Cover page
Cover page - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 07, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35073 | |
Entity Registrant Name | GEVO, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0747704 | |
Entity Address, Address Line One | 345 Inverness Drive South | |
Entity Address, Address Line Two | Building C, Suite 310 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 303 | |
Local Phone Number | 858-8358 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | GEVO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 237,221,732 | |
Entity Central Index Key | 0001392380 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 200,564 | $ 40,833 |
Marketable securities (current) | 222,012 | 275,340 |
Restricted cash (current) | 1,024 | 25,032 |
Accounts receivable, net | 352 | 978 |
Inventories | 4,135 | 2,751 |
Prepaid expenses and other current assets | 3,635 | 3,607 |
Total current assets | 431,722 | 348,541 |
Property, plant and equipment, net | 166,004 | 139,141 |
Marketable securities (long-term) | 0 | 64,396 |
Restricted cash (long-term) | 76,842 | 70,168 |
Operating right-of-use assets | 1,671 | 2,414 |
Finance right-of-use assets | 27,012 | 27,297 |
Intangible assets, net | 7,995 | 8,938 |
Deposits and other assets | 18,165 | 5,581 |
Total assets | 729,411 | 666,476 |
Current liabilities | ||
Accounts payable and accrued liabilities | 14,916 | 28,288 |
Operating lease liabilities (current) | 430 | 772 |
Finance lease liabilities (current) | 2,125 | 3,413 |
Loans payable - other (current) | 158 | 158 |
Total current liabilities | 17,629 | 32,631 |
2021 Bonds payable (long-term) | 67,038 | 66,486 |
Loans payable - other (long-term) | 199 | 318 |
Operating lease liabilities (long-term) | 1,734 | 1,902 |
Finance lease liabilities (long-term) | 16,349 | 17,797 |
Other long-term liabilities | 1,520 | 87 |
Total liabilities | 104,469 | 119,221 |
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 500,000,000 and 250,000,000 shares authorized at September 30, 2022, and December 31, 2021, respectively; 237,221,732 and 201,988,662 shares issued and outstanding at September 30, 2022, and December 31, 2021, respectively. | 2,372 | 2,020 |
Additional paid-in capital | 1,254,733 | 1,103,224 |
Accumulated other comprehensive loss | (2,168) | (614) |
Accumulated deficit | (629,995) | (557,375) |
Total stockholders' equity | 624,942 | 547,255 |
Total liabilities and stockholders' equity | $ 729,411 | $ 666,476 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 250,000,000 |
Common stock shares issued (in shares) | 237,221,732 | 201,988,662 |
Common stock, shares outstanding (in shares) | 237,221,732 | 201,988,662 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Total revenues | $ 309 | $ 120 | $ 630 | $ 479 |
Idle facility costs | 2,330 | 0 | 2,330 | 0 |
Cost of production | 318 | 2,378 | 5,242 | 4,896 |
Idle facility costs | 2,330 | 0 | 2,330 | 0 |
Depreciation and amortization | 1,250 | 1,104 | 3,429 | 3,374 |
Total cost of goods sold | 3,898 | 3,482 | 11,001 | 8,270 |
Gross loss | (3,589) | (3,362) | (10,371) | (7,791) |
Operating expenses | ||||
Research and development expense | 1,562 | 1,495 | 4,720 | 4,205 |
Selling, general and administrative expense | 11,144 | 9,287 | 29,205 | 17,947 |
Preliminary stage project costs | 915 | 313 | 1,736 | 8,512 |
Other operations | 1,303 | 0 | 3,814 | 0 |
Impairment loss | 24,749 | 0 | 24,749 | 0 |
Loss on disposal of assets | 0 | 183 | 0 | 5,137 |
Stock-based compensation | 407 | 94 | 1,144 | 198 |
Total operating expenses | 40,080 | 11,372 | 65,368 | 35,999 |
Loss from operations | (43,669) | (14,734) | (75,739) | (43,790) |
Other income (expense) | ||||
Gain (loss) from change in fair value of derivative warrant liability | 0 | 6 | 16 | (4) |
Interest expense | (712) | (67) | (716) | (78) |
Investment income (loss) | 874 | 233 | 1,204 | 354 |
Gain on forgiveness of SBA loan | 0 | 0 | 0 | 641 |
Other income (expense), net | (279) | 182 | 2,615 | 187 |
Total other income (expense), net | (117) | 354 | 3,119 | 1,100 |
Net loss | $ (43,786) | $ (14,380) | $ (72,620) | $ (42,690) |
Net loss per share - basic (in dollars per share) | $ (0.19) | $ (0.07) | $ (0.34) | $ (0.22) |
Net loss per share - diluted (in dollars per share) | $ (0.19) | $ (0.07) | $ (0.34) | $ (0.22) |
Weighted-average number of common shares outstanding - basic (in shares) | 236,649,805 | 199,341,519 | 216,255,710 | 193,739,605 |
Weighted-average number of common shares outstanding - diluted (in shares) | 236,649,805 | 199,341,519 | 216,255,710 | 193,739,605 |
Ethanol sales and related products, net | ||||
Revenue and cost of goods sold | $ 0 | $ 16 | $ 240 | $ 16 |
Hydrocarbon revenue | ||||
Revenue and cost of goods sold | 0 | 104 | 81 | 463 |
Renewable natural gas commodity | ||||
Revenue and cost of goods sold | $ 309 | $ 0 | $ 309 | $ 0 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (43,786) | $ (14,380) | $ (72,620) | $ (42,690) |
Other comprehensive income (loss) | ||||
Unrealized gain (loss) on available-for-sale securities | 88 | 11 | (1,554) | (296) |
Comprehensive loss | $ (43,698) | $ (14,369) | $ (74,174) | $ (42,986) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 128,138,311,000 | ||||
Beginning balance at Dec. 31, 2020 | $ 146,379 | $ 1,282 | $ 643,269 | $ 0 | $ (498,172) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock, net of issuance costs (in shares) | 68,170,579,000 | ||||
Issuance of common stock, net of issuance costs | 457,483 | $ 682 | 456,801 | ||
Issuance of common stock upon exercise of warrants (in shares) | 1,866,758,000 | ||||
Issuance of common stock upon exercise of warrants | 1,121 | $ 18 | 1,103 | ||
Non-cash stock-based compensation | 3,300 | 3,300 | |||
Issuance of common stock under stock plans, net of taxes ( in shares) | 3,704,330,000 | ||||
Issuance of common stock under stock plans, net of taxes | (5,497) | $ 37 | (5,534) | ||
Other comprehensive loss | (296) | (296) | |||
Net loss | (42,690) | (42,690) | |||
Ending balance (in shares) at Sep. 30, 2021 | 201,879,978,000 | ||||
Ending balance at Sep. 30, 2021 | 559,800 | $ 2,019 | 1,098,939 | (296) | (540,862) |
Beginning balance (in shares) at Jun. 30, 2021 | 197,964,476,000 | ||||
Beginning balance at Jun. 30, 2021 | 576,123 | $ 1,980 | 1,100,932 | (307) | (526,482) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock and common stock warrants, net of issuance costs | (162) | (162) | |||
Non-cash stock-based compensation | 1,880 | 1,880 | |||
Issuance of common stock under stock plans, net of taxes ( in shares) | 3,915,502,000 | ||||
Issuance of common stock under stock plans, net of taxes | (3,672) | $ 39 | (3,711) | ||
Other comprehensive loss | 11 | 11 | |||
Net loss | (14,380) | (14,380) | |||
Ending balance (in shares) at Sep. 30, 2021 | 201,879,978,000 | ||||
Ending balance at Sep. 30, 2021 | $ 559,800 | $ 2,019 | 1,098,939 | (296) | (540,862) |
Beginning balance (in shares) at Dec. 31, 2021 | 201,988,662 | 201,988,662,000 | |||
Beginning balance at Dec. 31, 2021 | $ 547,255 | $ 2,020 | 1,103,224 | (614) | (557,375) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock and common stock warrants, net of issue costs (in shares) | 33,333,336,000 | ||||
Issuance of common stock and common stock warrants, net of issuance costs | 139,008 | $ 333 | 138,675 | ||
Issuance of common stock upon exercise of warrants (in shares) | 4,677,000 | ||||
Issuance of common stock upon exercise of warrants | 3 | 3 | |||
Non-cash stock-based compensation | 12,625 | 12,625 | |||
Issuance of common stock under stock plans, net of taxes ( in shares) | 1,895,057,000 | ||||
Issuance of common stock under stock plans, net of taxes | 225 | $ 19 | 206 | ||
Other comprehensive loss | (1,554) | (1,554) | |||
Net loss | $ (72,620) | (72,620) | |||
Ending balance (in shares) at Sep. 30, 2022 | 237,221,732 | 237,221,732,000 | |||
Ending balance at Sep. 30, 2022 | $ 624,942 | $ 2,372 | 1,254,733 | (2,168) | (629,995) |
Beginning balance (in shares) at Jun. 30, 2022 | 235,165,951,000 | ||||
Beginning balance at Jun. 30, 2022 | 663,768 | $ 2,353 | 1,249,880 | (2,256) | (586,209) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Non-cash stock-based compensation | 4,361 | 4,361 | |||
Issuance of common stock under stock plans, net of taxes ( in shares) | 2,055,781,000 | ||||
Issuance of common stock under stock plans, net of taxes | 511 | $ 19 | 492 | ||
Other comprehensive loss | 88 | 88 | |||
Net loss | $ (43,786) | (43,786) | |||
Ending balance (in shares) at Sep. 30, 2022 | 237,221,732 | 237,221,732,000 | |||
Ending balance at Sep. 30, 2022 | $ 624,942 | $ 2,372 | $ 1,254,733 | $ (2,168) | $ (629,995) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating Activities | ||||
Net loss | $ (43,786) | $ (14,380) | $ (72,620) | $ (42,690) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Impairment loss | 24,749 | 0 | 24,749 | 0 |
Loss on disposal of assets | 0 | 183 | 0 | 5,137 |
(Gain) on forgiveness of SBA Loans | 0 | 0 | 0 | (641) |
Stock-based compensation | 12,624 | 5,823 | ||
Depreciation and amortization | 4,452 | 3,572 | ||
Amortization of marketable securities premium | 2,755 | 0 | ||
Other noncash (income) expense | (153) | 77 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 626 | 14 | ||
Inventories | (338) | 150 | ||
Prepaid expenses and other current assets, deposits and other assets | (8,445) | (4,459) | ||
Accounts payable, accrued expenses and long-term liabilities | (420) | 4,324 | ||
Net cash used in operating activities | (36,770) | (28,693) | ||
Investing Activities | ||||
Acquisitions of property, plant and equipment | (68,535) | (30,955) | ||
Acquisition of patent portfolio | (10) | 0 | ||
Proceeds from sale and maturity of marketable securities | 243,817 | 34,332 | ||
Purchase of patents and license | 0 | (9,000) | ||
Purchase of marketable securities | (130,402) | (422,362) | ||
Net cash provided by (used in) investing activities | 44,870 | (427,985) | ||
Financing Activities | ||||
Proceeds from issuance of 2021 Bonds | 0 | 68,995 | ||
Debt and equity offering costs | (10,993) | (34,919) | ||
Proceeds from issuance of common stock and common stock warrants | 150,000 | 487,549 | ||
Proceeds from exercise of warrants | 3 | 1,119 | ||
Net settlement of common stock under stock plans | (285) | (5,137) | ||
Payment of loans payable - other | (112) | (98) | ||
Payment of finance lease liabilities | (4,316) | (2,996) | ||
Net cash provided by financing activities | 134,297 | 514,513 | ||
Net increase (decrease) in cash and cash equivalents | 142,397 | 57,835 | ||
Cash, cash equivalents and restricted cash at beginning of period | 136,033 | 78,338 | ||
Cash, cash equivalents and restricted cash at end of period | 278,430 | 136,173 | 278,430 | 136,173 |
Schedule of cash, cash equivalents and restricted cash | ||||
Cash and cash equivalents | 200,564 | 16,201 | 200,564 | 16,201 |
Restricted cash (current) | 1,024 | 49,804 | 1,024 | 49,804 |
Long-term restricted cash | 76,842 | 70,168 | 76,842 | 70,168 |
Total cash, cash equivalents and restricted cash | $ 278,430 | $ 136,173 | 278,430 | 136,173 |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||||
Cash paid for interest, net of amounts capitalized | 770 | 11 | ||
Non-cash purchase of property, plant and equipment | 11,136 | 12,164 | ||
Right-of-use asset purchased with financing leases | 834 | 28,416 | ||
Right-of-use asset purchased with operating lease | $ 0 | $ 1,611 |
Deposits and Other Assets
Deposits and Other Assets | 9 Months Ended |
Sep. 30, 2022 | |
Other Assets, Noncurrent [Abstract] | |
Deposits and Other Assets | Deposits and Other Assets The following table sets forth the components of the Company's deposits and other assets (in thousands) as of: September 30, 2022 December 31, 2021 Deposits (1) $ 276 $ 831 Equity interest (2) 1,500 1,500 Exclusivity fees (3) 8,087 3,250 Deposits receivable (4) 8,302 — Total Deposits and Other Assets $ 18,165 $ 5,581 (1) Deposits for legal services and products for NZ1. (2) The Company directly holds a 4.6% interest in the Series A Preferred Stock of Juhl Clean Energy Assets, Inc. ("Juhl"), which is not a publicly listed entity with a readily determinable fair value. The Company therefore measures the securities at cost, which is deemed to be the value indicated by the last observable transaction in Juhl's stock, subject to impairment. The equity interest in Juhl is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC ("RCWF"), a Juhl subsidiary, see Note 17, Commitments and Contingencies, for additional information. (3) Axens North America, Inc. ("Axens") will provide certain alcohol-to-SAF services exclusively to the Company which may be offset against future license fees subject to the delivery of a process design package. On October 14, 2022, the Company entered into a licensing agreement with Axens to support development of the Company's alcohol-to-SAF process, incurring $4.2 million of licensing fees which will be offset against these prepaid exclusivity fees. (4) Deposits provided to a developer of certain wind-farm projects and power utility contractor to induce to design and construct the power generation, transmission and distribution facilities that will serve NZ1, $5.5 million of which will be either reimbursed or used as an investment into wind generation facility and the remaining $2.8 million is expected to be fully reimbursed upon completion of the project. Gevo has contractual priority liens against the equipment and constructed facilities under the contracts. |
Nature of Business, Financial C
