Q4 2025 Gevo Inc Earnings Call

March 5, 2026

Only mode. After the, after the speaker's presentation, there will be a question and answer session to ask a question during the session. You'll need to press star 1 1 on your telephone. If your question has been answered and you'd like to remove yourself from the queue simply press star 1 1 again, as a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program Eric fra Vice, President of Finance and strategy. Please go ahead sir.

Speaker #2: You'll need to press star 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again.

Speaker #2: As a reminder, today's program is being recorded. And now, I'd like to introduce your host for today's program, Eric Frey, Vice President of Finance and Strategy.

Good afternoon, everyone and thank you for joining us on today's call to discuss Go's fourth quarter and full year 2025 results, I'm Eric fry Vice President of Finance and strategy at gevo with me today, we have Patrick Gruber, our chief, executive officer, Paul Bloom, our president, Le agiri, our Chief Financial Officer and Chris Ryan, our chief operating officer

Speaker #2: Please go ahead, sir.

Speaker #3: Good afternoon, everyone, and thank you for joining us on today's call to discuss Gevo's fourth quarter and full year 2025 results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo.

Eric Frey: Good afternoon, everyone, thank you for joining us on today's call to discuss Gevo's Q4 and full year 2025 results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo. With me today, we have Patrick Gruber, our Chief Executive Officer, Paul Bloom, our President, Leke Agiri, our Chief Financial Officer, and Chris Ryan, our Chief Operating Officer. Earlier today, we issued a press release that outlines our Q4 and full year 2025 results, and some of the topics we plan to discuss, as well as a slide presentation that we will discuss on today's call. Copies of the press release and the slide presentation are available on our website at www.gevo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act.

Earlier today, we issued a press release that outlines our fourth quarter and full year 2025 results. And some of the topics we plan to discuss as well as a slide presentation that we will discuss on today's call copies of the press release and the slide presentation are available on our website at www.gbo.com.

Speaker #3: With me today, we have Officer Paul Bloom; our President, Lake Agiri; our Chief Financial Officer, and Chris Ryan, our Chief Operating Officer. Earlier today, we issued a press release that outlines our fourth quarter and full year 2025 results, and some of the topics we plan to discuss.

Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the private Securities. Litigation Reform Act.

Speaker #3: As well as a slide presentation that we will discuss on today's call. Copies of the press release and the slide presentation are available on our website at www.gevo.com.

Speaker #3: Please be advised that our remarks today including answers to your questions contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act, these forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated.

Eric Frey: These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those statements include projections about the timing, development, engineering, financing, and construction of our alcohol-to-jet projects, our future carbon credit sales, our Gevo North Dakota and RNG plants, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements. In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release, which can be found on our website at www.gevo.com in the investor relations section. Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media, and we are providing a simultaneous webcast to the public.

Speaker #3: Those statements include projections about the timing, development, engineering, financing, and construction of our alcohol-to-jet projects, our future carbon credit sales, our Gevo North Dakota and R&D plants, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference.

Those statements include projections about the timing development engineering, financing and construction of our alcohol to Jet projects. Our future carbon credit sales. Our go North Dakota and RNG plants and other activities described in our filings with the Securities and Exchange Commission, which are Incorporated by reference. We disclaim any obligation to update, these forward-looking statements, in addition, we may provide certain non-gaap financial information on this call. The relevant definitions and GAP. Reconciliations may be found in our earnings release which can be found on our website at www.deo.com in the investor relations section.

Speaker #3: We disclaim any obligation to update these forward-looking statements. In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release, which can be found on our website at www.gevo.com in the Investor Relations section.

Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media and we are providing a simultaneous webcast to the public a replay of this call and other past events will be available via the company's investor relations page at www.gbo.com.

I'd now like to turn the call over to the CEO of go. Patrick ruber. Pat,

Thanks, Eric, what a year?

Speaker #3: Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media, and we are providing a simultaneous webcast to the public.

Successfully acquiring and integrating our North Dakota ethanol and carbon capture assets has transformed. Our adjusted ebit Dot and has enabled us to learn to capture value from carbon.

Speaker #3: A replay of this call and other past events will be available via the company's Investor Relations page at www.gevo.com. I'd now like to turn the call over to the CEO of Gevo, Patrick Gruber.

Eric Frey: A replay of this call and other past events will be available via the company's investor relations page at www.gevo.com. I'd now like to turn the call over to the CEO of Gevo, Patrick Gruber. Pat?

Treating it as an important co-product. In addition to the ethanol animal feed and oil that we produce

G1. North Dakota has performed superbly. Well.

Speaker #3: Pat?

Speaker #4: Thanks, Eric. What a year. Successfully acquiring and integrating our North Dakota ethanol and carbon capture assets has transformed our adjusted EBITDA and has enabled us to learn to capture value from carbon.

Patrick Gruber: Thanks, Eric. What a year. Successfully acquiring and integrating our Gevo North Dakota ethanol and carbon capture assets has transformed our adjusted EBITDA and has enabled us to learn to capture value from carbon, treating it as an important co-product in addition to the ethanol, animal feed, and oil that we produce. Gevo North Dakota has performed superbly well. It's the well-run operations combined with our learnings on how to capture value from carbon dioxide that have allowed us to turn positive on operating cash flow in the Q4. We also now have three quarters in a row of positive non-GAAP adjusted EBITDA. I'm very pleased with the progress and what we are learning. Great operating results combined with consolidating our debt in early 2026 has strengthened our balance sheet and increased our cash on the balance sheet without tapping into equity markets.

It's the well-run operations combined with our learnings, on how to capture value from carbon dioxide that have allowed us to turn positive on operating cash flow in the fourth quarter.

We also now have 3 quarters in a row of positive, non-gaap adjusted evaporators.

Speaker #4: Treating it as an important co-product in addition to the ethanol, animal feed, and oil that we produce. Gevo North Dakota has performed superbly well.

I'm very pleased with the progress and what we are learning.

Speaker #4: It's the well-run operations combined with our learnings on how to capture value from carbon dioxide that have allowed us to turn positive on operating cash flow in the fourth quarter.

Great, operating results. Combined, with consolidating our debt in early 2026 has, strengthened our balance sheet and increased our cash, on the balance sheet without tapping into Equity markets.

Speaker #4: We also now have three quarters in a row of positive non-GAAP adjusted EBITDA. I'm very pleased with the progress and what we are learning.

We also continue to make progress on our atj, 30 plant, the jet fuel project. That is targeted for our North Dakota site.

I believe go is in a really good place.

Speaker #4: Great operating results, combined with consolidating our debt in early 2026, have strengthened our balance sheet and increased our cash on the balance sheet without tapping into equity markets.

I make this point because you probably all recall that I'm retiring as CEO on March 31st.

Paul Bloom who has been with us 5 years now will assume the role of CEO on April 1st.

Speaker #4: We also continue to make progress on our ATJ30 plant, the jet fuel project that is targeted for our North Dakota site. I believe Gevo is in a really good place.

Patrick Gruber: We also continue to make progress on our ATJ-30 plant, the jet fuel project that is targeted for our North Dakota site. I believe Gevo is in a really good place. I make this point because you probably all recall that I'm retiring as CEO on 31 March. Paul Bloom, who has been with us for 5 years now, will assume the role of CEO on 1 April. He has been instrumental in helping us build the business platform to where it is today. He also knows technology and processing, operations, market development, and business. I'm convinced he's the right person to take over. I think he'll be a really strong CEO, and I'm excited for him to take the helm. Paul, it's your show today.

He has been instrumental in helping us build the business platform to where it is today. He also knows technology and processing operations Market, development and business.

I'm convinced, he's the right person to take over.

I think it'd be a really strong CEO and I'm excited for him to take the helm.

Speaker #4: I make this point because you probably all recall that I'm retiring as CEO on March 31st. Paul Bloom, who has been with us five years now, will assume the role of CEO on April 1st.

Paul, it's your show today.

Thanks Pat to begin on, extremely honored to be taking on the role of CEO. Starting a pre first.

Speaker #4: He has been instrumental in helping us build the business platform to where it is today; he also knows technology and processing operations, market development, and business.

Pat is led the company for nearly 2 decades, guiding Jibo through some incredible times and put us in a great spot with our current business. That sets the stage for future growth.

Speaker #4: I'm convinced he's the right person to take over. I think he'll be a really strong CEO, and I'm excited for him to take the helm.

From developing our intellectual property portfolio to shaping Gio's business system from field to flight. Pat has been a Visionary leader for renewable fuels and chemicals.

Speaker #4: Paul, it's your show today.

Speaker #5: Thanks, Pat. To begin, I'm extremely honored to be taking on the role of CEO starting April 1st. Pat has led the company for nearly two decades, guiding Gevo through some incredible times and has put us in a great spot with our current business that sets the stage for future growth.

Paul Bloom: Thanks, Pat. To begin, I'm extremely honored to be taking on the role of CEO starting 1 April. Pat has led the company for nearly two decades, guiding Gevo through some incredible times and put us in a great spot with our current business that sets the stage for future growth. From developing our intellectual property portfolio to shaping Gevo's business system from field to flight, Pat has been a visionary leader for renewable fuels and chemicals. I'm happy to announce that after Pat's retirement, he will continue to serve on Gevo's board of directors, and the company will continue to benefit from his expertise and insights. Thank you, Pat. Now I'm pleased to highlight some of the progress we made in Q4 and on our full year for 2025. 2025 was truly a transformational year for Gevo.

I'm happy to announce that after Pat's retirement, you will continue to serve on jio's board of directors.

From his expertise and insights. Thank you, Pat.

Now, I'm pleased to highlight some of the progress we made in Q4 and on our full year for 2025.

Speaker #5: From developing our intellectual property portfolio to shaping Gevo's business system from field to flight, Pat has been a visionary leader for renewable fuels and chemicals.

Speaker #5: I'm happy to announce that after Pat's retirement, he will continue to serve on Gevo's board of directors, and the company will continue to benefit from his expertise and insights.

Speaker #5: Thank you, Pat. Now I'm pleased to highlight some of the progress we made in Q4 and in our full year for 2025. It was a transformational year for Gevo.

2025 was truly a transformational year for Jibo the successful acquisition and integration of the Red Trail energy Assets. Now, operating as givon North Dakota marked a pivotal moment in the company's growth story. A once expressed my sincere appreciation for the outstanding people and great Community who have welcome to us. So warmly their partnership and dedication have been essential to Our Success.

Speaker #5: The successful acquisition and integration of the Red Trail Energy assets now operating as Gevo North Dakota marked a pivotal moment in the company's growth story.

Paul Bloom: The successful acquisition and integration of the Red Trail Energy assets now operating as Gevo North Dakota, marked a pivotal moment in the company's growth story. I want to express my sincere appreciation for the outstanding people and great community who have welcomed us so warmly. Their partnership and dedication have been essential to our success. The team did an outstanding job across the board in 2025, delivering record-setting biofuel production, starting up our carbon business, and leading the industry with some of the first large-scale 45Z clean fuel production tax credit sales. All of this was accomplished while substantially advancing our Alcohol-to-Jet growth platform.

The team did an outstanding job across the board in 2025 delivering record. Setting bio fuel production starting up our carbon business and leading the industry with some of the first large-scale 45z clean fuel production tax credit sales.

All of this was accomplished while substantially advancing. Our alcohol to Jet growth platform.

Speaker #5: I once expressed my sincere appreciation for the outstanding people and great community who have welcomed us so warmly. Their partnership and dedication have been essential to our success.

Speaker #5: The team did an outstanding job across the board in 2025, delivering record-setting biofuel production, starting up our carbon business, and leading the industry with some of the first large-scale 45Z Clean Fuel Production Tax Credit sales.

Our execution in 2025 led to 3 consecutive quarters of positive, adjusted ibida, with almost 8 million in adjusted ebit time Q4, as we continue to make solid progress. On our goal of reaching 40 million in adjusted, Evita on an annualized basis from our current asset base.

Lake will give more color when he highlights our financial results.

Speaker #5: All of this was accomplished while substantially advancing our alcohol-to-jet growth platform. Our execution in 2025 led to three consecutive quarters of positive adjusted EBITDA, with almost $8 million in adjusted EBITDA in Q4, as we continue to make solid progress on our goal of reaching $40 million in adjusted EBITDA on an annualized basis from our current asset base.

Paul Bloom: Our execution in 2025 led to 3 consecutive quarters of positive adjusted EBITDA, with almost $8 million in adjusted EBITDA in Q4, as we continue to make solid progress on our goal of reaching $40 million in adjusted EBITDA on an annualized basis from our current asset base. Leke will give more color when he highlights our financial results. Gevo's operation team exceeded the nameplate capacity of our ethanol production facility, reporting a record of about 69 million gallons of ethanol produced during the full 12-month period of 2025, while capturing 173,000 metric tons of carbon dioxide. To further build on these strong results, I'm happy to announce that we've approved our capital plan for Gevo North Dakota to expand capacity to 75 million gallons per year, produce more co-products, improve energy efficiency, capture more carbon dioxide, and invest in our operational reliability.

Divo's operation team exceeded, the name plate capacity of our ethanol production facility reporting. A record of about 69 million gallons of ethanol produced during the full 12-month period of 2025 while capturing 173,000 metric tons of carbon dioxide.

Speaker #5: Lakey will give more color when he highlights our financial results. Gevo's operation team exceeded the nameplate capacity of our ethanol production facility reporting a record of about $69 million gallons of ethanol produced during the full 12-month period of 2025 while capturing 173,000 metric tons of carbon dioxide.

To further build on these strong results. I'm happy to announce that we've approved. Our Capital plan for juvenile. North Dakota to expand capacity to 75 million gallons per year, produce more co-products improve Energy Efficiency capture more carbon dioxide and invest in our operational, reliability.

We are reinvesting in. Go North, Dakota to grow our base business and improve our returns while we set the table for alcohol to jet.

Speaker #5: To further build on these strong results, I'm happy to announce that we've approved our capital plan for Gevo North Dakota to expand capacity to 75 million gallons per year, produce more co-products, improve energy efficiency, capture more carbon dioxide, and invest in our operational reliability.

We have an aggressive timeline to deliver these projects and anticipate. They will be starting to deliver returns in early 2027. Chris will say more on this during his operations update.

During 2025, we also started up our carbon business. The team has done extremely well developing the business from scratch. And we believe we are the first bio fuel producer to develop and operate this business model.

