Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
Document Information [Line Items] | ||
Entity Registrant Name | Gevo, Inc. | |
Entity Central Index Key | 0001392380 | |
Trading Symbol | gevo | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 198,150,332 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | |
Current assets: | |||
Cash and cash equivalents | $ 525,323 | $ 78,338 | |
Accounts receivable | 92 | 527 | |
Inventories | 2,452 | 2,491 | |
Prepaid expenses and other current assets | 5,657 | 1,914 | |
Total current assets | 533,524 | 83,270 | |
Property, plant and equipment, net | 70,696 | 66,408 | |
Deposits and other assets | 4,508 | 2,421 | |
Total assets | [1] | 608,728 | 152,099 |
Current liabilities: | |||
Accounts payable and accrued liabilities | 9,710 | 4,125 | |
Loans payable - other (current) | 1,016 | 807 | |
Total current liabilities | 10,726 | 4,932 | |
Loans payable - other (long-term) | 212 | 447 | |
Other long-term liabilities | 2,099 | 341 | |
Total liabilities | 13,037 | 5,720 | |
Commitments and Contingencies (See Note 12) | |||
Stockholders' Equity | |||
Common stock, $0.01 par value per share; 250,000,000 authorized; 198,050,449 and 128,138,311 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively. | 1,981 | 1,282 | |
Additional paid-in capital | 1,101,939 | 643,269 | |
Accumulated deficit | (508,229) | (498,172) | |
Total stockholders' equity | 595,691 | 146,379 | |
Total liabilities and stockholders' equity | $ 608,728 | $ 152,099 | |
[1] | All other significant non-cash items relate to the activities of Gevo. |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock shares issued (in shares) | 198,050,449 | 128,138,311 |
Common stock, shares outstanding (in shares) | 198,050,449 | 128,138,311 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue and cost of goods sold | ||
Revenue from contract with Customer | $ 13 | $ 3,825 |
Grant and other revenue | 80 | |
Total revenues | 93 | 3,825 |
Cost of goods sold | 1,994 | 8,139 |
Gross loss | (1,901) | (4,314) |
Operating expenses: | ||
Research and development expense | 1,378 | 580 |
Selling, general and administrative expense | 3,872 | 2,627 |
Preliminary stage project costs | 2,727 | 156 |
Restructuring expenses | 299 | |
Total operating expenses | 7,977 | 3,662 |
Loss from operations | (9,878) | (7,976) |
Other income (expense): | ||
Interest expense | (5) | (545) |
(Loss) on modification of 2020 Notes | (669) | |
(Loss) gain from change in fair value of derivative warrant liability | (53) | 7 |
(Loss) from change in fair value of 2020/21 Notes embedded derivative liability | (100) | |
Other (expense) income | (121) | 30 |
Total other income (expense), net | (179) | (1,277) |
Net loss | $ (10,057) | $ (9,253) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.05) | $ (0.64) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 183,566,524 | 14,472,798 |
Ethanol Sales and Related Products [Member] | ||
Revenue and cost of goods sold | ||
Revenue from contract with Customer | $ 3,700 | |
Total revenues | 3,700 | |
Hydrocarbon [Member] | ||
Revenue and cost of goods sold | ||
Revenue from contract with Customer | 13 | 125 |
Total revenues | $ 13 | $ 125 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 14,083,232 | |||
Balance at Dec. 31, 2019 | $ 141 | $ 530,349 | $ (457,986) | $ 72,504 |
Issuance of common stock, net of issue costs (in shares) | 425,776 | |||
Issuance of common stock, net of issue costs | $ 4 | 902 | 906 | |
Non-cash stock-based compensation | 336 | 336 | ||
Issuance of common stock under stock plans, net of taxes (in shares) | 105,882 | |||
Issuance of common stock under stock plans, net of taxes | ||||
Net loss | (9,253) | (9,253) | ||
Balance (in shares) at Mar. 31, 2020 | 14,614,890 | |||
Balance at Mar. 31, 2020 | $ 145 | 531,587 | (467,239) | 64,493 |
Balance (in shares) at Dec. 31, 2020 | 128,138,311 | |||
Balance at Dec. 31, 2020 | $ 1,282 | 643,269 | (498,172) | 146,379 |
Issuance of common stock, net of issue costs (in shares) | 68,170,579 | |||
Issuance of common stock, net of issue costs | $ 682 | 457,008 | 457,690 | |
Issuance of common stock upon exercise of warrants (in shares) | 1,863,058 | |||
Issuance of common stock upon exercise of warrants | $ 18 | 1,099 | 1,117 | |
Non-cash stock-based compensation | 562 | 562 | ||
Issuance of common stock under stock plans, net of taxes (in shares) | (121,499) | |||
Issuance of common stock under stock plans, net of taxes | $ (1) | 1 | ||
Net loss | (10,057) | (10,057) | ||
Balance (in shares) at Mar. 31, 2021 | 198,050,449 | |||
Balance at Mar. 31, 2021 | $ 1,981 | $ 1,101,939 | $ (508,229) | $ 595,691 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Activities | ||
Net loss | $ (10,057) | $ (9,253) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Loss (gain) from change in fair value of derivative warrant liability | 53 | (7) |
Loss from change in fair value of 2020/21 Notes embedded derivative liability | 100 | |
Stock-based compensation | 925 | 172 |
Depreciation and amortization | 1,149 | 1,649 |
Non-cash lease expense | 17 | 15 |
Non-cash interest expense | 2 | 150 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 435 | 983 |
Inventories | 39 | 520 |
Prepaid expenses and other current assets, deposits and other assets | (4,273) | (167) |
Accounts payable, accrued expenses and long-term liabilities | 4,545 | (1,137) |
Net cash used in operating activities | (7,165) | (6,975) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (5,432) | (801) |
Net cash used in investing activities | (4,630) | (790) |
Financing Activities | ||
Debt and equity offering costs | (31,683) | (52) |
Proceeds from issuance of common stock and common stock warrants | 489,373 | 958 |
Proceeds from exercise of warrants | 1,117 | |
Payment of loans payable - other | (27) | (154) |
Net cash provided by financing activities | 458,780 | 752 |
Net increase (decrease) in cash and cash equivalents | 446,985 | (7,013) |
Beginning of period | 78,338 | 16,302 |
End of period | 525,323 | 9,289 |
Cash paid for interest | 3 | 395 |
Non-cash purchase of property, plant and equipment | 999 | 380 |
Original issue discount paid with 2020/21 Notes | 282 | |
Right-of-use asset purchased with financing lease | 13 | |
