Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Jul. 30, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001392380 | |
Entity Registrant Name | Gevo, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-35073 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 87-0747704 | |
Entity Address, Address Line One | 345 Inverness Drive South, 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 $0.01 per share | |
Trading Symbol | GEVO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 197,214,586 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 17,085 | $ 78,338 | |
Marketable securities (current) | 246,886 | 0 | |
Restricted cash (current) | 57,645 | 0 | |
Accounts receivable | 847 | 527 | |
Inventories | 2,216 | 2,491 | |
Prepaid expenses and other current assets | 4,497 | 1,914 | |
Total current assets | 329,176 | 83,270 | |
Property, plant and equipment, net | 79,243 | 66,408 | |
Long-term marketable securities | 175,169 | 0 | |
Long-term restricted cash | 70,464 | 0 | |
Operating right-of-use assets | 1,770 | 133 | |
Finance right-of-use assets | 27,491 | 176 | |
Deposits and other assets | 2,361 | 2,112 | |
Total assets | [1] | 685,674 | 152,099 |
Current liabilities | |||
Accounts payable and accrued liabilities | 16,393 | 3,943 | |
Operating lease liabilities (current) | 0 | 172 | |
Finance lease liabilities (current) | 4,888 | 10 | |
Loans payable - other (current) | 174 | 807 | |
Total current liabilities | 21,455 | 4,932 | |
2021 Bonds payable (long-term) | 66,120 | 0 | |
Loans payable - other (long-term) | 394 | 447 | |
Operating lease liabilities (long-term) | 1,783 | 0 | |
Finance lease liabilities (long-term) | 19,715 | 162 | |
Other long-term liabilities | 84 | 179 | |
Total liabilities | 109,551 | 5,720 | |
Commitments and Contingencies (See Note 12) | |||
Stockholders' Equity | |||
Common stock, $0.01 par value per share; 250,000,000 authorized; 197,964,476 and 128,138,311 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively. | 1,980 | 1,282 | |
Additional paid-in capital | 1,100,932 | 643,269 | |
Accumulated other comprehensive loss | (307) | 0 | |
Accumulated deficit | (526,482) | (498,172) | |
Total stockholders' equity | 576,123 | 146,379 | |
Total liabilities and stockholders' equity | $ 685,674 | $ 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 | Jun. 30, 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) | 197,964,476 | 128,138,311 |
Common stock, shares outstanding (in shares) | 197,964,476 | 128,138,311 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue and cost of goods sold | ||||
Revenue from contract with Customer | $ 346 | $ 988 | $ 359 | $ 4,813 |
Grant and other revenue | 76 | 46 | 156 | 46 |
Total revenues | 422 | 988 | 515 | 4,813 |
Cost of goods sold | 2,794 | 2,644 | 4,788 | 10,783 |
Gross loss | (2,372) | (1,656) | (4,273) | (5,970) |
Operating expenses: | ||||
Research and development expense | 1,404 | 677 | 2,782 | 1,257 |
Selling, general and administrative expense | 4,820 | 2,698 | 8,692 | 5,325 |
Preliminary stage project costs | 5,472 | 221 | 8,199 | 377 |
Loss on disposal of assets | 4,954 | 0 | 4,954 | 38 |
Restructuring expenses | 0 | 5 | 0 | 304 |
Total operating expenses | 16,650 | 3,601 | 24,627 | 7,301 |
Loss from operations | (19,022) | (5,257) | (28,900) | (13,271) |
Other income (expense): | ||||
Gain on forgiveness of SBA loan | 641 | 0 | 641 | 0 |
Interest expense | (6) | (541) | (11) | (1,086) |
(Loss) on modification of 2020 Notes | 0 | (57) | 0 | (726) |
Gain (loss) from change in fair value of derivative warrant liability | 43 | 1 | (10) | 8 |
(Loss) from change in fair value of 2020/21 Notes embedded derivative liability | 0 | (176) | 0 | (276) |
Other income (expense) | 91 | (13) | (30) | 55 |
Total other income (expense), net | 769 | (786) | 590 | (2,025) |
Net loss | $ (18,253) | $ (6,043) | $ (28,310) | $ (15,296) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.09) | $ (0.40) | $ (0.15) | $ (1.04) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 198,137,420 | 15,071,105 | 190,892,223 | 14,771,952 |
Ethanol Sales and Related Products [Member] | ||||
Revenue and cost of goods sold | ||||
Revenue from contract with Customer | $ 0 | $ 83 | $ 0 | $ 3,783 |
Total revenues | 83 | 3,783 | ||
Hydrocarbon [Member] | ||||
Revenue and cost of goods sold | ||||
Revenue from contract with Customer | 346 | 859 | 359 | 984 |
Total revenues | $ 346 | $ 859 | $ 359 | $ 984 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net loss | $ (18,253) | $ (6,043) | $ (28,310) | $ (15,296) |
Other comprehensive income (loss) | ||||
Unrealized (losses) on available-for-sale securities, net of tax | (307) | 0 | (307) | 0 |
Total change in unrealized (losses) on marketable securities | (307) | 0 | (307) | 0 |
Comprehensive loss | $ (18,560) | $ (6,043) | $ (28,617) | $ (15,296) |
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] | Retained Earnings [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 14,083,232 | ||||
Balance at Dec. 31, 2019 | $ 141 | $ 530,349 | $ 0 | $ (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 | 0 | 0 | 906 |
Non-cash stock-based compensation | $ 0 | 336 | 0 | 0 | 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 | $ 0 | 0 | 0 | 0 | 0 |
Net loss | $ 0 | 0 | 0 | (9,253) | (9,253) |
Balance (in shares) at Mar. 31, 2020 | 14,614,890 | ||||
Balance at Mar. 31, 2020 | $ 145 | 531,587 | 0 | (467,239) | 64,493 |
Balance (in shares) at Dec. 31, 2019 | 14,083,232 | ||||
Balance at Dec. 31, 2019 | $ 141 | 530,349 | 0 | (457,986) | 72,504 |
Net loss | (15,296) | ||||
Balance (in shares) at Jun. 30, 2020 | 15,514,098 | ||||
Balance at Jun. 30, 2020 | $ 154 | 533,015 | 0 | (473,282) | 59,887 |
Balance (in shares) at Mar. 31, 2020 | 14,614,890 | ||||
Balance at Mar. 31, 2020 | $ 145 | 531,587 | 0 | (467,239) | 64,493 |
Issuance of common stock, net of issue costs (in shares) | 917,345 | ||||
Issuance of common stock, net of issue costs | $ 9 | 1,238 | 0 | 0 | 1,247 |
Non-cash stock-based compensation | $ 0 | 497 | 0 | 0 | 497 |
Issuance of common stock under stock plans, net of taxes (in shares) | (18,137) | ||||
Issuance of common stock under stock plans, net of taxes | $ 0 | (307) | 0 | 0 | (307) |
Net loss | $ 0 | 0 | 0 | (6,043) | (6,043) |
Balance (in shares) at Jun. 30, 2020 | 15,514,098 | ||||
Balance at Jun. 30, 2020 | $ 154 | 533,015 | 0 | (473,282) | 59,887 |
Balance (in shares) at Dec. 31, 2020 | 128,138,311 | ||||
Balance at Dec. 31, 2020 | $ 1,282 | 643,269 | 0 | (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 | 0 | 0 | 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 | 0 | 0 | 1,117 |
Non-cash stock-based compensation | $ 0 | 562 | 0 | 0 | 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 | 0 | 0 | 0 |
Net loss | $ 0 | 0 | 0 | (10,057) | (10,057) |
Balance (in shares) at Mar. 31, 2021 | 198,050,449 | ||||
Balance at Mar. 31, 2021 | $ 1,981 | 1,101,939 | 0 | (508,229) | 595,691 |
Balance (in shares) at Dec. 31, 2020 | 128,138,311 | ||||
Balance at Dec. 31, 2020 | $ 1,282 | 643,269 | 0 | (498,172) | 146,379 |
Net loss | (28,310) | ||||
Balance (in shares) at Jun. 30, 2021 | 197,964,476 | ||||
Balance at Jun. 30, 2021 | $ 1,980 | 1,100,932 | (307) | (526,482) | 576,123 |
Balance (in shares) at Mar. 31, 2021 | 198,050,449 | ||||
Balance at Mar. 31, 2021 | $ 1,981 | 1,101,939 | 0 | (508,229) | 595,691 |
Issuance of common stock, net of issue costs | $ 0 | (45) | 0 | 0 | (45) |
Issuance of common stock upon exercise of warrants (in shares) | 3,700 | ||||
Issuance of common stock upon exercise of warrants | $ 0 | 4 | 0 | 0 | 4 |
Non-cash stock-based compensation | $ 0 | 858 | 0 | 0 | 858 |
Issuance of common stock under stock plans, net of taxes (in shares) | (89,673) | ||||
Issuance of common stock under stock plans, net of taxes | $ (1) | (1,824) | 0 | 0 | (1,825) |
Net loss | 0 | 0 | 0 | (18,253) | (18,253) |
Other comprehensive loss | $ 0 | 0 | (307) | 0 | (307) |
Balance (in shares) at Jun. 30, 2021 | 197,964,476 | ||||
Balance at Jun. 30, 2021 | $ 1,980 | $ 1,100,932 | $ (307) | $ (526,482) | $ 576,123 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Activities | ||||
Net loss | $ (18,253) | $ (6,043) | $ (28,310) | $ (15,296) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Loss (gain) from change in fair value of derivative warrant liability | 10 | (8) | ||
Loss from change in fair value of 2020/21 Notes embedded derivative liability | 0 | 176 | 0 | 276 |
