Cover page
Cover page - shares | 6 Months Ended | |
Jun. 30, 2023 | Aug. 09, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35073 | |
Entity Registrant Name | GEVO, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0747704 | |
Entity Address, Address Line One | 345 Inverness Drive South | |
Entity Address, Address Line Two | Building C, Suite 310 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
City Area Code | 303 | |
Local Phone Number | 858-8358 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | GEVO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 237,403,124 | |
Entity Central Index Key | 0001392380 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 347,650 | $ 237,125 |
Marketable securities | 167,408 | |
Restricted cash | 71,201 | 1,032 |
Trade accounts receivable, net | 1,011 | 476 |
Inventories | 4,387 | 6,347 |
Prepaid expenses and other current assets | 4,439 | 3,034 |
Total current assets | 428,688 | 415,422 |
Property, plant and equipment, net | 198,759 | 176,872 |
Restricted cash | 6,568 | 77,219 |
Operating right-of-use assets | 1,239 | 1,331 |
Finance right-of-use assets | 215 | 219 |
Intangible assets, net | 7,108 | 7,691 |
Deposits and other assets | 31,980 | 21,994 |
Total assets | 674,557 | 700,748 |
Current liabilities | ||
Accounts payable and accrued liabilities | 21,365 | 24,760 |
Operating lease liabilities | 454 | 438 |
Finance lease liabilities | 27 | 79 |
Loans payable | 144 | 159 |
2021 Bonds payable, net | 67,594 | |
Total current liabilities | 89,584 | 25,436 |
2021 Bonds payable, net | 67,223 | |
Loans payable | 94 | 159 |
Operating lease liabilities | 1,307 | 1,450 |
Finance lease liabilities | 193 | 183 |
Other liabilities | 280 | 820 |
Total liabilities | 91,458 | 95,271 |
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 237,647,431 and 237,166,625 shares issued and outstanding at June 30, 2023, and December 31, 2022, respectively | 2,377 | 2,372 |
Additional paid-in capital | 1,268,142 | 1,259,527 |
Accumulated other comprehensive loss | (1,040) | |
Accumulated deficit | (687,420) | (655,382) |
Total stockholders' equity | 583,099 | 605,477 |
Total liabilities and stockholders' equity | $ 674,557 | $ 700,748 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares issued (in shares) | 237,647,431 | 237,166,625 |
Common stock, shares outstanding (in shares) | 237,647,431 | 237,166,625 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Revenue and cost of goods sold | ||||
Total operating revenues | $ 4,238 | $ 89 | $ 8,298 | $ 321 |
Operating expenses: | ||||
Cost of production | 1,931 | 1,834 | 6,356 | 4,924 |
Depreciation and amortization | 4,754 | 1,474 | 9,329 | 2,916 |
Research and development expense | 1,960 | 1,966 | 3,158 | 3,158 |
General and administrative expense | 10,608 | 8,694 | 21,369 | 18,061 |
Project development costs | 2,887 | 2,236 | 5,846 | 3,332 |
Facility idling costs | 1,013 | 0 | 2,012 | 0 |
Total operating expenses | 23,153 | 16,204 | 48,070 | 32,391 |
Loss from operations | (18,915) | (16,115) | (39,772) | (32,070) |
Other income (expense) | ||||
Interest expense | (536) | (2) | (1,075) | (4) |
Interest and investment income | 5,038 | 78 | 8,822 | 330 |
Other income (expense), net | (7) | 2,878 | (13) | 2,910 |
Total other income, net | 4,495 | 2,954 | 7,734 | 3,236 |
Net loss | $ (14,420) | $ (13,161) | $ (32,038) | $ (28,834) |
Net loss per share - basic (in dollars per share) | $ (0.06) | $ (0.06) | $ (0.13) | $ (0.14) |
Net loss per share - diluted (in dollars per share) | $ (0.06) | $ (0.06) | $ (0.13) | $ (0.14) |
Weighted-average number of common shares outstanding - basic (in shares) | 237,417,618 | 209,809,994 | 237,339,583 | 205,889,651 |
Weighted-average number of common shares outstanding - diluted (in shares) | 237,417,618 | 209,809,994 | 237,339,583 | 205,889,651 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||||
Net loss | $ (14,420) | $ (13,161) | $ (32,038) | $ (28,834) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | 115 | (669) | 1,040 | (1,642) |
Comprehensive loss | $ (14,305) | $ (13,830) | $ (30,998) | $ (30,476) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total |
Beginning balance (in shares) at Dec. 31, 2021 | 201,988,662 | ||||
Beginning balance at Dec. 31, 2021 | $ 2,020 | $ 1,103,224 | $ (614) | $ (557,375) | $ 547,255 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock and common stock warrants, net of issuance costs (in shares) | 33,333,336 | ||||
Issuance of common stock and common stock warrants, net of issuance costs | $ 333 | 138,675 | 139,008 | ||
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 | 8,264 | 8,264 | |||
Stock-based awards and related share issuances, net ( in shares) | (160,724) | ||||
Stock-based awards and related share issuances, net | (286) | (286) | |||
Other comprehensive income (loss) | (1,642) | (1,642) | |||
Net loss | (28,834) | (28,834) | |||
Ending balance (in shares) at Jun. 30, 2022 | 235,165,951 | ||||
Ending balance at Jun. 30, 2022 | $ 2,353 | 1,249,880 | (2,256) | (586,209) | 663,768 |
Beginning balance (in shares) at Mar. 31, 2022 | 201,752,722 | ||||
Beginning balance at Mar. 31, 2022 | $ 2,019 | 1,107,051 | (1,587) | (573,048) | 534,435 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock and common stock warrants, net of issuance costs (in shares) | 33,333,336 | ||||
Issuance of common stock and common stock warrants, net of issuance costs | $ 333 | 138,675 | 139,008 | ||
Non-cash stock-based compensation | 4,220 | 4,220 | |||
Stock-based awards and related share issuances, net ( in shares) | 79,893 | ||||
Stock-based awards and related share issuances, net | $ 1 | (66) | (65) | ||
Other comprehensive income (loss) | (669) | (669) | |||
Net loss | (13,161) | (13,161) | |||
Ending balance (in shares) at Jun. 30, 2022 | 235,165,951 | ||||
Ending balance at Jun. 30, 2022 | $ 2,353 | 1,249,880 | (2,256) | (586,209) | $ 663,768 |
Beginning balance (in shares) at Dec. 31, 2022 | 237,166,625 | 237,166,625 | |||
Beginning balance at Dec. 31, 2022 | $ 2,372 | 1,259,527 | (1,040) | (655,382) | $ 605,477 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Non-cash stock-based compensation | 8,620 | 8,620 | |||
Stock-based awards and related share issuances, net ( in shares) | 480,806 | ||||
Stock-based awards and related share issuances, net | $ 5 | (5) | 0 | ||
Other comprehensive income (loss) | 1,040 | 1,040 | |||
Net loss | (32,038) | $ (32,038) | |||
Ending balance (in shares) at Jun. 30, 2023 | 237,647,431 | 237,647,431 | |||
Ending balance at Jun. 30, 2023 | $ 2,377 | 1,268,142 | (687,420) | $ 583,099 | |
Beginning balance (in shares) at Mar. 31, 2023 | 237,261,164 | ||||
Beginning balance at Mar. 31, 2023 | $ 2,373 | 1,264,203 | (115) | (673,000) | 593,461 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Non-cash stock-based compensation | 3,943 | 3,943 | |||
Stock-based awards and related share issuances, net ( in shares) | 386,267 | ||||
Stock-based awards and related share issuances, net | $ 4 | (4) | |||
Other comprehensive income (loss) | $ 115 | 115 | |||
Net loss | (14,420) | $ (14,420) | |||
Ending balance (in shares) at Jun. 30, 2023 | 237,647,431 | 237,647,431 | |||
Ending balance at Jun. 30, 2023 | $ 2,377 | $ 1,268,142 | $ (687,420) | $ 583,099 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Activities | ||
Net loss | $ (32,038) | $ (28,834) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 8,620 | 7,945 |
Depreciation and amortization | 9,329 | 2,916 |
Amortization of marketable securities (discount) premium | (102) | 2,637 |
Other noncash expense | 351 | 352 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (535) | 790 |
Inventories | 1,136 | 102 |
Prepaid expenses and other current assets, deposits and other assets | (13,035) | (2,156) |
Accounts payable, accrued expenses and non-current liabilities | (3,105) | (953) |
Net cash used in operating activities | (29,379) | (17,201) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (29,138) | (46,165) |
Acquisition of patent portfolio | 0 | (10) |
Proceeds from maturity of marketable securities | 168,550 | 169,082 |
Purchase of marketable securities | 0 | (131,257) |
Proceeds from property, plant and equipment | 112 | 0 |
Net cash provided by (used in) investing activities | 139,524 | (8,350) |
Financing Activities | ||
Debt and equity offering costs | 0 | (10,993) |
Proceeds from issuance of common stock and common stock warrants | 0 | 150,000 |
Proceeds from exercise of warrants | 0 | 3 |
Net settlement of common stock under stock plans | 0 | (286) |
Payment of loans payable | (80) | (72) |
Payment of finance lease liabilities | (22) | 0 |
Net cash (used in) provided by financing activities | (102) | 138,652 |
Net increase in cash and cash equivalents | 110,043 | 113,101 |
Cash, cash equivalents and restricted cash at beginning of period | 315,376 | 136,033 |
Cash, cash equivalents and restricted cash at end of period | 425,419 | 249,134 |
Schedule of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 347,650 | 172,984 |
Restricted cash | 71,201 | 5,894 |
Restricted cash (non-current) | 6,568 | 70,256 |
Total cash, cash equivalents and restricted cash | 425,419 | 249,134 |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Cash paid for interest, net of amounts capitalized | 1,027 | 5 |
Non-cash interest capitalized to construction in progress | 511 | |
Non-cash purchase of property, plant and equipment | $ 12,929 | $ 11,643 |
Nature of Business, Financial C