Speaker #5: We are reinvesting in Gevo North Dakota to grow our base business and improve our returns while we set the table for alcohol-to-jet. We have an aggressive timeline to deliver these projects and anticipate they will be starting to deliver in 2027.

Paul Bloom: We are reinvesting in Gevo North Dakota to grow our base business and improve our returns while we set the table for alcohol to jet. We have an aggressive timeline to deliver these projects and anticipate they will be starting to deliver returns in early 2027. Chris will say more on this during his operations update. During 2025, we also started up our carbon business. The team has done extremely well developing the business from scratch, and we believe we are the first biofuel producer to develop and operate this business model. We believe our flexibility to sell carbon value either with our fuel products or separately in the voluntary carbon market provides a distinct advantage for optimizing returns and will apply to our ATJ growth platform in the future.

We believe our flexibility to sell carbon value. Either with our fuel products or separately in the voluntary carbon Market provides a distinct Advantage for optimizing returns.

And will apply to our atj growth platform in the future.

Speaker #5: Chris will say more on this during his operations update. During 2025, we also started up our carbon business. The team has done extremely well developing the business from scratch, and we believe we are the first biofuel producer to develop and operate this business model.

Speaker #5: We believe our flexibility to sell carbon value either with our fuel products or separately in the voluntary carbon market provides a distinct advantage for optimizing returns and will apply to our ATJ growth platform in the future.

In Q4 about 80% of our carbon benefits, remain attached to ethanol, gallons sold into low carbon fuel markets and we built our inventory to roughly 30,000 tons of carbon dioxide removal credits or cdrs by the quarter's end to meet future demand from spot and contract sales.

Our customer base for CDR credits continues to grow Beyond those previously reported such as NASDAQ. And now, includes companies, like, PayPal Bank of Montreal.

Speaker #5: In Q4, about 80% of our carbon benefits remained attached to ethanol gallons sold into low-carbon fuel markets. And we built our inventory to roughly 30,000 tons of carbon dioxide removal credits, or CDRs, by the quarter's end to meet future demand from spot and contract sales.

Paul Bloom: In Q4, about 80% of our carbon benefits remained attached to ethanol gallons sold into low carbon fuel markets, and we built our inventory to roughly 30,000 tons of carbon dioxide removal credits, or CDRs, by the quarter's end to meet future demand from spot and contract sales. Our customer base for CDR credits continues to grow beyond those previously reported, such as Nasdaq, Now includes companies like PayPal, Bank of Montreal, and additional international clients. As the market develops, we are confident that Gevo is well-positioned to produce, certify, and supply high-integrity carbon credits that can help supply the growing market demand. In addition, Gevo retired carbon credits from Gevo North Dakota to offset substantially all our own air travel in 2025. At Gevo, we're committed to leading by example.

And additional International clients as the market develops. We're confident that Jibo is well positioned to produce certify and supply high integrity carbon credits that can help Supply the growing market demand.

In addition givo retired, carbon credits from juven North Dakota to offset substantially all our own air travel in 2025.

Speaker #5: Our customer base for CDR credits continues to grow beyond those previously reported, such as NASDAQ, and now includes companies like PayPal, Bank of Montreal, and additional international clients.

At jivo we're committed to Leading by example. We don't just talk about our values, we put them into action by utilizing our own products and solutions.

Speaker #5: As the market develops, we are confident that Gevo is well positioned to produce, certify, and supply high-integrity carbon credits that can help supply the growing market demand.

Turning to our growth platform. Let me comment on atj 30, which stands for alcohol to Jet at 30 million gallons per year in North Dakota.

We refer to this as project Northstar.

Speaker #5: In addition, Gevo retired carbon credits from Gevo North Dakota to offset substantially all our own air travel in 2025. At Gevo, we're committed to leading by example.

Speaker #5: We don't just talk about our values; we put them into action by utilizing our own products and solutions. Turning to our growth platform, let me comment on ATJ30, which stands for Alcohol-to-Jet at 30 million gallons per year in North Dakota.

Paul Bloom: We don't just talk about our values, we put them into action by utilizing our own products and solutions. Turning to our growth platform, let me comment on ATJ-30, which stands for Alcohol-to-Jet at 30 million gallons per year in North Dakota. We refer to this as Project Northstar. As we've mentioned before, we anticipate that by adding Project Northstar, once constructed, we could deliver $150 million in adjusted EBITDA per year from the fuels, carbon value, and co-products. There, we believe we can enable and create a franchise approach to deploying synthetic aviation fuel globally. First, we need to build serial number 1 and demonstrate the value proposition monetizing our commodities and carbon. Project Northstar is designed to be a modular build that we can copy, edit, paste to meet the growing global demand for synthetic aviation fuel.

As we've mentioned before we anticipate that by adding project, Northstar once constructed, we could deliver 150 million in adjusted ibida per year, from the fuels carbon value and co-products from there, we believe we can enable and create a franchise approach to deploying synthetic aviation fuel globally.

But first, we need to build serial number 1 and demonstrate the value proposition monetizing, our Commodities and carbon

Speaker #5: We refer to this as Project North Star. As we've mentioned before, we anticipate that by adding Project North Star, once constructed, we could deliver $150 million in adjusted EBITDA per year from the fuels, carbon value, and co-products.

Project Northstar is designed to be a modular build that we can copy. Edit paste to meet the growing Global demand for synthetic aviation fuel.

Speaker #5: From there, we believe we can enable and create a franchise approach to deploying synthetic aviation fuel globally. But first, we need to build serial number one, and demonstrate the value proposition monetizing our commodities and carbon.

Northstar lays the groundwork for building out a franchise that is deploying many similar plants either with our own capital or through Partnerships to meet the growing Global demand for jet fuel as the world flies more not less

Speaker #5: Project North Star is designed to be a modular build that we can copy, edit, paste to meet the growing global demand for synthetic aviation fuel.

We are developing The Playbook containing Jibo intellectual property and business system which can be effectively replicated and implemented on a global scale.

Speaker #5: North Star lays the groundwork for building out a franchise—that is, deploying many similar plants either with our own capital or through partnerships—to meet the growing global demand for jet fuel as the world flies more, not less.

Paul Bloom: Northstar lays the groundwork for building out a franchise that is deploying many similar plants, either with our own capital or through partnerships, to meet the growing global demand for jet fuel as the world flies more, not less. We are developing the playbook containing Gevo's intellectual property and business system, which can be effectively replicated and implemented on a global scale. The work we are doing at Gevo North Dakota and with Verity is critical and provides the blueprint for what needs to happen at more ethanol plants in the future. Low-carbon ethanol is the feedstock for our synthetic aviation fuel. We need more of it. We can help enable it. In fact, we've started to sign letters of intent with third-party ethanol producers to bring Gevo's carbon business and Verity capabilities to other locations along with carbon management services.

Given North Dakota and with Varity is critical and provides the blueprint for what needs to happen at more ethanol plants in the future.

Speaker #5: We are developing the playbook containing Gevo's intellectual property and business system, which can be effectively replicated and implemented on a global scale. The work we are doing at Gevo North Dakota and with Verity is critical and provides the blueprint for what needs to happen at more ethanol plants in the

Low. Carbon ethanol is the feed stock for our synthetic aviation fuel. We need more of it and we can help enable it. In fact, we've started to sign letters of intent with third-party ethanol. Producers to bring jiva's. Carbon business and Varity capabilities to other locations, along with carbon Management Services,

Speaker #1: The future

Speaker #2: Low carbon ethanol is the feedstock for our synthetic aviation fuel . We need more of it and we can help enable it . In fact , we've started to sign letters of intent with third party ethanol producers to bring Gevo carbon business and verity capabilities to other locations , along with carbon management services .

We believe our collaboration with Frontier infrastructure Holdings and the options we are exploring to transport and store. Third-party carbon dioxide go, North Dakota may enable more low-carbon ethanol facilities to be viable sites for additional apj plants. As we started to show at given North Dakota, there is money to be made in setting the table with low carbon ethanol today and potentially a lot more with atj editions in the future.

Speaker #2: We believe our collaboration with Frontier Infrastructure Holdings and the options we are exploring to transport and store third party carbon dioxide , Gevo , North Dakota may enable more low carbon ethanol facilities to be viable sites for additional atj plants .

Paul Bloom: We believe our collaboration with Frontier Infrastructure Holdings and the options we are exploring to transport and store third-party carbon dioxide at Gevo North Dakota may enable more low-carbon ethanol facilities to be viable sites for additional ATJ plants. As we've started to show at Gevo North Dakota, there is money to be made in setting the table with low-carbon ethanol today and potentially a lot more with ATJ additions in the future.

We currently believe that this will take the form of us delivering and getting paid for our technology Business Systems. And know-how, it could give us more flexibility between investing our own capital and more of a capital light type growth model the franchise model.

While we are very optimistic about this growth.

Speaker #2: As we started to show at Gevo , North Dakota , there is money to be made in setting the table with low carbon ethanol .

We will continue to be laser focused on getting project Northstar to the finish line.

Speaker #2: Today and potentially a lot more with atj additions in the future . We currently believe that this will take the form of us getting paid for our technology business and know how it could give us more flexibility between investing our own capital and more of a capital light type growth model .

Our goal is to reach FID on the project in 2026.

Chris Ryan: We currently believe that this will take the form of us delivering and getting paid for our technology, business system, and know-how. It can give us more flexibility between investing our own capital and more of a capital-light type growth model, the franchise model. While we are very optimistic about this growth, we will continue to be laser-focused on getting Project Northstar to the finish line. Our goal is to reach FID on the project in 2026. We have a conditional commitment from the U.S. Department of Energy's Office of Energy Dominance Financing, or EDF, for a loan guarantee to finance the construction of an ATJ plant. As previously announced, we are discussing with them using that loan for ATJ-30. EDF is an excellent goal-aligned partner and a strong option for us, assuming we can get all the details worked out.

Paul Bloom: We currently believe that this will take the form of us delivering and getting paid for our technology, business system, and know-how. It can give us more flexibility between investing our own capital and more of a capital-light type growth model, the franchise model. While we are very optimistic about this growth, we will continue to be laser-focused on getting Project Northstar to the finish line. Our goal is to reach FID on the project in 2026. We have a conditional commitment from the U.S. Department of Energy's Office of Energy Dominance Financing, or EDF, for a loan guarantee to finance the construction of an ATJ plant. As previously announced, we are discussing with them using that loan for ATJ-30. EDF is an excellent goal-aligned partner and a strong option for us, assuming we can get all the details worked out.

We have a conditional commitment from the US Department of Energy's office of energy dominance financing or EDF for a loan guarantee to finance the construction of an atj plan.

As previously announced we are discussing with them using that loan for atj, 30.

Speaker #2: The franchise model While we are very optimistic about this growth , we will continue to be laser focused on getting Project Northstar to the finish line Our goal is to reach FID on the project in 2026 .

EDF is an excellent goal, align partner and a strong option for us. Assuming we can get all the details, worked out.

Our goal is Project level non-dilutive funding to build atj 30.

Speaker #2: We have a conditional commitment from the US Department of Energy's Office of Energy Dominance Financing , or EDF , for a loan guarantee to finance the construction of an Atj plant .

Speaker #2: As previously announced , we are discussing with them using that loan for Atj 30 . EDF is an excellent goal aligned system partner and a strong option for us .

Finally, as part of our growth strategy and what we've learned at Jibo, North Dakota will also stay on the lookout for more Acquisitions that are accretive. That's strategically fit our platform and further scale, our adjusted Evita it was a transformational 2025 that we are leveraging to make 2026. Even better with that. I'll turn it over to Lake a

Speaker #2: Assuming we can get all the details worked out , our goal is project level Non-dilutive funding to build Atj 30 . Finally , as part of our growth strategy and what we've learned at Gevo , North Dakota will also stay on the lookout for more acquisitions that are accretive that strategically fit our platform and further scale our adjusted EBITDA .

Thanks Paul.

Chris Ryan: Our goal is project-level non-dilutive funding to build ATJ-30. Finally, as part of our growth strategy and what we've learned at Gevo North Dakota, we'll also stay on the lookout for more acquisitions that are accretive, that strategically fit our platform and further scale our adjusted EBITDA. It was a transformational 2025 that we are leveraging to make 2026 even better. With that, I'll turn it over to Leke.

Paul Bloom: Our goal is project-level non-dilutive funding to build ATJ-30. Finally, as part of our growth strategy and what we've learned at Gevo North Dakota, we'll also stay on the lookout for more acquisitions that are accretive, that strategically fit our platform and further scale our adjusted EBITDA. It was a transformational 2025 that we are leveraging to make 2026 even better. With that, I'll turn it over to Leke.

starting on slide 4 of our earnings presentation for the full year of 2025, we had revenue of 161 million

Speaker #2: It was a transformational 2025 that we are leveraging to make 2026 even better. With that, I'll turn it over to Lake. Thanks.

A loss from operations of 20 million non-gaap, adjusted of 16 million. A record setting low carbon ethanol volume of about 69 million gallons plus 173,000 metric tons of CCS at all production facilities.

Oluwagbemileke Agiri: Thanks, Paul. Starting on slide 4 of our earnings presentation. For the full year of 2025, we had revenue of $161 million, a loss from operations of $20 million, non-GAAP adjusted EBITDA of $16 million, a record-setting low carbon ethanol volume of about 69 million gallons, plus 173,000 metric tons of CCS at our production facility. During Q4 2025, we turned positive on cash flows from operations, generating $20 million during the period. We increased cash equivalents, and restricted cash to $117 million at year-end, which is a $9 million increase versus Q3. All of the restricted cash we had at year-end was released after we completed our debt consolidation transaction in February 2026.

Speaker #3: Paul Starting on slide four of our earnings presentation for the full year 2025 , we had revenue of 161 million , a loss from operations of 20 million .

During the fourth quarter of 2025, we turned positive on cash flows from operations generating 20 million During the period. We increase Cash, Cash, equivalents and restricted, cash to 117 million a year in which is a 9 million increase versus the third quarter.

Speaker #3: non-GAAP adjusted EBITDA of 16 million , a record setting low carbon ethanol volume of about 69 million gallons , plus 173,000 metric tons of CCS at our production facility during the fourth quarter of 2025 .

All of the restricted cash we had at year end was released after we completed our debt, consolidation transaction in February 2026,

Speaker #3: We turned positive on cash flows from operations , generating 20 million . During the period we increased cash , cash equivalents and restricted cash to 117 million at year end , which is a 9 million increase versus the third quarter .