Right-of-use asset purchased with operating lease | $ 1,562 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition and Basis of Presentation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business, Financial Condition and Basis of Presentation Nature of Business As next generation renewable fuels, Gevo's hydrocarbon transportation fuels have the advantage of being “drop-in” substitutes for conventional fuels that are derived from crude oil, working seamlessly and without modification in existing fossil-fuel based engines, supply chains and storage infrastructure. In addition, with SAF, the carbon footprint of air travel can be reduced, or in the long run, eliminated on a net carbon basis, without change to planes or fuel systems. In addition to the potential of net- zero Gevo uses low-carbon, renewable resource-based raw materials as feedstocks. In the near-term, its feedstocks will primarily consist of non-food corn. As the Company's technology is applied globally, feedstocks can consist of sugar cane, molasses or other cellulosic sugars derived from wood, agricultural residues and waste. Gevo's patented fermentation yeast biocatalyst produces isobutanol, a four Gevo's technology represents a new generation of renewable fuel technology that overcomes the limitations of first Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including, but not 1 COVID- 19. 19" 19 2021 third 19 19 During the first 2020, 19 first 2020 19 three March 31, 2021 98% three March 31, 2020. 19 1 The Company has considered multiple scenarios, with both positive and negative inputs, as part of the significant estimates and assumptions that are inherent in its financial statements and are based on trends in customer behavior and the economic environment throughout the three March 31, 2021 19 may not March 31, 2021. may may Financial Condition March 31, 2021. March 31, 2021 $525.3 The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. To date, the Company has financed its operations primarily with proceeds from issuance of equity and debt securities, borrowings under debt facilities and product sales. The Company's transition to profitability is dependent upon, among other things, the successful development and commercialization of its product candidates and the achievement of a level of revenues adequate to support the Company's cost structure. The Company may may no one January 2021 Offering. January 19, 2021, 43,750,000 “2021 $8.00 “January 2021 The net proceeds to the Company from the January 2021 $321.9 At-the-Market Offering Program. February 2018, December 2020, $150.0 During the three March 31, 2021, 24,420,579 $135.8 As of March 31, 2021, $10.6 Basis of Presentation. not y at March 31, 2021 and are not 8 10 December 31, 2020. Preliminary Stage Project Costs. Reclassifications. no Income Taxes. no Concentration of Business Risk. March 31, 2021, four 41%, 27%, 16% 14%, 98% December 31, 2020, one 79% For the three March 31, 2021, 79% 15%, 94% three March 31, 2020, 73% 22%, 95% 14 |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2. Earnings Per Share Basic earnings (loss) per sha re is computed by dividing the net loss for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share (“EPS”) includes the dilutive effect of common stock equivalents and is computed using the weighted-average number of common stock and common stock equivalents outstanding during the reporting period. Diluted EPS for the three March 31, 2021 and 2020 The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: Three Months Ended March 31, 2021 2020 Warrants to purchase common stock - liability classified 56,735 54,669 Warrant to purchase common stock - equity classified 94,108 — Conversion of 2020/21 Notes — 6,713,817 Outstanding options to purchase common stock 1,517 1,561 Stock appreciation rights 67,739 67,739 Total 220,099 6,837,786 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers and Other Revenues | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenues from Contracts with Customers and Other Revenues The Company's current and historical revenues have consisted of the following: (a) hydrocarbon revenue; (b) ethanol sales and related products revenue, net; and (c) grant and other revenue, which primarily has historically consisted of revenues from governmental and cooperative research grants. Hydrocarbon revenue. no Ethanol sales and related products revenues. no Grant and other revenues. one The following table sets forth the components of the Company's revenues between those generated from contracts with customers and those generated from arrangements that do not Three Months Ended March 31, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Hydrocarbon revenue $ 13 $ — $ 13 Other revenue — 80 80 $ 13 $ 80 $ 93 Timing of Revenue Recognition Goods transferred at a point in time $ 13 $ — $ 13 Services transferred over time — 80 80 $ 13 $ 80 $ 93 Three Months Ended March 31, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,700 $ — $ 3,700 Hydrocarbon revenue 125 — 125 $ 3,825 $ — $ 3,825 Timing of Revenue Recognition Goods transferred at a point in time $ 3,825 $ — $ 3,825 Services transferred over time — — — $ 3,825 $ — $ 3,825 Goods transferred at a point-in-time. three March 31, 2021 2020, no March 31, 2021 December 31, 2020, no All goods transferred are tested to ensure product sold satisfies contractual product specifications prior to transfer. The customer obtains control of the goods when title and risk of loss for the goods has transferred, which in most cases is “ free-on-board, shipping point one three no Services transferred over time. three March 31, 2021 2020, no March 31, 2021 December 31, 2020, no Contract Assets and Trade Receivables. March 31, 2021 December 31, 2020, no not no March 31, 2021 December 31, 2020. not March 31, 2021 December 31, 2020. |
Note 4 - Leases, Right-to-use A
Note 4 - Leases, Right-to-use Assets and Related Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. The contracts for the Company are comprised of facility and equipment leases necessary to conduct the Company's day-to-day operations for which the Company maintains control of right-to-use assets and incurs the related liabilities. Right-of-use assets totaling $1.7 $1.9 March 31, 2021. The Company has two first January 2029, second The Company recognizes rent expense on its operating leases on a straight-line basis. The Company began leasing its grain bins in Luverne, Minnesota in October 2020 July 2021. three March 31, 2021 $0.1 The following table presents the (a) costs by lease category and (b) other quantitative information relating to the Company's leases (dollars in thousands): Three Months Ended March 31, 2021 2020 Lease Cost Financing lease cost $ 11 $ 1 Operating lease cost 61 471 Short-Term lease cost 132 80 Variable lease cost (1) 39 32 Total lease cost $ 243 $ 584 (1) Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts Three Months Ended March 31, 2021 2020 Other Information Cash paid for the measurement of lease liabilities: Operating cash flows from finance lease $ 6 $ 1 Operating cash flows from operating leases 61 471 Finance cash flows from finance lease 7 — Right-to-use asset obtained in exchange for new financing lease liability — 13 Right-to-use asset obtained in exchange for new operating lease liability 1,562 Weighted-average remaining lease term, financing lease (months) 221 59 Weighted-average remaining lease term, operating leases (months) 94 18 Weighted-average discount rate - financing lease (2) 13 % 21 % Weighted-average discount rate - operating leases (3) 5 % 12 % (2) The discount rate used for the finance lease was based on the rate implicit in the lease. (3) The discount rate used for operating leases is based on our implicit borrowing rate at the date the Company entered into the lease. The table below shows the future minimum payments under non-cancelable financing and operating leases at March 31, 2021 ( Year Ending December 31, Operating Leases Financing Leases 2021 (remaining) $ 103 $ 25 2022 24 26 2023 297 26 2024 305 26 2025 1,042 22 2026 and thereafter 1,030 301 Total 2,801 426 Less: Amounts representing present value discounts (1,138 ) (263 ) Total lease liabilities $ 1,663 $ 163 On March 29, 2021, first January 7, 2020. 