Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001392380 | ||
Entity Registrant Name | Gevo, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,400,000,000 | ||
Entity Common Stock, Shares Outstanding | 201,988,662 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Denver, Colorado | ||
Auditor Firm ID | 248 | ||
ICFR Auditor Attestation Flag | true |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Current assets | |||
Cash and cash equivalents | $ 40,833 | $ 78,338 | |
Marketable securities (current) | 275,340 | 0 | |
Restricted cash (current) | 25,032 | 0 | |
Accounts receivable, net | 978 | 527 | |
Inventories | 2,751 | 2,491 | |
Prepaid expenses and other current assets | 6,857 | 1,914 | |
Total current assets | 351,791 | 83,270 | |
Property, plant and equipment, net | 139,141 | 66,408 | |
Long-term marketable securities | 64,396 | 0 | |
Long-term restricted cash | 70,168 | 0 | |
Operating right-of-use assets | 2,414 | 133 | |
Finance right-of-use assets | 27,297 | 176 | |
Intangible assets, net | 8,938 | 114 | |
Deposits and other assets | 2,331 | 1,998 | |
Total Assets | [1] | 666,476 | 152,099 |
Current liabilities | |||
Accounts payable and accrued liabilities | 28,288 | 3,943 | |
Operating lease liabilities (current) | 772 | 172 | |
Finance lease liabilities (current) | 3,413 | 10 | |
Loans payable - other (current) | 158 | 807 | |
Total current liabilities | 32,631 | 4,932 | |
2021 Bonds payable (long-term) | 66,486 | 0 | |
Loans payable - other (long-term) | 318 | 447 | |
Operating lease liabilities (long-term) | 1,902 | 0 | |
Finance lease liabilities (long-term) | 17,797 | 162 | |
Other long-term liabilities | 87 | 179 | |
Total liabilities | 119,221 | 5,720 | |
Commitments and Contingencies | |||
Stockholders' Equity | |||
Common stock, $0.01 par value per share; 250,000,000 authorized; 201,988,662 and 128,138,311 shares issued and outstanding at December 31, 2021 and 2020, respectively. | 2,020 | 1,282 | |
Additional paid-in capital | 1,103,224 | 643,269 | |
Accumulated other comprehensive loss | (614) | 0 | |
Accumulated deficit | (557,375) | (498,172) | |
Total stockholders' equity | 547,255 | 146,379 | |
Total Liabilities and Stockholders' Equity | $ 666,476 | $ 152,099 | |
[1] | All other significant non-cash items relate to the activities of Gevo. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock shares issued (in shares) | 201,988,662 | 128,138,311 |
Common stock, shares outstanding (in shares) | 201,988,662 | 128,138,311 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue and cost of goods sold | |||
Revenue from contract with Customer | $ 533 | $ 5,463 | $ 24,453 |
Other revenue | 178 | 226 | 34 |
Total revenues | 711 | 5,536 | 24,487 |
Cost of goods sold (exclusive of depreciation shown below), (including noncash compensation expense of $0.04 million (none in 2020 or 2019)) | 7,687 | 9,313 | 30,286 |
Depreciation and amortization, cost | 4,478 | 5,690 | 6,447 |
Gross loss | (11,454) | (9,467) | (12,246) |
Operating expenses: | |||
Research and development expense (including noncash compensation expense of $2.0 million, $0.6 million, $0.3 million, respectively) | 6,775 | 3,511 | 3,868 |
Selling, general and administrative expense (including noncash compensation expense of $7.8 million, $1.5 million and $1.1 million, respectively) | 25,493 | 11,192 | 9,823 |
Preliminary stage project costs | 10,581 | 1,698 | 205 |
Loss on disposal of assets | 5,137 | 625 | 4 |
Depreciation and amortization | 650 | 214 | 209 |
Restructuring expense | 0 | 254 | 0 |
Total operating expenses | 48,636 | 17,494 | 14,109 |
Loss from operations | (60,090) | (26,961) | (26,355) |
Other income (expense): | |||
Gain on forgiveness of SBA Loans | 641 | 0 | 0 |
Interest expense | (251) | (2,094) | (2,738) |
Interest and dividend income | 571 | 102 | 33 |
(Loss) on modification of 2020 Notes | 0 | (732) | 0 |
(Loss) on conversion of 2020/21 Notes to common stock | 0 | (1,916) | 0 |
(Loss) gain from change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability | 0 | (8,607) | 394 |
Other income (expense), net | (74) | 22 | 6 |
Total other income (expense) | 887 | (13,225) | (2,305) |
Net loss | $ (59,203) | $ (40,186) | $ (28,660) |
Net loss per share - basic and diluted (in dollars per share) | $ (0.30) | $ (0.71) | $ (2.35) |
Weighted-average number of common shares outstanding - basic and diluted (in shares) | 195,794,606 | 56,881,586 | 12,177,906 |
Ethanol Sales and Related Products [Member] | |||
Revenue and cost of goods sold | |||
Revenue from contract with Customer | $ 50 | $ 3,809 | $ 22,115 |
Total revenues | 50 | 3,809 | 22,115 |
Hydrocarbon [Member] | |||
Revenue and cost of goods sold | |||
Revenue from contract with Customer | 483 | 1,501 | 2,338 |
Total revenues | $ 483 | $ 1,501 | $ 2,338 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Noncash compensation expense | $ 9,874 | $ 2,125 | $ 1,349 |
Cost of Goods Sold [Member] | |||
Noncash compensation expense | 40 | 0 | 0 |
Research and Development Expense [Member] | |||
Noncash compensation expense | 2,000 | 600 | 300 |
Selling, General and Administrative Expenses [Member] | |||
Noncash compensation expense | $ 7,800 | $ 1,500 | $ 1,100 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net loss | $ (59,203) | $ (40,186) | $ (28,660) |
Unrealized (loss) on available-for-sale securities, net of tax | (524) | 0 | 0 |
Adjustment for net (loss) realized and included in net income | (90) | 0 | 0 |
Total change in unrealized (loss) on marketable debt securities | (614) | 0 | 0 |
Comprehensive loss | $ (59,817) | $ (40,186) | $ (28,660) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2018 | 8,640,583 | ||||
Balance at Dec. 31, 2018 | $ 86 | $ 518,027 | $ 0 | $ (429,326) | $ 88,787 |
Issuance of common stock, net of issue costs (in shares) | 3,965,688 | ||||
Issuance of common stock, net of issue costs | $ 40 | 11,317 | 0 | 0 | 11,357 |
Non-cash stock-based compensation | $ 0 | 1,221 | 0 | 0 | 1,221 |
Issuance of common stock under stock plans, net of taxes (in shares) | 1,476,961 | ||||
Issuance of common stock under stock plans, net of taxes | $ 15 | (216) | 0 | 0 | (201) |
Net loss | $ 0 | 0 | 0 | (28,660) | (28,660) |
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 | 2,101 | 0 | 0 | 2,101 |
Issuance of common stock under stock plans, net of taxes (in shares) | 4,142,061 | ||||
Issuance of common stock under stock plans, net of taxes | $ 41 | (391) | 0 | 0 | (350) |
Net loss | $ 0 | 0 | 0 | (40,186) | (40,186) |
Issuance of common stock and common stock warrants, net of issue costs (in shares) | 46,290,808 | ||||
Issuance of common stock and common stock warrants, net of issue costs | $ 463 | 69,614 | 0 | 0 | $ 70,077 |
Issuance of common stock upon exercise of warrants (in shares) | 53,678,400 | 53,678,400 | |||
Issuance of common stock upon exercise of warrants | $ 537 | 16,545 | 0 | 0 | $ 17,082 |
Issuance of common stock upon conversion of 2020/21 Notes (in shares) | 9,842,080 | ||||
Issuance of common stock upon conversion of 2020/21 Notes | $ 99 | 24,958 | 0 | 0 | 25,057 |
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 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 | 456,765 | 0 | 0 | 457,447 |
Non-cash stock-based compensation | $ 0 | 7,700 | 0 | 0 | 7,700 |
Issuance of common stock under stock plans, net of taxes (in shares) | 3,813,014 | ||||
Issuance of common stock under stock plans, net of taxes | $ 38 | (5,613) | 0 | 0 | (5,575) |
Net loss | $ 0 | 0 | 0 | (59,203) | (59,203) |
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 |
Other comprehensive loss | $ 0 | 0 | (614) | 0 | (614) |
Balance (in shares) at Dec. 31, 2021 | 201,988,662 | ||||
Balance at Dec. 31, 2021 | $ 2,020 | $ 1,103,224 | $ (614) | $ (557,375) | $ 547,255 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Net loss | $ (59,203) | $ (40,186) | $ (28,660) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Loss (gain) from the change in fair value of 2020/21 Notes and 2020 Notes embedded derivative liability | 0 | 8,607 | (394) |
Loss on conversion of 2020/21 Notes to common stock | 0 | 1,916 | 0 |
Loss on disposal of assets | 5,137 | 625 | 4 |
(Gain) on forgiveness of SBA Loans | (641) | 0 | 0 |
Stock-based compensation | 9,874 | 2,125 | 1,349 |
Depreciation and amortization | 5,128 | 5,904 | 6,656 |
Non-cash lease expense | 52 | 62 | 48 |
Non-cash interest expense | 37 | 761 | 1,346 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (257) | 608 | (609) |
Inventories | (259) | 945 | (35) |
Prepaid expenses and other current assets, deposits and other assets | (3,133) | 782 | (1,824) |
Accounts payable, accrued expenses and long-term liabilities | (271) | (1,487) | 1,280 |
Net cash used in operating activities | (43,536) | (19,338) | (20,839) |
Investing Activities | |||
Acquisitions of property, plant and equipment | (59,662) | (5,905) | (5,989) |
Acquisition of patents | (9,170) | 0 | 0 |
Proceeds from sale of marketable securities | 79,574 | 0 | 0 |
Purchase of marketable securities | (422,362) | 0 | 0 |
Proceeds from sale of property, plant and equipment | 0 | 0 | 32 |
Investment in Juhl | 0 | 0 | (1,500) |
Net cash used in investing activities | (411,620) | (5,905) | (7,457) |
Financing Activities | |||
Proceeds from issuance of 2021 Bonds | 68,995 | 0 | 0 |
Debt and equity offering costs | (34,955) | (6,370) | (232) |
Proceeds from issuance of common stock and common stock warrants | 489,373 | 76,414 | 11,589 |
Proceeds from the exercise of warrants | 1,121 | 17,082 | 0 |
Net settlement of common stock under stock plans | (7,041) | (350) | (201) |
Payment on loans payable - other | (154) | (501) | (292) |
Payment of finance lease liabilities | (4,488) | (2) | 0 |
Proceeds from SBA Loans | 0 | 1,006 | 0 |
Net cash provided by financing activities | 512,851 | 87,279 | 10,864 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 57,695 | 62,036 | (17,432) |
Cash, cash equivalents and restricted cash | |||
Beginning of year | 78,338 | 16,302 | 33,734 |
End of year | 136,033 | 78,338 | 16,302 |
Cash and cash equivalents | 40,833 | 78,338 | 16,302 |
Restricted cash (current) | 25,032 | 0 | 0 |
Long-term restricted cash | 70,168 | 0 | 0 |
Total cash, cash equivalents and restricted cash | 136,033 | 78,338 | 16,302 |
Supplemental disclosures of cash and non-cash investing and financing transactions | |||
Cash paid for interest expensed | 214 | 1,333 | 1,392 |
Cash paid for interest capitalized to construction in progress | 1,020 | 0 | 0 |
Non-cash interest capitalized to construction in progress | 1,125 | 0 | 0 |
Non-cash purchase of property, plant and equipment | 20,287 | 197 | 368 |
Issuance of common stock upon exchange of debt and make-whole | 0 | 25,057 | 0 |
Issuance of common stock in exchange for services rendered | 0 | 94 | 0 |
Original issue discount paid with 2020/21 Notes | 0 | 282 | 0 |
Right-of-use asset purchased with financing lease | 28,514 | 0 | 0 |
Right-of-use asset purchased with operating lease | 2,593 | 192 | 280 |
Equipment and insurance financed with notes payable | $ 0 | $ 0 | $ 1,041 |
Note 1 - Nature of Business and
Note 1 - Nature of Business and Financial Condition | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 1. Nature of Business 2005, not The Company is focused on transforming renewable energy into energy-dense liquid hydrocarbons that can be used as renewable fuels, such as sustainable aviation fuel ("SAF"), with the potential to achieve a “net-zero” greenhouse gas ("GHG") footprint. The Company uses the Argonne National Laboratory’s GREET (Greenhouse gases, Regulated Emissions, and Energy use in Transportation) model (the "GREET Model") to measure, predict and verify GHG emissions across the life-cycle of its products. The “net-zero” concept means that Gevo expects to produce fuels that consume as much carbon dioxide in their manufacture as the fuels produce when burned. Gevo's primary market focus, given current demand and growing customer interest, is SAF. The Company believes that it also has commercial opportunities for other renewable hydrocarbon products, such as hydrocarbons for gasoline blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes; plastics and materials; and other chemicals. The Company believes it has the technology and know-how to convert various carbohydrate feeds through a fermentation process into alcohols and then transform the alcohols into renewable fuels and materials. While the Company expects its first Gevo currently operates two development scale plants: (i) a demonstration facility in Silsbee, Texas that is operated in partnership with South Hampton Resources, Inc. (the "South Hampton Facility") and (ii) a wholly-owned development plant in Luverne, Minnesota (the "Luverne Facility"). The Luverne Facility was originally constructed in 1998 1 2022. 1 Gevo's initial renewable natural gas ("RNG") project, Gevo RNG, will generate RNG captured from dairy cow manure which will be supplied by three 20,000 Ultimately, the Company believes that the attainment of profitable operations is dependent upon future events, including, but not 1 COVID- 19. 19" 19 2022 During the first 2020, 19 first 2020 19 December 31, 2021 December 31, 2020. December 31, 2020 December 31, 2019 19. July 2021. Financial Condition December 31, 2021. December 31, 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 off-take 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 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Principles of Consolidation Basis of Presentation. 1, 1" December 31, 2021. Reclassifications no Use of Estimates Concentrations of Credit Risk Cash and Cash Equivalents three Marketable Securities. 12 12 Accounts Receivable not December 31, 2021, December 31, 2020, not Inventories Property, Plant and Equipment Construction in Progress. Depreciation and Amortization. may Capitalized Internal-Use Software Costs. three five Impairment of Long-Lived Assets may not Investment in Juhl. September 2019, Leases, Right-of-Use Assets and Related Liabilities. 842, Leases, not 12 A lease is classified as a finance lease when one 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. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its 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. Axens License. Intangible assets. The Company periodically evaluates the amortization period and carrying value of its licenses and patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value. Borrowing Costs. three Debt Issuance Costs and Debt Discounts/Premiums third Fair Value of Financial Instruments. Level 1: Quoted market prices in an active market for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets in markets that are not Level 3: Unobservable inputs for the asset or liability. The Company believes that the carrying value of its cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and loans payable - other approximate fair value due to their short maturities. Warrants. not not The Series 2020 2020 five Revenue Recognition Ethanol and related products as well as hydrocarbon products are generally shipped free-on-board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales are recorded net of commissions and shipping and handling costs. Sales and other taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. Cost of Goods Sold Research and Development third Selling, General and Administrative. Preliminary Stage Project Costs. Stock-Based Compensation The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of actual forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options and restricted stock awards, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award. Stock-based compensation expense related to restricted stock awards and stock options are recorded net of actual forfeitures in our Consolidated Statements of Operations. Liability awards are subject to variable accounting treatment, such that they are remeasured at fair value each reporting period through the Consolidated Statements of Operations. Any impact of forfeitures are based on actual forfeitures, although not Income Taxes not not In preparing our Consolidated Financial Statements, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period of the changes. Mining taxes represent federal and state taxes levied on mining operations. As the mining taxes are calculated as a percentage of mining profits, we classify them as income taxes. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the Consolidated Financial Statements. Each period, we evaluate the likelihood of whether or not not not not In addition, the calculation of income tax expense involves significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation in each of the jurisdictions in which we operate and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may The Company may no Net Loss Per Share December 31, 2021, 2020 2019 The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share: Year Ended December 31, 2021 2020 2019 Warrants to purchase common stock - liability classified 7,126 56,735 54,989 Warrants to purchase common stock - equity classified 90,608 1,957,166 — Convertible 2020 Notes — — 974,139 Outstanding options to purchase common stock 4,746,368 1,552 1,561 Stock appreciation rights 67,739 67,739 67,739 Total 4,911,841 2,083,192 1,098,428 Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments. June 2016, No. 2016 13, Financial Instruments - Credit Losses. Measurement of Credits Losses on Financial Instruments 2016 13" not 2016 13 2016 13 December 15, 2022 Q4 2021 two three not Government Assistance Disclosures. November 2021, No. 2021 10 Government Assistance (Topic 832 2021 10" 2021 10 December 15, 2021. 14, Debt |