Finally, we maintain our strong 2026 Outlook including our previously, communicated near-term, organic growth, Target of achieving annualized, non-gaap adjusted ibida of about 40 million and a neutral to positive operating cash flow in full year 2026.

Speaker #3: All of the restricted cash we had at year end was released after we completed our debt consolidation transaction in February 2026 . Finally , we maintain our strong 2026 outlook , including our previously communicated near-term organic growth target of achieving annualized non-GAAP adjusted EBITDA of about 40 million and a neutral to positive operating cash flow in full year 2026 .

Turning to slide 5 or full year, 2025 results showcase a transformative year and highlight how we executed on and integrated, our strategic acquisition of Red Trail energy assets.

Oluwagbemileke Agiri: Finally, we maintained our strong 2026 outlook, including our previously communicated near-term organic growth target of achieving annualized non-GAAP adjusted EBITDA of about $40 million and a neutral to positive operating cash flow in full year 2026. Turning to Slide 5. Our full year 2025 results showcase a transformative year and highlight how we executed on and integrated our strategic acquisition of Red Trail Energy assets. In comparison to prior year, revenue during full year 2025 increased by 849%. Loss from operations decreased by $71 million. Non-GAAP adjusted EBITDA increased by $74 million, and the cash flow from operations increased by $44 million. On Slide 6, we can see the step change and the strong foundation for growth that we have built. The past three quarters have averaged $43 to $45 million in revenue.

In comparison to the prior year Revenue during full year 2025 increased by 849%.

Speaker #3: Turning to slide five. Our full year 2025 results showcase a transformative year and highlight how we executed on and integrated our strategic acquisition of retail energy assets in comparison to prior year revenue.

Loss from operations decreased by 71 million non-gaap adjusted debit that increased by 74 million and a cash flow from operations increased by 44 million.

On slide 6, we can see the step change and the strong foundation for growth that we have built.

The past 3 quarters of average 43 to 45 million in Revenue.

Speaker #3: During the full year 2025, increased by 849%. Loss from operations decreased by $71 million. Non-GAAP adjusted EBITDA increased by $74 million, and cash flow from operations increased by $44 million.

Going forward, we expect Revenue to vary quarter to quarter depending on the market prices of ethanol, RNG and environmental benefits.

However, we expect our adjusted drivers to remain resilient and grow in 2026.

Speaker #3: On slide six , we can see the step change and the strong foundation for growth that we have built . The past three quarters have averaged 43 to 45 million in revenue .

1 of our just today with that drivers, which does not depend on the market prices that I just mentioned is our production tax credits. Last year we sold 52 million of production tax credits related to go North Dakota as we produce ethanol. And sequester carbon

Speaker #3: Going forward, we expect revenue to vary quarter to quarter depending on the market prices of ethanol, RNG, and environmental benefits. However, we expect our adjusted EBITDA drivers to remain resilient and grow in 2026.

Oluwagbemileke Agiri: Going forward, we expect revenue to vary quarter to quarter depending on the market prices of ethanol, RNG, and environmental benefits. We expect our adjusted EBITDA drivers to remain resilient and grow in 2026. One of our adjusted EBITDA drivers, which does not depend on the market prices that I just mentioned, is our production tax credits. Last year, we sold $52 million of production tax credits related to Gevo North Dakota as we produced ethanol and sequester carbon. We received about $41 million of cash proceeds in 2025 and expect the remainder in Q1 2026. As a reminder, we book production tax credit as a reduction to cost of goods sold each quarter.

We received about 41 million of cash proceeds in 2025 and expect the remainder in the first quarter of 2026.

Speaker #3: One of our adjusted EBITDA drivers, which does not depend on the market prices that I just mentioned, is our production tax credits.

Speaker #3: Last year , we sold 52 million of production tax credits related to Gevo , North Dakota As we produce ethanol and sequester carbon , we received about proceeds in 2025 and expect the remainder in the first quarter of 2026 .

Looking forward to 2026 operating results. We are confident in our execution, capabilities and remain focused on achieving our Target of approximately 10 million in adjusted with that recorded in 2026, or roughly 40 million in on an annualized basis.

We're also now targeting neutral to positive operating cash flow in 2026.

Speaker #3: As a reminder, we booked production tax credit as a reduction to cost of goods sold each quarter. Looking forward to 2026 operating results.

With that. I'll turn it over to Chris.

Oluwagbemileke Agiri: Looking forward to 2026 operating results, we are confident in our execution capabilities and remain focused on achieving our target of approximately $10 million in adjusted EBITDA per quarter in 2026, or roughly $40 million on an annualized basis. We're also now targeting neutral to positive operating cash flow in 2026. With that, I'll turn it over to Chris.

Speaker #3: We are confident in our execution capabilities and remain focused on achieving our target of approximately 10 million in adjusted EBITDA per quarter in 2026 .

Thanks Mike 2025 was a record. Operational year jivo North Dakota records, 69 million gallons of low. Carbon ethanol, volume during the full 12-month period and achieved, a yield of nearly 3 gallons per bushel, which is close to the theoretical maximum.

Speaker #3: Or roughly $40 million on an annualized basis. We're also now targeting neutral to positive operating cash flow in 2026. With that, I'll turn it over to Chris.

Included in that number is approximately 2 million gallons of cellulosic ethanol, that was produced from corn kernels fiber that adds incremental value due to its lower carbon score.

Speaker #4: Thanks , Blake . 2025 was a record operational year North Dakota recorded 69 million gallons of low carbon ethanol volume during the full 12 month period .

Chris Ryan: Thanks, Leke. 2025 was a record operational year. Gevo North Dakota recorded 69 million gallons of low-carbon ethanol volume during the full 12-month period and achieved a yield of nearly 3 gallons per bushel, which is close to the theoretical maximum. Included in that number is approximately 2 million gallons of cellulosic ethanol that was produced from corn kernel fiber. That adds incremental value due to its lower carbon score. Our carbon sequestration system sequestered 173,000 metric tons of CO2, exceeding our previously stated benchmark of 165,000 metric tons. Operationally, the plant is running reliably and efficiently. Our focus now is on, one, debottlenecking to increase ethanol, CO2, and co-product volumes. Two, reducing carbon intensity further. Three, preparing for the fabrication of modules for our ATJ-30 project.

our carbon sequestration system sequestered 173,000 metric, tons of CO2 exceeding, our previously stated Benchmark of a 165,000 metric tons

Speaker #4: And achieved a yield of nearly three gallons per bushel , which is close to the theoretical maximum . Included in that number is approximately 2 million gallons of cellulosic ethanol that was produced from corn kernel fiber that adds incremental value due to its lower score .

Operationally is a plant is running reliably and efficiently. Our Focus now is on 1. De bottlenecking to increase ethanol, CO2, and co-product volumes.

And 3 preparing for the fabrication of modules for our atj 30 project.

Speaker #4: Our carbon sequestration system sequestered 173,000 metric tons of CO2 , exceeding our previously stated benchmark of 165,000 metric tons Operationally , the plant is running reliably and efficiently .

We think our debal lacking an expansion, organic growth projects can increase efficiencies, put more money in the pockets of our farmer, partners and local communities.

Speaker #4: Our focus now is on one debottlenecking to increase ethanol , CO2 and co-product volumes . Two reducing carbon intensity further and three preparing for the fabrication of modules for our Etj 30 project .

Drive down our carbon intensity score, optimize our production tax credits. And finally increase ethanol, production to, as high as 75 million gallons per year

and raise carbon sequestration to at least 200,000 metric tons a year.

Speaker #4: We think our Debottlenecking and expansion organic growth projects can increase efficiencies , put more money in the pockets of our partners and local communities , drive down our carbon intensity score , optimize our production tax credits , and finally increase ethanol production to as as 75 million gallons per year and will raise carbon sequestration to at least 200,000 metric tons a year Most of these projects have a 1 to 2 year payback , and the remainder of the projects will improve our operational efficiency and asset life .

Chris Ryan: We think our debottlenecking and expansion organic growth projects can increase efficiencies, put more money in the pockets of our farmer partners and local communities, drive down our carbon intensity score, optimize our production tax credits, and finally, increase ethanol production to as high as 75 million gallons per year. We'll raise carbon sequestration to at least 200,000 metric tons a year. Most of these projects have a 1 to 2-year payback, and the remainder of the projects will improve our operational efficiency and asset life. In 2026, we plan to deploy about $26 million of capital, which further positions us to achieve stronger operating results starting next year. In addition to the incremental organic growth, Gevo North Dakota provides an exceptional foundation for our ATJ-30 project. We have our own captive low-carbon ethanol feedstock, our own operating CCS. We have rail infrastructure.

Most of these projects have a 1 to 2 year payback, and the remainder of the projects will improve our operational, efficiency and asset life.

In 2026. We plan to deploy about 26 million dollars of capital which further positions us to achieve stronger. Operating results. Starting next year.

We have our own captive, low carbon ethanol feed stock our own operating ccs.

We have rail infrastructure.

Speaker #4: In 2026, we plan to deploy about $26 million of capital, which further positions us to achieve stronger operating results starting next year.

We have about 500 Acres of space.

And we have a great operations team.

Speaker #4: In additional to incremental organic growth . Gevo , North Dakota provides an exceptional foundation for our Atj 30 project . We have high our own captive low carbon ethanol feedstock .

Back to you, Pat.

Speaker #4: Our own operating C.C.S . We have rail infrastructure . We have about 500 acres of space and we have a great operations team This is why we believe Atj 30 is the right project for the site .

While the company has solid economic footing with a clear path to grow adjusted. Even do even without building the jet plant,

Chris Ryan: We have about 500 acres of space, and we have a great operations team. This is why we believe ATJ-30 is the right project for this site, and why Project Northstar will be a good showcase to pursue Gevo's long-term copy-paste strategy. Back to you, Pat.

Investors should be able to see how the cash flow from our businesses benefit us prior to the atj 30 plant coming online in the future.

Speaker #4: And why Project North Star will be a good pursue Jeuveau's long term . Copy , strategy Back to you , . Thanks , Chris .

We built a strong Foundation from which to grow.

I believe the atj opportunity is exciting especially with project Northstar and the franchise approach.

Patrick Gruber: Thanks, Chris, Paul, and Leke. While the company has solid economic footing with a clear path to grow adjusted EBITDA, even without building the jet plant, investors should be able to see how the cash flow from our businesses benefit us prior to the ATJ-30 plant coming online in the future. We built a strong foundation from which to grow. I believe the ATJ opportunity is exciting, especially with Project Northstar and the franchise approach. It has taken longer than I ever wanted to get to the point where we are today, but here we are. Looking back, what a journey it's been. I'm incredibly pleased with where we are and where we are going. I'm most proud of the terrific team we have. I hear from investors and partners all the time how impressed they are with our people.

Speaker #4: Paul and Lakey. Well, the company has solid economic footing with a clear path to grow adjusted EBITDA even without building the jet plant. Investors should be able to see how the cash flow from our businesses benefits us.

I'm incredibly pleased with where we are and where we are going.

I'm most proud of the terrific team we have.

Speaker #4: Prior to the ATJ 30 plant coming online in the future, we built a strong foundation from which to grow. I believe the ATJ opportunity is exciting, especially with Project North Star and the franchise approach.

I hear from investors and partners all the time. How impressed they are with our people. We work to deliver and we are incredibly persistent because

We believe in what we are doing with deep conviction.

Speaker #4: It has taken longer than I ever wanted to get to the point where we are today, but here we are, and looking back, what a journey it's been.

Speaker #4: I'm incredibly pleased with where we are and where we are going. I'm most proud of the terrific team we have. I hear from investors and partners all the time how impressed they are with our people.

So for me, the timing is right, the team is strong, the balance sheet is looking good. There are what I believe to be great opportunities in front of us, it's time for me to pass the torch to Paul who I have bet.

Will be a great CEO.

And with that, we'll take your questions, operator.

Certainly. And our first question for today.

Speaker #4: We work to deliver, and we are incredibly persistent because we believe in what we are doing with deep conviction. So, for me, the timing is right.

Patrick Gruber: We work to deliver, and we are incredibly persistent because we believe in what we are doing with deep conviction. For me, the timing is right. The team is strong. The balance sheet is looking good. There are what I believe to be great opportunities in front of us. It's time for me to pass the torch to Paul, who I have bet will be a great CEO. With that, we'll take your questions. Operator?

From the line of Jeff Grant from Northland, Capital markets, your question, please.

Good afternoon, guys. Thanks for the time.

Speaker #4: The team is strong, the balance sheet is looking good. There are what I believe to be great opportunities in front of us.

Speaker #4: It's time for me to pass the torch to Paul, who I have bet will be a great CEO. And with that, we'll take your questions.

Speaker #4: Operator .

Speaker #5: Certainly. And our first question for today comes from the line of Jeff Grant from Northland Capital Markets. Your question, please.

Operator: Certainly. Our first question for today comes from the line of Jeff Grampp from Northland Capital Markets. Your question, please.

Was curious on the, um, the CI front, I believe there were some changes in in the calculations that kicked in, at the start of this year, it was just kind of curious to contextualize those a bit more. Is there any way you guys could share? Maybe? Like, what? What your CI score were in the back half of of 2025 and how much the benefit that could be for you guys looking ahead into this year?

Speaker #6: Afternoon , guys . Thanks for the time . Up . Was curious on the the CI front believe there were some changes in the calculations that kicked in at the start of this year .

Jeff Grampp: Good afternoon, guys. Thanks for the time. Was curious on the CI front. I believe there were some changes in the calculations that kicked in at the start of this year. Was just kinda curious to contextualize those a bit more. Is there any way you guys could share maybe, like, what your CI score were in the back half of 2025, and how much of a benefit that could be for you guys looking ahead into this year?

Giving giving outlined like a of the kind of numbers that you're seeing.

Speaker #6: It was just kind of curious to contextualize those a bit more . Is there any way you guys could share maybe like what your CI score were in the back half of , of 2025 , and how much of the benefit that could be for you guys ?

Yeah, um absolutely. Thanks B. I think high level. Uh, so last year OG vote, North Dakota. Uh as you know, we generated and monetized 52 million of tax credits,

Speaker #6: Looking ahead into this year?

Speaker #4: I think let's I think what we should do is given , given , outlined Lake of the kind of numbers that you're seeing

Patrick Gruber: I think what we should do is give an outline, Leke, of the kinda numbers that you're seeing.