Nature of Business, Financial Condition and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Financial Condition and Basis of Presentation | Nature of Business, Financial Condition and Basis of Presentation Nature of business. Gevo, Inc. (Nasdaq: GEVO) ("Gevo" or the "Company," which, unless otherwise indicated, refers to Gevo, Inc. and its subsidiaries), a Delaware corporation founded in 2005, is a growth-oriented company with the mission of solving greenhouse gas emissions for those sectors of the transportation industry that are not amenable to electrification or hydrogen. The Company is focused on transforming renewable energy into energy-dense liquid drop-in hydrocarbons that can be used as renewable fuels, such as sustainable aviation fuel ("SAF") and other fuels and chemicals, with the potential to achieve a “net-zero” greenhouse gas ("GHG") footprint. The Company uses the Argonne National Laboratory’s GREET (Greenhouse gases, Regulated Emissions, and Energy use in Transportation) model (the "GREET Model") to measure, predict and verify GHG emissions across the life-cycle of its products. The “net-zero” concept means Gevo expects that by using sustainably grown feedstock (i.e., low till, no-till and dry corn cultivation), renewable and substantially decarbonized energy sources, drop-in hydrocarbon fuels can be produced that have a net-zero, full life cycle footprint measured from the capture of renewable carbon through the burning of the fuel. Gevo's primary market focus, given current demand and growing customer interest, is SAF. The Company believes it also has commercial opportunities for other renewable hydrocarbon products, such as (i) hydrocarbons for gasoline blendstocks and diesel fuel, (ii) plastics, materials and other chemicals, and (iii) renewable natural gas (“RNG”). Net-Zero Projects In early 2021, we announced the concept of “Net-Zero Projects” as a series of planned facilities to produce energy dense liquid hydrocarbons using renewable energy and our proprietary technology. The concept of a Net-Zero Project is to convert renewable energy (e.g., photosynthetic, wind, RNG, biogas) from a variety of sources into energy dense liquid hydrocarbons that, when burned in traditional engines, have the potential to achieve net-zero GHG emissions across the whole lifecycle of the liquid fuel: from the way carbon is captured from the atmosphere, processed to make liquid fuel products, and burnt as a fuel for cars, planes, trucks and ships. Our initial Net-Zero Project, Net-Zero 1 (“NZ1"), is located in Lake Preston, South Dakota, and is being currently designed to produce approximately 62 million gallons per year ("MGPY") of total hydrocarbon volumes, including 55 MGPY of SAF. Along with the hydrocarbons, NZ1 is being currently designed to produce approximately 475 million pounds per year of high-value protein products for use in the food chain and more than 30 million pounds per year of corn oil. Our products will be produced in three steps; the first step is milling the corn and the production of protein, oil, and carbohydrates, the second step produces alcohols using fermentation and the third step is the conversion of the alcohols into hydrocarbons. Renewable Natural Gas Projects Gevo's RNG project in Northwest Iowa ("NW Iowa RNG") is owned by Gevo NW Iowa RNG, LLC, and produces RNG captured from dairy cow manure. The manure is supplied by three local dairies that have over 20,000 milking cows in total with additional milking cows expected pursuant to agreements executed during the second quarter of 2022. Animal manure can be digested anaerobically to produce biogas, which is then upgraded to pipeline quality gas referred to as RNG. Gevo NW Iowa RNG, LLC sells the produced RNG to the California market through an agreement with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, "BP"). Luverne Facility Gevo's development plant in Luverne, Minnesota (the "Luverne Facility") was originally constructed in 1998 and is located on approximately 55 acres of land, which contains approximately 50,000 square feet of building space. Gevo may use the Luverne Facility in the future to prove our processes, process concepts, unit operations and for other purposes in order to optimize feedstocks and the processes used for producing hydrocarbons from alcohols. Currently, the activities at the Luverne Facility are minimized to care and maintenance, as the Company has shifted focus to the Net-Zero Projects. Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X assuming the Company will continue as a going concern. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the nine months ended, September 30, 2022, and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . The financial statements at December 31, 2021, have been derived from the audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included for the year ended December 31, 2021 (the "2021 Annual Report"). Environmental Attribute Inventory. The Company generates D3 RINs Renewable Identification Numbers ("RINs") and Low Carbon Fuel Standard ("LCFS") credits (collectively, "environmental attributes") through the production of RNG used for transportation purposes as prescribed under the Renewable Fuels Standard program ("RFS"). The Company considers environmental attributes to be a distinguishable product that is generated as an integral component of the production process of RNG as the environmental attributes that are generated can be separated from the underlying commodity and may be sold independently from the RNG produced. As such, the Company considers environmental attributes to be a co-product of the production of RNG and accordingly allocates the costs of production based on the relative sales value of all revenue items for the NW Iowa RNG operations. Revenue is recognized on these environmental attributes when there is an agreement in place to monetize the credits at an agreed upon price with a customer based upon defined third party market prices and a transfer of control has occurred. Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation. The reclassifications included the categorization of depreciation and amortization on the Consolidated Statements of Operations and had no impact on total revenues, total cost of goods sold, total operating expenses, net loss or stockholders' equity for any period. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers and Other Revenues | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers and Other Revenues | Revenues from Contracts with Customers and Other Revenues The Company’s revenues are primarily comprised of the sale of RNG and related environmental attributes produced at the NW Iowa RNG facility under long-term contracts with customers. Revenue is recognized at a point in time when the Company transfers the product to its customer as the customer obtains control of the product upon delivery. The Company generally has a single performance obligation in our arrangements with customers. The Company’s performance obligation related to the sales of RNG and related environmental attributes are satisfied at a point in time upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products. There is no variable consideration present in the Company’s performance obligations. Consideration for each transaction is based upon quoted market prices at the time of delivery. The Company recognized $0.3 million of revenue from the sale of RNG during each of the three and nine months ended September 30, 2022, and recognized no revenue from the sale of environmental attributes during each of the three and nine months ended September 30, 2022, due to the timing of governmental approval for the issuance of such environmental attributes. The Company recorded limited revenues from its development-scale plant, the Luverne Facility, during the three and nine months ended September 30, 2022, and 2021. These revenues were promotional in nature and from customer contracts for ethanol sales and related products and hydrocarbon revenues, which included SAF, isooctene, and isooctane. These products were sold mostly on a free-on-board, shipping point basis (recognized at a point in time), were independent transactions, did not provide post-sale support or promises to deliver future goods, and were single performance obligations. |
Asset Impairment
Asset Impairment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Asset Impairment | Asset ImpairmentDuring the three and nine months ended September 30, 2022, the Company recorded a $24.7 million impairment loss on long-lived assets, to reduce the carrying value of certain property, plant, and equipment, and a leased right of use ("ROU") asset, at the Agri-Energy, LLC ("Agri-Energy") segment to its fair value. The impairments recorded to date relate to the determination to suspend production at the Luverne Facility and shift the plant into an idled, care and maintenance status during the three months ended September 30, 2022. As a result of this change in use, combined with a sustained history of operating losses, the Company assessed that indicators of impairment were present for long-lived assets within its Agri-Energy reporting segment. The Company therefore performed impairment testing and determined that, as of September 30, 2022, the carrying amounts of certain property plant and equipment, and the leased ROU asset exceeded estimated fair values. The Company estimated the fair value of these asset groups generally using a cost approach which is based on replacement or reproduction costs of the assets and is considered a Level 2 measurement and recorded a corresponding impairment loss under Operating Expenses within the Consolidated Statements of Operations. |
Net loss Per Share
Net loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net loss Per Share | Net loss Per Share Basic net loss per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted net loss per share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company's common shares during the period, would have been exercised on the later of the beginning of the period or the date granted, and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. None of the Company's stock options or other dilutive securities are considered to be dilutive in periods with net losses. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Diluted net loss per share excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported net loss per share. Therefore, the following number of potentially dilutive common stock equivalents have been excluded 1,193,436 and 1,716,010 for the three and nine months ended September 30, 2022, respectively, and 4,835,752 and 4,835,752, for the three and nine months ended September 30, 2021, respectively. Basic and diluted net loss per share is calculated as follows (net loss in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss $ (43,786) $ (14,380) $ (72,620) $ (42,690) Basic weighted-average shares outstanding 236,649,805 199,341,519 216,255,710 193,739,605 Net loss per share - basic and diluted $ (0.19) $ (0.07) $ (0.34) $ (0.22) The impact of the one-time impairment charge of $24.7 million, discussed in Note 3 above, was $0.10 and $0.11 of basic and diluted impairment loss per share for the three and nine months ended September 30, 2022 , respectively. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable Securities The Company's investments in marketable securities are stated at fair value and are available-for-sale. The following table summarizes the Company's investments in marketable securities (in thousands) as of: September 30, 2022 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 109,327 $ (729) $ 108,598 U.S. Government-sponsored enterprise securities Within one year 114,853 (1,439) 113,414 Total short-term marketable securities $ 224,180 $ (2,168) $ 222,012 December 31, 2021 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 226,136 $ (344) $ 225,792 U.S. Government-sponsored enterprise securities Within one year 49,618 (70) 49,548 Total short-term marketable securities $ 275,754 $ (414) $ 275,340 Long-term marketable securities U.S. Government-sponsored enterprise securities Within two years 64,596 (200) 64,396 Total long-term marketable securities $ 64,596 $ (200) $ 64,396 The cost of securities sold is based upon the specific identification method. Interest receivable related to the marketable securities of $0.7 million was included within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets as of September 30, 2022. Interest income from marketable securities totaled $1.2 million and $3.9 million for the three and nine months ended September 30, 2022, respectively and nil for both the three and nine months ended September 30, 2021. Interest income from marketable securities is included in "Investment income (loss)" in the Consolidated Statements of Operations. Future maturities of the Company's marketable securities are $55.8 million in 2022 and $168.6 million in 2023. |
Restricted Cash
Restricted Cash | 9 Months Ended |