Note 3 - Miscellaneous Financia
Note 3 - Miscellaneous Financial Information | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Additional Financial Information Disclosure [Text Block] | 3. January 2021 Offering. January 19, 2021, "January 2021 January 2021 August 2020 August 25, 2020, 2020 2020 2020 "August 2020 2020 2020 December 31, 2020, 2020 The net proceeds to the Company from the August 2020 not August 2020 July 2020 July 6, 2020, "July 2020 1 1 1 2 2 2 July 2020 1 September 30, 2020. Each Series 1 one 2020 2020 2 2020 2020 2020 2020 2020 five 2020 2020 July 2020 2020 December 31, 2020, 2020 The net proceeds to the Company from the July 2020 not July 2020 During the year ended December 31, 2020, 2020 December 31, 2021, 2020 December 31, 2021, 2020 At-the-Market Offering Program. February 2018, September 2021, During the year ended December 31, 2021, During the year ended December 31, 2020, As of December 31, 2021, 2021 April 15, 2021, 2021 "2021 The 2021 2021 2021 one 14, Debt Significant Customers. 10% three December 31, 2021, 2020 2019 Year Ended December 31, Segment (Note 21) 2021 2020 2019 Customer A Gevo 53 % 21 % — % Customer B Agri-Energy 24 % — % — % Customer C Gevo 10 % — % — % Customer D Agri-Energy — % 52 % 71 % Customer E Agri-Energy — % 15 % 17 % Total 87 % 88 % 88 % Related Party Transaction. December 31, 2020, one one December 31, 2020. December 31 2021 2019. Restructuring Expenses. first 2020, 19 March 2020, one one The Company intends to continue developing its hydrocarbon business, including the planned expansion of the Luverne Facility, and the Company expects to move forward in securing the project funding needed to expand the Luverne Facility. The expansion is designed to allow the Company to produce large quantities of sustainable aviation fuel and renewable gasoline. The Company also expects to continue engineering efforts for the construction of a commercial renewable hydrocarbon production facility, as well as additional decarbonization projects, at the Luverne Facility. As of December 31, 2020, " December 31, 2021) ( December 31, December 31, 2019 Additions Payments 2020 Severance (including payroll taxes) $ — $ 96 $ (96 ) $ — Lease agreements — 158 (158 ) — Total $ — $ 254 $ (254 ) $ — |
Note 4 - Restricted Cash and Re
Note 4 - Restricted Cash and Restricted Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Restricted Cash and Restricted Cash Equivalents [Text Block] | 4. The Company’s restricted cash and restricted cash equivalents consists of unused proceeds from the issuance of the 2021 2021 December 31, 2021, 12 December 31, 2021, 12 no 14, Debt The proceeds from issuance of the 2021 April 15, 2021 14, Debt 2021 The restricted cash held by the bond trustee as of December 31, 2021 Restricted Cash Held by Bond Trustee Bond proceeds $ 68,995 Disbursement of funds (44,780 ) Interest paid on bonds (216 ) Interest income 11 Total restricted cash held by bond trustee 24,010 Total restricted collateral 71,190 Total restricted cash and restricted cash equivalents 95,200 Current portion (25,032 ) Long-term restricted cash and restricted cash equivalents $ 70,168 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 5. The cost of marketable securities sold is based upon the specific identification method. During the year ended December 31, 2021, December 31, 2020 2019 Sales proceeds $ 79,574 Amortized cost (79,664 ) Realized (loss) $ (90 ) Interest receivable related to the marketable securities of $1.5 million was included within "Prepaid expenses and other current assets" on the accompanying Consolidated Balance Sheets as of December 31, 2021 ( December 31, 2020). Interest income totaled $0.5 million the year ended December 31, 2021 ( nil December 31, 2020 2019 Future maturities of the Company's marketable securities are $275.3 million in 2022 2023. |
Note 6 - Axens License
Note 6 - Axens License | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. On September 21, 2021, Identifiable intangible assets were comprised of the following (in thousands): December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life (Years) Finite-lived intangible assets: Patents $ 4,575 $ (368 ) $ 4,207 7.3 Defensive assets 4,895 (164 ) 4,731 8.4 Identifiable tangible assets $ 9,470 $ (532 ) $ 8,938 7.9 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life (Years) Finite-lived intangible assets: Patents $ 300 $ (186 ) $ 114 5.2 Amortization expense was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Related to cost of goods sold $ 21 $ 21 $ 165 Related to research and development expense 161 — — Related to selling, general and administrative expense 164 — — Total $ 346 $ 21 $ 165 The following table details the estimated net amortization of identifiable intangible assets as of December 31, 2021 ( Year Ending December 31, Patents Defensive Assets Total 2022 $ 599 $ 585 $ 1,184 2023 599 585 1,184 2024 600 587 1,187 2025 599 585 1,184 2026 585 585 1,170 Thereafter 1,225 1,804 3,029 Total $ 4,207 $ 4,731 $ 8,938 |
License Agreement [Member] | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 6. On September 22, 2021, 2021 first may |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 7. On September 21, 2021, Identifiable intangible assets were comprised of the following (in thousands): December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life (Years) Finite-lived intangible assets: Patents $ 4,575 $ (368 ) $ 4,207 7.3 Defensive assets 4,895 (164 ) 4,731 8.4 Identifiable tangible assets $ 9,470 $ (532 ) $ 8,938 7.9 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life (Years) Finite-lived intangible assets: Patents $ 300 $ (186 ) $ 114 5.2 Amortization expense was as follows (in thousands): Years Ended December 31, 2021 2020 2019 Related to cost of goods sold $ 21 $ 21 $ 165 Related to research and development expense 161 — — Related to selling, general and administrative expense 164 — — Total $ 346 $ 21 $ 165 The following table details the estimated net amortization of identifiable intangible assets as of December 31, 2021 ( Year Ending December 31, Patents Defensive Assets Total 2022 $ 599 $ 585 $ 1,184 2023 599 585 1,184 2024 600 587 1,187 2025 599 585 1,184 2026 585 585 1,170 Thereafter 1,225 1,804 3,029 Total $ 4,207 $ 4,731 $ 8,938 |
Note 8 - Revenues From Contract
Note 8 - Revenues From Contracts With Customers and Other Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 8. The Company’s current and historical revenues have consisted of the following: (a) ethanol sales and related products revenue, net; (b) hydrocarbon revenue; and (c) other revenue, which has historically consisted primarily of revenues from governmental and cooperative research grants. Ethanol sales and related products revenues, net. no Hydrocarbon revenue. no Other revenue. one The following table sets forth the components of the Company’s revenues between those generated from contracts with customers and those generated from arrangements that do not Year Ended December 31, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 50 $ — $ 50 Hydrocarbon revenue 483 — 483 Other revenue — 178 178 $ 533 $ 178 $ 711 Timing of Revenue Recognition Goods transferred at a point in time $ 533 $ — $ 533 Services transferred over time — 178 178 $ 533 $ 178 $ 711 Year Ended December 31, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,809 $ — $ 3,809 Hydrocarbon revenue 1,501 — 1,501 Other revenue 153 73 226 $ 5,463 $ 73 $ 5,536 Timing of Revenue Recognition Goods transferred at a point in time $ 5,310 $ — $ 5,310 Services transferred over time 153 73 226 $ 5,463 $ 73 $ 5,536 Year Ended December 31, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 22,115 $ — $ 22,115 Hydrocarbon revenue 2,338 — 2,338 Other revenue — 34 34 $ 24,453 $ 34 $ 24,487 Timing of Revenue Recognition Goods transferred at a point in time $ 24,453 $ — $ 24,453 Services transferred over time — 34 34 $ 24,453 $ 34 $ 24,487 Goods transferred at a point-in-time. December 31, 2021, 2020 2019, December 31, 2021 2020, All goods transferred are tested to ensure product sold satisfies contractual product specifications prior to transfer. The customer obtains control of the goods when title and risk of loss for the goods has transferred, which in most cases is "free-on-board, shipping point". All material contracts have payment terms of between one three no Services transferred over time. December 31, 2021, 2020 2019, December 31, 2021 2020, Contract Assets and Trade Receivables. December 31, 2021 2020, not no December 31, 2021. December 31, 2020. |
Note 9 - Leases, Right-of-use A
Note 9 - Leases, Right-of-use Assets and Related Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 9. The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029. not 2025. not The Company also has four three three fourth 2031 2050. not not not As of December 31, 2021 2020, December 31, 2021 2020 Right-of-Use Assets Operating leases $ 2,414 $ 133 Financing leases 27,297 176 Total $ 29,711 $ 309 Operating Lease Liabilities Current $ 772 $ 172 Long-term 1,902 — Total $ 2,674 $ 172 Financing Lease Liabilities Current $ 3,413 $ 10 Long-term 17,797 162 Total $ 21,210 $ 172 The Company leased its grain bins in Luverne, Minnesota in October 2020 July 2021. December 31, 2021, 2020 2019 GEVO, INC. Notes to Consolidated Financial Statements (Continued) The following table presents the (i) costs by lease category and (ii) other quantitative information relating to the Company’s leases for the years ended December 31, 2021, 2020 2019 Years Ended December 31, 2021 2020 2019 Lease cost Financing lease cost Amortization of right-of-use assets (1) $ 1,396 $ 5 $ — Interest on lease liabilities (2) 906 — — Operating lease cost 240 605 1,554 Short-term lease cost 1,378 307 66 Variable lease cost (3) 260 144 119 Total lease cost $ 4,180 $ 1,061 $ 1,739 ( 1 Amortization of right-of-use assets of $1.4 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 ( December 31, 2020 2019 ( 2 Interest on lease liabilities of $0.9 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 ( December 31, 2020 2019 ( 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. Years Ended December 31, 2021 2020 2019 Other Information Cash paid for the measurement of lease liabilities Operating cash flows from finance lease $ 906 $ 6 $ — Operating cash flows from operating leases 240 605 1,554 Finance cash flows from finance lease 7,189 2 — Right-of-use asset obtained in exchange for new finance lease liabilities 28,514 — — Right-to-use assets obtained in exchange for new operating lease liabilities 2,593 192 280 Weighted-average remaining lease term, financing lease (months) 219 224 — Weighted-average remaining lease term, operating leases (months) 70 7 21 Weighted-average discount rate - financing lease (4) 5 % 13 % — % Weighted-average discount rate - operating leases (5) 5 % 12 % 12 % ( 4 The discount rate used for the finance lease was based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments. ( 5 The discount rate used for operating leases is based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments. GEVO, INC. Notes to Consolidated Financial Statements (Continued) The table below shows the future minimum payments under financing leases and non-cancelable operating leases as of December 31, 2021 ( Year Ending December 31, Financing Leases Operating Leases Total 2022 $ 4,397 $ 881 $ 5,278 2023 1,713 528 2,241 2024 1,729 305 2,034 2025 1,743 315 2,058 2026 1,759 324 2,083 Thereafter 19,814 706 20,520 Total 31,155 3,059 34,214 Less: Amounts representing present value discounts (9,945 ) (385 ) (10,330 ) Total lease liabilities 21,210 2,674 23,884 Less: current portion (3,413 ) (772 ) (4,185 ) Long-term portion $ 17,797 $ 1,902 $ 19,699 |
Note 10 - Inventories
Note 10 - Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 10. The following table sets forth the components of the Company’s inventory balances (in thousands): December 31, 2021 2020 Raw materials Corn $ 301 $ — Enzymes and other inputs 183 133 Nutrients 3 1 Palladium 265 235 Finished goods SAF, Isooctane and Isooctene 335 756 Isobutanol 223 — Ethanol 96 — Work in process Agri-Energy 83 — Gevo — 5 Spare parts 1,262 1,361 Total inventories $ 2,751 $ 2,491 Work in process inventory includes unfinished SAF, isooctane and isooctene inventory. The Company recorded an expense for the write down to net realizable value for the year ended December 31, 2021 December 31, 2020 2019, first 2020. |
Note 11 - Property, Plant and E
Note 11 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 11. The following table sets forth the Company’s property, plant and equipment by classification (in thousands): Useful Life December 31, (in years) 2021 2020 Luverne Facility 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 6,811 6,396 Demonstration plant 2 3,597 3,597 Leasehold improvements, pilot plant, land and support equipment 2 to 7 2,802 2,523 Buildings 10 2,543 2,543 Computer, office equipment and software 3 to 6 2,332 1,983 Construction in progress — 88,989 13,132 Total Property, plant and equipment 203,000 125,525 Less accumulated depreciation and amortization (63,859 ) (59,117 ) Property, plant and equipment, net $ 139,141 $ 66,408 The Company recorded depreciation and amortization expense related to property, plant and equipment as follows (in thousands): Year Ended December 31, 2021 2020 2019 Cost of goods sold $ 4,457 $ 5,669 $ 6,282 Operating expenses Research and development expense 250 160 152 Selling, general and administrative expense 75 54 57 325 214 209 Total $ 4,782 $ 5,883 $ 6,491 |