Nature of Business, Financial Condition and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Financial Condition and Basis of Presentation | 1. 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, or even carbon negative footprint measured by 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. Our “net-zero” concept means production of drop-in hydrocarbon fuels by using sustainably grown feedstocks (e.g., low till, no-till and dry corn cultivation), renewable and substantially decarbonized energy sources, resulting in a net-zero carbon footprint from the full life cycle of the fuel 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, also known as biogas (“RNG”), (ii) hydrocarbons for gasoline blendstocks and diesel fuel, and (iii) plastics, materials and other chemicals. We are engaged in technology, process and intellectual property development targeted to large scale deployment of net-zero hydrocarbon fuels and chemicals. We are developing the marketplace and customers for SAF and other related products. We also are engaged as a developer and enabler/licensor for large scale commercial production, and we expect to be a co-investor on certain projects. Gevo’s business model is that of a developer of projects, a licensor, process technology developer, and operator of certain assets in the future. Net-Zero Projects In early 2021, we announced our proprietary “Net-Zero Projects” that we developed and engineered as a series of planned facilities to produce energy dense liquid hydrocarbons using renewable energy and our proprietary technology. Our Net-Zero Projects will convert renewable energy (e.g., photosynthetic, wind, RNG) from a variety of sources into energy dense liquid hydrocarbons that, when burned in traditional engines, has 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 burned as a fuel for planes, cars, trucks, and ships. Gevo has engineered, developed, and owns our Net-Zero plant designs, and the overall Gevo Net-Zero process (i.e., the process to enable carbon-negative olefins, and hydrocarbon fuels with an anticipated net-zero or better carbon footprint measured across the lifecycle of the whole processes). The proprietary Gevo Net-Zero processes and plant designs are based upon the conversion of carbohydrates to alcohols, then the conversion of the alcohols to olefins (i.e., building blocks for chemicals, plastics, and fuels), and then the conversion of the olefins into fuels, all optimized and integrated to achieve a net-zero carbon footprint. We’ve taken what we believe are the best of proven unit operations from the fermentation and petrochemical industry. In the fermentation section of our plant design, we work with Fluid Quip Technologies, LLC and PRAJ Industries Limited (“PRAJ”), as well as other suppliers of unit operations, and using Axens North America, Inc. (“Axens”) as the unit operation technology supplier for producing olefins and fuels. Gevo has developed and owns the overall proprietary plant designs, engineering details, integration technologies, and has filed patents on several process improvements. In November 2021, Gevo entered into an agreement to exclusively utilize Axens’ technology for isobutanol conversion into hydrocarbons. In February of 2022, Gevo and Axens entered into a second exclusive agreement to specifically cover the process steps for ethanol to finished jet fuel. Our initial Net-Zero Project, Net-Zero 1 (“NZ1”), is expected to be located in Lake Preston, South Dakota, and is being currently designed to produce approximately 65 million gallons per year (“MGPY”) of total hydrocarbon volumes, including 60 MGPY of SAF. Along with the hydrocarbons, NZ1 is being designed to produce approximately 1,390 million pounds per year of high-value protein products for use in the food chain and more than 34 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. We also are developing other commercial production projects for SAF at other locations in the United States where we expect to use our Net-Zero plant designs based on work done for NZ1 at Lake Preston. Gevo expects to play the role of project developer, plant design and technology licensor, and investor, based on traditional developer business models where the developer gets a partial ownership stake for developing the project. We may also co-invest in projects to increase our equity ownership in those projects. Renewable Natural Gas Facilities Gevo’s RNG facilities in Northwest Iowa (“NW Iowa RNG”) are owned by Gevo NW Iowa RNG, LLC, and produce RNG captured from dairy cow manure. The manure is supplied by three local dairies that have over 24,000 milking cows in total. Animal manure can be digested anaerobically to produce biogas, which is then upgraded to pipeline quality gas referred to as RNG. The original design capacity for this project was 355,000 MMBtu. 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”). In addition, NW Iowa RNG generates and sells Low Carbon Fuel Standard (“LCFS”) credits as well as D3 Renewable Identification Numbers (“RINs”) through the production of RNG (collectively, “environmental attributes”). 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, market development, and customer education. Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X assuming the Company will continue as a going concern. Accordingly, they do not include the information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the six months ended, June 30, 2023, and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . Reclassifications. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers and Other Revenues | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenues from Contracts with Customers and Other Revenues | 2. Revenues from Contracts with Customers and Other Revenues RNG Revenue The Company’s revenues are primarily comprised of the sale of RNG and related environmental attributes produced at the NW Iowa RNG facility under long-term contracts with customers. Revenue is recognized at a point in time when the Company transfers the product to its customer. The customer obtains control of the product upon RNG delivery into gas pipeline system, whereas the title and control for the environmental attributes are transferred to the customer subsequent to the issuance of such attributes by the relevant regulatory agency. 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. Licensing and Development Revenue The Company’s licensing and development revenue is related to a joint development agreement with LG Chem, Ltd. ("LG Chem") to develop bio-propylene for renewable chemicals using Gevo’s Ethanol-to-Olefins ("ETO") technology. As the contractually promised intellectual properties (“IP”) are not individually distinct, the Company combined each individual IP noted in the contract into a bundle of IP (“IP Rights”) that is distinct and accounted for all of the IP Rights promised in the contract as a single performance obligation. The IP Rights granted were “functional IP rights” that have significant standalone functionality. The Company’s subsequent activities do not substantively change that functionality and do not significantly affect the utility of the IP to which the licensee has rights. The Company has no further obligation with respect to the grant of IP Rights, including no expressed or implied obligation to maintain or upgrade the technology, or provide future support or services. Licensees legally obtain control of the IP Rights upon execution of the contract. As such, the earnings process is complete and revenue is recognized upon the execution of the contract, when collectability is probable and all other revenue recognition criteria have been met. Other Hydrocarbon Revenue The Company recorded limited revenues from its development-scale plant, the Luverne Facility, during the three and six months ended June 30, 2023 and 2022. 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 table displays the Company’s revenue by major source based on product type (in thousands): Three Months Ended June 30, Six Months Ended June 30, Major Goods/Service Line 2023 2022 2023 2022 Renewable natural gas commodity $ 140 $ — $ 270 $ — Environmental attribute revenue 2,777 — 6,310 — Licensing and development revenue 1,300 — 1,300 — Other hydrocarbon revenue - ethanol, isooctane, IBA 21 89 418 321 Total operating revenue $ 4,238 $ 89 $ 8,298 $ 321 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 3. Net Loss Per Share Basic net loss per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted net loss per share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted, and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. None of the Company’s stock options or other dilutive securities are considered to be dilutive in periods with net losses. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Diluted net loss per share excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported net loss per share. Therefore 45,963, 53,504, 71,844, and 72,145 of dilutive common stock equivalents have been excluded for the three and six months ended June 30, 2023 and 2022, respectively, as the Company is in a net loss position. See Notes 14 and 18 for all outstanding options and warrants that were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options and warrants exceeded the average price of the Company’s common stock during the reporting period, and therefore are anti-dilutive. Basic and diluted net loss per share is calculated as follows (net loss in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ (14,420) $ (13,161) $ (32,038) $ (28,834) Basic weighted-average shares outstanding 237,417,618 209,809,994 237,339,583 205,889,651 Net loss per share - basic and diluted $ (0.06) $ (0.06) $ (0.13) $ (0.14) |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 4. Marketable Securities The Company’s investments in marketable securities are stated at fair value and are available for sale. During the six months ended June 30, 2023, all remaining investments in marketable securities matured with no realized gain or loss. The following table summarizes the Company’s investments in marketable securities (in thousands) as of: December 31, 2022 Amortized Gross Cost Unrealized Basis Losses Fair Value Marketable securities (current) U.S. Treasury notes $ 56,418 $ (344) $ 56,074 U.S. Government-sponsored enterprise securities 112,030 (696) 111,334 Total marketable securities (current) $ 168,448 $ (1,040) $ 167,408 The cost of securities sold is based upon the specific identification method. Interest income from marketable securities totaled $0.2 million and $0.8 million for the three and six months ended June 30, 2023, respectively, and $1.2 million and $2.7 million for the three and six months ended June 30, 2022, respectively. It is included in “Interest and investment income” in the Consolidated Statements of Operations. |