Sep. 30, 2022 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Short-term and long-term restricted cash of $77.9 million consists of amounts held as collateral for letters of credit to provide financing support for development and construction of the NW Iowa RNG and NZ1 projects. The Company entered into an irrevocable direct pay letter of credit (the "Bond Letter of Credit") with Citibank N.A ("Citibank") in April 2021 to support the 2021 Bonds for the development and construction of NW Iowa RNG. See Note 14, Debt, for additional information on the 2021 Bonds. The Bond Letter of Credit has a 0.5% annual fee and expires April 4, 2024 (unless terminated earlier). The Company deposited $71.2 million with Citibank as restricted cash to secure any amounts drawn under the Bond Letter of Credit. The Company is entitled to receive interest income on the restricted cash. As of September 30, 2022, no amounts have been drawn under the Bond Letter of Credit. The proceeds from issuance of the 2021 Bonds recorded as restricted cash are maintained by the Trustee under the Indenture and are released to the Company to pay costs of the construction of NW Iowa RNG. The Company has used all bond proceeds for the project as of September 30, 2022. In September 2022, the Company entered into a Pledge and Assignment agreement with Citibank to provide credit support in the form of a letter of credit (the “Power Letter of Credit”) from Citibank to the local electric utility company in order to induce the utility company to design and construct the power transmission and distribution facilities that will serve NZ1. The Company deposited $6.6 million of restricted cash in an account with Citibank to collateralize the Power Letter of Credit, which has a 0.3% annual fee and expires September 30, 2024 (unless terminated earlier). As of September 30, 2022, no amounts have been drawn under the Power Letter of Credit. |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid and Other Current Assets | Prepaid and Other Current Assets The following table sets forth the components of the Company’s prepaid and other current assets (in thousands) as of: September 30, 2022 December 31, 2021 Prepaid insurance $ 906 $ 805 Interest receivable 688 1,530 Prepaid engineering 900 409 Tax refunds 195 — Prepaid other 946 863 Total Prepaid and other current assets $ 3,635 $ 3,607 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment by classification (in thousands) as of: September 30, 2022 December 31, 2021 Land $ 6,452 $ 410 Plant facilities and infrastructure 76,310 84,117 Machinery and equipment 89,797 25,369 Furniture and office equipment 2,699 2,550 Software 2,134 1,564 Construction in progress 56,713 88,990 Total property, plant and equipment 234,105 203,000 Less accumulated depreciation and amortization (68,101) (63,859) Property, plant and equipment, net $ 166,004 $ 139,141 The Company recorded depreciation expenses of $1.3 million and $3.6 million for the three and nine months ended September 30, 2022, respectively, as compared with $1.2 million and $3.6 million for the same periods ended September 30, 2021. At September 30, 2022, construction in progress included accruals of $9.2 million. Construction in progress includes $0.3 million for Gevo, $12.0 million for Agri-Energy related to a fractionation and hydrocarbon skid, $2.1 million for NW Iowa RNG and $42.3 million for NZ1 at September 30, 2022. Construction in progress includes $0.4 million for Gevo, $9.1 million for Agri-Energy, $56.9 million for NW Iowa RNG and $22.5 million for NZ1 at December 31, 2021. Construction in progress is not subject to depreciation until the assets are placed into service. Borrowing costs. Borrowing costs directly attributable to acquisition and construction of an asset are capitalized until it is completed and ready for its intended use, and thereafter are recognized in profit or loss for the current period. The Company capitalized $1.2 million and nil of interest expense for the nine months ended September 30, 2022, and September 30, 2021, respectively. |
Leases, Right-of-Use Assets and
Leases, Right-of-Use Assets and Related Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases, Right-of-Use Assets and Related Liabilities | Leases, Right-of-Use Assets and Related Liabilities The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029. The lease contains an option to extend the lease which management does not reasonably expect to exercise, so it is not included in the length of the term. The Company also has one production line piece of equipment with an operating lease that expires in 2024. As of September 30, 2022, right-of-use assets under operating leases totaling $1.7 million are included in "Operating right-of use assets," and the related lease liabilities totaling $2.2 million ($0.4 million in current and $1.7 million in long-term) are included in the Consolidated Balance Sheets. The Company also has four finance leases for land under arrangements related to NW Iowa RNG. Under these contracts, the Company leases land from dairy farmers on which it has built three anaerobic digesters, and related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. The partially conditioned biogas is transported from the three digester sites to a central gas upgrade system located at the fourth site that upgrades the biogas to pipeline-quality RNG for sale. These leases expire at various dates between 2031 and 2050 . The Company amended one of its leases in June 2022, which the Company treated as an existing lease modification due to an increase in the price per unit, resulting in an increase of the lease liability and right-of-use-asset by $0.8 million. Since the Company elected the practical expedient to combine lease and non-lease components, all amounts paid to the lessors under these arrangements for cow manure and non-lease services are classified as lease payments and are included in the calculation of the right-of-use assets and lease liabilities. This results in significantly higher right-of-use assets and lease liabilities than if the Company did not elect this practical expedient. As of September 30, 2022 , right-of-use assets under finance leases totaling $27.0 million are included in "Finance right-of-use assets," and related lease liabilities totaling $18.5 million are included in the Consolidated Balance Sheets. The following four tables present the (a) costs by lease category, (b) other quantitative information, and (c) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets (1) $ 470 $ 464 $ 1,395 $ 930 Interest on lease liabilities (1) 423 297 948 627 Operating lease cost 139 64 416 192 Short-term lease cost — 377 1,449 1,003 Variable lease cost (2) — 94 951 164 Total lease cost $ 1,032 $ 1,296 $ 5,159 $ 2,916 (1) Amortization and interest on finance lease liabilities capitalized as construction-in-progress totaled $0.3 million and $2.0 million during the three and nine months ended September 30, 2022, respectively, and nil and $0.8 million during the three and nine months ended September 30, 2021, respectively. Total capitalized amounts of $2.8 million are included in "Property, plant and equipment, net" in the Consolidated Balance Sheets related to NW Iowa RNG facilities as of September 30, 2022. (2) Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our NW Iowa RNG leases based on the number of cows maintained by the owners above the minimum required by the contracts of the respective facilities. Nine Months Ended September 30, 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 627 $ 627 Operating cash flows from operating leases $ 431 $ 192 Finance cash flows from finance leases $ 4,316 $ 5,975 Right-of-use asset obtained in exchange for new finance lease liabilities $ 834 $ 28,416 Right-of-use asset obtained in exchange for new operating lease liabilities $ — $ 1,611 Weighted-average remaining lease term, finance lease (months) 208 225 Weighted-average remaining lease term, operating leases (months) 66 88 Weighted-average discount rate - finance leases (1) 10% 5% Weighted-average discount rate - operating leases (1) 5% 5% (1) Our leases do not provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. Year ending December 31, Operating Leases Finance Leases 2022 (remaining) $ 303 $ 1,772 2023 528 1,576 2024 305 2,730 2025 315 1,744 2026 324 1,760 2027 and thereafter 706 30,499 Total 2,481 40,081 Less: Amounts representing present value discounts 317 21,607 Total lease liabilities 2,164 18,474 Less: current portion 430 2,125 Long-term portion $ 1,734 $ 16,349 |
Leases, Right-of-Use Assets and Related Liabilities | Leases, Right-of-Use Assets and Related Liabilities The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029. The lease contains an option to extend the lease which management does not reasonably expect to exercise, so it is not included in the length of the term. The Company also has one production line piece of equipment with an operating lease that expires in 2024. As of September 30, 2022, right-of-use assets under operating leases totaling $1.7 million are included in "Operating right-of use assets," and the related lease liabilities totaling $2.2 million ($0.4 million in current and $1.7 million in long-term) are included in the Consolidated Balance Sheets. The Company also has four finance leases for land under arrangements related to NW Iowa RNG. Under these contracts, the Company leases land from dairy farmers on which it has built three anaerobic digesters, and related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. The partially conditioned biogas is transported from the three digester sites to a central gas upgrade system located at the fourth site that upgrades the biogas to pipeline-quality RNG for sale. These leases expire at various dates between 2031 and 2050 . The Company amended one of its leases in June 2022, which the Company treated as an existing lease modification due to an increase in the price per unit, resulting in an increase of the lease liability and right-of-use-asset by $0.8 million. Since the Company elected the practical expedient to combine lease and non-lease components, all amounts paid to the lessors under these arrangements for cow manure and non-lease services are classified as lease payments and are included in the calculation of the right-of-use assets and lease liabilities. This results in significantly higher right-of-use assets and lease liabilities than if the Company did not elect this practical expedient. As of September 30, 2022 , right-of-use assets under finance leases totaling $27.0 million are included in "Finance right-of-use assets," and related lease liabilities totaling $18.5 million are included in the Consolidated Balance Sheets. The following four tables present the (a) costs by lease category, (b) other quantitative information, and (c) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets (1) $ 470 $ 464 $ 1,395 $ 930 Interest on lease liabilities (1) 423 297 948 627 Operating lease cost 139 64 416 192 Short-term lease cost — 377 1,449 1,003 Variable lease cost (2) — 94 951 164 Total lease cost $ 1,032 $ 1,296 $ 5,159 $ 2,916 (1) Amortization and interest on finance lease liabilities capitalized as construction-in-progress totaled $0.3 million and $2.0 million during the three and nine months ended September 30, 2022, respectively, and nil and $0.8 million during the three and nine months ended September 30, 2021, respectively. Total capitalized amounts of $2.8 million are included in "Property, plant and equipment, net" in the Consolidated Balance Sheets related to NW Iowa RNG facilities as of September 30, 2022. (2) Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our NW Iowa RNG leases based on the number of cows maintained by the owners above the minimum required by the contracts of the respective facilities. Nine Months Ended September 30, 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 627 $ 627 Operating cash flows from operating leases $ 431 $ 192 Finance cash flows from finance leases $ 4,316 $ 5,975 Right-of-use asset obtained in exchange for new finance lease liabilities $ 834 $ 28,416 Right-of-use asset obtained in exchange for new operating lease liabilities $ — $ 1,611 Weighted-average remaining lease term, finance lease (months) 208 225 Weighted-average remaining lease term, operating leases (months) 66 88 Weighted-average discount rate - finance leases (1) 10% 5% Weighted-average discount rate - operating leases (1) 5% 5% (1) Our leases do not provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. Year ending December 31, Operating Leases Finance Leases 2022 (remaining) $ 303 $ 1,772 2023 528 1,576 2024 305 2,730 2025 315 1,744 2026 324 1,760 2027 and thereafter 706 30,499 Total 2,481 40,081 Less: Amounts representing present value discounts 317 21,607 Total lease liabilities 2,164 18,474 Less: current portion 430 2,125 Long-term portion $ 1,734 $ 16,349 |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of the Company’s inventory balances (in thousands) as of: September 30, 2022 December 31, 2021 Raw materials: Corn $ — $ 301 Enzymes and other inputs 31 186 Catalyst materials 203 265 Finished goods: SAF, Isooctane, Isooctene and other 221 335 Isobutanol 124 223 Ethanol — 96 Work in process: Isobutanol — 83 Jet fuel 51 — Spare parts 1,432 1,262 RNG - environmental attributes 2,073 — Total inventories $ 4,135 $ 2,751 Environmental attributes represent distinguishable and material output from our RNG operations. The Company started allocating the joint cost of production to the sales value of RNG, credits from California's LCFS program and U.S. Environmental Protection Agency ("EPA") RIN credits. The value of the environmental attributes is reviewed for potential write-downs based on the net realizable value methodology. During the three and nine months ended September 30, 2022, the Company adjusted its finished goods and work in process inventory to net realizable value and recorded a nil and $0.8 million loss, respectively, in cost of goods sold, as compared to $1.2 million and $2.0 million during the three and nine months ended September 30, 2021, respectively. |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets Intangible assets consist of patents, which management evaluates to determine whether they (i) support current products, (ii) support planned research and development, or (iii) prevent others from competing with Gevo's products. The following table