Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 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 | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 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 $0.01 per share | |
Trading Symbol | GEVO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 201,879,978 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 16,201 | $ 78,338 | |
Marketable securities (current) | 285,236 | 0 | |
Restricted cash (current) | 49,804 | 0 | |
Accounts receivable, net | 513 | 527 | |
Inventories | 2,341 | 2,491 | |
Prepaid expenses and other current assets | 7,243 | 1,914 | |
Total current assets | 361,338 | 83,270 | |
Property, plant and equipment, net | 102,163 | 66,408 | |
Long-term marketable securities | 101,003 | 0 | |
Long-term restricted cash | 70,168 | 0 | |
Operating right-of-use assets | 1,591 | 133 | |
Finance right-of-use assets | 27,665 | 176 | |
Intangible assets, net | 9,098 | 114 | |
Deposits and other assets | 2,329 | 1,998 | |
Total assets | [1] | 675,355 | 152,099 |
Current liabilities | |||
Accounts payable and accrued liabilities | 24,582 | 3,943 | |
Operating lease liabilities (current) | 0 | 172 | |
Finance lease liabilities (current) | 2,727 | 10 | |
Loans payable - other (current) | 165 | 807 | |
Total current liabilities | 27,474 | 4,932 | |
2021 Bonds payable (long-term) | 66,303 | 0 | |
Loans payable - other (long-term) | 357 | 447 | |
Operating lease liabilities (long-term) | 1,732 | 0 | |
Finance lease liabilities (long-term) | 19,598 | 162 | |
Other long-term liabilities | 91 | 179 | |
Total liabilities | 115,555 | 5,720 | |
Commitments and Contingencies (See Note 12) | |||
Stockholders' Equity | |||
Common stock, $0.01 par value per share; 250,000,000 authorized; 201,879,978 and 128,138,311 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively. | 2,019 | 1,282 | |
Additional paid-in capital | 1,098,939 | 643,269 | |
Accumulated other comprehensive loss | (296) | 0 | |
Accumulated deficit | (540,862) | (498,172) | |
Total stockholders' equity | 559,800 | 146,379 | |
Total liabilities and stockholders' equity | $ 675,355 | $ 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 | Sep. 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) | 201,879,978 | 128,138,311 |
Common stock, shares outstanding (in shares) | 201,879,978 | 128,138,311 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenue and cost of goods sold | ||||
Revenue from contract with Customer | $ 120 | $ 192 | $ 479 | $ 5,005 |
Other revenue | 22 | 70 | 178 | 116 |
Total revenues | 142 | 192 | 657 | 5,005 |
Cost of goods sold | 3,482 | 2,260 | 8,270 | 13,043 |
Gross loss | (3,340) | (2,068) | (7,613) | (8,038) |
Operating expenses: | ||||
Research and development expense | 1,541 | 870 | 4,323 | 2,127 |
Selling, general and administrative expense | 9,335 | 2,892 | 18,027 | 8,179 |
Preliminary stage project costs | 313 | 323 | 8,512 | 700 |
Loss on disposal of assets | 183 | 0 | 5,137 | 38 |
Restructuring expenses | 0 | (50) | 0 | 254 |
Total operating expenses | 11,372 | 4,035 | 35,999 | 11,298 |
Loss from operations | (14,712) | (6,103) | (43,612) | (19,336) |
Other income (expense): | ||||
Gain on forgiveness of SBA Loans | 0 | 0 | 641 | 0 |
Interest expense | (67) | (473) | (78) | (1,559) |
(Loss) on modification of 2020 Notes | 0 | 0 | 0 | (726) |
(Loss) on conversion of 2020/21 Notes to common stock | 0 | (543) | 0 | (543) |
Gain (loss) from change in fair value of derivative warrant liability | 6 | 0 | (4) | 8 |
Gain (loss) from change in fair value of 2020/21 Notes embedded derivative liability | 0 | 247 | 0 | (29) |
Other income (expense), net | 393 | 36 | 363 | 53 |
Total other income (expense), net | 332 | (733) | 922 | (2,796) |
Net loss | $ (14,380) | $ (6,836) | $ (42,690) | $ (22,132) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.07) | $ (0.09) | $ (0.22) | $ (0.62) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 199,341,519 | 77,049,896 | 193,739,605 | 35,682,794 |
Ethanol Sales and Related Products [Member] | ||||
Revenue and cost of goods sold | ||||
Revenue from contract with Customer | $ 16 | $ 21 | $ 16 | $ 3,804 |
Total revenues | 16 | 21 | 16 | 3,804 |
Hydrocarbon [Member] | ||||
Revenue and cost of goods sold | ||||
Revenue from contract with Customer | 104 | 101 | 463 | 1,085 |
Total revenues | $ 104 | $ 101 | $ 463 | $ 1,085 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net loss | $ (14,380) | $ (6,836) | $ (42,690) | $ (22,132) |
Unrealized gain (loss) on available-for-sale securities, net of tax | 45 | 0 | (262) | 0 |
Adjustment for net gain (loss) realized and included in net income, net of tax | (34) | 0 | (34) | 0 |
Total change in unrealized gain (loss) on marketable securities | 11 | 0 | (296) | 0 |
Comprehensive loss | $ (14,369) | $ (6,836) | $ (42,986) | $ (22,132) |
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 |
Non-cash stock-based compensation | $ 0 | 1,475 | 0 | 0 | 1,475 |
Issuance of common stock under stock plans, net of taxes (in shares) | 4,154,607 | ||||
Issuance of common stock under stock plans, net of taxes | $ 41 | (369) | 0 | 0 | (328) |
Net loss | $ 0 | 0 | 0 | (22,132) | (22,132) |
Issuance of common stock upon exercise of warrants (in shares) | 52,953,400 | ||||
Issuance of common stock upon exercise of warrants | $ 530 | 16,117 | 0 | 0 | 16,647 |
Issuance of common stock and common stock warrants, net of issue costs (in shares) | 44,115,808 | ||||
Issuance of common stock and common stock warrants, net of issue costs | $ 441 | 63,405 | 0 | 0 | 63,846 |
Issuance of common stock upon conversion of 2020/21 Notes (in shares) | 4,169,426 | ||||
Issuance of common stock upon conversion of 2020/21 Notes | $ 42 | 2,441 | 0 | 0 | 2,483 |
Issuance of common stock in exchange for services rendered (in shares) | 101,730 | ||||
Issuance of common stock in exchange for services rendered | $ 1 | 93 | 0 | 0 | 94 |
Balance (in shares) at Sep. 30, 2020 | 119,578,203 | ||||
Balance at Sep. 30, 2020 | $ 1,196 | 613,511 | 0 | (480,118) | 134,589 |
Balance (in shares) at Jun. 30, 2020 | 15,514,098 | ||||
Balance at Jun. 30, 2020 | $ 154 | 533,015 | 0 | (473,282) | 59,887 |
Non-cash stock-based compensation | $ 0 | 642 | 0 | 0 | 642 |
Issuance of common stock under stock plans, net of taxes (in shares) | 4,066,862 | ||||
Issuance of common stock under stock plans, net of taxes | $ 41 | (62) | 0 | 0 | (21) |
Net loss | $ 0 | 0 | 0 | (6,836) | (6,836) |
Issuance of common stock upon exercise of warrants (in shares) | 52,953,400 | ||||
Issuance of common stock upon exercise of warrants | $ 530 | 16,117 | 0 | 0 | 16,647 |
Issuance of common stock and common stock warrants, net of issue costs (in shares) | 42,772,687 | ||||
Issuance of common stock and common stock warrants, net of issue costs | $ 428 | 61,265 | 0 | 0 | 61,693 |
Issuance of common stock upon conversion of 2020/21 Notes (in shares) | 4,169,426 | ||||
Issuance of common stock upon conversion of 2020/21 Notes | $ 42 | 2,441 | 0 | 0 | 2,483 |
Issuance of common stock in exchange for services rendered (in shares) | 101,730 | ||||
Issuance of common stock in exchange for services rendered | $ 1 | 93 | 0 | 0 | 94 |
Balance (in shares) at Sep. 30, 2020 | 119,578,203 | ||||
Balance at Sep. 30, 2020 | $ 1,196 | 613,511 | 0 | (480,118) | 134,589 |
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 | 456,801 | 0 | 0 | 457,483 |
Non-cash stock-based compensation | $ 0 | 3,300 | 0 | 0 | 3,300 |
Issuance of common stock under stock plans, net of taxes (in shares) | 3,704,330 | ||||
Issuance of common stock under stock plans, net of taxes | $ 37 | (5,534) | 0 | 0 | (5,497) |
Other comprehensive income (loss) | 0 | 0 | (296) | 0 | (296) |
Net loss | $ 0 | 0 | 0 | (42,690) | (42,690) |
Issuance of common stock upon exercise of warrants (in shares) | 1,866,758 | ||||
Issuance of common stock upon exercise of warrants | $ 18 | 1,103 | 0 | 0 | 1,121 |
Balance (in shares) at Sep. 30, 2021 | 201,879,978 | ||||
Balance at Sep. 30, 2021 | $ 2,019 | 1,098,939 | (296) | (540,862) | 559,800 |
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 |
Issuance of common stock, net of issue costs (in shares) | 0 | ||||
Issuance of common stock, net of issue costs | $ 0 | (162) | 0 | 0 | (162) |
Non-cash stock-based compensation | $ 0 | 1,880 | 0 | 0 | 1,880 |
Issuance of common stock under stock plans, net of taxes (in shares) | 3,915,502 | ||||
Issuance of common stock under stock plans, net of taxes | $ 39 | (3,711) | 0 | 0 | (3,672) |
Other comprehensive income (loss) | 0 | 0 | 11 | 0 | 11 |
Net loss | $ 0 | 0 | 0 | (14,380) | (14,380) |
Balance (in shares) at Sep. 30, 2021 | 201,879,978 | ||||
Balance at Sep. 30, 2021 | $ 2,019 | $ 1,098,939 | $ (296) | $ (540,862) | $ 559,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Operating Activities | ||||
Net loss | $ (14,380) | $ (6,836) | $ (42,690) | $ (22,132) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Loss (gain) from change in fair value of derivative warrant liability | 4 | (8) | ||
Loss (gain) from change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability | 0 | (247) | 0 | 29 |
Loss on conversion of 2020/21 Notes to common stock | 0 | 543 | 0 | 543 |
Loss on disposal of assets | 183 | 0 | 5,137 | 38 |
(Gain) on forgiveness of SBA Loans | 0 | 0 | (641) | 0 |
Stock-based compensation | 5,823 | 1,347 | ||
Depreciation and amortization | 1,200 | 1,476 | 3,572 | 4,754 |
Non-cash lease expense | 7 | 45 | ||
Non-cash interest expense | 65 | 606 | ||
Other non-cash expenses | 5 | 0 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable | 14 | 765 | ||
Inventories | 150 | 650 | ||
Prepaid expenses and other current assets, deposits and other assets | (4,463) | (613) | ||
Accounts payable, accrued expenses and long-term liabilities | 4,324 | (605) | ||
Net cash used in operating activities | (28,693) | (14,581) | ||
Investing Activities | ||||
Acquisitions of property, plant and equipment | (30,955) | (1,756) | ||
Acquisition of patent portfolio | (9,000) | 0 | ||
Proceeds from sale of marketable securities | 34,332 | 0 | ||
Purchase of marketable securities | (422,362) | 0 | ||
Net cash used in investing activities | (427,985) | (1,756) | ||
Financing Activities | ||||
Proceeds from issuance of 2021 Bonds | 68,995 | 0 | ||
Debt and equity offering costs | (34,919) | (6,170) | ||
