Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0.6 | ||
Entity Common Stock, Shares Outstanding | 237,166,625 | ||
Documents Incorporated by Reference | Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2023 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2022. | ||
Entity Central Index Key | 0001392380 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Firm ID | 248 |
Auditor Name | GRANT THORNTON LLP |
Auditor Location | Denver, Colorado |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 237,125 | $ 40,833 |
Marketable securities (current) | 167,408 | 275,340 |
Restricted cash (current) | 1,032 | 25,032 |
Trade accounts receivable, net | 476 | 978 |
Inventories | 6,347 | 2,751 |
Prepaid expenses and other current assets | 3,034 | 3,607 |
Total current assets | 415,422 | 348,541 |
Property, plant and equipment, net | 176,872 | 137,742 |
Marketable securities (non-current) | 0 | 64,396 |
Restricted cash (non-current) | 77,219 | 70,168 |
Operating right-of-use assets | 1,331 | 2,414 |
Finance right-of-use assets | 219 | 236 |
Intangible assets, net | 7,691 | 8,938 |
Deposits and other assets | 21,994 | 12,946 |
Total Assets | 700,748 | 645,381 |
Current liabilities | ||
Accounts payable and accrued liabilities | 24,760 | 28,150 |
Operating lease liabilities (current) | 438 | 772 |
Finance lease liabilities (current) | 79 | 11 |
Loans payable - other (current) | 159 | 158 |
Total current liabilities | 25,436 | 29,091 |
Long-term portion | 67,223 | 66,486 |
Loans payable - other (long-term) | 159 | 318 |
Operating lease liabilities (long-term) | 1,450 | 1,902 |
Finance lease liabilities (long-term) | 183 | 242 |
Other long-term liabilities | 820 | 87 |
Total liabilities | 95,271 | 98,126 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 500,000,000 and 250,000,000 authorized at December 31, 2022 and 2021, respectively; 237,166,625 and 201,988,662 shares issued and outstanding at December 31, 2022 and 2021, respectively. | 2,372 | 2,020 |
Additional paid-in capital | 1,259,527 | 1,103,224 |
Accumulated other comprehensive loss | (1,040) | (614) |
Accumulated deficit | (655,382) | (557,375) |
Total stockholders' equity | 605,477 | 547,255 |
Total Liabilities and Stockholders' Equity | $ 700,748 | $ 645,381 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 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) | 237,166,625 | 201,988,662 |
Common stock, shares outstanding (in shares) | 237,166,625 | 201,988,662 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Total operating revenues | $ 1,175 | $ 533 |
Operating expenses: | ||
Cost of production | 8,698 | 7,687 |
Depreciation and amortization | 7,887 | 5,128 |
Research and development expense | 7,427 | 6,775 |
General and administrative expense | 39,941 | 25,493 |
Project development costs | 10,061 | 10,581 |
Facility idling costs | 4,599 | 0 |
Impairment loss | 24,749 | 0 |
Loss on disposal of assets | 499 | 5,137 |
Total operating expenses | 103,861 | 60,801 |
Loss from operations | (102,686) | (60,268) |
Other income (expense) | ||
Interest expense | (1,167) | (251) |
Investment income (loss) | 3,043 | 571 |
Gain on forgiveness of SBA loan | 0 | 641 |
Other income, net | 2,803 | 104 |
Total other income, net | 4,679 | 1,065 |
Net loss | $ (98,007) | $ (59,203) |
Net loss per share - basic (in dollars per share) | $ (0.44) | $ (0.30) |
Net loss per share - diluted (in dollars per share) | $ (0.44) | $ (0.30) |
Weighted-average number of common shares outstanding - basic (in shares) | 221,537,262 | 195,794,606 |
Weighted-average number of common shares outstanding - diluted (in shares) | 221,537,262 | 195,794,606 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | ||
Net Loss | $ (98,007) | $ (59,203) |
Other comprehensive income (loss) | ||
Unrealized loss on available-for-sale securities, net of tax | (426) | (614) |
Comprehensive loss | $ (98,433) | $ (59,817) |
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 | ||||
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 | ||||
Issuance of common stock, net of issuance costs | 457,447 | $ 682 | 456,765 | ||
Issuance of common stock upon exercise of warrants (in shares) | 1,866,758 | ||||
Issuance of common stock upon exercise of warrants | 1,121 | $ 18 | 1,103 | ||
Non-cash stock-based compensation | 7,700 | 7,700 | |||
Stock-based awards and related share issuances, net ( in shares) | 3,813,014 | ||||
Stock-based awards and related share issuances, net | (5,575) | $ 38 | (5,613) | ||
Other comprehensive loss | (614) | (614) | |||
Net Loss | $ (59,203) | (59,203) | |||
Ending balance (in shares) at Dec. 31, 2021 | 201,988,662 | 201,988,662 | |||
Ending 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 | ||||
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 | ||||
Issuance of common stock upon exercise of warrants | 3 | 3 | |||
Non-cash stock-based compensation | 17,419 | 17,419 | |||
Stock-based awards and related share issuances, net ( in shares) | 1,839,950 | ||||
Stock-based awards and related share issuances, net | 225 | $ 19 | 206 | ||
Other comprehensive loss | (426) | (426) | |||
Net Loss | $ (98,007) | (98,007) | |||
Ending balance (in shares) at Dec. 31, 2022 | 237,166,625 | 237,166,625 | |||
Ending balance at Dec. 31, 2022 | $ 605,477 | $ 2,372 | $ 1,259,527 | $ (1,040) | $ (655,382) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Operating Activities | ||
Net Loss | $ (98,007) | $ (59,203) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Impairment loss | 24,749 | 0 |
Loss on disposal of assets | 499 | 5,137 |
(Gain) on forgiveness of SBA Loans | 0 | (641) |
Stock-based compensation | 17,419 | 9,874 |
Depreciation and amortization | 7,887 | 5,128 |
Amortization of marketable securities premium | 2,723 | 5,029 |
Other noncash (income) expense | 877 | 89 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 502 | (257) |
Inventories | (2,004) | (259) |
Prepaid expenses and other current assets, deposits and other assets | (10,893) | (12,897) |
Accounts payable, accrued expenses and long-term liabilities | 3,635 | (271) |
Net cash used in operating activities | (52,613) | (48,271) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (75,775) | (56,770) |
Acquisition of patent portfolio | (10) | 0 |
Proceeds from sale and maturity of marketable securities | 299,581 | 79,574 |
Purchase of patents and license | 0 | (9,170) |
Purchase of marketable securities | (130,402) | (424,992) |
Net cash provided by (used in) investing activities | 93,394 | (411,358) |
Financing Activities | ||
Proceeds from issuance of long-term debt | 0 | 68,995 |
Debt and equity offering costs | (10,993) | (34,955) |
Proceeds from issuance of common stock and common stock warrants | 150,000 | 489,373 |
Proceeds from exercise of warrants | 3 | 1,121 |
Net settlement of common stock under stock plans | (286) | (7,041) |
Payment of loans payable - other | (150) | (154) |
Payment of finance lease liabilities | (12) | (15) |
Net cash provided by financing activities | 138,562 | 517,324 |
Net increase in cash and cash equivalents | 179,343 | 57,695 |
Cash, cash equivalents and restricted cash at beginning of period | 136,033 | 78,338 |
Cash, cash equivalents and restricted cash at end of period | 315,376 | 136,033 |
Schedule of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 237,125 | 40,833 |
Restricted cash (current) | 1,032 | 25,032 |
Long-term restricted cash | 77,219 | 70,168 |
Total cash, cash equivalents and restricted cash | 315,376 | 136,033 |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Cash paid for interest, net of amounts capitalized | 522 | (806) |
Non-cash purchase of property, plant and equipment | 13,837 | 20,287 |
Right-of-use asset purchased with financing leases | 0 | 245 |
Right-of-use asset purchased with operating lease | 0 | 1,611 |
Non-cash interest capitalized to construction in progress | $ 0 | $ 1,125 |
Deposits and Other Assets
Deposits and Other Assets | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2022 2021 Deposits (1) $ 276 $ 831 Prepaid feedstock (2) 934 — Equity interest (3) 1,500 1,500 Exclusivity fees (4) 2,522 3,250 Deposits receivable (5) 8,302 — Other assets, net (6) 8,460 7,365 Total Deposits and Other Assets $ 21,994 $ 12,946 (1) Deposits for legal services and products for NZ1. (2) Prepaid feedstock fees, non-current, for the production of RNG. (3) The Company directly holds a 4.6% interest in the Series A Preferred Stock of Zero6 Clean Energy Assets, Inc. ("Zero6"), formerly Juhl Clean Energy Assets, Inc., 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 Zero6's stock, subject to impairment. The equity interest in Zero6 is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC ("RCWF"), a Zero6 subsidiary, see Note 19, Commitments and Contingencies, for additional information. (4) Axens North America, Inc. ("Axens") will provide certain alcohol-to-SAF technologies and services exclusively provided to the Company which may be offset against future license fees subject to the delivery of a process design package. (5) 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. (6) Payments which were allocated to the non-lease fuel supply, primarily related to sand separation systems, to support NW Iowa RNG fuel supply agreements prior to commencement of operations, being amortized over the life of the project. |
Nature of Business, Financial C
Nature of Business, Financial Condition and Basis of Presentation | 12 Months Ended |
Dec. 31, 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", "we", "us", "our", 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 ("GHG") 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” 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) renewable natural gas (“RNG”) , (ii) hydrocarbons for gasoline blendstocks and diesel fuel, and (iii) plastics, materials and other chemicals. 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 Project 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. Financial Condition . The Company has incurred consolidated net losses since inception and had a significant accumulated deficit as of December 31, 2022. The Company’s cash and cash equivalents totaled $237.1 million, short and long-term restricted cash totaled $78.3 million and marketable securities totaled $167.4 million as of December 31, 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation . The Consolidated Financial Statements of Gevo include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Basis of Presentation. The Consolidated Financial Statements of the Company (which include the accounts of its wholly-owned subsidiaries Gevo Asset, LLC, Gevo RNG Holdco, LLC, Gevo NW Iowa RNG, LLC, Gevo Net-Zero HoldCo, LLC, Gevo Net-Zero 1 , LLC and Agri-Energy, LLC) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the U.S. ("U.S. 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 at December 31, 2022 . Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation. The reclassifications included removing a redundant subtotal, cost of goods sold, to align with industry peers and the categorization of depreciation and amortization on the Consolidated Statements of Operations, which had no impact on total revenues, total operating expenses, net loss or stockholders' equity for any period. Use of Estimates . The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Concentrations of Credit Risk . The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents in excess of the federally insured limits. The Company’s cash and cash equivalents are deposited with high credit-quality financial institutions and are primarily in demand deposit accounts and money market funds. Cash, Cash Equivalents and Restricted Cash . The Company maintains its cash and cash equivalents in highly liquid interest-bearing money market accounts or non-interest-bearing demand accounts. The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents. Restricted cash is classified as current or non-current based on the terms of the underlying agreements and represents cash held as deposits and cash collateral for financial letters of credit. Marketable Securities. The Company’s marketable securities consist of marketable debt securities and have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in shareholders’ equity, with the exception of unrealized losses believed to be other-than-temporary, which are reported in earnings in the current period. Trade Accounts Receivable, net . The Company records receivables for products shipped and services provided but for which payment has not yet been received. In evaluating its allowance for doubtful accounts for accounts receivable, the Company performs ongoing reviews of its outstanding receivables to determine if any amounts are uncollectible and adjusts the allowance for doubtful accounts accordingly. Inventories . Inventory is recorded at net realizable value. Isobutanol and ethanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead. Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. Spare Parts inventory consists of the parts required to maintain and operate the Company’s Luverne Facility and is recorded at cost. For each reporting period, the Company reviews the value of inventories on hand to estimate the recoverability through future sales. The Company reduces its inventories with adjustments for lower of cost or net realizable value, with cost determined by the average cost method. Environmental Attribute Inventory. The Company generates D3 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"). Environmental attribute inventory is included as a component of "Inventories" on the Consolidated Balance Sheets. 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. The value of the environmental attributes is reviewed for potential write-downs based on the net realizable value methodology. 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. Property, Plant and Equipment . Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized. Construction in Progress. Construction in progress represents expenditures necessary to bring an asset, project, new facilities or equipment to the condition and location necessary for its intended use and are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property, plant and equipment to be depreciated or amortized. Depreciation and Amortization. Capitalized costs are depreciated or amortized using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such assets or the useful life of the individual assets. The estimates of productive lives may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods. Impairment of Long-Lived Assets . The Company evaluates the recoverability of the recorded amount of long-lived assets, including property, plant and equipment, licenses, patents, operating lease right-of-use assets, and finance lease right-of-use assets when events or changes in circumstances indicate that their carrying amount may not be recoverable. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. If the Company determines that an asset is impaired, it measures the impairment to be recognized as the amount by which the recorded amount of the asset exceeds its fair value. A summary of impairment losses on tangible and intangible assets for the years ended December 31, 2022 and 2021 is included in Note 4, Asset Impairment. Leases, Right-of-Use Assets and Related Liabilities. The Company enters into various arrangements which constitute a lease as defined by Accounting Standards Codification ("ASC") 842, Leases, as part of its ongoing business activities and operations. Leases represent a contract or part of a contract that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. Such contracts result in both (a) right-of-use assets, which represent the Company’s right to use an underlying asset for the term of the contract; and (b) a corresponding lease liability which represents the Company’s obligation to make the lease payments arising from the contract. The Company has elected not to recognize a right-of-use asset and lease liability for any lease with an original lease term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term. A lease is classified as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If a lease does not meet any of these criteria, the lease is classified as an operating lease. Lease liabilities are initially measured at the lease commencement date based on the present value of lease payments over the lease term, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term and payment as the lease. Right-of-use assets are measured based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the lease commencement date less any lease incentives received. All right-of-use assets are evaluated for impairment in accordance with accounting standards applicable to long-lived assets. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not depend on an index or rate and such payments are excluded from the calculation of the right-of-use asset and lease liability and are recognized as variable lease cost when incurred. Lease cost for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease cost for finance leases consists of amortization of the right-of-use assets on a straight-line basis over the lease term, interest expense on the lease liability and variable lease payments as incurred. The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its corporate office lease asset class. Effective October 1, 2022, the Company made the voluntary determination to change its accounting policy covering the application of the practical expedient under ASC 842, Leases. Under the new accounting policy, the Company will account for lease components separately from non-lease components for the Company’s dairy lease asset class. The Company voluntarily elected this acceptable change in accounting policy effective October 1, 2022. The Company believes the change is preferable as it provides the most useful and transparent financial information and improves comparability and consistency of financial information, resulting in improved financial reporting and alignment with financial information used internally by management. The total consideration in the lease agreement will be allocated to the lease and non-lease components based on their relative standalone selling prices. Under the previous treatment, all amounts paid to the lessor under these arrangements for use of the land and cow manure were classified as lease payments and included in the calculation of the right-of-use assets and lease liabilities. The Company has retrospectively adopted this change in accounting policy described above and has provided the appropriate disclosures as required in ASC 250-10, see Note 9 Leases. Intangible assets. Intangible assets consist of patents. Costs related to patents, including legal fees, are capitalized and amortized over the estimated useful lives using the straight-line method. Amortization expense is recorded in "Depreciation and amortization" in the Operating expenses section of the Consolidated Statements of Operations. For patents purchased in an asset acquisition, the useful life is determined by valuation estimates of remaining economic life. The patents are included in "Intangible assets, net" on the Consolidated Balance Sheets. The Company periodically evaluates the amortization period and carrying value of its patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value. Borrowing Costs. The borrowing costs that are directly attributable to the acquisition and construction of an asset that needs a substantially long period of time for its intended use to begin are capitalized and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalization of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use and the borrowing costs incurred thereafter are recognized in profit or loss for the current period. The capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more than three months, until the acquisition or construction is resumed. Debt Issuance Costs and Debt Discounts/Premiums . Debt issuance costs are costs with third parties incurred in connection with the Company’s debt financings that have been capitalized and are being amortized over the stated maturity period or estimated life of the related debt using the effective interest method. Debt issuance costs are presented as a direct reduction of the carrying amount of the related debt. Debt discounts, including fees paid to lenders, and debt premiums are amortized over the life of the related debt using the effective interest method. Debt discounts and premiums are presented as a reduction and increase, respectively, in the carrying amount of the related debt. Amortization of debt issuance costs, discounts and premiums is included in interest expense. Warrants. Warrants are classified as a component of permanent equity when 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, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise and do not provide any guarantee of value or return. Revenue Recognition . The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue from the Company’s point in time product sales is recognized when products are transferred, or services are invoiced and control transferred. The Company has presented the disclosures required by ASC 606, see Note 3, Revenues from contracts with customers and other revenues. Cost of Production . Cost of production includes costs incurred in operations for the production of RNG and isobutanol, as well as costs for direct materials, direct labor and certain plant overhead costs, and plant utilities including natural gas and wind power. Direct materials consist of dextrose for initial production of isobutanol, corn feedstock, manure feedstock, denaturant, and process chemicals. Direct labor includes compensation of personnel directly involved in production operations. Plant overhead costs primarily consist of plant utilities. The Company purchases natural gas and wind power to power steam generation in the production process and to dry the distillers grains, a by-product of ethanol and related products production. Research and Development . Research and development costs are expensed as incurred. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs (including stock-based compensation), consultants and related contract research, facility costs, supplies, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights and other direct and allocated expenses incurred to support the Company’s overall research and development programs. General and Administrative. General and administrative expense are expensed as incurred. The Company's general and administrative costs consist of personnel costs (including stock-based compensation), consulting and service provider expenses (including patent counsel-related costs), legal fees, marketing costs, insurance costs, occupancy-related costs, travel and relocation expenses and hiring expenses. Project Development Costs. Project development costs consist of consulting, preliminary engineering costs, and personnel costs, including stock-based compensation. Stock-Based Compensation . The Company’s stock-based compensation expense includes expenses associated with share-based awards granted to employees and board members. Our stock-based compensation is classified as either an equity award or a liability award in accordance with U.S. GAAP. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the requisite service period. 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 grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of actual forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to three years. The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options and restricted stock awards, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award. Stock-based compensation expense related to restricted stock awards and stock options are recorded net of actual forfeitures in our Consolidated Statements of Operations. Liability awards are subject to variable accounting treatment, such that they are remeasured at fair value each reporting period through the Consolidated Statements of Operations. Any impact of forfeitures are based on actual forfeitures, although not affecting the fair value measurement of the awards, and are reflected at that time as well. Income Taxes . In preparing the Consolidated Financial Statements, the Company estimates the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets are be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period of the changes. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the Consolidated Financial Statements. Each period, we evaluate the likelihood of whether or not some portion or all of each deferred tax asset will be realized and provide a valuation allowance for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. When evaluating our valuation allowance, we consider historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, production costs, interest rates, and federal and local legislation. If we determine that all or a portion of the deferred tax assets will not be realized, a valuation allowance will be recorded with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense. In addition, the calculation of income tax expense involves significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation in each of the jurisdictions in which we operate and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may interpret tax legislation differently, which could affect the final amount or the timing of tax payments. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations. Accrued interest and penalties would be included within the related tax liability line in the Consolidated Balance Sheets. Recently Adopted Accounting Pronouncements Government Assistance Disclosures. In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities about Government Assistance (“ASU 2021-10”). ASU 2021-10 details financial reporting disclosure requirements that increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy. The new guidance is effective for annual periods beginning after December 15, 2021 and interim reporting periods within those reporting periods. The Company adopted the new standard as of January 1, 2022, which did not have an impact on the Company’s disclosures related to governmental grants or an impact to the results of operations and financial position as of the adoption date. See Note 15, Debt, for additional disclosures related to the Small Business Administration’s Paycheck Protection Program ("SBA PPP"). |
Revenues from Contracts with Cu
Revenues from Contracts with Customers and Other Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers and Other Revenue | Revenues from Contracts with Customers and Other RevenueThe 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 $0.6 million of revenue from the sale of RNG during the year ended December 31, 2022 and recognized $0.2 million from the sale of environmental attributes during the year ended December 31, 2022. The Company recorded limited revenues from its development-scale plant, the Luverne Facility, during each of the years ended December 31, 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. The following tables display the Company’s revenue by major source based on product type for the years ended December 31, 2022 and 2021 (in thousands): Year Ended December 31, Major Goods/Service Line 2022 2021 Ethanol sales and related products, net $ 240 $ 50 Hydrocarbon revenue 81 483 Renewable natural gas commodity 640 — Environmental attribute revenue 214 — Total operating revenue $ 1,175 $ 533 All goods transferred are tested to ensure that the product sold satisfies the contractual product specifications prior to transfer. The customer obtains control of the goods when title and risk of loss for the goods has transferred. All material contracts have payment terms of between one Contract Assets and Trade Receivables. As of December 31, 2022 and 2021, there were no contract assets or liabilities as all customer amounts owed to the Company are unconditional and the Company does not receive payment in advance for its products. Accordingly, amounts owed by customers are included in "Trade accounts receivable, net" on the Company’s Consolidated Balance Sheets. In addition, due to the nature of the Company’s contracts, there are no costs incurred or to be paid in the future that qualify for asset recognition as a cost to fulfill or obtain a contract. |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Asset Impairment | Asset Impairment During the year ended December 31, 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 decision to suspend production at the Luverne Facility and shift the plant into an idled, care and maintenance status during the third quarter of 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 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. There were no impairment losses recorded during the year ended December 31, 2021. |
Net loss Per Share
Net loss Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Net loss Per Share | Net Loss per ShareBasic 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 1,675,741 and 4,911,841 of potentially dilutive common stock equivalents have been excluded for the years ended December 31, 2022 and 2021, respectively. Basic and diluted net loss per share is calculated as follows (net loss in thousands): Year Ended December 31, 2022 2021 Net loss $ (98,007) $ (59,203) Basic weighted-average shares outstanding 221,537,262 195,794,606 Net loss per share - basic and diluted $ (0.44) $ (0.30) |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 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: December 31, 2022 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 56,418 $ (344) $ 56,074 U.S. Government-sponsored enterprise securities Within one year 112,030 (696) 111,334 Total short-term marketable securities $ 168,448 $ (1,040) $ 167,408 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 $0.5 million and $1.5 million was included within "Prepaid expenses and other current assets" on the Consolidated Balance Sheets as of December 31, 2022 and 2021, respectively. Interest income from marketable securities totaled $4.3 million and $0.5 million for the years ended December 31, 2022 and 2021, respectively, and is included in "Investment income (loss)" in the Consolidated Statements of Operations. Future maturities of the Company's marketable securities are $168.6 million in 2023. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2022 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash | Restricted Cash Short-term and long-term restricted cash of $78.3 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 and interest earned on restricted cash. 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 (as defined below) 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, and recorded interest income of $0.5 million for the year ended December 31, 2022, included in "Other income, net" in the Consolidated Statements of Operations. As of December 31, 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 (as defined below) under the Indenture (as defined below) 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 December 31, 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 a 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 December 31, 2022 , no amounts have been drawn under the Power Letter of Credit. |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Dec. 31, 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: December 31, 2022 2021 Prepaid insurance $ 911 $ 805 Interest receivable 514 1,530 Prepaid engineering — 409 Prepaid feedstock, current 1,097 — Prepaid other 512 863 Total Prepaid and other current assets $ 3,034 $ 3,607 |