Speaker #7: Yeah , absolutely . Thanks , Pat . I think high level . So last .

Oluwagbemileke Agiri: Absolutely. Thanks, Pat. I think high level, last year, our Gevo North Dakota, as you know, we generated and monetized $52 million of tax credits. That was based on a CI score of low double digits, last year. With the changes to the guidance and then the 45Z GREET model, how that's going to work in terms of no ILOC, effectively, I think that's what you're referring to. That impact is gonna be reflected in the amounts of 45Z that we generate for our Gevo North Dakota asset in 2026, not necessarily 2025. The impact that that has on our CI score is it's going to reduce our CI score by pretty much 6 to 7 CI points.

Speaker #3: Year our Gevo North Dakota , as you know , we generated and monetized 52 million of tax credits . That was based on a CI score of low double digits last year with the changes to the the guidance and then the 45 degree model , how that's going to work in terms of no , I look effectively I think that's what you're referring to that impact .

Um, that was based on a CI score of know uh double digits uh last year um with the changes to uh the the guidance. And then the 45z Greet uh model how that's going to work in terms of know I look effectively I think that's what you're referring to.

That impact or is going to be reflected in the amount of 45 Z that we generate for our achievement of the go to asset in 2026, not necessarily 2025.

And the the impact that I have on our CI score is it's going to reduce RCI score by. Pretty much 6 to 7 CI points and when that happens, we expect to generate an incremental 10 cents per gallon in 2026.

Speaker #3: Or is going to be reflected in the amount of 45 that we generate for our North Dakota assets in 2026, not necessarily 2025.

Speaker #3: And the the impact that that has on our CI score is it's going to reduce RCI score by pretty much 6 to 7 CI points .

Speaker #3: And when that happens, we expect to generate an incremental $0.10 per gallon in 2026. That is what we expect to see from our facility in 2026.

Oluwagbemileke Agiri: When that happens, we expect to generate an incremental $0.10 per gallon in 2026. That is what we expect to see from our facility in 2026 in terms of 45Z. Based on our projected production of our Gevo North Dakota asset in 2026, of 67 million gallons, we are going to be in that threshold of $0.90 per gallon of credit generation in 2026. Changes to the 45Z guidance has very little to no impact to the 45Z generation for our RNG production or our RNG asset at this time.

That is what we expect to see from our facility in 2026 in terms of 45z. So, based on our projected production of our juvenile Assets in 2026, um, of 67 million, gal, uh, we are going to be in that threshold of 90 cents per gallon of of, uh, credit Generation, Um, in 2026 changes to the

uh, 45z guidance as very little to no impact to the 45 degeneration, uh, for our RNG production or RNG asset at this time,

Speaker #3: In terms of 45 D . So based on our projected production of our North Dakota asset in 2026 of 67 million gallons , we are going to be in that threshold of $0.90 per gallon of of credit generation in 2026 .

Perfect. Look, I I I appreciate it. That's exactly what I was looking for. Um, my follow-ups on, on the atj side

Speaker #3: Changes to the 45 guidance have very little to no impact on the 45 generation for our RNG production or RNG asset at this time.

Speaker #6: Perfect . I appreciate it . That's exactly what I was looking for . My follow ups on the Atj side , I believe that Doe extension that you guys got last year has maybe a couple more months remaining , at least on the original extension .

Jeff Grampp: Perfect, Leke. I appreciate it. That's exactly what I was looking for. My follow-up's on the ATJ side. I believe that DOE extension that you guys got last year has maybe a couple more months remaining, at least on the original extension. Is it fair to assume that something gets figured out with them or another party by that deadline? Do you think additional time may be needed? I know you guys are targeting this year for FID on that, but wasn't sure if there's other things at play to reach that FID outside of financing. Thanks.

I believe that Doe extension that you guys got last year um has maybe a couple more months. Um, remaining. At least on the the original extension, is it fair to assume that something gets figured out with with them or another party by that deadline? Do you think additional time may be needed? I know you guys are targeting this year for um for FID on that. But wasn't sure if if there's other things that apply to to reach that FID outside of financing. Thanks Paul.

Your question.

Speaker #6: Is it fair to assume that something gets figured out with them or another party by that deadline? Do you think additional time may be needed?

Speaker #6: I know you guys are targeting this year for FID on that, but I wasn't sure if there's other things at play to reach that FID outside of financing.

Yeah sure great. Great question Jeff. Yeah we're working. We've been working on this for, you know, a number of years now 3 years going on. And so we want to get this to the Finish Line with the with the doe. And we're we're pretty excited about where we're at and continuing to move this this forward. But yeah, we're we're absolutely um we when that got extended, you know, through mid April. So we'll be working with the doe to um, reach

Speaker #6: Thanks .

Speaker #4: Paul . Your question .

Patrick Gruber: Paul, your question.

Speaker #2: Yeah , sure . Great . Great question Jeff . Yeah , we're working . We've been working on this for , you know , a number of years now .

Chris Ryan: Yeah, sure. Great question, Jeff. We're working on this for, you know, a number of years now, 3 years going on when. We wanna get this to the finish line with the DOE. We're pretty excited about where we're at in continuing to move this forward. Yeah, we're absolutely, when that got extended, you know, through mid-April, so we'll be working with the DOE to reach a decision there on most likely an extra extension is what we're looking for. You know, we're also working with a number of other parties who we're excited about, who see the value in the ATJ platform. It's a combination of things.

Paul Bloom: Yeah, sure. Great question, Jeff. We're working on this for, you know, a number of years now, 3 years going on when. We wanna get this to the finish line with the DOE. We're pretty excited about where we're at in continuing to move this forward. Yeah, we're absolutely, when that got extended, you know, through mid-April, so we'll be working with the DOE to reach a decision there on most likely an extra extension is what we're looking for. You know, we're also working with a number of other parties who we're excited about, who see the value in the ATJ platform. It's a combination of things.

Speaker #2: Three years going on . And so we want to get this to the finish line with the with the Doe . And we're we're pretty excited about where we're at and continuing to move this , forward .

Uh, a decision there. On most likely an an extra extension is, is what we're looking for. But, you know, we're also working with a number of other parties who were excited about who who see the the value in the atj platform. So it's it's a combination of things.

Speaker #2: But yeah we're . Absolutely we when that got extended you know through mid-April . So we'll be working with the Doe to reach a decision there on most likely an extra extension is what we're looking for .

Speaker #2: But you know, we're also working with a number of other parties who we're excited about, who see the value in the ATJ. It's a combination of things.

Yeah, I'll add to this point is that the economics look good? 1 of the interesting things that happened was that you know, we're having that we're engagement with the doe and they fully understand that we're we want to build that atg. 30 plant up there in North Dakota rather than the 60 million gallon plant down in South Dakota outstanding.

You know what the economics are good? We have a low carbon ethanol, it's a great site.

Speaker #4: Yeah . I'll add to this point . Is that the economics look good . One of the interesting things that happened was that , you know , we're having engagement with the Doe , and they fully understand that we're we want to build that Atj 30 plant up there in North Dakota , rather than the 60 million gallon plant down in South Dakota .

Patrick Gruber: Yeah, I'll add to this point is that the economics look good. One of the interesting things that happened was that, you know, we're having engagement with the DOE, and they fully understand that we wanna build that ATJ 30 plant up there in North Dakota rather than the 60 million gallon plant down in South Dakota. Outstanding. You know what? The economics are good. We have low carbon ethanol. It's a great site. Carbon capture is under our control. We've got, you know, half of what we would have had to build in South Dakota already built up there in North Dakota. Other parties are interested too, and other people are interested in working with us to finance it, particularly because of this franchise model that Paul was talking about.

carbon captures under our control, we've got, you know, half of what we would have had to build in South Dakota already built

Up there in North Dakota and so other parties are interested too and other people are interested in working with us to finance it. And particularly because of this franchise model that Paul was talking about

Speaker #4: Outstanding . You know what the economics are good . We have low carbon ethanol . It's a great site . Carbon capture is under our control .

Perfect Details. I'll turn it back. Thank you guys for the time.

Thank you. And our next question comes from the line of dushyant Aulani from Jeffrey. Is your question, please?

Speaker #4: We've got, you know, half of what we would have had to build in South Dakota already built up there in North Dakota.

Speaker #4: And so other parties are interested too . And other people are interested in working with us to finance and particularly because of this franchise model that Paul was talking about

hi yeah thanks for taking my question and yeah fad was, you know, a pleasure working with you and Paul uh you know again congrats on the new role um

My my first question. Um, I know that you you you kind of talked about that incremental, 10 cents, Maybe

Speaker #6: Perfect, details. I'll turn it back. Thank you, guys, for the time.

Jeff Grampp: Perfect details. I'll turn it back. Thank you guys for the time.

Speaker #5: Thank you. And our next question comes from the line of Dushan from Jefferies. Your question, please.

Operator: Thank you. Our next question comes from the line of Dushyant Ailani from Jefferies. Your question, please.

Uh, could you give a little bit more detail on the, uh, the details on the path to get to that 40 million inhibitor the bridge? I know you've got the highlighted that before. But maybe if you can talk a little bit about the timing of it, and how we can think about that going forward,

Thank.

Speaker #8: Hi . Yeah , thanks for taking my question . And yeah , it was , you know , a pleasure working with you and Paul .

Dushyant Ailani: Hi. Yeah, thanks for taking my question. Yeah, Pat, it was, you know, a pleasure working with you and Paul, you know, again, congrats on the new role.

Well, that's a question for you and then you and licky teaming up on it, I think.

Speaker #8: You know , again , congrats on the new role . My my first question . I know that you kind of talked about that incremental $0.10 maybe could you give a little bit more detail on the the details on the path to get to that 40 million in EBITDA ?

Patrick Gruber: Thank you.

Dushyant Ailani: My first question, I know that you kind of talked about that incremental $0.10. Maybe could you give a little bit more detail on the details on the path to get to that $40 million in EBITDA, the bridge? I know you guys have highlighted that before, but maybe if you could talk a little bit about the timing of it and how we can think about that going forward.

Speaker #8: The bridge? I know you guys have highlighted that before, but maybe if you can talk a little bit about the timing of it and how you think about that going forward.

Speaker #9: Thank you .

Patrick Gruber: I think, Paul, that's a question for you, and then you and Leke teaming up on it, I think.

We've done right now. I'm in the last quarter. We were kind of at this 20 million in ebata run rate. And, you know, with the the extra push on the carbon and our good low carbon fuel sales, we've got that, um, you know, coming forward. Now, we're, we're looking at you. You heard what lake was saying now? We can't get more than kind of this, uh, dollar per gallon. That's where we're going to cap out with.

Speaker #4: Paul, that's a question for you. And then you and Liqui teaming up on it, I think.

Speaker #2: Yeah, sure thing, DeShawn. I mean, you see what we've done right now. I mean, last quarter we were kind of at this $20 million in EBITDA run rate.

Paul Bloom: Yeah, sure thing, Dushyant. I mean, you see what we've done right now. I mean, last quarter, we were kind of at this $20 million in EBITDA run rate. You know, with the extra push on the carbon and our good low carbon fuel sales, we've got that, you know, coming forward. Now we're looking at. You heard what Leke was saying. Now we can't get more than kind of this $1 per gallon. That's where we're gonna cap out with the 45C tax credits. You put those kind of things together with the existing assets even before expansion, and we're really looking at how this shapes up to something like around a $10 million kind of average per quarter going forward. That kind of puts in perspective.

Speaker #2: And you know with the extra push on the carbon and good low carbon fuel sales , we've got that , you know , coming forward .

Speaker #2: Now we're we're our looking at you heard what Lake was saying . And we can't get more than kind of this dollar per gallon .

The, the 45 C tax credits. So you put those kind of things together with the existing asset even before expansion. And we're really looking at a, how this shapes up to something, like, around a 10 million, it's kind of average per per quarter going forward. So that that kind of puts in perspective Lake a, maybe you can chime in with a few extra details there.

Speaker #2: That's where we're going to cap out with the 45Q tax credits. So you put those kinds of things together with the existing asset, even before expansion.

Speaker #2: And we're really looking at how this shapes up to something like around a $10 million kind of average per quarter going forward.

Speaker #2: So, that kind of puts it in perspective. Maybe you can chime in with a few extra details there.

Paul Bloom: Leke, maybe you can chime in with a few extra details there.

Oluwagbemileke Agiri: Paul, no, I think you captured it. I think the trajectory is we are on track with really just how our EBITDA mix is made up to be tracking exactly as to how we're projecting, which is $10 million per quarter. We feel very confident. I think 45Z is gonna be part of the story, but we also do believe that really the intrinsic EBITDA margin that our assets can also generate, also from the carbon monetizations that we're doing, we're on the right track to achieve that goal.

Speaker #3: Paula . No , I think you captured it . I think the trajectory is we are on track with really just our EBITDA mix is made up to be tracking exactly as to how we're projecting , which is that $10 million per per quarter .

I'll pull up. No, I think you captured it, I think. Um the trajectory is we are on track with really just how our uh is it that mix is made up to be tracking exactly as to how we're projecting, which is uh that's 10 million uh, dollars per per quarter. Uh, we feel very confident, I think 45 Z is going to be part of the story, but we also do believe that really the intrinsic epitome of margin that our assets can also generate. Um, also from the carbon monetization that we're doing, uh, we own the right track to achieve that goal.

Understood, thank you. And then my follow-up was I know you mentioned, um,

uh,

some some talk around potential Acquisitions, as well. Maybe could you dive a little bit further into that? What, what kind of assets you're looking for? Um,

Speaker #3: We feel very confident. I think 4 to 5 is going to be part of the story, but we also do believe that, really, the intrinsic EBITDA margin that our assets can also generate from the carbon monetization that we're doing—we're on the right track to achieve that goal.

And maybe uh around timing of those? Yeah, I think I'm gonna I'm gonna follow up on 1. Other thing about an important point about dvo and lake and his team.

Speaker #8: Understood . Thank you . And then my follow up was , I know you mentioned Some some talk around around potential as well .

Dushyant Ailani: Understood. Thank you. My follow-up was, I know you mentioned some talk around potential acquisitions as well. Maybe could you dive a little bit further into that? What kind of assets you're looking for, and maybe around timing of those?

Compared to other companies who talked about 45z. We actually like a team actually brought the money in the door. That's an important distinction.