Restricted Cash
Restricted Cash | 6 Months Ended |
Jun. 30, 2023 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 5. Restricted Cash As of June 30, 2023, current and non-current restricted cash of $77.8 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 13, Debt, for additional information on the 2021 Bonds. The Bond Letter of Credit has a 0.5% annual fee and expires April 4, 2024 (unless terminated earlier). The Company deposited $71.2 million with Citibank as restricted cash to secure any amounts drawn under the Bond Letter of Credit. The Company is entitled to receive interest income on the restricted cash. As of June 30, 2023, 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 June 30, 2023. 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 June 30, 2023, no amounts have been drawn under the Power Letter of Credit. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 6. Prepaid Expenses and Other Current Assets The following table sets forth the components of the Company’s prepaid expenses and other current assets (in thousands) as of: June 30, 2023 December 31, 2022 Prepaid insurance $ 1,217 $ 911 Interest receivable 1,416 514 Prepaid feedstock 1,109 1,097 Other current assets 697 512 Total prepaid expenses and other current assets $ 4,439 $ 3,034 |
Leases, Right-of-Use Assets and
Leases, Right-of-Use Assets and Related Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Leases, Right-of-Use Assets and Related Liabilities | 7. 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 . 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): Six Months Ended June 30, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 22 $ 20 Operating cash flows from operating leases $ 41 $ 408 Finance cash flows from finance leases $ 2 $ 2 Weighted-average remaining lease term, finance lease (months) 312 311 Weighted-average remaining lease term, operating leases (months) 58 63 Weighted-average discount rate - finance leases (1) 12 % 12 % Weighted-average discount rate - operating leases (1) 5 % 5 % (1) Our leases do not provide an implicit interest rate; we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. Year Ending December 31, Operating Leases Finance Leases 2023 (remaining) $ 380 $ 26 2024 306 27 2025 315 25 2026 325 25 2027 335 26 2028 and thereafter 344 548 Total 2,005 677 Less: amounts representing present value discounts 244 457 Total lease liabilities 1,761 220 Less: current portion 454 27 Non-current portion $ 1,307 $ 193 |
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 . 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): Six Months Ended June 30, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 22 $ 20 Operating cash flows from operating leases $ 41 $ 408 Finance cash flows from finance leases $ 2 $ 2 Weighted-average remaining lease term, finance lease (months) 312 311 Weighted-average remaining lease term, operating leases (months) 58 63 Weighted-average discount rate - finance leases (1) 12 % 12 % Weighted-average discount rate - operating leases (1) 5 % 5 % (1) Our leases do not provide an implicit interest rate; we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. Year Ending December 31, Operating Leases Finance Leases 2023 (remaining) $ 380 $ 26 2024 306 27 2025 315 25 2026 325 25 2027 335 26 2028 and thereafter 344 548 Total 2,005 677 Less: amounts representing present value discounts 244 457 Total lease liabilities 1,761 220 Less: current portion 454 27 Non-current portion $ 1,307 $ 193 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 8. Inventories The following table sets forth the components of the Company’s inventory balances (in thousands) as of: June 30, 2023 December 31, 2022 Raw materials $ 159 $ 168 Finished goods SAF, Isooctane, Isooctene and other 1,177 1,581 Work in process Environmental attributes, net of allowance of 2,655 4,193 Jet fuel — 51 Spare parts 396 354 Total inventories $ 4,387 $ 6,347 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 9. Property, Plant and Equipment The following table sets forth the Company’s property, plant and equipment by classification (in thousands) as of: June 30, 2023 December 31, 2022 Land $ 6,505 $ 6,452 Plant facilities and infrastructure 77,296 76,900 Machinery and equipment 90,058 87,248 Furniture and office equipment 2,991 2,977 Software 2,217 2,217 Construction in progress 98,999 72,717 Total property, plant and equipment 278,066 248,511 Less: accumulated depreciation and amortization (79,307) (71,639) Property, plant and equipment, net $ 198,759 $ 176,872 The Company recorded depreciation expenses of $3.7 million and $7.9 million for the three and six months ended June 30, 2023, respectively, as compared with $1.2 million and $2.3 million for the same periods ended June 30, 2022. Construction in progress includes $33.5 million for Gevo, $11.4 million for the Agri-Energy segment (“Agri-Energy”) related to a fractionation and hydrocarbon skid, $2.0 million for NW Iowa RNG and $52.0 million for NZ1 at June 30, 2023. Construction in progress includes $25.9 million for Gevo, $11.4 million for Agri-Energy, $1.0 million for NW Iowa RNG and $34.4 million for NZ1 at December 31, 2022. Construction in progress is not subject to depreciation until the assets are placed into service. At June 30, 2023, construction in progress included accruals of $12.9 million. Borrowing costs. not |
Intangible Assets
Intangible Assets | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 10. Intangible Assets Identifiable intangible assets consist of patents, which management evaluates to determine whether they (i) support current products, (ii) support planned research and development, or (iii) prevent others from competing with Gevo’s products. The following tables set forth the Company’s intangible assets by classification (in thousands) as of: June 30, 2023 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, net (Years) Patents $ 4,580 $ (1,330) $ 3,250 7.4 Defensive assets 4,900 (1,042) 3,858 8.4 Intangible assets $ 9,480 $ (2,372) $ 7,108 7.9 December 31, 2022 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, Net (Years) Patents $ 4,580 $ (1,039) $ 3,541 7.4 Defensive assets 4,900 (750) 4,150 8.4 Intangible assets $ 9,480 $ (1,789) $ 7,691 7.9 The Company recorded amortization expense of $0.3 million and $0.6 million for each of the three and six months ended June 30, 2023 and 2022, respectively. The following table details the estimated amortization of intangible assets as of June 30, 2023 (in thousands): Year Ending December 31, Patents Defensive Assets Total 2023 (remaining) $ 291 $ 293 $ 584 2024 582 586 1,168 2025 582 586 1,168 2026 582 586 1,168 2027 582 586 1,168 2028 and thereafter 631 1,221 1,852 Total intangible assets $ 3,250 $ 3,858 $ 7,108 |
Deposits and Other Assets
Deposits and Other Assets | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Deposits and Other Assets | 11. Deposits and Other Assets The following table sets forth the components of the Company’s deposits and other assets (in thousands) as of: June 30, 2023 December 31, 2022 Deposits (1) $ 166 $ 276 Prepaid feedstock (2) 917 934 Equity interest (3) 1,500 1,500 Exclusivity fees (4) 583 2,522 Deposits receivable (5) 20,571 8,302 Other assets, net (6) 8,243 8,460 Total deposits and other assets $ 31,980 $ 21,994 (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% int erest 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 16, Commitments and Contingencies, for additional information. (4) 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 the contractor 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 $15.1 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 Li
Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 12. 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) as of: June 30, 2023 December 31, 2022 Accounts payable $ 1,936 $ 5,009 Accrued liabilities 15,713 12,594 Accrued payroll and related benefits 3,716 5,105 Accrued sales and use tax — 2,052 Total accounts payable and accrued liabilities $ 21,365 $ 24,760 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 13. 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 2021 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 2021 Bonds are supported by the $71.2 million Bond Letter of Credit; see Note 5, 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 2021 Bonds became callable and re-marketable on October 1, 2022. If the 2021 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 2021 Bonds in their entirety at the purchase price. As of June 30, 2023, 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 current debt and is presented net of the premium and issuance costs, which are being amortized over the life of the 2021 Bonds using the interest method. As of June 30, 2023 and December 31, 2022, the premium balance and the debt issuance cost net of amortization were $0.2 million, $0.8 million, $0.4 million, and $1.3 million, respectively. Loans Payable In April 2020, the Company and Agri-Energy each entered into a loan agreement with Live Oak Banking Company, pursuant to which the Company and Agri-Energy obtained loans from the Small Business Administration’s Paycheck Protection Program (“SBA PPP”) totaling $1.0 million in the aggregate (the “SBA Loans”). In April 2021, the entire balance of $0.5 million of the Company’s and $0.1 million of Agri-Energy’s loans and accrued interest obtained through the SBA PPP were forgiven. The remaining SBA Loan for Agri-Energy totals $0.2 million, bears interest at 1.0% per annum and matures in April 2025. Monthly payments of $8,230, including interest, began on June 5, 2021, and are payable through April 2025. The summary of the Company’s debt is as follows (in thousands) as of: Interest Rate Maturity Date June 30, 2023 December 31, 2022 2021 Bonds, net 1.5% April 2042 $ 67,594 $ 67,223 SBA Loans 1.0% April 2025 176 224 Equipment 4% to 5% December 2023 to December 2024 62 94 Total debt 67,832 67,541 Less: current portion (67,738) (159) Non-current portion $ 94 $ 67,382 Future payments for the Company’s debt are as follows (in thousands): Year Ending December 31, Total Debt 2023 (remaining) $ 80 2024 67,723 2025 29 Total debt $ 67,832 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stock-Based Compensation | 14. Stock-Based Compensation Equity incentive plans 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 May 2023, upon approval of the stockholders at the 2021 Annual Meeting of Stockholders, the 2010 Plan was amended and restated, which increased the number of shares of common stock reserved for issuance under the 2010 Plan to 37,980,074 shares. At June 30, 2023, 18,814,278 shares were available for future issuance under the 2010 Plan. Stock-based compensation expense The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity Classified Awards Cost of production $ (6) $ 198 $ 12 $ 391 General and administrative 3,318 3,588 7,241 7,082 Other 631 434 1,367 791 Total equity classified awards 3,943 4,220 8,620 8,264 Liability Classified Awards General and administrative — (407) — (193) Other — (126) — (126) Total liability classified awards — (533) — (319) Total stock-based compensation $ 3,943 $ 3,687 $ 8,620 $ 7,945 Stock option award activity Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2022 5,945,321 $ 4.65 9.1 $ — Granted 55,918 $ 2.12 $ — Canceled or forfeited (117,278) $ 4.62 $ — Exercised — $ — $ — Options outstanding at June 30, 2023 5,883,961 $ 4.63 8.7 $ — Options vested and expected to vest at June 30, 2023 1,496,017 $ 5.25 7.9 $ — (1) The exercise price of options outstanding range from $2.12 to $11,160 as of June 30, 2023 . The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018. As of June 30, 2023 , Restricted stock Weighted- Average Number of Grant-Date Shares Fair Value Outstanding at December 31, 2022 5,254,457 $ 3.94 Granted 593,369 $ 1.28 Vested and issued (155,180) $ 5.45 Canceled or forfeited (125,062) $ 3.74 Non-vested at June 30, 2023 5,567,584 $ 3.63 As of June 30, 2023, the total unrecognized compensation expense, net of forfeitures, relating to restricted stock awards was $12.2 million, which is expected to be expensed over the remaining weighted-average recognition period of approximately 1.6 years. As of June 30, 2023, there are no liability-classified restricted stock awards. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes The Company has incurred operating losses since inception; therefore, no provision for income taxes was recorded and all related deferred tax assets are fully reserved. We continue to assess the impact of a deferred tax asset as it relates to income taxes. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Commitments and Contingencies Legal Matters Indemnifications , 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 Fuel Supply Commitment. PRAJ Commitment. Zero6 Commitments. Additionally, the Company’s investment in Zero6, see Note 11 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% of RCWF’s renewable energy credits. Gevo has a commitment to purchase all of RCWF’s electricity. The portion not used by the Luverne Facility is charged to the Company at a lower price. The estimated commitments as of June 30, 2023, and thereafter are shown below (in thousands): December 31, 2028 and 2023 (remaining) 2024 2025 2026 2027 thereafter Total Fuel Supply Payments $ 2,287 $ 2,408 $ 1,702 $ 1,718 $ 2,060 $ 28,263 $ 38,438 Zero6 Commitment 195 295 6,720 — — — 7,210 PRAJ Commitment 2,900 558 — — — — 3,458 Renewable Energy Credits 74 148 148 148 148 1,828 2,494 Electricity Above Use (Est.) 124 256 267 279 290 4,618 5,834 Total $ 5,580 $ 3,665 $ 8,837 $ 2,145 $ 2,498 $ 34,709 $ 57,434 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 17. 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 June 30, 2023, and December 31, 2022 are as follows (in thousands): Fair Value Measurements at June 30, 2023 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable June 30, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 347,650 $ 347,650 $ — $ — Fair Value Measurements at December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 237,125 $ 237,125 $ — $ — Marketable securities $ 167,408 $ 167,408 $ — $ — (1) Cash and cash equivalents includes $331.8 million and $200.7 million invested in U.S. government money market funds as of June 30, 2023 and December 31, 2022, respectively. The Company had no transfers of assets or liabilities between fair value hierarchy levels between December 31, 2022, and June 30, 2023. 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 Carrying Estimated Value Fair Value 2021 Bonds $ 67,594 $ 65,358 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Stockholders' Equity | 18. Stockholders’ Equity Share Issuances In February 2018, the Company commenced an at-the-market offering program, which allows it to sell and issue shares of its common stock from time to time. In 2021, the at-the-market offering program was amended to provide a total capacity of $500.0 million. As of June 30, 2023, the Company has remaining capacity to issue up to approximately $360.6 million of common stock under the at-the-market offering program. In June 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 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. Stock Repurchase Program On May 30, 2023 the Company authorized a stock repurchase program, under which it may repurchase up to $25 million of its common stock. The primary goal of the repurchase program is to allow the Company to opportunistically repurchase shares, while maintaining the Company’s ability to fund its development projects. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of stock repurchases, if any, will be in the Company’s sole discretion and will be dependent on market conditions, applicable securities laws, and other factors. The stock repurchase program may be suspended or discontinued at any time by the Company and does not have an expiration date. The Company did not repurchase any shares of common stock under the stock repurchase program during the three months ended June 30, 2023. Warrants In addition to the Series 2022-A Warrants, the Company has warrants outstanding that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The Company evaluated the Series 2022-A Warrants and Series 2020-A Warrants for liability or equity classification and determined that equity treatment was appropriate because both the Series 2022-A Warrants and Series 2020-A Warrants do not meet the definition of liability instruments. The Series 2022-A Warrants and Series 2020-A Warrants are classified as a component of permanent equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and will expire five years five years 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: Shares Shares Issued upon Underlying Shares Warrant Warrants Exercise Underlying Exercises as Outstanding Price as of Warrants on of as of Issuance Expiration June 30, Issuance June 30, June 30, Date Date 2023 Date 2023 2023 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 six months ended June 30, 2023 , |
Segments
Segments | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Segments | 19. 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 the purpose 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; and (iii) Renewable Natural Gas segment. Transactions between segments are eliminated in consolidation. Gevo segment Agri-Energy segment Renewable Natural Gas segment Three Months Ended June 30, 2023 Renewable (in thousands) Gevo Agri-Energy Natural Gas Consolidated Revenues $ 1,321 $ — $ 2,917 $ 4,238 Loss from operations $ (14,403) $ (3,242) $ (1,270) $ (18,915) Acquisitions of licenses, patents, plant, property and equipment $ 14,679 $ 23 $ 3,002 $ 17,704 Three Months Ended June 30, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 18 $ 71 $ — $ 89 Loss from operations $ (13,025) $ (3,113) $ 23 $ (16,115) Acquisitions of licenses, patents, plant, property and equipment $ 11,870 $ 328 $ 8,275 $ 20,473 Six Months Ended June 30, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 1,718 $ — $ 6,580 $ 8,298 Loss from operations $ (29,902) $ (6,389) $ (3,481) $ (39,772) Acquisitions of patents, plant, property and equipment $ 24,656 $ 23 $ 4,459 $ 29,138 Six Months Ended June 30, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 81 $ 240 $ — $ 321 Loss from operations $ (25,149) $ (6,921) $ — $ (32,070) Acquisitions of patents, plant, property and equipment $ 16,308 $ 4,275 $ 18,668 $ 39,251 June 30, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 545,261 $ 29,783 $ 99,513 $ 674,557 December 31, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 573,057 $ 34,440 $ 93,251 $ 700,748 |