10 December 2021. |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories The following table sets forth the components of the Company's inventory balances (in thousands): March 31, December 31, 2021 2020 Raw materials Enzymes and other inputs $ 121 $ 133 Nutrients 1 1 Finished goods SAF, Isooctane and Isooctene 725 756 Work in process Gevo 5 5 Palladium 235 235 Spare parts 1,365 1,361 Total inventories $ 2,452 $ 2,491 Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, Plant and Equipment The following table sets forth the Company's property, plant and equipment by classification (in thousands): Useful Life March 31, December 31, (in years) 2021 2020 Luverne retrofit asset 20 $ 70,820 $ 70,820 Plant machinery and equipment 10 17,374 17,374 Site improvements 10 7,157 7,157 Lab equipment, furniture and fixtures and vehicles 5 6,396 6,396 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Leasehold improvements, pilot plant, land and support equipment 2 5 2,523 2,523 Computer, office equipment and software 3 6 2,021 1,983 Construction in progress — 18,525 13,132 Total property, plant and equipment 130,956 125,525 Less accumulated depreciation and amortization (60,260 ) (59,117 ) Property, plant and equipment, net $ 70,696 $ 66,408 The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands): Three Months Ended March 31 2021 2020 Cost of goods sold $ 1,088 $ 1,587 Operating expenses 56 56 Total depreciation and amortization $ 1,144 $ 1,643 |
Note 7 - Embedded Derivatives L
Note 7 - Embedded Derivatives Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | 7. Embedded Derivatives Liabilities Derivative Warrant Liability There were no three March 31, 2021. The following table sets forth information pertaining to shares issued upon the exercise of warrants as of March 31, 2021: Issuance Date Expiration Date Exercise Price as of March 31, 2021 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of March 31, 2021 Shares Underlying Warrants Outstanding as of March 31, 2021 Series F Warrants 04/01/2016 04/01/2021 $ 40.00 25,733 11,692 14,041 Series I Warrants 09/13/2016 09/13/2021 $ 220.00 35,368 — 35,368 Series K Warrants 02/17/2017 2/17/2022 $ 2.00 315,986 308,660 7,326 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,905,892 94,108 30,377,087 30,226,244 150,843 ( 1 2020 The agreements governing the above warrants include the following terms: • certain warrants have exercise prices which are subject to adjustment for certain events, including the issuance of stock dividends on the Company's common stock and, in certain instances, the issuance of the Company's common stock or instruments convertible into the Company's common stock at a price per share less than the exercise price of the respective warrants; • warrant holders may not may • the exercise price and the number and type of securities purchasable upon exercise of the warrants are subject to adjustment upon certain corporate events, including certain combinations, consolidations, liquidations, mergers, recapitalizations, reclassifications, reorganizations, stock dividends and stock splits, a sale of all or substantially all of the Company's assets and certain other events; and • in the event of an “extraordinary transaction” or a “fundamental transaction” (as such terms are defined in the respective warrant agreements), generally including any merger with or into another entity, sale of all or substantially all of the Company's assets, tender offer or exchange offer, or reclassification of its common stock, in which the successor entity (as defined in the respective warrant agreements) that assumes the successor entity is not 30 may During the three March 31, 2021, Common Stock Issued Proceeds Series 2020-A Warrants 1,863,058 $ 1,117 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. 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): March 31, December 31, 2021 2020 Accrued employee compensation $ 1,677 $ 1,960 Accounts payable - trade 3,841 897 Accrued utilities and supplies 58 5 Other accrued liabilities 4,134 1,263 Total accounts payable and accrued liabilities $ 9,710 $ 4,125 |
Note 9 - Debt
Note 9 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt Loans Payable - Other The equipment loans are secured by the related equipment. In April 2020, $1.0 August 2021 August 5, 2021, $0.06 24 The balance of these loans at March 31, 2021 December 31, 2020 Interest Rate Maturity Date March 31 December 31, 2020 SBA Loans 1% April 2025 $ 1,006 $ 1,006 Equipment 4% 5% October 2021 - December 2024 222 248 Total notes payable - other 1,228 1,254 Less current portion (1,016 ) (807 ) Long-term portion $ 212 $ 447 Future payments for Loans Payable - Other are as follows (in thousands): Year ending December 31, 2021 (remaining) $ 778 2022 356 2023 62 2024 32 $ 1,228 On April 15, 2021, $0.5 $0.1 $0.4 1.0% April 2025. $8 June 5, 2021 April 2025. |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Stock Incentive Plans Disclosure [Text Block] | 10 . Equity Incentive Plans 2010 February 2011, 2010 "2010 2010 June 3, 2020, 2010 6,980,074 Restricted common stock activity during the three March 31, 2021 • During the three March 31, 2021, 121,466 At March 31, 2021, 1,351,858 2010 Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 190 190 March 31, 2021 85% first no three March 31, 2021 2020. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Stock-Based Compensation Stock-Based Compensation Expense The following table sets forth the Company's stock-based compensation expense (in thousands) for the periods indicated: Three Months Ended March 31, 2021 2020 Restricted stock Research and development $ 125 $ 76 Selling, general and administrative 437 260 Stock appreciation rights Research and development 348 (79 ) Selling, general and administrative 15 (85 ) Total stock-based compensation $ 925 $ 172 Stock Option Award Activity March 31, 2021 three March 31, 2021 Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2020 1,552 $ 556.13 5.58 $ — Granted — $ — Canceled or forfeited (35 ) $ 876.00 Exercised — $ — Options outstanding at 1,517 $ 548.75 5.36 $ — Options exercisable at March 31, 2021 1,517 $ 548.75 5.36 $ — Options vested and expected to vest at March 31, 2021 1,517 $ 548.75 5.36 $ — ( 1 $20 $99,300 March 31, 2021. Restricted Stock March 31, 2021 three March 31, 2021 Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2020 4,701,556 $ 0.79 Granted — $ — Vested — $ — Canceled or forfeited (120,808 ) $ 0.81 Non-vested at March 31, 2021 4,580,748 $ 0.79 The total fair value of restricted stock that vested during the three March 31, 2021 nil. March 31, 2021, $1.9 1.1 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Legal Matters may not not Indemnifications may March 31, 2021, not In addition, the Company, as permitted under Delaware law and in accordance with its amended and restated certificate of incorporation and amended and restated bylaws, in each case, as amended to date, indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company's request in such capacity. 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 may No Environmental Liabilities No March 31, 2021. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 13. 