Proceeds from issuance of common stock and common stock warrants | 487,549 | 69,985 | ||
Proceeds from exercise of warrants | 1,119 | 16,647 | ||
Net settlement of common stock under stock plans | (5,137) | (331) | ||
Payment of loans payable - other | (98) | (481) | ||
Payment of finance lease liabilities | (2,996) | 0 | ||
Proceeds from SBA Loans | 0 | 1,006 | ||
Net cash provided by financing activities | 514,513 | 80,656 | ||
Net increase (decrease) in cash and cash equivalents | 57,835 | 64,319 | ||
Cash, cash equivalents and restricted cash | ||||
Beginning of period | 78,338 | 16,302 | ||
End of period | 136,173 | 80,621 | 136,173 | 80,621 |
Cash and cash equivalents | 16,201 | 80,621 | 16,201 | 80,621 |
Restricted cash (current) | 49,804 | 0 | 49,804 | 0 |
Long-term restricted cash | 70,168 | 0 | 70,168 | 0 |
Total cash, cash equivalents and restricted cash | $ 136,173 | $ 80,621 | 136,173 | 80,621 |
Cash paid for interest | 11 | 953 | ||
Non-cash purchase of property, plant and equipment | 12,164 | 2 | ||
Issuance of common stock upon exchange of debt and make-whole | 0 | 2,517 | ||
Issuance of common stock in exchange for services rendered | 0 | 94 | ||
Original issue discount paid with 2020/21 Notes | 0 | 282 | ||
Right-of-use asset purchased with financing leases | 28,416 | 13 | ||
Right-of-use asset purchased with operating lease | $ 1,611 | $ 0 |
Note 1 - Nature of Business, Fi
Note 1 - Nature of Business, Financial Condition and Basis of Presentation | 9 Months Ended |
Sep. 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 one 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 has a technology pathway that converts carbohydrates to alcohols via a fermentation process. The alcohols are then converted to hydrocarbon fuels using a catalytic chemical process. By using renewable energy across the production process, in combination with sustainable feedstocks, like low carbon non-food corn, the greenhouse gas emissions are expected to be substantially reduced or eliminated as measured across the whole of the life cycle. The processes used to convert carbohydrates to drop-in hydrocarbons using isobutanol as the intermediate alcohol is protected by a patent portfolio with more than 500 patents, as well as proprietary processes and know-how. The production technology to convert ethanol to hydrocarbons has been exclusively licensed to Gevo in the United States by Axens North America, Inc. (“Axens”), and incorporates more than 60 patents, as well as proprietary production technology and know-how. 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 nine September 30, 2021, nine September 30, 2020. three September 30, 2021 three September 30, 2020. July 2021 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 nine September 30, 2021 19 may not September 30, 2021. may may Basis of Presentation. 1, not three nine September 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, September 2021, During the nine September 30, 2021, three September 30, 2021. As of September 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 September 30, 2021, twelve September 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 September 30, 2021 September 30, 2021 Bond proceeds $ 68,995 Disbursement of funds (20,005 ) Interest paid on bonds (216 ) Interest income 10 Total restricted cash held by bond trustee $ 48,784 Marketable Securities. 12 12 September 30, 2021. 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 right-of-use 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. Intangible assets. The Company periodically evaluates the amortization period and carrying value of its patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value. On September 21, 2021, July 2021 Identifiable intangible assets as of September 30, 2021 September 30, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life (Years) Finite-lived intangible assets: Patents $ 4,496 $ (202 ) $ 4,294 7.3 Defensive assets 4,804 — 4,804 8.4 Identifiable intangible assets $ 9,300 $ (202 ) $ 9,098 7.9 December 31, 2020 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life Finite-lived intangible assets: Patents $ 300 $ (186 ) $ 114 5.2 The following table details the estimated net amortization of identifiable intangible assets as of September 30, 2021 ( Year Ending December 31, Patents Defensive Assets Total 2021 (remaining) $ 147 $ 144 $ 291 2022 601 575 1,176 2023 601 575 1,176 2024 601 575 1,176 2025 601 575 1,176 2026 and thereafter 1,743 2,360 4,103 Total $ 4,294 $ 4,804 $ 9,098 Total amortization of intangible assets was less than $0.1 million for the three nine September 30, 2021 three nine September 30, 2020. Capitalized Internal-Use Software Costs. three five Borrowing Costs. 3 three nine September 30, 2021, three nine September 30, 2021, three nine September 30, 2020, Preliminary Stage Project Costs. Income Taxes. Concentration of Business Risk. September 30, 2021, two December 31, 2020, For the three September 30, 2021, three September 30, 2020, nine September 30, 2021, nine September 30, 2020, Total, HCS, KLM, Coryton and Titan 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 September 30, 2021. September 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, the development, acquisition and construction of additional production facilities to support that Company’s offtake agreement, the achievement of a level of revenues adequate to support the Company’s cost structure, and the ability to raise capital to finance the development, acquisition and construction of additional productions facilities. Management intends to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, the Company may no one |
Note 2 - Earnings Per Share
Note 2 - Earnings Per Share | 9 Months Ended |
Sep. 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 nine September 30, 2021 and 2020 The following table sets forth securities outstanding that could potentially dilute the calculation of diluted earnings per share: Three and Nine Months Ended , 2021 2020 Warrants to purchase common stock - liability classified 7,126 52,032 Warrant to purchase common stock - equity classified 90,608 2,682,166 Conversion of 2020/21 Notes — 5,789,209 Outstanding options to purchase common stock 4,670,279 1,552 Stock appreciation rights 67,739 67,739 Total 4,835,752 8,592,698 |
Note 3 - Revenues From Contract
Note 3 - Revenues From Contracts With Customers and Other Revenues | 9 Months Ended |
Sep. 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) other revenue, which primarily consists of rental income. 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 September 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 16 $ — $ 16 Hydrocarbon revenue 104 — 104 Other revenue — 22 22 $ 120 $ 22 $ 142 Timing of Revenue Recognition Goods transferred at a point in time $ 120 $ (3 ) $ 117 Services transferred over time — 25 25 $ 120 $ 22 $ 142 Three Months Ended September 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 21 $ — $ 21 Hydrocarbon revenue 101 — 101 Other revenue 70 — 70 $ 192 $ — $ 192 Timing of Revenue Recognition Goods transferred at a point in time $ 122 $ — $ 122 Services transferred over time 70 — 70 $ 192 $ — $ 192 Nine Months Ended September 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 16 $ — $ 16 Hydrocarbon revenue 463 — 463 Other revenue — 178 178 $ 479 $ 178 $ 657 Timing of Revenue Recognition Goods transferred at a point in time $ 479 $ — $ 479 Services transferred over time — 178 178 $ 479 $ 178 $ 657 Nine Months Ended September 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,804 $ — $ 3,804 Hydrocarbon revenue 1,085 — 1,085 Other revenue 116 — 116 $ 5,005 $ — $ 5,005 Timing of Revenue Recognition Goods transferred at a point in time $ 4,889 $ — $ 4,889 Services transferred over time 116 — 116 $ 5,005 $ — $ 5,005 |
Note 4 - Leases, Right-of-Use A
Note 4 - Leases, Right-of-Use Assets and Related Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 4. The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, that expires in January 2029. not not September 30, 2021, The Company also has four three three fourth 2031 2050. not not not September 30, 2021, The Company leased its grain bins in Luverne, Minnesota in October 2020 July 2021. three nine September 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 , 2021 2020 Lease Cost Finance lease cost: Amortization of right-of-use assets (1) $ 464 $ — Interest on lease liabilities (2) 297 1 Operating lease cost 64 11 Short-Term lease cost 377 376 Variable lease cost (3) 94 36 Total lease cost $ 1,296 $ 424 Nine Months Ended , 2021 2020 Lease Cost Finance lease cost: Amortization of right-of use assets (1) $ 930 $ 1 Interest on lease liabilities (2) 627 2 Operating lease cost 192 545 Short-Term lease cost 1,003 556 Variable lease cost (3) 164 108 Total lease cost $ 2,916 $ 1,212 ( 1 Amortization of right-of-use assets of $0.4 million and $0.9 million were capitalized as part of construction in progress during the three nine September 30, 2021, ( 2 Interest on lease liabilities of $0.3 million and $0.6 million were capitalized as part of construction in progress during the three nine September 30, 2021, ( 3 Represents amounts incurred in excess of minimum payments , Nine Months Ended September 30 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 627 $ 2 Operating cash flows from operating leases 192 545 Finance cash flows from finance leases 5,975 1 Right-of-use asset obtained in exchange for new finance lease liabilities 28,416 13 Right-of-use asset obtained in exchange for new operating lease liabilities 1,611 — Weighted-average remaining lease term, finance lease (months) 225 53 Weighted-average remaining lease term, operating leases (months) 88 10 Weighted-average discount rate - finance leases (3) 5% 21% Weighted-average discount rate - operating leases (3) 5% 12% ( 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. The table below shows the future minimum payments under non-cancelable financing and operating leases at September 30, 2021 ( Year Ending December 31, Operating Leases Finance Leases 2021 (remaining) $ (241 ) $ 1,950 2022 265 3,800 2023 297 1,708 2024 305 1,725 2025 315 1,738 2026 and thereafter 1,030 21,636 Total 1,971 32,557 Less: Amounts representing present value discounts (374 ) (10,232 ) Total lease liabilities 1,597 22,325 Less: current portion 135 (2,727 ) Long-term portion $ 1,732 $ 19,598 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 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): September 30, December 31, 2021 2020 Raw materials Corn $ 237 $ — Enzymes and other inputs 171 133 Nutrients 1 1 Palladium 267 235 Work in process 55 5 Finished goods Isobutanol 36 — SAF, Isooctane and Isooctene 211 756 Spare parts 1,363 1,361 Total inventories $ 2,341 $ 2,491 Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. During the three nine September 30, 2021, three nine September 30, 2020, |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 9 Months Ended |