sets forth the Company’s identifiable intangible assets by classification (in thousands) as of: September 30, 2022 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, net Weighted-Average Useful Life (Years) Patents $ 4,580 $ (888) $ 3,692 7.4 Defensive assets 4,900 (597) 4,303 8.4 Identifiable intangible assets $ 9,480 $ (1,485) $ 7,995 7.9 December 31, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life (Years) Patents $ 4,575 $ (368) $ 4,207 7.3 Defensive assets 4,895 (164) 4,731 8.4 Identifiable intangible assets $ 9,470 $ (532) $ 8,938 7.9 The Company recorded amortization expense of $0.4 million and $1.0 million for the three and nine months ended September 30, 2022, respectively, as compared with nil for each of the three and nine months ended September 30, 2021. The following table details the estimated amortization of identifiable intangible assets as of September 30, 2022 (in thousands): Year ending December 31, Patents Defensive Assets Total 2022 (remaining) $ 151 $ 153 $ 304 2023 578 586 1,164 2024 580 588 1,168 2025 578 586 1,164 2026 578 586 1,164 2027 and thereafter 1,227 1,804 3,031 Total $ 3,692 $ 4,303 $ 7,995 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts Payable and Accrued Liabilities The following table sets forth the components of the Company's accounts payable and accrued liabilities (in thousands) as of: September 30, 2022 December 31, 2021 Accounts payable $ 1,449 $ 4,830 Accrued liabilities 8,800 18,345 Accrued payroll and related benefits 4,189 4,678 Other accrued liabilities 478 435 Total accounts payable and accrued liabilities $ 14,916 $ 28,288 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Debt | Debt 2021 Bond Issuance On April 15, 2021, on behalf of Gevo NW Iowa RNG, LLC, the Iowa Finance Authority (the "Authority") issued $68,155,000 of its non-recourse Solid Waste Facility Revenue Bonds (Gevo NW Iowa RNG, LLC Renewable Natural Gas Project), Series 2021 (Green Bonds) (the "2021 Bonds") for NW Iowa RNG. The bond proceeds are being used as a source of construction financing alongside equity from the Company. The bonds were issued under a Trust Indenture dated April 1, 2021 (the "Indenture") between the Authority and Citibank, N.A. as trustee (the "Trustee"). The 2021 Bonds mature April 1, 2042. The bonds initially bear interest at 1.5% per annum during the Initial Term Rate Period, (as defined in the Indenture), payable semi-annually on January 1 and July 1 of each year. The effective interest rate is 1.0%. The bonds are supported by the $71.2 million Bond Letter of Credit; see Note 6, Restricted Cash. The Trustee can draw sufficient amounts on the Bond Letter of Credit to pay the principal and interest until the first mandatory tender date of April 1, 2024. The bonds are callable and re-marketable on or after October 1, 2022. If the bonds have not been called and re-marketed by the first mandatory tender date, the Trustee may draw on the Bond Letter of Credit to repay the bonds in their entirety at the purchase price. As of September 30, 2022, no amounts have been drawn under the Bond Letter of Credit. The 2021 Bonds were issued at a premium of $0.8 million and debt issuance costs were $3.0 million. The bond debt is classified as long-term debt and is presented net of the premium and issuance costs, which are being amortized over the life of the bonds using the interest method. As of September 30, 2022, the premium balance and the debt issuance cost net of amortization were $0.5 million and $1.5 million, respectively. Loans Payable - Other In April 2020, the Company and Agri-Energy each entered into a loan agreement with Live Oak Banking Company, pursuant to which the Company and Agri-Energy obtained loans from the Small Business Administration's Paycheck Protection Program (“SBA PPP”) totaling $1.0 million in the aggregate (the "SBA Loans"). In April 2021, the entire balance of $0.5 million of the Company's and $0.1 million of Agri-Energy's loans and accrued interest obtained through the SBA PPP were forgiven. The remaining SBA Loan for Agri-Energy totals $0.3 million, bears interest at 1.0% per annum and matures in April 2025. Monthly payments of $8,230, including interest, began on June 5, 2021, and are payable through April 2025. The summary of the Company's long-term debt is as follows (in thousands) as of: Interest Rate Maturity Date September 30, 2022 December 31, 2021 2021 Bonds 1.5% January 2042 $ 67,038 $ 66,486 SBA Loans 1.0% April 2025 248 320 Equipment 4% to 5% February 2022 to December 2024 109 156 Total loans payable - other 67,395 66,962 Less current portion (158) (158) Long-term portion $ 67,237 $ 66,804 Future principal payments for the Company's long-term debt are as follows (in thousands): Year Ending December 31, Total Debt 2022 (remaining) $ 39 2023 159 2024 67,167 2025 30 Total loans payable - other $ 67,395 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity incentive plans . In February 2011, the Company’s stockholders approved the Gevo, Inc. 2010 Stock Incentive Plan (as amended and restated to date, the "2010 Plan"), and the Employee Stock Purchase Plan (the "ESPP"). The 2010 Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units and other equity awards to employees and directors of the Company. In June 2021, upon approval of stockholders at the 2021 Annual Meeting of Stockholders, the 2010 Plan was amended and restated, which increased the number of shares of common stock reserved for issuance under the 2010 Plan to 22,980,074 shares. On September 30, 2022, 4,113,735 shares remained available for awards under the 2010 Plan. Stock Appreciation Rights. The Company granted 67,739 stock appreciation rights valued at an aggregate of $0.1 million on the respective grant dates during the year ended December 31, 2018, with exercise prices ranging from $3.45 to $138.00 per share, expiring in 2028. The vesting period for stock appreciation rights granted is based on a service period. The stock appreciation rights have the potential to be cash settled and are therefore classified as a liability and remeasured at each reporting period based on the price of the Company's common stock. Stock-based compensation expense . The Company records stock-based compensation expense during the requisite service period for stock-based payment awards granted to employees and non-employees. Our stock-based compensation is classified as either an equity award or a liability award in accordance with generally accepted accounting principles. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the vesting life of the award. The fair-value of a liability-classified award is determined on a quarterly basis through the final vesting date and is amortized based on the current fair value of the award and the percentage of vesting period incurred to date. The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Equity Classified Awards Cost of goods sold $ 208 $ 188 $ 599 $ 188 Selling, general and administrative 3,910 1,419 10,992 2,593 Other 243 273 1,034 519 Total equity classified awards 4,361 1,880 12,625 3,300 Liability Classified Awards Selling, general and administrative (267) 2,366 (460) 2,374 Other 126 (40) — 149 Total liability classified awards (141) 2,326 (460) 2,523 Total stock-based compensation $ 4,220 $ 4,206 $ 12,165 $ 5,823 Stock option award activity . Stock option activity under the Company’s stock incentive plans and changes during the nine months ended September 30, 2022, were as follows: Number of Options Weighted-Average Exercise Price (1) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at December 31, 2021 4,746,368 $ 5.11 9.6 $ — Granted 1,620,183 $ 3.46 $ — Canceled or forfeited (353,169) $ 5.62 $ — Exercised — $ — $ — Options outstanding at September 30, 2022 6,013,382 $ 4.66 9.1 $ — Options vested and expected to vest at Options vested at September 30, 2022 1,510,728 $ 5.33 0.5 $ — (1) Exercise price of options outstanding range from $2.42 to $11,340 as of September 30, 2022 . The higher end of the range is due to the impact of reverse stock splits subsequent to grants. As of September 30, 2022 , the total unrecognized compensation expense, net of estimated forfeitures, relating to stock options was $15.7 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.4 years. Restricted stock . Non-vested restricted stock awards and the changes during the nine months ended September 30, 2022, were as follows: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2021 6,882,502 $ 3.77 Granted 2,348,105 $ 2.58 Vested and issued (3,484,585) $ 2.85 Canceled or forfeited (374,842) $ 4.90 Non-vested at September 30, 2022 5,371,180 $ 3.95 The total fair value of restricted stock that vested during the nine months ended September 30, 2022, was $0.6 million. As of September 30, 2022 , the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was $19.4 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.3 years. As of September 30, 2022 , we have no unvested liability-classified restricted stock awards |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company has incurred operating losses since inception, therefore no provision for income taxes was recorded and all related deferred tax assets are fully reserved. We continue to assess the impact of a deferred tax asset as it relates to income taxes. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal matters . From time to time, the Company has been, and may again become, involved in legal proceedings arising in the ordinary course of its business. The Company is not presently a party to any litigation and is not aware of any pending or threatened litigation against the Company that it believes could have a material adverse effect on its business, operating results, financial condition or cash flows. Indemnifications . In the ordinary course of its business, the Company makes certain indemnities under which it may be required to make payments in relation to certain transactions. As of September 30, 2022 , the Company did not have any liabilities associated with indemnities. In addition, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limitations. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date. Environmental liabilities . The Company’s operations are subject to environmental laws and regulations adopted by various governmental authorities in the jurisdictions in which it operates. These laws require the Company to investigate and remediate the effects of the release or disposal of materials at its locations. Accordingly, the Company has adopted policies, practices and procedures in the areas of pollution control, occupational health and the production, handling, storage and use of hazardous materials to prevent material environmental or other damage, and to limit the financial liability which could result from such events. Environmental liabilities are recorded when the Company’s liability is probable, and the costs can be reasonably estimated. No environmental liabilities have been recorded as of September 30, 2022. In June 2021 the Company contracted with a manufacturer in India to build a fractionation and hydrocarbon skid for $10.2 million, the remaining commitment for the contract is $3.5 million as of September 30, 2022. In February 2022, an incident occurred at one of the anaerobic digesters that is part of NW Iowa RNG that resulted in the accidental discharge of a mixture of water and manure into the environment. We promptly notified the Iowa Department of Natural Resources (the "DNR") and began mitigation work to minimize the impact of the discharge. The DNR has issued a notice of violation in connection with the discharge. This matter was resolved with the DNR in July 2022 through an administrative consent order and damages of $10,000 were assessed. In April 2022, two separate incidents occurred at two of the anaerobic digesters that are part of NW Iowa RNG that resulted in the accidental discharge of very small amounts of water and manure into the environment. The DNR has issued notices of violation in connection with the two discharges. There is a possibility that the DNR will initiate an enforcement action with respect to the April 2022, discharges described above that could result in a monetary sanction being levied against Gevo for the accidental discharges. We do not believe that any such monetary sanctions would have a material impact on the financial statements. Juhl Commitment. In September 2022, the Company entered into a Development Agreement with Juhl to construct and operate a wind project for the provision of electric energy for the NZ1. Pursuant to the agreement, the Company has committed to pay Juhl a total development charges of $8.6 million, comprised of advanced development fee payments of $0.9 million, certain reimbursable costs of $1.2 million, and $6.5 million upon completion of the project. The Company has paid $0.6 million pursuant to the agreement as of September 30, 2022. The Company is not contractually obligated for the specified development charges until certain milestones are met in future periods, and upon completion of the project. The Company's investment in Juhl is pledged as a collateral for two commitments related to a purchase of wind electricity for the Luverne Facility, as well as 100% of RCWF's renewable energy credits. Gevo has a commitment to purchase all of RCWF's electricity. The portion not used by the Luverne Facility is charged to the Company at a lower price. The estimated commitments as of September 30, 2022, and thereafter are shown below (in thousands): Year ending December 31, Electricity Above Use (estimated) Renewable Energy Credits 2022 (remaining) $ 117 $ 37 2023 474 149 2024 485 149 2025 163 149 2026 — 149 2027 and thereafter — 1,985 Total commitments $ 1,239 $ 2,618 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value. Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 – inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 – inputs are unobservable and corroborated by little or no market data. The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at September 30, 2022, and December 31, 2021, respectively, are as follows (in thousands): Fair Value Measurements at September 30, 2022 Fair Value at September 30, 2022 Quoted Prices in Significant Other Significant Recurring Marketable securities U.S. Treasury notes $ 108,598 $ 108,598 $ — $ — U.S. Government-sponsored enterprise securities 113,414 113,414 — — Total recurring $ 222,012 $ 222,012 $ — $ — Fair Value Measurements at December 31, 2021 Fair Value at December 31, 2021 Quoted Prices in Significant Other Significant Recurring Marketable securities U.S. Treasury notes $ 225,792 $ 225,792 $ — $ — U.S. Government-sponsored enterprise securities 113,944 113,944 — — Other Liability-classified restricted stock awards 702 702 — — Total recurring $ 340,438 $ 340,438 $ — $ — The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2021, and September 30, 2022. For the 2021 Bonds, the fair values are estimated using the Black-Derman-Toy interest rate lattice framework. The effective maturity of the 2021 Bonds was assumed to be April 1, 2024 (three years from issuance) with repayment of 100% of principal on that date. The impact of the Company's optional redemption feature, effective October 1, 2022, is appropriately captured by the Black-Derman-Toy interest rate lattice. The carrying values and estimated fair values of the 2021 Bonds as of September 30, 2022, are summarized as follows: September 30, 2022 Carrying Value Estimated Fair Value 2021 Bonds $ 67,038 $ 64,910 |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Share Issuances In February 2018, the Company commenced an at-the-market offering program, which allows it to sell and issue shares of its common stock from time to time. In 2021, the at-the-market offering program was amended to provide a total capacity of $500.0 million. As of September 30, 2022, the Company has remaining capacity to issue up to approximately $360.6 million of common stock under the at-the-market offering program. On June 8, 2022, the Company completed a registered direct offering ("the June 2022 Offering") of an aggregate of 33,333,336 shares of the Company’s common stock at a price of $4.50 per share, accompanied by Series 2022-A warrants to purchase an aggregate of 33,333,336 shares of the Company’s common stock (each, a “Series 2022-A Warrant”) pursuant to a securities purchase agreement with certain institutional and accredited investors. The Series 2022-A Warrants are exercisable for a term of five years from the date of issuance at an exercise price of $4.37 per share. As of September 30, 2022, none of the Series 2022-A Warrants had been exercised. The net proceeds to the Company from the June 2022 Offering were $139.2 million, after deducting placement agent's fees, advisory fees and other offering expenses payable by the Company, and assuming none of the Series 2022-A Warrants issued in the June 2022 Offering are exercised for cash. The Company intends to use the net proceeds from the June 2022 Offering to fund capital projects, working capital and for general corporate purposes . Warrants In addition to the Series 2022-A Warrants, the Company has warrants outstanding that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The Company evaluated the Series 2022-A Warrants and Series 2020-A Warrants for liability or equity classification and determined that equity treatment was appropriate because both the Series 2022-A Warrants and Series 2020-A Warrants do not meet the definition of liability instruments. The Series 2022-A Warrants and Series 2020-A Warrants are classified as component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and will expire five years from the date of issuance, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Series 2022-A Warrants and Series 2020-A Warrants do not provide any guarantee of value or return. The Company valued the Series 2022-A Warrants and Series 2020-A Warrants at issuance using the Black-Scholes option pricing model. The fair value at the issuance date of the Series 2022-A Warrants was $92.9 million with the key inputs to the valuation model including a weighted average volatility of 151.1%, a risk-free rate of 2.86% and an expected term of five years. The fair value at the issuance date of the Series 2020-A Warrants was $8.3 million with the key inputs to the valuation model including a weighted average volatility of 130%, a risk-free rate of 0.30% and an expected term of five years. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. On February 17, 2022, the remaining Series K warrants expired with 7,126 unexercised warrants. The following table sets forth information pertaining to shares issued upon the exercise of warrants: Issuance Date Expiration Date Exercise Price as of September 30, 2022 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of September 30, 2022 Shares Underlying Warrants Outstanding as of September 30, 2022 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,914,069 85,931 Series 2022-A Warrants (1) 6/8/2022 6/7/2027 $ 4.37 33,333,336 — 33,333,336 Total Warrants 63,333,336 29,914,069 33,419,267 (1) Equity-classified warrants. During the nine months ended September 30, 2022 , common stock was issued as a result of the exercise of warrants as shown below (dollars in thousands): Common Stock Issued Proceeds Series 2020-A Warrants 4,677 $ 3 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segments | Segments Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, management has determined that the Company has organized its operations and activities into three reportable segments: (i) Gevo segment; (ii) Agri-Energy segment; (iii) Renewable Natural Gas seg ment. T ransactions between segments are eliminated in consolidation. Gevo segment . The Gevo segment is responsible for all research and development activities related to the future production of SAF, commercial opportunities for other renewable hydrocarbon products, such as hydrocarbons for gasoline blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes; plastics and materials; and other chemicals. The Gevo segment also develops, maintains and protects its intellectual property portfolio, provides corporate oversight services, and responsible for development and construction of our Net-Zero projects. Agri-Energy segment . The Agri-Energy segment is currently responsible for the operation of the Company’s Luverne Facility, development and optimization of the pro duction of isobutanol, ethanol and related products. Renewable Natural Gas segment . The Renewable Natural Gas segment produces-pipeline quality methane gas captured from dairy cow manure. Three Months Ended September 30, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ — $ — $ 309 $ 309 Loss from Operations $ (15,480) $ (27,948) $ (241) $ (43,669) Acquisitions of patents, plant, property and equipment $ 17,458 $ 4,351 $ 6,305 $ 28,114 Three Months Ended September 30, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ 104 $ 16 $ — $ 120 Loss from Operations $ (10,968) $ (3,548) $ (218) $ (14,734) Acquisitions of patents, plant, property and equipment $ 15,511 $ 3,154 $ 14,450 $ 33,115 Nine Months Ended September 30, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ 81 $ 240 $ 309 $ 630 Loss from Operations $ (40,629) $ (34,869) $ (241) $ (75,739) Acquisitions of patents, plant, property and equipment $ 33,766 $ 8,626 $ 24,973 $ 67,365 Nine Months Ended September 30, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ 465 $ 14 $ — $ 479 Loss from Operations $ (30,697) $ (12,807) $ (286) $ (43,790) Acquisitions of patents, plant, property and equipment $ 16,352 $ 5,062 $ 31,551 $ 52,965 September 30, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 579,984 $ 38,473 $ 110,954 $ 729,411 December 31, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 484,528 $ 64,008 $ 117,940 $ 666,476 |
Nature of Business, Financial_2
Nature of Business, Financial Condition and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X assuming the Company will continue as a going concern. Accordingly, they do not include all information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the nine months ended, September 30, 2022, and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . The financial statements at December 31, 2021, have been derived from the audited financial statements as of that date. For further information, refer to our audited financial statements and notes thereto included for the year ended December 31, 2021 (the "2021 Annual Report"). |
Environmental Attribute Inventory | Environmental Attribute Inventory. The Company generates D3 RINs Renewable Identification Numbers ("RINs") and Low Carbon Fuel Standard ("LCFS") credits (collectively, "environmental attributes") through the production of RNG used for transportation purposes as prescribed under the Renewable Fuels Standard program ("RFS"). The Company considers environmental attributes to be a distinguishable product that is generated as an integral component of the production process of RNG as the environmental attributes that are generated can be separated from the underlying commodity and may be sold independently from the RNG produced. As such, the Company considers environmental attributes to be a co-product of the production of RNG and accordingly allocates the costs of production based on the relative sales value of all revenue items for the NW Iowa RNG operations. Revenue is recognized on these environmental attributes when there is an agreement in place to monetize the credits at an agreed upon price with a customer based upon defined third party market prices and a transfer of control has occurred. |
Reclassifications | Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation. The reclassifications included the categorization of depreciation and amortization on the Consolidated Statements of Operations and had no impact on total revenues, total cost of goods sold, total operating expenses, net loss or stockholders' equity for any period. |
Net loss Per Share (Tables)
Net loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share | Basic and diluted net loss per share is calculated as follows (net loss in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Net loss $ (43,786) $ (14,380) $ (72,620) $ (42,690) Basic weighted-average shares outstanding 236,649,805 199,341,519 216,255,710 193,739,605 Net loss per share - basic and diluted $ (0.19) $ (0.07) $ (0.34) $ (0.22) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments in Marketable Securities | The Company's investments in marketable securities are stated at fair value and are available-for-sale. The following table summarizes the Company's investments in marketable securities (in thousands) as of: September 30, 2022 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 109,327 $ (729) $ 108,598 U.S. Government-sponsored enterprise securities Within one year 114,853 (1,439) 113,414 Total short-term marketable securities $ 224,180 $ (2,168) $ 222,012 December 31, 2021 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 226,136 $ (344) $ 225,792 U.S. Government-sponsored enterprise securities Within one year 49,618 (70) 49,548 Total short-term marketable securities $ 275,754 $ (414) $ 275,340 Long-term marketable securities U.S. Government-sponsored enterprise securities Within two years 64,596 (200) 64,396 Total long-term marketable securities $ 64,596 $ (200) $ 64,396 |
Prepaid and Other Current Ass_2
Prepaid and Other Current Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid and Other Assets | The following table sets forth the components of the Company’s prepaid and other current assets (in thousands) as of: September 30, 2022 December 31, 2021 Prepaid insurance $ 906 $ 805 Interest receivable 688 1,530 Prepaid engineering 900 409 Tax refunds 195 — Prepaid other 946 863 Total Prepaid and other current assets $ 3,635 $ 3,607 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following table sets forth the Company’s property, plant and equipment by classification (in thousands) as of: September 30, 2022 December 31, 2021 Land $ 6,452 $ 410 Plant facilities and infrastructure 76,310 84,117 Machinery and equipment 89,797 25,369 Furniture and office equipment 2,699 2,550 Software 2,134 1,564 Construction in progress 56,713 88,990 Total property, plant and equipment 234,105 203,000 Less accumulated depreciation and amortization (68,101) (63,859) Property, plant and equipment, net $ 166,004 $ 139,141 |
Leases, Right-of-Use Assets a_2