Leases, Right-of-Use Assets and
Leases, Right-of-Use Assets and Related Liabilities | 12 Months Ended |
Dec. 31, 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. The Company 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. Effective October 1, 2022, the Company elected to change its accounting policy covering the application of the practical expedient under ASC 842, Leases. Under the new accounting policy, the Company will account for lease components separately from non-lease components for the Company’s dairy lease asset class. Under the previous treatment, all amounts paid to the lessor under these arrangements for use of the land, cow manure, and other non-lease services were classified as lease payments and included in the calculation of the right-of-use assets and lease liabilities. Upon commencement of operations at NW Iowa RNG in the third quarter of 2022, the Company’s dairy lease agreements were evaluated, and it was determined that the practical expedient less accurately reflected the economic substance of the agreements. The Company voluntarily elected this acceptable change in accounting policy effective October 1, 2022. The Company believes the change is preferable as it provides the most useful and transparent financial information and improves comparability and consistency of financial information, resulting in improved financial reporting and alignment with financial information used internally by management. As a result of this change in policy, the Company will retroactively no longer combine lease and non-lease components for all leases in the dairy lease asset class and will account for non-lease components separately and under other, applicable accounting standards. A summary of the impact of the change in accounting policy on the Consolidated Balance Sheets for each of the three months ended June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, and September 30, 2022, respectively is as follows: a reduction to Finance Right of Use Asset of $27.3 million, $27.4 million, $27.1 million, $26.7 million, $27.3 million, and $26.8 million; a reduction to Finance Lease Liabilities (Current) of $4.9 million, $2.7 million, $3.4 million, $4.0 million, $6.2 million, and $2.1 million; a reduction to Finance Lease Liabilities (Long-Term) of $19.5 million, $19.4 million, $17.6 million, $17.2 million, $16.2 million, and $16.2 million; a reduction to Construction in Progress of $0.8 million, $0.8 million, $0.8 million, $0.7 million, $0.7 million, and $0.9 million; and an increase to Other Assets of $3.4 million, $6.0 million, $7.4 million, $7.5 million, $7.7 million, and $8.7 million. The Company further recorded an increase to Prepaid Expenses of $1.1 million and Other Assets of $0.9 million for the three months ended June 30, 2022. A summary of the impact of the change in accounting policy on the Consolidated Statements of Cash Flows for each of the three months ended September 30, 2021, December 31, 2021, and September 30, 2022, respectively is as follows: an increase in Cash Used in Operating Activities of $3.0 million, $4.5 million, and $4.3 million, and a decrease in Cash Used in Financing Activities of $3.0 million, $4.5 million, and $4.3 million. There was not a material impact on the Consolidated Statements of Cash Flows for the periods ended June 30, 2021, March 31, 2022, and June 30, 2022. The change in accounting policy did not have an incrementally material impact on the three months ended December 31, 2022 as compared to the three months ended September 30, 2022, and no impact on the Consolidated Statements of Operations for the periods listed above. The following tables present the (i) other quantitative information and (ii) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Years Ended December 31, 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 12 $ 15 Operating cash flows from operating leases 804 245 Finance cash flows from finance leases 3 3 Right-of-use asset obtained in exchange for new finance lease liabilities — 245 Right-of-use asset obtained in exchange for new operating lease liabilities — 1,611 Weighted-average remaining lease term, finance lease (months) 311 317 Weighted-average remaining lease term, operating leases (months) 65 63 Weighted-average discount rate - finance leases (1) 12 % 11 % Weighted-average discount rate - operating leases (1) 5 % 5 % (1) Our leases do not provide an implicit interest rate, and 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 Financing Leases 2023 $ 528 $ 88 2024 305 31 2025 315 25 2026 324 25 2027 334 25 2028 and thereafter 373 538 Total 2,179 732 Less: Amounts representing present value discounts (291) (470) Total lease liabilities 1,888 262 Less: current portion (438) (79) Long-term portion $ 1,450 $ 183 |
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. The Company 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. Effective October 1, 2022, the Company elected to change its accounting policy covering the application of the practical expedient under ASC 842, Leases. Under the new accounting policy, the Company will account for lease components separately from non-lease components for the Company’s dairy lease asset class. Under the previous treatment, all amounts paid to the lessor under these arrangements for use of the land, cow manure, and other non-lease services were classified as lease payments and included in the calculation of the right-of-use assets and lease liabilities. Upon commencement of operations at NW Iowa RNG in the third quarter of 2022, the Company’s dairy lease agreements were evaluated, and it was determined that the practical expedient less accurately reflected the economic substance of the agreements. The Company voluntarily elected this acceptable change in accounting policy effective October 1, 2022. The Company believes the change is preferable as it provides the most useful and transparent financial information and improves comparability and consistency of financial information, resulting in improved financial reporting and alignment with financial information used internally by management. As a result of this change in policy, the Company will retroactively no longer combine lease and non-lease components for all leases in the dairy lease asset class and will account for non-lease components separately and under other, applicable accounting standards. A summary of the impact of the change in accounting policy on the Consolidated Balance Sheets for each of the three months ended June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022, June 30, 2022, and September 30, 2022, respectively is as follows: a reduction to Finance Right of Use Asset of $27.3 million, $27.4 million, $27.1 million, $26.7 million, $27.3 million, and $26.8 million; a reduction to Finance Lease Liabilities (Current) of $4.9 million, $2.7 million, $3.4 million, $4.0 million, $6.2 million, and $2.1 million; a reduction to Finance Lease Liabilities (Long-Term) of $19.5 million, $19.4 million, $17.6 million, $17.2 million, $16.2 million, and $16.2 million; a reduction to Construction in Progress of $0.8 million, $0.8 million, $0.8 million, $0.7 million, $0.7 million, and $0.9 million; and an increase to Other Assets of $3.4 million, $6.0 million, $7.4 million, $7.5 million, $7.7 million, and $8.7 million. The Company further recorded an increase to Prepaid Expenses of $1.1 million and Other Assets of $0.9 million for the three months ended June 30, 2022. A summary of the impact of the change in accounting policy on the Consolidated Statements of Cash Flows for each of the three months ended September 30, 2021, December 31, 2021, and September 30, 2022, respectively is as follows: an increase in Cash Used in Operating Activities of $3.0 million, $4.5 million, and $4.3 million, and a decrease in Cash Used in Financing Activities of $3.0 million, $4.5 million, and $4.3 million. There was not a material impact on the Consolidated Statements of Cash Flows for the periods ended June 30, 2021, March 31, 2022, and June 30, 2022. The change in accounting policy did not have an incrementally material impact on the three months ended December 31, 2022 as compared to the three months ended September 30, 2022, and no impact on the Consolidated Statements of Operations for the periods listed above. The following tables present the (i) other quantitative information and (ii) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Years Ended December 31, 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 12 $ 15 Operating cash flows from operating leases 804 245 Finance cash flows from finance leases 3 3 Right-of-use asset obtained in exchange for new finance lease liabilities — 245 Right-of-use asset obtained in exchange for new operating lease liabilities — 1,611 Weighted-average remaining lease term, finance lease (months) 311 317 Weighted-average remaining lease term, operating leases (months) 65 63 Weighted-average discount rate - finance leases (1) 12 % 11 % Weighted-average discount rate - operating leases (1) 5 % 5 % (1) Our leases do not provide an implicit interest rate, and 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 Financing Leases 2023 $ 528 $ 88 2024 305 31 2025 315 25 2026 324 25 2027 334 25 2028 and thereafter 373 538 Total 2,179 732 Less: Amounts representing present value discounts (291) (470) Total lease liabilities 1,888 262 Less: current portion (438) (79) Long-term portion $ 1,450 $ 183 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories The following table sets forth the components of the Company’s inventory balances (in thousands) as of: December 31, 2022 2021 Raw materials Corn $ — $ 301 Consumables 29 186 Catalyst 139 265 Finished goods SAF, isooctane and isooctene 1,457 335 Isobutanol 124 223 Ethanol — 96 Work in process Isobutanol — 83 Jet fuel 51 — Spare parts, net 354 1,262 Environmental attributes 4,193 — Total inventories $ 6,347 $ 2,751 Environmental attributes represent distinguishable and material output from our NW Iowa RNG operations. The Company started allocating the cost of production to the sales value of RNG, credits from California's LCFS program and RINs credits. The value of the environmental attributes is reviewed for potential write-downs based on the net realizable value methodology. During the year ended December 31, 2022 the Company adjusted its environmental attribute inventory to net realizable value and recorded a loss of $0.4 million in cost of production. During the year ended December 31, 2022 and 2021, the Company adjusted its finished goods and work in process inventory to net realizable value and recorded a loss of $0.8 million and $5.2 million, respectively, in cost of production. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 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): Useful Life (in years) December 31, 2022 2021 Land $ 6,452 $ 410 Plant facilities and infrastructure 5 to 20 76,900 84,117 Machinery and equipment 5 to 20 87,248 25,369 Furniture and office equipment 3 to 7 2,977 2,550 Software 3 to 6 2,217 1,564 Construction in progress 72,717 87,591 Total property, plant and equipment 248,511 201,601 Less accumulated depreciation and amortization (71,639) (63,859) Property, plant and equipment, net $ 176,872 $ 137,742 The Company recorded depreciation expenses of $6.5 million and $4.8 million for the years ended December 31, 2022 and 2021, respectively. At December 31, 2022, construction in progress included accruals of $13.8 million. Construction in progress includes $25.9 million for Gevo, $11.4 million for Agri-Energy related to a fractionation and hydrocarbon skid, $1.0 million for NW Iowa RNG and $34.4 million for NZ1 at December 31, 2022. Construction in progress includes $0.4 million for Gevo, $9.1 million for Agri-Energy, $55.5 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 $0.3 million and nil of interest expense for the years ended December 31, 2022, and 2021, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible AssetsOn September 21, 2021, the Company entered into an asset purchase agreement with Butamax Advanced Biofuels LLC and its affiliate, Danisco US Inc. (collectively, "Butamax"), pursuant to which the Company purchased all of Butamax’s rights, title and interests in certain U.S. and foreign patents and patent applications, subject to specified conditions and encumbrances, relating to the production, recovery and use of biobutanol that were owned by Butamax, for $9.2 million, including $0.2 million of legal fees. Management evaluated the patents to determine whether the patents (i) supported current products; (ii) supported planned research and development; or (iii) prevent others from competing with Gevo's products. Based on the Company's estimated purchase price allocation, approximately $4.3 million of the purchase price was allocated to the purchase of patents to support current products and planned product research and $4.9 million for patents purchased for defensive purposes. The patents are included in "Intangible assets" on the Consolidated Balance Sheets. Identifiable intangible assets were comprised of the following (in thousands): December 31, 2022 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, net Weighted-Average Life (Years) Patents $ 4,580 $ (1,039) $ 3,541 7.4 Defensive assets 4,900 (750) 4,150 8.4 Identifiable intangible assets $ 9,480 $ (1,789) $ 7,691 7.9 December 31, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, net Weighted-Average 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 $1.3 million and $0.3 million for the years ended December 31, 2022 and 2021, respectively. The following table details the estimated amortization of identifiable intangible assets as of December 31, 2022 (in thousands): Year Ending December 31, Patents Defensive Assets Total 2023 $ 578 $ 586 $ 1,164 2024 580 588 1,168 2025 578 586 1,164 2026 578 586 1,164 2027 578 586 1,164 2028 and thereafter 649 1,218 1,867 Total $ 3,541 $ 4,150 $ 7,691 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 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 the Consolidated Balance Sheets (in thousands): Year Ended December 31, 2022 2021 Accounts payable $ 5,009 $ 4,830 Accrued liabilities 12,594 18,642 Accrued payroll and related benefits 5,105 4,678 Accrued sales and use tax 2,052 — Total accounts payable and accrued liabilities $ 24,760 $ 28,150 |
Debt
Debt | 12 Months Ended |