Loss on disposal of assets | 4,954 | 0 | 4,954 | 38 |
(Gain) on forgiveness of SBA PPP loans | (641) | 0 | (641) | 0 |
Stock-based compensation | 1,617 | 673 | ||
Depreciation and amortization | 1,223 | 1,629 | 2,372 | 3,278 |
Non-cash lease expense | (58) | 29 | ||
Non-cash interest expense | 2 | 393 | ||
Other non-cash expenses | 5 | 0 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | (320) | 389 | ||
Inventories | 275 | 721 | ||
Prepaid expenses and other current assets, deposits and other assets | (3,142) | 164 | ||
Accounts payable, accrued expenses and long-term liabilities | 3,768 | (1,475) | ||
Net cash used in operating activities | (19,468) | (10,818) | ||
Investing Activities | ||||
Acquisitions of property, plant and equipment | (14,167) | (1,607) | ||
Purchase of marketable securities | (422,362) | 0 | ||
Net cash used in investing activities | (436,529) | (1,607) | ||
Financing Activities | ||||
Proceeds from issuance of 2021 Bonds | 68,995 | 0 | ||
Debt and equity offering costs | (34,757) | (115) | ||
Proceeds from issuance of common stock and common stock warrants | 487,549 | 2,271 | ||
Proceeds from exercise of warrants | 1,119 | 0 | ||
Net settlement of common stock under stock plans | 0 | (310) | ||
Payment of loans payable - other | (53) | (392) | ||
Proceeds from SBA PPP loans | 0 | 1,006 | ||
Net cash provided by financing activities | 522,853 | 2,460 | ||
Net increase (decrease) in cash and cash equivalents | 66,856 | (9,965) | ||
Cash, cash equivalents and restricted cash | ||||
Beginning of period | 78,338 | 16,302 | ||
End of period | 145,194 | 6,337 | 145,194 | 6,337 |
Cash and cash equivalents | 17,085 | 6,337 | 17,085 | 6,337 |
Restricted cash (current) | 57,645 | 0 | 57,645 | 0 |
Long-term restricted cash | 70,464 | 0 | 70,464 | 0 |
Total cash, cash equivalents and restricted cash | $ 145,194 | $ 6,337 | 145,194 | 6,337 |
Cash paid for interest | 9 | 693 | ||
Non-cash purchase of property, plant and equipment | 5,052 | 32 | ||
Original issue discount paid with 2020/21 Notes | 0 | 282 | ||
Right-of-use asset purchased with financing lease | 27,775 | 13 | ||
Right-of-use asset purchased with operating lease | $ 1,562 | $ 0 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition and Basis of Presentation | 6 Months Ended |
Jun. 30, 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 changes to planes or fuel systems. In addition to the potential of net- zero Gevo uses 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 six June 30, 2021, three six June 30, 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 six June 30, 2021 19 may not June 30, 2021. may may Basis of Presentation. not June 30, 2021 not 8 10 December 31, 2020. Reclassifications. no January 2021 Offering. January 19, 2021, “January 2021 January 2021 At-the-Market Offering Program. February 2018, December 2020, During the six June 30, 2021, three June 30, 2021. As of June 30, 2021, 2021 April 15, 2021, 2021 “2021 The 2021 2021 2021 one 9, Debt Issue Costs and Debt Discounts/Premiums third Restricted Cash and Restricted Cash Equivalents 2021 2021 June 30, 2021, twelve June 30, 2021, twelve no 9, The proceeds from issuance of the 2021 April 15, 2021 9, 2021 The restricted cash held by the bond trustee as of June 30, 2021 June 30, 2021 Bond proceeds $ 68,995 Disbursement of funds (12,080 ) Interest income 3 Total restricted cash held by bond trustee $ 56,918 Marketable Securities. 12 12 Leases, Right-of-Use Assets and Related Liabilities. 842, Leases, not 12 A lease is classified as a finance lease when one 1 2 3 4 5 no not Lease liabilities are initially measured at the lease commencement date based on the present value of lease payments over the lease term, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term and payment as the lease. Right-of-use assets are measured based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the lease commencement date less any lease incentives received. All right-of-use assets are evaluated for impairment in accordance with accounting standards applicable to long-lived assets as further described in the significant accounting policy “Impairment of Property, Plant and Equipment” in the Company’s Annual Report on Form 10 December 31, 2020. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company’s determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for our dairy lease and fuel supply asset class. This results in a significantly higher ROU assets and lease liabilities than if the Company had not Lease cost for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease cost for finance leases consists of amortization of the right-of-use assets on a straight-line basis over the lease term, interest expense on the lease liability, and variable lease payments as incurred. Capitalized Internal-Use Software Costs. three five Borrowing Costs. 3 three six June 30, 2021. three six June 30, 2020. Preliminary Stage Project Costs. Income Taxes. Concentration of Business Risk. June 30, 2021, two December 31, 2020, For the three June 30, 2021, three June 30, 2020, six June 30, 2021, six June 30, 2020 Total, AvFuel, Wisconsin, HCS and Coryton are customers of the Company's Gevo segment. Juhl, New Vision, Eco-Energy and Purina are customers of the Company's Agri-Energy segment (see Note 14 Financial Condition June 30, 2021. June 30, 2021. 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 |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 6 Months Ended |
Jun. 30, 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 June 30, 2021 and 2020 The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: Three and Six Months Ended June 30, 2021 2020 Warrants to purchase common stock - liability classified 42,494 50,812 Warrant to purchase common stock - equity classified 90,608 — Conversion of 2020/21 Notes — 6,780,958 Outstanding options to purchase common stock 1,515 1,556 Stock appreciation rights 67,739 67,739 Total 202,356 6,901,065 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers and Other Revenues | 6 Months Ended |
Jun. 30, 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 June 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Hydrocarbon revenue $ 346 $ — $ 346 Other revenue — 76 76 $ 346 $ 76 $ 422 Timing of Revenue Recognition Goods transferred at a point in time $ 346 $ 3 $ 349 Services transferred over time — 73 73 $ 346 $ 76 $ 422 Three Months Ended June 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 83 $ — $ 83 Hydrocarbon revenue 859 — 859 Other revenue 46 — 46 $ 988 $ — $ 988 Timing of Revenue Recognition Goods transferred at a point in time $ 942 $ — $ 942 Services transferred over time 46 — 46 $ 988 $ — $ 988 Six Months Ended June 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Hydrocarbon revenue $ 359 $ — $ 359 Other revenue — 156 156 $ 359 $ 156 $ 515 Timing of Revenue Recognition Goods transferred at a point in time $ 359 $ 3 $ 362 Services transferred over time — 153 153 $ 359 $ 156 $ 515 Six Months Ended June 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,783 $ — $ 3,783 Hydrocarbon revenue 984 — 984 Other revenue 46 — 46 $ 4,813 $ — $ 4,813 Timing of Revenue Recognition Goods transferred at a point in time $ 4,767 $ — $ 4,767 Services transferred over time 46 — 46 $ 4,813 $ — $ 4,813 Goods transferred at a point-in-time. three six June 30, 2021 2020, June 30, 2021 December 31, 2020, 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 six June 30, 2021 2020, June 30, 2021 December 31, 2020, Contract Assets and Trade Receivables. June 30, 2021 December 31, 2020, not no June 30, 2021 December 31, 2020. not June 30, 2021 December 31, 2020. |
Note 4 - Leases, Right-to-Use A