Note 12 - Embedded Derivatives
Note 12 - Embedded Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Discussion of Hybrid Instruments and Embedded Derivatives [Text Block] | 12. Derivative Warrant Liability The Company has warrants outstanding as of December 31, 2021 July 6, 2025. December 31, 2021. 2013 2019 " December 31, 2021, 2020 2019 The following table sets forth information pertaining to shares issued upon the exercise of such warrants as of December 31, 2021: Issuance Date Expiration Date Exercise Price as of December 31, 2021 Shares Underlying Warrants on Issuance Date Shares Issued Upon Warrant Exercises as of December 31, 2021 Shares Underlying Warrants as of December 31, 2021 Series K Warrants February 17, 2017 February 17, 2022 $ 2.00 315,986 308,860 7,126 Series 2020-A Warrants (1) July 6, 2020 July 6, 2025 $ 0.60 30,000,000 29,909,392 90,608 30,315,986 30,218,252 97,734 ( 1 The Series 2020 The agreements governing the above warrants include the following terms: ● certain warrants have exercise prices which are subject to adjustment for certain events, including the issuance of stock dividends on the Company’s common stock and, in certain instances, the issuance of the Company’s common stock or instruments convertible into the Company’s common stock at a price per share less than the exercise price of the respective warrants; ● warrant holders may not may ● the exercise price and the number and type of securities purchasable upon exercise of the warrants are subject to adjustment upon certain corporate events, including certain combinations, consolidations, liquidations, mergers, recapitalizations, reclassifications, reorganizations, stock dividends and stock splits, a sale of all or substantially all of the Company’s assets and certain other events; and ● in the event of an "extraordinary transaction" or a "fundamental transaction" (as such terms are defined in the respective warrant agreements), generally including any merger with or into another entity, sale of all or substantially all of the Company’s assets, tender offer or exchange offer, or reclassification of its common stock, in which the successor entity (as defined in the respective warrant agreements) that assumes the successor entity is not 30 may During the year ended December 31, 2021, Common Stock Issued Proceeds Series K Warrants 200 $ 1 Series 2020-C Warrants 1,866,558 1,120 1,866,758 $ 1,121 The following warrants were sold by the Company during the year ended December 31, 2020: ● In July 2020, 2020 2020 ● In August 2020, 2020 The Series 2020 2020 2020 2020 not not 2020 2020 2020 2020 2020 2020 five During the year ended December 31, 2020, Common Stock Issued Proceeds Series 2020-A Warrants 28,042,834 $ 16,826 Series 2020-B Warrants 9,103,334 91 Series 2020-C Warrants 16,532,232 165 53,678,400 $ 17,082 |
Note 13 - Accounts Payable and
Note 13 - Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 13. The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the Consolidated Balance Sheets (in thousands): December 31, 2021 2020 Account payable - trade $ 4,868 $ 897 Gevo RNG accrued project costs 11,000 — Accrued employee compensation 4,678 1,960 Net-Zero 1 accrued project costs 5,010 — Other accrued liabilities 2,732 1,086 Total accounts payable and accrued liabilities $ 28,288 $ 3,943 |
Note 14 - Debt
Note 14 - Debt | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. 2021 On April 15, 2021, 2021 2021 January 1 July 1 July 1, 2021. 2021 April 1, 2042, October 1, 2022, April 1, 2024, 2021 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 SBA Loans are treated as debt on the Consolidated Balance Sheets and classified as "Loans payable – other (current)" and "Loans payable – other (long-term)". The Consolidated Statements of Operations classifies the interest as "Interest expense" and the loan forgiveness as "Gain on forgiveness of SBA Loans". The summary of the 2021 December 31, 2021 2020 Years Ended December 31, Interest Rate Maturity Date 2021 2020 2021 Bonds 1.5% January 2042 $ 66,486 $ — SBA Loans 1.0% April 2025 320 1,006 Equipment 4% to 5% February 2022 to December 2024 156 248 66,962 1,254 Less current portion (158 ) (807 ) Long-term portion $ 66,804 $ 447 Included in the 2021 December 31, 2021. December 31, 2021, 2020 2019, nil nil December 31, 2021 2020, Future payments for the Company's long-term debt are as follows (in thousands): Year Ending December 31, Amount 2022 $ 158 2023 159 2024 66,616 2025 29 $ 66,962 2020/2021 The following table sets forth information pertaining to the 2020/21 Principal Amount of 2020 Notes Principal Amount of 2020/21 Notes Debt Discount Debt Issue Costs Total Notes 2020 Notes Embedded Derivative Total 2020 Notes and 2020/21 Notes Embedded Derivative Balance, December 31, 2019 $ 14,053 $ — $ (123 ) $ (30 ) $ 13,900 $ — $ 13,900 Amortization of debt discount — — 405 — 405 — 405 Amortization of debt issue costs — — — 30 30 — 30 Paid-in-kind interest 47 269 — — 316 — 316 Exchange of 2020 Notes for 2020/21 Notes (14,100 ) 14,100 — — — — — Conversion of 2020/21 Notes into common Stock — (14,651 ) — — (14,651 ) — (14,651 ) Original issue discount paid with 2020/21 Notes — 282 (282 ) — — — — Fair value of 2020/21 embedded derivative liability upon issuance — — — — — 2,848 2,848 Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes — — — — — 5,759 5,759 Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock — — — — — (8,607 ) (8,607 ) Balance, December 31,2020 $ — $ — $ — $ — $ — $ — $ — On April 19, 2017, "2017 "2017 2017 "2017 June 6, 2014, "2017 2017 2017 2017 June 15, 2017), 2017 2020 2017 "2017 June 20, 2017, 2017 2017 2017 The 2020 March 15, 2020 first 2020 March 31, June 30, September 30 December 31 2020 2020 Under certain circumstances, the Company had the option to pay a portion of the interest due on the 2020 2020 2020 Additional shares of the Company's common stock could also have become issuable pursuant to the 2020 2020 The 2020 2020 $1 2020 2020/21 On January 10, 2020, "2020/21 2017 2017 2020/21 2017 2020 12% 2020/21 "2020/21 "2020/21 January 10, 2020, 2020/21 2017 2020 "2020/21 "2020/21 2020/21 The 2020/21 December 31, 2020. 2020/21 March 31, June 30, September 30 December 31 2020/21 2020/21 The 2020/21 2017 2020/21 "2020/21 $1 2020/21 2017 may 2020/21 2020/21 2020/21 2020/21 three Each 2017 not 2020/21 2017 "4.99% 2017 may, "9.99% 2020/21 2017 4.99% 9.99% 2020/21 2017 nine six The 2020/21 not 2020/21 2020/21 The 2020/21 2020/21 Under certain circumstances, the Company may one 3 2020/21 Conversion of 2020/21 On July 10, 2020, 2020/21 2020/21 December 2020, 2020/21 2020/21 2020/21 December 31, 2020, 2020/2021 2020/2021 December 31, 2020. December 31, 2020, 2020/21 |
Note 15 - Equity Incentive Plan
Note 15 - Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Stock Incentive Plans Disclosure [Text Block] | 15 . Equity Incentive Plans 2010 February 2011, 2010 "2010 2010 June 9, 2021, 2010 December 31, 2021, 2010 Restricted common stock activity during the year ended December 31, 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 October 1, 2021 to December 31, 2021 108,685 (2)(6)(8) 76,089 (7)(9) 2 to 4 Total 3,813,015 4,744,816 ( 1 Includes shares of common stock cancelled related to 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 canceled related to unvested stock option awards granted to employees. ( 8 Includes restricted stock awards granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 December 30, 2021. ( 9 Includes non-qualified stock options granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 December 30,2021. Employee Stock Purchase Plan February 2011, January 1 June 30 July 1 December 31 December 31, 2021 first 2021. |
Note 16 - Stock-based Compensat
Note 16 - Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 16 . Stock-Based Compensation Stock-Based Compensation Expense The following table sets forth the Company’s stock-based compensation expense (in thousands): Year Ended December 31, 2021 2020 2019 Equity Classified Awards Stock options Cost of goods sold $ 16 $ — $ — Research and development 681 — — Selling, general and administrative 1,990 — — Restricted stock awards Cost of goods sold 27 — — Research and development 1,345 481 228 Selling, general and administrative 3,641 1,620 993 Total equity classified awards 7,700 2,101 1,221 Liability Classified Awards Restricted stock Selling, general and administrative 2,165 — — Stock appreciation rights Research and Development 9 137 66 Selling, general and administrative — (113 ) 62 Total liability classified awards 2,174 24 128 Total stock-based compensation $ 9,874 $ 2,125 $ 1,349 Stock Option Award Activity December 31, 2021 December 31, 2021 Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2020 1,552 $ 556.13 5.6 $ — Granted 4,762,004 $ 4.63 Canceled or forfeited (17,188 ) $ 5,693.43 Exercised — $ — Options outstanding at December 31, 2021 4,746,368 $ 5.11 9.6 $ — Options exercisable at December 31, 2021 1,515 $ 429.54 4.6 $ — Options vested and expected to vest at December 31, 2021 4,746,368 $ 5.11 9.6 $ — ( 1 Exercise price of options outstanding range from $4 to $56,460 as of December 31, 2021. The aggregate intrinsic values in the table above represent the total pretax intrinsic values (the difference between the closing price of Gevo’s common stock on the last trading day of the 2021 December 31, 2021. No stock options vested during the year ended December 31, 2021. December 31, 2021, The following table sets forth the minimum and maximum Black-Scholes option pricing model assumptions and resulting grant date fair value for the stock options granted during the year ended December 31, 2021: Grant Date (1) Exercise price $ 4.42 to $ 5.38 Risk-free interest rate 0.87 % to 1.36 % Expected dividend yield — to — Expected volatility factor 141 % to 142 % Expected option life (years) 5.75 to 6.0 Weighted-average fair value $ 4.06 $ 4.95 ( 1 There were no December 31, 2020 2019. There is a maximum contractual term of ten No Restricted Stock may two three Non-vested restricted stock awards at December 31, 2021 December 31, 2021 Weighted- Average Number of Grant-Date Shares Fair Value Non-vested at December 31, 2020 4,701,556 $ 0.79 Granted 4,955,693 $ 5.08 Vested (2,625,259 ) $ 1.04 Canceled or forfeited (149,488 ) $ 1.31 Non-vested at December 31, 2021 6,882,502 $ 3.77 The total fair value of restricted stock that vested during the years ended December 31, 2021, 2020 2019 December 31, 2021, Stock Appreciation Rights. December 31, 2018. 2010 |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 17 . Income Taxes As of December 31, 2021, may 382. may may We periodically evaluate our NOL carryforwards and whether certain changes in ownership have occurred that would limit our ability to utilize a portion of our NOL and tax credit carryforwards. We have evaluated whether we experienced an ownership change, as defined under Section 382, July 9, 2020 January 22, 2021. July 9, 2020 July 9, 2020 January 22, 2021 The following table sets forth the tax effects of temporary differences that give rise to significant portions of the Company’s net deferred tax assets (in thousands): December 31, 2021 2020 Deferred tax assets, net: Net operating loss carryforwards $ 29,277 $ 15,406 Operating lease assets (7,881 ) (82 ) Operating lease liabilities 8,086 88 Depreciation 3,840 3,427 Restricted stock 1,146 992 Business interest expense 1,165 1,441 Other temporary differences 886 321 Deferred tax assets 36,519 21,593 Valuation allowance (36,519 ) (21,593 ) Net deferred tax assets $ — $ — The Company recognizes uncertain tax positions net, against any operating losses or applicable research credits as they arise. Currently, there are no uncertain tax positions recognized at December 31, 2021 2020, ASC 740, Income Taxes not not not December 31, 2021 2020, The following table sets forth reconciling items from income tax computed at the statutory federal rate: Year Ended December 31, 2021 2020 2019 Federal income tax at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 3.8 % 4.1 % 7.0 % Impact of change in statutory tax rates — (0.8 %) (0.2 %) Impact of NOL write-offs — (250.4 %) — Impact of Research and Development credit write-off — (8.7 %) — Permanent deductions 0.3 % (5.3 %) (0.1 %) Valuation allowance (25.2 )% 240.1 % (27.7 %) Effective tax rate — % — % — % Accounting literature regarding liabilities for unrecognized tax benefits provides guidance for the recognition and measurement in financial statements of uncertain tax positions taken or expected to be taken in a tax return. The Company’s evaluation was performed for the tax periods from inception to December 31, 2021. December 31, 2016 2021. |
Note 18 - Employee Benefit Plan
Note 18 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Employee Benefit Plan [Text Block] | 18 . Employee Benefit Plan The Company’s employees participate in the Gevo, Inc. 401 "401 401 three 401 may not may 401 not December 31, 2021, 2020 2019. |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 19 . Commitments and Contingencies Legal Matters. may not Indemnifications may December 31, 2021 2020, not In addition, the Company, as permitted under Delaware law and in accordance with its certificate of incorporation and 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 December 31, 2021. |
Note 20 - Fair Value Measuremen
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 20 . Fair Value Measurements and Fair Value of Financial Instruments The carrying value and fair value, by fair value hierarchy, of the Company's financial instruments at December 31, 2021 2020 Fair Value Measurements at December 31, 2021 Fair Value at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Marketable securities U.S. Treasury notes $ 225,792 $ 225,792 $ — $ — U.S. Government sponsored enterprise securities 113,944 113,944 — — Other Liability-classified restricted stock awards 702 702 — — Total recurring $ 340,438 $ 340,438 $ — $ — Nonrecurring Corn and palladium inventory $ 566 $ 566 $ — $ — Fair Value Measurements at December 31, 2020 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) Nonrecurring Finished goods inventory $ 866 $ 235 $ 631 $ — The following table summarizes the Company's investments in marketable securities as of December 31, 2021 ( December 31, 2020) ( Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 226,136 $ (344 ) $ 225,792 U.S. Government-sponsored enterprise securities Within one year 49,618 (70 ) 49,548 Total $ 275,754 $ (414 ) $ 275,340 Long-term marketable securities U.S. Government-sponsored enterprise securities Within two years $ 64,596 $ (200 ) $ 64,396 There were no 1 2 no 3 no 3 December 31, 2021 2020. For the 2021 2021 December 31, 2021 Carrying Value Estimated Fair Value 2021 Bonds $ 68,155 $ 68,380 Fair Value Methodology Inventories. 1 Marketable Securities. The Company has not While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. |
Note 21 - Segments