Dec. 31, 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 were 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 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 7, 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 December 31, 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 December 31, 2022 and 2021, the premium balance and the debt issuance cost net of amortization were $0.4 million, $0.7 million, $1.3 million and $2.3 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 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 SBA Loans are treated as debt on the Consolidated Balance Sheets and classified as "Loans payable – other (current)" and "Loans payable – other (long-term)". The Consolidated Statements of Operations classifies the interest as "Interest expense" and the loan forgiveness as "Gain on forgiveness of SBA Loans". The summary of the Company's long-term debt is as follows (in thousands) as of: Year Ended December 31, Interest Rate Maturity Date 2022 2021 2021 Bonds 1.5% January 2042 $ 67,223 $ 66,486 SBA Loans 1.0% April 2025 224 320 Equipment 4.0 % to 5.0 % February 2022 to December 2024 94 156 Total loans payable - other 67,541 66,962 Less current portion (159) (158) Long-term portion $ 67,382 $ 66,804 Future payments for the Company's long-term debt are as follows (in thousands): Year Ending December 31, Total Debt 2023 $ 159 2024 67,352 2025 30 Total loans payable - other $ 67,541 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [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 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 the shareholders 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. At December 31, 2022, 4,221,225 shares were available for future issuance under the 2010 Plan. Stock-based compensation expense . The Company records stock-based compensation expense during the requisite service period for share-based payment awards granted to employees and non-employees. The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Year Ended December 31, 2022 2021 Equity Classified Awards Cost of production $ (25) $ 43 General and administrative 14,342 5,631 Other 2,618 2,026 Total equity classified awards 16,935 7,700 Liability Classified Awards General and administrative — 2,165 Other — 9 Total liability classified awards — 2,174 Total stock-based compensation $ 16,935 $ 9,874 Stock option award activity . Stock option activity under the Company’s stock incentive plans and changes during the year ended December 31, 2022 were as follows: Number of Options Weighted Average Exercise Price (1) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2021 4,746,368 $ 5.11 $ — Granted 1,627,683 $ 3.45 Canceled or forfeited (428,730) $ 5.49 Exercised — $ — Options outstanding at December 31, 2022 5,945,321 $ 4.65 9.1 $ — Options vested and expected to vest at December 31, 2022 1,512,054 $ 5.32 8.7 $ — (1) Exercise price of options outstanding range from $2.42 to $11,340 as of December 31, 2022. The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018, subsequent to certain option grants, and relates to awards that expire during 2023. During the year ended December 31, 2022, 1.5 million stock options vested. As of December 31, 2022, the total unrecognized compensation expense, net of estimated forfeitures, relating to stock options was $13.5 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.4 years. The following table sets forth the weighted average Black-Scholes option pricing model assumptions (no dividends were expected) and resulting grant date fair value for the stock options granted during the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Risk-free interest rate 2.90 % 0.92 % Expected volatility factor 134 % 141 % Expected option life (years) 6.0 5.9 Weighted-average fair value $ 2.18 $ 4.59 There is a maximum contractual term of ten years for the share options. The Company settles stock option exercises with newly issued common shares. No tax benefits were realized by the Company in connection with these exercises as the Company maintains net operating loss carryforwards and has established a valuation allowance against the entire tax benefit. Restricted Stock. The Company periodically grants restricted stock awards to employees and directors. The vesting period for restricted stock awards granted may be based upon a service period or based upon the attainment of performance objectives. The Company recognizes stock-based compensation over the vesting period, generally two Non-vested restricted stock awards at December 31, 2022 and changes during the year ended December 31, 2022 were as follows: Number of Shares Weighted-Average Grant-Date Fair Value Non-vested at December 31, 2021 6,882,502 $ 3.77 Granted 2,360,605 $ 2.57 Vested (3,561,879) $ 2.86 Canceled or forfeited (426,771) $ 4.83 Non-vested at December 31, 2022 5,254,457 $ 3.94 The total fair value of restricted stock that vested during the years ended December 31, 2022 and 2021 was $10.2 million and $2.8 million, respectively. As of December 31, 2022, the total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards was $16.7 million, which is expected to be recognized over the remaining weighted-average period of approximately 2.3 years. As of December 31, 2022 , there are no unvested liability-classified restricted stock awards . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes As of December 31, 2022, the Company has a federal and state net operating loss (“NOL”) carryover of approximately $170.6 million and $90.4 million, respectively, available to offset future income for income tax reporting purposes. Of our federal net operating carryovers, $1.4 million would expire between the years 2025-2037 and $50.4 million for state, which would expire between the years 2027-2042. The Company’s ability to use the carryover net operating loss may be substantially limited or eliminated pursuant to Internal Revenue Code Section 382. A limitation may apply to the use of the net operation loss and credit carryforwards, under provisions of the Internal Revenue Code that are applicable if we experience an “ownership change”. That may occur, for example, as a result of trading in our stock by significant investors as well as issuance of new equity. Should these limitations apply, the carryforwards would be subject to an annual limitation resulting in a substantial reduction in the gross deferred tax asset. We periodically evaluate our NOL carryforwards and whether certain changes in ownership have occurred that would limit our ability to utilize a portion of our NOL and tax credit carryforwards. We have evaluated whether we experienced an ownership change, as defined under Section 382, and determined that an ownership change did occur as of July 9, 2020 and January 22, 2021. NOL carryovers of approximately $66.2 million subject to the July 9, 2020 ownership change date are subject to a base $0.1 million annual limitation for each year following said ownership change. The Company will be able to utilize the annual limitation of the NOL carryforwards to offset future taxable incomes. NOL carryovers of approximately $17.9 million that occurred between the July 9, 2020 and January 22, 2021 ownership change dates are subject to a base $11.9 million annual limitation for each year following said ownership change. The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands): December 31, 2022 2021 Deferred tax assets, net: Net operating loss carryforwards $ 40,511 $ 29,398 Operating lease assets (371) (1,405) Operating lease liabilities 410 1,489 Depreciation 9,145 3,840 Stock compensation 2,027 1,146 Business interest expense 1,033 1,165 Capitalized research cost 3,334 — Other temporary differences 691 886 Deferred tax assets 56,780 36,519 Valuation allowance (56,780) (36,519) Net deferred tax assets $ — $ — The Company had a change in accounting principle (discussed in Note 9 above) effective as of December 31, 2022, resulting in the de-election of the practical expedient to combine lease and non-lease components under ASC 842. The company has adjusted the December 31, 2021 balance to reflect the modified retrospective treatment the deferred tax table has been updated to reflect the modified retrospective treatment. To reflect the update, the Company reduced the operating lease asset deferred tax liability by $6.5 million, a reduction to the operating lease liability deferred tax asset of $6.6 million, and an increase in the net operating loss deferred tax asset of $0.1 million. Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to amortize them over five years pursuant to IRC Section 174. The mandatory capitalization requirement increases the deferred tax asset for Capitalized Research Costs by $3.3 million for the year ended December 31, 2022. ASC 740, Income Taxes , provides for the recognition of deferred tax assets if realization of such assets is more likely than not to occur. Based on management’s review of both the positive and negative evidence, which includes our historical operating performance, reported cumulative net losses since inception and difficulty in accurately forecasting results, we have concluded that it is not more likely than not that we will be able to realize all of our U.S. deferred tax assets. Therefore, we have provided a full valuation allowance against deferred tax assets at December 31, 2022 and 2021, respectively. The following table sets forth reconciling items from income tax computed at the statutory federal rate: Year Ended December 31, 2022 2021 Federal income tax at statutory rate 21.0 % 21.0 % State income taxes, net of federal benefits 1.6 % 3.8 % Permanent deductions (2.2) % 0.3 % Valuation allowance (20.4) % (25.2) % Effective tax rate — % — % Accounting literature regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The Company’s evaluation was performed for the tax periods from inception to December 31, 2022. The Company is subject to examination by major tax jurisdictions for the years ended December 31, 2016 to 2022. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe Company sponsors the Gevo, Inc. 401(k) Plan (the "401(k) Plan") under Section 401(k) of the Internal Revenue Code. Subject to certain eligibility requirements, the 401(k) Plan covers substantially all employees beginning the month after employment. Employee contributions are deposited by the Company into the 401(k) Plan and may not exceed the maximum statutory contribution amount. The Company may make matching and/or discretionary contributions to the 401(k) Plan. The Company did not provide an employer match during the years ended December 31, 2022 and 2021. Beginning January 1, 2023, the 401(k) Plan was amended to require matching contributions to the 401(k) Plan by the Company on behalf of the participants, with the Company matching 100 percent up to three percent, and an additional 50 percent on up to two percent of an employee's elective contributions, computed on a per pay period basis. The matching contributions will be made in shares of the Company's common stock and vest immediately. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021, 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 December 31, 2022. Fuel Supply Commitment. The Company has three long-term fuel supply contracts to source feedstock for the anaerobic digesters at the NW Iowa RNG project. These contracts provide an annual amount of feedstock to be used in the production of RNG. Praj Commitment. 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 $3.6 million as of December 31, 2022, which is expected to be completed in 2023. Zero6 Commitments. In September 2022, the Company entered into a development agreement with Zero6 to construct and operate a wind project for the provision of electric energy for NZ1. Pursuant to the agreement, the Company has committed to pay Zero6 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 is not contractually obligated for the specified development charges until certain milestones are met in future periods, and upon completion of the project. Additionally, the Company's investment in Zero6, see Note 13 above, is pledged separately as collateral for two commitments for the purchase of wind electricity for the Luverne Facility, as well as the purchase of 100% o f RCWF's re newable 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 December 31, 2022 , and thereafter are shown below (in thousands): December 31, Total 2023 2024 2025 2026 2027 2028 and thereafter Fuel Supply Payments $ 3,744 $ 2,408 $ 1,702 $ 1,718 $ 1,736 $ 28,263 $ 39,571 Zero6 Commitment 250 350 6,776 — — — 7,376 Praj Commitment 3,600 — — — — — 3,600 Renewable Energy Credits 148 148 148 149 148 1,831 2,572 Electricity Above Use (Est.) 250 263 275 287 300 4,798 6,173 Total $ 7,992 $ 3,169 $ 8,901 $ 2,154 $ 2,184 $ 34,892 $ 59,292 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 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 December 31, 2022 and 2021 are as follows (in thousands): Fair Value Measurements at December 31, 2022 Fair Value at December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Marketable securities U.S. Treasury notes $ 56,074 $ 56,074 $ — $ — U.S. Government sponsored enterprise securities 111,334 111,334 — — Total recurring $ 167,408 $ 167,408 $ — $ — Fair Value Measurements at December 31, 2021 Fair Value at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 during the years ended December 31, 2022 and 2021. 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 December 31, 2022 are summarized as follows (in thousands): Carrying Value Estimated Fair Value 2021 Bonds $ 67,223 $ 65,438 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 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. During the year ended December 31, 2021, the Company issued 24,420,579 shares of common stock under the at-the-market offering program for total proceeds of $135.8 million, net of commissions and other offering related expenses totaling $3.6 million. As of December 31, 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 January 19, 2021, the Company completed a registered direct offering pursuant to a securities purchase agreement with certain institutional and accredited investors providing for the issuance and sale by the Company of an aggregate of 43,750,000 shares of the Company’s common stock at a price of $8.00 per share (the "January 2021 Offering"). The net proceeds to the Company from the January 2021 Offering were approximately $321.7 million, after deducting placement agent fees and other estimated offering expenses payable by the Company. 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 December 31, 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. During the year ended December 31, 2021, the Company received notices of exercise from holders of our Series 2020-A Warrants to issue an aggregate of 1,866,558 shares of common stock for total gross proceeds of approximately $1.1 million. As of December 31, 2022, there were 85,931 Series 2020-A Warrants outstanding. The Series 2022-A Warrants and Series 2020-A Warrants are classified as a component of 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 December 31, 2022 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of December 31, 2022 Shares Underlying Warrants Outstanding as of December 31, 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 year ended December 31, 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 | 12 Months Ended |
Dec. 31, 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 is 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, and the 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. Year Ended December 31, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues from external customers $ 81 $ 240 $ 854 $ 1,175 Loss from operations $ (58,427) $ (40,171) $ (4,088) $ (102,686) Acquisitions of licenses, patents, plant, property and equipment $ 47,647 $ 4,091 $ 27,126 $ 78,864 Year Ended December 31, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues from external customers $ 483 $ 50 $ — $ 533 Loss from operations $ (42,332) $ (16,783) $ (1,153) $ (60,268) Acquisitions of licenses, patents, plant, property and equipment $ 36,595 $ 5,716 $ 52,470 $ 94,781 December 31, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 573,057 $ 34,440 $ 93,251 $ 700,748 December 31, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 484,528 $ 64,008 $ 96,845 $ 645,381 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn February 14, 2023, the Company entered into a Hydrogen Development Services Agreement with Zero6, to develop and construct a hydrogen gas production facility for the provision of electric energy for NZ1. Pursuant to the agreement in 2023, the Company made an initial payment of $10.7 million to procure the required equipment, with the payment being either reimbursed upon completion of the project or used as an investment into the power generation facility. Gevo has contractual priority liens against the equipment and constructed facilities under the contract. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation . The Consolidated Financial Statements of Gevo include the accounts of its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Basis of presentation | Basis of Presentation. The Consolidated Financial Statements of the Company (which include the accounts of its wholly-owned subsidiaries Gevo Asset, LLC, Gevo RNG Holdco, LLC, Gevo NW Iowa RNG, LLC, Gevo Net-Zero HoldCo, LLC, Gevo Net-Zero 1 , LLC and Agri-Energy, LLC) have been prepared pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (the "SEC") and accounting principles generally accepted in the U.S. ("U.S. 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 at December 31, 2022 . |