Note 4 - Leases, Right-to-Use Assets and Related Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. The operating lease contracts for the Company are comprised of a facility and an equipment lease necessary to conduct the Company's day-to-day operations. The lease for the Company’s office and research facility in Englewood, Colorado expires January 2029. August 2021. not June 30, 2021, The Company also has four three three fourth 2031 2047. not not not June 30, 2021, The Company began leasing its grain bins in Luverne, Minnesota in October 2020 July 2021. three six June 30, 2021 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 June 30, 2021 2020 Lease Cost Finance lease cost (1): Amortization of right-of-use assets $ 3,356 $ 1 Interest on lease liabilities — — Operating lease cost 67 63 Short-Term lease cost 495 100 Variable lease cost (2) 31 40 Total lease cost $ 3,949 $ 204 Six Months Ended June 30, 2021 2020 Lease Cost Finance lease cost (1): Amortization of right-of use assets $ 3,367 $ 2 Interest on lease liabilities — — Operating lease cost 128 534 Short-Term lease cost 627 180 Variable lease cost (2) 70 72 Total lease cost $ 4,192 $ 788 ( 1 ( 2 Six Months Ended June 30, 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 321 $ 2 Operating cash flows from operating leases 128 534 Finance cash flows from finance leases 3,046 1 Right-of-use asset obtained in exchange for new finance lease liabilities 27,775 13 Right-of-use asset obtained in exchange for new operating lease liabilities 1,562 — Weighted-average remaining lease term, finance lease (months) 218 56 Weighted-average remaining lease term, operating leases (months) 91 13 Weighted-average discount rate - finance leases (3) 5% 21% Weighted-average discount rate - operating leases (3) 5% 12% ( 3 The table below shows the future minimum payments under non-cancelable financing and operating leases at June 30, 2021 ( Year Ending December 31, Operating Leases Finance Leases 2021 (remaining) $ 26 $ 3,915 2022 24 4,473 2023 297 1,709 2024 305 1,725 2025 315 1,738 2026 and thereafter 1,030 21,617 Total 1,997 35,177 Less: Amounts representing present value discounts (391 ) (10,574 ) Total lease liabilities 1,606 24,603 Less: current portion 177 (4,888 ) Long-term portion $ 1,783 $ 19,715 |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2021 2020 Raw materials Enzymes and other inputs $ 138 $ 133 Nutrients 1 1 Finished goods SAF, Isooctane and Isooctene 300 756 Work in process Gevo 4 5 Palladium 410 235 Spare parts 1,363 1,361 Total inventories $ 2,216 $ 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 | 6 Months Ended |
Jun. 30, 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 June 30, 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 6,365 6,396 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,523 2,523 Computer, office equipment and software 3 to 6 2,182 1,983 Construction in progress — 28,122 13,132 Total property, plant and equipment 140,683 125,525 Less accumulated depreciation and amortization (61,440 ) (59,117 ) Property, plant and equipment, net $ 79,243 $ 66,408 The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands): Three Months Ended June 30 2021 2020 Cost of goods sold $ 1,172 $ 1,575 Operating expenses 46 50 Total depreciation and amortization $ 1,218 $ 1,625 Six Months Ended June 30 2021 2020 Cost of goods sold $ 2,260 $ 3,162 Operating expenses 102 106 Total depreciation and amortization $ 2,362 $ 3,268 |
Note 7 - Embedded Derivatives L
Note 7 - Embedded Derivatives Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | 7. Embedded Derivatives Liabilities Derivative Warrant Liability There were no warrants sold by the Company during the six June 30, 2021. The following table sets forth information pertaining to shares issued upon the exercise of warrants as of June 30, 2021: Issuance Date Expiration Date Exercise Price as of June 30, 2021 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of June 30, 2021 Shares Underlying Warrants Outstanding as of June 30, 2021 Series I Warrants 9/13/2016 9/13/2021 $ 220.00 35,368 — 35,368 Series K Warrants 2/17/2017 2/17/2022 $ 2.00 315,986 308,860 7,126 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,909,392 90,608 30,351,354 30,218,252 133,102 ( 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 six June 30, 2021, Common Stock Issued Proceeds Series K Warrants 200 1 Series 2020-A Warrants 1,866,558 1,120 1,866,758 $ 1,121 |
Note 8 - Accounts Payable and A
Note 8 - Accounts Payable and Accrued Liabilities | 6 Months Ended |
Jun. 30, 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): June 30, December 31, 2021 2020 Accounts payable - trade $ 7,696 $ 897 RNG accrued project costs 5,105 — Accrued employee compensation 2,319 1,960 Other accrued liabilities 1,273 1,086 Total accounts payable and accrued liabilities $ 16,393 $ 3,943 |
Note 9 - Debt
Note 9 - Debt | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 9. Debt 2021 On April 15, 2021, 2021 2021 January 1 July 1 July 1, 2021, April 1, 2042. 2021 October 1, 2022, The 2021 April 1, 2021 ( 2021 April 1, 2021 ( 2021 2021 2021 1 three 2 2021 3 2021 On April 15, 2021, April 1, 2021 ( 2021 203 2021 2021 2021 not 2021 three 2021 Gevo anticipates remarketing the 2021 Loans Payable - Other The equipment loans are secured by the related equipment. In April 2020, On April 15, 2021, 1.0% April 2025. June 5, 2021 April 2025. The summary of the 2021 June 30, 2021 December 31, 2020 Interest Rate Maturity Date June 30 December 31, 2020 2021 Bonds 1.5% January 2042 $ 66,120 $ — SBA Loans 1.0% April 2025 368 1,006 Equipment 4% to 5% February 2022 to December 2024 200 248 Total loans payable - other 66,688 1,254 Less current portion (174 ) (807 ) Long-term portion $ 66,514 $ 447 Future principal payments for the Company's long-term debt are as follows (in thousands): Year ending December 31, 2021 (remaining) $ 89 2022 161 2023 159 2024 66,250 2025 29 $ 66,688 Included in the 2021 three June 30, 2021, June 30, 2021. |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Stock Incentive Plans Disclosure [Text Block] | 10 . Equity Incentive Plans 2010 February 2011, 2010 "2010 2010 June 9, 2021, 2021 2010 2010 Restricted common stock activity during the six June 30, 2021 • During the three March 31, 2021, • During the three June 30, 2021, two three four • The Company withheld 226,709 shares of common stock to settle income taxes related to the vested restricted stock awards for certain employees during the three June 30, 2021. At June 30, 2021, 2010 Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 June 30, 2021 first six June 30, 2021 2020. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restricted stock Research and development $ 121 $ 135 $ 246 $ 211 Selling, general and administrative 737 362 1,174 622 Stock appreciation rights Research and development (159 ) 2 189 (77 ) Selling, general and administrative (7 ) 2 8 (83 ) Total stock-based compensation $ 692 $ 501 $ 1,617 $ 673 Stock Option Award Activity June 30, 2021 six June 30, 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 (37 ) $ 5,471.13 Exercised — $ — Options outstanding at 1,515 $ 436.89 5.12 $ — Options exercisable at June 30, 2021 1,515 $ 436.89 5.12 $ — Options vested and expected to vest at June 30, 2021 1,515 $ 436.89 5.12 $ — ( 1 June 30, 2021. Restricted Stock June 30, 2021 six June 30, 2021 Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2020 4,701,556 $ 0.79 Granted 137,036 $ 8.50 Vested (646,588 ) $ 2.16 Canceled or forfeited (120,808 ) $ 0.81 Non-vested at June 30, 2021 4,071,196 $ 0.84 The total fair value of restricted stock that vested during the six June 30, 2021 $1.4 June 30, 2021, |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Legal Matters may not not Indemnifications may June 30, 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 June 30, 2021. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 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 The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at June 30, 2021 December 31, 2020, Fair Value Measurements at June 30, 2021 (In thousands) Fair Value at June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Marketable securities U.S. Treasury notes $ 288,551 $ 288,551 $ — $ — U.S. Government-sponsored enterprise securities 133,504 133,504 — — Other Derivative warrant liability 41 — — 41 Total $ 422,096 $ 422,055 $ — $ 41 Nonrecurring Palladium and finished goods inventory $ 733 $ 433 $ 300 $ — 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 six d June 30 , 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Warrant Liability Balance, December 31, 2020 $ 31 Total loss included in earnings 10 Balance, June 30 , 2021 $ 41 There were no 3 six June 30 , 2021 The Company's investment in Marketable securities is recorded at fair value based on quoted market prices. The Company believes that the carrying value of its Cash and cash equivalents, Restricted cash, Accounts receivable, Accounts payable and accrued liabilities and Loans Payable - Other approximate fair value due to their short maturities. For the 2021 2021 June 30, 2021 June 30, 2021 Carrying Value Estimated Fair Value 2021 Bonds $ 68,155 $ 69,143 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 and palladium. The Company determines the market value of corn and palladium based upon Level 1 2 Derivative Warrant Liability 3 3 The Company has not The Company's investments in marketable securities are stated at fair value and are available-for-sale. The Company had no December 31, 2020. Available-for-Sale Securities at June 30, 2021 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 201,311 $ (151 ) $ 201,160 U.S. Government-sponsored enterprise securities Within one year 45,743 (17 ) 45,726 Total $ 247,054 $ (168 ) $ 246,886 Long-term marketable securities U.S Treasury notes Within two years $ 87,442 $ (51 ) $ 87,391 U.S. Government-sponsored enterprise securities Within two years 87,866 (88 ) 87,778 Total $ 175,308 $ (139 ) $ 175,169 |