Note 21 - Segments | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 21. 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 Segment. 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., Gevo Asset, LLC, Gevo RNG Holdco, LLC, Gevo NW Iowa RNG, LLC, Gevo Net-Zero Holdco, LLC, Gevo Net-Zero 1, Year Ended December 31, 2021 2020 2019 (In thousands) Revenues from external customers Gevo $ 483 $ 1,650 $ 2,338 Agri-Energy 228 3,886 22,149 Renewable Natural Gas — — — Net-Zero — — — Consolidated $ 711 $ 5,536 $ 24,487 Loss from operations Gevo $ (33,080 ) $ (13,215 ) $ (12,360 ) Agri-Energy (16,605 ) (12,047 ) (13,995 ) Renewable Natural Gas (1,153 ) (1,294 ) — Net-Zero (9,252 ) (405 ) — Consolidated $ (60,090 ) $ (26,961 ) $ (26,355 ) Interest expense Gevo $ 67 $ 2,075 $ 2,738 Agri-Energy 17 19 — Renewable Natural Gas 167 — — Net-Zero — — — Consolidated $ 251 $ 2,094 $ 2,738 Depreciation and amortization expense Gevo $ 650 $ 214 $ 210 Agri-Energy 4,475 5,690 6,446 Renewable Natural Gas 3 — — Net-Zero — — — Consolidated $ 5,128 $ 5,904 $ 6,656 Acquisitions of licenses, patents, plant, property and equipment Gevo $ 10,799 $ 4,501 $ 130 Agri-Energy 5,716 1,716 6,367 Renewable Natural Gas 52,470 — — Net-Zero 25,796 — — Consolidated $ 94,781 $ 6,217 $ 6,497 Revenue by geographic area United States $ 322 $ 4,082 $ 22,149 Other 389 1,454 2,338 Consolidated $ 711 $ 5,536 $ 24,487 December 31, 2021 2020 Construction in Process Gevo $ 442 $ 8 Agri-Energy 9,122 8,645 Renewable Natural Gas 56,879 4,479 Net-Zero 22,546 — Consolidated $ 88,989 $ 13,132 December 31, 2021 2020 Total assets Gevo $ 555,877 $ 152,177 Agri-Energy 153,494 131,893 Renewable Natural Gas 116,644 — Net-Zero 44,763 — Intercompany eliminations (1) (204,302 ) (131,971 ) Consolidated (2) $ 666,476 $ 152,099 ( 1 Includes intercompany sales of nil December 31, 2021 2020, ( 2 All other significant non-cash items relate to the activities of Gevo. |
Note 22 - Subsequent Events
Note 22 - Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 22. On January 27, 2022, On February 7, 2022, not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation. 1, 1" December 31, 2021. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications no |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Credit Risk |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Marketable Securities, Policy [Policy Text Block] | Marketable Securities. 12 12 |
Receivable [Policy Text Block] | Accounts Receivable not December 31, 2021, December 31, 2020, not |
Inventory, Policy [Policy Text Block] | Inventories |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment Construction in Progress. Depreciation and Amortization. may |
Internal Use Software, Policy [Policy Text Block] | Capitalized Internal-Use Software Costs. three five |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets may not |
Investment, Policy [Policy Text Block] | Investment in Juhl. September 2019, |
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 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. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when the Company determines that the option is reasonably certain of exercise based on an analysis of the relevant facts and circumstances. Certain of the Company’s leases require variable lease payments that do not The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its 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. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Axens License. |
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | Intangible assets. The Company periodically evaluates the amortization period and carrying value of its licenses and patents to determine whether any events or circumstances warrant revised estimated useful life or reduction in value. |
Borrowing Costs, Policy [Policy Text Block] | Borrowing Costs. three |
Debt, Policy [Policy Text Block] | Debt Issuance Costs and Debt Discounts/Premiums third |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments. Level 1: Quoted market prices in an active market for identical assets or liabilities. Level 2: Quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets in markets that are not Level 3: Unobservable inputs for the asset or liability. The Company believes that the carrying value of its cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued liabilities and loans payable - other approximate fair value due to their short maturities. |
Warrants [Policy Text Block] | Warrants. not not The Series 2020 2020 five |
Revenue [Policy Text Block] | Revenue Recognition Ethanol and related products as well as hydrocarbon products are generally shipped free-on-board shipping point. Collectability of revenue is reasonably assured based on historical evidence of collectability between the Company and its customers. In accordance with the Company’s agreements for the marketing and sale of ethanol and related products, commissions due to marketers are deducted from the gross sales price at the time payment was remitted. Ethanol and related products sales are recorded net of commissions and shipping and handling costs. Sales and other taxes that the Company collects concurrent with revenue-producing activities are excluded from revenue. |
Cost of Goods and Service [Policy Text Block] | Cost of Goods Sold |
Research and Development Expense, Policy [Policy Text Block] | Research and Development third |
Selling, General and Administrative Expenses, Policy [Policy Text Block] | Selling, General and Administrative. |
Preliminary Stage Project Costs [Policy Text Block] | Preliminary Stage Project Costs. |
Share-based Compensation [Policy Text Block] | Stock-Based Compensation The grant date fair value for stock option awards is estimated using the Black-Scholes option pricing model and the grant date fair value for restricted stock awards is based upon the closing price of the Company’s common stock on the date of grant. The Company recognizes compensation costs for share-based payment awards granted to employees net of actual forfeitures and recognizes stock-based compensation expense for only those awards expected to vest on a straight-line basis over the requisite service period of the award, which is currently the vesting term of up to four The Company accounts for stock-based employee compensation plans under the fair value recognition and measurement provisions in accordance with applicable accounting standards, which require all stock-based payments to employees, including grants of stock options and restricted stock awards, to be measured based on the grant date fair value of the awards, with the resulting expense generally recognized on a straight-line basis over the period during which the employee is required to perform service in exchange for the award. Stock-based compensation expense related to restricted stock awards and stock options are recorded net of actual forfeitures in our Consolidated Statements of Operations. Liability awards are subject to variable accounting treatment, such that they are remeasured at fair value each reporting period through the Consolidated Statements of Operations. Any impact of forfeitures are based on actual forfeitures, although not |
Income Tax, Policy [Policy Text Block] | Income Taxes not not In preparing our Consolidated Financial Statements, we estimate the actual amount of taxes currently payable or receivable as well as deferred tax assets and liabilities attributable to temporary differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred income tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which these temporary differences are expected to be recovered or settled. Changes in deferred tax assets and liabilities generally have a direct impact on earnings in the period of the changes. Mining taxes represent federal and state taxes levied on mining operations. As the mining taxes are calculated as a percentage of mining profits, we classify them as income taxes. Where applicable tax laws and regulations are either unclear or subject to varying interpretations, it is possible that changes in these estimates could occur that materially affect the amounts of deferred income tax assets and liabilities recorded in the Consolidated Financial Statements. Each period, we evaluate the likelihood of whether or not not not not In addition, the calculation of income tax expense involves significant management estimation and judgment involving a number of assumptions. In determining these amounts, management interprets tax legislation in each of the jurisdictions in which we operate and makes estimates of the expected timing of the reversal of future tax assets and liabilities. We also make assumptions about future earnings, tax planning strategies and the extent to which potential future tax benefits will be used. We are also subject to assessments by various taxation authorities which may The Company may no |
Earnings Per Share, Policy [Policy Text Block] | Net Loss Per Share December 31, 2021, 2020 2019 The following table sets forth securities that could potentially dilute the calculation of diluted earnings per share: Year Ended December 31, 2021 2020 2019 Warrants to purchase common stock - liability classified 7,126 56,735 54,989 Warrants to purchase common stock - equity classified 90,608 1,957,166 — Convertible 2020 Notes — — 974,139 Outstanding options to purchase common stock 4,746,368 1,552 1,561 Stock appreciation rights 67,739 67,739 67,739 Total 4,911,841 2,083,192 1,098,428 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Financial Instruments - Credit Losses. Measurement of Credit Losses on Financial Instruments. June 2016, No. 2016 13, Financial Instruments - Credit Losses. Measurement of Credits Losses on Financial Instruments 2016 13" not 2016 13 2016 13 December 15, 2022 Q4 2021 two three not Government Assistance Disclosures. November 2021, No. 2021 10 Government Assistance (Topic 832 2021 10" 2021 10 December 15, 2021. 14, Debt |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2021 2020 2019 Warrants to purchase common stock - liability classified 7,126 56,735 54,989 Warrants to purchase common stock - equity classified 90,608 1,957,166 — Convertible 2020 Notes — — 974,139 Outstanding options to purchase common stock 4,746,368 1,552 1,561 Stock appreciation rights 67,739 67,739 67,739 Total 4,911,841 2,083,192 1,098,428 |
Note 3 - Miscellaneous Financ_2
Note 3 - Miscellaneous Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Year Ended December 31, Segment (Note 21) 2021 2020 2019 Customer A Gevo 53 % 21 % — % Customer B Agri-Energy 24 % — % — % Customer C Gevo 10 % — % — % Customer D Agri-Energy — % 52 % 71 % Customer E Agri-Energy — % 15 % 17 % Total 87 % 88 % 88 % |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | December 31, December 31, 2019 Additions Payments 2020 Severance (including payroll taxes) $ — $ 96 $ (96 ) $ — Lease agreements — 158 (158 ) — Total $ — $ 254 $ (254 ) $ — |
Note 4 - Restricted Cash and _2
Note 4 - Restricted Cash and Restricted Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
The 2021 Bonds [Member] | |
Notes Tables | |
Restrictions on Cash and Cash Equivalents [Table Text Block] | Restricted Cash Held by Bond Trustee Bond proceeds $ 68,995 Disbursement of funds (44,780 ) Interest paid on bonds (216 ) Interest income 11 Total restricted cash held by bond trustee 24,010 Total restricted collateral 71,190 Total restricted cash and restricted cash equivalents 95,200 Current portion (25,032 ) Long-term restricted cash and restricted cash equivalents $ 70,168 |
Note 5 - Marketable Securities
Note 5 - Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Realized Gain (Loss) [Table Text Block] | Sales proceeds $ 79,574 Amortized cost (79,664 ) Realized (loss) $ (90 ) |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2021 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life (Years) Finite-lived intangible assets: Patents $ 4,575 $ (368 ) $ 4,207 7.3 Defensive assets 4,895 (164 ) 4,731 8.4 Identifiable tangible assets $ 9,470 $ (532 ) $ 8,938 7.9 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Weighted Average Life (Years) Finite-lived intangible assets: Patents $ 300 $ (186 ) $ 114 5.2 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Years Ended December 31, 2021 2020 2019 Related to cost of goods sold $ 21 $ 21 $ 165 Related to research and development expense 161 — — Related to selling, general and administrative expense 164 — — Total $ 346 $ 21 $ 165 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ending December 31, Patents Defensive Assets Total 2022 $ 599 $ 585 $ 1,184 2023 599 585 1,184 2024 600 587 1,187 2025 599 585 1,184 2026 585 585 1,170 Thereafter 1,225 1,804 3,029 Total $ 4,207 $ 4,731 $ 8,938 |
Note 8 - Revenues From Contra_2
Note 8 - Revenues From Contracts With Customers and Other Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2021 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 50 $ — $ 50 Hydrocarbon revenue 483 — 483 Other revenue — 178 178 $ 533 $ 178 $ 711 Timing of Revenue Recognition Goods transferred at a point in time $ 533 $ — $ 533 Services transferred over time — 178 178 $ 533 $ 178 $ 711 Year Ended December 31, 2020 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 3,809 $ — $ 3,809 Hydrocarbon revenue 1,501 — 1,501 Other revenue 153 73 226 $ 5,463 $ 73 $ 5,536 Timing of Revenue Recognition Goods transferred at a point in time $ 5,310 $ — $ 5,310 Services transferred over time 153 73 226 $ 5,463 $ 73 $ 5,536 Year Ended December 31, 2019 Major Goods/Service Line Revenues from Contracts with Customers Other Revenues Total Ethanol sales and related products, net $ 22,115 $ — $ 22,115 Hydrocarbon revenue 2,338 — 2,338 Other revenue — 34 34 $ 24,453 $ 34 $ 24,487 Timing of Revenue Recognition Goods transferred at a point in time $ 24,453 $ — $ 24,453 Services transferred over time — 34 34 $ 24,453 $ 34 $ 24,487 |
Note 9 - Leases, Right-of-use_2
Note 9 - Leases, Right-of-use Assets and Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Lessee, Operating Lease and Financing Lease, Disclosure [Table Text Block] | December 31, 2021 2020 Right-of-Use Assets Operating leases $ 2,414 $ 133 Financing leases 27,297 176 Total $ 29,711 $ 309 Operating Lease Liabilities Current $ 772 $ 172 Long-term 1,902 — Total $ 2,674 $ 172 Financing Lease Liabilities Current $ 3,413 $ 10 Long-term 17,797 162 Total $ 21,210 $ 172 |
Lease, Cost [Table Text Block] | Years Ended December 31, 2021 2020 2019 Lease cost Financing lease cost Amortization of right-of-use assets (1) $ 1,396 $ 5 $ — Interest on lease liabilities (2) 906 — — Operating lease cost 240 605 1,554 Short-term lease cost 1,378 307 66 Variable lease cost (3) 260 144 119 Total lease cost $ 4,180 $ 1,061 $ 1,739 Years Ended December 31, 2021 2020 2019 Other Information Cash paid for the measurement of lease liabilities Operating cash flows from finance lease $ 906 $ 6 $ — Operating cash flows from operating leases 240 605 1,554 Finance cash flows from finance lease 7,189 2 — Right-of-use asset obtained in exchange for new finance lease liabilities 28,514 — — Right-to-use assets obtained in exchange for new operating lease liabilities 2,593 192 280 Weighted-average remaining lease term, financing lease (months) 219 224 — Weighted-average remaining lease term, operating leases (months) 70 7 21 Weighted-average discount rate - financing lease (4) 5 % 13 % — % Weighted-average discount rate - operating leases (5) 5 % 12 % 12 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending December 31, Financing Leases Operating Leases Total 2022 $ 4,397 $ 881 $ 5,278 2023 1,713 528 2,241 2024 1,729 305 2,034 2025 1,743 315 2,058 2026 1,759 324 2,083 Thereafter 19,814 706 20,520 Total 31,155 3,059 34,214 Less: Amounts representing present value discounts (9,945 ) (385 ) (10,330 ) Total lease liabilities 21,210 2,674 23,884 Less: current portion (3,413 ) (772 ) (4,185 ) Long-term portion $ 17,797 $ 1,902 $ 19,699 |