Sep. 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 September 30, December 31, (in years) 2021 2020 Luverne retrofit asset 20 $ 70,820 $ 70,820 Plant machinery and equipment 10 17,949 17,374 Site improvements 10 7,157 7,157 Lab equipment, furniture and fixtures and vehicles 5 6,935 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 7 2,523 2,523 Computer, office equipment and software 3 to 6 2,240 1,983 Construction in progress — 51,033 13,132 Total property, plant and equipment 164,797 125,525 Less accumulated depreciation and amortization (62,634 ) (59,117 ) Property, plant and equipment, net $ 102,163 $ 66,408 Construction in progress includes $0.6 million for Gevo, $8.4 million for Agri-Energy, $36.0 million for Renewable Natural Gas and $6.0 for Net-Zero at September 30, 2021. none December 31, 2020. not The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands): Three Months Ended September 30, 2021 2020 Cost of goods sold $ 1,098 $ 1,418 Operating expenses 96 52 Total depreciation and amortization $ 1,194 $ 1,470 Nine Months Ended September 30, 2021 2020 Cost of goods sold $ 3,358 $ 4,580 Operating expenses 198 158 Total depreciation and amortization $ 3,556 $ 4,738 |
Note 7 - Embedded Derivatives L
Note 7 - Embedded Derivatives Liabilities | 9 Months Ended |
Sep. 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 nine September 30, 2021. September 13, 2021, The following table sets forth information pertaining to shares issued upon the exercise of warrants as of September 30, 2021: Issuance Date Expiration Date Exercise Price as of September 30, 2021 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of September 30, 2021 Shares Underlying Warrants Outstanding as of September 30, 2021 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 30,315,986 30,218,252 97,734 ( 1 2020 During the nine September 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 | 9 Months Ended |
Sep. 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): September 30, December 31, 2021 2020 Accounts payable - trade $ 10,876 $ 897 RNG accrued project costs 4,396 — Accrued employee compensation 4,286 1,960 Net-Zero 1 accrued project costs 2,914 — Other accrued liabilities 2,110 1,086 Total accounts payable and accrued liabilities $ 24,582 $ 3,943 |
Note 9 - Debt
Note 9 - Debt | 9 Months Ended |
Sep. 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 September 30, 2021 December 31, 2020 Interest Rate Maturity Date September 30 , 2021 December 31, 2020 2021 Bonds 1.5% January 2042 $ 66,303 $ — SBA Loans 1.0% April 2025 344 1,006 Equipment 4% to 5% February 2022 to December 2024 178 248 Total loans payable - other 66,825 1,254 Less current portion (165 ) (807 ) Long-term portion $ 66,660 $ 447 Future principal payments for the Company's long-term debt are as follows (in thousands): Year Ending December 31, 2021 (remaining) $ 44 2022 161 2023 159 2024 66,432 2025 29 $ 66,825 Included in the 2021 three nine September 30, 2021, |
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plans | 9 Months Ended |
Sep. 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 and non-qualified stock option activity during the nine September 30, 2021 Period Total Number of Restricted Shares Issued Total Number of Non-qualified Stock Options Granted Vesting Periods Years January 1, 2021 to March 31, 2021 (121,499 ) (1) — N/A April 1, 2021 to June 30, 2021 (89,673 ) (2)(3) — 0 to 4 July 1, 2021 to September 30, 2021 3,915,502 (2)(4)(6) 4,668,727 (5)(7) 2 to 3 Total 3,704,330 4,668,727 ( 1 Includes shares of common stock cancelled related to the unvested restricted stock awards of a director and an employee who resigned. ( 2 Includes shares withheld from employees to cover tax withholding obligations upon the vesting of restricted stock awards. ( 3 Includes restricted stock awards granted to employees April 7, 2021, May 3, 2021, June 7, 2021. ( 4 Includes restricted stock awards granted to employees and directors on August 20, 2021. ( 5 Includes non-qualified stock options granted to employees and directors on August 20, 2021. ( 6 Includes shares of common stock cancelled related to the unvested restricted stock awards of certain employees. ( 7 Includes non-qualified stock options cancelled related to the unvested option awards granted to an employee. At September 30, 2021, 2010 Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 September 30, 2021 first nine September 30, 2021 2020. |
Note 11 - Stock-based Compensat
Note 11 - Stock-based Compensation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 11. Stock-Based Compensation Stock-Based Compensation Expense Our stock-based compensation is classified as either an equity award or a liability award in accordance with generally accepted accounting principles. The fair value of an equity-classified award is determined at the grant date and is amortized on a straight-line basis over the vesting life of the award. The fair-value of a liability-classified award is determined on a quarterly basis through the final vesting date and is amortized based on the current fair value of the award and the percentage of vesting period incurred to date. The following table sets forth the Company’s stock-based compensation expense (in thousands) for the periods indicated: Three Months Ended , Nine Months Ended , 2021 2020 2021 2020 Equity Classified Awards Stock options Research and development $ 188 $ — $ 188 $ — Selling, general and administrative 598 — 598 — Restricted stock Research and development 273 142 519 353 Selling, general and administrative 821 500 1,995 1,122 Total equity classified awards 1,880 642 3,300 1,475 Liability Classified Awards Restricted stock Selling, general and administrative 2,368 — 2,368 — Stock appreciation rights Research and development (40 ) 16 149 (61 ) Selling, general and administrative (2 ) 16 6 (67 ) Total liability classified awards 2,326 32 2,523 (128 ) Total stock-based compensation $ 4,206 $ 674 $ 5,823 $ 1,347 Stock Option Award Activity September 30, 2021 nine September 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 5.6 $ — Granted 4,670,324 $ 4.98 Canceled or forfeited (1,597 ) $ 130.67 Exercised — $ — Options outstanding at 4,670,279 $ 5.12 9.9 $ 7,750,148 Options exercisable at September 30, 2021 1,515 $ 431.34 4.9 $ — Options vested and expected to vest at September 30, 2021 4,435,359 $ 5.12 9.9 $ 7,360,181 ( 1 September 30, 2021. The following table shows the number of stock options granted under the Company’s stock incentive plans and the assumptions used to determine the fair value of those options using a Black-Scholes option-pricing model during the nine September 30, 2021: Period Ended Total Stock Options Granted Weighted-Average Exercise Price Weighted-Average Expected Term Weighted Average Volatility Weighted-Average Risk-Free Interest Rate Expected Dividends Weighted-Average Grant Date Fair Value September 30, 2021 4,670,324 $ 4.98 5.75 years 144% 0.87% $ 0 $ 4.57 No stock options were granted under the Company's stock incentive plans during the nine September 30, 2020. During the three nine September 30, 2021, not three nine September 30, 2020. No nine September 30, 2021. September 30, 2021, Restricted Stock September 30, 2021 nine September 30, 2021 Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2020 4,701,556 $ 0.79 Granted 4,807,378 $ 5.08 Vested (2,585,547 ) $ 0.99 Canceled or forfeited (129,149 ) $ 0.84 Non-vested at September 30, 2021 6,794,238 $ 3.75 The total fair value of restricted stock that vested during the nine September 30, 2021 $2.6 September 30, 2021, September 30, 2021, September 30, 2021. |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Commitments and Contingencies Legal Matters may not not Indemnifications may September 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 No September 30, 2021. |
Note 13 - Fair Value Measuremen
Note 13 - Fair Value Measurements | 9 Months Ended |
Sep. 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 September 30, 2021 December 31, 2020, Fair Value Measurements at September 30, 2021 (In thousands) Fair Value at September 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 $ 266,892 $ 266,892 $ — $ — U.S. Government-sponsored enterprise securities 119,347 119,347 — — Other Liability-classified restricted stock awards (904 ) (904 ) — — Derivative warrant liability (35 ) — — (35 ) Total $ 385,300 $ 385,335 $ — $ (35 ) Nonrecurring Corn and palladium $ 504 $ 504 $ — $ — 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 and palladium and finished goods inventory $ 866 $ 235 $ 631 $ — The following table provides changes to those fair value measurements using Level 3 nine d September 30 , 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Derivative Warrant Liability Balance, December 31, 2020 $ 31 Total loss included in earnings 4 Balance, September 30 , 2021 $ 35 There were no 3 nine September 30 , 2021 The Company's investment in marketable securities and liability-classified restricted stock awards are 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. During the nine September 30, 2021, Sales proceeds $ 34,332 Amortized cost (34,365 ) Realized (loss) $ (34 ) For the 2021 2021 September 30, 2021 September 30, 2021 Carrying Value Estimated Fair Value 2021 Bonds $ 68,155 $ 69,075 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 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 September 30, 2021 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 233,552 $ (178 ) $ 233,374 U.S. Government-sponsored enterprise securities Within one year 51,911 (49 ) 51,862 Total $ 285,463 $ (227 ) $ 285,236 Long-term marketable securities U.S Treasury notes Within two years $ 33,532 $ (15 ) $ 33,517 U.S. Government-sponsored enterprise securities Within two years 67,540 (54 ) 67,486 Total $ 101,072 $ (69 ) $ 101,003 |