Note 14 - Segments
Note 14 - Segments | 6 Months Ended |
Jun. 30, 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues: Gevo $ 348 $ 897 $ 361 $ 1,022 Agri-Energy 74 91 154 3,791 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 422 $ 988 $ 515 $ 4,813 Loss from operations: Gevo $ (6,399 ) $ (2,808 ) $ (11,503 ) $ (5,689 ) Agri-Energy (7,109 ) (2,229 ) (9,156 ) (7,206 ) Renewable Natural Gas — (220 ) (68 ) (376 ) Net-Zero (5,514 ) — (8,173 ) — Consolidated $ (19,022 ) $ (5,257 ) $ (28,900 ) $ (13,271 ) Interest expense: Gevo $ — $ 538 $ — $ 1,081 Agri-Energy 6 3 6 5 Renewable Natural Gas — — 5 — Net-Zero — — — — Consolidated $ 6 $ 541 $ 11 $ 1,086 Depreciation and amortization expense: Gevo $ 46 $ 50 $ 102 $ 106 Agri-Energy 1,177 1,579 2,270 3,172 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 1,223 $ 1,629 $ 2,372 $ 3,278 Acquisitions of plant, property and equipment: Gevo $ 588 $ 69 $ 841 $ 79 Agri-Energy 1,898 428 1,908 1,219 Renewable Natural Gas 11,932 — 17,101 — Net-Zero — — — — Consolidated $ 14,418 $ 497 $ 19,850 $ 1,298 Revenue by geographic area United States $ 140 $ 91 $ 233 $ 3,841 Other 282 897 282 972 Consolidated $ 422 $ 988 $ 515 $ 4,813 June 30, December 31, 2021 2020 Total assets Gevo $ 579,027 $ 152,177 Agri-Energy 120,765 131,893 Renewable Natural Gas 106,073 — Net-Zero 471 — Intercompany eliminations (1) (120,662 ) (131,971 ) Consolidated (2) $ 685,674 $ 152,099 ( 1 Includes no intercompany sales during the six June 30, 2021 December 31, 2020 ( 2 All other significant non-cash items relate to the activities of Gevo. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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 changes to planes or fuel systems. In addition to the potential of net- zero Gevo uses 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 six June 30, 2021, three six June 30, 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 six June 30, 2021 19 may not June 30, 2021. may may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. not June 30, 2021 not 8 10 December 31, 2020. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications. no |
Stockholders' Equity, Policy [Policy Text Block] | January 2021 Offering. January 19, 2021, “January 2021 January 2021 At-the-Market Offering Program. February 2018, December 2020, During the six June 30, 2021, three June 30, 2021. As of June 30, 2021, |
Bond, Policy [Policy Text Block] | 2021 April 15, 2021, 2021 “2021 The 2021 2021 2021 one 9, |
Debt, Policy [Policy Text Block] | Debt Issue Costs and Debt Discounts/Premiums third |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash and Restricted Cash Equivalents 2021 2021 June 30, 2021, twelve June 30, 2021, twelve no 9, The proceeds from issuance of the 2021 April 15, 2021 9, 2021 The restricted cash held by the bond trustee as of June 30, 2021 June 30, 2021 Bond proceeds $ 68,995 Disbursement of funds (12,080 ) Interest income 3 Total restricted cash held by bond trustee $ 56,918 |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities. 12 12 |
Lessee, Leases [Policy Text Block] | Leases, Right-of-Use Assets and Related Liabilities. 842, Leases, not 12 A lease is classified as a finance lease when one 1 2 3 4 5 no not Lease liabilities are initially measured at the lease commencement date based on the present value of lease payments over the lease term, discounted using an estimate of the Company’s incremental borrowing rate for a collateralized loan with the same term and payment as the lease. Right-of-use assets are measured based on the amount of the lease liability adjusted for any lease payments made to the lessor at or before the lease commencement date less any lease incentives received. All right-of-use assets are evaluated for impairment in accordance with accounting standards applicable to long-lived assets as further described in the significant accounting policy “Impairment of Property, Plant and Equipment” in the Company’s Annual Report on Form 10 December 31, 2020. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company’s determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for our dairy lease and fuel supply asset class. This results in a significantly higher ROU assets and lease liabilities than if the Company had not Lease cost for operating leases consists of the fixed lease payments recognized on a straight-line basis over the lease term plus variable lease payments as incurred. Lease cost for finance leases consists of amortization of the right-of-use assets on a straight-line basis over the lease term, interest expense on the lease liability, and variable lease payments as incurred. |
Internal Use Software, Policy [Policy Text Block] | Capitalized Internal-Use Software Costs. three five |
Borrowing Costs, Policy [Policy Text Block] | Borrowing Costs. 3 three six June 30, 2021. three six June 30, 2020. |
Preliminary Stage Project Costs [Policy Text Block] | Preliminary Stage Project Costs. |
Income Tax, Policy [Policy Text Block] | Income Taxes. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Business Risk. June 30, 2021, two December 31, 2020, For the three June 30, 2021, three June 30, 2020, six June 30, 2021, six June 30, 2020 Total, AvFuel, Wisconsin, HCS and Coryton are customers of the Company's Gevo segment. Juhl, New Vision, Eco-Energy and Purina are customers of the Company's Agri-Energy segment (see Note 14 |
Financial Condition [Policy Text Block] | Financial Condition June 30, 2021. June 30, 2021. 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 |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
The 2021 Bonds [Member] | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | June 30, 2021 Bond proceeds $ 68,995 Disbursement of funds (12,080 ) Interest income 3 Total restricted cash held by bond trustee $ 56,918 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three and Six Months Ended June 30, 2021 2020 Warrants to purchase common stock - liability classified 42,494 50,812 Warrant to purchase common stock - equity classified 90,608 — Conversion of 2020/21 Notes — 6,780,958 Outstanding options to purchase common stock 1,515 1,556 Stock appreciation rights 67,739 67,739 Total 202,356 6,901,065 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers and Other Revenues (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended June 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Hydrocarbon revenue $ 346 $ — $ 346 Other revenue — 76 76 $ 346 $ 76 $ 422 Timing of Revenue Recognition Goods transferred at a point in time $ 346 $ 3 $ 349 Services transferred over time — 73 73 $ 346 $ 76 $ 422 Three Months Ended June 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 83 $ — $ 83 Hydrocarbon revenue 859 — 859 Other revenue 46 — 46 $ 988 $ — $ 988 Timing of Revenue Recognition Goods transferred at a point in time $ 942 $ — $ 942 Services transferred over time 46 — 46 $ 988 $ — $ 988 Six Months Ended June 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Hydrocarbon revenue $ 359 $ — $ 359 Other revenue — 156 156 $ 359 $ 156 $ 515 Timing of Revenue Recognition Goods transferred at a point in time $ 359 $ 3 $ 362 Services transferred over time — 153 153 $ 359 $ 156 $ 515 Six Months Ended June 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,783 $ — $ 3,783 Hydrocarbon revenue 984 — 984 Other revenue 46 — 46 $ 4,813 $ — $ 4,813 Timing of Revenue Recognition Goods transferred at a point in time $ 4,767 $ — $ 4,767 Services transferred over time 46 — 46 $ 4,813 $ — $ 4,813 |
