International Standard D7566, allowing blending up to 50 percent with petroleum-based jet fuel. The company's proprietary Alcohol-to-Jet (ATJ) technology aims to produce jet fuel at prices competitive with traditional oil-based options while achieving ultra-low to net-zero carbon intensity. The North Dakota facility demonstrates this, achieving a carbon intensity score as low as 19 gCO2e/MJ (from British Columbia). Management has stated the expectation is to deliver SAF with production costs similar to jet fuel made from crude oil, while also achieving zero or even negative carbon emissions when leveraging Carbon Dioxide Removal (CDR) solutions.

Drop-in renewable fuels cost-competitive with fossil jet fuel

The value here is the ability to use the fuel without changing existing infrastructure. Gevo, Inc.'s SAF is a drop-in solution, meaning it fits into the existing distribution and blending systems. The CEO has expressed the belief that they can make jet fuel cost-competitive with fossil fuel through chemistry and capitalism. The proprietary ATJ process is designed to achieve this cost parity while eliminating the carbon emission footprint across the fuel's whole life cycle.

Carbon Dioxide Removal (CDR) credits for corporate offset buyers

Gevo, Inc. is monetizing the carbon captured at its facilities through verified removal certificates. The company expects its carbon co-product sales to grow to between $3 million and $5 million by the end of 2025, up from $1 million in Q2 2025. A significant multi-year offtake agreement was signed for CDR credits, projected to generate approximately $26 million in revenue over five years. Furthermore, Gevo, Inc. capitalized on Section 45Z Clean Fuel Production Credits (CFPCs), selling all its remaining 2025 credits for $30 million, bringing total CFPC sales for the year to $52 million. The North Dakota site sequestered 42,000 tons of carbon dioxide in Q3 2025 alone. The broader carbon removal market was valued at about $4.51 billion in 2025.

Traceability and auditability via Verity software for sustainability attributes

The Verity subsidiary provides a digital measure, report, and verify (MRV) software platform for end-to-end traceability. This system is used to track and verify sustainable agriculture attributes, such as for regeneratively grown soybeans and corn, enabling premium capture for farmers. As of early 2025, Verity's grower program had grown to more than 200,000 acres, representing more than double the acreage since the second quarter of 2024, with 100 percent farmer retention.

High-protein animal feed and corn oil co-products

The process of creating low-carbon ethanol yields valuable co-products that are directed to the food chain. Here are the numbers from the North Dakota facility for the third quarter of 2025 and the first half of the year:

The North Dakota facility also produced 92,000 MMBtu of renewable natural gas (RNG) in Q3 2025.

Gevo, Inc. (GEVO) - Canvas Business Model: Customer Relationships

Long-term, high-volume, take-or-pay fuel supply agreements

Gevo, Inc. secured agreements in 2025 that define future fuel volume commitments. In April 2025, Gevo, Inc. signed a pioneering offtake agreement with Future Energy Global ("FEG"), where FEG will acquire emissions credits from 10 million gallons per year of fuel from a planned alcohol-to-jet ("ATJ") facility. Separately, an agreement was made with an undisclosed party for an additional five million gallons per year of Sustainable Aviation Fuel (SAF). The ATJ-60 project is currently engaged with the Department of Energy's Loan Program Office regarding a $1.63 billion loan guarantee.

Direct sales and strategic partnerships for carbon credits

Monetization of carbon attributes is a key relationship driver. During the third quarter of 2025, Gevo, Inc. signed a multi-year offtake agreement expected to generate an aggregate of approximately $26 million in Carbon Dioxide Removal ("CDR") credit sales revenues over five years. Gevo, Inc. reiterated a target of growing carbon co-product sales to $3-5 million by the end of 2025, up from $1 million in the second quarter. Long-term, Gevo, Inc. estimates carbon co-product sales could exceed $30 million per year or more. The company capitalized on Section 45Z Clean Fuel Production Credits ("CFPCs"), selling all remaining 2025 credits for $30 million on November 5, 2025, bringing total 2025 CFPC sales to $52 million. The Carbon Capture and Sequestration ("CCS") operation crossed a milestone of more than 560,000 metric tons of carbon sequestered since its startup in June 2022, as of Q3 2025.

The following table summarizes key carbon and co-product sales metrics as of late 2025:

SaaS model for Verity software customers

Gevo, Inc.'s Verity business, a digital measure, report and verify ("MRV") software platform, achieved customer revenue. The grower program has grown to more than 200,000 acres under management, which is more than double the acreage since the second quarter of 2024, with 100% farmer retention.

Transactional sales for co-products (e.g., animal feed)

Sales of co-products are treated as a revenue stream. In the first six months of 2025, low-carbon ethanol and co-product operations contributed approximately $18 million to income from operations. Specifically, Gevo North Dakota produced 46,000 tons of protein and corn oil co-products in the third quarter of 2025.

• Gevo North Dakota produced 11.1 million gallons of low-carbon ethanol in Q1 2025.
• Gevo RNG production was 79,963 MMBtu in Q1 2025.