Note 14 - Segments
Note 14 - Segments | 9 Months Ended |
Sep. 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 , Nine Months Ended , 2021 2020 2021 2020 Revenues: Gevo $ 104 $ 176 $ 465 $ 1,198 Agri-Energy 38 16 192 3,807 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 142 $ 192 $ 657 $ 5,005 Loss from operations: Gevo $ (10,968 ) $ (3,508 ) $ (22,471 ) $ (9,197 ) Agri-Energy (3,473 ) (2,272 ) (12,629 ) (9,440 ) Renewable Natural Gas (218 ) (323 ) (286 ) (699 ) Net-Zero (53 ) — (8,226 ) — Consolidated $ (14,712 ) $ (6,103 ) $ (43,612 ) $ (19,336 ) Interest expense: Gevo $ 67 $ 465 $ 67 $ 1,546 Agri-Energy — 8 6 13 Renewable Natural Gas — — 5 — Net-Zero — — — — Consolidated $ 67 $ 473 $ 78 $ 1,559 Depreciation and amortization expense: Gevo $ 112 $ 53 $ 214 $ 159 Agri-Energy 1,088 1,423 3,358 4,595 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 1,200 $ 1,476 $ 3,572 $ 4,754 Acquisitions of patents, plant, property and equipment: Gevo $ 9,536 $ — $ 10,377 $ 79 Agri-Energy 3,154 106 5,062 1,325 Renewable Natural Gas 14,450 — 31,551 — Net-Zero 5,975 — 5,975 — Consolidated $ 33,115 $ 106 $ 52,965 $ 1,404 Revenue by geographic area United States $ 49 $ 12 $ 282 $ 3,853 Other 93 180 375 1,152 Consolidated $ 142 $ 192 $ 657 $ 5,005 September 30, December 31, 2021 2020 Total assets Gevo $ 574,179 $ 152,177 Agri-Energy 144,552 131,893 Renewable Natural Gas 112,594 — Net-Zero 6,944 — Intercompany eliminations (1) (162,914 ) (131,971 ) Consolidated (2) $ 675,355 $ 152,099 ( 1 Intercompany sales of hydrocarbon during the nine September 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) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Nature of Business [Policy Text Block] | Nature of Business one 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 has a technology pathway that converts carbohydrates to alcohols via a fermentation process. The alcohols are then converted to hydrocarbon fuels using a catalytic chemical process. By using renewable energy across the production process, in combination with sustainable feedstocks, like low carbon non-food corn, the greenhouse gas emissions are expected to be substantially reduced or eliminated as measured across the whole of the life cycle. The processes used to convert carbohydrates to drop-in hydrocarbons using isobutanol as the intermediate alcohol is protected by a patent portfolio with more than 500 patents, as well as proprietary processes and know-how. The production technology to convert ethanol to hydrocarbons has been exclusively licensed to Gevo in the United States by Axens North America, Inc. (“Axens”), and incorporates more than 60 patents, as well as proprietary production technology and know-how. 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 nine September 30, 2021, nine September 30, 2020. three September 30, 2021 three September 30, 2020. July 2021 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 nine September 30, 2021 19 may not September 30, 2021. may may |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 1, not three nine September 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, September 2021, During the nine September 30, 2021, three September 30, 2021. As of September 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 September 30, 2021, twelve September 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 September 30, 2021 September 30, 2021 Bond proceeds $ 68,995 Disbursement of funds (20,005 ) Interest paid on bonds (216 ) Interest income 10 Total restricted cash held by bond trustee $ 48,784 |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities. 12 12 September 30, 2021. |
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 right-of-use 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. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets. The Company periodically evaluates the amortization period and carrying value of its patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value. On September 21, 2021, July 2021 Identifiable intangible assets as of September 30, 2021 September 30, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life (Years) Finite-lived intangible assets: Patents $ 4,496 $ (202 ) $ 4,294 7.3 Defensive assets 4,804 — 4,804 8.4 Identifiable intangible assets $ 9,300 $ (202 ) $ 9,098 7.9 December 31, 2020 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life Finite-lived intangible assets: Patents $ 300 $ (186 ) $ 114 5.2 The following table details the estimated net amortization of identifiable intangible assets as of September 30, 2021 ( Year Ending December 31, Patents Defensive Assets Total 2021 (remaining) $ 147 $ 144 $ 291 2022 601 575 1,176 2023 601 575 1,176 2024 601 575 1,176 2025 601 575 1,176 2026 and thereafter 1,743 2,360 4,103 Total $ 4,294 $ 4,804 $ 9,098 Total amortization of intangible assets was less than $0.1 million for the three nine September 30, 2021 three nine September 30, 2020. |
Internal Use Software, Policy [Policy Text Block] | Capitalized Internal-Use Software Costs. three five |
Borrowing Costs, Policy [Policy Text Block] | Borrowing Costs. 3 three nine September 30, 2021, three nine September 30, 2021, three nine September 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. September 30, 2021, two December 31, 2020, For the three September 30, 2021, three September 30, 2020, nine September 30, 2021, nine September 30, 2020, Total, HCS, KLM, Coryton and Titan 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 September 30, 2021. September 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, the development, acquisition and construction of additional production facilities to support that Company’s offtake agreement, the achievement of a level of revenues adequate to support the Company’s cost structure, and the ability to raise capital to finance the development, acquisition and construction of additional productions facilities. Management intends to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, the Company may no one |
Note 1 - Nature of Business, _2
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | September 30, 2021 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life (Years) Finite-lived intangible assets: Patents $ 4,496 $ (202 ) $ 4,294 7.3 Defensive assets 4,804 — 4,804 8.4 Identifiable intangible assets $ 9,300 $ (202 ) $ 9,098 7.9 December 31, 2020 Gross Carrying Amount Accumulated Amortization Identifiable Intangible Assets, Net Weighted-Average Useful Life Finite-lived intangible assets: Patents $ 300 $ (186 ) $ 114 5.2 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Patents Defensive Assets Total 2021 (remaining) $ 147 $ 144 $ 291 2022 601 575 1,176 2023 601 575 1,176 2024 601 575 1,176 2025 601 575 1,176 2026 and thereafter 1,743 2,360 4,103 Total $ 4,294 $ 4,804 $ 9,098 |
The 2021 Bonds [Member] | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | September 30, 2021 Bond proceeds $ 68,995 Disbursement of funds (20,005 ) Interest paid on bonds (216 ) Interest income 10 Total restricted cash held by bond trustee $ 48,784 |
Note 2 - Earnings Per Share (Ta
Note 2 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three and Nine Months Ended , 2021 2020 Warrants to purchase common stock - liability classified 7,126 52,032 Warrant to purchase common stock - equity classified 90,608 2,682,166 Conversion of 2020/21 Notes — 5,789,209 Outstanding options to purchase common stock 4,670,279 1,552 Stock appreciation rights 67,739 67,739 Total 4,835,752 8,592,698 |
Note 3 - Revenues From Contra_2
Note 3 - Revenues From Contracts With Customers and Other Revenues (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 16 $ — $ 16 Hydrocarbon revenue 104 — 104 Other revenue — 22 22 $ 120 $ 22 $ 142 Timing of Revenue Recognition Goods transferred at a point in time $ 120 $ (3 ) $ 117 Services transferred over time — 25 25 $ 120 $ 22 $ 142 Three Months Ended September 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 21 $ — $ 21 Hydrocarbon revenue 101 — 101 Other revenue 70 — 70 $ 192 $ — $ 192 Timing of Revenue Recognition Goods transferred at a point in time $ 122 $ — $ 122 Services transferred over time 70 — 70 $ 192 $ — $ 192 Nine Months Ended September 30, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 16 $ — $ 16 Hydrocarbon revenue 463 — 463 Other revenue — 178 178 $ 479 $ 178 $ 657 Timing of Revenue Recognition Goods transferred at a point in time $ 479 $ — $ 479 Services transferred over time — 178 178 $ 479 $ 178 $ 657 Nine Months Ended September 30, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,804 $ — $ 3,804 Hydrocarbon revenue 1,085 — 1,085 Other revenue 116 — 116 $ 5,005 $ — $ 5,005 Timing of Revenue Recognition Goods transferred at a point in time $ 4,889 $ — $ 4,889 Services transferred over time 116 — 116 $ 5,005 $ — $ 5,005 |
Note 4 - Leases, Right-of-Use_2