Note 10 - Inventories (Tables)
Note 10 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2021 2020 Raw materials Corn $ 301 $ — Enzymes and other inputs 183 133 Nutrients 3 1 Palladium 265 235 Finished goods SAF, Isooctane and Isooctene 335 756 Isobutanol 223 — Ethanol 96 — Work in process Agri-Energy 83 — Gevo — 5 Spare parts 1,262 1,361 Total inventories $ 2,751 $ 2,491 |
Note 11 - Property, Plant and_2
Note 11 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Useful Life December 31, (in years) 2021 2020 Luverne Facility 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 6,811 6,396 Demonstration plant 2 3,597 3,597 Leasehold improvements, pilot plant, land and support equipment 2 to 7 2,802 2,523 Buildings 10 2,543 2,543 Computer, office equipment and software 3 to 6 2,332 1,983 Construction in progress — 88,989 13,132 Total Property, plant and equipment 203,000 125,525 Less accumulated depreciation and amortization (63,859 ) (59,117 ) Property, plant and equipment, net $ 139,141 $ 66,408 |
Schedule of Depreciation and Amortization Expense [Table Text Block] | Year Ended December 31, 2021 2020 2019 Cost of goods sold $ 4,457 $ 5,669 $ 6,282 Operating expenses Research and development expense 250 160 152 Selling, general and administrative expense 75 54 57 325 214 209 Total $ 4,782 $ 5,883 $ 6,491 |
Note 12 - Embedded Derivatives
Note 12 - Embedded Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Issuance Date Expiration Date Exercise Price as of December 31, 2021 Shares Underlying Warrants on Issuance Date Shares Issued Upon Warrant Exercises as of December 31, 2021 Shares Underlying Warrants as of December 31, 2021 Series K Warrants February 17, 2017 February 17, 2022 $ 2.00 315,986 308,860 7,126 Series 2020-A Warrants (1) July 6, 2020 July 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-C Warrants 1,866,558 1,120 1,866,758 $ 1,121 Common Stock Issued Proceeds Series 2020-A Warrants 28,042,834 $ 16,826 Series 2020-B Warrants 9,103,334 91 Series 2020-C Warrants 16,532,232 165 53,678,400 $ 17,082 |
Note 13 - Accounts Payable an_2
Note 13 - Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2021 2020 Account payable - trade $ 4,868 $ 897 Gevo RNG accrued project costs 11,000 — Accrued employee compensation 4,678 1,960 Net-Zero 1 accrued project costs 5,010 — Other accrued liabilities 2,732 1,086 Total accounts payable and accrued liabilities $ 28,288 $ 3,943 |
Note 14 - Debt (Tables)
Note 14 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | Years Ended December 31, Interest Rate Maturity Date 2021 2020 2021 Bonds 1.5% January 2042 $ 66,486 $ — SBA Loans 1.0% April 2025 320 1,006 Equipment 4% to 5% February 2022 to December 2024 156 248 66,962 1,254 Less current portion (158 ) (807 ) Long-term portion $ 66,804 $ 447 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Year Ending December 31, Amount 2022 $ 158 2023 159 2024 66,616 2025 29 $ 66,962 |
Schedule of Debt [Table Text Block] | Principal Amount of 2020 Notes Principal Amount of 2020/21 Notes Debt Discount Debt Issue Costs Total Notes 2020 Notes Embedded Derivative Total 2020 Notes and 2020/21 Notes Embedded Derivative Balance, December 31, 2019 $ 14,053 $ — $ (123 ) $ (30 ) $ 13,900 $ — $ 13,900 Amortization of debt discount — — 405 — 405 — 405 Amortization of debt issue costs — — — 30 30 — 30 Paid-in-kind interest 47 269 — — 316 — 316 Exchange of 2020 Notes for 2020/21 Notes (14,100 ) 14,100 — — — — — Conversion of 2020/21 Notes into common Stock — (14,651 ) — — (14,651 ) — (14,651 ) Original issue discount paid with 2020/21 Notes — 282 (282 ) — — — — Fair value of 2020/21 embedded derivative liability upon issuance — — — — — 2,848 2,848 Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes — — — — — 5,759 5,759 Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock — — — — — (8,607 ) (8,607 ) Balance, December 31,2020 $ — $ — $ — $ — $ — $ — $ — |
Note 15 - Equity Incentive Pl_2
Note 15 - Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 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 October 1, 2021 to December 31, 2021 108,685 (2)(6)(8) 76,089 (7)(9) 2 to 4 Total 3,813,015 4,744,816 |
Note 16 - Stock-based Compens_2
Note 16 - Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 2021 2020 2019 Equity Classified Awards Stock options Cost of goods sold $ 16 $ — $ — Research and development 681 — — Selling, general and administrative 1,990 — — Restricted stock awards Cost of goods sold 27 — — Research and development 1,345 481 228 Selling, general and administrative 3,641 1,620 993 Total equity classified awards 7,700 2,101 1,221 Liability Classified Awards Restricted stock Selling, general and administrative 2,165 — — Stock appreciation rights Research and Development 9 137 66 Selling, general and administrative — (113 ) 62 Total liability classified awards 2,174 24 128 Total stock-based compensation $ 9,874 $ 2,125 $ 1,349 |
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 4,762,004 $ 4.63 Canceled or forfeited (17,188 ) $ 5,693.43 Exercised — $ — Options outstanding at December 31, 2021 4,746,368 $ 5.11 9.6 $ — Options exercisable at December 31, 2021 1,515 $ 429.54 4.6 $ — Options vested and expected to vest at December 31, 2021 4,746,368 $ 5.11 9.6 $ — |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Grant Date (1) Exercise price $ 4.42 to $ 5.38 Risk-free interest rate 0.87 % to 1.36 % Expected dividend yield — to — Expected volatility factor 141 % to 142 % Expected option life (years) 5.75 to 6.0 Weighted-average fair value $ 4.06 $ 4.95 |
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 4,955,693 $ 5.08 Vested (2,625,259 ) $ 1.04 Canceled or forfeited (149,488 ) $ 1.31 Non-vested at December 31, 2021 6,882,502 $ 3.77 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2021 2020 Deferred tax assets, net: Net operating loss carryforwards $ 29,277 $ 15,406 Operating lease assets (7,881 ) (82 ) Operating lease liabilities 8,086 88 Depreciation 3,840 3,427 Restricted stock 1,146 992 Business interest expense 1,165 1,441 Other temporary differences 886 321 Deferred tax assets 36,519 21,593 Valuation allowance (36,519 ) (21,593 ) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2021 2020 2019 Federal income tax at statutory rate 21.0 % 21.0 % 21.0 % State income taxes, net of federal benefits 3.8 % 4.1 % 7.0 % Impact of change in statutory tax rates — (0.8 %) (0.2 %) Impact of NOL write-offs — (250.4 %) — Impact of Research and Development credit write-off — (8.7 %) — Permanent deductions 0.3 % (5.3 %) (0.1 %) Valuation allowance (25.2 )% 240.1 % (27.7 %) Effective tax rate — % — % — % |
Note 20 - Fair Value Measurem_2
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Fair Value Measurements at December 31, 2021 Fair Value at December 31, 2021 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Marketable securities U.S. Treasury notes $ 225,792 $ 225,792 $ — $ — U.S. Government sponsored enterprise securities 113,944 113,944 — — Other Liability-classified restricted stock awards 702 702 — — Total recurring $ 340,438 $ 340,438 $ — $ — Nonrecurring Corn and palladium inventory $ 566 $ 566 $ — $ — Fair Value Measurements at December 31, 2020 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) Nonrecurring Finished goods inventory $ 866 $ 235 $ 631 $ — |
Schedule of Available-for-sale Securities Reconciliation [Table Text Block] | Maturity Amortized Cost Basis Gross Unrealized Losses Fair Value Short-term marketable securities U.S. Treasury notes Within one year $ 226,136 $ (344 ) $ 225,792 U.S. Government-sponsored enterprise securities Within one year 49,618 (70 ) 49,548 Total $ 275,754 $ (414 ) $ 275,340 Long-term marketable securities U.S. Government-sponsored enterprise securities Within two years $ 64,596 $ (200 ) $ 64,396 |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | Carrying Value Estimated Fair Value 2021 Bonds $ 68,155 $ 68,380 |
Note 21 - Segments (Tables)
Note 21 - Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2021 2020 2019 (In thousands) Revenues from external customers Gevo $ 483 $ 1,650 $ 2,338 Agri-Energy 228 3,886 22,149 Renewable Natural Gas — — — Net-Zero — — — Consolidated $ 711 $ 5,536 $ 24,487 Loss from operations Gevo $ (33,080 ) $ (13,215 ) $ (12,360 ) Agri-Energy (16,605 ) (12,047 ) (13,995 ) Renewable Natural Gas (1,153 ) (1,294 ) — Net-Zero (9,252 ) (405 ) — Consolidated $ (60,090 ) $ (26,961 ) $ (26,355 ) Interest expense Gevo $ 67 $ 2,075 $ 2,738 Agri-Energy 17 19 — Renewable Natural Gas 167 — — Net-Zero — — — Consolidated $ 251 $ 2,094 $ 2,738 Depreciation and amortization expense Gevo $ 650 $ 214 $ 210 Agri-Energy 4,475 5,690 6,446 Renewable Natural Gas 3 — — Net-Zero — — — Consolidated $ 5,128 $ 5,904 $ 6,656 Acquisitions of licenses, patents, plant, property and equipment Gevo $ 10,799 $ 4,501 $ 130 Agri-Energy 5,716 1,716 6,367 Renewable Natural Gas 52,470 — — Net-Zero 25,796 — — Consolidated $ 94,781 $ 6,217 $ 6,497 Revenue by geographic area United States $ 322 $ 4,082 $ 22,149 Other 389 1,454 2,338 Consolidated $ 711 $ 5,536 $ 24,487 December 31, 2021 2020 Construction in Process Gevo $ 442 $ 8 Agri-Energy 9,122 8,645 Renewable Natural Gas 56,879 4,479 Net-Zero 22,546 — Consolidated $ 88,989 $ 13,132 December 31, 2021 2020 Total assets Gevo $ 555,877 $ 152,177 Agri-Energy 153,494 131,893 Renewable Natural Gas 116,644 — Net-Zero 44,763 — Intercompany eliminations (1) (204,302 ) (131,971 ) Consolidated (2) $ 666,476 $ 152,099 |
Note 1 - Nature of Business a_2
Note 1 - Nature of Business and Financial Condition (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)aft² | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Number of Operating Plants | 2 | ||
Cash and Cash Equivalents, at Carrying Value, Ending Balance | $ 40,833 | $ 78,338 | $ 16,302 |
Restricted Cash, Total | 95,200 | ||
Marketable Securities, Total | $ 339,700 | ||
COVID-19 [Member] | |||
Percentage of Revenue Reduction | 87.00% | 77.00% | |
Luverne Facility [Member] | |||
Area of Land (Acre) | a | 55 | ||
Area of Real Estate Property (Square Foot) | ft² | 50,000 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2019$ / sharesshares | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||
Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 130 | ||
Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.31 | ||
Measurement Input, Expected Term [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 5 | ||
Series A preferred stock of Juhl Clean Energy Assets, Inc. [Member] | |||
Number of Securities Purchased (in shares) | shares | 1.5 | ||
Equity Securities, Purchase Price (in dollars per share) | $ / shares | $ 1 | ||
Minimum [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 130 | ||
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.30 | ||
Maximum [Member] | Measurement Input, Price Volatility [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 141 | ||
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||
Warrants and Rights Outstanding, Measurement Input | 0.31 | ||
Computer Software, Intangible Asset [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||
Computer Software, Intangible Asset [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
Trade Accounts Receivable [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 0.1 | $ 0.5 | |
Other Accounts Receivable [Member] | |||
Accounts Receivable, after Allowance for Credit Loss, Total | $ 0.9 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Securities Potentially Dilute Calculation of Diluted Earnings Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive securities (in shares) | 4,911,841 | 2,083,192 | 1,098,428 |
Warrants to Purchase Common Stock - Liability Classified [Member] | |||
Antidilutive securities (in shares) | 7,126 | 56,735 | 54,989 |
Warrants to Purchase Common Stock - Equity Classified [Member] | |||
Antidilutive securities (in shares) | 90,608 | 1,957,166 | 0 |
Convertible 2020 Notes [Member] | |||
Antidilutive securities (in shares) | 0 | 0 | 974,139 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive securities (in shares) | 4,746,368 | 1,552 | 1,561 |
Stock Appreciation Rights (SARs) [Member] | |||
Antidilutive securities (in shares) | 67,739 | 67,739 | 67,739 |
Note 3 - Miscellaneous Financ_3
Note 3 - Miscellaneous Financial Information (Details Textual) | Jan. 19, 2021USD ($)$ / sharesshares | Aug. 25, 2020USD ($)$ / sharesshares | Jul. 06, 2020USD ($)$ / sharesshares | Sep. 30, 2021USD ($) | Mar. 31, 2020 | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Jul. 06, 2025$ / shares | Apr. 15, 2021USD ($) | Aug. 31, 2020shares | Jul. 31, 2020shares | |||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 16,100,000 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 97,734 | 30,315,986 | |||||||||||||
Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares) | 53,678,400 | ||||||||||||||
Proceeds from Warrant Exercises | $ | $ 1,121,000 | $ 17,082,000 | $ 0 | ||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 97,734 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 489,373,000 | 76,414,000 | 11,589,000 | ||||||||||||
Restructuring Reserve, Ending Balance | $ | 0 | 0 | 0 | ||||||||||||
Workforce Reduced at Luverne Facility [Member] | |||||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 26 | ||||||||||||||
Workforce Reduced at Corporate Headquarters [Member] | |||||||||||||||
Restructuring and Related Cost, Number of Positions Eliminated | 4 | ||||||||||||||
Blocksize and Leaf Resources [Member] | |||||||||||||||
Payments for Software, Total | $ | 100,000 | ||||||||||||||
Due to Related Parties, Total | $ | $ 100,000 | ||||||||||||||
Related Party Transaction, Amounts of Transaction | $ | 0 | $ 0 | |||||||||||||
The 2021 Bonds [Member] | |||||||||||||||
Debt Instrument, Face Amount | $ | $ 68,155,000 | ||||||||||||||
Debt Instrument, Unamortized Premium, Total | $ | 600,000 | 800,000 | |||||||||||||
Debt Issuance Costs, Net, Total | $ | $ 2,300,000 | $ 3,000,000 | |||||||||||||
Series 1 Unit [Member] | |||||||||||||||
Units Issued During Period (in shares) | 20,896,666 | ||||||||||||||
Units Issued Price Per Unit (in dollars per share) | $ / shares | $ 0.60 | ||||||||||||||
Units Issued Common Share Per Unit (in shares) | 1 | ||||||||||||||
Units Issued Warrant Per Unit (in shares) | 1 | ||||||||||||||
Series 1 Unit [Member] | Forecast [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.60 | ||||||||||||||
Series 2 Unit [Member] | |||||||||||||||
Units Issued During Period (in shares) | 9,103,334 | ||||||||||||||
Units Issued Price Per Unit (in dollars per share) | $ / shares | $ 0.59 | ||||||||||||||
Series 2020C Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 16,532,232 | 16,532,232 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||
Class of Warrant or Right, Issuance Price (in dollars per share) | $ / shares | $ 1.29 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares) | 1,866,558 | 16,532,232 | |||||||||||||
Proceeds from Warrant Exercises | $ | $ 1,120,000 | $ 165,000 | |||||||||||||
Series 2020 B Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 30,000,000 | 9,103,334 | |||||||||||||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares) | 1 | ||||||||||||||
Units Issued Warrant Per Unit (in shares) | 1 | ||||||||||||||
Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares) | 9,103,334 | ||||||||||||||
Proceeds from Warrant Exercises | $ | $ 91,000 | ||||||||||||||
Series 2020 B Warrants [Member] | Forecast [Member] | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||