Leases, Right-of-Use Assets and Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Lease, Cost | The following four tables present the (a) costs by lease category, (b) other quantitative information, and (c) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Finance lease cost: Amortization of right-of-use assets (1) $ 470 $ 464 $ 1,395 $ 930 Interest on lease liabilities (1) 423 297 948 627 Operating lease cost 139 64 416 192 Short-term lease cost — 377 1,449 1,003 Variable lease cost (2) — 94 951 164 Total lease cost $ 1,032 $ 1,296 $ 5,159 $ 2,916 (1) Amortization and interest on finance lease liabilities capitalized as construction-in-progress totaled $0.3 million and $2.0 million during the three and nine months ended September 30, 2022, respectively, and nil and $0.8 million during the three and nine months ended September 30, 2021, respectively. Total capitalized amounts of $2.8 million are included in "Property, plant and equipment, net" in the Consolidated Balance Sheets related to NW Iowa RNG facilities as of September 30, 2022. (2) Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our NW Iowa RNG leases based on the number of cows maintained by the owners above the minimum required by the contracts of the respective facilities. Nine Months Ended September 30, 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 627 $ 627 Operating cash flows from operating leases $ 431 $ 192 Finance cash flows from finance leases $ 4,316 $ 5,975 Right-of-use asset obtained in exchange for new finance lease liabilities $ 834 $ 28,416 Right-of-use asset obtained in exchange for new operating lease liabilities $ — $ 1,611 Weighted-average remaining lease term, finance lease (months) 208 225 Weighted-average remaining lease term, operating leases (months) 66 88 Weighted-average discount rate - finance leases (1) 10% 5% Weighted-average discount rate - operating leases (1) 5% 5% (1) Our leases do not provide an implicit interest rate, we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. |
Operating Lease, Liability, Fiscal Year Maturity | Year ending December 31, Operating Leases Finance Leases 2022 (remaining) $ 303 $ 1,772 2023 528 1,576 2024 305 2,730 2025 315 1,744 2026 324 1,760 2027 and thereafter 706 30,499 Total 2,481 40,081 Less: Amounts representing present value discounts 317 21,607 Total lease liabilities 2,164 18,474 Less: current portion 430 2,125 Long-term portion $ 1,734 $ 16,349 |
Finance Lease, Liability, Fiscal Year Maturity | Year ending December 31, Operating Leases Finance Leases 2022 (remaining) $ 303 $ 1,772 2023 528 1,576 2024 305 2,730 2025 315 1,744 2026 324 1,760 2027 and thereafter 706 30,499 Total 2,481 40,081 Less: Amounts representing present value discounts 317 21,607 Total lease liabilities 2,164 18,474 Less: current portion 430 2,125 Long-term portion $ 1,734 $ 16,349 |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventory balances (in thousands) as of: September 30, 2022 December 31, 2021 Raw materials: Corn $ — $ 301 Enzymes and other inputs 31 186 Catalyst materials 203 265 Finished goods: SAF, Isooctane, Isooctene and other 221 335 Isobutanol 124 223 Ethanol — 96 Work in process: Isobutanol — 83 Jet fuel 51 — Spare parts 1,432 1,262 RNG - environmental attributes 2,073 — Total inventories $ 4,135 $ 2,751 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following table sets forth the Company’s identifiable intangible assets by classification (in thousands) as of: September 30, 2022 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, net Weighted-Average Useful Life (Years) Patents $ 4,580 $ (888) $ 3,692 7.4 Defensive assets 4,900 (597) 4,303 8.4 Identifiable intangible assets $ 9,480 $ (1,485) $ 7,995 7.9 December 31, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life (Years) Patents $ 4,575 $ (368) $ 4,207 7.3 Defensive assets 4,895 (164) 4,731 8.4 Identifiable intangible assets $ 9,470 $ (532) $ 8,938 7.9 |
Schedule of Estimated Net Amortization of Identifiable Intangible Assets | The following table details the estimated amortization of identifiable intangible assets as of September 30, 2022 (in thousands): Year ending December 31, Patents Defensive Assets Total 2022 (remaining) $ 151 $ 153 $ 304 2023 578 586 1,164 2024 580 588 1,168 2025 578 586 1,164 2026 578 586 1,164 2027 and thereafter 1,227 1,804 3,031 Total $ 3,692 $ 4,303 $ 7,995 |
Deposits and Other Assets (Tabl
Deposits and Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Other Assets, Noncurrent [Abstract] | |
Deposits and Other Assets | The following table sets forth the components of the Company's deposits and other assets (in thousands) as of: September 30, 2022 December 31, 2021 Deposits (1) $ 276 $ 831 Equity interest (2) 1,500 1,500 Exclusivity fees (3) 8,087 3,250 Deposits receivable (4) 8,302 — Total Deposits and Other Assets $ 18,165 $ 5,581 (1) Deposits for legal services and products for NZ1. (2) The Company directly holds a 4.6% interest in the Series A Preferred Stock of Juhl Clean Energy Assets, Inc. ("Juhl"), which is not a publicly listed entity with a readily determinable fair value. The Company therefore measures the securities at cost, which is deemed to be the value indicated by the last observable transaction in Juhl's stock, subject to impairment. The equity interest in Juhl is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC ("RCWF"), a Juhl subsidiary, see Note 17, Commitments and Contingencies, for additional information. (3) Axens North America, Inc. ("Axens") will provide certain alcohol-to-SAF services exclusively to the Company which may be offset against future license fees subject to the delivery of a process design package. On October 14, 2022, the Company entered into a licensing agreement with Axens to support development of the Company's alcohol-to-SAF process, incurring $4.2 million of licensing fees which will be offset against these prepaid exclusivity fees. (4) Deposits provided to a developer of certain wind-farm projects and power utility contractor to induce to design and construct the power generation, transmission and distribution facilities that will serve NZ1, $5.5 million of which will be either reimbursed or used as an investment into wind generation facility and the remaining $2.8 million is expected to be fully reimbursed upon completion of the project. Gevo has contractual priority liens against the equipment and constructed facilities under the contracts. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table sets forth the components of the Company's accounts payable and accrued liabilities (in thousands) as of: September 30, 2022 December 31, 2021 Accounts payable $ 1,449 $ 4,830 Accrued liabilities 8,800 18,345 Accrued payroll and related benefits 4,189 4,678 Other accrued liabilities 478 435 Total accounts payable and accrued liabilities $ 14,916 $ 28,288 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of 2021 Bonds and Loans Payable - Other | The summary of the Company's long-term debt is as follows (in thousands) as of: Interest Rate Maturity Date September 30, 2022 December 31, 2021 2021 Bonds 1.5% January 2042 $ 67,038 $ 66,486 SBA Loans 1.0% April 2025 248 320 Equipment 4% to 5% February 2022 to December 2024 109 156 Total loans payable - other 67,395 66,962 Less current portion (158) (158) Long-term portion $ 67,237 $ 66,804 |
Schedule of Future Principal Payments for Long-term Debt | Future principal payments for the Company's long-term debt are as follows (in thousands): Year Ending December 31, Total Debt 2022 (remaining) $ 39 2023 159 2024 67,167 2025 30 Total loans payable - other $ 67,395 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Equity Classified Awards Cost of goods sold $ 208 $ 188 $ 599 $ 188 Selling, general and administrative 3,910 1,419 10,992 2,593 Other 243 273 1,034 519 Total equity classified awards 4,361 1,880 12,625 3,300 Liability Classified Awards Selling, general and administrative (267) 2,366 (460) 2,374 Other 126 (40) — 149 Total liability classified awards (141) 2,326 (460) 2,523 Total stock-based compensation $ 4,220 $ 4,206 $ 12,165 $ 5,823 |
Schedule Stock Option Award Activity | Stock option activity under the Company’s stock incentive plans and changes during the nine months ended September 30, 2022, were as follows: Number of Options Weighted-Average Exercise Price (1) Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value Options outstanding at December 31, 2021 4,746,368 $ 5.11 9.6 $ — Granted 1,620,183 $ 3.46 $ — Canceled or forfeited (353,169) $ 5.62 $ — Exercised — $ — $ — Options outstanding at September 30, 2022 6,013,382 $ 4.66 9.1 $ — Options vested and expected to vest at Options vested at September 30, 2022 1,510,728 $ 5.33 0.5 $ — (1) Exercise price of options outstanding range from $2.42 to $11,340 as of September 30, 2022 . The higher end of the range is due to the impact of reverse stock splits subsequent to grants. |
Schedule of Non-vested Restricted Stock Awards | Non-vested restricted stock awards and the changes during the nine months ended September 30, 2022, were as follows: Number of Shares Weighted-Average Grant-Date Fair Value Outstanding at December 31, 2021 6,882,502 $ 3.77 Granted 2,348,105 $ 2.58 Vested and issued (3,484,585) $ 2.85 Canceled or forfeited (374,842) $ 4.90 Non-vested at September 30, 2022 5,371,180 $ 3.95 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimated Commitments | The estimated commitments as of September 30, 2022, and thereafter are shown below (in thousands): Year ending December 31, Electricity Above Use (estimated) Renewable Energy Credits 2022 (remaining) $ 117 $ 37 2023 474 149 2024 485 149 2025 163 149 2026 — 149 2027 and thereafter — 1,985 Total commitments $ 1,239 $ 2,618 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at September 30, 2022, and December 31, 2021, respectively, are as follows (in thousands): Fair Value Measurements at September 30, 2022 Fair Value at September 30, 2022 Quoted Prices in Significant Other Significant Recurring Marketable securities U.S. Treasury notes $ 108,598 $ 108,598 $ — $ — U.S. Government-sponsored enterprise securities 113,414 113,414 — — Total recurring $ 222,012 $ 222,012 $ — $ — Fair Value Measurements at December 31, 2021 Fair Value at December 31, 2021 Quoted Prices in Significant Other Significant Recurring Marketable securities U.S. Treasury notes $ 225,792 $ 225,792 $ — $ — U.S. Government-sponsored enterprise securities 113,944 113,944 — — Other Liability-classified restricted stock awards 702 702 — — Total recurring $ 340,438 $ 340,438 $ — $ — |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying values and estimated fair values of the 2021 Bonds as of September 30, 2022, are summarized as follows: September 30, 2022 Carrying Value Estimated Fair Value 2021 Bonds $ 67,038 $ 64,910 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Warrants | The following table sets forth information pertaining to shares issued upon the exercise of warrants: Issuance Date Expiration Date Exercise Price as of September 30, 2022 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of September 30, 2022 Shares Underlying Warrants Outstanding as of September 30, 2022 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,914,069 85,931 Series 2022-A Warrants (1) 6/8/2022 6/7/2027 $ 4.37 33,333,336 — 33,333,336 Total Warrants 63,333,336 29,914,069 33,419,267 (1) Equity-classified warrants. During the nine months ended September 30, 2022 , common stock was issued as a result of the exercise of warrants as shown below (dollars in thousands): Common Stock Issued Proceeds Series 2020-A Warrants 4,677 $ 3 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended September 30, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ — $ — $ 309 $ 309 Loss from Operations $ (15,480) $ (27,948) $ (241) $ (43,669) Acquisitions of patents, plant, property and equipment $ 17,458 $ 4,351 $ 6,305 $ 28,114 Three Months Ended September 30, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ 104 $ 16 $ — $ 120 Loss from Operations $ (10,968) $ (3,548) $ (218) $ (14,734) Acquisitions of patents, plant, property and equipment $ 15,511 $ 3,154 $ 14,450 $ 33,115 Nine Months Ended September 30, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ 81 $ 240 $ 309 $ 630 Loss from Operations $ (40,629) $ (34,869) $ (241) $ (75,739) Acquisitions of patents, plant, property and equipment $ 33,766 $ 8,626 $ 24,973 $ 67,365 Nine Months Ended September 30, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues $ 465 $ 14 $ — $ 479 Loss from Operations $ (30,697) $ (12,807) $ (286) $ (43,790) Acquisitions of patents, plant, property and equipment $ 16,352 $ 5,062 $ 31,551 $ 52,965 September 30, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 579,984 $ 38,473 $ 110,954 $ 729,411 December 31, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 484,528 $ 64,008 $ 117,940 $ 666,476 |
Nature of Business, Financial_3
Nature of Business, Financial Condition and Basis of Presentation (Details) milking_cow in Thousands, ft² in Thousands, lb in Millions | Sep. 30, 2022 a ft² milking_cow dairy lb gal |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Number of dairies | dairy | 3 |
Number of milking cows | milking_cow | 20 |
Lake Preston, South Dakota | Sustainable Aviation Fuel (SAF) | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Project production capacity (in gallon per year) | gal | 62,000,000 |
Lake Preston, South Dakota | Hydrocarbon revenue | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Project production capacity (in gallon per year) | gal | 55 |
Lake Preston, South Dakota | High-Value Protein Products | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Project production capacity (in pound per year) | lb | 475 |
Lake Preston, South Dakota | Corn Oil | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Project production capacity (in pound per year) | lb | 30 |
Luverne, Minnesota | Land | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Area of land (in acres) | a | 55 |
Luverne, Minnesota | Building and Building Improvements | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Area of real estate property | ft² | 50 |
Revenues from Contracts with _2
Revenues from Contracts with Customers and Other Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Renewable natural gas commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue and cost of goods sold | $ 309,000 | $ 0 | $ 309,000 | $ 0 |
Environmental Attributes | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue and cost of goods sold | $ 0 | $ 0 |