Note 4 - Leases, Right-of-Use Assets and Related Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended , 2021 2020 Lease Cost Finance lease cost: Amortization of right-of-use assets (1) $ 464 $ — Interest on lease liabilities (2) 297 1 Operating lease cost 64 11 Short-Term lease cost 377 376 Variable lease cost (3) 94 36 Total lease cost $ 1,296 $ 424 Nine Months Ended , 2021 2020 Lease Cost Finance lease cost: Amortization of right-of use assets (1) $ 930 $ 1 Interest on lease liabilities (2) 627 2 Operating lease cost 192 545 Short-Term lease cost 1,003 556 Variable lease cost (3) 164 108 Total lease cost $ 2,916 $ 1,212 Nine Months Ended September 30 2021 2020 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 627 $ 2 Operating cash flows from operating leases 192 545 Finance cash flows from finance leases 5,975 1 Right-of-use asset obtained in exchange for new finance lease liabilities 28,416 13 Right-of-use asset obtained in exchange for new operating lease liabilities 1,611 — Weighted-average remaining lease term, finance lease (months) 225 53 Weighted-average remaining lease term, operating leases (months) 88 10 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) $ (241 ) $ 1,950 2022 265 3,800 2023 297 1,708 2024 305 1,725 2025 315 1,738 2026 and thereafter 1,030 21,636 Total 1,971 32,557 Less: Amounts representing present value discounts (374 ) (10,232 ) Total lease liabilities 1,597 22,325 Less: current portion 135 (2,727 ) Long-term portion $ 1,732 $ 19,598 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2021 2020 Raw materials Corn $ 237 $ — Enzymes and other inputs 171 133 Nutrients 1 1 Palladium 267 235 Work in process 55 5 Finished goods Isobutanol 36 — SAF, Isooctane and Isooctene 211 756 Spare parts 1,363 1,361 Total inventories $ 2,341 $ 2,491 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life September 30, December 31, (in years) 2021 2020 Luverne retrofit asset 20 $ 70,820 $ 70,820 Plant machinery and equipment 10 17,949 17,374 Site improvements 10 7,157 7,157 Lab equipment, furniture and fixtures and vehicles 5 6,935 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 7 2,523 2,523 Computer, office equipment and software 3 to 6 2,240 1,983 Construction in progress — 51,033 13,132 Total property, plant and equipment 164,797 125,525 Less accumulated depreciation and amortization (62,634 ) (59,117 ) Property, plant and equipment, net $ 102,163 $ 66,408 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Three Months Ended September 30, 2021 2020 Cost of goods sold $ 1,098 $ 1,418 Operating expenses 96 52 Total depreciation and amortization $ 1,194 $ 1,470 Nine Months Ended September 30, 2021 2020 Cost of goods sold $ 3,358 $ 4,580 Operating expenses 198 158 Total depreciation and amortization $ 3,556 $ 4,738 |
Note 7 - Embedded Derivatives_2
Note 7 - Embedded Derivatives Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Expiration Date Exercise Price as of September 30, 2021 Shares Underlying Warrants on Issuance Date Shares Issued upon Warrant Exercises as of September 30, 2021 Shares Underlying Warrants Outstanding as of September 30, 2021 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 30,315,986 30,218,252 97,734 |
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) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | September 30, December 31, 2021 2020 Accounts payable - trade $ 10,876 $ 897 RNG accrued project costs 4,396 — Accrued employee compensation 4,286 1,960 Net-Zero 1 accrued project costs 2,914 — Other accrued liabilities 2,110 1,086 Total accounts payable and accrued liabilities $ 24,582 $ 3,943 |
Note 9 - Debt (Tables)
Note 9 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Interest Rate Maturity Date September 30 , 2021 December 31, 2020 2021 Bonds 1.5% January 2042 $ 66,303 $ — SBA Loans 1.0% April 2025 344 1,006 Equipment 4% to 5% February 2022 to December 2024 178 248 Total loans payable - other 66,825 1,254 Less current portion (165 ) (807 ) Long-term portion $ 66,660 $ 447 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, 2021 (remaining) $ 44 2022 161 2023 159 2024 66,432 2025 29 $ 66,825 |
Note 10 - Equity Incentive Pl_2
Note 10 - Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Stock Incentive Plan 2010 [Member] | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Period Total Number of Restricted Shares Issued Total Number of Non-qualified Stock Options Granted Vesting Periods Years January 1, 2021 to March 31, 2021 (121,499 ) (1) — N/A April 1, 2021 to June 30, 2021 (89,673 ) (2)(3) — 0 to 4 July 1, 2021 to September 30, 2021 3,915,502 (2)(4)(6) 4,668,727 (5)(7) 2 to 3 Total 3,704,330 4,668,727 |
Note 11 - Stock-based Compens_2
Note 11 - Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Three Months Ended , Nine Months Ended , 2021 2020 2021 2020 Equity Classified Awards Stock options Research and development $ 188 $ — $ 188 $ — Selling, general and administrative 598 — 598 — Restricted stock Research and development 273 142 519 353 Selling, general and administrative 821 500 1,995 1,122 Total equity classified awards 1,880 642 3,300 1,475 Liability Classified Awards Restricted stock Selling, general and administrative 2,368 — 2,368 — Stock appreciation rights Research and development (40 ) 16 149 (61 ) Selling, general and administrative (2 ) 16 6 (67 ) Total liability classified awards 2,326 32 2,523 (128 ) Total stock-based compensation $ 4,206 $ 674 $ 5,823 $ 1,347 |
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 5.6 $ — Granted 4,670,324 $ 4.98 Canceled or forfeited (1,597 ) $ 130.67 Exercised — $ — Options outstanding at 4,670,279 $ 5.12 9.9 $ 7,750,148 Options exercisable at September 30, 2021 1,515 $ 431.34 4.9 $ — Options vested and expected to vest at September 30, 2021 4,435,359 $ 5.12 9.9 $ 7,360,181 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Period Ended Total Stock Options Granted Weighted-Average Exercise Price Weighted-Average Expected Term Weighted Average Volatility Weighted-Average Risk-Free Interest Rate Expected Dividends Weighted-Average Grant Date Fair Value September 30, 2021 4,670,324 $ 4.98 5.75 years 144% 0.87% $ 0 $ 4.57 |
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 4,807,378 $ 5.08 Vested (2,585,547 ) $ 0.99 Canceled or forfeited (129,149 ) $ 0.84 Non-vested at September 30, 2021 6,794,238 $ 3.75 |
Note 13 - Fair Value Measurem_2
Note 13 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at September 30, 2021 (In thousands) Fair Value at September 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 $ 266,892 $ 266,892 $ — $ — U.S. Government-sponsored enterprise securities 119,347 119,347 — — Other Liability-classified restricted stock awards (904 ) (904 ) — — Derivative warrant liability (35 ) — — (35 ) Total $ 385,300 $ 385,335 $ — $ (35 ) Nonrecurring Corn and palladium $ 504 $ 504 $ — $ — 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 and 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 4 Balance, September 30 , 2021 $ 35 |
Schedule of Realized Gain (Loss) [Table Text Block] | Sales proceeds $ 34,332 Amortized cost (34,365 ) Realized (loss) $ (34 ) |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | September 30, 2021 Carrying Value Estimated Fair Value 2021 Bonds $ 68,155 $ 69,075 |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Available-for-Sale Securities at September 30, 2021 Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 233,552 $ (178 ) $ 233,374 U.S. Government-sponsored enterprise securities Within one year 51,911 (49 ) 51,862 Total $ 285,463 $ (227 ) $ 285,236 Long-term marketable securities U.S Treasury notes Within two years $ 33,532 $ (15 ) $ 33,517 U.S. Government-sponsored enterprise securities Within two years 67,540 (54 ) 67,486 Total $ 101,072 $ (69 ) $ 101,003 |
Note 14 - Segments (Tables)
Note 14 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended , Nine Months Ended , 2021 2020 2021 2020 Revenues: Gevo $ 104 $ 176 $ 465 $ 1,198 Agri-Energy 38 16 192 3,807 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 142 $ 192 $ 657 $ 5,005 Loss from operations: Gevo $ (10,968 ) $ (3,508 ) $ (22,471 ) $ (9,197 ) Agri-Energy (3,473 ) (2,272 ) (12,629 ) (9,440 ) Renewable Natural Gas (218 ) (323 ) (286 ) (699 ) Net-Zero (53 ) — (8,226 ) — Consolidated $ (14,712 ) $ (6,103 ) $ (43,612 ) $ (19,336 ) Interest expense: Gevo $ 67 $ 465 $ 67 $ 1,546 Agri-Energy — 8 6 13 Renewable Natural Gas — — 5 — Net-Zero — — — — Consolidated $ 67 $ 473 $ 78 $ 1,559 Depreciation and amortization expense: Gevo $ 112 $ 53 $ 214 $ 159 Agri-Energy 1,088 1,423 3,358 4,595 Renewable Natural Gas — — — — Net-Zero — — — — Consolidated $ 1,200 $ 1,476 $ 3,572 $ 4,754 Acquisitions of patents, plant, property and equipment: Gevo $ 9,536 $ — $ 10,377 $ 79 Agri-Energy 3,154 106 5,062 1,325 Renewable Natural Gas 14,450 — 31,551 — Net-Zero 5,975 — 5,975 — Consolidated $ 33,115 $ 106 $ 52,965 $ 1,404 Revenue by geographic area United States $ 49 $ 12 $ 282 $ 3,853 Other 93 180 375 1,152 Consolidated $ 142 $ 192 $ 657 $ 5,005 September 30, December 31, 2021 2020 Total assets Gevo $ 574,179 $ 152,177 Agri-Energy 144,552 131,893 Renewable Natural Gas 112,594 — Net-Zero 6,944 — Intercompany eliminations (1) (162,914 ) (131,971 ) Consolidated (2) $ 675,355 $ 152,099 |
Note 1 - Nature of Business, _3
Note 1 - Nature of Business, Financial Condition and Basis of Presentation (Details Textual) | Sep. 21, 2021USD ($) | Jan. 19, 2021USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($)shares | Sep. 30, 2020USD ($) | Sep. 30, 2021USD ($)shares | Sep. 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 | $ 69,985,000 | |||||||
Restricted Cash, Total | $ 120,000,000 | $ 120,000,000 | 120,000,000 | ||||||
Payments to Acquire Intangible Assets | 9,000,000 | 0 | |||||||
Amortization of Intangible Assets, Total | 100,000 | $ 100,000 | 100,000 | 100,000 | |||||
Interest Expense, Total | 800,000 | 500,000 | 1,500,000 | 1,600,000 | |||||
Interest Costs Capitalized, Borrowings | 400,000 | 800,000 | |||||||
Interest Costs Capitalized, Finance Leases | 300,000 | 600,000 | |||||||
Income Tax Expense (Benefit), Total | 0 | ||||||||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | 16,201,000 | 16,201,000 | $ 80,621,000 | 16,201,000 | $ 80,621,000 | $ 78,338,000 | |||
Marketable Securities, Total | 386,200,000 | $ 386,200,000 | $ 386,200,000 | ||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||||||||
Number of Customers | 2 | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Oil & Octane [Member] | |||||||||
Concentration Risk, Percentage | 61.00% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | KLM [Member] | |||||||||
Concentration Risk, Percentage | 38.00% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Oil & Octane and KLM [Member] | |||||||||
Concentration Risk, Percentage | 98.00% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | HCS Group GmbH [Member] | |||||||||
Concentration Risk, Percentage | 79.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | KLM [Member] | |||||||||
Concentration Risk, Percentage | 11.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HCS Group GmbH [Member] | |||||||||
Concentration Risk, Percentage | 66.00% | 57.00% | 15.00% | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | New Vision, LLC [Member] | |||||||||
Concentration Risk, Percentage | 17.00% | 26.00% | |||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HCS, New Vision, and KLM [Member] | |||||||||
Concentration Risk, Percentage | 94.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Coryton Advanced Fuels Ltd [Member] | |||||||||
Concentration Risk, Percentage | 52.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Total Petrochemicals & Refining USA, Inc. [Member] | |||||||||