The Series 2020 A Warrants [Member] | |||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 90,608 | [1] | 30,000,000 | [1] | 30,000,000 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | [1] | $ 0.60 | |||||||||||||
Warrants and Rights Outstanding, Term (Year) | 5 years | ||||||||||||||
Stock Issued During Period, Shares, Upon Exercise of Warrants (in shares) | 1,866,558 | 28,042,834 | |||||||||||||
Proceeds from Warrant Exercises | $ | $ 1,100,000 | $ 16,826,000 | |||||||||||||
Class of Warrant or Right, Outstanding (in shares) | 90,608 | ||||||||||||||
January 2021 Offering [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 43,750,000 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 8 | ||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 321,700,000 | ||||||||||||||
August 2020 Offering [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 21,929,313 | ||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 1.30 | ||||||||||||||
Proceeds from Issuance or Sale of Equity, Total | $ | $ 45,800,000 | ||||||||||||||
At-the-market Offering [Member] | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 24,420,579 | 3,518,121 | |||||||||||||
Increase (Decrease) in At-the-Market Offering of Stock | $ | $ 500,000,000 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ | $ 135,800,000 | $ 8,400,000 | |||||||||||||
Payments of Stock Issuance Costs | $ | 3,600,000 | $ 200,000 | |||||||||||||
Offering of Stock, Remaining Capacity, Value | $ | $ 500,000,000 | ||||||||||||||
[1] | The Series 2020-A Warrants are equity-classified warrants. |
Note 3 - Miscellaneous Financ_4
Note 3 - Miscellaneous Financial Information - Schedule of Revenue by Major Customer (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Customer A [Member] | |||
Concentration Risk, Percentage | 53.00% | 21.00% | 0.00% |
Customer B [Member] | |||
Concentration Risk, Percentage | 24.00% | 0.00% | 0.00% |
Customer C [Member] | |||
Concentration Risk, Percentage | 10.00% | 0.00% | 0.00% |
Customer D [Member] | |||
Concentration Risk, Percentage | 0.00% | 52.00% | 71.00% |
Customer E [Member] | |||
Concentration Risk, Percentage | 0.00% | 15.00% | 17.00% |
Five Customers [Member] | |||
Concentration Risk, Percentage | 87.00% | 88.00% | 88.00% |
Note 3 - Miscellaneous Financ_5
Note 3 - Miscellaneous Financial Information - Restructuring Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Balance | $ 0 | $ 0 | |
Additions | 0 | 254 | $ 0 |
Payments | (254) | ||
Balance | 0 | 0 | 0 |
Employee Severance [Member] | |||
Balance | 0 | 0 | |
Additions | 96 | ||
Payments | (96) | ||
Balance | 0 | 0 | |
Lease Agreement [Member] | |||
Balance | $ 0 | 0 | |
Additions | 158 | ||
Payments | (158) | ||
Balance | $ 0 | $ 0 |
Note 4 - Restricted Cash and _3
Note 4 - Restricted Cash and Restricted Cash Equivalents (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Restricted Cash, Total | $ 95,200 |
Receivable from Bond Trustee [Member] | |
Restricted Cash, Total | 24,010 |
Cash Pledged and Assigned to Citibank, N.A. [Member] | |
Restricted Cash, Total | 71,190 |
Restricted Cash, Current | $ 1,000 |
Restricted Cash, Interest Rate | 0.10% |
Note 4 - Restricted Cash and _4
Note 4 - Restricted Cash and Restricted Cash Equivalents - Receivable Bond (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Bond proceeds | $ 68,995 | $ 0 | $ 0 |
Total restricted cash | 95,200 | ||
Total restricted cash and restricted cash equivalents | 95,200 | ||
Current portion | (25,032) | 0 | 0 |
Long-term restricted cash and restricted cash equivalents | 70,168 | $ 0 | $ 0 |
Receivable from Bond Trustee [Member] | |||
Total restricted cash | 24,010 | ||
Cash Pledged and Assigned to Citibank, N.A. [Member] | |||
Total restricted cash | 71,190 | ||
The 2021 Bonds [Member] | |||
Bond proceeds | 68,995 | ||
Disbursement of funds | (44,780) | ||
Interest paid on bonds | (216) | ||
Interest income | $ 11 |
Note 5 - Marketable Securitie_2
Note 5 - Marketable Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Realized Loss | $ (90) | $ 0 | $ 0 |
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | 275,300 | ||
Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year Two | 64,400 | ||
Interest and Dividend Income [Member] | |||
Investment Income, Interest | 500 | 0 | $ 0 |
Prepaid Expenses and Other Current Assets [Member] | |||
Interest Receivable, Current | $ 1,500 | $ 0 |
Note 5 - Marketable Securitie_3
Note 5 - Marketable Securities - Realized Gain (Loss) From Sale of Available-for-sale Marketable Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Sales proceeds | $ 79,574 | $ 0 | $ 0 |
Amortized cost | (79,664) | ||
Realized (loss) | $ (90) | $ 0 | $ 0 |
Note 6 - Axens License (Details
Note 6 - Axens License (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Sep. 22, 2021 | |
Payments for License Fees | $ 3,250 | |
Axens [Member] | Minimum [Member] | ||
Technology to Convert Ethanol to Hydrocarbons, Number of Patents Licensed | 60 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | Sep. 21, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Payments to Acquire Intangible Assets | $ 9,170 | $ 0 | $ 0 | |
Finite-Lived Intangible Assets, Net, Ending Balance | 8,938 | 114 | ||
Gevo [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | 8,800 | |||
Agri-Energy [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | 100 | |||
Patents [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | 4,207 | $ 114 | ||
Defensive Assets [Member] | ||||
Finite-Lived Intangible Assets, Net, Ending Balance | $ 4,731 | |||
Asset Purchase Agreement with Butamax [Member] | ||||
Payments to Acquire Intangible Assets | $ 9,200 | |||
Legal Fees | 200 | |||
Asset Purchase Agreement with Butamax [Member] | Patents [Member] | ||||
Payments to Acquire Intangible Assets | 4,300 | |||
Asset Purchase Agreement with Butamax [Member] | Defensive Assets [Member] | ||||
Payments to Acquire Intangible Assets | $ 4,900 |
Note 7 - Intangible Assets - Id
Note 7 - Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Gross Carrying Amount | $ 9,470 | |
Accumulated amortization | 532 | |
Identifiable Intangible Assets, Net | $ 8,938 | $ 114 |
Weighted-Average Useful Life (Year) | 7 years 10 months 24 days | |
Accumulated amortization | $ (532) | |
Intangible assets, net | 8,938 | 114 |
Patents [Member] | ||
Gross Carrying Amount | 4,575 | 300 |
Accumulated amortization | (368) | 186 |
Identifiable Intangible Assets, Net | $ 4,207 | $ 114 |
Weighted-Average Useful Life (Year) | 7 years 3 months 18 days | 5 years 2 months 12 days |
Accumulated amortization | $ 368 | $ (186) |
Intangible assets, net | 4,207 | $ 114 |
Defensive Assets [Member] | ||
Gross Carrying Amount | 4,895 | |
Accumulated amortization | (164) | |
Identifiable Intangible Assets, Net | $ 4,731 | |
Weighted-Average Useful Life (Year) | 8 years 4 months 24 days | |
Accumulated amortization | $ 164 | |
Intangible assets, net | $ 4,731 |
Note 7 - Intangible Assets - Am
Note 7 - Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amortization expense | $ 346 | $ 21 | $ 165 |
Cost of Goods Sold [Member] | |||
Amortization expense | 21 | 21 | 165 |
Research and Development Expense [Member] | |||
Amortization expense | 161 | 0 | 0 |
Selling, General and Administrative Expenses [Member] | |||
Amortization expense | $ 164 | $ 0 | $ 0 |
Note 7 - Intangible Assets - Es
Note 7 - Intangible Assets - Estimated Net Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, intangible asset | $ 1,184 | |
2023, intangible asset | 1,184 | |
2024, intangible asset | 1,187 | |
2025, intangible asset | 1,184 | |
2026, intangible asset | 1,170 | |
Thereafter, intangible asset | 3,029 | |
Total, intangible asset | 8,938 | $ 114 |
Patents [Member] | ||
2022, intangible asset | 599 | |
2023, intangible asset | 599 | |
2024, intangible asset | 600 | |
2025, intangible asset | 599 | |
2026, intangible asset | 585 | |
Thereafter, intangible asset | 1,225 | |
Total, intangible asset | 4,207 | $ 114 |
Defensive Assets [Member] | ||
2022, intangible asset | 585 | |
2023, intangible asset | 585 | |
2024, intangible asset | 587 | |
2025, intangible asset | 585 | |
2026, intangible asset | 585 | |
Thereafter, intangible asset | 1,804 | |
Total, intangible asset | $ 4,731 |
Note 8 - Revenues From Contra_3
Note 8 - Revenues From Contracts With Customers and Other Revenue (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Revenue from Contract with Customer, Including Assessed Tax | $ 533 | $ 5,463 | $ 24,453 |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 0 | 0 | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | 0 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Number of Major Customers | 1 | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | One Customer [Member[ | |||
Concentration Risk, Percentage | 27.00% | ||
Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 533 | 5,310 | 24,453 |
Transferred at Point in Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | 0 |
Revenue, Remaining Performance Obligation, Amount | 0 | 0 | |
Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 153 | 0 |
Transferred over Time [Member] | Variable Consideration or Multiple Performance Obligations [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 0 | $ 0 |
Revenue, Remaining Performance Obligation, Amount | $ 0 | $ 0 |
Note 8 - Revenues From Contra_4
Note 8 - Revenues From Contracts With Customers and Other Revenue - Disaggregated Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 533 | $ 5,463 | $ 24,453 |
Other revenues | 178 | 73 | 34 |
Total revenues | 711 | 5,536 | 24,487 |
Transferred at Point in Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 533 | 5,310 | 24,453 |
Other revenues | 0 | 0 | 0 |
Total revenues | 533 | 5,310 | 24,453 |
Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 153 | 0 |
Other revenues | 178 | 73 | 34 |
Total revenues | 178 | 226 | 34 |
Ethanol Sales and Related Products [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 50 | 3,809 | 22,115 |
Other revenues | 0 | 0 | 0 |
Total revenues | 50 | 3,809 | 22,115 |
Hydrocarbon [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 483 | 1,501 | 2,338 |
Other revenues | 0 | 0 | 0 |
Total revenues | 483 | 1,501 | 2,338 |
Grant and Other [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 0 | 153 | 0 |
Other revenues | 178 | 73 | 34 |
Total revenues | $ 178 | $ 226 | $ 34 |
Note 9 - Leases, Right-of-use_3
Note 9 - Leases, Right-of-use Assets and Related Liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating Lease, Lease Income, Total | $ 200 | $ 100 | $ 0 | |
Finance Lease, Right-of-Use Asset, Amortization | 1,400 | 0 | 0 | |
Finance Lease, Interest Expense | $ 906 | [1] | $ 0 | $ 0 |
[1] | Interest on lease liabilities of $0.9 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 (none during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction. |
Note 9 - Leases, Right-of-use_4
Note 9 - Leases, Right-of-use Assets and Related Liabilities - Right-of-use Assets Under Operating and Financing Leases and Operating and Financing Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Operating right-of-use assets | $ 2,414 | $ 133 |
Finance right-of-use assets | 27,297 | 176 |
Total | 29,711 | 309 |
Operating lease liabilities (current) | 772 | 172 |
Operating lease liabilities (long-term) | 1,902 | 0 |
Total, operating lease | 2,674 | 172 |
Finance lease liabilities (current) | 3,413 | 10 |
Finance lease liabilities (long-term) | 17,797 | 162 |
Total, finance lease | $ 21,210 | $ 172 |
Note 9 - Leases, Right-to-use A
Note 9 - Leases, Right-to-use Assets and Related Liabilities - Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Amortization of right-of-use assets | [1] | $ 1,396 | $ 5 | ||
Interest on lease liabilities | 906 | [2] | 0 | $ 0 | |
Operating lease cost | 240 | 605 | 1,554 | ||
Short-term lease cost | 1,378 | 307 | 66 | ||
Variable lease cost | [3] | 260 | 144 | 119 | |
Total lease cost | 4,180 | 1,061 | 1,739 | ||
Operating cash flows from finance lease | 906 | 6 | |||
Operating cash flows from operating leases | 240 | 605 | 1,554 | ||
Finance cash flows from finance lease | 7,189 | 2 | |||
Right-of-use asset purchased with financing lease | 28,514 | 0 | 0 | ||
Right-of-use asset purchased with operating lease | $ 2,593 | $ 192 | $ 280 | ||
Weighted-average remaining lease term, financing lease (months) (Month) | 219 months | 224 months | |||
Weighted-average remaining lease term, operating leases (months) (Month) | 70 months | 7 months | 21 months | ||
Weighted-average discount rate - financing lease (4) | [4] | 5.00% | 13.00% | ||
Weighted-average discount rate - operating leases | [5] | 5.00% | 12.00% | 12.00% | |
[1] | Amortization of right-of-use assets of $1.4 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 ($0 during the years ended December 31, 2020 and 2019) 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 $0.9 million was capitalized as part of "Construction in progress" during the year ended December 31, 2021 (none during the years ended December 31, 2020 and 2019) and included in "Property, plant and equipment, net" in the Consolidated Balance Sheets as the related Gevo RNG facilities are still under construction. | ||||
[3] | Represents amounts incurred in excess of minimum payments, including payments for common area expenses under our office and research facility lease, and additional amounts due under our Gevo RNG leases based on the number of cows maintained by the owners of the respective facilities. | ||||
[4] | The discount rate used for the finance lease was based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments. | ||||
[5] | The discount rate used for operating leases is based on the Company's incremental borrowing rate at the date the Company entered into the lease. The Company estimated the incremental borrowing rate based on collateralized borrowings for similar terms and payments. |
Note 9 - Leases, Right-to-Use_2
Note 9 - Leases, Right-to-Use Assets and Related Liabilities - Future Minimum Payments Under Non-cancelable Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
2022, financing leases | $ 4,397 | |
2022, operating lease | 881 | |
2022, both | 5,278 | |
2023, financing leases | 1,713 | |
2023, operating lease | 528 | |
2023, both | 2,241 | |
2024, financing leases | 1,729 | |
2024, operating lease | 305 | |
2024, both | 2,034 | |
2025, financing leases | 1,743 | |
2025, operating lease | 315 | |
2025, both | 2,058 | |
2026, financing leases | 1,759 | |
2026, operating lease | 324 | |
2026, both | 2,083 | |
2026 and thereafter, financing leases | 19,814 | |
Thereafter, operating lease | 706 | |
Thereafter, both | 20,520 | |
Total, financing leases | 31,155 | |
Total, operating lease | 3,059 | |
Total, both | 34,214 | |
Less: Amounts representing present value discounts, financing leases | (9,945) | |
Less: Amounts representing present value discounts, operating lease | (385) | |
Less: Amounts representing present value discounts, both | (10,330) | |
Total lease liabilities, financing leases | 21,210 | $ 172 |
Total lease liabilities, operating leases | 2,674 | 172 |
Less: current portion, financing leases | (3,413) | (10) |
Less: current portion, operating lease | (772) | (172) |
Finance lease liabilities (long-term) | 17,797 | 162 |
Operating lease liabilities (long-term) | 1,902 | $ 0 |
Long-term portion, both | 19,699 | |
Accounts Payable, Accrued Liabilities and Other Noncurrent Liabilities [Member] | ||
Total lease liabilities, financing leases | 21,210 | |