Reclassifications | Reclassifications. The Company reclassified certain prior period amounts to conform to the current period presentation. The reclassifications included removing a redundant subtotal, cost of goods sold, to align with industry peers and the categorization of depreciation and amortization on the Consolidated Statements of Operations, which had no impact on total revenues, total operating expenses, net loss or stockholders' equity for any period. |
Use of Estimates | Use of Estimates . The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk . The Company’s financial instruments that are exposed to concentrations of credit risk consist of cash and cash equivalents in excess of the federally insured limits. The Company’s cash and cash equivalents are deposited with high credit-quality financial institutions and are primarily in demand deposit accounts and money market funds. |
Cash, Cash Equivalents | Cash, Cash Equivalents and Restricted Cash . The Company maintains its cash and cash equivalents in highly liquid interest-bearing money market accounts or non-interest-bearing demand accounts. The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents. Restricted cash is classified as current or non-current based on the terms of the underlying agreements and represents cash held as deposits and cash collateral for financial letters of credit. |
Restricted Cash | Cash, Cash Equivalents and Restricted Cash . The Company maintains its cash and cash equivalents in highly liquid interest-bearing money market accounts or non-interest-bearing demand accounts. The Company considers all highly liquid investments purchased with a maturity of three months or less at the date of acquisition to be cash equivalents. Restricted cash is classified as current or non-current based on the terms of the underlying agreements and represents cash held as deposits and cash collateral for financial letters of credit. |
Marketable Securities | Marketable Securities. The Company’s marketable securities consist of marketable debt securities and have been classified and accounted for as available-for-sale. Management determines the appropriate classification of its investments at the time of purchase and reevaluates the classifications at each balance sheet date. The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Marketable securities with maturities of 12 months or less are classified as short-term and marketable securities with maturities greater than 12 months are classified as long-term. The Company’s marketable securities are carried at fair value, with unrealized gains and losses, net of taxes, reported as a component of accumulated other comprehensive loss in shareholders’ equity, with the exception of unrealized losses believed to be other-than-temporary, which are reported in earnings in the current period. |
Trade Accounts Receivable | Trade Accounts Receivable, net . The Company records receivables for products shipped and services provided but for which payment has not yet been received. In evaluating its allowance for doubtful accounts for accounts receivable, the Company performs ongoing reviews of its outstanding receivables to determine if any amounts are uncollectible and adjusts the allowance for doubtful accounts accordingly. |
Inventories | Inventories . Inventory is recorded at net realizable value. Isobutanol and ethanol inventory cost consists of the applicable share of raw material, direct labor and manufacturing overhead. Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. Spare Parts inventory consists of the parts required to maintain and operate the Company’s Luverne Facility and is recorded at cost. For each reporting period, the Company reviews the value of |
Environmental Attribute Inventory | Environmental Attribute Inventory. The Company generates D3 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"). Environmental attribute inventory is included as a component of "Inventories" on the Consolidated Balance Sheets. 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. The value of the environmental attributes is reviewed for potential write-downs based on the net realizable value methodology. 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. |
Property, Plant and Equipment. Property | Property, Plant and Equipment . Property, plant and equipment are recorded at cost less accumulated depreciation and amortization. Leasehold improvements are amortized over the term of the lease agreement or the service lives of the improvements, whichever is shorter. Assets under construction are depreciated when they are placed into service. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized. Construction in Progress. Construction in progress represents expenditures necessary to bring an asset, project, new facilities or equipment to the condition and location necessary for its intended use and are capitalized and recorded at cost. Once completed and ready for its intended use, the asset is transferred to property, plant and equipment to be depreciated or amortized. Depreciation and Amortization. Capitalized costs are depreciated or amortized using the straight-line method at rates sufficient to depreciate such costs over the shorter of estimated productive lives of such assets or the useful life of the individual assets. The estimates of productive lives may change, possibly in the near term, resulting in changes to depreciation and amortization rates in future reporting periods. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets. The Company evaluates the recoverability of the recorded amount of long-lived assets, including property, plant and equipment, licenses, patents, operating lease right-of-use assets, and finance lease right-of-use assets when events or changes in circumstances indicate that their carrying amount may not be recoverable. The carrying amount of a long-lived asset is considered to be impaired if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. If the Company determines that an asset is impaired, it measures the impairment to be recognized as the amount by which the recorded amount of the asset exceeds its fair value. |
Leases, Right-of-Use Assets and Related Liabilities | Leases, Right-of-Use Assets and Related Liabilities. The Company enters into various arrangements which constitute a lease as defined by Accounting Standards Codification ("ASC") 842, Leases, as part of its ongoing business activities and operations. Leases represent a contract or part of a contract that conveys the right to control the use of identified property, plant or equipment (an identified asset) for a period of time in exchange for consideration. Such contracts result in both (a) right-of-use assets, which represent the Company’s right to use an underlying asset for the term of the contract; and (b) a corresponding lease liability which represents the Company’s obligation to make the lease payments arising from the contract. The Company has elected not to recognize a right-of-use asset and lease liability for any lease with an original lease term of 12 months or less. Lease expense for such leases is recognized on a straight-line basis over the lease term. A lease is classified as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If a lease does not meet any of these criteria, the lease is classified as an operating lease. Lease liabilities are initially measured at the lease commencement date based on the present value of lease payments over the lease term, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term and payment as the lease. Right-of-use assets are measured based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the lease commencement date less any lease incentives received. All right-of-use assets are evaluated for impairment in accordance with accounting standards applicable to long-lived assets. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not depend on an index or rate and such payments are excluded from the calculation of the right-of-use asset and lease liability and are recognized as variable lease cost when incurred. Lease cost for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease cost for finance leases consists of amortization of the right-of-use assets on a straight-line basis over the lease term, interest expense on the lease liability and variable lease payments as incurred. The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its corporate office lease asset class. Effective October 1, 2022, the Company made the voluntary determination to change its accounting policy covering the application of the practical expedient under ASC 842, Leases. Under the new accounting policy, the Company will account for lease components separately from non-lease components for the Company’s dairy lease asset class. The Company voluntarily elected this acceptable change in accounting policy effective October 1, 2022. The Company believes the change is preferable as it provides the most useful and transparent financial information and improves comparability and consistency of financial information, resulting in improved financial reporting and alignment with financial information used internally by management. The total consideration in the lease agreement will be allocated to the lease and non-lease components based on their relative standalone selling prices. Under the previous treatment, all amounts paid to the lessor under these arrangements for use of the land and cow manure were classified as lease payments and included in the calculation of the right-of-use assets and lease liabilities. The Company has retrospectively adopted this change in accounting policy described above and has provided the appropriate disclosures as required in ASC 250-10, see Note 9 Leases. |
Intangible assets | Intangible assets. Intangible assets consist of patents. Costs related to patents, including legal fees, are capitalized and amortized over the estimated useful lives using the straight-line method. Amortization expense is recorded in "Depreciation and amortization" in the Operating expenses section of the Consolidated Statements of Operations. For patents purchased in an asset acquisition, the useful life is determined by valuation estimates of remaining economic life. The patents are included in "Intangible assets, net" on the Consolidated Balance Sheets. The Company periodically evaluates the amortization period and carrying value of its patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value. |
Borrowing Costs | Borrowing Costs. The borrowing costs that are directly attributable to the acquisition and construction of an asset that needs a substantially long period of time for its intended use to begin are capitalized and recorded as part of the cost of the asset when expenditures for the asset and borrowing costs have been incurred, and the activities relating to the acquisition and construction that are necessary to prepare the asset for its intended use have commenced. The capitalization of borrowing costs ceases when the asset under acquisition or construction becomes ready for its intended use and the borrowing costs incurred thereafter are recognized in profit or loss for the current period. The capitalization of borrowing costs is suspended during periods in which the acquisition or construction of an asset is interrupted abnormally and the interruption lasts for more than three months, until the acquisition or construction is resumed. |
Debt Issuance Costs and Debt Discounts/Premiums | Debt Issuance Costs and Debt Discounts/Premiums . Debt issuance costs are costs with third parties incurred in connection with the Company’s debt financings that have been capitalized and are being amortized over the stated maturity period or estimated life of the related debt using the effective interest method. Debt issuance costs are presented as a direct reduction of the carrying amount of the related debt. Debt discounts, including fees paid to lenders, and debt premiums are amortized over the life of the related debt using the effective interest method. Debt discounts and premiums are presented as a reduction and increase, respectively, in the carrying amount of the related debt. Amortization of debt issuance costs, discounts and premiums is included in interest expense. |
Warrants | Warrants. Warrants are classified as a component of permanent equity when 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, do not embody an obligation for the Company to repurchase its shares, permit the holders to receive a fixed number of shares of common stock upon exercise and do not provide any guarantee of value or return. |
Revenue Recognition | Revenue Recognition . The Company recognizes revenue in accordance with ASC 606, Revenue from Contracts with Customers (“ASC 606”). Revenue from the Company’s point in time product sales is recognized when products are transferred, or services are invoiced and control transferred. The Company has presented the disclosures required by ASC 606, see Note 3, Revenues from contracts with customers and other revenues. |
Cost of Goods Sold | Cost of Production . Cost of production includes costs incurred in operations for the production of RNG and isobutanol, as well as costs for direct materials, direct labor and certain plant overhead costs, and plant utilities including natural gas and wind power. Direct materials consist of dextrose for initial production of isobutanol, corn feedstock, manure feedstock, denaturant, and process chemicals. Direct labor includes compensation of personnel directly involved in production operations. Plant overhead costs primarily consist of plant utilities. The Company purchases natural gas and wind power to power steam generation in the production process and to dry the distillers grains, a by-product of ethanol and related products production. |
Research and Development | Research and Development . Research and development costs are expensed as incurred. The Company’s research and development costs consist of expenses incurred to identify, develop, and test its technologies for the production of isobutanol and the development of downstream applications thereof. Research and development expense includes personnel costs (including stock-based compensation), consultants and related contract research, facility costs, supplies, license fees and milestone payments paid to third parties for use of their intellectual property and patent rights and other direct and allocated expenses incurred to support the Company’s overall research and development programs. |
General and Administrative | General and Administrative. General and administrative expense are expensed as incurred. The Company's general and administrative costs consist of personnel costs (including stock-based compensation), consulting and service provider expenses (including patent counsel-related costs), legal fees, marketing costs, insurance costs, occupancy-related costs, travel and relocation expenses and hiring expenses. |