Concentration Risk, Percentage | 39.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Coryton Advanced Fuels and Total Petrochemicals and Refining [Member] | |||||||||
Concentration Risk, Percentage | 91.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Titan Aviation Fuel [Member] | |||||||||
Concentration Risk, Percentage | 10.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | HCS, New Vision and Titan [Member] | |||||||||
Concentration Risk, Percentage | 93.00% | ||||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Eco-Energy, LLC [Member] | |||||||||
Concentration Risk, Percentage | 57.00% | ||||||||
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 | 89.00% | ||||||||
Asset Purchase Agreement with Butamax [Member] | |||||||||
Payments to Acquire Intangible Assets | $ 9,000,000 | ||||||||
Asset Purchase Agreement with Butamax [Member] | Patents [Member] | |||||||||
Payments to Acquire Intangible Assets | 4,200,000 | ||||||||
Asset Purchase Agreement with Butamax [Member] | Defensive Assets [Member] | |||||||||
Payments to Acquire Intangible Assets | $ 4,800,000 | ||||||||
Prepaid Expenses and Other Current Assets [Member] | |||||||||
Interest Receivable, Current | 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||
Receivable from Bond Trustee [Member] | |||||||||
Restricted Cash, Total | 48,784,000 | 48,784,000 | 48,784,000 | ||||||
Cash Pledged and Assigned to Citibank, N.A. [Member] | |||||||||
Restricted Cash, Total | 71,200,000 | 71,200,000 | 71,200,000 | ||||||
Restricted Cash, Current | 1,000,000 | 1,000,000 | $ 1,000,000 | ||||||
Restricted Cash, Interest Rate | 0.10% | ||||||||
The 2021 Bonds [Member] | |||||||||
Debt Instrument, Face Amount | $ 68,155,000 | ||||||||
Debt Instrument, Unamortized Premium, Total | 700,000 | 700,000 | $ 700,000 | 800,000 | |||||
Debt Issuance Costs, Net, Total | 2,600,000 | $ 2,600,000 | $ 2,600,000 | $ 3,000,000 | |||||
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 | 500,000,000 | ||||||||
Proceeds from Issuance of Common Stock | $ 135,800,000 | ||||||||
Payments of Stock Issuance Costs | 3,600,000 | ||||||||
Offering of Stock, Remaining Capacity, Value | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 | ||||||
COVID-19 [Member] | |||||||||
Percentage of Revenue Reduction | 87.00% | ||||||||
Minimum [Member] | |||||||||
Number of Patents | 500 | 500 | 500 | ||||||
Minimum [Member] | Computer Software, Intangible Asset [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||||||||
Minimum [Member] | Axens [Member] | |||||||||
Technology to Convert Ethanol to Hydrocarbons, Number of Patents Licensed | 60 | 60 | 60 | ||||||
Maximum [Member] | Computer Software, Intangible Asset [Member] | |||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years |
Note 1 - Nature of Business, _4
Note 1 - Nature of Business, Financial Condition and Basis of Presentation - Receivable Bond (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds from issuance of 2021 Bonds | $ 68,995 | $ 0 |
Total restricted cash held by bond trustee | 120,000 | |
Receivable from Bond Trustee [Member] | ||
Total restricted cash held by bond trustee | 48,784 | |
The 2021 Bonds [Member] | ||
Proceeds from issuance of 2021 Bonds | 68,995 | |
Disbursement of funds | (20,005) | |
Interest paid on bonds | (216) | |
Interest income | $ 10 |
Note 1 - Nature of Business, _5
Note 1 - Nature of Business, Financial Condition and Basis of Presentation - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Gross Carrying Amount | $ 9,300 | |
Patents | (202) | |
Identifiable Intangible Assets, Net | $ 9,098 | $ 114 |
Weighted-Average Useful Life (Year) | 7 years 10 months 24 days | |
Patents [Member] | ||
Gross Carrying Amount | $ 4,496 | 300 |
Patents | (202) | (186) |
Identifiable Intangible Assets, Net | $ 4,294 | $ 114 |
Weighted-Average Useful Life (Year) | 7 years 3 months 18 days | 5 years 2 months 12 days |
Defensive Assets [Member] | ||
Gross Carrying Amount | $ 4,804 | |
Patents | 0 | |
Identifiable Intangible Assets, Net | $ 4,804 | |
Weighted-Average Useful Life (Year) | 8 years 4 months 24 days |
Note 1 - Nature of Business, _6
Note 1 - Nature of Business, Financial Condition and Basis of Presentation - Estimated Net Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 (remaining) | $ 291 | |
2022 | 1,176 | |
2023 | 1,176 | |
2024 | 1,176 | |
2025 | 1,176 | |
2026 and thereafter | 4,103 | |
Total | 9,098 | $ 114 |
Patents [Member] | ||
2021 (remaining) | 147 | |
2022 | 601 | |
2023 | 601 | |
2024 | 601 | |
2025 | 601 | |
2026 and thereafter | 1,743 | |
Total | 4,294 | $ 114 |
Defensive Assets [Member] | ||
2021 (remaining) | 144 | |
2022 | 575 | |
2023 | 575 | |
2024 | 575 | |
2025 | 575 | |
2026 and thereafter | 2,360 | |
Total | $ 4,804 |
Note 2 - Earnings Per Share - S
Note 2 - Earnings Per Share - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Antidilutive securities (in shares) | 4,835,752 | 8,592,698 |
Warrants to Purchase Common Stock - Liability Classified [Member] | ||
Antidilutive securities (in shares) | 7,126 | 52,032 |
Warrants to Purchase Common Stock - Equity Classified [Member] | ||
Antidilutive securities (in shares) | 90,608 | 2,682,166 |
Convertible 2020/21 Notes [Member] | ||
Antidilutive securities (in shares) | 0 | 5,789,209 |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive securities (in shares) | 4,670,279 | 1,552 |
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 - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues from contracts with customers | $ 120 | $ 192 | $ 479 | $ 5,005 |
Other revenues | 22 | 0 | 178 | 0 |
Total revenues | 142 | 192 | 657 | 5,005 |
Transferred at Point in Time [Member] | ||||
Revenues from contracts with customers | 120 | 122 | 479 | 4,889 |
Other revenues | (3) | 0 | 0 | 0 |
Total revenues | 117 | 122 | 479 | 4,889 |
Transferred over Time [Member] | ||||
Revenues from contracts with customers | 0 | 70 | 0 | 116 |
Other revenues | 25 | 0 | 178 | 0 |
Total revenues | 25 | 70 | 178 | 116 |
Ethanol Sales and Related Products [Member] | ||||
Revenues from contracts with customers | 16 | 21 | 16 | 3,804 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 16 | 21 | 16 | 3,804 |
Hydrocarbon [Member] | ||||
Revenues from contracts with customers | 104 | 101 | 463 | 1,085 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 104 | 101 | 463 | 1,085 |
Grant and Other [Member] | ||||
Revenues from contracts with customers | 0 | 70 | 0 | 116 |
Other revenues | 22 | 0 | 178 | 0 |
Total revenues | $ 22 | $ 70 | $ 178 | $ 116 |
Note 4 - Leases, Right-of-Use_3
Note 4 - Leases, Right-of-Use Assets and Related Liabilities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||||
Operating Lease, Right-of-Use Asset | $ 1,591 | $ 1,591 | $ 133 | |||||
Operating Lease, Liability, Noncurrent | 1,732 | 1,732 | 0 | |||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 27,665 | 27,665 | 176 | |||||
Finance Lease, Liability, Total | 22,325 | 22,325 | ||||||
Finance Lease, Liability, Current | 2,727 | 2,727 | 10 | |||||
Finance Lease, Liability, Noncurrent | 19,598 | 19,598 | $ 162 | |||||
Operating Lease, Lease Income, Total | 0 | 200 | ||||||
Finance Lease, Right-of-Use Asset, Amortization | 400 | 930 | [1] | $ 1 | [1] | |||
Finance Lease, Interest Expense | [2] | $ 297 | $ 1 | $ 627 | $ 2 | |||
[1] | Amortization of right-of-use assets of $0.4 million and $0.9 million were capitalized during the three and nine months ended September 30, 2021, respectively, and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction. | |||||||
[2] | Interest on lease liabilities of $0.3 million and $0.6 million were capitalized during the three and nine months ended September 30, 2021, respectively, and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction. |
Note 4 - Leases, Right-to-use A
Note 4 - Leases, Right-to-use Assets and Related Liabilities - Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Amortization of right-of-use assets | [1] | $ 464 | $ 0 | ||||
Interest on lease liabilities | [2] | 297 | 1 | $ 627 | $ 2 | ||
Operating lease cost | 64 | 11 | 192 | 545 | |||
Short-Term lease cost | 377 | 376 | 1,003 | 556 | |||
Variable lease cost | [3] | 94 | 36 | 164 | 108 | ||
Total lease cost | 1,296 | $ 424 | 2,916 | 1,212 | |||
Amortization of right-of-use assets | $ 400 | 930 | [1] | 1 | [1] | ||
Operating cash flows from finance leases | 627 | 2 | |||||
Operating cash flows from operating leases | 192 | 545 | |||||
Finance cash flows from finance leases | 5,975 | 1 | |||||
Right-of-use asset purchased with financing leases | 28,416 | 13 | |||||
Right-of-use asset purchased with operating lease | $ 1,611 | $ 0 | |||||
Weighted-average remaining lease term, finance lease (months) (Month) | 225 months | 53 months | 225 months | 53 months | |||
Weighted-average remaining lease term, operating leases (months) (Month) | 88 months | 10 months | 88 months | 10 months | |||
Weighted-average discount rate - finance leases | [4] | 5.00% | 21.00% | 5.00% | 21.00% | ||
Weighted-average discount rate - operating leases | [4] | 5.00% | 12.00% | 5.00% | 12.00% | ||
[1] | Amortization of right-of-use assets of $0.4 million and $0.9 million were capitalized during the three and nine months ended September 30, 2021, respectively, and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction. | ||||||
[2] | Interest on lease liabilities of $0.3 million and $0.6 million were capitalized during the three and nine months ended September 30, 2021, respectively, and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction. | ||||||
[3] | Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our Gevo RNG leases based on the number of cows maintained by the owners of the respective facilities. | ||||||
[4] | The discount rate used for operating leases is based on our implicit borrowing rate ("IBR") at the date the Company entered into the lease. The Company estimated the IBR based collateralized borrowings for similar terms and payments. |
Note 4 - Leases, Right-to-use_2
Note 4 - Leases, Right-to-use Assets and Related Liabilities - Future Minimum Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
2021 (remaining) | $ (241) | |
2021 (remaining), financing leases | 1,950 | |
2022, operating lease | 265 | |
2022, financing leases | 3,800 | |
2023, operating lease | 297 | |