Note 4 - Leases, Right-to-Use_2
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended June 30, 2021 2020 Lease Cost Finance lease cost (1): Amortization of right-of-use assets $ 3,356 $ 1 Interest on lease liabilities — — Operating lease cost 67 63 Short-Term lease cost 495 100 Variable lease cost (2) 31 40 Total lease cost $ 3,949 $ 204 Six Months Ended June 30, 2021 2020 Lease Cost Finance lease cost (1): Amortization of right-of use assets $ 3,367 $ 2 Interest on lease liabilities — — Operating lease cost 128 534 Short-Term lease cost 627 180 Variable lease cost (2) 70 72 Total lease cost $ 4,192 $ 788 Six Months Ended June 30, 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 321 $ 2 Operating cash flows from operating leases 128 534 Finance cash flows from finance leases 3,046 1 Right-of-use asset obtained in exchange for new finance lease liabilities 27,775 13 Right-of-use asset obtained in exchange for new operating lease liabilities 1,562 — Weighted-average remaining lease term, finance lease (months) 218 56 Weighted-average remaining lease term, operating leases (months) 91 13 Weighted-average discount rate - finance leases (3) 5% 21% Weighted-average discount rate - operating leases (3) 5% 12% |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Operating Leases Finance Leases 2021 (remaining) $ 26 $ 3,915 2022 24 4,473 2023 297 1,709 2024 305 1,725 2025 315 1,738 2026 and thereafter 1,030 21,617 Total 1,997 35,177 Less: Amounts representing present value discounts (391 ) (10,574 ) Total lease liabilities 1,606 24,603 Less: current portion 177 (4,888 ) Long-term portion $ 1,783 $ 19,715 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2021 2020 Raw materials Enzymes and other inputs $ 138 $ 133 Nutrients 1 1 Finished goods SAF, Isooctane and Isooctene 300 756 Work in process Gevo 4 5 Palladium 410 235 Spare parts 1,363 1,361 Total inventories $ 2,216 $ 2,491 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life June 30, 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 6,365 6,396 Demonstration plant 2 3,597 3,597 Buildings 10 2,543 2,543 Leasehold improvements, pilot plant, land and support equipment 2 to 5 2,523 2,523 Computer, office equipment and software 3 to 6 2,182 1,983 Construction in progress — 28,122 13,132 Total property, plant and equipment 140,683 125,525 Less accumulated depreciation and amortization (61,440 ) (59,117 ) Property, plant and equipment, net $ 79,243 $ 66,408 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Three Months Ended June 30 2021 2020 Cost of goods sold $ 1,172 $ 1,575 Operating expenses 46 50 Total depreciation and amortization $ 1,218 $ 1,625 Six Months Ended June 30 2021 2020 Cost of goods sold $ 2,260 $ 3,162 Operating expenses 102 106 Total depreciation and amortization $ 2,362 $ 3,268 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Expiration Date Exercise Price as of June 30, 2021 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of June 30, 2021 Shares Underlying Warrants Outstanding as of June 30, 2021 Series I Warrants 9/13/2016 9/13/2021 $ 220.00 35,368 — 35,368 Series K Warrants 2/17/2017 2/17/2022 $ 2.00 315,986 308,860 7,126 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,909,392 90,608 30,351,354 30,218,252 133,102 |
Exercise of Warrants [Table Text Block] | Common Stock Issued Proceeds Series K Warrants 200 1 Series 2020-A Warrants 1,866,558 1,120 1,866,758 $ 1,121 |
Note 8 - Accounts Payable and_2
Note 8 - Accounts Payable and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | June 30, December 31, 2021 2020 Accounts payable - trade $ 7,696 $ 897 RNG accrued project costs 5,105 — Accrued employee compensation 2,319 1,960 Other accrued liabilities 1,273 1,086 Total accounts payable and accrued liabilities $ 16,393 $ 3,943 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Interest Rate Maturity Date June 30 December 31, 2020 2021 Bonds 1.5% January 2042 $ 66,120 $ — SBA Loans 1.0% April 2025 368 1,006 Equipment 4% to 5% February 2022 to December 2024 200 248 Total loans payable - other 66,688 1,254 Less current portion (174 ) (807 ) Long-term portion $ 66,514 $ 447 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year ending December 31, 2021 (remaining) $ 89 2022 161 2023 159 2024 66,250 2025 29 $ 66,688 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Restricted stock Research and development $ 121 $ 135 $ 246 $ 211 Selling, general and administrative 737 362 1,174 622 Stock appreciation rights Research and development (159 ) 2 189 (77 ) Selling, general and administrative (7 ) 2 8 (83 ) Total stock-based compensation $ 692 $ 501 $ 1,617 $ 673 |
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 (37 ) $ 5,471.13 Exercised — $ — Options outstanding at 1,515 $ 436.89 5.12 $ — Options exercisable at June 30, 2021 1,515 $ 436.89 5.12 $ — Options vested and expected to vest at June 30, 2021 1,515 $ 436.89 5.12 $ — |
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 137,036 $ 8.50 Vested (646,588 ) $ 2.16 Canceled or forfeited (120,808 ) $ 0.81 Non-vested at June 30, 2021 4,071,196 $ 0.84 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at June 30, 2021 (In thousands) Fair Value at June 30, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Marketable securities U.S. Treasury notes $ 288,551 $ 288,551 $ — $ — U.S. Government-sponsored enterprise securities 133,504 133,504 — — Other Derivative warrant liability 41 — — 41 Total $ 422,096 $ 422,055 $ — $ 41 Nonrecurring Palladium and finished goods inventory $ 733 $ 433 $ 300 $ — 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 10 Balance, June 30 , 2021 $ 41 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | June 30, 2021 Carrying Value Estimated Fair Value 2021 Bonds $ 68,155 $ 69,143 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities at June 30, 2021 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 201,311 $ (151 ) $ 201,160 U.S. Government-sponsored enterprise securities Within one year 45,743 (17 ) 45,726 Total $ 247,054 $ (168 ) $ 246,886 Long-term marketable securities U.S Treasury notes Within two years $ 87,442 $ (51 ) $ 87,391 U.S. Government-sponsored enterprise securities Within two years 87,866 (88 ) 87,778 Total $ 175,308 $ (139 ) $ 175,169 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues: Gevo $ 348 $ 897 $ 361 $ 1,022 Agri-Energy 74 91 154 3,791 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 422 $ 988 $ 515 $ 4,813 Loss from operations: Gevo $ (6,399 ) $ (2,808 ) $ (11,503 ) $ (5,689 ) Agri-Energy (7,109 ) (2,229 ) (9,156 ) (7,206 ) Renewable Natural Gas — (220 ) (68 ) (376 ) Net-Zero (5,514 ) — (8,173 ) — Consolidated $ (19,022 ) $ (5,257 ) $ (28,900 ) $ (13,271 ) Interest expense: Gevo $ — $ 538 $ — $ 1,081 Agri-Energy 6 3 6 5 Renewable Natural Gas — — 5 — Net-Zero — — — — Consolidated $ 6 $ 541 $ 11 $ 1,086 Depreciation and amortization expense: Gevo $ 46 $ 50 $ 102 $ 106 Agri-Energy 1,177 1,579 2,270 3,172 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 1,223 $ 1,629 $ 2,372 $ 3,278 Acquisitions of plant, property and equipment: Gevo $ 588 $ 69 $ 841 $ 79 Agri-Energy 1,898 428 1,908 1,219 Renewable Natural Gas 11,932 — 17,101 — Net-Zero — — — — Consolidated $ 14,418 $ 497 $ 19,850 $ 1,298 Revenue by geographic area United States $ 140 $ 91 $ 233 $ 3,841 Other 282 897 282 972 Consolidated $ 422 $ 988 $ 515 $ 4,813 June 30, December 31, 2021 2020 Total assets Gevo $ 579,027 $ 152,177 Agri-Energy 120,765 131,893 Renewable Natural Gas 106,073 — Net-Zero 471 — Intercompany eliminations (1) (120,662 ) (131,971 ) Consolidated (2) $ 685,674 $ 152,099 |
Note 1 - Nature of Business, _3
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Details Textual) | Jan. 19, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)shares | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | Apr. 15, 2021USD ($) |
Proceeds from Issuance or Sale of Equity, Total | $ 321,900,000 | |||||||
Proceeds from Issuance of Common Stock | $ 487,549,000 | $ 2,271,000 | ||||||
Restricted Cash, Total | $ 128,100,000 | 128,100,000 | ||||||
Interest Costs Capitalized | 700,000 | $ 0 | 700,000 | 0 | ||||
Income Tax Expense (Benefit), Total | 0 | |||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 78,338,000 | 17,085,000 | $ 6,337,000 | 17,085,000 | $ 6,337,000 | $ 78,338,000 | ||
Marketable Securities, Total | $ 422,100,000 | $ 422,100,000 | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||||||