Project Development Costs | Project Development Costs. Project development costs consist of consulting, preliminary engineering costs, and personnel costs, including stock-based compensation. |
Stock-Based Compensation | Stock-Based Compensation . The Company’s stock-based compensation expense includes expenses associated with share-based awards granted to employees and board members. Our stock-based compensation is classified as either an equity award or a liability award in accordance with U.S. GAAP. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the requisite service period. 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 grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of actual forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to three years. The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options and restricted stock awards, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award. Stock-based compensation expense related to restricted stock awards and stock options are recorded net of actual forfeitures in our Consolidated Statements of Operations. |
Income Taxes | Income Taxes . In preparing the Consolidated Financial Statements, the Company estimates the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using currently enacted tax rates in effect in the years in which those temporary differences are expected to reverse. Deferred tax assets are be reduced by a valuation allowance if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period of the changes. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the Consolidated Financial Statements. Each period, we evaluate the likelihood of whether or not some portion or all of each deferred tax asset will be realized and provide a valuation allowance for those deferred tax assets for which it is more likely than not that the related benefits will not be realized. When evaluating our valuation allowance, we consider historic and future expected levels of taxable income, the pattern and timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, and tax planning initiatives. Levels of future taxable income are affected by, among other things, production costs, interest rates, and federal and local legislation. If we determine that all or a portion of the deferred tax assets will not be realized, a valuation allowance will be recorded with a charge to income tax expense. Conversely, if we determine that we will ultimately be able to realize all or a portion of the related benefits for which a valuation allowance has been provided, all or a portion of the related valuation allowance will be reduced with a credit to income tax expense. In addition, the calculation of income tax expense involves significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation in each of the jurisdictions in which we operate and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may interpret tax legislation differently, which could affect the final amount or the timing of tax payments. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations. Accrued interest and penalties would be included within the related tax liability line in the Consolidated Balance Sheets. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Government Assistance Disclosures. In November 2021, the FASB issued ASU 2021-10, Disclosures by Business Entities about Government Assistance (“ASU 2021-10”). ASU 2021-10 details financial reporting disclosure requirements that increase the transparency of transactions with a government accounted for by applying a grant or contribution accounting model by analogy. The new guidance is effective for annual periods beginning after December 15, 2021 and interim reporting periods within those reporting periods. The Company adopted the new standard as of January 1, 2022, which did not have an impact on the Company’s disclosures related to governmental grants or an impact to the results of operations and financial position as of the adoption date. See Note 15, Debt, for additional disclosures related to the Small Business Administration’s Paycheck Protection Program ("SBA PPP"). |
Revenues from Contracts with _2
Revenues from Contracts with Customers and Other Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following tables display the Company’s revenue by major source based on product type for the years ended December 31, 2022 and 2021 (in thousands): Year Ended December 31, Major Goods/Service Line 2022 2021 Ethanol sales and related products, net $ 240 $ 50 Hydrocarbon revenue 81 483 Renewable natural gas commodity 640 — Environmental attribute revenue 214 — Total operating revenue $ 1,175 $ 533 |
Net loss Per Share (Tables)
Net loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 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): Year Ended December 31, 2022 2021 Net loss $ (98,007) $ (59,203) Basic weighted-average shares outstanding 221,537,262 195,794,606 Net loss per share - basic and diluted $ (0.44) $ (0.30) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2022 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 56,418 $ (344) $ 56,074 U.S. Government-sponsored enterprise securities Within one year 112,030 (696) 111,334 Total short-term marketable securities $ 168,448 $ (1,040) $ 167,408 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) | 12 Months Ended |
Dec. 31, 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: December 31, 2022 2021 Prepaid insurance $ 911 $ 805 Interest receivable 514 1,530 Prepaid engineering — 409 Prepaid feedstock, current 1,097 — Prepaid other 512 863 Total Prepaid and other current assets $ 3,034 $ 3,607 |
Leases, Right-of-Use Assets a_2
Leases, Right-of-Use Assets and Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Lease, Cost | The following tables present the (i) other quantitative information and (ii) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Years Ended December 31, 2022 2021 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 12 $ 15 Operating cash flows from operating leases 804 245 Finance cash flows from finance leases 3 3 Right-of-use asset obtained in exchange for new finance lease liabilities — 245 Right-of-use asset obtained in exchange for new operating lease liabilities — 1,611 Weighted-average remaining lease term, finance lease (months) 311 317 Weighted-average remaining lease term, operating leases (months) 65 63 Weighted-average discount rate - finance leases (1) 12 % 11 % Weighted-average discount rate - operating leases (1) 5 % 5 % (1) Our leases do not provide an implicit interest rate, and 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. |
Schedule of Operating Lease, Liability, Fiscal Year Maturity | Year Ending December 31, Operating Leases Financing Leases 2023 $ 528 $ 88 2024 305 31 2025 315 25 2026 324 25 2027 334 25 2028 and thereafter 373 538 Total 2,179 732 Less: Amounts representing present value discounts (291) (470) Total lease liabilities 1,888 262 Less: current portion (438) (79) Long-term portion $ 1,450 $ 183 |
Schedule of Finance Lease, Liability, Fiscal Year Maturity | Year Ending December 31, Operating Leases Financing Leases 2023 $ 528 $ 88 2024 305 31 2025 315 25 2026 324 25 2027 334 25 2028 and thereafter 373 538 Total 2,179 732 Less: Amounts representing present value discounts (291) (470) Total lease liabilities 1,888 262 Less: current portion (438) (79) Long-term portion $ 1,450 $ 183 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventory balances (in thousands) as of: December 31, 2022 2021 Raw materials Corn $ — $ 301 Consumables 29 186 Catalyst 139 265 Finished goods SAF, isooctane and isooctene 1,457 335 Isobutanol 124 223 Ethanol — 96 Work in process Isobutanol — 83 Jet fuel 51 — Spare parts, net 354 1,262 Environmental attributes 4,193 — Total inventories $ 6,347 $ 2,751 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 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): Useful Life (in years) December 31, 2022 2021 Land $ 6,452 $ 410 Plant facilities and infrastructure 5 to 20 76,900 84,117 Machinery and equipment 5 to 20 87,248 25,369 Furniture and office equipment 3 to 7 2,977 2,550 Software 3 to 6 2,217 1,564 Construction in progress 72,717 87,591 Total property, plant and equipment 248,511 201,601 Less accumulated depreciation and amortization (71,639) (63,859) Property, plant and equipment, net $ 176,872 $ 137,742 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Identifiable Intangible Assets | Identifiable intangible assets were comprised of the following (in thousands): December 31, 2022 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, net Weighted-Average Life (Years) Patents $ 4,580 $ (1,039) $ 3,541 7.4 Defensive assets 4,900 (750) 4,150 8.4 Identifiable intangible assets $ 9,480 $ (1,789) $ 7,691 7.9 December 31, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, net Weighted-Average 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 Amortization of Identifiable Intangible Assets | The following table details the estimated amortization of identifiable intangible assets as of December 31, 2022 (in thousands): Year Ending December 31, Patents Defensive Assets Total 2023 $ 578 $ 586 $ 1,164 2024 580 588 1,168 2025 578 586 1,164 2026 578 586 1,164 2027 578 586 1,164 2028 and thereafter 649 1,218 1,867 Total $ 3,541 $ 4,150 $ 7,691 |
Deposits and Other Assets (Tabl
Deposits and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Deposits and Other Assets | The following table sets forth the components of the Company's deposits and other assets (in thousands) as of: Year Ended December 31, 2022 2021 Deposits (1) $ 276 $ 831 Prepaid feedstock (2) 934 — Equity interest (3) 1,500 1,500 Exclusivity fees (4) 2,522 3,250 Deposits receivable (5) 8,302 — Other assets, net (6) 8,460 7,365 Total Deposits and Other Assets $ 21,994 $ 12,946 (1) Deposits for legal services and products for NZ1. (2) Prepaid feedstock fees, non-current, for the production of RNG. (3) The Company directly holds a 4.6% interest in the Series A Preferred Stock of Zero6 Clean Energy Assets, Inc. ("Zero6"), formerly Juhl Clean Energy Assets, Inc., 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 Zero6's stock, subject to impairment. The equity interest in Zero6 is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC ("RCWF"), a Zero6 subsidiary, see Note 19, Commitments and Contingencies, for additional information. (4) Axens North America, Inc. ("Axens") will provide certain alcohol-to-SAF technologies and services exclusively provided to the Company which may be offset against future license fees subject to the delivery of a process design package. (5) 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. (6) Payments which were allocated to the non-lease fuel supply, primarily related to sand separation systems, to support NW Iowa RNG fuel supply agreements prior to commencement of operations, being amortized over the life of the project. |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 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 the Consolidated Balance Sheets (in thousands): Year Ended December 31, 2022 2021 Accounts payable $ 5,009 $ 4,830 Accrued liabilities 12,594 18,642 Accrued payroll and related benefits 5,105 4,678 Accrued sales and use tax 2,052 — Total accounts payable and accrued liabilities $ 24,760 $ 28,150 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The summary of the Company's long-term debt is as follows (in thousands) as of: Year Ended December 31, Interest Rate Maturity Date 2022 2021 2021 Bonds 1.5% January 2042 $ 67,223 $ 66,486 SBA Loans 1.0% April 2025 224 320 Equipment 4.0 % to 5.0 % February 2022 to December 2024 94 156 Total loans payable - other 67,541 66,962 Less current portion (159) (158) Long-term portion $ 67,382 $ 66,804 |
Schedule of Future Payments for Long-term Debt | Future payments for the Company's long-term debt are as follows (in thousands): Year Ending December 31, Total Debt 2023 $ 159 2024 67,352 2025 30 Total loans payable - other $ 67,541 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement [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): Year Ended December 31, 2022 2021 Equity Classified Awards Cost of production $ (25) $ 43 General and administrative 14,342 5,631 Other 2,618 2,026 Total equity classified awards 16,935 7,700 Liability Classified Awards General and administrative — 2,165 Other — 9 Total liability classified awards — 2,174 Total stock-based compensation $ 16,935 $ 9,874 |
Schedule Stock Option Award Activity | Stock option award activity . Stock option activity under the Company’s stock incentive plans and changes during the year ended December 31, 2022 were as follows: Number of Options Weighted Average Exercise Price (1) Weighted Average Remaining Contractual Term Aggregate Intrinsic Value Options outstanding at December 31, 2021 4,746,368 $ 5.11 $ — Granted 1,627,683 $ 3.45 Canceled or forfeited (428,730) $ 5.49 Exercised — $ — Options outstanding at December 31, 2022 5,945,321 $ 4.65 9.1 $ — Options vested and expected to vest at December 31, 2022 1,512,054 $ 5.32 8.7 $ — (1) Exercise price of options outstanding range from $2.42 to $11,340 as of December 31, 2022. The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018, subsequent to certain option grants, and relates to awards that expire during 2023. |
Schedule of Stock Option Pricing Assumptions | The following table sets forth the weighted average Black-Scholes option pricing model assumptions (no dividends were expected) and resulting grant date fair value for the stock options granted during the years ended December 31, 2022 and 2021: Year Ended December 31, 2022 2021 Risk-free interest rate 2.90 % 0.92 % Expected volatility factor 134 % 141 % Expected option life (years) 6.0 5.9 Weighted-average fair value $ 2.18 $ 4.59 |