Nature of Business, Financial_2
Nature of Business, Financial Condition and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) along with the instructions to Form 10-Q and Article 10 of Regulation S-X assuming the Company will continue as a going concern. Accordingly, they do not include the information and footnotes required by GAAP for complete financial statements. These statements reflect all normal and recurring adjustments which, in the opinion of management, are necessary to present fairly the financial position, results of operations and cash flows of the Company as of, and for the six months ended, June 30, 2023, and are not necessarily indicative of the results to be expected for the full year. These statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included under the heading “Financial Statements and Supplementary Data” in Part II, Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 . |
Reclassifications | Reclassifications. |
Revenues from Contracts with _2
Revenues from Contracts with Customers and Other Revenues (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following table displays the Company’s revenue by major source based on product type (in thousands): Three Months Ended June 30, Six Months Ended June 30, Major Goods/Service Line 2023 2022 2023 2022 Renewable natural gas commodity $ 140 $ — $ 270 $ — Environmental attribute revenue 2,777 — 6,310 — Licensing and development revenue 1,300 — 1,300 — Other hydrocarbon revenue - ethanol, isooctane, IBA 21 89 418 321 Total operating revenue $ 4,238 $ 89 $ 8,298 $ 321 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share | Basic and diluted net loss per share is calculated as follows (net loss in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net loss $ (14,420) $ (13,161) $ (32,038) $ (28,834) Basic weighted-average shares outstanding 237,417,618 209,809,994 237,339,583 205,889,651 Net loss per share - basic and diluted $ (0.06) $ (0.06) $ (0.13) $ (0.14) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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. During the six months ended June 30, 2023, all remaining investments in marketable securities matured with no realized gain or loss. The following table summarizes the Company’s investments in marketable securities (in thousands) as of: December 31, 2022 Amortized Gross Cost Unrealized Basis Losses Fair Value Marketable securities (current) U.S. Treasury notes $ 56,418 $ (344) $ 56,074 U.S. Government-sponsored enterprise securities 112,030 (696) 111,334 Total marketable securities (current) $ 168,448 $ (1,040) $ 167,408 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | The following table sets forth the components of the Company’s prepaid expenses and other current assets (in thousands) as of: June 30, 2023 December 31, 2022 Prepaid insurance $ 1,217 $ 911 Interest receivable 1,416 514 Prepaid feedstock 1,109 1,097 Other current assets 697 512 Total prepaid expenses and other current assets $ 4,439 $ 3,034 |
Leases, Right-of-Use Assets a_2
Leases, Right-of-Use Assets and Related Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
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): Six Months Ended June 30, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 22 $ 20 Operating cash flows from operating leases $ 41 $ 408 Finance cash flows from finance leases $ 2 $ 2 Weighted-average remaining lease term, finance lease (months) 312 311 Weighted-average remaining lease term, operating leases (months) 58 63 Weighted-average discount rate - finance leases (1) 12 % 12 % Weighted-average discount rate - operating leases (1) 5 % 5 % (1) Our leases do not provide an implicit interest rate; we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. |
Operating Lease, Liability, Fiscal Year Maturity | Year Ending December 31, Operating Leases Finance Leases 2023 (remaining) $ 380 $ 26 2024 306 27 2025 315 25 2026 325 25 2027 335 26 2028 and thereafter 344 548 Total 2,005 677 Less: amounts representing present value discounts 244 457 Total lease liabilities 1,761 220 Less: current portion 454 27 Non-current portion $ 1,307 $ 193 |
Finance Lease, Liability, Fiscal Year Maturity | Year Ending December 31, Operating Leases Finance Leases 2023 (remaining) $ 380 $ 26 2024 306 27 2025 315 25 2026 325 25 2027 335 26 2028 and thereafter 344 548 Total 2,005 677 Less: amounts representing present value discounts 244 457 Total lease liabilities 1,761 220 Less: current portion 454 27 Non-current portion $ 1,307 $ 193 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | The following table sets forth the components of the Company’s inventory balances (in thousands) as of: June 30, 2023 December 31, 2022 Raw materials $ 159 $ 168 Finished goods SAF, Isooctane, Isooctene and other 1,177 1,581 Work in process Environmental attributes, net of allowance of 2,655 4,193 Jet fuel — 51 Spare parts 396 354 Total inventories $ 4,387 $ 6,347 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following table sets forth the Company’s property, plant and equipment by classification (in thousands) as of: June 30, 2023 December 31, 2022 Land $ 6,505 $ 6,452 Plant facilities and infrastructure 77,296 76,900 Machinery and equipment 90,058 87,248 Furniture and office equipment 2,991 2,977 Software 2,217 2,217 Construction in progress 98,999 72,717 Total property, plant and equipment 278,066 248,511 Less: accumulated depreciation and amortization (79,307) (71,639) Property, plant and equipment, net $ 198,759 $ 176,872 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets | The following tables set forth the Company’s intangible assets by classification (in thousands) as of: June 30, 2023 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, net (Years) Patents $ 4,580 $ (1,330) $ 3,250 7.4 Defensive assets 4,900 (1,042) 3,858 8.4 Intangible assets $ 9,480 $ (2,372) $ 7,108 7.9 December 31, 2022 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, Net (Years) Patents $ 4,580 $ (1,039) $ 3,541 7.4 Defensive assets 4,900 (750) 4,150 8.4 Intangible assets $ 9,480 $ (1,789) $ 7,691 7.9 |
Schedule of Estimated Net Amortization of Identifiable Intangible Assets | The following table details the estimated amortization of intangible assets as of June 30, 2023 (in thousands): Year Ending December 31, Patents Defensive Assets Total 2023 (remaining) $ 291 $ 293 $ 584 2024 582 586 1,168 2025 582 586 1,168 2026 582 586 1,168 2027 582 586 1,168 2028 and thereafter 631 1,221 1,852 Total intangible assets $ 3,250 $ 3,858 $ 7,108 |
Deposits and Other Assets (Tabl
Deposits and Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Deposits and Other Assets | June 30, 2023 December 31, 2022 Deposits (1) $ 166 $ 276 Prepaid feedstock (2) 917 934 Equity interest (3) 1,500 1,500 Exclusivity fees (4) 583 2,522 Deposits receivable (5) 20,571 8,302 Other assets, net (6) 8,243 8,460 Total deposits and other assets $ 31,980 $ 21,994 (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% int erest 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 16, Commitments and Contingencies, for additional information. (4) 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 the contractor 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 $15.1 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) | 6 Months Ended |
Jun. 30, 2023 | |
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) as of: June 30, 2023 December 31, 2022 Accounts payable $ 1,936 $ 5,009 Accrued liabilities 15,713 12,594 Accrued payroll and related benefits 3,716 5,105 Accrued sales and use tax — 2,052 Total accounts payable and accrued liabilities $ 21,365 $ 24,760 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of 2021 Bonds and Loans Payable - Other | The summary of the Company’s debt is as follows (in thousands) as of: Interest Rate Maturity Date June 30, 2023 December 31, 2022 2021 Bonds, net 1.5% April 2042 $ 67,594 $ 67,223 SBA Loans 1.0% April 2025 176 224 Equipment 4% to 5% December 2023 to December 2024 62 94 Total debt 67,832 67,541 Less: current portion (67,738) (159) Non-current portion $ 94 $ 67,382 |
Schedule of Future Principal Payments for Debt | Future payments for the Company’s debt are as follows (in thousands): Year Ending December 31, Total Debt 2023 (remaining) $ 80 2024 67,723 2025 29 Total debt $ 67,832 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Equity Classified Awards Cost of production $ (6) $ 198 $ 12 $ 391 General and administrative 3,318 3,588 7,241 7,082 Other 631 434 1,367 791 Total equity classified awards 3,943 4,220 8,620 8,264 Liability Classified Awards General and administrative — (407) — (193) Other — (126) — (126) Total liability classified awards — (533) — (319) Total stock-based compensation $ 3,943 $ 3,687 $ 8,620 $ 7,945 |