Gevo, Inc. (GEVO) - Canvas Business Model: Channels

You're looking at how Gevo, Inc. gets its products and value propositions to market as of late 2025. It's a mix of direct sales, credit monetization, and commodity off-takes, which is key to understanding their current revenue mix.

Direct long-term supply contracts with major airlines and fuel traders primarily manifest through commitments for future low-carbon fuels, though the most concrete recent long-term contract mentioned relates to carbon removal. Gevo signed a multi-year offtake agreement for Carbon Dioxide Removal ("CDR") credits expected to generate an aggregate of approximately $26 million over five years. This shows a channel for long-term, contracted revenue tied to their decarbonization efforts, which supports the broader Sustainable Aviation Fuel (SAF) strategy.

The monetization of environmental attributes through Sales of Clean Fuel Production Credits (CFPCs) to financial entities is a significant, immediate revenue channel. For the 2025 fiscal year, Gevo North Dakota sold all of its remaining $30 million of its 2025 CFPCs (Section 45Z tax credits), bringing the total for the year to $52 million. To give you a sense of the impact, CFPCs contributed roughly $21 million to net income during the first half of 2025.

For the Natural gas pipeline injection for Renewable Natural Gas (RNG), the channel involves selling the physical RNG and the associated environmental attributes, primarily into the California market under dispensing agreements. The RNG facility's performance in Q3 2025 saw it generate non-GAAP Adjusted EBITDA of $2.6 million. Looking at the first half of 2025, the RNG project generated approximately 172 thousand MMBtu of production, contributing about $5 million in Adjusted EBITDA when including CFPC sales. The facility's current capacity is set at 400,000 MMBtu per year, with a goal to reach 500,000 MMBtu annually.

The Direct sales team for Verity software platform targets agricultural processors needing traceability for environmental attributes. Verity currently has agreements with seven agriculture processing plant customers, which includes five ethanol plants and two soybean processing facilities. In the first quarter of 2025, Verity added two new customers, Landus and Minnesota Soybean Processors. Revenue from software services, bundled with isooctane sales, increased by $0.6 million in Q1 2025 compared to Q1 2024.

Finally, Gevo accesses revenue through Commodity markets for co-products generated from its facilities. The Gevo North Dakota facility produces low-carbon animal feed and vegetable oil, with historical production exceeding 230,000 tons of these co-products. Separately, the planned ATJ-60 project is projected to yield approximately 1.3 billion pounds per year of high-value protein products and about 30 million pounds per year of corn oil. The sale of isooctane, a co-product, contributed $0.5 million in revenue in Q3 2025.

Here's a quick look at the key output volumes and associated revenues for the environmental attribute channels as of the first half of 2025:

The company's operational performance in Q3 2025 highlights the success of these channels, with Gevo North Dakota contributing $17.8 million in Adjusted EBITDA and the RNG facility adding $2.6 million in Adjusted EBITDA. Finance: draft the Q4 2025 cash flow projection by next Tuesday.

Gevo, Inc. (GEVO) - Canvas Business Model: Customer Segments

You're looking at the customer base for Gevo, Inc. as of late 2025, which is heavily segmented around low-carbon fuel offtake and the monetization of environmental attributes.

Major airlines and air cargo carriers (via SAF offtake agreements)

The demand from the aviation sector is being captured through specific volume commitments for Sustainable Aviation Fuel (SAF) and associated carbon credits. The ATJ-60 facility in Lake Preston, South Dakota, is designed to produce up to 60 million gallons of SAF per year.

Corporations seeking voluntary Carbon Dioxide Removal (CDR) offsets

Gevo, Inc. is actively selling verified carbon removal, treating sequestered carbon as a marketable product. The company reported signing a multi-year offtake agreement in the third quarter of 2025 that is expected to generate approximately $26 million in Carbon Dioxide Removal (CDR) credit sales revenues over five years. The company reiterates a target of growing carbon co-product sales to $3-5 million by end of 2025, up from $1 million in the second quarter. Long-term estimates suggest carbon co-product sales could exceed $30 million per year. Customers in this segment include Nasdaq and Biorecro.

Agricultural and biofuel producers using carbon tracking software

The Verity tracking platform provides end-to-end traceability for regenerative attributes. As of early 2025, the Verity grower program had grown to more than 200,000 acres under management with 100% farmer retention. The platform has agreements with seven agriculture processing plant customers, specifically five ethanol plants and two soybean processing facilities. The Climate-Smart Farm-to-Flight project involves growers across three states.

Fuel distributors and traders

While specific distributor/trader names like Trafigura or Kolmar are not linked to 2025 financial data, the offtake agreements with entities like Future Energy Global facilitate the distribution of SAF environmental attributes to end-users like airlines. The company sold all of its remaining 2025 Clean Fuel Production Credits (CFPCs), also known as Section 45Z tax credits, for $30 million, bringing the total for the year to $52 million.