Total lease liabilities, operating leases | 2,674 | |
Total lease liabilities, both | 23,884 | |
Prepaid Expenses and Other Current Assets [Member] | ||
Less: current portion, financing leases | (3,413) | |
Less: current portion, operating lease | (772) | |
Less: current portion, both | $ (4,185) |
Note 10 - Inventories (Details
Note 10 - Inventories (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Inventory Write-down | $ 5.2 | $ 1.2 | $ 0.2 |
Note 10 - Inventories - Compone
Note 10 - Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Spare parts | $ 1,262 | $ 1,361 |
Total inventories | 2,751 | 2,491 |
Corn [Member] | ||
Raw materials | 301 | 0 |
Enzymes and Other Inputs [Member] | ||
Raw materials | 183 | 133 |
Nutrients [Member] | ||
Raw materials | 3 | 1 |
Palladium [Member] | ||
Raw materials | 265 | 235 |
Jet Fuels, Isooctane and Isooctene [Member] | ||
Finished goods | 335 | 756 |
Isobutanol [Member] | ||
Finished goods | 223 | 0 |
Ethanol [Member] | ||
Finished goods | 96 | 0 |
Agri-Energy [Member] | ||
Work in process | 83 | 0 |
Gevo [Member] | ||
Work in process | $ 0 | $ 5 |
Note 11 - Property, Plant and_3
Note 11 - Property, Plant and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, plant, and equipment, gross | $ 203,000,000 | $ 125,525,000 |
Less accumulated depreciation and amortization | (63,859,000) | (59,117,000) |
Property, plant and equipment, net | $ 139,141,000 | 66,408,000 |
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 | $ 17,949,000 | 17,374,000 |
Site Improvement [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 7,157,000 | 7,157,000 |
Lab Equipment, Furniture and Fixtures, and Vehicles [Member] | ||
Property, plant and equipment, useful life (Year) | 5 years | |
Property, plant, and equipment, gross | $ 6,811,000 | 6,396,000 |
Demonstration Plant [Member] | ||
Property, plant and equipment, useful life (Year) | 2 years | |
Property, plant, and equipment, gross | $ 3,597,000 | 3,597,000 |
Leasehold Improvements [Member] | ||
Property, plant, and equipment, gross | $ 2,802,000 | 2,523,000 |
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 | |
Building [Member] | ||
Property, plant and equipment, useful life (Year) | 10 years | |
Property, plant, and equipment, gross | $ 2,543,000 | 2,543,000 |
Computer, Office Equipment, and Software [Member] | ||
Property, plant, and equipment, gross | $ 2,332,000 | 1,983,000 |
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 | $ 88,989,000 | $ 13,132,000 |
Note 11 - Property, Plant and_4
Note 11 - Property, Plant and Equipment - Depreciation and Amortization Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation | $ 4,782 | $ 5,883 | $ 6,491 |
Cost of Sales [Member] | |||
Depreciation | 4,457 | 5,669 | 6,282 |
Research and Development Expense [Member] | |||
Depreciation | 250 | 160 | 152 |
Selling, General and Administrative Expenses [Member] | |||
Depreciation | 75 | 54 | 57 |
Operating Expense [Member] | |||
Depreciation | $ 325 | $ 214 | $ 209 |
Note 12 - Embedded Derivative_2
Note 12 - Embedded Derivatives (Details Textual) $ / shares in Units, $ in Millions | Dec. 31, 2021USD ($)$ / sharesshares | Aug. 31, 2020shares | Aug. 25, 2020$ / sharesshares | Jul. 31, 2020shares | Jul. 06, 2020shares | Dec. 31, 2019shares | |||
Class of Warrant or Right, Outstanding (in shares) | 97,734 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 97,734 | 30,315,986 | |||||||
Measurement Input, Price Volatility [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 130 | ||||||||
Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 0.31 | ||||||||
Measurement Input, Expected Term [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 5 | ||||||||
The Series 2020 A Warrants [Member] | |||||||||
Class of Warrant or Right, Outstanding (in shares) | 90,608 | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | [1] | $ 0.60 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 90,608 | [1] | 30,000,000 | 30,000,000 | [1] | ||||
Warrants and Rights Outstanding | $ | $ 8.3 | ||||||||
Series 2020 B Warrants [Member] | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 9,103,334 | 30,000,000 | |||||||
Warrants and Rights Outstanding | $ | 2.9 | ||||||||
Series 2020C Warrants [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.01 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 16,532,232 | 16,532,232 | |||||||
Warrants and Rights Outstanding | $ | $ 21.4 | ||||||||
Minimum [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 0.60 | ||||||||
Minimum [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 130 | ||||||||
Minimum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 0.30 | ||||||||
Maximum [Member] | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 2 | ||||||||
Maximum [Member] | Measurement Input, Price Volatility [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 141 | ||||||||
Maximum [Member] | Measurement Input, Risk Free Interest Rate [Member] | |||||||||
Warrants and Rights Outstanding, Measurement Input | 0.31 | ||||||||
[1] | The Series 2020-A Warrants are equity-classified warrants. |
Note 12 - Embedded Derivative_3
Note 12 - Embedded Derivatives - Schedule of Shares Issued Upon Exercise of Warrants (Details) - $ / shares | Dec. 31, 2021 | Jul. 31, 2020 | 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 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 Exercise Price (in dollars per share) | [1] | $ 0.60 | ||||
Shares Underlying Warrants (in shares) | 90,608 | [1] | 30,000,000 | 30,000,000 | [1] | |
Shares Issued (in shares) | [1] | 29,909,392 | ||||
[1] | The Series 2020-A Warrants are equity-classified warrants. |
Note 12 - Embedded Derivative_4
Note 12 - Embedded Derivatives - Exercise of Warrants (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Common Stock Issued (in shares) | 53,678,400 | ||
Proceeds | $ 1,121 | $ 17,082 | $ 0 |
Series K Warrants [Member] | |||
Common Stock Issued (in shares) | 200 | ||
Proceeds | $ 1 | ||
The Series 2020 A Warrants [Member] | |||
Common Stock Issued (in shares) | 1,866,558 | 28,042,834 | |
Proceeds | $ 1,100 | $ 16,826 | |
Series 2020C Warrants [Member] | |||
Common Stock Issued (in shares) | 1,866,558 | 16,532,232 | |
Proceeds | $ 1,120 | $ 165 | |
Series 2020 B Warrants [Member] | |||
Common Stock Issued (in shares) | 9,103,334 | ||
Proceeds | $ 91 | ||
The Series 2020 C Warrants and Series K Warrants [Member] | |||
Common Stock Issued (in shares) | 1,866,758 | ||
Proceeds | $ 1,121 |
Note 13 - Accounts Payable an_3
Note 13 - Accounts Payable and Accrued Liabilities - Components Accounts Payable and Accrued Liabilities in Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Account payable - trade | $ 4,868 | $ 897 |
Gevo RNG accrued project costs | 11,000 | 0 |
Accrued employee compensation | 4,678 | 1,960 |
Net-Zero 1 accrued project costs | 5,010 | 0 |
Other accrued liabilities | 2,732 | 1,086 |
Total accounts payable and accrued liabilities | $ 28,288 | $ 3,943 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) | Jun. 05, 2021USD ($) | Apr. 15, 2021USD ($) | Jul. 10, 2020USD ($)shares | Jan. 10, 2020USD ($)$ / shares | Apr. 19, 2017$ / shares | Dec. 31, 2020USD ($)shares | Apr. 30, 2020USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Long-term Debt, Total | $ 1,254,000 | $ 66,962,000 | $ 1,254,000 | |||||||
Interest Costs Incurred, Total | 2,400,000 | 2,100,000 | $ 2,700,000 | |||||||
Interest Costs Capitalized | 1,200,000 | 0 | ||||||||
Finance Lease, Interest Costs Capitalized | 900,000 | 0 | ||||||||
Gain (Loss) on Conversion of Notes to Common Stock | 0 | (1,916,000) | $ 0 | |||||||
Conversion from Convertible 2020/21 Notes to Common Stock [Member] | ||||||||||
Debt Conversion, Original Debt, Amount | $ 2,000,000 | $ 12,700,000 | ||||||||
Debt Conversion, Converted Instrument, Shares Issued (in shares) | shares | 4,169,426 | 5,672,654 | ||||||||
Gain (Loss) on Conversion of Notes to Common Stock | $ (1,900,000) | |||||||||
Conversion from Convertible 2020/21 Notes to Common Stock [Member] | Coupon Make Whole Payments [Member] | ||||||||||
Debt Conversion, Original Debt, Amount | $ 300,000 | $ 1,200,000 | ||||||||
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 | 600,000 | ||||||||
Debt Issuance Costs, Net, Total | 3,000,000 | $ 2,300,000 | ||||||||
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 | $ 300,000 | |||||||||
Debt Instrument, Periodic Payment, Total | $ 8,000 | |||||||||
Convertible 2017 Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||
Convertible 2020 Notes [Member] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||
Long-term Debt, Total | $ 14,100,000 | |||||||||
Debt Instrument, Interest Rate, Paid In Kind Percentage | 2.00% | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 14.72 | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.0679 | |||||||||
Beneficial Ownership Limitation, Percentage | 4.99% | |||||||||
Beneficial Ownership Limitation Percentage, Notice (Day) | 61 days | |||||||||
Beneficial Ownership Limitation After Notice, Percentage | 9.99% | |||||||||
Convertible 2020/21 Notes [Member] | ||||||||||
Debt Instrument, Face Amount | $ 14,400,000 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 2.442 | |||||||||
Debt Instrument, Convertible, Conversion Ratio | 0.4095 | |||||||||
Debt Instrument, PIK Interest | 4.00% | |||||||||
Debt Instrument, Conversion Price Reduction, Discount Rate | 10.00% |
Note 14 - Debt - Notes Payable
Note 14 - Debt - Notes Payable - Other (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Apr. 15, 2021 | Dec. 31, 2020 |
Notes payable, other | $ 66,962 | $ 1,254 | |
Less current portion | (158) | (807) | |
Long-term portion | 66,804 | 447 | |
Notes Payable, Other Payables [Member] | |||
Notes payable, other | $ 66,962 | ||
The 2021 Bonds [Member] | |||
Interest rate | 1.50% | ||
The 2021 Bonds [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 1.50% | ||
Notes payable, other | $ 66,486 | 0 | |
SBA Loans [Member] | Notes Payable, Other Payables [Member] | |||
Interest rate | 1.00% | ||
Notes payable, other | $ 320 | 1,006 | |
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | |||
Notes payable, other | $ 156 | $ 248 | |
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | Minimum [Member] | |||
Interest rate | 4.00% | ||
Notes Payable, Equipment [Member] | Notes Payable, Other Payables [Member] | Maximum [Member] | |||
Interest rate | 5.00% |
Note 14 - Debt - Future Payment
Note 14 - Debt - Future Payments for Notes Payable - Other (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Total | $ 66,962 | $ 1,254 |
Notes Payable, Other Payables [Member] | ||
2022 | 158 | |
2023 | 159 | |
2024 | 66,616 | |
2025 | 29 | |
Long-term Debt, Total | $ 66,962 |
Note 14 - Debt - Information Pe
Note 14 - Debt - Information Pertaining to Convertible Notes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Original issue discount paid with 2020/21 Notes | $ 0 | $ 282 | $ 0 |
Embedded Derivative, Convertible 2020 Notes [Member] | |||
Balance | 0 | 0 | |
Amortization of debt discount | 0 | ||
Amortization of debt issue costs | 0 | ||
Paid-in-kind interest | 0 | ||
Conversion of 2020/21 Notes into common Stock | 0 | ||
Fair value of 2020/21 embedded derivative liability upon issuance | 2,848 | ||
Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes | 5,759 | ||
Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock | (8,607) | ||
Embedded Derivative, Convertible 2020 and 2020/21 Notes [Member] | |||
Balance | 0 | 13,900 | |
Amortization of debt discount | 405 | ||
Amortization of debt issue costs | 30 | ||
Paid-in-kind interest | 316 | ||
Conversion of 2020/21 Notes into common Stock | (14,651) | ||
Fair value of 2020/21 embedded derivative liability upon issuance | 2,848 | ||
Increase in fair value of 2020/21 Notes embedded derivative liability prior to conversion of 2020/21 Notes | 5,759 | ||
Decrease in fair value of 2020/21 Notes embedded derivative liability upon conversion to common stock | (8,607) | ||
Convertible Debt [Member] | |||
Balance | 0 | (123) | |
Balance | 0 | (30) | |
Balance | 0 | 13,900 | |
Amortization of debt discount | 405 | ||
Amortization of debt issue costs | 30 | ||
Paid-in-kind interest | 316 | ||
Conversion of 2020/21 Notes into common Stock | 0 | ||
Conversion of 2020/21 Notes into common Stock | 0 | ||
Conversion of 2020/21 Notes into common Stock | (14,651) | ||
Original issue discount paid with 2020/21 Notes | (282) | ||
Convertible 2020 Notes [Member] | Convertible Debt [Member] | |||
Balance | 0 | 14,053 | |
Paid-in-kind interest | 47 | ||
Exchange of 2020 Notes for 2020/21 Notes | (14,100) | ||
Conversion of 2020/21 Notes into common Stock | 0 | ||
Original issue discount paid with 2020/21 Notes | 0 | ||
Convertible 2020/21 Notes [Member] | Convertible Debt [Member] | |||
Balance | $ 0 | 0 | |
Paid-in-kind interest | 269 | ||
Exchange of 2020 Notes for 2020/21 Notes | 14,100 | ||
Conversion of 2020/21 Notes into common Stock | (14,651) | ||
Original issue discount paid with 2020/21 Notes | $ 282 |
Note 15 - Equity Incentive Pl_3
Note 15 - Equity Incentive Plans (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 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) | 8,672,529 | |
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 15 - Equity Incentive Pl_4
Note 15 - Equity Incentive Plans - Restricted Common Stock and Non-qualified Stock Option Activity (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||||
Vesting Period (Year) | 4 years | ||||||||||
Number of awards issued/granted (in shares) | 4,762,004 | 0 | 0 | ||||||||
Number of awards issued/granted (in shares) | 4,762,004 | 0 | 0 | ||||||||
Restricted Stock [Member] | |||||||||||
Number of shares issued/granted (in shares) | 108,685 | [1],[2],[3] | 3,915,502 | [2],[3],[4] | (89,673) | [3],[5] | (121,499) | [6] | 3,813,015 | ||
Restricted Stock [Member] | Minimum [Member] | |||||||||||
Vesting Period (Year) | 0 years | 2 years | |||||||||
Restricted Stock [Member] | Maximum [Member] | |||||||||||
Vesting Period (Year) | 4 years | 3 years | |||||||||
Non-qualified Stock Options [Member] | |||||||||||
Number of shares issued/granted (in shares) | 0 | 0 | |||||||||
Number of awards issued/granted (in shares) | 76,089 | [7],[8] | 4,668,727 | [7],[9] | 4,744,816 | ||||||
Number of awards issued/granted (in shares) | 76,089 | [7],[8] | 4,668,727 | [7],[9] | 4,744,816 | ||||||
Restricted Stock and Non-qualified Stock Options [Member] | Minimum [Member] | |||||||||||
Vesting Period (Year) | 2 years | 2 years | |||||||||
Restricted Stock and Non-qualified Stock Options [Member] | Maximum [Member] | |||||||||||
Vesting Period (Year) | 4 years | 3 years | |||||||||
[1] | Includes restricted stock awards granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 and December 30, 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 and directors on August 20, 2021. | ||||||||||
[5] | Includes restricted stock awards granted to employees April 7, 2021, May 3, 2021 and June 7, 2021. | ||||||||||
[6] | Includes shares of common stock cancelled related to unvested restricted stock awards of a director and an employee who resigned. | ||||||||||
[7] | Includes non-qualified stock options canceled related to unvested stock option awards granted to employees. | ||||||||||
[8] | Includes non-qualified stock options granted to employees on December 10, 2021, December 13, 2021, December 16, 2021 and December 30,2021. | ||||||||||
[9] | Includes non-qualified stock options granted to employees and directors on August 20, 2021. |
Note 16 - Stock-based Compens_3