Schedule of Non-vested Restricted Stock Awards | Non-vested restricted stock awards at December 31, 2022 and changes during the year ended December 31, 2022 were as follows: Number of Shares Weighted-Average Grant-Date Fair Value Non-vested at December 31, 2021 6,882,502 $ 3.77 Granted 2,360,605 $ 2.57 Vested (3,561,879) $ 2.86 Canceled or forfeited (426,771) $ 4.83 Non-vested at December 31, 2022 5,254,457 $ 3.94 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net Deferred Tax Assets | The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands): December 31, 2022 2021 Deferred tax assets, net: Net operating loss carryforwards $ 40,511 $ 29,398 Operating lease assets (371) (1,405) Operating lease liabilities 410 1,489 Depreciation 9,145 3,840 Stock compensation 2,027 1,146 Business interest expense 1,033 1,165 Capitalized research cost 3,334 — Other temporary differences 691 886 Deferred tax assets 56,780 36,519 Valuation allowance (56,780) (36,519) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | The following table sets forth reconciling items from income tax computed at the statutory federal rate: Year Ended December 31, 2022 2021 Federal income tax at statutory rate 21.0 % 21.0 % State income taxes, net of federal benefits 1.6 % 3.8 % Permanent deductions (2.2) % 0.3 % Valuation allowance (20.4) % (25.2) % Effective tax rate — % — % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimated Commitments | The estimated commitments as of December 31, 2022 , and thereafter are shown below (in thousands): December 31, Total 2023 2024 2025 2026 2027 2028 and thereafter Fuel Supply Payments $ 3,744 $ 2,408 $ 1,702 $ 1,718 $ 1,736 $ 28,263 $ 39,571 Zero6 Commitment 250 350 6,776 — — — 7,376 Praj Commitment 3,600 — — — — — 3,600 Renewable Energy Credits 148 148 148 149 148 1,831 2,572 Electricity Above Use (Est.) 250 263 275 287 300 4,798 6,173 Total $ 7,992 $ 3,169 $ 8,901 $ 2,154 $ 2,184 $ 34,892 $ 59,292 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments, by Fair Value Hierarchy | The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at December 31, 2022 and 2021 are as follows (in thousands): Fair Value Measurements at December 31, 2022 Fair Value at December 31, 2022 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Marketable securities U.S. Treasury notes $ 56,074 $ 56,074 $ — $ — U.S. Government sponsored enterprise securities 111,334 111,334 — — Total recurring $ 167,408 $ 167,408 $ — $ — Fair Value Measurements at December 31, 2021 Fair Value at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 December 31, 2022 are summarized as follows (in thousands): Carrying Value Estimated Fair Value 2021 Bonds $ 67,223 $ 65,438 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2022 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of December 31, 2022 Shares Underlying Warrants Outstanding as of December 31, 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 year ended December 31, 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) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues from external customers $ 81 $ 240 $ 854 $ 1,175 Loss from operations $ (58,427) $ (40,171) $ (4,088) $ (102,686) Acquisitions of licenses, patents, plant, property and equipment $ 47,647 $ 4,091 $ 27,126 $ 78,864 Year Ended December 31, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Revenues from external customers $ 483 $ 50 $ — $ 533 Loss from operations $ (42,332) $ (16,783) $ (1,153) $ (60,268) Acquisitions of licenses, patents, plant, property and equipment $ 36,595 $ 5,716 $ 52,470 $ 94,781 December 31, 2022 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 573,057 $ 34,440 $ 93,251 $ 700,748 December 31, 2021 Gevo Agri-Energy Renewable Natural Gas Consolidated Total assets $ 484,528 $ 64,008 $ 96,845 $ 645,381 |
Nature of Business, Financial_2
Nature of Business, Financial Condition and Basis of Presentation (Details) milking_cow in Thousands, ft² in Thousands, $ in Thousands, lb in Millions | Dec. 31, 2022 USD ($) a ft² dairy milking_cow lb gal | Dec. 31, 2021 USD ($) |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Number of dairies | dairy | 3 | |
Number of milking cows | milking_cow | 20 | |
Cash and cash equivalents | $ 237,125 | $ 40,833 |
Short and long-term restricted cash | 78,300 | |
Marketable securities | $ 167,400 | |
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 | 55,000,000 | |
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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Awards vesting period | 3 years |
Revenues from Contracts with _3
Revenues from Contracts with Customers and Other Revenue - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 1,175,000 | $ 533,000 |
Contract with customer, asset, after allowance for credit loss | 0 | 0 |
Contract with customer, liability | $ 0 | 0 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, payment terms | 1 month | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Revenue from contract with customer, payment terms | 3 months | |
Renewable natural gas commodity | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 640,000 | 0 |
Environmental Attributes | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenues | $ 214,000 | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers and Other Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | $ 1,175 | $ 533 |
Ethanol sales and related products, net | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | 240 | 50 |
Hydrocarbon revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | 81 | 483 |
Renewable natural gas commodity | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | 640 | 0 |
Environmental attribute revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | $ 214 | $ 0 |
Asset Impairment (Details)
Asset Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Impairment loss | $ 24,749 | $ 0 |
Net loss Per Share - Narrative
Net loss Per Share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Potential anti-dilutive shares excluded from net loss per share calculation (in shares) | 1,675,741,000 | 4,911,841,000 |
Net loss Per Share - Basic and
Net loss Per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net loss, basic | $ (98,007) | $ (59,203) |
Net loss, diluted | $ (98,007) | $ (59,203) |
Basic weighted-average shares outstanding (in shares) | 221,537,262 | 195,794,606 |
Net loss per share - basic (in dollars per share) | $ (0.44) | $ (0.30) |
Net loss per share - diluted (in dollars per share) | $ (0.44) | $ (0.30) |
Marketable Securities - Investm
Marketable Securities - Investments In Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Short-term marketable securities, amortized cost basis | $ 168,448 | $ 275,754 |
Short-term marketable securities, gross unrealized losses | (1,040) | (414) |
Short-term marketable securities, fair value | 167,408 | 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 | 56,418 | 226,136 |
Short-term marketable securities, gross unrealized losses | (344) | (344) |
Short-term marketable securities, fair value | 56,074 | 225,792 |
U.S. Government-sponsored enterprise securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Short-term marketable securities, amortized cost basis | 112,030 | 49,618 |
Short-term marketable securities, gross unrealized losses | (696) | (70) |
Short-term marketable securities, fair value | $ 111,334 | 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 | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Marketable Securities [Line Items] | ||
Interest receivable | $ 514 | $ 1,530 |
Interest income | 4,300 | 500 |
Marketable securities maturities in 2023 | 168,600 | |
Prepaid Expenses and Other Current Assets | ||
Marketable Securities [Line Items] | ||
Interest receivable | $ 500 | $ 1,500 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2022 | Apr. 15, 2021 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash for letters of credit | $ 78,300,000 | ||
Interest income on restricted cash | $ 500,000 | ||
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 | ||
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 | ||
Letters of credit outstanding | $ 0 |
Prepaid and Other Current Ass_3
Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 911 | $ 805 |
Interest receivable | 514 | 1,530 |
Prepaid engineering | 0 | 409 |
Prepaid feedstock, current | 1,097 | 0 |
Prepaid other | 512 | 863 |
Total Prepaid and other current assets | $ 3,034 | $ 3,607 |
Leases, Right-of-Use Assets a_3
Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Sep. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) contract site | Dec. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Leases [Abstract] | ||||||||
Number of finance lease | contract | 4 | |||||||
Number of digester sites | site | 3 | |||||||
Lessee, Lease, Description [Line Items] | ||||||||
Reduction to finance right of use asset | $ 236 | $ 219 | $ 236 | |||||
Reduction to finance lease liabilities (current) | 11 | 79 | 11 | |||||
Reduction to finance lease liabilities (long-term) | 242 | 183 | 242 | |||||
Increase in cash used in operating activities | (52,613) | (48,271) | ||||||
Increase (decrease) in cash used for financing activities | $ 138,562 | 517,324 | ||||||
Revision of Prior Period, Change in Accounting Principle, Adjustment | ||||||||
Lessee, Lease, Description [Line Items] | ||||||||
Reduction to finance right of use asset | $ (26,800) | (27,100) | $ (27,400) | (27,100) | $ (27,300) | $ (26,700) | $ (27,300) | |
Reduction to finance lease liabilities (current) | (2,100) | (3,400) | (2,700) | (3,400) | (6,200) | (4,000) | (4,900) | |
Reduction to finance lease liabilities (long-term) | (16,200) | (17,600) | (19,400) | (17,600) | (16,200) | (17,200) | (19,500) | |
Increase (decrease) in construction in progress | (900) | (800) | (800) | (800) | (700) | (700) | (800) | |
Increase (decrease) in other assets | 8,700 | 7,400 | 6,000 | $ 7,400 | 7,700 | $ 7,500 | $ 3,400 | |
Increase (decrease) in prepaid expenses, | 1,100 | |||||||
Increase (decrease) in prepaid expenses and other assets | $ 900 | |||||||
Increase in cash used in operating activities | 4,300 | 4,500 | 3,000 | |||||
Increase (decrease) in cash used for financing activities | $ (4,300) | $ (4,500) | $ (3,000) |
Leases, Right-of-Use Assets a_4
Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | $ 12 | $ 15 |
Operating cash flows from operating leases | 804 | 245 |
Finance cash flows from finance leases | 3 | 3 |
Right-of-use asset obtained in exchange for new finance lease liabilities | 0 | 245 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 0 | $ 1,611 |
Weighted-average remaining lease term, finance lease (months) | 311 months | 317 months |
Weighted-average remaining lease term, operating leases (months) | 65 months | 63 months |
Weighted-average discount rate - finance leases | 12% | 11% |
Weighted-average discount rate - operating leases | 5% | 5% |
Leases, Right-of-Use Assets a_5
Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 528 | |
2024 | 305 | |
2025 | 315 | |
2026 | 324 | |
2027 | 334 | |
2028 and thereafter | 373 | |
Total | 2,179 | |
Less: Amounts representing present value discounts | (291) | |
Total lease liabilities | 1,888 | |
Less: current portion | (438) | $ (772) |
Long-term portion | 1,450 | 1,902 |
Finance Leases | ||
2023 | 88 | |
2024 | 31 | |
2025 | 25 | |
2026 | 25 | |
2027 | 25 | |
2028 and thereafter | 538 | |
Total | 732 | |
Less: Amounts representing present value discounts | (470) | |
Total lease liabilities | 262 | |
Less: current portion | (79) | (11) |
Long-term portion | $ 183 | $ 242 |
Inventories - Components of Inv
Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory [Line Items] | ||
Spare parts, net | $ 354 | $ 1,262 |
Environmental attributes | 4,193 | 0 |
Total inventories | 6,347 | 2,751 |
Corn | ||
Inventory [Line Items] | ||
Raw materials | 0 | 301 |
Consumables | ||
Inventory [Line Items] | ||
Raw materials | 29 | 186 |
Catalyst | ||
Inventory [Line Items] | ||
Raw materials | 139 | 265 |
SAF, isooctane and isooctene | ||
Inventory [Line Items] | ||
Finished goods | 1,457 | 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 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Environmental attributes | ||
Inventory [Line Items] | ||
Inventory write-down | $ 0.4 | |
Finished goods and work in process inventory | ||
Inventory [Line Items] | ||
Inventory write-down | $ 0.8 | $ 5.2 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 248,511 | $ 201,601 |
Less accumulated depreciation and amortization | (71,639) | (63,859) |
Property, plant and equipment, net | 176,872 | 137,742 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 6,452 | 410 |
Plant facilities and infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 76,900 | 84,117 |
Plant facilities and infrastructure | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | |
Plant facilities and infrastructure | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 20 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 87,248 | 25,369 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 20 years | |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 2,977 | 2,550 |
Furniture and office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Furniture and office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 7 years | |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 2,217 | 1,564 |
Software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 6 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 72,717 | $ 87,591 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 6,500 | $ 4,800 |
Total property, plant and equipment | 248,511 | 201,601 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress accrual | 13,800 | |
Total property, plant and equipment | 72,717 | 87,591 |
Interest Costs Capitalized | 300 | 0 |
Construction in progress | Gevo | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 25,900 | 400 |
Construction in progress | Agri-Energy | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 11,400 | 9,100 |
Construction in progress | NW Lowa RNG | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 1,000 | 55,500 |
Construction in progress | NZ1 | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 34,400 | $ 22,500 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Sep. 21, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets (less than) | $ 1.3 | $ 0.3 | |
Butamax | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset acquisition, purchase price | $ 9.2 | ||
Asset acquisition, legal fees | 0.2 | ||
Butamax | Patents | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset acquisition, intangible assets | 4.3 | ||
Butamax | Defensive assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Asset acquisition, intangible assets | $ 4.9 |
Intangible Assets - Identifiabl
Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9,480 | $ 9,470 |
Accumulated Amortization | (1,789) | (532) |
Identifiable Intangible Assets, net | $ 7,691 | $ 8,938 |
Weighted-Average 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 | (1,039) | (368) |
Identifiable Intangible Assets, net | $ 3,541 | $ 4,207 |
Weighted-Average 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 | (750) | (164) |
Identifiable Intangible Assets, net | $ 4,150 | $ 4,731 |
Weighted-Average Life (Years) | 8 years 4 months 24 days | 8 years 4 months 24 days |
Intangible Assets - Narrative_2
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1.3 | $ 0.3 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | $ 1,164 | |
2024 | 1,168 | |
2025 | 1,164 | |
2026 | 1,164 | |
2027 | 1,164 | |
2028 and thereafter | 1,867 | |
Identifiable Intangible Assets, net | 7,691 | $ 8,938 |
Patents | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | 578 | |
2024 | 580 | |
2025 | 578 | |
2026 | 578 | |
2027 | 578 | |
2028 and thereafter | 649 | |
Identifiable Intangible Assets, net | 3,541 | 4,207 |
Defensive assets | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 | 586 | |
2024 | 588 | |
2025 | 586 | |
2026 | 586 | |
2027 | 586 | |
2028 and thereafter | 1,218 | |
Identifiable Intangible Assets, net | $ 4,150 | $ 4,731 |
Deposits and Other Assets (Deta
Deposits and Other Assets (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) commitment | Dec. 31, 2021 USD ($) | |
Deposits and Other Assets [Line Items] | ||
Deposits | $ 276 | $ 831 |
Prepaid feedstock | 934 | 0 |
Equity interest | 1,500 | 1,500 |
Exclusivity fees | 2,522 | 3,250 |
Deposits receivable | 8,302 | 0 |
Other assets, net | 8,460 | 7,365 |
Total Deposits and Other Assets | $ 21,994 | $ 12,946 |
Number of commitments with collateral | commitment | 2 | |
Deposits receivable, reimbursed or used as investment | $ 5,500 | |
Deposits receivable, fully reimbursed upon completion | $ 2,800 | |
Zero6 | Series A Preferred Stock | ||
Deposits and Other Assets [Line Items] | ||
Noncontrolling interest, ownership percentage | 4.60% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 5,009 | $ 4,830 |
Accrued liabilities | 12,594 | 18,642 |
Accrued payroll and related benefits | 5,105 | 4,678 |
Accrued sales and use tax | 2,052 | 0 |
Total accounts payable and accrued liabilities | $ 24,760 | $ 28,150 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 15, 2021 | |
Debt Instrument [Line Items] | |||||
Proceeds from issuance of long-term debt | $ 0 | $ 68,995,000 | |||
Long-term debt | 67,541,000 | 66,962,000 | |||
2021 Bonds | |||||
Debt Instrument [Line Items] | |||||
Debt collateral amount | $ 71,200,000 | ||||