Schedule Stock Option Award Activity | Stock option activity under the Company’s stock incentive plans and changes during the six months ended June 30, 2023, were as follows: Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2022 5,945,321 $ 4.65 9.1 $ — Granted 55,918 $ 2.12 $ — Canceled or forfeited (117,278) $ 4.62 $ — Exercised — $ — $ — Options outstanding at June 30, 2023 5,883,961 $ 4.63 8.7 $ — Options vested and expected to vest at June 30, 2023 1,496,017 $ 5.25 7.9 $ — (1) The exercise price of options outstanding range from $2.12 to $11,160 as of June 30, 2023 . The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018. |
Schedule of Non-vested Restricted Stock Awards | Non-vested restricted stock awards and the changes during the six months ended June 30, 2023, were as follows: Weighted- Average Number of Grant-Date Shares Fair Value Outstanding at December 31, 2022 5,254,457 $ 3.94 Granted 593,369 $ 1.28 Vested and issued (155,180) $ 5.45 Canceled or forfeited (125,062) $ 3.74 Non-vested at June 30, 2023 5,567,584 $ 3.63 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimated Commitments | The estimated commitments as of June 30, 2023, and thereafter are shown below (in thousands): December 31, 2028 and 2023 (remaining) 2024 2025 2026 2027 thereafter Total Fuel Supply Payments $ 2,287 $ 2,408 $ 1,702 $ 1,718 $ 2,060 $ 28,263 $ 38,438 Zero6 Commitment 195 295 6,720 — — — 7,210 PRAJ Commitment 2,900 558 — — — — 3,458 Renewable Energy Credits 74 148 148 148 148 1,828 2,494 Electricity Above Use (Est.) 124 256 267 279 290 4,618 5,834 Total $ 5,580 $ 3,665 $ 8,837 $ 2,145 $ 2,498 $ 34,709 $ 57,434 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring | The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at June 30, 2023, and December 31, 2022 are as follows (in thousands): Fair Value Measurements at June 30, 2023 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable June 30, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 347,650 $ 347,650 $ — $ — Fair Value Measurements at December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 237,125 $ 237,125 $ — $ — Marketable securities $ 167,408 $ 167,408 $ — $ — (1) Cash and cash equivalents includes $331.8 million and $200.7 million invested in U.S. government money market funds as of June 30, 2023 and December 31, 2022, respectively. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying values and estimated fair values of the 2021 Bonds as of June 30, 2023, are summarized as follows (in thousands): Carrying Estimated Value Fair Value 2021 Bonds $ 67,594 $ 65,358 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Equity [Abstract] | |
Schedule of Warrants | The following table sets forth information pertaining to shares issued upon the exercise of warrants: Shares Shares Issued upon Underlying Shares Warrant Warrants Exercise Underlying Exercises as Outstanding Price as of Warrants on of as of Issuance Expiration June 30, Issuance June 30, June 30, Date Date 2023 Date 2023 2023 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. |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Three Months Ended June 30, 2023 Renewable (in thousands) Gevo Agri-Energy Natural Gas Consolidated Revenues $ 1,321 $ — $ 2,917 $ 4,238 Loss from operations $ (14,403) $ (3,242) $ (1,270) $ (18,915) Acquisitions of licenses, patents, plant, property and equipment $ 14,679 $ 23 $ 3,002 $ 17,704 Three Months Ended June 30, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 18 $ 71 $ — $ 89 Loss from operations $ (13,025) $ (3,113) $ 23 $ (16,115) Acquisitions of licenses, patents, plant, property and equipment $ 11,870 $ 328 $ 8,275 $ 20,473 Six Months Ended June 30, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 1,718 $ — $ 6,580 $ 8,298 Loss from operations $ (29,902) $ (6,389) $ (3,481) $ (39,772) Acquisitions of patents, plant, property and equipment $ 24,656 $ 23 $ 4,459 $ 29,138 Six Months Ended June 30, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 81 $ 240 $ — $ 321 Loss from operations $ (25,149) $ (6,921) $ — $ (32,070) Acquisitions of patents, plant, property and equipment $ 16,308 $ 4,275 $ 18,668 $ 39,251 June 30, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 545,261 $ 29,783 $ 99,513 $ 674,557 December 31, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 573,057 $ 34,440 $ 93,251 $ 700,748 |
Nature of Business, Financial_3
Nature of Business, Financial Condition and Basis of Presentation (Details) ft² in Thousands, lb in Millions | 6 Months Ended |
Jun. 30, 2023 a ft² MMBTU item lb gal | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Renewable natural gas facilities, original design capacity | MMBTU | 355,000 |
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 | 65,000,000 |
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 | 60 |
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 | 1,390 |
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 | 34 |
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 |
Northwest Iowa | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | |
Number of dairies | item | 3 |
Number of milking cows | item | 24,000 |
Revenues from Contracts with _3
Revenues from Contracts with Customers and Other Revenues - Narrative (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Renewable natural gas commodity | |
Disaggregation of Revenue [Line Items] | |
Revenue recognized | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers and Other Revenues - Contracts with Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 4,238 | $ 89 | $ 8,298 | $ 321 |
Renewable natural gas commodity | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 140 | 0 | 270 | 0 |
Environmental attribute revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 2,777 | 0 | 6,310 | 0 |
Licensing and development revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | 1,300 | 0 | 1,300 | 0 |
Other hydrocarbon revenue - ethanol, isooctane, IBA | ||||
Disaggregation of Revenue [Line Items] | ||||
Total operating revenues | $ 21 | $ 89 | $ 418 | $ 321 |
Net Loss Per Share - Narrative
Net Loss Per Share - Narrative (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Potential anti-dilutive shares excluded from net loss per share calculation | 45,963 | 71,844 | 53,504 | 72,145 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (14,420) | $ (13,161) | $ (32,038) | $ (28,834) |
Net loss | $ (14,420) | $ (13,161) | $ (32,038) | $ (28,834) |
Basic weighted-average shares outstanding (in shares) | 237,417,618 | 209,809,994 | 237,339,583 | 205,889,651 |
Net loss per share - basic (in dollars per share) | $ (0.06) | $ (0.06) | $ (0.13) | $ (0.14) |
Net loss per share - diluted (in dollars per share) | $ (0.06) | $ (0.06) | $ (0.13) | $ (0.14) |
Marketable Securities - Investm
Marketable Securities - Investments In Marketable Securities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost Basis | $ 168,448 |
Gross Unrealized Losses | (1,040) |
Fair Value | 167,408 |
U.S. Treasury notes | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost Basis | 56,418 |
Gross Unrealized Losses | (344) |
Fair Value | 56,074 |
U.S. Government-sponsored enterprise securities | |
Debt Securities, Available-for-sale [Line Items] | |
Amortized Cost Basis | 112,030 |
Gross Unrealized Losses | (696) |
Fair Value | $ 111,334 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Realized gain (loss) | $ 0 | ||||
Interest receivable | $ 1,416 | 1,416 | $ 514 | ||
Interest income | $ 200 | $ 1,200 | $ 800 | $ 2,700 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2023 | Apr. 15, 2021 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Deposited of restricted cash | $ 77,800 | ||
2021 Bonds, net | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Debt collateral amount | $ 71,200 | ||
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 | ||
Letters of credit outstanding | $ 0 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 1,217 | $ 911 |
Interest receivable | 1,416 | 514 |
Prepaid feedstock | 1,109 | 1,097 |
Other current assets | 697 | 512 |
Total prepaid expenses and other current assets | $ 4,439 | $ 3,034 |
Leases, Right-of-Use Assets a_3
Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details) | Jun. 30, 2023 site contract |
Leases [Abstract] | |
Number of finance lease | contract | 4 |
Number of digester sites | site | 3 |
Leases, Right-of-Use Assets a_4
Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | $ 22 | $ 20 |
Operating cash flows from operating leases | 41 | 408 |
Finance cash flows from finance leases | $ 2 | $ 2 |
Weighted-average remaining lease term, finance lease (months) | 312 months | 311 months |
Weighted-average remaining lease term, operating leases (months) | 58 months | 63 months |
Weighted-average discount rate - finance leases | 12% | 12% |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2023 (remaining) | $ 380 | |
2024 | 306 | |
2025 | 315 | |
2026 | 325 | |
2027 | 335 | |
2028 and thereafter | 344 | |
Total | 2,005 | |
Less: amounts representing present value discounts | 244 | |
Total lease liabilities | 1,761 | |
Less: current portion | 454 | $ 438 |
Non-current portion | 1,307 | 1,450 |
Finance Leases | ||
2023 (remaining) | 26 | |
2024 | 27 | |
2025 | 25 | |
2026 | 25 | |
2027 | 26 | |
2028 and thereafter | 548 | |
Total | 677 | |
Finance Lease, Liability, Undiscounted Excess Amount | 457 | |
Total lease liabilities | 220 | |
Less: current portion | 27 | 79 |
Non-current portion | $ 193 | $ 183 |
Inventories - Components of Inv
Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Raw materials | $ 159 | $ 168 |
Spare parts | 396 | 354 |
Total inventories | 4,387 | 6,347 |
SAF, Isooctane, Isooctene and other | ||
Inventory [Line Items] | ||
Finished goods | 1,177 | 1,581 |
Environmental attribute | ||
Inventory [Line Items] | ||
Work in process | 2,655 | 4,193 |