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 Level 1 Level 2 1, 2 Level 3 no These tables present the carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at March 31, 2021 December 31, 2020, $1.2 $1.3 March 31, 2021 December 31, 2020, Fair Value Measurements at March 31, 2021 (In thousands) Fair Value at March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 84 $ — $ — $ 84 Nonrecurring Palladium and finished goods inventory $ 880 $ 264 $ 616 $ — Fair Value Measurements at December 31, 2020 (In thousands) Fair Value at December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 31 $ — $ — $ 31 Nonrecurring Corn, palladium and finished goods inventory $ 866 $ 235 $ 631 $ — The following table provides changes to those fair value measurements using Level 3 three d March 31 , 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Warrant Liability Balance, December 31, 2020 $ 31 Total loss included in earnings 53 Balance, March 31 , 2021 $ 84 There were no 3 three March 31 , 2021 Inventories. The Company records its corn and palladium inventory at fair value only when the Company's cost of corn and palladium purchased exceeds the market value for corn. The Company determines the market value of corn and palladium based upon Level 1 2 Derivative Warrant Liability 3 3 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. |
Note 14 - Segments
Note 14 - Segments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. Segments The Company's chief operating decision maker is provided with and reviews a monthly executive package which separately identifies its business segments based on the nature of the products and services offered through each of its consolidated legal entities. In January 2021, four Gevo Segment Agri-Energy Segment Renewable Natural Gas Net-Zero Segment. The Company's chief operating decision maker is provided with and reviews the financial results of each of the Company's consolidated legal entities, Gevo, Inc. and Agri-Energy, LLC, as well as its Renewable Natural Gas and Net-Zero projects. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. Substantially all revenue is earned and all assets are held in the U.S. Three Months Ended March 31, 2021 2020 Revenues: Gevo $ 13 $ 125 Agri-Energy 80 3,700 Renewable Natural Gas — — Net-Zero — — Consolidated $ 93 $ 3,825 Loss from operations: Gevo $ (5,104 ) $ (2,881 ) Agri-Energy (2,047 ) (4,939 ) Renewable Natural Gas (68 ) (156 ) Net-Zero (2,659 ) — Consolidated $ (9,878 ) $ (7,976 ) Interest expense: Gevo $ — $ 543 Agri-Energy — 2 Renewable Natural Gas 5 — Net-Zero — — Consolidated $ 5 $ 545 Depreciation and amortization expense: Gevo $ 56 $ 56 Agri-Energy 1,093 1,593 Renewable Natural Gas — — Net-Zero — — Consolidated $ 1,149 $ 1,649 Acquisitions of plant, property and equipment: Gevo $ 253 $ 10 Agri-Energy 10 791 Renewable Natural Gas 5,169 — Net-Zero — — Consolidated $ 5,432 $ 801 Revenue by geographic area United States $ 93 $ 3,750 Other — 75 Consolidated $ 93 $ 3,825 March 31, December 31, 2021 2020 Total assets Gevo $ 595,834 $ 152,177 Agri-Energy 129,523 131,893 Renewable Natural Gas 12,748 — Net-Zero 110 — Intercompany eliminations (1) (129,487 ) (131,971 ) Consolidated (2) $ 608,728 $ 152,099 ( 1 Includes no three March 31, 2021 $0.1 December 31, 2020 ( 2 All other significant non-cash items relate to the activities of Gevo. |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Events Bond Issuance On April 15, 2021, $68,155,000 2021 “2021 1.50% January 1 July 1 July 1, 2021, January 1, 2042, The 2021 April 1, 2021 ( 2021 April 1, 2021 ( 2021 2021 2021 1 three 2 2021 3 2021 On April 15, 2021, $71.2 April 1, 2021 ( 2021 203 2021 2021 2021 not 2021 three 2021 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business As next generation renewable fuels, Gevo's hydrocarbon transportation fuels have the advantage of being “drop-in” substitutes for conventional fuels that are derived from crude oil, working seamlessly and without modification in existing fossil-fuel based engines, supply chains and storage infrastructure. In addition, with SAF, the carbon footprint of air travel can be reduced, or in the long run, eliminated on a net carbon basis, without change to planes or fuel systems. In addition to the potential of net- zero Gevo uses low-carbon, renewable resource-based raw materials as feedstocks. In the near-term, its feedstocks will primarily consist of non-food corn. As the Company's technology is applied globally, feedstocks can consist of sugar cane, molasses or other cellulosic sugars derived from wood, agricultural residues and waste. Gevo's patented fermentation yeast biocatalyst produces isobutanol, a four Gevo's technology represents a new generation of renewable fuel technology that overcomes the limitations of first Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including, but not 1 COVID- 19. 19" 19 2021 third 19 19 During the first 2020, 19 first 2020 19 three March 31, 2021 98% three March 31, 2020. 19 1 The Company has considered multiple scenarios, with both positive and negative inputs, as part of the significant estimates and assumptions that are inherent in its financial statements and are based on trends in customer behavior and the economic environment throughout the three March 31, 2021 19 may not March 31, 2021. may may |
Financial Condition [Policy Text Block] | Financial Condition March 31, 2021. March 31, 2021 $525.3 The Company expects to incur future net losses as it continues to fund the development and commercialization of its product candidates. To date, the Company has financed its operations primarily with proceeds from issuance of equity and debt securities, borrowings under debt facilities and product sales. The Company's transition to profitability is dependent upon, among other things, the successful development and commercialization of its product candidates and the achievement of a level of revenues adequate to support the Company's cost structure. The Company may may no one |
Stockholders' Equity, Policy [Policy Text Block] | January 2021 Offering. January 19, 2021, 43,750,000 “2021 $8.00 “January 2021 The net proceeds to the Company from the January 2021 $321.9 At-the-Market Offering Program. February 2018, December 2020, $150.0 During the three March 31, 2021, 24,420,579 $135.8 As of March 31, 2021, $10.6 |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. not y at March 31, 2021 and are not 8 10 December 31, 2020. |
Preliminary Stage Project Costs [Policy Text Block] | Preliminary Stage Project Costs. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications. no |
Income Tax, Policy [Policy Text Block] | Income Taxes. no |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Business Risk. March 31, 2021, four 41%, 27%, 16% 14%, 98% December 31, 2020, one 79% For the three March 31, 2021, 79% 15%, 94% three March 31, 2020, 73% 22%, 95% 14 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2021 2020 Warrants to purchase common stock - liability classified 56,735 54,669 Warrant to purchase common stock - equity classified 94,108 — Conversion of 2020/21 Notes — 6,713,817 Outstanding options to purchase common stock 1,517 1,561 Stock appreciation rights 67,739 67,739 Total 220,099 6,837,786 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers and Other Revenues (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Hydrocarbon revenue $ 13 $ — $ 13 Other revenue — 80 80 $ 13 $ 80 $ 93 Timing of Revenue Recognition Goods transferred at a point in time $ 13 $ — $ 13 Services transferred over time — 80 80 $ 13 $ 80 $ 93 Three Months Ended March 31, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,700 $ — $ 3,700 Hydrocarbon revenue 125 — 125 $ 3,825 $ — $ 3,825 Timing of Revenue Recognition Goods transferred at a point in time $ 3,825 $ — $ 3,825 Services transferred over time — — — $ 3,825 $ — $ 3,825 |