Speaker #8: Maybe . Could you dive a little bit further into that . What what kind of assets you're looking for . And maybe around timing of those .

Speaker #4: Yeah , I think I'm going to I'm going to follow up on one other thing about an important point about Gevo and Lake and his team compared to other companies , to talk about 45 , we actually lake team actually brought the money in the door .

Patrick Gruber: Yeah, I think I'm gonna follow up on one other thing about an important point about Gevo and Leke and his team compared to other companies who talk about 45Z. Leke's team actually brought the money in the door. That's an important distinction. That's an important point. It's not a hypothetical. It's a real thing that's been brought in. Now as far as, you know, looking at, you know, are there other Gevo North Dakotas that we could apply our skill to and bring value to? Paul, you wanna comment on that?

And it shouldn't be lot. That's an important point. It's not a hypothetical. It's a real thing. That's been brought in now as far as, um, you know, uh, looking at, you know, are there other Geo North Dakota's that we could apply our skill to and bring value to Paul? You want to comment on that?

Speaker #4: That's an important distinction , and it shouldn't be . Locked . That's an important point . It's not a hypothetical . It's a real thing that's been brought in .

Yeah, sure. I mean, look, I think this is this is what we're learning dushyant at at given North Dakota. That there's a lot of money to be made, you know, kind of setting the table as we think about the the uh, atj franchise.

Speaker #4: Now, as far as you know, looking at, you know, are there other Gevo North Dakotas we could apply our skill to and bring value to?

Speaker #4: Paul, you want to comment on that? Yeah.

Paul Bloom: Yeah, sure. I mean, look, I think this is what we're learning, Dushant, at Gevo North Dakota, that there's a lot of money to be made, you know, kind of setting the table as we think about the ATJ franchise. As we look for how do we build out that franchise, we're looking for similar things that we've already identified. It was a good learning for us going from South Dakota to North Dakota. You know, we have on-site CCS and capture. That's good. You gotta have good corn. You gotta have good logistics, right? You have to have all the good things that we're proving that are critical. Again, that kind of sets the base for how do you grow ATJ.

Speaker #2: Sure . I mean , look , I think this is this is what we're learning . At at North Dakota , that there's a lot of money to be made , you know , kind of setting the table as we think about the , the atj franchise .

So as we look for, how do we build out that franchise? We're looking for similar things that that we've we've already identified and it was a good learning for us going from South Dakota to to North Dakota. You know, we have on-site ccs and and capture. So that's, that's good. You got to have good corn. You got to have good Logistics, right? You have to have all the, the good things that that we're proving that are are critical. And and again

Speaker #2: So as we look for how do we build out that franchise , we're looking for similar things that that we've we've already identified .

Speaker #2: And it was a good learning for us going from South Dakota to North Dakota. You know, we have on-site and capture.

Speaker #2: So that's that's good . You got to have good corn . You got to have good logistics . Right . have all the good things that that we're proving that are critical .

Again that kind of sets the base for then how do you grow atj? And and you know, so as we look through this and we we talked to others, we we know there aren't, you know that many of these different assets out there but we're we're going to keep our eye on that because I'd sure like to have another go North Dakota if it exists but we're going to just keep keep watching for that and and be opportunistic.

Got it. Thank you.

Speaker #2: And again , that kind of sets the base for then how do you grow atj and and you know , so as we look through this and we , we talk to others , we know there aren't , you know , that many of these different assets out there .

Thank you. And our next question comes from the line of Samir Joi from HC. Wayne Wright your question, please.

Paul Bloom: You know, so as we look through this and we talk to others, we know there aren't, you know, that many of these different assets out there, but we're gonna keep our eye on that because I'd sure like to have another Gevo North Dakota if it exists. We're gonna just keep watching for that and be opportunistic.

Hey, good afternoon, good evening. Thanks for taking my questions.

Speaker #2: But we're going to keep our eye on that because I'd sure like to have another Gevo, North Dakota, if it exists.

Speaker #2: But we're going to just keep watching for that, and be opportunistic.

Speaker #8: Got it. Thank you.

Dushyant Ailani: Got it. Thank you.

Speaker #5: Thank you. And our next question comes from the line of Sameer Joshi from H.C. Wainwright. Your question please.

Operator: Thank you. Our next question comes from the line of Sameer Joshi from H.C. Wainwright & Co. Your question, please.

Um, just speaking to atj 30, uh, and the financing, their of, uh, the CID is expected, uh, during 2026. Is it, uh, dependent on the EDF, uh, loan guarantee transferring to this? Or is it is, uh, independent of it? Well,

Speaker #10: Hey , good afternoon . Good evening . Thanks for taking my questions . Just sticking to Atj 30 and the financing thereof are the SIDs expected during 2026 ?

Sameer Joshi: Hey, good afternoon. Good evening. Thanks for taking my questions. Just sticking to ATJ-30, and the financing thereof, the FID is expected during 2026. Is it dependent on the DOE loan guarantee transferring to this, or it is independent of it?

Speaker #10: Is it dependent on the EDF loan guarantee transferring to this, or is it independent of it?

Sizing right and and move this forward and get the get the loan uh completed here. So that that's a that's a fast track that we want to try to keep moving forward, but like we said before, we're working with others. Um, because we're we're advancing the engineering along and if you remember we did a lot of work.

Speaker #4: Or

Patrick Gruber: Paul?

Speaker #2: Sure . Samir . Look , I mean , it definitely accelerates things quickly , right ? We can get the the debt sizing right and move this forward and get the get the loan completed here so that that's a that's a fast track that we want to try to keep moving forward .

Paul Bloom: Sure, Sameer. Look, I mean, it definitely accelerates things quickly, right? We can get the debt sizing right and move this forward and get the loan completed here. That's a fast track that we wanna try to keep moving forward. Like we said before, we're working with others because we're advancing the engineering along. If you remember, we did a lot of work in South Dakota. This is as we're thinking about how do we fit this project into North Dakota. It's really taking it from that 60-million-gallon size that we had there to a 30-million gallon size. Good news is, now we've got two different size designs for our franchise.

Speaker #2: But like we said before , we're working with others because we're we're engineering along . And if you remember , we did a lot of work in South Dakota .

Speaker #2: So this is as we're thinking about how do we fit this project into North Dakota . It's really taking it from that 60 million gallon size that we had there to a 30 million gallon size .

Speaker #2: Good news is now we've got two different sized designs for our franchise . And then we we basically have have a little bit less on the capital to to go out and get .

Paul Bloom: We basically have a little bit less on the capital to go out and get. It's a combination of looking at, you know, what's the debt and the equity that we're gonna have, and who are the partners to put that together. Either way, we wanna get this thing moving because we wanna get like Pat was saying before, North Star has just fantastic economics, and we think that, you know, the returns speak for themselves, which potentially add up to $150 million in EBITDA from adding the ATJ-30 and add Gevo North Dakota.

On South Dakota. So this is uh as we're thinking about how do we fit this project into uh at North Dakota? It's really taking it from that 60 million gallon size that we had there to a 30 million gallon size. Good news is now we've got 2 different sized designs for our franchise and then we we uh basically have have a, a little bit less on the capital to, to go out and get but it's a combination of looking at, you know, what's the debt and the equity that we're going to have and who are the partners to put that together? Um, either way we want to get this thing moving because we want to get like Pat was saying before, Northstar has just fantastic economics, and we think that you know, the the the, uh, return speak for themselves with potential, add up to 150 million and Evita from from adding the pj30 and had juven North Dakota.

Speaker #2: But it's a combination of looking at, you know, what's the equity that we're going to have, and who are the partners to put that together.

Speaker #2: Either way, we want to get this thing moving because we want to get, like Pat was saying before, North Star has just fantastic economics.

And you have to remember that we're we're a lot more interesting than we used to be. We're positive cash flow kind of situation here and so that makes us a whole lot less risky and that's not lost on all kinds of people who invest in these types of things, right? There's a good base. Same thing we were talking about strong base.

Speaker #2: And we think that , you know , the , the , the returns speak for themselves with potentially add up to 150 million in EBITDA from from adding 30 and and Gevo , North Dakota .

Good economics up there. Everything's under our uh, go control and uh, it's a good situation. So yeah, there's other options available.

Speaker #2: Atj

Speaker #4: And you

Makes sense. Uh, thanks for that color.

Patrick Gruber: You have to remember that we're a lot more interesting than we used to be. We're positive cash flow.

Speaker #4: to be . We're positive cash flow kind of situation here . And so that makes us a whole lot less risky . And that's not lost on have to all kinds of people who invest in these types of things .

Paul Bloom: Yeah

Patrick Gruber: kind of situation here. That makes us a whole lot less risky, and that's not lost on all kinds of people who invest in these types of things, right? There's a good base.

Speaker #4: Right . There's a good base . Same thing we were talking about strong base , good economics up there . Everything's under our Gevo control .

Paul Bloom: Yes.

Patrick Gruber: Same thing we were talking about. Strong base, good economics up there. Everything's under our Gevo control, it's a good situation. Yeah, there's other options available.

Speaker #4: And it's a good situation. So yeah, there's other options available.

Uh, it was interesting to see uh the 2 million gallons of corn fiber, cellular ethanol being produced. Uh is it like what are the considerations uh in either increasing that volume or uh uh in order to get a higher CI, uh, score like, can you go do 4 million next year or 7 million just wanted to understand what the limits are extent is

Speaker #10: Makes sense. Thanks for that color. It was interesting to see the 2 million gallons of corn fiber cellulosic ethanol being produced.

Sameer Joshi: Makes sense. Thanks for that color. It was interesting to see, the 2 million gallons of corn kernel fiber cellulosic ethanol being produced. Is it like, what are the considerations in either increasing that volume or in order to get a higher CI score? Like, can you go do 4 million next year or 7 million? Just wanted to understand what the limits or extent is.

Speaker #10: Is it like what are the considerations in either increasing that volume or . In order to get a higher CI score like can you go do 4 million next year or 7 million ?

Uh sure. So the way we make that corn fiber ethanol is really through the uh, new enzymes that we add and uh, there's definitely room to optimize things. Absolutely, as we continue to do that,

Speaker #10: Just wanted to understand what the limits are . Extent is

Speaker #4: Chris . Sure . So the way we make that corn fiber ethanol is really through the new enzymes that we add . And there's definitely room to optimize things .

Paul Bloom: Chris.

Chris Ryan: Sure. The way we make that corn fiber ethanol is really through the new enzymes that we add. There's definitely room to optimize things, absolutely. We continue to do that. You might expect incremental increases. At the same time, we are working on getting more ethanol gallons out the plant, including the capital investment to, you know, further debottleneck the plant. Likewise, that will result in more corn fiber ethanol. It's really in the enzymes.

Um, so you might expect incremental increases. Um, at the same time we are working on getting more ethanol, gallons out the plant, including the capital investment to, you know, further development like the plant and likewise that will result in more, um, corn fiber ethanol.

That. So that's really it's really in the enzymes.

Speaker #4: Absolutely . We continue to do that . So you might expect incremental increases at the same time , we are working on getting more ethanol gallons out the plant , including the capital investment to , further debottlenecking the plant and likewise , that will result in more corn fiber ethanol that .

And and I think as far as improving the overall economics, you got several levels levers. They're working on. Right? Chris just mentioned the increased production of ethanol. We're producing quite a lot of CO2 right now. It capturing more of it.

And then capturing additional.

Speaker #4: So that's really it's really in the enzymes . And I think as far as improving the overall economics , you've got several levels , levers that we're working on , right , Chris just mentioned the increased production of ethanol .

Patrick Gruber: I think as far as improving the overall economics, you've got several levers they're working on, right? Chris just mentioned the increased production of ethanol. We're producing quite a lot of CO2 right now, capturing more of it, and then capturing the additional that comes off as we produce more ethanol. That's awesome. We can optimize co-products, the protein in the corn oil, and of course, we were just talking about the cellulosic. There's several levels, and that's why helping debottlenecking up there is important. Every little bit matters because we really would rather have $1 a gallon on the tax credits, plus it generates more CDRs, and those are valuable in the marketplace. Those are completely separate than those production tax credits. They're not the same at all. That's an important point.

Speaker #4: We're producing quite a lot of CO2 right now, capturing more of it, and then capturing the additional that comes off as we produce more ethanol.

That comes off as we produce more ethanol. That's awesome. We have, we can optimize co-products the protein in the corn oil and of course, we were just talking about the, say, a low 6. So there's several levels and that's why, uh, reinvest helping, uh, debottlenecking up. There is important is you can every little bit matters because we really would rather have a buck a gallon on the tax credits. Plus it generates more cdrs and those are valuable in the marketplace and those are completely separate than those production tax credits. They're not the same at all.

Speaker #4: That's awesome . We can optimize co-products the protein and the corn oil . And of course , we were just talking about cellulosic .

So that's an important point, we're increasing the number of products available by increasing how effective we are capturing.

The co-products got it and the ethanol.

Speaker #4: So there's several levels . And that's why reinvest helping debottlenecking up there is important is in every little bit matters . Because we really would rather have a buck a gallon on the tax credits .

Speaker #4: Plus it generates more seeders . And those are valuable in the marketplace . And those are completely separate than those production tax credits .

Speaker #4: They're not the same at all . So that's an important point . We're increasing the number of products available by increasing how effective we are capturing the Co-products and the ethanol .

Patrick Gruber: We're increasing the number of products available by increasing how effective we are at capturing the co-products.

Sameer Joshi: Got it.

Patrick Gruber: The ethanol.

Sameer Joshi: Got it. Just one last one. I don't think we discussed Verity in any detail. Are we on track to sort of commercialize that during this year for feedstock traceability, agricultural applications? Just would like to see where Verity is at.

list and we talked a little bit about the 45 Z tax credits and if you see if you look at what guidance came out from treasury recently, well it didn't

Paul Bloom: Well, Samir, great question. We're pretty excited. You know, I think we finally got a really good catalyst, and we talked a little bit about the 45Z tax credits. If you look at what guidance came out from Treasury recently, while it didn't perfectly include that ag benefits would be counted, it indicated that ag benefits would likely be part of what is going to be added into 45Z tax credits, which is exactly, you know, the kind of carbon accounting and traceability solutions that Verity was designed to actually deliver. We've been actually signing up more customers over the past quarter than we ever have before. It's a combination of traceability and basically think about compliance services that you need to simplify, right?