Note 16 - Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option, Exercise Price Range, Lower Range Limit (in dollars per share) | $ 4 | ||||
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, Vested, Number of Shares (in shares) | 0 | ||||
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 19,100 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 4,762,004 | 0 | 0 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||
Share-based Payment Arrangement, Exercise of Option, Tax Benefit | $ 0 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||
Share-based Payment Arrangement, Option [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | ||||
Restricted Stock [Member] | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 4 months 24 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,800 | $ 1,500 | $ 700 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 22,500 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 4,955,693 | ||||
Restricted Stock [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 0 years | 2 years | |||
Restricted Stock [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | 3 years | |||
Stock Appreciation Rights (SARs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,739 | ||||
Shares Granted, Value, Share-based Payment Arrangement, after Forfeiture, Total | $ 600 |
Note 16 - Stock-based Compens_4
Note 16 - Stock-based Compensation - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Stock-based compensation | $ 9,874 | $ 2,125 | $ 1,349 |
Equity Classified Awards [Member] | |||
Stock-based compensation | 7,700 | 2,101 | 1,221 |
Liability Classified Awards [Member] | |||
Stock-based compensation | 2,174 | 24 | 128 |
Cost of Goods Sold [Member] | |||
Stock-based compensation | 40 | 0 | 0 |
Cost of Goods Sold [Member] | Share-based Payment Arrangement, Option [Member] | |||
Stock-based compensation | 16 | 0 | 0 |
Cost of Goods Sold [Member] | Restricted Stock [Member] | |||
Stock-based compensation | 27 | 0 | 0 |
Research and Development Expense [Member] | |||
Stock-based compensation | 2,000 | 600 | 300 |
Research and Development Expense [Member] | Share-based Payment Arrangement, Option [Member] | |||
Stock-based compensation | 681 | 0 | 0 |
Research and Development Expense [Member] | Restricted Stock [Member] | |||
Stock-based compensation | 1,345 | 481 | 228 |
Research and Development Expense [Member] | Stock Appreciation Rights (SARs) [Member] | |||
Stock-based compensation | 9 | 137 | 66 |
Selling, General and Administrative Expenses [Member] | |||
Stock-based compensation | 7,800 | 1,500 | 1,100 |
Selling, General and Administrative Expenses [Member] | Share-based Payment Arrangement, Option [Member] | |||
Stock-based compensation | 1,990 | 0 | 0 |
Selling, General and Administrative Expenses [Member] | Restricted Stock [Member] | |||
Stock-based compensation | 3,641 | 1,620 | 993 |
Selling, General and Administrative Expenses [Member] | Restricted Stock, Liability Classified Awards [Member] | |||
Stock-based compensation | 2,165 | 0 | 0 |
Selling, General and Administrative Expenses [Member] | Stock Appreciation Rights (SARs) [Member] | |||
Stock-based compensation | $ 0 | $ (113) | $ 62 |
Note 16 - Stock-based Compens_5
Note 16 - Stock-based Compensation - Stock Option Award Activity (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
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 7 months 6 days | 5 years 7 months 6 days | ||
Number of awards issued/granted (in shares) | 4,762,004 | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | [1] | $ 4.63 | ||
Canceled or forfeited (in shares) | (17,188) | |||
Canceled or forfeited, weighted average exercise price (in dollars per share) | [1] | $ 5,693.43 | ||
Exercised (in shares) | 0 | |||
Exercised, weighted average exercise price (in dollars per share) | [1] | $ 0 | ||
Options outstanding (in shares) | 4,746,368 | 1,552 | ||
Options outstanding, weighted average exercise price (in dollars per share) | [1] | $ 5.11 | $ 556.13 | |
Options outstanding, aggregate intrinsic value | $ 0 | |||
Options exercisable (in shares) | 1,515 | |||
Options exercisable, weighted average exercise price (in dollars per share) | [1] | $ 429.54 | ||
Options exercisable, weighted average remaining contractual term (Year) | 4 years 7 months 6 days | |||
Options exercisable, aggregate intrinsic value | $ 0 | |||
Options vested and expected to vest (in shares) | 4,746,368 | |||
Options vested and expected to vest, weighted average exercise price (in dollars per share) | [1] | $ 5.11 | ||
Options vested and expected to vest, weighted average remaining contractual term (Year) | 9 years 7 months 6 days | |||
Options vested and expected to vest, aggregate intrinsic value | $ 0 | |||
[1] | Exercise price of options outstanding range from $4 to $56,460 as of December 31, 2021. |
Note 16 - Stock-based Compens_6
Note 16 - Stock-based Compensation - Stock Option Valuation Assumptions (Details) | 12 Months Ended |
Dec. 31, 2021$ / shares | |
Risk-free interest rate, minimum | 0.87% |
Risk-free interest rate, maximum | 1.36% |
Expected volatility factor, minimum | 141.00% |
Expected volatility factor, maximum | 142.00% |
Minimum [Member] | |
Exercise price (in dollars per share) | $ 4.42 |
Expected dividend yield | 0.00% |
Expected option life (years) (Year) | 5 years 9 months |
Weighted-average fair value (in dollars per share) | $ 4.06 |
Maximum [Member] | |
Exercise price (in dollars per share) | $ 5.38 |
Expected dividend yield | 0.00% |
Expected option life (years) (Year) | 6 years |
Weighted-average fair value (in dollars per share) | $ 4.95 |
Note 16 - Stock-based Compens_7
Note 16 - Stock-based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Non-vested (in shares) | shares | 4,701,556 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 0.79 |
Granted (in shares) | shares | 4,955,693 |
Granted, weighted average grant date fair value (in dollars per share) | $ / shares | $ 5.08 |
Vested (in shares) | shares | (2,625,259) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.04 |
Canceled or forfeited (in shares) | shares | (149,488) |
Canceled or forfeited, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.31 |
Non-vested (in shares) | shares | 6,882,502 |
Non-vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 3.77 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Unrecognized Tax Benefits, Ending Balance | $ 0 | $ 0 |
Open Tax Year | 2016 2017 2018 2019 2020 2021 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 122,500 | |
Domestic Tax Authority [Member] | July 9, 2020 Ownership Change [Member] | ||
Operating Loss Carryforwards, Subject to Limitations | 66,200 | |
Operating Loss Carryforwards, Annual Limitation Amount | 100 | |
Domestic Tax Authority [Member] | Ownership Changes Between July 9, 2020 and January 22, 2021 [Member] | ||
Operating Loss Carryforwards, Subject to Limitations | 17,900 | |
Operating Loss Carryforwards, Annual Limitation Amount | 11,900 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | $ 64,300 |
Note 17 - Income Taxes - Net De
Note 17 - Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Net operating loss carryforwards | $ 29,277 | $ 15,406 |
Operating lease assets | (7,881) | (82) |
Operating lease liabilities | 8,086 | 88 |
Depreciation, deferred tax assets | 3,840 | 3,427 |
Restricted stock | 1,146 | 992 |
Business interest expense | 1,165 | 1,441 |
Other temporary differences | 886 | 321 |
Deferred tax assets | 36,519 | 21,593 |
Valuation allowance | (36,519) | (21,593) |
Net deferred tax assets | $ 0 | $ 0 |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciling Items from Income Tax Computed at the Statutory Federal Rate (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Federal income tax at statutory rate | 21.00% | 21.00% | 21.00% |
State income taxes, net of federal benefits | 3.80% | 4.10% | 7.00% |
Impact of change in statutory tax rates | 0.00% | (0.80%) | (0.20%) |
Impact of NOL write-offs | 0.00% | (250.40%) | 0.00% |
Impact of Research and Development credit write-off | 0.00% | (8.70%) | 0.00% |
Permanent deductions | 0.30% | (5.30%) | (0.10%) |
Valuation allowance | (25.20%) | 240.10% | (27.70%) |
Effective tax rate | 0.00% | 0.00% | 0.00% |
Note 18 - Employee Benefit Pl_2
Note 18 - Employee Benefit Plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
The 401(k) Plan [Member] | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0 | $ 0 | $ 0 |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Details Textual) $ in Thousands | Dec. 31, 2021USD ($) |
Indemnification Agreement [Member] | |
Loss Contingency Accrual, Ending Balance | $ 0 |
Note 20 - Fair Value Measurem_3
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments (Details Textual) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Securities, Available-for-sale, Total | $ 0 |
Note 20 - Fair Value Measurem_4
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Schedule of Carrying Value and Fair Value by Fair Value Hierarchy of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Marketable securities, fair value | $ 0 | |
Fair Value, Recurring [Member] | ||
Liability-classified restricted stock awards | $ 702 | |
Total recurring | 340,438 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liability-classified restricted stock awards | 702 | |
Total recurring | 340,438 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liability-classified restricted stock awards | 0 | |
Total recurring | 0 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liability-classified restricted stock awards | 0 | |
Total recurring | 0 | |
Corn, Palladium and Finished Goods [Member] | Fair Value, Nonrecurring [Member] | ||
Corn and palladium inventory | 566 | 866 |
Corn, Palladium and Finished Goods [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Corn and palladium inventory | 566 | 235 |
Corn, Palladium and Finished Goods [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Corn and palladium inventory | 0 | 631 |
Corn, Palladium and Finished Goods [Member] | Fair Value, Nonrecurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Corn and palladium inventory | 0 | $ 0 |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | ||
Marketable securities, fair value | 225,792 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 225,792 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, fair value | 0 | |
US Treasury Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities, fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | ||
Marketable securities, fair value | 113,944 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable securities, fair value | 113,944 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable securities, fair value | 0 | |
US Government-sponsored Enterprises Debt Securities [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable securities, fair value | $ 0 |
Note 20 - Fair Value Measurem_5
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Investments, Marketable Securities (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Available-for-sale securities, amortized costs, current | $ 275,754 |
Available-for-sale securities, gross unrealized loss, current | (414) |
Available-for-sale securities, fair value, current | 275,340 |
US Treasury Securities [Member] | |
Available-for-sale securities, amortized costs, current | 226,136 |
Available-for-sale securities, gross unrealized loss, current | (344) |
Available-for-sale securities, fair value, current | 225,792 |
US Government-sponsored Enterprises Debt Securities [Member] | |
Available-for-sale securities, amortized costs, current | 49,618 |
Available-for-sale securities, gross unrealized loss, current | (70) |
Available-for-sale securities, fair value, current | 49,548 |
Available-for-sale securities, amortized costs, noncurrent | 64,596 |
Available-for-sale securities, gross unrealized loss, noncurrent | (200) |
Available-for-sale securities, fair value, noncurrent | $ 64,396 |
Note 20 - Fair Value Measurem_6
Note 20 - Fair Value Measurements and Fair Value of Financial Instruments - Carrying Values and Estimated Fair Values (Details) - The 2021 Bonds [Member] | Dec. 31, 2021USD ($) |
Reported Value Measurement [Member] | |
2021 Bonds | $ 68,155 |
Estimate of Fair Value Measurement [Member] | |
2021 Bonds | $ 68,380 |
Note 21 - Segments (Details Tex
Note 21 - Segments (Details Textual) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Number of Operating Segments | 4 | |
Intercompany Sales | $ 0 | $ 100 |
Note 21 - Segments - Informatio
Note 21 - Segments - Information on Business Segments (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Total revenues | $ 711 | $ 5,536 | $ 24,487 | |
Loss from operations | (60,090) | (26,961) | (26,355) | |
Interest expense | 251 | 2,094 | 2,738 | |
Depreciation expense | 5,128 | 5,904 | 6,656 | |
Acquisitions of plant, property and equipment: | 94,781 | 6,217 | 6,497 | |
Assets | [1] | 666,476 | 152,099 | |
Operating Segments [Member] | ||||
Construction in process | 88,989 | 13,132 | ||
Operating Segments [Member] | UNITED STATES | ||||
Total revenues | 322 | 4,082 | 22,149 | |
Operating Segments [Member] | Non-US [Member] | ||||
Total revenues | 389 | 1,454 | 2,338 | |
Intersegment Eliminations [Member] | ||||
Assets | [2] | (204,302) | (131,971) | |
Gevo [Member] | Operating Segments [Member] | ||||
Total revenues | 483 | 1,650 | 2,338 | |
Loss from operations | (33,080) | (13,215) | (12,360) | |
Interest expense | 67 | 2,075 | 2,738 | |
Depreciation expense | 650 | 214 | 210 | |
Acquisitions of plant, property and equipment: | 10,799 | 4,501 | 130 | |
Construction in process | 442 | 8 | ||
Assets | 555,877 | 152,177 | ||
Agri-Energy [Member] | Operating Segments [Member] | ||||
Total revenues | 228 | 3,886 | 22,149 | |
Loss from operations | (16,605) | (12,047) | (13,995) | |
Interest expense | 17 | 19 | 0 | |
Depreciation expense | 4,475 | 5,690 | 6,446 | |
Acquisitions of plant, property and equipment: | 5,716 | 1,716 | 6,367 | |
Construction in process | 9,122 | 8,645 | ||
Assets | 153,494 | 131,893 | ||
Renewable Natural Gas [Member] | Operating Segments [Member] | ||||
Total revenues | 0 | 0 | 0 | |
Loss from operations | (1,153) | (1,294) | 0 | |
Interest expense | 167 | 0 | 0 | |
Depreciation expense | 3 | 0 | 0 | |
Acquisitions of plant, property and equipment: | 52,470 | 0 | 0 | |
Construction in process | 56,879 | 4,479 | ||
Assets | 116,644 | 0 | ||
Net-Zero [Member] | Operating Segments [Member] | ||||
Total revenues | 0 | 0 | 0 | |
Loss from operations | (9,252) | (405) | 0 | |
Interest expense | 0 | 0 | 0 | |
Depreciation expense | 0 | 0 | 0 | |
Acquisitions of plant, property and equipment: | 25,796 | 0 | $ 0 | |
Construction in process | 22,546 | 0 | ||
Assets | $ 44,763 | $ 0 | ||
[1] | All other significant non-cash items relate to the activities of Gevo. | |||
[2] | Includes intercompany sales of nil and $0.1 million during the years ended December 31, 2021 and 2020, respectively, for hydrocarbon sales. |
Note 22 - Subsequent Events (De
Note 22 - Subsequent Events (Details Textual) | Feb. 07, 2022USD ($) | Jan. 27, 2022shares | Dec. 31, 2021shares | Dec. 31, 2020shares |
Common Stock, Shares Authorized (in shares) | 250,000,000 | 250,000,000 | ||
Subsequent Event [Member] | ||||
Common Stock, Shares Authorized (in shares) | 500,000,000 | |||
Subsequent Event [Member] | Accidental Discharge [Member] | ||||
Site Contingency, Number of Sites | 1 | |||
Site Contingency, Loss Exposure Not Accrued, Best Estimate | $ | $ 300,000 |