Note 4 - Leases, Right-to-use_2
Note 4 - Leases, Right-to-use Assets and Related Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2021 2020 Lease Cost Financing lease cost $ 11 $ 1 Operating lease cost 61 471 Short-Term lease cost 132 80 Variable lease cost (1) 39 32 Total lease cost $ 243 $ 584 (1) Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts Three Months Ended March 31, 2021 2020 Other Information Cash paid for the measurement of lease liabilities: Operating cash flows from finance lease $ 6 $ 1 Operating cash flows from operating leases 61 471 Finance cash flows from finance lease 7 — Right-to-use asset obtained in exchange for new financing lease liability — 13 Right-to-use asset obtained in exchange for new operating lease liability 1,562 Weighted-average remaining lease term, financing lease (months) 221 59 Weighted-average remaining lease term, operating leases (months) 94 18 Weighted-average discount rate - financing lease (2) 13 % 21 % Weighted-average discount rate - operating leases (3) 5 % 12 % (2) The discount rate used for the finance lease was based on the rate implicit in the lease. (3) The discount rate used for operating leases is based on our implicit borrowing rate at the date the Company entered into the lease. |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases Financing Leases 2021 (remaining) $ 103 $ 25 2022 24 26 2023 297 26 2024 305 26 2025 1,042 22 2026 and thereafter 1,030 301 Total 2,801 426 Less: Amounts representing present value discounts (1,138 ) (263 ) Total lease liabilities $ 1,663 $ 163 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2021 2020 Raw materials Enzymes and other inputs $ 121 $ 133 Nutrients 1 1 Finished goods SAF, Isooctane and Isooctene 725 756 Work in process Gevo 5 5 Palladium 235 235 Spare parts 1,365 1,361 Total inventories $ 2,452 $ 2,491 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life March 31, December 31, (in years) 2021 2020 Luverne retrofit asset 20 $ 70,820 $ 70,820 Plant machinery and equipment 10 17,374 17,374 Site improvements 10 7,157 7,157 Lab equipment, furniture and fixtures and vehicles 5 6,396 6,396 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Leasehold improvements, pilot plant, land and support equipment 2 5 2,523 2,523 Computer, office equipment and software 3 6 2,021 1,983 Construction in progress — 18,525 13,132 Total property, plant and equipment 130,956 125,525 Less accumulated depreciation and amortization (60,260 ) (59,117 ) Property, plant and equipment, net $ 70,696 $ 66,408 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Three Months Ended March 31 2021 2020 Cost of goods sold $ 1,088 $ 1,587 Operating expenses 56 56 Total depreciation and amortization $ 1,144 $ 1,643 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Expiration Date Exercise Price as of March 31, 2021 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of March 31, 2021 Shares Underlying Warrants Outstanding as of March 31, 2021 Series F Warrants 04/01/2016 04/01/2021 $ 40.00 25,733 11,692 14,041 Series I Warrants 09/13/2016 09/13/2021 $ 220.00 35,368 — 35,368 Series K Warrants 02/17/2017 2/17/2022 $ 2.00 315,986 308,660 7,326 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,905,892 94,108 30,377,087 30,226,244 150,843 |
Exercise of Warrants [Table Text Block] | Common Stock Issued Proceeds Series 2020-A Warrants 1,863,058 $ 1,117 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 31, December 31, 2021 2020 Accrued employee compensation $ 1,677 $ 1,960 Accounts payable - trade 3,841 897 Accrued utilities and supplies 58 5 Other accrued liabilities 4,134 1,263 Total accounts payable and accrued liabilities $ 9,710 $ 4,125 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Interest Rate Maturity Date March 31 December 31, 2020 SBA Loans 1% April 2025 $ 1,006 $ 1,006 Equipment 4% 5% October 2021 - December 2024 222 248 Total notes payable - other 1,228 1,254 Less current portion (1,016 ) (807 ) Long-term portion $ 212 $ 447 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, 2021 (remaining) $ 778 2022 356 2023 62 2024 32 $ 1,228 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended March 31, 2021 2020 Restricted stock Research and development $ 125 $ 76 Selling, general and administrative 437 260 Stock appreciation rights Research and development 348 (79 ) Selling, general and administrative 15 (85 ) Total stock-based compensation $ 925 $ 172 |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2020 1,552 $ 556.13 5.58 $ — Granted — $ — Canceled or forfeited (35 ) $ 876.00 Exercised — $ — Options outstanding at 1,517 $ 548.75 5.36 $ — Options exercisable at March 31, 2021 1,517 $ 548.75 5.36 $ — Options vested and expected to vest at March 31, 2021 1,517 $ 548.75 5.36 $ — |
Schedule of Nonvested Share Activity [Table Text Block] | Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2020 4,701,556 $ 0.79 Granted — $ — Vested — $ — Canceled or forfeited (120,808 ) $ 0.81 Non-vested at March 31, 2021 4,580,748 $ 0.79 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at March 31, 2021 (In thousands) Fair Value at March 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 84 $ — $ — $ 84 Nonrecurring Palladium and finished goods inventory $ 880 $ 264 $ 616 $ — Fair Value Measurements at December 31, 2020 (In thousands) Fair Value at December 31, 2020 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring: Derivative Warrant Liability $ 31 $ — $ — $ 31 Nonrecurring Corn, palladium and finished goods inventory $ 866 $ 235 $ 631 $ — |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Warrant Liability Balance, December 31, 2020 $ 31 Total loss included in earnings 53 Balance, March 31 , 2021 $ 84 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2021 2020 Revenues: Gevo $ 13 $ 125 Agri-Energy 80 3,700 Renewable Natural Gas — — Net-Zero — — Consolidated $ 93 $ 3,825 Loss from operations: Gevo $ (5,104 ) $ (2,881 ) Agri-Energy (2,047 ) (4,939 ) Renewable Natural Gas (68 ) (156 ) Net-Zero (2,659 ) — Consolidated $ (9,878 ) $ (7,976 ) Interest expense: Gevo $ — $ 543 Agri-Energy — 2 Renewable Natural Gas 5 — Net-Zero — — Consolidated $ 5 $ 545 Depreciation and amortization expense: Gevo $ 56 $ 56 Agri-Energy 1,093 1,593 Renewable Natural Gas — — Net-Zero — — Consolidated $ 1,149 $ 1,649 Acquisitions of plant, property and equipment: Gevo $ 253 $ 10 Agri-Energy 10 791 Renewable Natural Gas 5,169 — Net-Zero — — Consolidated $ 5,432 $ 801 Revenue by geographic area United States $ 93 $ 3,750 Other — 75 Consolidated $ 93 $ 3,825 March 31, December 31, 2021 2020 Total assets Gevo $ 595,834 $ 152,177 Agri-Energy 129,523 131,893 Renewable Natural Gas 12,748 — Net-Zero 110 — Intercompany eliminations (1) (129,487 ) (131,971 ) Consolidated (2) $ 608,728 $ 152,099 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Details Textual) $ / shares in Units, $ in Thousands | Jan. 19, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Mar. 31, 2021USD ($)shares | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) |