Inventory, allowance | 942 | 2,378 |
Jet fuel | ||
Inventory [Line Items] | ||
Work in process | $ 0 | $ 51 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 278,066 | $ 248,511 |
Less: accumulated depreciation and amortization | (79,307) | (71,639) |
Property, plant and equipment, net | 198,759 | 176,872 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 6,505 | 6,452 |
Plant facilities and infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 77,296 | 76,900 |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 90,058 | 87,248 |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,991 | 2,977 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,217 | 2,217 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 98,999 | $ 72,717 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | |||||
Depreciation expense | $ 3,700 | $ 1,200 | $ 7,900 | $ 2,300 | |
Property, plant and equipment, gross | 278,066 | 278,066 | $ 248,511 | ||
Interest expense capitalized | 0 | $ 800 | |||
Construction in progress | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 98,999 | 98,999 | 72,717 | ||
Construction in progress accrual | 12,900 | ||||
Construction in progress | Gevo | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 33,500 | 33,500 | 25,900 | ||
Construction in progress | Agri-Energy | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 11,400 | 11,400 | 11,400 | ||
Construction in progress | NW Lowa RNG | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | 2,000 | 2,000 | 1,000 | ||
Construction in progress | NZ1 | |||||
Property, Plant and Equipment [Line Items] | |||||
Property, plant and equipment, gross | $ 52,000 | $ 52,000 | $ 34,400 |
Intangible Assets - Identifiabl
Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9,480 | $ 9,480 |
Accumulated Amortization | (2,372) | (1,789) |
Identifiable Intangible Assets, net | $ 7,108 | $ 7,691 |
Weighted-Average Useful Life (Years) | 7 years 10 months 24 days | 7 years 10 months 24 days |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,580 | $ 4,580 |
Accumulated Amortization | (1,330) | (1,039) |
Identifiable Intangible Assets, net | $ 3,250 | $ 3,541 |
Weighted-Average Useful Life (Years) | 7 years 4 months 24 days | 7 years 4 months 24 days |
Defensive assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,900 | $ 4,900 |
Accumulated Amortization | (1,042) | (750) |
Identifiable Intangible Assets, net | $ 3,858 | $ 4,150 |
Weighted-Average Useful Life (Years) | 8 years 4 months 24 days | 8 years 4 months 24 days |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 0.3 | $ 0.6 | $ 0.3 | $ 0.6 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (remaining) | $ 584 | |
2024 | 1,168 | |
2025 | 1,168 | |
2026 | 1,168 | |
2027 | 1,168 | |
2028 and thereafter | 1,852 | |
Identifiable Intangible Assets, net | 7,108 | $ 7,691 |
Patents | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (remaining) | 291 | |
2024 | 582 | |
2025 | 582 | |
2026 | 582 | |
2027 | 582 | |
2028 and thereafter | 631 | |
Identifiable Intangible Assets, net | 3,250 | 3,541 |
Defensive assets | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2023 (remaining) | 293 | |
2024 | 586 | |
2025 | 586 | |
2026 | 586 | |
2027 | 586 | |
2028 and thereafter | 1,221 | |
Identifiable Intangible Assets, net | $ 3,858 | $ 4,150 |
Deposits and Other Assets (Deta
Deposits and Other Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | |
Deposits and Other Assets [Line Items] | ||
Deposits | $ 166 | $ 276 |
Prepaid feedstock | 917 | 934 |
Equity interest | 1,500 | 1,500 |
Exclusivity fees | 583 | 2,522 |
Deposits receivable | 20,571 | 8,302 |
Other assets, net | 8,243 | 8,460 |
Total deposits and other assets | 31,980 | $ 21,994 |
Deposits receivable, reimbursed or used as investment | 5,500 | |
Deposits receivable, fully reimbursed upon completion | $ 15,100 | |
Juhl | ||
Deposits and Other Assets [Line Items] | ||
Preferred stock dividend rate | 4.60% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Accounts Payable and Accrued Liabilities [Line Items] | ||
Accounts payable | $ 1,936 | $ 5,009 |
Accrued payroll and related benefits | 3,716 | 5,105 |
Total accounts payable and accrued liabilities | 21,365 | 24,760 |
NW Lowa RNG | ||
Accounts Payable and Accrued Liabilities [Line Items] | ||
Accrued liabilities | 15,713 | 12,594 |
Net Zero Segment | ||
Accounts Payable and Accrued Liabilities [Line Items] | ||
Accrued sales and use tax | $ 0 | $ 2,052 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | ||||
Apr. 30, 2021 | Apr. 30, 2020 | Jun. 30, 2023 | Dec. 31, 2022 | Apr. 15, 2021 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 67,832,000 | $ 67,541,000 | |||
Bond Letter of Credit | |||||
Debt Instrument [Line Items] | |||||
Letters of credit outstanding | 0 | ||||
2021 Bonds, net | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 68,155,000 | ||||
Interest rate | 1.50% | ||||
Effective interest rate (in percent) | 1% | ||||
Debt collateral amount | $ 71,200,000 | ||||
Debt premium | 200,000 | 800,000 | 800,000 | ||
Debt issuance costs | $ 400,000 | 1,300,000 | $ 3,000,000 | ||
2021 Bonds, net | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.50% | ||||
Long-term debt | $ 67,594,000 | 67,223,000 | |||
SBA Loans | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1% | ||||
Proceeds from issuance of long-term debt | $ 1,000,000 | ||||
Debt instrument, decrease, forgiveness | $ 500,000 | ||||
Long-term debt | $ 176,000 | $ 224,000 | |||
Debt Instrument, monthly payment | $ 8,230 | ||||
SBA Loans | Loans Payable | Agri-Energy | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1% | ||||
Debt instrument, decrease, forgiveness | $ 100,000 | ||||
Long-term debt | $ 200,000 |
Debt - 2021 Bonds and Loans Pay
Debt - 2021 Bonds and Loans Payable - Other (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | Apr. 15, 2021 |
Debt Instrument [Line Items] | |||
Long-term debt, total | $ 67,832 | $ 67,541 | |
Less: current portion | (67,738) | (159) | |
Non-current portion | $ 94 | 67,382 | |
2021 Bonds, net | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.50% | ||
Loans Payable | 2021 Bonds, net | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1.50% | ||
Long-term debt, total | $ 67,594 | 67,223 | |
Loans Payable | SBA Loans | |||
Debt Instrument [Line Items] | |||
Interest Rate | 1% | ||
Long-term debt, total | $ 176 | 224 | |
Loans Payable | Equipment | |||
Debt Instrument [Line Items] | |||
Long-term debt, total | $ 62 | $ 94 | |
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2023 (remaining) | $ 80 | |
2024 | 67,723 | |
2025 | 29 | |
Long-term debt, total | $ 67,832 | $ 67,541 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2023 | May 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Incentive Plans [Line Items] | |||
Number of shares available for awards (in shares) | 18,814,278 | ||
Stock option | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options | $ 9.5 | ||
Share-based payment arrangement, nonvested award, cost not yet expensed, period for recognition (year) | 1 year 8 months 12 days | ||
Restricted Stock | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Share-based payment arrangement, nonvested award, cost not yet expensed, period for recognition (year) | 1 year 7 months 6 days | ||
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards | $ 12.2 | ||
Number of non-vested equity-based stock | 5,567,584 | 5,254,457 | |
Liability Classified Restricted Stock Awards | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Number of non-vested equity-based stock | 0 | ||
2010 Plan | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 37,980,074 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 3,943 | $ 3,687 | $ 8,620 | $ 7,945 |
Equity Classified Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 3,943 | 4,220 | 8,620 | 8,264 |
Equity Classified Awards | Cost of production | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | (6) | 198 | 12 | 391 |
Equity Classified Awards | General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 3,318 | 3,588 | 7,241 | 7,082 |
Equity Classified Awards | Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 631 | 434 | 1,367 | 791 |
Liability Classified Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 0 | (533) | 0 | (319) |
Liability Classified Awards | General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | 0 | (407) | 0 | (193) |
Liability Classified Awards | Other | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 0 | $ (126) | $ 0 | $ (126) |
Stock-based Compensation - St_2
Stock-based Compensation - Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Outstanding, Beginning Balance (in shares) | 5,945,321 | |
Granted (in shares) | 55,918 | |
Canceled or forfeited (in shares) | (117,278) | |
Exercised (in shares) | 0 | |
Outstanding, Ending Balance (in shares) | 5,883,961 | 5,945,321 |
Options vested and expected to vest (in shares) | 1,496,017 | |
Weighted-Average Exercise Price | ||
Beginning Balance (in dollars per share) | $ 4.65 | |
Granted (in dollars per share) | 2.12 | |
Canceled or forfeited (in dollars per share) | 4.62 | |
Exercised (in dollars per share) | 0 | |
Ending Balance (in dollars per share) | 4.63 | $ 4.65 |
Options vested and expected to vest (in dollars per share) | $ 5.25 | |
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Options Outstanding, Weighted Average Remaining Contractual Term (years) | 8 years 8 months 12 days | 9 years 1 month 6 days |
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years) | 7 years 10 months 24 days | |
Options Outstanding, Aggregate Intrinsic Value | $ 0 | $ 0 |