2023, financing leases | 1,708 | |
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 | 21,636 | |
Total, operating lease | 1,971 | |
Total, financing leases | 32,557 | |
Less: Amounts representing present value discounts, operating lease | (374) | |
Less: Amounts representing present value discounts, financing leases | (10,232) | |
Total lease liabilities, operating lease | 1,597 | |
Total lease liabilities, financing leases | 22,325 | |
Operating lease liabilities (current) | 0 | $ 172 |
Less: current portion, financing leases | (2,727) | (10) |
Operating lease liabilities (long-term) | 1,732 | 0 |
Finance lease liabilities (long-term) | 19,598 | $ 162 |
Prepaid Expenses and Other Current Assets [Member] | ||
Operating lease liabilities (current) | $ 135 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Inventory Write-down | $ 1.2 | $ 0.4 | $ 2 | $ 0.4 |
Note 5 - Inventories - Componen
Note 5 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Spare parts | $ 1,363 | $ 1,361 |
Total inventories | 2,341 | 2,491 |
Corn [Member] | ||
Raw materials | 237 | 0 |
Enzymes and Other Inputs [Member] | ||
Raw materials | 171 | 133 |
Nutrients [Member] | ||
Raw materials | 1 | 1 |
Palladium [Member] | ||
Raw materials | 267 | 235 |
Isobutanol [Member] | ||
Finished goods | 36 | 0 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods | $ 211 | $ 756 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment, Gross, Ending Balance | $ 164,797 | $ 125,525 |
Construction in Progress [Member] | ||
Property, Plant and Equipment, Gross, Ending Balance | 51,033 | 13,132 |
Construction in Progress [Member] | Gevo [Member] | ||
Property, Plant and Equipment, Gross, Ending Balance | 600 | 0 |
Construction in Progress [Member] | Agri-Energy [Member] | ||
Property, Plant and Equipment, Gross, Ending Balance | 8,400 | 8,600 |
Construction in Progress [Member] | Renewable Natural Gas [Member] | ||
Property, Plant and Equipment, Gross, Ending Balance | 36,000 | 4,500 |
Construction in Progress [Member] | Net-Zero [Member] | ||
Property, Plant and Equipment, Gross, Ending Balance | $ 6,000 | $ 0 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Property, plant, and equipment, gross | $ 164,797 | $ 125,525 |
Less accumulated depreciation and amortization | (62,634) | (59,117) |
Property, plant and equipment, net | $ 102,163 | 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 | $ 17,949 | 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 | $ 6,935 | 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) | 7 years | |
Computer, Office Equipment, and Software [Member] | ||
Property, plant, and equipment, gross | $ 2,240 | 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 | $ 51,033 | $ 13,132 |
Note 6 - Property, Plant and _5
Note 6 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation and amortization | $ 1,194 | $ 1,470 | $ 3,556 | $ 4,738 |
Cost of Sales [Member] | ||||
Depreciation and amortization | 1,098 | 1,418 | 3,358 | 4,580 |
Operating Expense [Member] | ||||
Depreciation and amortization | $ 96 | $ 52 | $ 198 | $ 158 |
Note 7 - Embedded Derivatives_3
Note 7 - Embedded Derivatives Liabilities (Details Textual) shares in Thousands | 9 Months Ended |
Sep. 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 | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2019 | ||
Shares Underlying Warrants (in shares) | 97,734 | 30,315,986 | |
Shares Issued (in shares) | 30,218,252 | ||
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 | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Proceeds | $ 1,119 | $ 16,647 |
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts payable - trade | $ 10,876 | $ 897 |
RNG accrued project costs | 4,396 | 0 |
Accrued employee compensation | 4,286 | 1,960 |
Net-Zero 1 accrued project costs | 2,914 | 0 |
Other accrued liabilities | 2,110 | 1,086 |
Total accounts payable and accrued liabilities | $ 24,582 | $ 3,943 |
Note 9 - Debt (Details Textual)
Note 9 - Debt (Details Textual) - USD ($) | Jun. 05, 2021 | Apr. 15, 2021 | Apr. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 66,825,000 | $ 66,825,000 | $ 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 | 700,000 | 700,000 | |||
Debt Issuance Costs, Net, Total | 3,000,000 | 2,600,000 | 2,600,000 | |||
Amortization of Debt Discount (Premium) | 100,000 | 100,000 | ||||
Amortization of Debt Issuance Costs | $ 300,000 | $ 500,000 | ||||
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 | 9 Months Ended | ||
Sep. 30, 2021 | Apr. 15, 2021 | Dec. 31, 2020 | |
Notes payable, other | $ 66,825 | $ 1,254 | |
Notes payable, other | 66,825 | 1,254 | |
Less current portion | (165) | (807) | |
Long-term portion | 66,660 | 447 | |
Notes Payable, Other Payables [Member] | |||
Notes payable, other | 66,825 | ||
Notes payable, other | $ 66,825 | ||
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 | $ 66,303 | 0 | |
Notes payable, other | $ 66,303 | 0 | |
SBA Loans [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 1.00% | ||
Maturity Date | Apr. 30, 2025 | ||
Notes payable, other | $ 344 | 1,006 | |
Notes payable, other | 344 | 1,006 | |
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | |||
Notes payable, other | 178 | 248 | |
Notes payable, other | $ 178 | $ 248 | |
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | Minimum [Member] | |||
Interest rate | 4.00% | ||
Maturity Date | Feb. 28, 2022 | ||
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | Maximum [Member] | |||
Interest rate | 5.00% | ||
Maturity Date | Dec. 31, 2024 |
Note 9 - Debt - Future Payments
Note 9 - Debt - Future Payments for Notes Payable - Other (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 66,825 | $ 1,254 |
Notes Payable, Other Payables [Member] | ||
2021 (remaining) | 44 | |
2022 | 161 | |
2023 | 159 | |
2024 | 66,432 | |
2025 | 29 | |
Long-term Debt, Total | $ 66,825 |
Note 10 - Equity Incentive Pl_3
Note 10 - Equity Incentive Plans (Details Textual) - shares | 9 Months Ended | |
Sep. 30, 2021 | Jun. 09, 2021 | |
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) | 8,857,302 | |
Employee Stock Purchase Plan [Member] | ||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 190 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 190 | |
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 0 |
Note 10 - Equity Incentive Pl_4
Note 10 - Equity Incentive Plans - Restricted Common Stock and Non-qualified Stock Option Activity (Details) - shares | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | ||||
Total stock options granted (in shares) | 4,670,324 | 0 | ||||||
Restricted Stock [Member] | ||||||||
Number of awards issued/granted (in shares) | 3,915,502 | [1],[2],[3] | (89,673) | [3],[4] | (121,499) | [5] | 3,704,330 | |
Restricted Stock [Member] | Minimum [Member] | ||||||||
Vesting Period (Year) | 0 years | |||||||
Restricted Stock [Member] | Maximum [Member] | ||||||||
Vesting Period (Year) | 4 years | |||||||
Non-qualified Stock Options [Member] | ||||||||
Number of awards issued/granted (in shares) | 0 | 0 | ||||||
Total stock options granted (in shares) | 4,668,727 | [6],[7] | 4,668,727 | |||||
Restricted Stock and Non-qualified Stock Options [Member] | Minimum [Member] | ||||||||
Vesting Period (Year) | 2 years | |||||||
Restricted Stock and Non-qualified Stock Options [Member] | Maximum [Member] | ||||||||
Vesting Period (Year) | 3 years | |||||||
[1] | Includes restricted stock awards granted to employees and directors on August 20, 2021. | |||||||
[2] | Includes shares of common stock cancelled related to the unvested restricted stock awards of certain employees. | |||||||
[3] | Includes shares withheld from employees to cover tax withholding obligations upon the vesting of restricted stock awards. | |||||||
[4] | Includes restricted stock awards granted to employees April 7, 2021, May 3, 2021, and June 7, 2021. | |||||||
[5] | Includes shares of common stock cancelled related to the unvested restricted stock awards of a director and an employee who resigned. | |||||||
[6] | Includes non-qualified stock options cancelled related to the unvested option awards granted to an employee. | |||||||
[7] | Includes non-qualified stock options granted to employees and directors on August 20, 2021. |
Note 11 - Stock-based Compens_3
Note 11 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 4.98 | |||
Share-based Payment Arrangement, Option, Exercise Price Range, Upper Range Limit (in dollars per share) | $ 56,460 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 4,670,324 | 0 | ||
Share-based Payment Arrangement, Expense | $ 4,206 | $ 674 | $ 5,823 | $ 1,347 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares (in shares) | 0 | |||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | 18,700 | $ 18,700 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Share-based Payment Arrangement, Expense | 0 | 0 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 10 months 24 days | |||
Share-based Payment Arrangement, Option [Member] | Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 188 | 0 | $ 188 | 0 |
Share-based Payment Arrangement, Option [Member] | Selling, General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expense | 598 | 0 | $ 598 | 0 |
Restricted Stock [Member] | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 8 months 12 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,600 | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | 24,800 | 24,800 | ||
Deferred Compensation Share-based Arrangements, Liability, Current and Noncurrent | 900 | 900 | ||
Restricted Stock [Member] | Research and Development Expense [Member] | ||||
Share-based Payment Arrangement, Expense | 273 | 142 | 519 | 353 |
Restricted Stock [Member] | Selling, General and Administrative Expenses [Member] | ||||
Share-based Payment Arrangement, Expense | $ 821 | $ 500 | $ 1,995 | $ 1,122 |
Note 11 - Stock-based Compens_4
Note 11 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Stock-based compensation | $ 4,206 | $ 674 | $ 5,823 | $ 1,347 |
Share-based Payment Arrangement, Option [Member] | ||||
Stock-based compensation | 0 | 0 | ||
Equity Classified Awards [Member] | ||||
Stock-based compensation | 1,880 | 642 | 3,300 | 1,475 |
Liability Classified Awards [Member] | ||||
Stock-based compensation | 2,326 | 32 | 2,523 | (128) |
Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Stock-based compensation | 188 | 0 | 188 | 0 |