Number of Customers | 2 | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | HCS Group GmbH [Member] | ||||||||
Concentration Risk, Percentage | 77.00% | 79.00% | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Titan Aviation Fuel [Member] | ||||||||
Concentration Risk, Percentage | 19.00% | |||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | HCS Group GmbH and Titan Aviation Fuel [Member] | ||||||||
Concentration Risk, Percentage | 96.00% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HCS Group GmbH [Member] | ||||||||
Concentration Risk, Percentage | 55.00% | 76.00% | 55.00% | 16.00% | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Titan Aviation Fuel [Member] | ||||||||
Concentration Risk, Percentage | 13.00% | 13.00% | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | New Vision, LLC [Member] | ||||||||
Concentration Risk, Percentage | 14.00% | 29.00% | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HCS Group GmbH, New Vision, LLC, and Titan Aviation Fuel [Member] | ||||||||
Concentration Risk, Percentage | 82.00% | 97.00% | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Coryton Advanced Fuels Ltd [Member] | ||||||||
Concentration Risk, Percentage | 11.00% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HCS Group GmbH and Coryton Advanced Fuels Ltd [Member] | ||||||||
Concentration Risk, Percentage | 87.00% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC [Member] | ||||||||
Concentration Risk, Percentage | 60.00% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Purina Animal Nutrition, LLC [Member] | ||||||||
Concentration Risk, Percentage | 17.00% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC, Purina Animal Nutrition, LLC, and HCS Group GmbH [Member] | ||||||||
Concentration Risk, Percentage | 93.00% | |||||||
Computer Software, Intangible Asset [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | |||||||
Computer Software, Intangible Asset [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||
Receivable from Bond Trustee [Member] | ||||||||
Restricted Cash, Total | $ 56,918,000 | $ 56,918,000 | ||||||
Cash Pledged and Assigned to Citibank, N.A. [Member] | ||||||||
Restricted Cash, Total | 71,300,000 | 71,300,000 | ||||||
Restricted Cash, Current | $ 800,000 | $ 800,000 | ||||||
Restricted Cash, Interest Rate | 0.10% | |||||||
The 2021 Bonds [Member] | ||||||||
Debt Instrument, Face Amount | $ 68,155,000 | |||||||
Debt Instrument, Unamortized Premium, Total | 800,000 | |||||||
Debt Issuance Costs, Net, Total | $ 2,800,000 | |||||||
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 | 0 | 24,420,579 | ||||||
Increase (Decrease) in At-the-Market Offering of Stock | $ 150,000,000 | |||||||
Proceeds from Issuance of Common Stock | $ 135,800,000 | |||||||
Offering of Stock, Remaining Capacity, Value | $ 10,600,000 | $ 10,600,000 | ||||||
COVID-19 [Member] | ||||||||
Percentage of Revenue Reduction | 57.00% | 89.00% |
Note 1 - Nature of Business, _4
Note 1 - Nature of Business, Financial Condition and Basis of Presentation - Receivable Bond (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Proceeds from issuance of 2021 Bonds | $ 68,995 | $ 0 |
Total restricted cash held by bond trustee | 128,100 | |
Receivable from Bond Trustee [Member] | ||
Total restricted cash held by bond trustee | 56,918 | |
The 2021 Bonds [Member] | ||
Proceeds from issuance of 2021 Bonds | 68,995 | |
Disbursement of funds | (12,080) | |
Interest income | $ 3 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive securities (in shares) | 202,356 | 6,901,065 |
Warrants to Purchase Common Stock - Liability Classified [Member] | ||
Antidilutive securities (in shares) | 42,494 | 50,812 |
Warrants to Purchase Common Stock - Equity Classified [Member] | ||
Antidilutive securities (in shares) | 90,608 | 0 |
Convertible 2020/21 Notes [Member] | ||
Antidilutive securities (in shares) | 0 | 6,780,958 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 1,515 | 1,556 |
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 | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 346 | $ 988 | $ 359 | $ 4,813 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | 0 | 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 | 346 | 942 | 359 | 4,767 | |
Transferred at Point in Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 | 0 | |
Revenue, Remaining Performance Obligation, Amount | 0 | 0 | 0 | ||
Transferred over Time [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 46 | 0 | 46 | |
Transferred over Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | $ 0 | 0 | $ 0 | |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 346 | $ 988 | $ 359 | $ 4,813 |
Other revenues | 76 | 0 | 156 | 0 |
Total revenues | 422 | 988 | 515 | 4,813 |
Transferred at Point in Time [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 346 | 942 | 359 | 4,767 |
Other revenues | 3 | 0 | 3 | 0 |
Total revenues | 349 | 942 | 362 | 4,767 |
Transferred over Time [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 46 | 0 | 46 |
Other revenues | 73 | 0 | 153 | 0 |
Total revenues | 73 | 46 | 153 | 46 |
Hydrocarbon [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 346 | 859 | 359 | 984 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 346 | 859 | 359 | 984 |
Ethanol Sales and Related Products [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 83 | 0 | 3,783 |
Other revenues | 0 | 0 | ||
Total revenues | 83 | 3,783 | ||
Grant and Other [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 46 | 0 | 46 |
Other revenues | 76 | 0 | 156 | 0 |
Total revenues | $ 76 | $ 46 | $ 156 | $ 46 |
Note 4 - Leases, Right-to-Use_3
Note 4 - Leases, Right-to-Use Assets and Related Liabilities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Operating Lease, Right-of-Use Asset | $ 1,770 | $ 1,770 | $ 133 |
Operating Lease, Liability, Noncurrent | 1,783 | 1,783 | 0 |
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 27,491 | 27,491 | 176 |
Finance Lease, Liability, Total | 24,603 | 24,603 | |
Finance Lease, Liability, Current | 4,888 | 4,888 | 10 |
Finance Lease, Liability, Noncurrent | 19,715 | 19,715 | $ 162 |
Operating Lease, Lease Income, Total | $ 100 | $ 100 |
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 | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | ||
Amortization of right-of-use assets | [1] | $ 3,356 | $ 1 | $ 3,367 | $ 2 |
Interest on lease liabilities | 0 | 0 | 0 | 0 | |
Operating lease cost | 67 | 63 | 128 | 534 | |
Short-Term lease cost | 495 | 100 | 627 | 180 | |
Variable lease cost (2) | [2] | 31 | 40 | 70 | 72 |
Total lease cost | $ 3,949 | $ 204 | 4,192 | 788 | |
Operating cash flows from finance leases | 321 | 2 | |||
Operating cash flows from operating leases | 128 | 534 | |||
Finance cash flows from finance leases | 3,046 | 1 | |||
Right-of-use asset purchased with financing lease | 27,775 | 13 | |||
Right-of-use asset purchased with operating lease | $ 1,562 | $ 0 | |||
Weighted-average remaining lease term, finance lease (months) (Month) | 218 months | 56 months | 218 months | 56 months | |
Weighted-average remaining lease term, operating leases (months) (Month) | 91 months | 13 months | 91 months | 13 months | |
Weighted-average discount rate - finance leases (3) | [3] | 5.00% | 21.00% | 5.00% | 21.00% |
Weighted-average discount rate - operating leases (3) | [3] | 5.00% | 12.00% | 5.00% | 12.00% |
[1] | Finance lease costs are capitalized as a cost of constructing the facility included in "Property, plant and equipment, net" as the RNG facilities are still under construction | ||||
[2] | Represents amounts incurred in excess of minimum payments | ||||
[3] | The discount rate used for operating leases is based on our implicit borrowing rate ("IBR") at the date the Company entered into the lease. The Company estimated the IBR based collateralized borrowings for similar terms and payments. |
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) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
2021 (remaining), operating lease | $ 26 | |
2021 (remaining), financing leases | 3,915 | |
2022, operating lease | 24 | |
2022, financing leases | 4,473 | |
2023, operating lease | 297 | |
2023, financing leases | 1,709 | |
2024, operating lease | 305 | |
2024, financing leases | 1,725 | |
2025, operating lease | 315 | |
2025, financing leases | 1,738 | |
2026 and thereafter, operating lease | 1,030 | |