Granted, Aggregate Intrinsic Value | 0 | |
Canceled or forfeited, Aggregate Intrinsic Value | 0 | |
Exercised, Aggregate Intrinsic Value | 0 | |
Options vested and expected to vest | $ 0 | |
Minimum | ||
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Exercise price of options outstanding (in dollars per share) | $ 2.12 | |
Maximum | ||
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Exercise price of options outstanding (in dollars per share) | $ 11,160 |
Stock-based Compensation - Non-
Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock | 6 Months Ended |
Jun. 30, 2023 $ / shares shares | |
Number of Shares | |
Outstanding , Beginning Balance (in shares) | shares | 5,254,457 |
Granted (in shares) | shares | 593,369 |
Vested and issued (in shares) | shares | (155,180) |
Canceled or forfeited (in shares) | shares | (125,062) |
Nonvested, Ending Balance (in shares) | shares | 5,567,584 |
Weighted-Average Grant-Date Fair Value | |
Outstanding , Beginning Balance (in dollars per share) | $ / shares | $ 3.94 |
Granted (in dollars per share) | $ / shares | 1.28 |
Vested and issued (in dollars per share) | $ / shares | 5.45 |
Canceled or forfeited (in dollars per share) | $ / shares | 3.74 |
Nonvested, Ending Balance (in dollars per share) | $ / shares | $ 3.63 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 6 Months Ended | |
Sep. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) contract item | Jun. 30, 2021 USD ($) | |
Gain Contingencies [Line Items] | |||
Liabilities associated with indemnities | $ 0 | ||
Losses accrual for known contingent liability | 0 | ||
Environmental liabilities | $ 0 | ||
Number of long-term fuel supply contracts | contract | 3 | ||
Contractual obligation | $ 2,900,000 | $ 10,200,000 | |
Engineering fee payable | $ 600,000 | ||
Number of commitments with collateral | item | 2 | ||
Commitment collateral, percentage of renewable energy credits | 100% | ||
Development Agreement with Juhl | |||
Gain Contingencies [Line Items] | |||
Collaborative arrangement, development charges committed to pay | $ 8,600,000 | ||
Collaborative arrangement, advanced development fee payments committed | 900,000 | ||
Collaborative arrangement reimbursable costs | 1,200,000 | ||
Collaborative arrangement, development charges committed, upon completion | $ 6,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Other Commitments [Line Items] | |
2023 (remaining) | $ 5,580 |
2024 | 3,665 |
2025 | 8,837 |
2026 | 2,145 |
2027 | 2,498 |
2028 and thereafter | 34,709 |
Purchase Obligation, Total | 57,434 |
Fuel Supply Payments | |
Other Commitments [Line Items] | |
2023 (remaining) | 2,287 |
2024 | 2,408 |
2025 | 1,702 |
2026 | 1,718 |
2027 | 2,060 |
2028 and thereafter | 28,263 |
Purchase Obligation, Total | 38,438 |
Zero6 Commitment | |
Other Commitments [Line Items] | |
2023 (remaining) | 195 |
2024 | 295 |
2025 | 6,720 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Purchase Obligation, Total | 7,210 |
PRAJ Commitment | |
Other Commitments [Line Items] | |
2023 (remaining) | 2,900 |
2024 | 558 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Purchase Obligation, Total | 3,458 |
Renewable Energy Credits | |
Other Commitments [Line Items] | |
2023 (remaining) | 74 |
2024 | 148 |
2025 | 148 |
2026 | 148 |
2027 | 148 |
2028 and thereafter | 1,828 |
Purchase Obligation, Total | 2,494 |
Electricity Above Use (Est.) | |
Other Commitments [Line Items] | |
2023 (remaining) | 124 |
2024 | 256 |
2025 | 267 |
2026 | 279 |
2027 | 290 |
2028 and thereafter | 4,618 |
Purchase Obligation, Total | $ 5,834 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements, Recurring and Nonrecurring (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 347,650 | $ 237,125 |
Marketable securities | 167,408 | |
Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 331,800 | 200,700 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 347,650 | 237,125 |
Marketable securities | 167,408 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Marketable securities | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | 0 |
Marketable securities | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - 2021 Bonds, net | Apr. 15, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument, term | 3 years |
Percentage of principal payment on maturity date | 100% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Estimated Fair Values (Details) - 2021 Bonds, net $ in Thousands | Jun. 30, 2023 USD ($) |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 67,594 |
Estimated Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 65,358 |
Stockholders' Equity- Narrative
Stockholders' Equity- Narrative (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | May 30, 2023 USD ($) | Jun. 08, 2022 | Feb. 17, 2022 shares | |
Class of Warrant or Right [Line Items] | ||||||
Warrants outstanding (in shares) | 33,419,267 | |||||
Warrants exercised (in shares) | 0 | |||||
Stock repurchase program, authorized amount | $ | $ 25 | |||||
Series 2022-A Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants outstanding (in shares) | 33,333,336 | |||||
Warrants exercisable term (in years) | 5 years | |||||
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 | |||||
Warrants exercised (in shares) | 0 | |||||
Warrants and rights outstanding | $ | $ 92.9 | |||||
Series 2022-A Warrants | Volatility | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants and rights outstanding, measurement input | 1.511 | |||||
Series 2022-A Warrants | Risk Free Interest Rate | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants and rights outstanding, measurement input | 0.0286 | |||||
Series 2022-A Warrants | Expected Term | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants exercisable term (in years) | 5 years | 5 years | ||||
Series 2020-A Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants outstanding (in shares) | 85,931 | |||||
Warrant exercise price (in dollars per share) | $ / shares | $ 0.60 | |||||
Warrants and rights outstanding | $ | $ 8.3 | |||||
Series 2020-A Warrants | Volatility | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants and rights outstanding, measurement input | 1.30 | |||||
Series 2020-A Warrants | Risk Free Interest Rate | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants and rights outstanding, measurement input | 0.0030 | |||||
Series 2020-A Warrants | Expected Term | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants exercisable term (in years) | 5 years | |||||
Series K Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants unexercised (in shares) | 7,126 | |||||
At The Market Offering | ||||||
Class of Warrant or Right [Line Items] | ||||||
Sale of stock, authorized amount | $ | $ 500 | |||||
Offering program remaining capacity | $ | $ 360.6 | |||||
June 2022 Offering | ||||||
Class of Warrant or Right [Line Items] | ||||||
Sale of stock, Issuance of common stock (in shares) | 33,333,336 | |||||
Sale of stock, price (in dollars per share) | $ / shares | $ 4.50 | |||||
Warrants outstanding (in shares) | 33,333,336 | |||||
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 | |||||
Proceeds from issuance or sale of stock | $ | $ 139.2 |
Stockholders' Equity - Shares I
Stockholders' Equity - Shares Issued Upon Exercise of Warrants (Details) | Jun. 30, 2023 $ / shares shares |
Class of Warrant or Right [Line Items] | |
Shares Underlying Warrants Issuance (in shares) | 63,333,336 |
Shares Issued upon Warrant Exercises (in shares) | 29,914,069 |
Shares Underlying Warrants Outstanding (in shares) | 33,419,267 |
Series 2020-A Warrants | |
Class of Warrant or Right [Line Items] | |
Warrant exercise price (in dollars per share) | $ / shares | $ 0.60 |
Shares Underlying Warrants Issuance (in shares) | 30,000,000 |
Shares Issued upon Warrant Exercises (in shares) | 29,914,069 |
Shares Underlying Warrants Outstanding (in shares) | 85,931 |
Series 2022-A Warrants | |
Class of Warrant or Right [Line Items] | |
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 |
Shares Underlying Warrants Issuance (in shares) | 33,333,336 |
Shares Issued upon Warrant Exercises (in shares) | 0 |
Shares Underlying Warrants Outstanding (in shares) | 33,333,336 |
Segments- Narrative (Details)
Segments- Narrative (Details) | 6 Months Ended |
Jun. 30, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Segment Reporting In
Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 4,238 | $ 89 | $ 8,298 | $ 321 | |
Loss from operations | (18,915) | (16,115) | (39,772) | (32,070) | |
Acquisitions of licenses, patents, plant, property and equipment | 17,704 | 20,473 | 29,138 | 39,251 | |
Total assets | 674,557 | 674,557 | $ 700,748 | ||
Operating Segments | Gevo | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,321 | 18 | 1,718 | 81 | |
Loss from operations | (14,403) | (13,025) | (29,902) | (25,149) | |
Acquisitions of licenses, patents, plant, property and equipment | 14,679 | 11,870 | 24,656 | 16,308 | |
Total assets | 545,261 | 545,261 | 573,057 | ||
Operating Segments | Agri-Energy | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 71 | 0 | 240 | |
Loss from operations | (3,242) | (3,113) | (6,389) | (6,921) | |
Acquisitions of licenses, patents, plant, property and equipment | 23 | 328 | 23 | 4,275 | |
Total assets | 29,783 | 29,783 | 34,440 | ||
Operating Segments | Renewable Natural Gas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2,917 | 0 | 6,580 | 0 | |
Loss from operations | (1,270) | 23 | (3,481) | 0 | |
Acquisitions of licenses, patents, plant, property and equipment | 3,002 | $ 8,275 | 4,459 | $ 18,668 | |
Total assets | $ 99,513 | $ 99,513 | $ 93,251 |