Paul Bloom: These are a lot of complicated calculations that need to be done. Gevo has to do them for ourselves. This is why we created it. We created it as a tool to simplify our lives and make things, you know, more accurate and easier to do. It's the same thing that our customers for Verity need. We're really excited about that, and we're trying to make it more operational friendly and work with farmers. You may have seen that we also announced a partnership with Bushel, who has a lot of farm management and grain software that help farmers just with their regular business.

Compliance services that you need to simplify right. These are a lot of complicated calculations that need to be done Jibo has to do them for ourselves. This is why we created it, we created as a tool to simplify our lives, and make things, you know, more accurate and and easier to do. But uh, that's the same thing that that our customers have already needs. So, we're really excited about that. And we're, we're trying to make it more, uh, operational friendly and, and work with Farmers. So you may have seen that. We, um, also announced the partnership with bushel who has a lot of farm management and grain, uh, software that helped Farmers just with their their regular business. And so, this is how we're now, starting to integrate Vitti with actual, uh, Farm business software to make it really an integral part of how people do their business and also do their their tracking and and traceability that is needed to to monetize. So we're, we're pretty excited about that. So, thanks for asking the question.

Paul Bloom: This is how we're now starting to integrate Verity with actual farm business software to make it really an integral part of how people do their business and also do their tracking and traceability that is needed to monetize. We're pretty excited about that, so thanks for asking the question.

Yeah. Sounds really good. Uh thanks. Uh uh, thanks Patrick for bringing the company so far and uh call uh good luck for the future. Thank you. Thank you.

Thank you. And our next question comes from the line of Derek Whitfield from Texas. Capitol your question, please?

Good afternoon and congrats on a strong year in and uh, Pat and Paul congrats on your respective updates and Pat. Hopefully you can enjoy some well-deserved time off in retirement. Thank you.

Sameer Joshi: Yeah, no, sounds really good. Thanks. Thanks, Patrick, for bringing the company so far. Paul, good luck for the future.

Starting, uh, maybe first with bigger picture, with what you guys have accomplished over the last year. I mean, it's it's quite remarkable as you look at slide 5.

Paul Bloom: Thank you.

Patrick Gruber: Thank you.

Operator: Thank you. Our next question comes from the line of Derrick Whitfield from Texas Capital. Your question, please.

Derrick Whitfield: Good afternoon and congrats on a strong year-end. Pat and Paul, congrats on your respective updates. Pat, hopefully you can enjoy some well-deserved time off in retirement.

Paul for you specifically as you think about, again this this progress that the organization has accomplished and where you like the organization to be next year, this time, how would you paint the picture of what changes if any to expect?

Chris Ryan: Thank you.

Patrick Gruber: Thank you.

And it could be as simple as emphasizing certain aspects of the business. But just going to how you think about the business and where you'd like to be when you're from now.

Derrick Whitfield: Starting, maybe first with bigger picture. With what you guys have accomplished over the last year, I mean, it's quite remarkable as you look at slide 5. Paul, for you specifically, as you think about, again, this progress that the organization has accomplished and where you'd like the organization to be next year at this time, how would you paint the picture of what changes, if any, to expect? It could be as simple as emphasizing certain aspects of the business, but just kinda how you think about the business and where you'd like to be 1 year from now.

Paul Bloom: Yeah, sure, Derek. Look, it's an exciting time, right? Because we have come so far in this past year and started things. I think the carbon business is one that, you know, we're really excited about, and we've been working on growing, and it's just getting started, right? We're selling fuel, you know, with carbon attached or pulling that off separately. I think the biggest thing that we've learned, and the biggest opportunity is just how do we really sell and monetize that carbon? We're starting to see our sales pick up with brand names, and obviously there's a long way to go because we're just getting started. Really the market's just getting started.

Yeah, sure. Derek. And and look it's an exciting time, right? Because we have come so far in this past year and started things, I think the carbon business is 1 that, you know, we're really excited about and, and we've been working on growing and it's it's just getting started, right? So we're we're selling fuel between, you know, with carbon attached or or pulling that off separately. And I think the biggest thing that we've learned and the biggest, maybe the biggest opportunity is just how do we really sell and monetize that carbon, we're starting to see our sales pick up with, with brand names and, and obviously with there's a long way to go because we're just getting started. But really, the markets just getting started. So I think as, as carbon develops, if you, if you look at some of the stats,

On the carbon markets.

Paul Bloom: I think as carbon develops, if you, if you look at some of the stats on the carbon markets, about, you know, 44 million tons of carbon has been sold in these carbon dioxide removal markets, but only about 2.8% of that has actually been delivered. We're one of the first companies to be actually producing and delivering carbon credits and have a model where we can basically select between do we sell into low carbon fuel markets that have you know, good returns, or do we separate that carbon if there's more value to sell into separate markets? Really getting that dialing in that carbon business and improving on it because we're just, again, just getting started, I think is a, is a big deal for us.

About, you know, 44 million tons of carbon has been sold in in these carbon dioxide removal markets but only about 2.8% of that has actually been delivered. We're 1 of the first companies to be actually producing and delivering carbon credits and have a model where we can basically select between. Do we sell into low carbon fuel markets that have you know, good returns or do we separate that carbon if there's more value to sell into separate markets. So really getting that dialing in that carbon business and improving on it because we're just, again, just getting started. I think is a, is a big deal for us and that not only

Paul Bloom: That not only, you know, rolls into how we're doing our low-carbon ethanol business. That's exactly the same way we're thinking about the ATJ business as we think about a franchise, right? Because we can sell that fuel with those carbon attributes. It's called a little bit different terminology: Scope 1s and Scope 3s when it's sold with the fuel. We can also separate those off and sell customers those Scope 1s and Scope 3s separately from that physical fuel. It's really the same business model just applied to different commodities. As we get good at this, and we've already got essentially half of the output of the carbon sold from ATJ-30 under contract.

Paul Bloom: You know, I think that's gonna be a bigger part of what we do, and that's a bigger part of the business that we believe we can bring to others, right, as we franchise this business. We don't have to own all the ethanol assets in the world. We don't have to own all the ATJ plants in the world. We have a business system that we can kind of copy-paste even on that side and help people and get paid for our know-how and our business system as we bring that playbook, right? This will be kind of the piece we really look at is how capital intensive do we wanna be? Obviously, we love the returns that we're getting from Gevo North Dakota.

You know, rolls into how we're, we're doing our low carbon ethanol business. That's exactly the same way we're thinking about the atj business as we think about a franchise, right? Because we can sell that fuel with those carbon attributes. It's called a little bit different. Terminology scope ones and scope 3s when it's sold with with the fuel. But we can also separate those off. And so customers, those scope ones and scope 3 separately from that physical fuel. So it it's really the same business model, just applied to different Commodities. And, and so, as we get good at this, and we've already got essentially half of the output uh of the carbon sold from from atj, 30, uh, under contracts. So, you know, I think that's going to be a bigger part of what we do. And that's a bigger part of the business that we believe we can bring to others. Right? As we franchise this business. We don't have to own all the ethanol Assets in the world. We don't have to own all the atj plants in the world we have

Have a business system that we can kind of copy paste, even on that side and help people and get paid for our know-how and our our business system as we bring that Playbook, right? And so this will be kind of the the piece we we really look at is what is our? How Capital intensive do we want to be? We like the we love the

Paul Bloom: It's great to have that asset, and we'd sure love more. We realize that we gotta manage that growth and how can we do that in an efficient way to balance our capital versus a capital-light strategy, which is where we think that franchise model comes into place. That's a model too, you know, just thinking about how else we grow. We're talking a lot about ATJ, you know, we just licensed our technology to Praj for IBA for diesel in India. I think this model really applies not only for, you know, what we're doing in ATJ low carbon ethanol, but it applies for what we can do in renewable chemicals. It applies for what we can do in isobutanol.

It's, it's great to to have that asset and we we'd sure love more. Um, but we realized that we got to manage that growth. And how can we do that in an efficient way to balance our Capital versus a capital like strategy, which is where we think that franchise model comes into place and that's a model too. You know, just thinking about how else we grow. We're talking a lot about etj, but you know, we just, um, licensed our, our technology to project for IBA for diesel in India. And I think this model really applies, not only for, you know, what we're doing in atj, a low carbon ethanol, but it applies for what we can do in renewable, chemicals, it applies for what we can do and isobutanol. So I just think about that as as we bring these Business Systems forward that that's the picture that we're we're going to be working on and developing um with partners and we're excited to get this this going. And you know, like we said earlier signing Louis with even other ethanol, companies to bring kind of Jibo know-how and Business Systems to

To help them and then, you know, for us to get paid for it.

Great. No, that's a that's a great update and, and maybe shifting over to atg with my follow-up.

Paul Bloom: Just think about that as we bring these business systems forward, that's the picture that we're gonna be working on and developing with partners, and we're excited to get this going. You know, like we said earlier, signing LOIs with even other ethanol companies to bring kinda Gevo's know-how and business system to help them and then, you know, for us to get paid for it.

The returns that we're getting from, go North Dakota. And uh, so it's it's great to to have that asset and we'd we'd sure love more. Um, but we realized that we got to manage that growth. And how can we do that in an efficient way to balance our Capital versus a capital like strategy, which is where we think that franchise model comes into place and that's a model too. You know, just thinking about how else we grow. We're talking a lot about etj but you know, we just, um, licensed our, our technology to prize for IBA for diesel in India. And I think this model really applies not only for, you know, what we're doing in atj, a low carbon ethanol, but it applies for what we can do in renewable, chemicals, it applies for what we can do and isobutanol. So I just think about that as as we bring these Business Systems forward that that's the picture that we're we're going to be working on and developing um with partners and we're excited to get this this going. And you know, like we said earlier signing Louis with even other.

Um, 1 of your industry. Peers has experienced some challenges with their etj project over the last year, as we end closer to your FID, could you speak to how your atj 30 project is different? Uh, from a skill process, and risk perspective, um, to that other project that I'm referring to

Derrick Whitfield: Great. No, it's a great update. Maybe shifting over to ATJ with my follow-up. One of your industry peers has experienced some challenges with their ETJ project over the last year. As we inch closer to your FID, could you speak to how your ATJ-30 project is different from a scale, process, and risk perspective to that other project that I'm referring to?

Ethanol companies to bring kind of Jibo know-how and Business Systems to to help them and then, you know, for us to get paid for it.

Great. No, that's a great update, and maybe shifting over to ATG with my follow-up.

Uh, I can give I think I can get a perspective and then Chris but 1 of the things that we did, we're using known unit operations proven at full scale commercially unit operations. We didn't rely on anything new like, other people might have done, we didn't take something off of a laboratory and a and a national lab and

Never have it seen proven out.

Um, one of your industry peers has experienced some challenges with their ETJ project over the last year. As we inch closer to your FID, could you speak to how your ATJ 30 project is different, uh, from a skill, process, and risk perspective, um, to that other project that I'm referring to?

Paul Bloom: I think I can give perspective and then Chris. One of the things that we did, we're using known unit operations, proven at full scale commercially. We didn't rely on anything new like other people might have done. We didn't take something off of a laboratory in a, in a national lab and never have it seen proven out. We're using unit operations that anyone can go kick the tires upon 'cause they come directly from the petrochemical industry. There's nothing new in that regard. How we put it together, how you lower CI score, how you optimize, that's different. That's not what makes or break it. Chris, Paul, you guys wanna add anything else?

We're using you unit operations that anyone can go kick the tires upon because they come directly from the petrochemical industry. So there's nothing new in that regard, how we put it together, how you lower CI score, how you optimize that's different but that's not what makes or Break It. Uh Chris Paul you guys want to add anything else.

It takes something off of a laboratory in a, in a national lab.

And never have it seen proven out.

We're using.

Yeah, I'll add just a a bit and then Paul can chime in. So Pat I'll I'll Echo what you just said which is. Yeah, we're using proven Technologies and their Technologies from a proven company. That is commercialized many, many things at Large Scale including that oil refineries

Chris Ryan: Yeah, I'll add just a bit, and then Paul Bloom can chime in. Patrick, I'll echo what you just said, which is, yeah, we're using proven technologies, and they're technologies from a proven company that has commercialized many, many things at large scale, including at oil refineries. In fact, the engineering that's been done, the heart of the process is from a company called Axens. As we design the entire process around it, we only use engineers that have experience working on these things and have the capability of supporting operations once we get operating. These engineers aren't just desktop engineers, they've actually operated assets, and they have experience starting up plants.

Um, in fact, the engineering that's been done so at the heart of the process is from the company called axons. But as we designed the entire process around it,

Unit operations that anyone can go kick the tires upon because they come directly from the petrochemical industry. So there's nothing new in that regard. How we put it together, how you lower CI score, how you optimize—that's different, but that's not what makes or breaks it. Uh, Chris, Paul, you guys want to add anything else?

Um, we only use Engineers that have experience working on these things and have the capability of, uh, supporting operations once we get operating. So, these Engineers aren't just desktop Engineers, they've actually operated assets

I'll add just a bit and then Paul can chime in. So Pat, I'll echo what you just said, which is, yeah, we're using proven technologies and they're technologies from a proven company that has commercialized many, many things at large scale, including at oil refineries.

Um, in fact, the engineering that's been done. So the heart of the process is from the company called axons, but as we designed the entire process around it,

Chris Ryan: It's that experience, and like what Pat said, there's no new technology, gives us a lot of confidence this is gonna start up very easily. Paul?

Paul Bloom: Yeah. I think Chris nailed it, right? I mean, when we talk to a lot of companies in diligence, right? They figure out, especially on the petroleum side, that they've got these assets already running, not all coupled together in the same order, but individually running in operations that they already are running. It's, you know, it's one of those kind of things where we took a proven approach, right? We know these unit operations work. Yes, they're integrated together a little bit differently, but, you know, we've also, you know, been working with companies like Praj, and Praj actually just put all these unit operations together in a fully functional integrated pilot plant.

Yeah, I think Chris nailed it, right? I I mean, when we talked to a lot of companies in in diligence, right? They they figure out especially on the petroleum side that they've got these, uh, these assets already running, not all coupled together in the same order, but individually running in in operations that they already are, are, are running. So it's, you know, it's 1 of those kind of things where we took a a proven approach, right? So we know these unit operations work. Yes. They're integrated together a little bit differently but you know we've also you know been working with companies like page and and project actually just put all these unit operations together in a in a fully functional integrated pilot plant and uh I was actually there and got to open this bigoted and

You know.