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 78,338 | $ 525,323 | $ 78,338 | ||
Proceeds from Issuance or Sale of Equity, Total | $ 321,900 | ||||
Proceeds from Issuance of Common Stock | 489,373 | $ 958 | |||
Income Tax Expense (Benefit), Total | $ 0 | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||
Number of Customers | 4 | 1 | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Total Petrochemicals & Refining USA, Inc. [Member] | |||||
Concentration Risk, Percentage | 41.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Juhl Clean Energy [Member] | |||||
Concentration Risk, Percentage | 27.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | AvFuel Corporation [Member] | |||||
Concentration Risk, Percentage | 16.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Wisconsin Bioproducts [Member] | |||||
Concentration Risk, Percentage | 14.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Total Petrochemicals, Juhl Clean Energy, AvFuel Corporation, and Wisconsin Bioproducts [Member] | |||||
Concentration Risk, Percentage | 98.00% | ||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | HCS Group GmbH [Member] | |||||
Concentration Risk, Percentage | 79.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | AvFuel Corporation [Member] | |||||
Concentration Risk, Percentage | 15.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | New Vision, LLC [Member] | |||||
Concentration Risk, Percentage | 79.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | New Vision, LLC and AvFuel Corporation [Member] | |||||
Concentration Risk, Percentage | 94.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC [Member] | |||||
Concentration Risk, Percentage | 73.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Purina Animal Nutrition, LLC [Member] | |||||
Concentration Risk, Percentage | 22.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC and Purina Animal Nutrition, LLC [Member] | |||||
Concentration Risk, Percentage | 95.00% | ||||
January 2021 Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 43,750,000 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 8 | ||||
At-the-market Offering [Member] | |||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 24,420,579 | ||||
Increase (Decrease) in At-the-Market Offering of Stock | $ 150,000 | ||||
Proceeds from Issuance of Common Stock | $ 135,800 | ||||
Offering of Stock, Remaining Capacity, Value | $ 10,600 | ||||
COVID-19 [Member] | |||||
Percentage of Revenue Reduction | 98.00% |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Antidilutive securities (in shares) | 220,099 | 6,837,786 |
Warrants to Purchase Common Stock - Liability Classified [Member] | ||
Antidilutive securities (in shares) | 56,735 | 54,669 |
Warrants to Purchase Common Stock - Equity Classified [Member] | ||
Antidilutive securities (in shares) | 94,108 | |
Convertible 2020/21 Notes [Member] | ||
Antidilutive securities (in shares) | 6,713,817 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,517 | 1,561 |
Stock Appreciation Rights (SARs) [Member] | ||
Antidilutive securities (in shares) | 67,739 | 67,739 |
Note 3 - Revenues From Contra_3
Note 3 - Revenues From Contracts With Customers and Other Revenues (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 13 | $ 3,825 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | $ 0 | |
Contract with Customer, Asset, Credit Loss Expense (Reversal) | 0 | 0 | |
Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 13 | 3,825 | |
Transferred at Point in Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | |
Revenue, Remaining Performance Obligation, Amount | 0 | 0 | |
Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | |||
Transferred over Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 0 |
Note 3 - Revenues From Contra_4
Note 3 - Revenues From Contracts With Customers and Other Revenues - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 13 | $ 3,825 |
Other revenues | 80 | |
Total revenues | 93 | 3,825 |
Transferred at Point in Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 13 | 3,825 |
Other revenues | ||
Total revenues | 13 | 3,825 |
Transferred over Time [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | ||
Other revenues | 80 | |
Total revenues | 80 | |
Hydrocarbon [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 13 | 125 |
Other revenues | ||
Total revenues | 13 | 125 |
Ethanol Sales and Related Products [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | 3,700 | |
Other revenues | ||
Total revenues | $ 3,700 | |
Grant and Other [Member] | ||
Revenue from Contract with Customer, Including Assessed Tax | ||
Other revenues | 80 | |
Total revenues | $ 80 |
Note 4 - Leases, Right-to-use_3
Note 4 - Leases, Right-to-use Assets and Related Liabilities (Details Textual) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021USD ($) | Dec. 31, 2021 | |
Operating Lease, Liability, Total | $ 1,663 | |
Lessee, Operating Lease, Lease Not yet Commenced, Amount | 2 | |
Operating Lease, Lease Income, Total | $ 100 | |
Northwest Iowa, Land Lease Agreement [Member] | Forecast [Member] | ||
Lessee, Operating Lease, Term of Contract (Year) | 10 years | |
Deposits and Other Assets [Member] | ||
Operating Lease, Right-of-Use Asset | 1,700 | |
Other Noncurrent Liabilities [Member] | ||
Operating Lease, Liability, Total | $ 1,900 |
Note 4 - Leases, Right-to-use_4
Note 4 - Leases, Right-to-use Assets and Related Liabilities - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Financing lease cost | $ 11 | $ 1 | |
Operating lease cost | 61 | 471 | |
Short-Term lease cost | 132 | 80 | |
Variable lease cost (1) | [1] | 39 | 32 |
Total lease cost | 243 | 584 | |
Operating cash flows from finance lease | 6 | 1 | |
Operating cash flows from operating leases | 61 | 471 | |
Finance cash flows from finance lease | 7 | ||
Right-of-use asset purchased with operating lease | $ 1,562 | ||
Weighted-average remaining lease term, financing lease (months) (Month) | 18 years 150 days | 4 years 330 days | |
Weighted-average remaining lease term, operating leases (months) (Month) | 7 years 300 days | 1 year 180 days | |
Weighted-average discount rate - financing lease (2) | [2] | 13.00% | 21.00% |
Weighted-average discount rate - operating leases (3) | [3] | 5.00% | 12.00% |
[1] | Represents amounts incurred in excess of minimum payments for common area maintenance and present value discounts. | ||
[2] | The discount rate used for the finance lease was based on the rate implicit in the lease. | ||
[3] | The discount rate used for operating leases is based on our implicit borrowing rate at the date the Company entered into the lease. |
Note 4 - Leases, Right-to-use_5
Note 4 - Leases, Right-to-use Assets and Related Liabilities - Future Minimum Payments Under Non-cancelable Operating Leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
2021 (remaining), operating lease | $ 103 |
2021 (remaining), financing leases | 25 |
2022, operating lease | 24 |
2022, financing leases | 26 |
2023, operating lease | 297 |
2023, financing leases | 26 |
2024, operating lease | 305 |
2024, financing leases | 26 |
2025, operating lease | 1,042 |
2025, financing leases | 22 |
2026 and thereafter, operating lease | 1,030 |
2026 and thereafter, financing leases | 301 |
Total, operating lease | 2,801 |
Total, financing leases | 426 |