Research and Development Expense [Member] | Restricted Stock [Member] | ||||
Stock-based compensation | 273 | 142 | 519 | 353 |
Research and Development Expense [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Stock-based compensation | (40) | 16 | 149 | (61) |
Selling, General and Administrative Expenses [Member] | Share-based Payment Arrangement, Option [Member] | ||||
Stock-based compensation | 598 | 0 | 598 | 0 |
Selling, General and Administrative Expenses [Member] | Restricted Stock [Member] | ||||
Stock-based compensation | 821 | 500 | 1,995 | 1,122 |
Selling, General and Administrative Expenses [Member] | Stock Appreciation Rights (SARs) [Member] | ||||
Stock-based compensation | $ (2) | $ 16 | $ 6 | $ (67) |
Note 11 - Stock-based Compens_5
Note 11 - Stock-based Compensation - Stock Option Award Activity (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | 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) | 9 years 10 months 24 days | 5 years 7 months 6 days | ||
Granted (in shares) | 4,670,324 | 0 | ||
Granted, weighted average exercise price (in dollars per share) | [1] | $ 4.98 | ||
Canceled or forfeited (in shares) | (1,597) | |||
Canceled or forfeited, weighted average exercise price (in dollars per share) | [1] | $ 130.67 | ||
Exercised (in shares) | 0 | |||
Exercised, weighted average exercise price (in dollars per share) | [1] | $ 0 | ||
Options outstanding (in shares) | 4,670,279 | 1,552 | ||
Options outstanding, weighted average exercise price (in dollars per share) | [1] | $ 5.12 | $ 556.13 | |
Options outstanding, aggregate intrinsic value | $ 7,750,148 | |||
Options exercisable (in shares) | 1,515 | |||
Options exercisable, weighted average exercise price (in dollars per share) | [1] | $ 431.34 | ||
Options exercisable, weighted average remaining contractual term (Year) | 4 years 10 months 24 days | |||
Options exercisable, aggregate intrinsic value | $ 0 | |||
Options vested and expected to vest (in shares) | 4,435,359 | |||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | [1] | $ 5.12 | ||
Options vested and expected to vest, weighted average remaining contractual term (Year) | 9 years 10 months 24 days | |||
Options vested and expected to vest, aggregate intrinsic value | $ 7,360,181 | |||
[1] | Exercise price of options outstanding range from $4.98 to $56,460 as of September 30, 2021. |
Note 11 - Stock-based Compens_6
Note 11 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Total stock options granted (in shares) | 4,670,324 | 0 |
Weighted-average exercise price (in dollars per share) | $ 4.98 | |
Weighted-average expected term (Year) | 5 years 9 months | |
Weighted average volatility | 144.00% | |
Weighted-average risk-free interest rate | 0.87% | |
Expected dividends | 0.00% | |
Weighted-average grant date fair value (in dollars per share) | $ 4.57 |
Note 11 - Stock-based Compens_7
Note 11 - Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 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 | 4,807,378 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.08 |
Vested (in shares) | shares | (2,585,547) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.99 |
Canceled or forfeited (in shares) | shares | (129,149) |
Canceled or forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.84 |
Non-vested (in shares) | shares | 6,794,238 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.75 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - Indemnification Agreement [Member] $ in Thousands | Sep. 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 | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value, Recurring [Member] | ||
Liability-classified restricted stock awards | $ (904) | |
Total | 385,300 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liability-classified restricted stock awards | (904) | |
Total | 385,335 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liability-classified restricted stock awards | 0 | |
Total | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liability-classified restricted stock awards | 0 | |
Total | (35) | |
Fair Value, Recurring [Member] | Warrant [Member] | ||
Derivative warrant liability | (35) | $ (31) |
Derivative liability, fair value | 35 | 31 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative warrant liability | 0 | 0 |
Derivative liability, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative warrant liability | 0 | 0 |
Derivative liability, fair value | 0 | 0 |
Fair Value, Recurring [Member] | Warrant [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative warrant liability | (35) | (31) |
Derivative liability, fair value | 35 | 31 |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Marketable securities, fair value | 266,892 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 266,892 | |
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 | 119,347 | |
Fair Value, Recurring [Member] | US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 119,347 | |
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] | ||
Corn and palladium | 504 | 866 |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Corn and palladium | 504 | 235 |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corn and palladium | 0 | 631 |
Fair Value, Nonrecurring [Member] | Corn, Palladium and Finished Goods [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Corn and palladium | $ 0 | $ 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 | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Balance | $ 31 |
Total loss included in earnings | 4 |
Balance | $ 35 |
Note 13 - Fair Value Measurem_5
Note 13 - Fair Value Measurements - Realized (Loss) from the Sale of Available-for-sale Securities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Sales proceeds | $ 34,332 | $ 0 |
Amortized cost | (34,365) | |
Realized (loss) | $ (34) |
Note 13 - Fair Value Measurem_6
Note 13 - Fair Value Measurements - Carrying Values and Estimated Fair Values (Details) - The 2021 Bonds [Member] | Sep. 30, 2021USD ($) |
Reported Value Measurement [Member] | |
2021 Bonds | $ 68,155 |
Estimate of Fair Value Measurement [Member] | |
2021 Bonds | $ 69,075 |
Note 13 - Fair Value Measurem_7
Note 13 - Fair Value Measurements - Investments, Marketable Securities (Details) $ in Thousands | Sep. 30, 2021USD ($) |
Available-for-sale securities, amortized costs, current | $ 285,463 |
Available-for-sale securities, gross unrealized loss, current | (227) |
Available-for-sale securities, fair value, current | 285,236 |
Available-for-sale securities, amortized costs, noncurrent | 101,072 |
Available-for-sale securities, gross unrealized loss, noncurrent | (69) |
Available-for-sale securities, fair value, noncurrent | 101,003 |
US Treasury Securities [Member] | |
Available-for-sale securities, amortized costs, current | 233,552 |
Available-for-sale securities, gross unrealized loss, current | (178) |
Available-for-sale securities, fair value, current | 233,374 |
Available-for-sale securities, amortized costs, noncurrent | 33,532 |
Available-for-sale securities, gross unrealized loss, noncurrent | (15) |
Available-for-sale securities, fair value, noncurrent | 33,517 |
US Government-sponsored Enterprises Debt Securities [Member] | |
Available-for-sale securities, amortized costs, current | 51,911 |
Available-for-sale securities, gross unrealized loss, current | (49) |
Available-for-sale securities, fair value, current | 51,862 |
Available-for-sale securities, amortized costs, noncurrent | 67,540 |
Available-for-sale securities, gross unrealized loss, noncurrent | (54) |
Available-for-sale securities, fair value, noncurrent | $ 67,486 |
Note 14 - Segments (Details Tex
Note 14 - Segments (Details Textual) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 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 | 9 Months Ended | ||||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | ||
Total revenues | $ 142 | $ 192 | $ 657 | $ 5,005 | ||
Loss from operations | (14,712) | (6,103) | (43,612) | (19,336) | ||
Interest expense | 67 | 473 | 78 | 1,559 | ||
Depreciation and amortization | 1,200 | 1,476 | 3,572 | 4,754 | ||
Acquisitions of plant, property and equipment: | 33,115 | 106 | 52,965 | 1,404 | ||
Assets | [1] | 675,355 | 675,355 | $ 152,099 | ||
Operating Segments [Member] | UNITED STATES | ||||||
Total revenues | 49 | 12 | 282 | 3,853 | ||
Operating Segments [Member] | Non-US [Member] | ||||||
Total revenues | 93 | 180 | 375 | 1,152 | ||
Intersegment Eliminations [Member] | ||||||
Assets | [2] | (162,914) | (162,914) | (131,971) | ||
Gevo [Member] | Operating Segments [Member] | ||||||
Total revenues | 104 | 176 | 465 | 1,198 | ||
Loss from operations | (10,968) | (3,508) | (22,471) | (9,197) | ||
Interest expense | 67 | 465 | 67 | 1,546 | ||
Depreciation and amortization | 112 | 53 | 214 | 159 | ||
Acquisitions of plant, property and equipment: | 9,536 | 0 | 10,377 | 79 | ||
Assets | 574,179 | 574,179 | 152,177 | |||
Agri-Energy [Member] | Operating Segments [Member] | ||||||
Total revenues | 38 | 16 | 192 | 3,807 | ||
Loss from operations | (3,473) | (2,272) | (12,629) | (9,440) | ||
Interest expense | 0 | 8 | 6 | 13 | ||
Depreciation and amortization | 1,088 | 1,423 | 3,358 | 4,595 | ||
Acquisitions of plant, property and equipment: | 3,154 | 106 | 5,062 | 1,325 | ||
Assets | 144,552 | 144,552 | 131,893 | |||
Renewable Natural Gas [Member] | Operating Segments [Member] | ||||||
Total revenues | 0 | 0 | 0 | 0 | ||
Loss from operations | (218) | (323) | (286) | (699) | ||
Interest expense | 0 | 0 | 5 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Acquisitions of plant, property and equipment: | 14,450 | 0 | 31,551 | 0 | ||
Assets | 112,594 | 112,594 | 0 | |||
Net-Zero [Member] | Operating Segments [Member] | ||||||
Total revenues | 0 | 0 | 0 | 0 | ||
Loss from operations | (53) | 0 | (8,226) | 0 | ||
Interest expense | 0 | 0 | 0 | 0 | ||
Depreciation and amortization | 0 | 0 | 0 | 0 | ||
Acquisitions of plant, property and equipment: | 5,975 | $ 0 | 5,975 | $ 0 | ||
Assets | $ 6,944 | $ 6,944 | $ 0 | |||
[1] | All other significant non-cash items relate to the activities of Gevo. | |||||
[2] | Intercompany sales of hydrocarbon during the nine months ended September 30, 2021 and for the year ended December 31, 2020 was $0 and $0.1 million, respectively. |