Animal feed and food industry buyers

The Gevo North Dakota facility produces co-products that feed into the nutritional chain. In the third quarter of 2025, this facility produced 46 thousand tons of protein and corn oil co-products. Overall, the North Dakota facility produces over 200,000 tons annually of these valuable co-products.

• Gevo North Dakota produced approximately 92 thousand MMBtu of renewable natural gas (RNG) in Q3 2025.
• The RNG segment earned $5.7 million in Q1 2025.

Gevo, Inc. (GEVO) - Canvas Business Model: Cost Structure

Capital expenditures for NZ1 project development (ATJ-60) are projected at approximately $\text{\$40 million}$ to be spent between January 2025 and the financial close of ATJ-60.

Raw material costs, primarily corn feedstock, and utility expenses are embedded within the Cost of Production. For the three months ended September 30, 2025, the Cost of Production was $\text{\$22,285 thousand}$. Gevo North Dakota's operation was the primary driver of the $\text{\$19.7 million}$ increase in Cost of Production for Q3 2025 compared to Q3 2024, partially offset by an $\text{\$11.8 million}$ 45Z tax credit booked. Gevo believes up to $\text{50\%}$ of the cost of corn can be offset by manufacturing valuable products for the food chain.

Operating expenses for the North Dakota and RNG production facilities are detailed below, using the latest available quarterly data for Q3 2025:

Research and development expenses for Gevo, Inc. related to ATJ and Ethanol-to-Olefins (ETO) technology advancement were:

• For the three months ended June 30, 2025: $\text{\$934 thousand}$.
• For the three months ended September 30, 2025: $\text{\$1,273 thousand}$.

General and administrative (G&A) expenses for Gevo, Inc. were:

• For the three months ended June 30, 2025: $\text{\$10,783 thousand}$.
• For the three months ended September 30, 2025: $\text{\$11,647 thousand}$.

Finance: draft 13-week cash view by Friday.

Gevo, Inc. (GEVO) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Gevo, Inc. (GEVO) as of late 2025, and it's clear the focus has shifted heavily toward monetizing environmental attributes alongside physical fuel sales. It's not just about selling molecules anymore; it's about selling the carbon reduction story attached to those molecules. This diversification is key to their current financial picture.

The most concrete, near-term revenue stream is the monetization of federal tax credits, specifically the Clean Fuel Production Credits (CFPCs), which are the Section 45Z credits. Gevo, Inc. announced the contracted sales of all its remaining 2025 CFPCs on November 5, 2025, totaling $30 million for the remaining portion. This brought the total contracted sales for 2025 to $52 million for CFPCs. This is a significant, contracted revenue source that helps fund operations and development, with management targeting neutral or positive cash flows from operations by converting earned CFPCs into cash each quarter.

Sales of low-carbon ethanol and co-products form the foundation, stemming largely from the Gevo North Dakota facility. For the six months ended June 30, 2025, these operations contributed approximately $18 million to income from operations and $7 million to Adjusted EBITDA. During that same six-month period, the production included 28 million gallons of low-carbon ethanol, 93,000 tons of feed, and 8 million pounds of distillers corn oil co-products. To give you a sense of recent quarterly performance, Gevo North Dakota alone generated operating revenue of $38.2 million in the third quarter of 2025.

Renewable Natural Gas (RNG) sales are another established component. For the first quarter of 2025, the RNG subsidiary generated revenue of $5.7 million. This was driven in part by an increased Low Carbon Fuel Standard (LCFS) credit generation due to an approved carbon score of -339 gCO2e/MJ from the California Air Resources Board (CARB). In the third quarter of 2025, the RNG facility generated income from operations of $0.5 million and an Adjusted EBITDA of $2.6 million.

Carbon Dioxide Removal (CDR) credits represent a growing, high-potential revenue stream. Gevo, Inc. expects CDR credit sales to reach $3-$5 million by the end of 2025. The company has been actively signing agreements; in Q3 2025, a multi-year offtake agreement was signed expected to generate an aggregate of approximately $26 million in CDR credit sales revenues over five years. The long-term sales potential from the North Dakota site alone is estimated to exceed $30 million annually.

The future revenue pillar is Sustainable Aviation Fuel (SAF) sales, backed by substantial existing commitments. Gevo, Inc. has secured approximately 375 million gallons per year (MGPY) of predominantly take-or-pay, financeable SAF and hydrocarbon fuel supply agreements. Collectively, these agreements represent approximately $2.3 billion in expected annual sales. These offtake agreements, which include partners like Delta Airlines and American Airlines, are crucial for financing the next-generation production facilities, such as the ATJ-60 project.

Here's a quick look at the key financial metrics driving these revenue streams as of late 2025:

The company is definitely seeing its carbon-based revenue sources mature faster than some might have projected. You can see the impact across their segments:

• CFPC sales contributed roughly $21 million to net income in the first half of 2025.
• CDR credits generated over $1 million in Q2 2025.
• The GevoND site has sequestered over 560,000 metric tons of carbon since June 2022.
• The ATJ-60 facility is designed to produce 60 million gallons of SAF per year.

Finance: draft 13-week cash view by Friday.