Less: Amounts representing present value discounts, operating lease | (1,138) |
Less: Amounts representing present value discounts, financing leases | (263) |
Total lease liabilities, operating lease | 1,663 |
Total lease liabilities, financing leases | $ 163 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Spare parts | $ 1,365 | $ 1,361 |
Total inventories | 2,452 | 2,491 |
Enzymes and Other Inputs [Member] | ||
Raw materials | 121 | 133 |
Nutrients [Member] | ||
Raw materials | 1 | 1 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods | 725 | 756 |
Gevo [Member] | ||
Work in process | 5 | 5 |
Palladium [Member] | ||
Other Inventory | $ 235 | $ 235 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property, plant, and equipment, gross | $ 130,956 | $ 125,525 |
Less accumulated depreciation and amortization | (60,260) | (59,117) |
Property, plant and equipment, net | $ 70,696 | 66,408 |
Retrofit Assets [Member] | ||
Property, plant and equipment, useful life (Year) | 20 years | |
Property, plant, and equipment, gross | $ 70,820 | 70,820 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 17,374 | 17,374 |
Site Improvement [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 7,157 | 7,157 |
Lab Equipment, Furniture and Fixtures, and Vehicles [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Property, plant, and equipment, gross | $ 6,396 | 6,396 |
Demonstration Plant [Member] | ||
Property, plant and equipment, useful life (Year) | 2 years | |
Property, plant, and equipment, gross | $ 3,597 | 3,597 |
Building [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 2,543 | 2,543 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 2,523 | 2,523 |
Leasehold Improvements [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 2 years | |
Leasehold Improvements [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Computer, Office Equipment, and Software [Member] | ||
Property, plant, and equipment, gross | $ 2,021 | 1,983 |
Computer, Office Equipment, and Software [Member] | Minimum [Member] | ||
Property, plant and equipment, useful life (Year) | 3 years | |
Computer, Office Equipment, and Software [Member] | Maximum [Member] | ||
Property, plant and equipment, useful life (Year) | 6 years | |
Construction in Progress [Member] | ||
Property, plant, and equipment, gross | $ 18,525 | $ 13,132 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Depreciation and amortization | $ 1,144 | $ 1,643 |
Cost of Sales [Member] | ||
Depreciation and amortization | 1,088 | 1,587 |
Operating Expense [Member] | ||
Depreciation and amortization | $ 56 | $ 56 |
Note 7 - Embedded Derivatives_3
Note 7 - Embedded Derivatives Liabilities (Details Textual) shares in Thousands | 3 Months Ended |
Mar. 31, 2021shares | |
Class of Warrant or Right, Issued During Period (in shares) | 0 |
Note 7 - Embedded Derivatives_4
Note 7 - Embedded Derivatives Liabilities - Schedule of Shares Issued Upon Exercise of Warrants (Details) - $ / shares | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2019 | ||
Shares Underlying Warrants (in shares) | 150,843 | 30,377,087 | |
Series F Warrants (in shares) | 30,226,244 | ||
Series F Warrants [Member] | |||
Warrant, Issuance Date | Apr. 1, 2016 | ||
Warrants, Expiration date | Apr. 1, 2021 | ||
Warrant Exercise Price (in dollars per share) | $ 40 | ||
Shares Underlying Warrants (in shares) | 14,041 | 25,733 | |
Series F Warrants (in shares) | 11,692 | ||
Series I Warrants [Member] | |||
Warrant, Issuance Date | Sep. 13, 2016 | ||
Warrants, Expiration date | Sep. 13, 2021 | ||
Warrant Exercise Price (in dollars per share) | $ 220 | ||
Shares Underlying Warrants (in shares) | 35,368 | 35,368 | |
Series F Warrants (in shares) | |||
Series K Warrants [Member] | |||
Warrant, Issuance Date | Feb. 17, 2017 | ||
Warrants, Expiration date | Feb. 17, 2022 | ||
Warrant Exercise Price (in dollars per share) | $ 2 | ||
Shares Underlying Warrants (in shares) | 7,326 | 315,986 | |
Series F Warrants (in shares) | 308,660 | ||
The Series 2020 A Warrants [Member] | |||
Warrant, Issuance Date | [1] | Jul. 6, 2020 | |
Warrants, Expiration date | [1] | Jul. 6, 2025 | |
Warrant Exercise Price (in dollars per share) | [1] | $ 0.60 | |
Shares Underlying Warrants (in shares) | [1] | 94,108 | 30,000,000 |
Series F Warrants (in shares) | [1] | 29,905,892 | |
[1] | The Series 2020-A Warrants are equity-classified warrants. |
Note 7 - Embedded Derivatives_5
Note 7 - Embedded Derivatives Liabilities - Exercise of Warrants (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Proceeds | $ 1,117 | |
The Series 2020 A Warrants [Member] | ||
Common Stock Issued (in shares) | 1,863,058 | |
Proceeds | $ 1,117 |
Note 8 - Accounts Payable and_3
Note 8 - Accounts Payable and Accrued Liabilities - Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued employee compensation | $ 1,677 | $ 1,960 |
Accounts payable - trade | 3,841 | 897 |
Accrued utilities and supplies | 58 | 5 |
Other accrued liabilities | 4,134 | 1,263 |
Total accounts payable and accrued liabilities | $ 9,710 | $ 4,125 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) $ in Thousands | Apr. 15, 2021 | Apr. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Current Maturities, Total | $ 1,016 | $ 807 | ||
SBA Loans [Member] | ||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,000 | |||
Debt Instrument, Periodic Payment, Total | $ 60 | |||
SBA Loans [Member] | Subsequent Event [Member] | ||||
Debt Instrument, Periodic Payment, Total | $ 8 | |||
Debt Instrument, Decrease, Forgiveness | 500 | |||
Long-term Debt, Current Maturities, Total | 400 | |||
SBA Loans [Member] | Subsequent Event [Member] | Agri-Energy [Member] | ||||
Debt Instrument, Decrease, Forgiveness | $ 100 |
Note 9 - Debt - Notes Payable -
Note 9 - Debt - Notes Payable - Other (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Less current portion | $ (1,016) | $ (807) |
Long-term portion | 212 | 447 |
Notes Payable, Other Payables [Member] | ||
Notes payable, other | $ 1,228 | 1,254 |
Notes Payable, Other Payables [Member] | SBA Loans [Member] | ||
Interest rate | 1.00% | |
Notes payable, other | $ 1,006 | 1,006 |
Notes Payable, Other Payables [Member] | Notes Payable, Equipment [Member] | ||
Notes payable, other | $ 222 | $ 248 |
Notes Payable, Other Payables [Member] | Notes Payable, Equipment [Member] | Minimum [Member] | ||
Interest rate | 4.00% | |
Notes Payable, Other Payables [Member] | Notes Payable, Equipment [Member] | Maximum [Member] | ||
Interest rate | 5.00% |
Note 9 - Debt - Future Payments
Note 9 - Debt - Future Payments for Notes Payable - Other (Details) - Notes Payable, Other Payables [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
2021 (remaining) | $ 778 | |
2022 | 356 | |
2023 | 62 | |
2024 | 32 | |
Long-term Debt, Total | $ 1,228 | $ 1,254 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Details Textual) - shares | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Jun. 03, 2020 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 120,808 | |||
Stock Incentive Plan 2010 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,351,858 | 6,980,074 | ||