Asset Impairment (Details)
Asset Impairment (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Impairment loss | $ 24,749 | $ 0 | $ 24,749 | $ 0 |
Net loss Per Share - Narrative
Net loss Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Potential anti-dilutive shares excluded from net loss per share calculation | 1,193,436 | 4,835,752 | 1,716,010 | 4,835,752 |
Impairment loss | $ 24,749 | $ 0 | $ 24,749 | $ 0 |
Impairment loss per share basic (in dollars per share) | $ (0.10) | |||
Impairment loss per share diluted (in dollars per share) | $ (0.11) |
Net loss Per Share - Basic and
Net loss Per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (43,786) | $ (14,380) | $ (72,620) | $ (42,690) |
Net loss | $ (43,786) | $ (14,380) | $ (72,620) | $ (42,690) |
Basic weighted-average shares outstanding (in shares) | 236,649,805 | 199,341,519 | 216,255,710 | 193,739,605 |
Net loss per share - basic (in dollars per share) | $ (0.19) | $ (0.07) | $ (0.34) | $ (0.22) |
Net loss per share - diluted (in dollars per share) | $ (0.19) | $ (0.07) | $ (0.34) | $ (0.22) |
Marketable Securities - Investm
Marketable Securities - Investments In Marketable Securities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Short-term marketable securities, amortized cost basis | $ 224,180 | $ 275,754 |
Short-term marketable securities, gross unrealized losses | (2,168) | (414) |
Short-term marketable securities, fair value | 222,012 | 275,340 |
Long-term marketable securities, amortized cost basis | 64,596 | |
Long-term marketable securities, gross unrealized losses | (200) | |
Long-term marketable securities, fair value | 64,396 | |
U.S. Treasury notes | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term marketable securities, amortized cost basis | 109,327 | 226,136 |
Short-term marketable securities, gross unrealized losses | (729) | (344) |
Short-term marketable securities, fair value | 108,598 | 225,792 |
U.S. Government-sponsored enterprise securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term marketable securities, amortized cost basis | 114,853 | 49,618 |
Short-term marketable securities, gross unrealized losses | (1,439) | (70) |
Short-term marketable securities, fair value | $ 113,414 | 49,548 |
Long-term marketable securities, amortized cost basis | 64,596 | |
Long-term marketable securities, gross unrealized losses | (200) | |
Long-term marketable securities, fair value | $ 64,396 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | |||||
Interest receivable | $ 688 | $ 688 | $ 1,530 | ||
Interest income | 1,200 | $ 0 | 3,900 | $ 0 | |
Marketable securities maturities in 2022 | 55,800 | 55,800 | |||
Marketable securities maturities in 2023 | 168,600 | 168,600 | |||
Prepaid Expenses and Other Current Assets | |||||
Marketable Securities [Line Items] | |||||
Interest receivable | $ 700 | $ 700 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Apr. 15, 2021 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Deposited of restricted cash | $ 77,900,000 | $ 77,900,000 | |
2021 Bonds | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Debt collateral amount | $ 71,200,000 | ||
Bond Letter of Credit | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Line of credit annual fee percentage | 0.50% | ||
Letters of credit outstanding | $ 0 | $ 0 | |
Power Letter of Credit | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Line of credit annual fee percentage | 0.30% | ||
Debt collateral amount | $ 6,600,000 | 6,600,000 | |
Letters of credit outstanding | $ 0 | $ 0 |
Prepaid and Other Current Ass_3
Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 906 | $ 805 |
Interest receivable | 688 | 1,530 |
Prepaid engineering | 900 | 409 |
Tax refunds | 195 | 0 |
Prepaid other | 946 | 863 |
Total Prepaid and other current assets | $ 3,635 | $ 3,607 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 234,105 | $ 203,000 |
Less accumulated depreciation and amortization | (68,101) | (63,859) |
Property, plant and equipment, net | 166,004 | 139,141 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,452 | 410 |
Plant facilities and infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 76,310 | 84,117 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 89,797 | 25,369 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,699 | 2,550 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,134 | 1,564 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 56,713 | $ 88,990 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 1,300 | $ 1,200 | $ 3,600 | $ 3,600 | |
Property, plant and equipment, gross | 234,105 | 234,105 | $ 203,000 | ||
Cash paid for interest capitalized to construction in progress | 1,200 | $ 0 | |||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Construction in progress accrual | 9,200 | ||||
Property, plant and equipment, gross | 56,713 | 56,713 | 88,990 | ||
Construction in progress | Gevo | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 300 | 300 | 400 | ||
Construction in progress | Agri-Energy | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 12,000 | 12,000 | 9,100 | ||
Construction in progress | NW Lowa RNG | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 2,100 | 2,100 | 56,900 | ||
Construction in progress | NZ1 | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 42,300 | $ 42,300 | $ 22,500 |
Leases, Right-of-Use Assets a_3
Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details) $ in Thousands | 1 Months Ended | 9 Months Ended | ||
Jun. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) contract site | Sep. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Leases [Abstract] | ||||
Operating right-of-use assets | $ 1,671 | $ 2,414 | ||
Total lease liabilities | 2,164 | |||
Operating lease liabilities (current) | 430 | 772 | ||
Operating lease liabilities (long-term) | $ 1,734 | $ 1,902 | ||
Number of finance lease | contract | 4 | |||
Number of digester sites | site | 3 | |||
Right-of-use asset purchased with financing leases | $ 834 | $ 28,416 | ||
Increase of right-of-use-asset due to lease modification | $ 800 | |||
Increase of lease liability due to lease modification | $ 800 |
Leases, Right-of-Use Assets a_4
Leases, Right-of-Use Assets and Related Liabilities - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Finance lease cost: | |||||
Amortization of right-of-use assets | $ 470 | $ 464 | $ 1,395 | $ 930 | |
Interest on lease liabilities | 423 | 297 | 948 | 627 | |
Operating lease cost | 139 | 64 | 416 | 192 | |
Short-term lease cost | 0 | 377 | 1,449 | 1,003 | |
Variable lease cost | 0 | 94 | 951 | 164 | |
Total lease cost | 1,032 | 1,296 | 5,159 | 2,916 | |
Finance right-of-use assets | 27,012 | 27,012 | $ 27,297 | ||
Construction in progress | |||||
Finance lease cost: | |||||
Amortization of right-of-use assets | 300 | $ 0 | 2,000 | $ 800 | |
Finance right-of-use assets | $ 2,800 | $ 2,800 |
Leases, Right-of-Use Assets a_5
Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | $ 627 | $ 627 |
Operating cash flows from operating leases | 431 | 192 |
Finance cash flows from finance leases | 4,316 | 5,975 |
Right-of-use asset obtained in exchange for new finance lease liabilities | 834 | 28,416 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 0 | $ 1,611 |
Weighted-average remaining lease term, finance lease (months) | 208 months | 225 months |
Weighted-average remaining lease term, operating leases (months) | 66 months | 88 months |
Weighted-average discount rate - finance leases | 10% | 5% |
Weighted-average discount rate - operating leases | 5% | 5% |
Leases, Right-of-Use Assets a_6
Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2022 (remaining) | $ 303 | |
2023 | 528 | |
2024 | 305 | |
2025 | 315 | |
2026 | 324 | |
2027 and thereafter | 706 | |
Total | 2,481 | |
Less: Amounts representing present value discounts | 317 | |
Total lease liabilities | 2,164 | |
Less: current portion | 430 | $ 772 |
Long-term portion | 1,734 | 1,902 |
Finance Leases | ||
2022 (remaining) | 1,772 | |
2023 | 1,576 | |
2024 | 2,730 | |
2025 | 1,744 | |
2026 | 1,760 | |
2027 and thereafter | 30,499 | |
Total | 40,081 | |
Less: Amounts representing present value discounts | 21,607 | |
Total lease liabilities | 18,474 | |
Less: current portion | 2,125 | 3,413 |
Long-term portion | $ 16,349 | $ 17,797 |
Inventories - Components of Inv
Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Spare parts | $ 1,432 | $ 1,262 |
Total inventories | 4,135 | 2,751 |
Corn | ||
Inventory [Line Items] | ||
Raw materials | 0 | 301 |
Enzymes and other inputs | ||
Inventory [Line Items] | ||
Raw materials | 31 | 186 |
Catalyst materials | ||
Inventory [Line Items] | ||
Raw materials | 203 | 265 |
SAF, Isooctane, Isooctene and other | ||
Inventory [Line Items] | ||
Finished goods | 221 | 335 |
Isobutanol | ||
Inventory [Line Items] | ||
Finished goods | 124 | 223 |
Work in process | 0 | 83 |
Ethanol | ||
Inventory [Line Items] | ||
Finished goods | 0 | 96 |
Jet Fuel | ||
Inventory [Line Items] | ||
Work in process | 51 | 0 |
RNG | ||
Inventory [Line Items] | ||
RNG - environmental attributes | $ 2,073 | $ 0 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Inventory Disclosure [Abstract] | ||||
Inventory write-down | $ 0 | $ 1.2 | $ 0.8 | $ 2 |
Intangible Assets - Identifiabl
Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9,480 | $ 9,470 |
Accumulated Amortization | (1,485) | (532) |
Identifiable Intangible Assets, net | $ 7,995 | $ 8,938 |
Weighted-Average Useful Life (Years) | 7 years 10 months 24 days | 7 years 10 months 24 days |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,580 | $ 4,575 |
Accumulated Amortization | (888) | (368) |
Identifiable Intangible Assets, net | $ 3,692 | $ 4,207 |
Weighted-Average Useful Life (Years) | 7 years 4 months 24 days | 7 years 3 months 18 days |
Defensive assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,900 | $ 4,895 |
Accumulated Amortization | (597) | (164) |
Identifiable Intangible Assets, net | $ 4,303 | $ 4,731 |
Weighted-Average Useful Life (Years) | 8 years 4 months 24 days | 8 years 4 months 24 days |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 0.4 | $ 0 | $ 1 | $ 0 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 (remaining) | $ 304 | |
2023 | 1,164 | |
2024 | 1,168 | |
2025 | 1,164 | |
2026 | 1,164 | |
2027 and thereafter | 3,031 | |
Identifiable Intangible Assets, net | 7,995 | $ 8,938 |
Patents | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 (remaining) | 151 | |
2023 | 578 | |
2024 | 580 | |
2025 | 578 | |
2026 | 578 | |
2027 and thereafter | 1,227 | |
Identifiable Intangible Assets, net | 3,692 | 4,207 |
Defensive assets | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2022 (remaining) | 153 | |
2023 | 586 | |
2024 | 588 | |
2025 | 586 | |
2026 | 586 | |
2027 and thereafter | 1,804 | |
Identifiable Intangible Assets, net | $ 4,303 | $ 4,731 |
Deposits and Other Assets (Deta
Deposits and Other Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Oct. 14, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Deposits and Other Assets [Line Items] | |||
Deposits | $ 276 | $ 831 | |
Equity interest | 1,500 | 1,500 | |
Exclusivity fees | 8,087 | 3,250 | |
Deposits receivable | 8,302 | 0 | |
Total Deposits and Other Assets | 18,165 | $ 5,581 | |
Deposits receivable, reimbursed or used as investment | 5,500 | ||
Deposits receivable, fully reimbursed upon completion | $ 2,800 | ||
Subsequent Event | |||
Deposits and Other Assets [Line Items] | |||
License fees | $ 4,200 | ||
Juhl | |||
Deposits and Other Assets [Line Items] | |||
Preferred stock dividend rate | 4.60% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Accounts payable | $ 1,449 | $ 4,830 |
Accrued payroll and related benefits | 4,189 | 4,678 |
Total accounts payable and accrued liabilities | 14,916 | 28,288 |
NW Lowa RNG | ||
Accounts Payable and Accrued Liabilities [Line Items] | ||
Accrued liabilities | 8,800 | 18,345 |
Net Zero Segment | ||
Accounts Payable and Accrued Liabilities [Line Items] | ||
Other accrued liabilities | $ 478 | $ 435 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | ||||
Apr. 30, 2021 | Apr. 30, 2020 | Sep. 30, 2022 | Dec. 31, 2021 | Apr. 15, 2021 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 67,395,000 | $ 66,962,000 | |||
2021 Bonds | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 68,155,000 | ||||
Interest rate | 1.50% | ||||
Effective interest rate (in percent) | 1% | ||||
Debt collateral amount | $ 71,200,000 | ||||
Debt premium | 500,000 | 800,000 | |||
Debt issuance costs | $ 1,500,000 | $ 3,000,000 | |||
2021 Bonds | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.50% | ||||
Long-term debt | $ 67,038,000 | 66,486,000 | |||
SBA Loans | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1% | 1% | |||
Proceeds from issuance of long-term debt | $ 1,000,000 | ||||
Debt instrument, decrease, forgiveness | $ 500,000 | ||||
Long-term debt | 300,000 | $ 248,000 | $ 320,000 | ||
Debt Instrument, monthly payment | 8,230 | ||||
SBA Loans | Loans Payable | Agri-Energy | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, decrease, forgiveness | $ 100,000 |
Debt - 2021 Bonds and Loans Pay
Debt - 2021 Bonds and Loans Payable - Other (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Apr. 30, 2021 | Apr. 15, 2021 |
Debt Instrument [Line Items] | ||||
Long-term debt, total | $ 67,395 | $ 66,962 | ||
Less current portion | (158) | (158) | ||
Long-term portion | $ 67,237 | 66,804 | ||
2021 Bonds | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.50% | |||
Loans Payable | 2021 Bonds | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1.50% | |||
Long-term debt, total | $ 67,038 | 66,486 | ||