Paul Bloom: I was actually there and got to open the spigots and, you know, jet fuel poured out the other end, ethanol going in one end. It was great. I think we've really, you know, the combination of using known technologies and really good partners and great engineers who understand this have really put us in a very different spot from that other group that you're mentioning, if I'm assuming who it is, and how we're ready to execute.

And, uh, and they have experience starting up plants. And so it's that experience and like, what Pat said? Uh, there's no new technology, uh, gives us a lot of confidence. This is going to start up very easily Paul. Yeah, I think Chris nailed it, right? I mean, when we talked to a lot of companies in in diligence, right? They, they figure out especially on the petroleum side that they've got these, uh, these assets already running, not all coupled together in the same order, but individually running in in operations that they already are, are, are running. So it's, you know, it's 1 of those kind of things where we took a a proven approach, right? So we know these unit operations work. Yes. They're integrated together a little bit differently but you know we've also you know been working with companies like project and and project actually just put all these unit operations together in a in a fully functional integrated pilot plant and uh I was actually there and got to open the spigot.

and, you know,

Patrick Gruber: I'll add one more thing, is that we think about it completely differently. We're trying to do something that's scalable to really big scale and really low economics. We're not trying to do some one-off specialty thing, and we're not venture backed. We weren't, you know, it isn't that kind of a perspective. We're actually trying to solve a real life problem, deliver jet fuel that's cost competitive with petroleum. Yeah, we're gonna sell the carbon attributes to go with it. No, waste is not a strategy. You can't get there from here. I was just doing some research about this again, where it's you take waste products, yeah, it drives up the price. We've seen this over and over again. You know what? Carbohydrates are a great feedstock. They're way abundant in oversupply across the world. Paul's got a great saying that I love, Take carbohydrates, right?

jet fuel poured out the other end and ethanol going in 1 end. So it was, it was great. But I think we've really, you know, the combination of of using known Technologies and really good partners and and and great Engineers who understand this have really put us in a in a very different spot uh from from that other group that you're mentioning mentioning. If if I if I'm assuming who it is and uh how how we're uh, how we're ready to execute and I'll add 1, more thing is that we

Patrick Gruber: Yeah, we're gonna sell the carbon attributes to go with it. No, waste is not a strategy. You can't get there from here. I was just doing some research about this again, where it's you take waste products, yeah, it drives up the price. We've seen this over and over again. You know what? Carbohydrates are a great feedstock. They're way abundant in oversupply across the world. Paul's got a great saying that I love, Take carbohydrates, right?mPaul, what do you do with them? From the waistline to the airline, I think.

Problem. Deliver. Jet fuel. That's cost competitive with petroleum. Yeah, we're going to sell the carbon attributes to go with it. No waste is not a strategy. You can't get there from here. I was just doing some research about this again where it's you take waste products yet, drives up the price. We've seen this over and over again. You know what carbohydrates are a great feed stock their way abundant in over Supply across the world. Paul's got a great saying that I love take carbohydrates. Right Paul. What do you do with them from the waistline to the airline? I think. Yeah, we we take those carbohydrate calories from the waistline to the airline. So yeah. See you want more hyper? Just corn sir. If you make jets you out of it. Come on. So it's a whole different perspective of scale of what we're trying to do. And that's how we think about it. Super pragmatic. We don't want technology risk. That's why we're able to clear diligence at the doe. That's why we've been able to clear diligence with our other big Partners. It isn't a

uh, it's not a project.

Patrick Gruber: Paul, what do you do with them? From the waistline to the airline, I think.

Just to generate Vibes. It's to make it freaking real for the long run and win.

Paul Bloom: Yeah. We take those carbohydrate calories from the waistline to the airline.

Patrick Gruber: Yeah. You want more high fructose corn syrup, or we should make jet fuel out of it. Come on. It's a whole different perspective of scale of what we're trying to do, and that's how we think about it. Super pragmatic. We don't want technology risk. That's why we're able to clear diligence at the DOE. That's why we've been able to clear diligence with our other big partners. It isn't a, it's not a project just to generate vibes. It's to make it freaking real for the long run and win.

That's a great answer and and maybe 1 if I could just follow up on the 40 man, run rate.

Think about it completely differently we're trying to do something that's scalable to really big scale and really low economics, we're not trying to do some 1-off specially thing and we're not venture-backed. We weren't you know it isn't that kind of a perspective we're actually trying to solve a real life problem. Deliver jet fuel that's cost competitive with petroleum. Yeah, we're going to sell the carbon attributes to go with it. No waste is not a strategy. You can't get there from here. I was just doing some research about this again where it's you take waste products yet, drives up the price. We've seen this over and over again. You know what, carbohydrates are great feed stock their way abundant in over Supply across the world. Paul's got a great saying that I love take carbohydrates. Right Paul. What do you do with them from the waistline to the airline? I think. Yeah we we take those carbohydrate calories from the waistline to the airlines. So yeah. See 1 more hyper Coast Corner. Sir. If you make jets you out of it, come on. So it's a whole different perspective of scale of what we're trying to do, and that's how we think about it. It's super

Super pragmatic. We don't want technology risk. That's why we're able to clear diligence at the DOE. That's why we've been able to clear diligence with our other big partners. It isn't a—

uh, it's not a project.

Derrick Whitfield: That's a great answer. Maybe one, if I could just follow up on the $40 million run rate. Yeah, I think based on what I've heard you guys say, there appears to be some upside with the bottlenecking that hasn't necessarily been factored into the $10 million per quarter run rate. Then also when you kind of think about what's happening in the LCFS markets now and where you're gonna place the product. Feels like there might be a little bit of extra upside there because you now have a few more markets competing with one another for those molecules. Again, any color you can, you can offer on that front would be helpful.

Yeah, I think based on what I've heard you guys say there appears to be some upsides with the bottlenecking that hasn't necessarily been factored into the 10 million per quarter, run rate. And then also, when you kind of think about what's happening in the lcfs markets now and where you're going to place. The product feels like there might be a little bit of extra outside there because you now have a few more markets competing with 1 another for those molecules but again any color you could you can offer on that, front would be helpful.

Just to generate vibes is to make it freaking real for the long run and win.

That's a great answer, and maybe if I could just follow up on the 40-man run rate.

Paul Bloom: Yeah, sure, Derrick. You know, a couple things there. You know, if you look at the LCFS markets first, right? We're still, you know, applying for pathways where we want the pathway with carbon capture. We've got pathways today without carbon capture and sequestration, but we'll look at applying, and we're in the process of applying for those today and, you know, positive outlook on getting those done. Places like Canada in Canadian CFR, right, where the credit prices are CAD 2.50 or higher, right? Really nice from a carbon perspective, and that looks positive. You know, we're obviously selling into markets today that have good returns on LCF markets.

I think based on what I heard you guys say, there appears to be some upside with the bottlenecking that hasn't necessarily been factored into the $10 million per quarter run rate. And then also, when you kind of think about what's happening in the LCFS markets now and where you're going to place the product, it feels like there might be a little bit of extra upside there because you now have a few more markets competing with one another for those molecules. But again, any color you can offer on that currently would be helpful.

Well.

Yeah, sure. Derek, you know a couple things there. Um, you know, if you look at the the lcfs markets first, right? We're still a, you know, applying for Pathways, where we want the, the pathway with carbon capture. We've got Pathways today without carbon capture and sequestration. But we, we'll look at at applying and we're in the process of applying for those today and, and, you know, positive outlook on on getting those done. But places like Canada in Canadian CFR, right? Where the credit prices are are 250 or higher, right? Really nice from a, from a carbon perspective and that looks the positive. You know, we're we're obviously selling into to markets today that have good good, uh, good Returns on lcf markets. But the other thing that you have to remember is we're also inventorying some cdrs to build inventory to satisfy some of our contracts and and spot sales and that market

Market that we think is going to grow later and as we do that, that's carbon values that we can't sell into those existing lcf markets. That we're we're selling into today so it's a little bit of a delayed. Um

Paul Bloom: The other thing that you have to remember is we're also inventorying some CDRs to build inventory to satisfy some of our contracts and spot sales in that market that we think is gonna grow later. As we do that's carbon value that we can't sell into those existing LCF markets that we're selling into today. It's a little bit of a delayed delayed revenue there. What you probably will see, and Blake was talking about this a little earlier, you know, we'll have this kind of push and pull with inventory build on carbon that we sell separately into carbon dioxide removal markets, LCF markets that have more immediate returns. You'll see that kinda balance out a little back and forth.

Delayed Revenue there. And so what you're probably will see, is like I was talking about this, a little earlier. Um, you know, we'll have this kind of push and pull with inventory, build on, on carbon that we sell separately into carbon dioxide removal markets.

We want the, the pathway with carbon capture. We've got Pathways today without carbon capture and sequestration. But we, we'll look at at applying and we're in the process of applying for those today and, and, you know, positive outlook on on getting those done. But places like Canada in Canadian CFR, right? Where the credit prices are are 250 or higher, right? Really nice from a, from a carbon perspective and that looks the positive. You know, we're we're obviously selling into to markets today that have good good, uh, good Returns on lcf markets. But the other thing that you have to remember is we're also inventorying some cdrs to build inventory to satisfy some of our contracts and and spot sales and that market that we think is going to grow later. And as we do that, that's carbon value that we can't sell into those existing lcf markets. That we're we're selling into today so it's a little bit of a delayed uh

Lcf markets that that have more immediate returns and so you'll see that kind of balance out a little back and forth. And then yeah, I think, of course, you know, as we continue to finish up some Energy, Efficiency projects, we get a a Lyft from you know, additional or lower CI score on on 45 uh Z going forward. All those things are going to be adding up to get us to that that number

Terrific. Great update today, guys.

Thank you. And our next question comes from the line of Peter. Gastric from water tower research your question, please.

Paul Bloom: Yeah, I think of course, you know, as we continue to finish up some energy efficiency projects, we get a lift from, you know, additional or lower CI score on 45Z going forward. All those things are gonna be adding up to get us to that number.

Derrick Whitfield: Terrific. Great update today, guys.

Thank you. So congratulations to the team on the results and thanks for taking my questions. Also, Pat. And Paul uh, many congratulations to you. And really wish you both uh, the best, you know, during the transition. Um, but just a couple questions. Um, you know, first of all, you were just talking about. The our policy is talking about the, um, you know, CDR inventory and carving credits. Um, just curious what you're seeing in terms of

Terrific. Great update today, guys.

Operator: Thank you. Our next question comes from the line of Peter Gastreich from Water Tower Research. Your question please.

Uh pricing in terms in the the voluntary CDR markets and what what is your your outlook there.

Peter Gastreich: Thank you. Congratulations to the team on the results, and thanks for taking my questions. Also, Pat and Paul, many congratulations to you and really wish you both the best, you know, during the transition. Just a couple questions. You know, first of all, you were just talking about or Paul was just talking about the, you know, CDR inventory and carbon credits. Just curious what you're seeing in terms of pricing in the voluntary CDR market and what is your outlook there? Paul?

Thank you. And our next question comes from the line of Peter gastrit from water tower. Research your question, please.

Paul Bloom: Thanks first, Peter, for the congratulations. You know, when you look at the carbon markets, like we said, it's a developing space, right? It's hard to peg it at kind of a number. That's why if you look at our investor presentation, we've got a range. Typically we have a range in the voluntary markets anywhere from $100 to $300 a ton for those voluntary carbon dioxide removal credits. Like I said, we're on the top 10 list of the suppliers in that market today. That's pretty exciting for Gevo to move from basically nonexistent there to one of the top 10.

Thank you. So congratulations to the team on the results and thanks for taking my questions. Also, Pat. And Paul, uh, many congratulations to you. And really wish you both, uh, the best, uh, you know, during the transition. Um, but just a couple questions. Um, you know, first of all, you were just talking about. The our policy is talking about the, um, you know, CDR inventory and carving credits. Um just curious what you're seeing in terms of uh pricing in terms of in the voluntary CDR market and what what is your your outlook there.

Well yeah, thanks for your first Peter for the congratulations. And uh, you know, when you look at the the carbon markets, like we said, it's a developing space, right? So it's a, it's hard to Peg it at kind of 8 numbers and that's why if you look at our investor presentation, we've got a range. So typically we we have a range in the voluntary markets anywhere from from 100.

Paul Bloom: When you look at the low carbon fuel markets, I would have said, you know, even in the investor presentation that's on our website, we've got that pegged a little lower. Typically, we've seen, you know, markets like California be down even as low as $50 a ton, which, you know, that's not very attractive especially if we have this optionality. Now when you see, you know, Canada and Oregon start to, you know, really ramp up and get up to these $200 or $200 plus over $200 numbers, this is where we've got good competition between, you know, carbon dioxide removal markets in the voluntary space and the compliance markets with low carbon fuel.

To $300 a ton for those voluntary, uh, carbon dioxide removal credits. And like I said, we're on the top 10 list of the suppliers in, in that market today. So that's pretty exciting for go to move from basically non-existent there to, to 1 of the top 10. And then when you look at the at the, uh,

Low carbon fuel markets, I would have said you know and even in the investor presentation it's it's on our website. Uh we've got that pegged a little lower typically we've seen you know markets like California be down, even as low as fifty dollars a ton. Which you know that's that's not very attractive if we're we have this optionality but now when you see, you know, Canada and Oregon start to, you know, really ramped up and and get up to these 200 or 200 plus over 200 numbers, then this is where we, we've got good competition between, you know, carbon dioxide removal markets in the voluntary space and the compliance markets with low carbon Fuel. And so we're going to continue to leverage that to, you know, our advantage. So we can, we can make some decisions and figure out where to place volume both, you know, with our commodity and our carbon value to, to get go the best returns.

Paul Bloom: We're gonna continue to leverage that to, you know, our advantage so we can make some decisions and figure out where to place volume, both, you know, with our commodity and our carbon value to give Gevo the best returns.

Low carbon fuel markets, I would have said you know and even in the investor presentation that's that's on our website. Uh we've got that pegged a little lower typically we've seen you know markets like California be down, even as low as $50 a ton which you know that's that's not very attractive if especially if we're we have this optionality. But now when you see, you know, Canada and Oregon start to, you know, really ramped up and and get up to these hundred dollars or 200 plus over $200 numbers. Then this is where we, we've got good competition between, you know, carbon dioxide removal markets, the in the voluntary space and the compliance markets, with low carbon Fuel. And so we're going to continue to leverage that to, you know, our advantage. So we can, we can make some decisions and figure out where to place volume both, you know, with our commodity and our carbon value to, to get people the best returns.