2026 and thereafter, financing leases | 21,617 | |
Total, operating lease | 1,997 | |
Total, financing leases | 35,177 | |
Less: Amounts representing present value discounts, operating lease | (391) | |
Less: Amounts representing present value discounts, financing leases | (10,574) | |
Total lease liabilities, operating lease | 1,606 | |
Total lease liabilities, financing leases | 24,603 | |
Operating lease liabilities (current) | 0 | $ 172 |
Less: current portion, financing leases | (4,888) | (10) |
Operating lease liabilities (long-term) | 1,783 | 0 |
Finance lease liabilities (long-term) | 19,715 | $ 162 |
Prepaid Expenses and Other Current Assets [Member] | ||
Operating lease liabilities (current) | $ 177 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Spare parts | $ 1,363 | $ 1,361 |
Total inventories | 2,216 | 2,491 |
Enzymes and Other Inputs [Member] | ||
Raw materials | 138 | 133 |
Nutrients [Member] | ||
Raw materials | 1 | 1 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods | 300 | 756 |
Gevo [Member] | ||
Work in process | 4 | 5 |
Palladium [Member] | ||
Other Inventory | $ 410 | $ 235 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Property, plant, and equipment, gross | $ 140,683 | $ 125,525 |
Less accumulated depreciation and amortization | (61,440) | (59,117) |
Property, plant and equipment, net | $ 79,243 | 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 | $ 6,365 | 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 | $ 2,182 | 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 | $ 28,122 | $ 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 | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Depreciation and amortization | $ 1,218 | $ 1,625 | $ 2,362 | $ 3,268 |
Cost of Sales [Member] | ||||
Depreciation and amortization | 1,172 | 1,575 | 2,260 | 3,162 |
Operating Expense [Member] | ||||
Depreciation and amortization | $ 46 | $ 50 | $ 102 | $ 106 |
Note 7 - Embedded Derivatives_3
Note 7 - Embedded Derivatives Liabilities (Details Textual) shares in Thousands | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2019 | ||
Shares Underlying Warrants (in shares) | 133,102 | 30,351,354 | |
Shares Issued (in shares) | 30,218,252 | ||
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 | |
Shares Issued (in shares) | 0 | ||
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) | 7,126 | 315,986 | |
Shares Issued (in shares) | 308,860 | ||
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] | 90,608 | 30,000,000 |
Shares Issued (in shares) | [1] | 29,909,392 | |
[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 | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Proceeds | $ 1,119 | $ 0 |
Series K Warrants [Member] | ||
Common Stock Issued (in shares) | 200 | |
Proceeds | $ 1 | |
The Series 2020 A Warrants [Member] | ||
Common Stock Issued (in shares) | 1,866,558 | |
Proceeds | $ 1,120 | |
The Series 2020 A Warrants and Series K Warrants [Member] | ||
Common Stock Issued (in shares) | 1,866,758 | |
Proceeds | $ 1,121 |
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 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounts payable - trade | $ 7,696 | $ 897 |
RNG accrued project costs | 5,105 | 0 |
Accrued employee compensation | 2,319 | 1,960 |
Other accrued liabilities | 1,273 | 1,086 |
Total accounts payable and accrued liabilities | $ 16,393 | $ 3,943 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) | Jun. 05, 2021 | Apr. 15, 2021 | Apr. 30, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 66,688,000 | $ 1,254,000 | |||
Letter of Credit [Member] | |||||
Debt Instrument, Face Amount | $ 71,200,000 | ||||
The 2021 Bonds [Member] | |||||
Debt Instrument, Face Amount | $ 68,155,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 1.50% | ||||
Debt Instrument, Unamortized Premium, Total | $ 800,000 | ||||
Debt Issuance Costs, Net, Total | 2,800,000 | ||||
Amortization of Debt Discount (Premium) | 100,000 | ||||
Amortization of Debt Issuance Costs | $ 200,000 | ||||
SBA Loans [Member] | |||||
Proceeds from Issuance of Long-term Debt, Total | $ 1,000,000 | ||||
Debt Instrument, Decrease, Forgiveness | 500,000 | ||||
SBA Loans [Member] | Agri-Energy [Member] | |||||
Debt Instrument, Decrease, Forgiveness | 100,000 | ||||
Long-term Debt, Total | $ 400,000 | ||||
Debt Instrument, Periodic Payment, Total | $ 8,000 |
Note 9 - Debt - Notes Payable -
Note 9 - Debt - Notes Payable - Other (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Apr. 15, 2021 | Dec. 31, 2020 | |
Notes payable, other | $ 66,688 | $ 1,254 | |
Notes payable, other | 66,688 | 1,254 | |
Less current portion | (174) | (807) | |
Long-term portion | 66,514 | 447 | |
Notes Payable, Other Payables [Member] | |||
Notes payable, other | 66,688 | ||
Notes payable, other | $ 66,688 | ||
The 2021 Bonds [Member] | |||
Interest rate | 1.50% | ||
The 2021 Bonds [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 1.50% | ||
Maturity Date | Jan. 31, 2042 | ||
Notes payable, other | $ 66,120 | 0 | |
Notes payable, other | $ 66,120 | 0 | |
SBA Loans [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 1.00% | ||
Maturity Date | Apr. 30, 2025 | ||
Notes payable, other | $ 368 | 1,006 | |
Notes payable, other | 368 | 1,006 | |
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | |||
Notes payable, other | 200 | 248 | |
Notes payable, other | $ 200 | $ 248 | |
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | Minimum [Member] | |||
Interest rate | 4.00% | ||
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | Maximum [Member] | |||
Interest rate | 5.00% |
Note 9 - Debt - Future Payments
Note 9 - Debt - Future Payments for Notes Payable - Other (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 66,688 | $ 1,254 |
Notes Payable, Other Payables [Member] | ||
2021 (remaining) | 89 | |
2022 | 161 | |
2023 | 159 | |
2024 | 66,250 | |
2025 | 29 | |
Long-term Debt, Total | $ 66,688 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Details Textual) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 09, 2021 | |
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 226,709 | ||||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares) | 120,808 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 137,036 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 646,588 | ||||
Stock Incentive Plan 2010 [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 22,980,074 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 17,441,531 | 17,441,531 | |||
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) | 121,499 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 23,795 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 23,795 | ||||
Stock Incentive Plan 2010 [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 47,590 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | ||||
Stock Incentive Plan 2010 [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 39,860 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||||
Stock Incentive Plan 2010 [Member] | Restricted Stock [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 25,791 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Employee Stock Purchase Plan [Member] | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 190 | 190 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 190 | 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 Millions | 6 Months Ended |
Jun. 30, 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 | $ | $ 1.4 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ | $ 2.2 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 8 months 12 days |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-based compensation | $ 692 | $ 501 | $ 1,617 | $ 673 |
Stock Options Issued to Employees and Board Members [Member] | Research and Development Expense [Member] | ||||
Stock-based compensation | 121 | 135 | 246 | 211 |
Stock Options Issued to Employees and Board Members [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation | 737 | 362 | 1,174 | 622 |
Restricted Stock [Member] | Research and Development Expense [Member] | ||||
Stock-based compensation | (159) | 2 | 189 | (77) |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation | $ (7) | $ 2 | $ 8 | $ (83) |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock Option Award Activity (Details) - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 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 1 month 13 days | 5 years 6 months 29 days | |