2021 Bonds | Securitization Bonds Payable | |||||
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 | ||||
Letters of credit outstanding | 0 | ||||
Debt premium | 400,000 | 700,000 | 800,000 | ||
Debt issuance costs | $ 1,300,000 | 2,300,000 | $ 3,000,000 | ||
2021 Bonds | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.50% | ||||
Long-term debt | $ 67,223,000 | 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 | $ 224,000 | $ 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 - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 30, 2021 |
Debt Instrument [Line Items] | |||
Total loans payable - other | $ 67,541 | $ 66,962 | |
Less current portion | (159) | (158) | |
Long-term portion | $ 67,382 | 66,804 | |
Loans Payable | 2021 Bonds | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.50% | ||
Total loans payable - other | $ 67,223 | 66,486 | |
Loans Payable | SBA Loans | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1% | 1% | |
Total loans payable - other | $ 224 | 320 | $ 300 |
Loans Payable | Equipment | |||
Debt Instrument [Line Items] | |||
Total loans payable - other | $ 94 | $ 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 | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2023 | $ 159 | |
2024 | 67,352 | |
2025 | 30 | |
Total loans payable - other | $ 67,541 | $ 66,962 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Jun. 09, 2021 | |
Schedule of Equity Incentive Plans [Line Items] | |||
Options vested (in shares) | 1,500,000 | ||
Awards vesting period | 3 years | ||
Stock option | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options | $ 13.5 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 4 months 24 days | ||
Award contractual term | 10 years | ||
Stock option | Minimum | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Awards vesting period | 2 years | ||
Stock option | Maximum | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Awards vesting period | 3 years | ||
Restricted Stock | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 2 years 3 months 18 days | ||
Total fair value of restricted stock, vested | $ 10.2 | $ 2.8 | |
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards | $ 16.7 | ||
2010 Plan | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 22,980,074 | ||
Number of shares available for awards (in shares) | 4,221,225 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 16,935 | $ 9,874 |
Equity Classified Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 16,935 | 7,700 |
Equity Classified Awards | Cost of production | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | (25) | 43 |
Equity Classified Awards | General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 14,342 | 5,631 |
Equity Classified Awards | Other | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 2,618 | 2,026 |
Liability Classified Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 0 | 2,174 |
Liability Classified Awards | General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 0 | 2,165 |
Liability Classified Awards | Other | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 0 | $ 9 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | |
Granted (in shares) | 1,627,683 | |
Canceled or forfeited (in shares) | (428,730) | |
Exercised (in shares) | 0 | |
Outstanding, Ending Balance (in shares) | 5,945,321 | 4,746,368 |
Options vested and expected to vest (in shares) | 1,512,054 | |
Weighted-Average Exercise Price | ||
Beginning Balance (in dollars per share) | $ 5.11 | |
Granted (in dollars per share) | 3.45 | |
Canceled or forfeited (in dollars per share) | 5.49 | |
Exercised (in dollars per share) | 0 | |
Ending Balance (in dollars per share) | 4.65 | $ 5.11 |
Options vested and expected to vest (in dollars per share) | $ 5.32 | |
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Options Outstanding, Weighted Average Remaining Contractual Term (years) | 9 years 1 month 6 days | |
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years) | 8 years 8 months 12 days | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
Granted, Aggregate Intrinsic Value | ||
Canceled or forfeited, Aggregate Intrinsic Value | ||
Exercised, Aggregate Intrinsic Value | ||
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 - St_3
Stock-Based Compensation - Stock Option Valuation Assumptions (Details) - Stock option - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 2.90% | |
Risk-free interest rate, maximum | 0.92% | |
Expected volatility factor, minimum | 134% | |
Expected volatility factor, maximum | 141% | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life (years) | 6 years | |
Weighted-average fair value (in USD per share) | $ 2.18 | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected option life (years) | 5 years 10 months 24 days | |
Weighted-average fair value (in USD per share) | $ 4.59 |
Stock-Based Compensation - Non-
Stock-Based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Number of Shares | |
Outstanding , Beginning Balance (in shares) | shares | 6,882,502 |
Granted (in shares) | shares | 2,360,605 |
Vested and issued (in shares) | shares | (3,561,879) |
Canceled or forfeited (in shares) | shares | (426,771) |
Nonvested, Ending Balance (in shares) | shares | 5,254,457 |
Weighted-Average Grant-Date Fair Value | |
Outstanding , Beginning Balance (in dollars per share) | $ / shares | $ 3.77 |
Granted (in dollars per share) | $ / shares | 2.57 |
Vested and issued (in dollars per share) | $ / shares | 2.86 |
Canceled or forfeited (in dollars per share) | $ / shares | 4.83 |
Nonvested, Ending Balance (in dollars per share) | $ / shares | $ 3.94 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Jan. 22, 2021 | Jul. 09, 2020 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax assets, operating lease liabilities | $ 410,000 | $ 1,489,000 | ||
Net operating loss carryforwards | 40,511,000 | 29,398,000 | ||
Increases of deferred tax asset for Capitalized Research Costs | 3,300,000 | |||
Unrecognized tax benefits | 0 | 0 | ||
Revision of Prior Period, Adjustment | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liabilities, operating lease assets | 6,500,000 | |||
Deferred tax assets, operating lease liabilities | 6,600,000 | |||
Net operating loss carryforwards | $ 100,000 | |||
Domestic Tax Authority | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 170,600,000 | |||
Operating loss carryforwards, amount subject to expiration | 1,400,000 | |||
Operating loss carryforwards, subject to ownership change | $ 17,900,000 | $ 66,200,000 | ||
Operating loss carryforwards, subject to ownership change, annual limitation amount | $ 11,900,000 | $ 100,000 | ||
State and Local Jurisdiction | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 90,400,000 | |||
Operating loss carryforwards, amount subject to expiration | $ 50,400,000 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 40,511 | $ 29,398 |
Operating lease assets | (371) | (1,405) |
Operating lease liabilities | 410 | 1,489 |
Depreciation | 9,145 | 3,840 |
Stock compensation | 2,027 | 1,146 |
Business interest expense | 1,033 | 1,165 |
Capitalized research cost | 3,334 | 0 |
Other temporary differences | 691 | 886 |
Deferred tax assets | 56,780 | 36,519 |
Valuation allowance | (56,780) | (36,519) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Reconciling Item
Income Taxes - Reconciling Items from Income Tax (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax at statutory rate | 21% | 21% |
State income taxes, net of federal benefits | 1.60% | 3.80% |
Permanent deductions | (2.20%) | 0.30% |
Valuation allowance | (20.40%) | (25.20%) |
Effective tax rate | 0% | 0% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) | 2 Months Ended | 12 Months Ended | |
Mar. 09, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |||
Employer discretionary contribution amount | $ 0 | $ 0 | |
Subsequent Event | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer matching contribution, percent of match | 100% | ||
Employer matching contribution, percent of employee's elective contributions | 3% | ||
Employer matching contribution, additional percent of match | 50% | ||
Employer matching contribution, additional percent of employee's elective contributions | 2% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) commitment | Dec. 31, 2021 USD ($) | Jun. 30, 2021 USD ($) | |
Gain Contingencies [Line Items] | ||||
Liabilities associated with indemnities | $ 0 | $ 0 | ||
Environmental liabilities | 0 | |||
Contractual obligation | $ 3,600,000 | $ 10,200,000 | ||
Number of commitments with collateral | commitment | 2 | |||
Commitment collateral, percentage of renewable energy credits | 100% | |||
Development Agreement With Zero6 | ||||
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 | |||
Indemnification Agreement | ||||
Gain Contingencies [Line Items] | ||||
Losses accrual for known contingent liability | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Other Commitments [Line Items] | |
2023 | $ 7,992 |
2024 | 3,169 |
2025 | 8,901 |
2026 | 2,154 |
2027 | 2,184 |
2028 and thereafter | 34,892 |
Total | 59,292 |
Fuel Supply Payments | |
Other Commitments [Line Items] | |
2023 | 3,744 |
2024 | 2,408 |
2025 | 1,702 |
2026 | 1,718 |
2027 | 1,736 |
2028 and thereafter | 28,263 |
Total | 39,571 |
Zero6 Commitment | |
Other Commitments [Line Items] | |
2023 | 250 |
2024 | 350 |
2025 | 6,776 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Total | 7,376 |
Praj Commitment | |
Other Commitments [Line Items] | |
2023 | 3,600 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Total | 3,600 |
Renewable Energy Credits | |
Other Commitments [Line Items] | |
2023 | 148 |
2024 | 148 |
2025 | 148 |
2026 | 149 |
2027 | 148 |
2028 and thereafter | 1,831 |
Total | 2,572 |
Electricity Above Use (Est.) | |
Other Commitments [Line Items] | |
2023 | 250 |
2024 | 263 |
2025 | 275 |
2026 | 287 |
2027 | 300 |
2028 and thereafter | 4,798 |
Total | $ 6,173 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments, by Fair Value Hierarchy (Details) - Recurring - USD ($) $ in Thousands | Dec. 31, 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 | $ 167,408 | 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 | 167,408 | 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 | 56,074 | 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 | 56,074 | 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 | 111,334 | 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 | 111,334 | 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 of Debt Instruments (Details) - 2021 Bonds $ in Thousands | Dec. 31, 2022 USD ($) |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 67,223 |
Estimated Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 65,438 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Jun. 08, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Jan. 19, 2021 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) shares | Feb. 17, 2022 shares | |
Class of Warrant or Right [Line Items] | ||||||
Warrants outstanding (in shares) | shares | 33,419,267,000 | |||||
Proceeds from exercise of warrants | $ 3 | $ 1,121 | ||||
Series 2022-A Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants outstanding (in shares) | shares | 33,333,336 | 33,333,336,000 | ||||
Warrants term (in years) | 5 years | |||||
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 | $ 4.37 | ||||
Warrants outstanding | $ 92,900 | |||||
Series 2022-A Warrants | Volatility | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants, measurement input | 1.511 | |||||
Series 2022-A Warrants | Risk Free Interest Rate | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants, measurement input | 0.0286 | |||||
Series 2022-A Warrants | Expected Term | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants term (in years) | 5 years | |||||
Warrants, measurement input | 5 | |||||
Series 2020-A Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants outstanding (in shares) | shares | 85,931,000 | |||||
Warrant exercise price (in dollars per share) | $ / shares | $ 0.60 | |||||
Stock issued for exercise of warrants | shares | 1,866,558 | |||||
Proceeds from exercise of warrants | $ 3 | $ 1,100 | ||||
Warrants outstanding | $ 8,300 | |||||
Series 2020-A Warrants | Volatility | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants, measurement input | 1.30 | |||||
Series 2020-A Warrants | Risk Free Interest Rate | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants, measurement input | 0.0030 | |||||
Series 2020-A Warrants | Expected Term | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants term (in years) | 5 years | |||||
Warrants, measurement input | 5 | |||||
Series K Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants unexercised (in shares) | shares | 7,126 | |||||
At The Market Offering | ||||||
Class of Warrant or Right [Line Items] | ||||||
Sale of stock, authorized amount | $ 500,000 | |||||
Sale of stock, Issuance of common stock (in shares) | shares | 24,420,579 | |||||
Proceeds from issuance or sale of stock | $ 135,800 | |||||
Commissions and other offering related expenses | $ 3,600 | |||||
Sale of stock, remaining capacity to issue shares | $ 360,600 | |||||
January 2021 Offering | ||||||
Class of Warrant or Right [Line Items] | ||||||
Sale of stock, Issuance of common stock (in shares) | shares | 43,750,000 | |||||
Proceeds from issuance or sale of stock | $ 321,700 | |||||
Sale of stock, price (in dollars per share) | $ / shares | $ 8 | |||||
June 2022 Offering | ||||||
Class of Warrant or Right [Line Items] | ||||||
Sale of stock, Issuance of common stock (in shares) | shares | 33,333,336 | |||||
Proceeds from issuance or sale of stock | $ 139,200 | |||||
Sale of stock, price (in dollars per share) | $ / shares | $ 4.50 |
Shareholders' Equity - Shares I
Shareholders' Equity - Shares Issued Upon Exercise of Warrants (Details) - $ / shares | Dec. 31, 2022 | Jun. 08, 2022 |
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) | $ 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) | $ 4.37 | $ 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 | 33,333,336 |
Shareholders' Equity - Exercise
Shareholders' Equity - Exercise of Warrants (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | ||
Proceeds from exercise of warrants | $ 3 | $ 1,121 |
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 | $ 1,100 |
Segments- Narrative (Details)
Segments- Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Segment Reporting In
Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenues from external customers | $ 1,175 | $ 533 |
Loss from operations | (102,686) | (60,268) |
Acquisitions of licenses, patents, plant, property and equipment | 78,864 | 94,781 |
Total assets | 700,748 | 645,381 |
Operating Segments | Gevo | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | 81 | 483 |
Loss from operations | (58,427) | (42,332) |
Acquisitions of licenses, patents, plant, property and equipment | 47,647 | 36,595 |
Total assets | 573,057 | 484,528 |
Operating Segments | Agri-Energy | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | 240 | 50 |
Loss from operations | (40,171) | (16,783) |
Acquisitions of licenses, patents, plant, property and equipment | 4,091 | 5,716 |
Total assets | 34,440 | 64,008 |
Operating Segments | Renewable Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenues from external customers | 854 | 0 |
Loss from operations | (4,088) | (1,153) |
Acquisitions of licenses, patents, plant, property and equipment | 27,126 | 52,470 |
Total assets | $ 93,251 | $ 96,845 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Feb. 14, 2023 USD ($) |
Development Services Agreement With Zero6 | Subsequent Event | |
Subsequent Event [Line Items] | |
Initial payment to procure equipment | $ 10.7 |