Okay, great, thank you. So, the next question is just about your fare CCS capacity. So it looks like the, you know, the frontier partnership that's really going to help, um, accelerate the plans here. I'm just curious. Um, you know, first of all, are you able to share, what would be a realistic timeline for starting to bring in that? Third-party CO2? Um, and the question also, second question related to that would be, um, you know, once you reach a critical mass of volume, I don't know if that's in terms of contracts or whatever. Um, will you have incremental capex of any sort, you know, perhaps?

Peter Gastreich: Okay, great. Thank you. The next question is just about your Serres CTS capacity. It looks like the, you know, the Frontier partnership, that's really gonna help accelerate the plans there. I'm just curious, you know, first of all, are you able to share what would be a realistic timeline for starting to bring in that third-party CO₂? Also, second question related to that would be, you know, once you reach a critical mass of volume, I don't know if that's in terms of contracts or whatever, will you have incremental CapEx of any sort, you know, perhaps above ground, that would be required to accept those incremental volumes?

Above ground that would be required to accept those incremental volumes.

yes, sure Peter I mean I think when

Okay, great, thank you. So, the next question is just about your fare CCS capacity. So it looks like the, you know, the frontier partnership that's really going to help, um, accelerate the plans there, I'm just curious. Um, you know, first of all, are you able to share, what would be a realistic timeline for starting to bring in that? Third-party CO2? Um, and the question also, second question related to that would be, um, you know, once you reach a critical mass of volume, I don't know if that's in terms of contracts or whatever. Um, will you have incremental capex of any sort, you know, perhaps above ground that would be required to accept those incremental volumes?

Paul Bloom: Yeah, sure, Peter. I mean, I think when, you know, the Frontier Infrastructure Holdings partnership or collaboration that we've been working on, you know, it's been really interesting because I think what, you know, there was a lot of promise from these pipelines. Obviously, we had a pipeline that we thought was going to come to us in South Dakota that didn't materialize. We feel that. This is exciting to think about CO₂ by rail. I think it comes back to, you know, we're going to be producing more fuel and more carbon dioxide co-product and capturing that and capturing more in North Dakota. Today, for example, we're only using 16% to 17% of what's called our pore space, which is the available volume for storage. We got a lot of extra capacity.

You know, the, the frontier infrastructure, Holdings partnership or collaboration that we've been working on, you know, it's been really interesting because I think what, you know, there was a lot of promise from these pipelines and and obviously we had a, a pipeline that we, we thought was going to come to us in South Dakota that, that didn't materialize. So, we feel that and and so this is exciting to to think about CO2 by Rail, and I think it comes back to, you know, we're going to be producing more more fuel and more carbon dioxide co-product and capturing that and capturing more in North Dakota. But today, we're for example, we're only using 16 to 17% of what's called our pore space, which is the available volume for storage. So we've got a lot of extra capacity. So really our goal is to figure out, you know, as we expand, we want to make sure we're, we're capturing vivos carbon dioxide but we can help others and what we learned, you know, working with Frontiers is that there's there are a lot of, uh, ethanol companies out there that we can help. And this is

Paul Bloom: Really our goal is to figure out, you know, as we expand, we wanna make sure we're capturing Gevo's carbon dioxide, but we can help others. What we learned, you know, working with Frontier is that there are a lot of ethanol companies out there that we can help. This is where it comes back into this approach where our carbon management services, if we can bring in CO₂ by rail and monetize our pore space, this is a big deal for us because we could get paid in things like storage fees, we can help with carbon marketing. We're still in the design phase of this, so we're scoping this out. I think it's still gonna take a while because you have to build basically a terminal to put in place.

Lines. And and obviously, we had a a pipeline that we, we thought was going to come to us in South Dakota that that didn't materialize. So we feel that and and so this is exciting to to think about CO2 by Rail and I think it comes back to, you know, we're going to be producing more more fuel and more carbon dioxide toe product and capturing that and capturing more in North Dakota. But today for example, we're only using 16 to 17% of what's called our pore space, which is the available volume for storage. So we've got a lot of extra capacity. So really our goal is to figure out, you know, as we expand, we want to make sure we're, we're capturing vivos carbon dioxide but we can help others and what we learned, you know, working with Frontiers that. There's there are a lot of, uh, ethanol companies out there that we can help. And this is where it comes back into this approach, where our carbon Management Services, if we can bring in CO2 by rail and monetize our pore space. Um, this is

Where it comes back into this approach, where our carbon Management Services, if we can bring in CO2 by Rail and monetize our pore space. Um, this is a, this is a big deal for us because we could get paid and things like storage fees, we can help with carbon marketing. Um, so we're, we're still in the design phase of of this. So, we're we're scoping this out. I think it's, it's still going to take a while because you have to build, basically a terminal to put in place, but that does, you know, get pretty exciting if we can connect the dots between, you know, the the rest of the capacity that we've got and it doesn't mean that we have to stop there. We could probably access more capacity, uh, in the, in the pore space around us but, um, pretty good opportunity for us. And if you if you look at our investor presentation, this is where a lot of the unlock, you know, going beyond that 40 million up to the 110 million in adjusted, he died in the carbon value. Comes from, how do we monetize this pore space?

Paul Bloom: That does, you know, get pretty exciting if we can connect the dots between, you know, the rest of the capacity that we've got, and it doesn't mean that we have to stop there. We could probably access more capacity in the pore space around us. Pretty good opportunity for us. If you, if you look in our investor presentation, this is where a lot of the unlock, you know, going beyond that $40 million up to the $110 million in adjusted EBITDA, and the carbon value comes from how do we monetize this pore space? How do we help others with the carbon business?

This is a big deal for us because we could get paid in things like storage fees. We can help with carbon marketing. Um, so we're, we're still in the design phase of of this. So, we're we're scoping this out. I think it's it's still going to take a while because you have to build, basically a terminal to put in place, but that does, you know, get pretty exciting if we can connect the dots between, you know, the the rest of the capacity that we've got and it doesn't mean that we have to stop there. We could probably access more capacity.

How how do we help others with, with the carbon business? And that, that in turn, right? I mean the the other piece that I'll just try to connect the dots full circle. Here is the more low-carbon ethanol, plants we can enable by helping them with, carbon Management Services, whether it's the actual physical, you know, removal and storage of that carbon or the Digital Services like Vitti and and and things like our carbon business that sets that table for more sites to be fully enabled and ready to be a site for

Paul Bloom: That in turn, right, I mean, the other piece that I'll just try to connect the dots full circle here is the more low carbon ethanol plants we can enable by helping them with carbon management services, whether it's the actual physical, you know, removal and storage of that carbon or the digital services like Verity and things like our carbon business, that sets that table for more sites to be fully enabled and ready to be a site for an Alcohol-to-Jet plant. I think that's really that combination and how it fits. It's not just the revenues that we could generate today from that kind of relationship. Those are great, but it's really how do we have, you know, or enable 10, 15, 20 more sites in the future.

For an alcohol to Jet plan. So I think that's the that's really that that combination and how it fits. It's not just the, the revenues that we could generate today. Um, from that kind of relationship that those are great. But it's really, how do we have, you know? And we're enable 10, 15, 20 more sites in the future.

So, thanks very much to take my question.

Thank you. This does conclude the question and answer session of today's program. I'd now like to hand the program back to patent for the remarks.

Uh, in the, in the pore space around us but um, pretty good opportunity for us and if you if you look at our investor presentation, this is where a lot of the unlock, you know, going beyond that 40 million up to the 110 million in adjusted iPad. And the carbon value comes from, how do we monetize this Force Base? How do we help others with with the carbon business? And that, that in turn, right? I mean, the other piece that I'll just try to connect the dots full circle. Here is the more low carbon ethanol? Plants we can enable by helping them with carbon Management Services, whether it's the actual physical, you know, removal and storage of that carbon or the Digital Services like Varity and and and things like our carbon business that sets that table for more sites to be fully enabled and ready to be a site for an alcoholic. The jet plan. So I think that's the that's really that that combination and how it fits. It's not just the, the revenues that we could generate today. Um, from that kind of Rel

Peter Gastreich: Great. Thanks very much for taking my question.

Those are great, but it's really about how do we have, you know—and we're enabled—10, 15, 20s in the future?

Operator: Thank you. This does conclude the question and answer session of today's program. I'd now like to hand the program back to Pat Gruber for any further remarks.

Thanks very much to take my questions.

We're the first to do it and we're breaking a lot of new ground at it and it's quite interesting. Um I'm really grateful for the team up there at uh given North Dakota. They've done a fantastic job running that plant. Congratulations to all the all the folk who've done it, Chris great job. And you know,

Paul Bloom: Well, thank you all. It was a fantastic year. It's a lot of potential. This carbon business is extremely interesting. It gives us the ability to arbitrage, make decisions discreetly about where can we capture the most value.

Thank you. This does conclude the question and answer session of today's program. Right now, I'd like to hand the program back to Pat Gruber for any further remarks.

it was really a good move for us to acquire that and bring it under our, uh,

you know, get that asset under our control because it solves all kinds of problems. Now, we have low carbon available. Boom box checked.

Patrick Gruber: We're the first to do it, and we're breaking a lot of new ground at it, and it's quite interesting. I'm really grateful for the team up there at Gevo North Dakota. They've done a fantastic job running that plant. Congratulations to all the folk who've done it. Chris, great job. You know, it was really a good move for us to acquire that and bring it under our, you know, get that asset under our control because it solves all kinds of problems. Now we have low carbon available. Boom. Box checked. That question's answered. Sequestration available. It's a beautiful sequestration site. I don't think we had a full appreciation of how great it actually is compared to the others that are out there. It's outstanding in that it's a, we're the only ones in that formation, and it's an outstanding well.

That question is answered sequestration available. It's a beautiful sequestration site. I don't think we had a full appreciation of how great it actually is compared to the others that are out there.

It's outstanding in that. It's a uh, we're the only ones in that formation and it's an outstanding.

Well thank you all. It was a fantastic year. Uh it's a lot of potential. This carbon business is extremely interesting. It gives us the ability to Arbitrage. Look at make decisions. Discreetly about where, can we capture the most value where the first to do it and we're breaking a lot of new ground at it and it's quite interesting. Um I'm really grateful for the team up there at uh given North Dakota. They've done a fantastic job running that plant. Congratulations to all the all the folk who've done it, Chris great job. And you know,

well, and so we're learning more and more about why that's so important and you see the results in that, we got certified as a Thousand-Year, well by pure pure Earth,

it was really a good move for us to acquire that and bring it under our, uh,

and,

You know, get that asset under our control because it solves all kinds of problems. Now, we have low carbon available—boom, box checked.

That question is answered: sequestration available. It's a beautiful sequestration site. I don't think we had a full appreciation of how great it actually is compared to the others that are out there.

Uh, I look at the potential of what's going on here and you see these things that Paul mentioned like the IBA in diesel fuel who'd have thought we never have quit working on IBA. It's just in the background because you don't need it for jet fuel but it's good for other stuff. Other other fuels, great, those things are going to happen sometime in the future using partners.

Patrick Gruber: We're learning more and more about why that's so important. You see the results in that we got certified as a 1,000-year well by Puro.Earth. I look at the potential of what's going on here, and you see these things that Paul mentioned, like the IBA in diesel fuel. Who'd have thought? We never have quit working on IBA. It's just in the background because you don't need it for jet fuel, but it's good for other fuels. Great. Those things are going to happen sometime in the future using partners. Awesome. Get the ATJ plant done. You heard Paul talk about it. Got to get that done. Do the franchise model.

It's outstanding in that. It's a uh, we're the only ones in that formation and it's an outstanding.

Awesome. And so uh get the atj plant done, you heard Paul talk about it.

You gotta get that done and then do the franchise model.

Already.

well, and so we're learning more and more about why that's so important and you see the results in that, we got certified as a Thousand-Year well by pure pure dot Earth and

Paul talked about bringing bringing the, um, being able to go to other parties or other other ethanol companies who want to learn from us. And we can we have a service, we can provide and get paid for

Those, those are all very interesting things. So we're in a

Uh, I look at the potential of what's going on here and you see these things that Paul mentioned, like the IBA in diesel fuel. Who'd have thought—we never have quit working on IBA. It's just in the background because you don't need it for jet fuel, but it's good for other stuff. Other fuels, great, those things are going to happen sometime in the future using partners.

Awesome.

And so, uh, get the ATJ plant done. You heard Paul talk about it.

Patrick Gruber: Already, Paul talked about bringing the being able to go to other parties or other ethanol companies who wanna learn from us, and we have a service we can provide and get paid for. Those are all very interesting things. We're in a hugely derisked situation compared to where we've been. We have a huge amount of intellectual property, huge amount of growth potential. This is, I think, something around my 59th or 60th earnings call, my very last one. I wanna thank you all for your investment. Thank you for your questions and, you know, sharpening us, forcing us to sharpen up over the years, especially me. Thank you for all the opportunity to work with you all. I truly appreciate it, and I wish the team the very, very best. On that, I sign off.

Gotta get that done and then do the franchise model.

Already.

Hugely diverse situation, compared to where we've been. We have a huge amount of intellectual property, huge amount of growth potential. And so this is, I think something around my 59th or 60th earnings. Call my very last 1. I want to thank you all for your investment. Thank you for your questions and you know, sharpening us forcing us to sharpen up over the years. Especially me and thank you for all the opportunity to work with you all. I truly appreciate it and I wish the team the very very best and that I sign off.

Thank you, much.

Paul talked about bringing, um, being able to go to other parties or other ethanol companies who want to learn from us. And we can, we have a service we can provide and get paid for.

So those, those are all very interesting things. So we're in a

Thank you, and thank you. Ladies and gentlemen, for your participation. In today's conference, this does conclude the program. You may now disconnect good day.

Patrick Gruber: Thank you much.

Growth potential. And so this is I think something around my 59th or 60th earnings. Call my very last 1. I want to thank you all for your investment. Thank you for your questions and you know, sharpening us forcing us to sharpen up over the years especially me and thank you for the opportunity to work with you all. I truly appreciate it and I wish the team the very very best that I sign off.

Operator: Thank you. Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

Thank you, much.

Thank you, and thank you. Ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

Q4 2025 Gevo Inc Earnings Call

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