Stock Incentive Plan 2010 [Member] | Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 121,466 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 190 | |||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 190 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 0 | 0 |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / shares | |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ / shares | $ 20 |
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ / shares | $ 99,300 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ | $ 0 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 1,900 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 36 days |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock-based compensation | $ 925 | $ 172 |
Stock Options Issued to Employees and Board Members [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 125 | 76 |
Stock Options Issued to Employees and Board Members [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | 437 | 260 |
Restricted Stock [Member] | Research and Development Expense [Member] | ||
Stock-based compensation | 348 | (79) |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation | $ 15 | $ (85) |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock Option Award Activity (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | ||
Options outstanding (in shares) | 1,552 | ||
Options outstanding, weighted average exercise price (in dollars per share) | [1] | $ 556.13 | |
Options outstanding, weighted average remaining contractual term (Year) | 5 years 131 days | 5 years 211 days | |
Granted (in shares) | |||
Granted, weighted average exercise price (in dollars per share) | [1] | ||
Canceled or forfeited (in shares) | (35) | ||
Canceled or forfeited, weighted average exercise price (in dollars per share) | [1] | $ 876 | |
Exercised (in shares) | |||
Exercised, weighted average exercise price (in dollars per share) | [1] | ||
Options outstanding (in shares) | 1,517 | 1,552 | |
Options outstanding, weighted average exercise price (in dollars per share) | [1] | $ 548.75 | $ 556.13 |
Options exercisable (in shares) | 1,517 | ||
Options exercisable, weighted average exercise price (in dollars per share) | [1] | $ 548.75 | |
Options exercisable, weighted average remaining contractual term (Year) | 5 years 131 days | ||
Options vested and expected to vest (in shares) | 1,517 | ||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | [1] | $ 548.75 | |
Options vested and expected to vest, weighted average remaining contractual term (Year) | 5 years 131 days | ||
[1] | Exercise price of options outstanding range from $20 to $99,300 as of March 31, 2021. |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Non-vested (in shares) | shares | 4,701,556 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.79 |
Granted (in shares) | shares | |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | |
Vested (in shares) | shares | |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | |
Canceled or forfeited (in shares) | shares | (120,808) |
Canceled or forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.81 |
Non-vested (in shares) | shares | 4,580,748 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.79 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - Indemnification Agreement [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingency Accrual, Ending Balance | $ 0 | |
Accrual for Environmental Loss Contingencies, Ending Balance | $ 0 |
Note 13 - Fair Value Measurem_3
Note 13 - Fair Value Measurements (Details Textual) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Notes Payable, Other Payables [Member] | ||
Notes Payable, Fair Value Disclosure | $ 1.2 | $ 1.3 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Warrant [Member] | ||
Derivative liability, fair value | $ 84 | $ 31 |
Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability, fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability, fair value | ||
Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability, fair value | 84 | 31 |
Palladium and Finished Goods Inventory [Member] | ||
Inventory, fair value | 880 | |
Palladium and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Inventory, fair value | 264 | |
Palladium and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Inventory, fair value | 616 | |
Palladium and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Inventory, fair value | ||
Corn, Palladium and Finished Goods [Member] | ||
Inventory, fair value | 866 | |
Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Inventory, fair value | 235 | |
Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Inventory, fair value | 631 | |
Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Inventory, fair value |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) - Derivative Financial Instruments, Liabilities [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Balance | $ 31 |
Total loss included in earnings | 53 |
Balance | $ 84 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Jan. 31, 2021 | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 4 | ||
Intercompany Sales | $ 0 | $ 100 |
Note 14 - Segments - Informatio
Note 14 - Segments - Information on Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Total revenues | $ 93 | $ 3,825 | ||
Loss from operations | (9,878) | (7,976) | ||
Interest expense | 5 | 545 | ||
Depreciation and amortization | 1,149 | 1,649 | ||
Acquisitions of plant, property and equipment: | 5,432 | 801 | ||
Assets | [1] | 608,728 | $ 152,099 | |
Operating Segments [Member] | UNITED STATES | ||||
Total revenues | 93 | 3,750 | ||
Operating Segments [Member] | Non-US [Member] | ||||
Total revenues | 75 | |||
Intersegment Eliminations [Member] | ||||
Assets | [2] | (129,487) | (131,971) | |
Gevo [Member] | Operating Segments [Member] | ||||
Total revenues | 13 | 125 | ||
Loss from operations | (5,104) | (2,881) | ||
Interest expense | 543 | |||
Depreciation and amortization | 56 | 56 | ||
Acquisitions of plant, property and equipment: | 253 | 10 | ||
Assets | 595,834 | 152,177 | ||
Agri-Energy [Member] | Operating Segments [Member] | ||||
Total revenues | 80 | 3,700 | ||
Loss from operations | (2,047) | (4,939) | ||
Interest expense | 2 | |||
Depreciation and amortization | 1,093 | 1,593 | ||
Acquisitions of plant, property and equipment: | 10 | 791 | ||
Assets | 129,523 | 131,893 | ||
Renewable Natural Gas [Member] | Operating Segments [Member] | ||||
Total revenues | ||||
Loss from operations | (68) | (156) | ||
Interest expense | 5 | |||
Depreciation and amortization | ||||
Acquisitions of plant, property and equipment: | 5,169 | |||
Assets | 12,748 | |||
Net-Zero [Member] | Operating Segments [Member] | ||||
Total revenues | ||||
Loss from operations | (2,659) | |||
Interest expense | ||||
Depreciation and amortization | ||||
Acquisitions of plant, property and equipment: | ||||
Assets | $ 110 | |||
[1] | All other significant non-cash items relate to the activities of Gevo. | |||
[2] | Includes no intercompany sales during the three months ended March 31, 2021 and $0.1 million for the year ended December 31, 2020 for hydrocarbon sales. |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Subsequent Event [Member] | Apr. 15, 2021USD ($) |
The 2021 Bonds [Member] | Gevo RGN [Member] | |
Debt Instrument, Face Amount | $ 68,155,000 |
Debt Instrument, Interest Rate, Effective Percentage | 1.50% |
The Reimbursement Agreement [Member] | Citibank N. A [Member] | |
Letters of Credit Outstanding, Amount | $ 71,200,000 |