Loans Payable | SBA Loans | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 1% | 1% | ||
Long-term debt, total | $ 248 | 320 | $ 300 | |
Loans Payable | Equipment | ||||
Debt Instrument [Line Items] | ||||
Long-term debt, total | $ 109 | $ 156 | ||
Loans Payable | Equipment | Minimum | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 4% | |||
Loans Payable | Equipment | Maximum | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 5% |
Debt - Future Principal Payment
Debt - Future Principal Payments for Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 (remaining) | $ 39 | |
2023 | 159 | |
2024 | 67,167 | |
2025 | 30 | |
Long-term debt, total | $ 67,395 | $ 66,962 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2018 | Dec. 31, 2018 | Jun. 09, 2021 | |
Schedule of Equity Incentive Plans [Line Items] | ||||
Number of shares available for awards (in shares) | 4,113,735 | |||
Exercise price range, minimum (in dollars per share) | $ 3.45 | |||
Exercise price range, maximum (in dollars per share) | $ 138 | |||
Other | ||||
Schedule of Equity Incentive Plans [Line Items] | ||||
Granted (in shares) | 67,739 | |||
Aggregate value of awards granted | $ 0.1 | |||
Stock option | ||||
Schedule of Equity Incentive Plans [Line Items] | ||||
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options | $ 15.7 | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year) | 2 years 4 months 24 days | |||
Restricted Stock | ||||
Schedule of Equity Incentive Plans [Line Items] | ||||
Granted (in shares) | 2,348,105,000 | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition (year) | 2 years 3 months 18 days | |||
Total fair value of restricted stock, vested | $ 0.6 | |||
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards | $ 19.4 | |||
2010 Plan | ||||
Schedule of Equity Incentive Plans [Line Items] | ||||
Number of shares of common stock reserved for issuance (in shares) | 22,980,074 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 4,220 | $ 4,206 | $ 12,165 | $ 5,823 |
Equity Classified Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 4,361 | 1,880 | 12,625 | 3,300 |
Equity Classified Awards | Cost of goods sold | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 208 | 188 | 599 | 188 |
Equity Classified Awards | Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 3,910 | 1,419 | 10,992 | 2,593 |
Equity Classified Awards | Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 243 | 273 | 1,034 | 519 |
Liability Classified Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | (141) | 2,326 | (460) | 2,523 |
Liability Classified Awards | Selling, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | (267) | 2,366 | (460) | 2,374 |
Liability Classified Awards | Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 126 | $ (40) | $ 0 | $ 149 |
Stock-based Compensation - St_2
Stock-based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, Beginning Balance (in shares) | 4,746,368,000 | |
Granted (in shares) | 1,620,183,000 | |
Canceled or forfeited (in shares) | (353,169,000) | |
Exercised (in shares) | 0 | |
Outstanding, Ending Balance (in shares) | 6,013,382,000 | 4,746,368,000 |
Options vested and expected to vest (in shares) | 1,510,728,000 | |
Weighted-Average Exercise Price | ||
Beginning Balance (in dollars per share) | $ 5,110 | |
Granted (in dollars per share) | 3,460 | |
Canceled or forfeited (in dollars per share) | 5.62 | |
Exercised (in dollars per share) | 0 | |
Ending Balance (in dollars per share) | 4.66 | $ 5,110 |
Options vested and expected to vest (in dollars per share) | $ 5.33 | |
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Options Outstanding, Weighted Average Remaining Contractual Term (years) | 9 years 1 month 6 days | 9 years 7 months 6 days |
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years) | 6 months | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
Granted, Aggregate Intrinsic Value | 0 | |
Canceled or forfeited, Aggregate Intrinsic Value | 0 | |
Exercised, Aggregate Intrinsic Value | 0 | |
Options vested and expected to vest | $ 0 | |
Minimum | ||
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Exercise price of options outstanding (in dollars per share) | $ 2.42 | |
Maximum | ||
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Exercise price of options outstanding (in dollars per share) | $ 11,340 |
Stock-based Compensation - Non-
Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding , Beginning Balance (in shares) | shares | 6,882,502,000 |
Granted (in shares) | shares | 2,348,105,000 |
Vested and issued (in shares) | shares | (3,484,585,000) |
Canceled or forfeited (in shares) | shares | (374,842,000) |
Nonvested, Ending Balance (in shares) | shares | 5,371,180,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Outstanding , Beginning Balance (in dollars per share) | $ / shares | $ 3.77 |
Granted (in dollars per share) | $ / shares | 2.58 |
Vested and issued (in dollars per share) | $ / shares | 2.85 |
Canceled or forfeited (in dollars per share) | $ / shares | 4.90 |
Nonvested, Ending Balance (in dollars per share) | $ / shares | $ 3.95 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 USD ($) | Jul. 31, 2022 USD ($) | Apr. 30, 2022 incident discharge digester | Sep. 30, 2022 USD ($) commitment | Jun. 30, 2021 USD ($) | |
Gain Contingencies [Line Items] | |||||
Liabilities associated with indemnities | $ 0 | $ 0 | |||
Losses accrual for known contingent liability | 0 | 0 | |||
Environmental liabilities | 0 | 0 | |||
Contractual obligation | $ 3,500,000 | $ 3,500,000 | $ 10,200,000 | ||
Environmental liabilities, damages assessed | $ 10,000 | ||||
Number of incidents | incident | 2 | ||||
Number of digesters | digester | 2 | ||||
Number of discharges | discharge | 2 | ||||
Number of commitments with collateral | commitment | 2 | ||||
Commitment collateral, percentage of renewable energy credits | 100% | 100% | |||
Development Agreement with Juhl | |||||
Gain Contingencies [Line Items] | |||||
Collaborative arrangement, development charges committed to pay | $ 8,600,000 | ||||
Collaborative arrangement, advanced development fee payments committed | 900,000 | ||||
Collaborative arrangement reimbursable costs | 1,200,000 | ||||
Collaborative arrangement, development charges committed, upon completion | 6,500,000 | ||||
Collaborative arrangement, payment | $ 600,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | Sep. 30, 2022 USD ($) |
Electricity Above Use (estimated) | |
Other Commitments [Line Items] | |
2022 (remaining) | $ 117 |
2023 | 474 |
2024 | 485 |
2025 | 163 |
2026 | 0 |
2027 and thereafter | 0 |
Total commitments | 1,239 |
Renewable Energy Credits | |
Other Commitments [Line Items] | |
2022 (remaining) | 37 |
2023 | 149 |
2024 | 149 |
2025 | 149 |
2026 | 149 |
2027 and thereafter | 1,985 |
Total commitments | $ 2,618 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring (Details) - Recurring - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability-classified restricted stock awards | $ 702 | |
Total recurring | $ 222,012 | 340,438 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability-classified restricted stock awards | 702 | |
Total recurring | 222,012 | 340,438 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability-classified restricted stock awards | 0 | |
Total recurring | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability-classified restricted stock awards | 0 | |
Total recurring | 0 | 0 |
U.S. Treasury notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 108,598 | 225,792 |
U.S. Treasury notes | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 108,598 | 225,792 |
U.S. Treasury notes | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Treasury notes | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government-sponsored enterprise securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 113,414 | 113,944 |
U.S. Government-sponsored enterprise securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 113,414 | 113,944 |
U.S. Government-sponsored enterprise securities | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 0 | 0 |
U.S. Government-sponsored enterprise securities | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - 2021 Bonds | Apr. 15, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument, term | 3 years |
Percentage of principal payment on maturity date | 100% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Estimated Fair Values (Details) - 2021 Bonds $ in Thousands | Sep. 30, 2022 USD ($) |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 67,038 |
Measurement Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 64,910 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Jun. 08, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares shares | Feb. 17, 2022 shares | |
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 33,419,267,000 | |||
Series 2022-A Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 33,333,336,000 | |||
Warrants exercisable term (in years) | 5 years | |||
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 | |||
Warrants and rights outstanding | $ | $ 92.9 | |||
Series 2022-A Warrants | Volatility | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants and rights outstanding, measurement input | 1.511 | |||
Series 2022-A Warrants | Risk Free Interest Rate | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0.0286 | |||
Series 2022-A Warrants | Expected Term | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants exercisable term (in years) | 5 years | |||
Series 2020-A Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants outstanding (in shares) | 85,931,000 | |||
Warrant exercise price (in dollars per share) | $ / shares | $ 0.60 | |||
Warrants and rights outstanding | $ | $ 8.3 | |||
Series 2020-A Warrants | Volatility | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants and rights outstanding, measurement input | 1.30 | |||
Series 2020-A Warrants | Risk Free Interest Rate | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants and rights outstanding, measurement input | 0.0030 | |||
Series 2020-A Warrants | Expected Term | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants exercisable term (in years) | 5 years | |||
Series K Warrants | ||||
Class of Warrant or Right [Line Items] | ||||
Warrants unexercised (in shares) | 7,126 | |||
At The Market Offering | ||||
Class of Warrant or Right [Line Items] | ||||
Sale of stock, authorized amount | $ | $ 500 | |||
Offering program remaining capacity | $ | $ 360.6 | |||
June 2022 Offering | ||||
Class of Warrant or Right [Line Items] | ||||
Sale of stock, Issuance of common stock (in shares) | 33,333,336 | |||
Sale of stock, price (in dollars per share) | $ / shares | $ 4.50 | |||
Warrants outstanding (in shares) | 33,333,336 | |||
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 | |||
Proceeds from issuance or sale of stock | $ | $ 139.2 |
Shareholders' Equity - Shares I
Shareholders' Equity - Shares Issued Upon Exercise of Warrants (Details) | Sep. 30, 2022 $ / shares shares |
Class of Warrant or Right [Line Items] | |
Shares Underlying Warrants Issuance (in shares) | 63,333,336,000 |
Shares Issued upon Warrant Exercises (in shares) | 29,914,069,000 |
Shares Underlying Warrants Outstanding (in shares) | 33,419,267,000 |
Series 2020-A Warrants | |
Class of Warrant or Right [Line Items] | |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.60 |
Shares Underlying Warrants Issuance (in shares) | 30,000,000,000 |
Shares Issued upon Warrant Exercises (in shares) | 29,914,069,000 |
Shares Underlying Warrants Outstanding (in shares) | 85,931,000 |
Series 2022-A Warrants | |
Class of Warrant or Right [Line Items] | |
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 |
Shares Underlying Warrants Issuance (in shares) | 33,333,336,000 |
Shares Issued upon Warrant Exercises (in shares) | 0 |
Shares Underlying Warrants Outstanding (in shares) | 33,333,336,000 |
Shareholders' Equity - Exercise
Shareholders' Equity - Exercise of Warrants (Details) - USD ($) shares in Thousands, $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Class of Warrant or Right [Line Items] | ||
Proceeds from exercise of warrants | $ 3 | $ 1,119 |
Series 2020-A Warrants | ||
Class of Warrant or Right [Line Items] | ||
Common stock Issued upon exercise of warrants (in shares) | 4,677 | |
Proceeds from exercise of warrants | $ 3 |
Segments- Narrative (Details)
Segments- Narrative (Details) | 9 Months Ended |
Sep. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Segment Reporting In
Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 309 | $ 120 | $ 630 | $ 479 | |
Loss from operations | (43,669) | (14,734) | (75,739) | (43,790) | |
Acquisitions of property, plant and equipment | 28,114 | 33,115 | 67,365 | 52,965 | |
Total assets | 729,411 | 729,411 | $ 666,476 | ||
Operating Segments | Gevo | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 104 | 81 | 465 | |
Loss from operations | (15,480) | (10,968) | (40,629) | (30,697) | |
Acquisitions of property, plant and equipment | 17,458 | 15,511 | 33,766 | 16,352 | |
Total assets | 579,984 | 579,984 | 484,528 | ||
Operating Segments | Agri-Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 16 | 240 | 14 | |
Loss from operations | (27,948) | (3,548) | (34,869) | (12,807) | |
Acquisitions of property, plant and equipment | 4,351 | 3,154 | 8,626 | 5,062 | |
Total assets | 38,473 | 38,473 | 64,008 | ||
Operating Segments | Renewable Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 309 | 0 | 309 | 0 | |
Loss from operations | (241) | (218) | (241) | (286) | |
Acquisitions of property, plant and equipment | 6,305 | $ 14,450 | 24,973 | $ 31,551 | |
Total assets | $ 110,954 | $ 110,954 | $ 117,940 |