Granted (in shares) | 0 | ||
Granted, weighted average exercise price (in dollars per share) | [1] | $ 0 | |
Canceled or forfeited (in shares) | (37) | ||
Canceled or forfeited, weighted average exercise price (in dollars per share) | [1] | $ 5,471.13 | |
Exercised (in shares) | 0 | ||
Exercised, weighted average exercise price (in dollars per share) | [1] | $ 0 | |
Options outstanding (in shares) | 1,515 | 1,552 | |
Options outstanding, weighted average exercise price (in dollars per share) | [1] | $ 436.89 | $ 556.13 |
Options exercisable (in shares) | 1,515 | ||
Options exercisable, weighted average exercise price (in dollars per share) | [1] | $ 436.89 | |
Options exercisable, weighted average remaining contractual term (Year) | 5 years 1 month 13 days | ||
Options vested and expected to vest (in shares) | 1,515 | ||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | [1] | $ 436.89 | |
Options vested and expected to vest, weighted average remaining contractual term (Year) | 5 years 1 month 13 days | ||
[1] | Exercise price of options outstanding range from $20 to $99,300 as of June 30, 2021. |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock [Member] | 6 Months Ended |
Jun. 30, 2021$ / 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 | 137,036 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.50 |
Vested (in shares) | shares | (646,588) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 2.16 |
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 | 4,071,196 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.84 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - Indemnification Agreement [Member] $ in Thousands | Jun. 30, 2021USD ($) |
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 - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | ||
Total, fair value | $ 422,096 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Total, fair value | 422,055 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Total, fair value | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total, fair value | 41 | |
Fair Value, Recurring [Member] | Warrant [Member] | ||
Derivative liability, fair value | 41 | $ 31 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative liability, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative liability, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative liability, fair value | 41 | 31 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Marketable securities, fair value | 288,551 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 288,551 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, fair value | 0 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities, fair value | 0 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | ||
Marketable securities, fair value | 133,504 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 133,504 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, fair value | 0 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities, fair value | 0 | |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | ||
Inventory, fair value | 866 | |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Inventory, fair value | 235 | |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Inventory, fair value | 631 | |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Inventory, fair value | $ 0 | |
Fair Value, Nonrecurring [Member] | Palladium and Finished Goods Inventory [Member] | ||
Inventory, fair value | 733 | |
Fair Value, Nonrecurring [Member] | Palladium and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Inventory, fair value | 433 | |
Fair Value, Nonrecurring [Member] | Palladium and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Inventory, fair value | 300 | |
Fair Value, Nonrecurring [Member] | Palladium and Finished Goods Inventory [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Inventory, fair value | $ 0 |
Note 13 - Fair Value Measurem_4
Note 13 - Fair Value Measurements - Schedule of Fair Value Measurements Using Level 3 Inputs (Details) - Derivative Financial Instruments, Liabilities [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Balance | $ 31 |
Total loss included in earnings | 10 |
Balance | $ 41 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Carrying Values and Estimated Fair Values (Details) - The 2021 Bonds [Member] | Jun. 30, 2021USD ($) |
Reported Value Measurement [Member] | |
2021 Bonds | $ 68,155 |
Estimate of Fair Value Measurement [Member] | |
2021 Bonds | $ 69,143 |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements - Investments Marketable Securities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Available-for-sale securities, amortized costs, current | $ 247,054 |
Available-for-sale securities, gross unrealized loss, current | (168) |
Available-for-sale securities, fair value, current | 246,886 |
Available-for-sale securities, amortized costs, noncurrent | 175,308 |
Available-for-sale securities, gross unrealized loss, noncurrent | (139) |
Available-for-sale securities, fair value, noncurrent | 175,169 |
US Treasury Securities [Member] | |
Available-for-sale securities, amortized costs, current | 201,311 |
Available-for-sale securities, gross unrealized loss, current | (151) |
Available-for-sale securities, fair value, current | 201,160 |
Available-for-sale securities, amortized costs, noncurrent | 87,442 |
Available-for-sale securities, gross unrealized loss, noncurrent | (51) |
Available-for-sale securities, fair value, noncurrent | 87,391 |
US Government-sponsored Enterprises Debt Securities [Member] | |
Available-for-sale securities, amortized costs, current | 45,743 |
Available-for-sale securities, gross unrealized loss, current | (17) |
Available-for-sale securities, fair value, current | 45,726 |
Available-for-sale securities, amortized costs, noncurrent | 87,866 |
Available-for-sale securities, gross unrealized loss, noncurrent | (88) |
Available-for-sale securities, fair value, noncurrent | $ 87,778 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | ||
Total revenues | $ 422 | $ 988 | $ 515 | $ 4,813 | ||
Loss from operations | (19,022) | (5,257) | (28,900) | (13,271) | ||
Interest expense | 6 | 541 | 11 | 1,086 | ||
Depreciation and amortization | 1,223 | 1,629 | 2,372 | 3,278 | ||
Acquisitions of plant, property and equipment: | 14,418 | 497 | 19,850 | 1,298 | ||
Assets | [1] | 685,674 | 685,674 | $ 152,099 | ||
Operating Segments [Member] | UNITED STATES | ||||||
Total revenues | 140 | 91 | 233 | 3,841 | ||
Operating Segments [Member] | Non-US [Member] | ||||||
Total revenues | 282 | 897 | 282 | 972 | ||
Intersegment Eliminations [Member] | ||||||
Assets | [2] | (120,662) | (120,662) | (131,971) | ||
Gevo [Member] | Operating Segments [Member] | ||||||
Total revenues | 348 | 897 | 361 | 1,022 | ||
Loss from operations | (6,399) | (2,808) | (11,503) | (5,689) | ||
Interest expense | 0 | 538 | 0 | 1,081 | ||
Depreciation and amortization | 46 | 50 | 102 | 106 | ||
Acquisitions of plant, property and equipment: | 588 | 69 | 841 | 79 | ||
Assets | 579,027 | 579,027 | 152,177 | |||
Agri-Energy [Member] | Operating Segments [Member] | ||||||
Total revenues | 74 | 91 | 154 | 3,791 | ||
Loss from operations | (7,109) | (2,229) | (9,156) | (7,206) | ||
Interest expense | 6 | 3 | 6 | 5 | ||
Depreciation and amortization | 1,177 | 1,579 | 2,270 | 3,172 | ||
Acquisitions of plant, property and equipment: | 1,898 | 428 | 1,908 | 1,219 | ||
Assets | 120,765 | 120,765 | 131,893 | |||
Renewable Natural Gas [Member] | Operating Segments [Member] | ||||||
Total revenues | 0 | 0 | 0 | 0 | ||
Loss from operations | 0 | (220) | (68) | (376) | ||
Interest expense | 0 | 0 | 5 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Acquisitions of plant, property and equipment: | 11,932 | 0 | 17,101 | 0 | ||
Assets | 106,073 | 106,073 | 0 | |||
Net-Zero [Member] | Operating Segments [Member] | ||||||
Total revenues | 0 | 0 | 0 | 0 | ||
Loss from operations | (5,514) | 0 | (8,173) | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Acquisitions of plant, property and equipment: | 0 | $ 0 | 0 | $ 0 | ||
Assets | $ 471 | $ 471 | $ 0 | |||
[1] | All other significant non-cash items relate to the activities of Gevo. | |||||
[2] | Includes no intercompany sales during the six months ended June 30, 2021 and $0.1 million for the year ended December 31, 2020 for hydrocarbon sales. |