Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Jan. 31, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 001-35073 | ||
Entity Registrant Name | GEVO, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 87-0747704 | ||
Entity Address, Address Line One | 345 Inverness Drive South | ||
Entity Address, Address Line Two | Building C, Suite 310 | ||
Entity Address, City or Town | Englewood | ||
Entity Address, State or Province | CO | ||
Entity Address, Postal Zip Code | 80112 | ||
City Area Code | 303 | ||
Local Phone Number | 858-8358 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | GEVO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 0.4 | ||
Entity Common Stock, Shares Outstanding | 240,499,833 | ||
Documents Incorporated by Reference | Part III of this Annual Report on Form 10-K incorporates certain information by reference from the registrant’s proxy statement for the 2024 annual meeting of stockholders to be filed no later than 120 days after the end of the registrant’s fiscal year ended December 31, 2023. | ||
Entity Central Index Key | 0001392380 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Auditor Firm ID | 248 | ||
Auditor Name | GRANT THORNTON LLP | ||
Auditor Location | Denver, Colorado |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 298,349 | $ 237,125 |
Marketable securities | 167,408 | |
Restricted cash (current) | 77,248 | 1,032 |
Trade accounts receivable, net | 2,623 | 476 |
Inventories | 3,809 | 6,347 |
Prepaid expenses and other current assets | 4,353 | 3,034 |
Total current assets | 386,382 | 415,422 |
Property, plant and equipment, net | 211,563 | 185,174 |
Restricted cash | 77,219 | |
Operating right-of-use assets | 1,324 | 1,331 |
Finance right-of-use assets | 210 | 219 |
Intangible assets, net | 6,524 | 7,691 |
Deposits and other assets | 44,319 | 13,692 |
Total assets | 650,322 | 700,748 |
Current liabilities | ||
Accounts payable and accrued liabilities | 22,752 | 24,760 |
Operating lease liabilities | 532 | 438 |
Finance lease liabilities | 45 | 79 |
Loans payable | 130 | 159 |
2021 Bonds payable, net | 67,967 | 0 |
Total current liabilities | 91,426 | 25,436 |
2021 Bonds payable, net | 67,223 | |
Loans payable | 21 | 159 |
Operating lease liabilities | 1,299 | 1,450 |
Finance lease liabilities | 187 | 183 |
Other liabilities | 820 | |
Total liabilities | 92,933 | 95,271 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, $0.01 par value per share; 500,000,000 shares authorized; 240,499,833 and 237,166,625 shares issued and outstanding at December 31, 2023, and December 31, 2022, respectively. | 2,405 | 2,372 |
Additional paid-in capital | 1,276,581 | 1,259,527 |
Accumulated other comprehensive loss | (1,040) | |
Accumulated deficit | (721,597) | (655,382) |
Total stockholders' equity | 557,389 | 605,477 |
Total liabilities and stockholders' equity | $ 650,322 | $ 700,748 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
CONSOLIDATED BALANCE SHEETS | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock shares issued (in shares) | 240,499,833 | 237,166,625 |
Common stock, shares outstanding (in shares) | 240,499,833 | 237,166,625 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||
Total operating revenues | $ 17,200 | $ 1,175 |
Operating expenses: | ||
Cost of production | 11,991 | 8,698 |
Depreciation and amortization | 19,007 | 7,887 |
Research and development expense | 6,637 | 7,427 |
General and administrative expense | 42,628 | 39,941 |
Project development costs | 14,732 | 10,061 |
Facility idling costs | 4,040 | 4,599 |
Impairment loss | 0 | 24,749 |
Loss on disposal of assets | 499 | |
Total operating expenses | 99,035 | 103,861 |
Loss from operations | (81,835) | (102,686) |
Other income (expense) | ||
Interest expense | (2,161) | (1,167) |
Interest and investment income | 19,090 | 3,481 |
Other income (expense), net | (1,309) | 2,365 |
Total other income, net | 15,620 | 4,679 |
Net loss | $ (66,215) | $ (98,007) |
Net loss per share - basic (in dollars per share) | $ (0.28) | $ (0.44) |
Net loss per share - diluted (in dollars per share) | $ (0.28) | $ (0.44) |
Weighted-average number of common shares outstanding - basic (in shares) | 238,687,621 | 221,537,262 |
Weighted-average number of common shares outstanding - diluted (in shares) | 238,687,621 | 221,537,262 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) | ||
Net loss | $ (66,215) | $ (98,007) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on available-for-sale securities | 1,040 | (426) |
Comprehensive loss | $ (65,175) | $ (98,433) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock | Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total |
Beginning balance (in shares) at Dec. 31, 2021 | 201,988,662 | ||||
Beginning balance at Dec. 31, 2021 | $ 2,020 | $ 1,103,224 | $ (614) | $ (557,375) | $ 547,255 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Issuance of common stock, net of issuance costs (in shares) | 33,333,336 | ||||
Issuance of common stock, net of issuance costs | $ 333 | 138,675 | 139,008 | ||
Issuance of common stock upon exercise of warrants (in shares) | 4,677 | ||||
Issuance of common stock upon exercise of warrants | 3 | 3 | |||
Non-cash stock-based compensation | 17,419 | 17,419 | |||
Stock-based awards and related share issuances, net ( in shares) | 1,839,950 | ||||
Stock-based awards and related share issuances, net | $ 19 | 206 | 225 | ||
Other comprehensive loss | (426) | (426) | |||
Net loss | (98,007) | $ (98,007) | |||
Ending balance (in shares) at Dec. 31, 2022 | 237,166,625 | 237,166,625 | |||
Ending balance at Dec. 31, 2022 | $ 2,372 | 1,259,527 | (1,040) | (655,382) | $ 605,477 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Non-cash stock-based compensation | 17,087 | 17,087 | |||
Stock-based awards and related share issuances, net ( in shares) | 3,333,208 | ||||
Stock-based awards and related share issuances, net | $ 33 | (33) | |||
Other comprehensive loss | $ 1,040 | 1,040 | |||
Net loss | (66,215) | $ (66,215) | |||
Ending balance (in shares) at Dec. 31, 2023 | 240,499,833 | 240,499,833 | |||
Ending balance at Dec. 31, 2023 | $ 2,405 | $ 1,276,581 | $ (721,597) | $ 557,389 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Operating Activities | ||
Net loss | $ (66,215) | $ (98,007) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Impairment loss | 0 | 24,749 |
Loss on disposal of assets | 499 | |
Stock-based compensation | 17,087 | 17,419 |
Depreciation and amortization | 19,007 | 7,887 |
Amortization of marketable securities (discount) premium | (102) | 2,723 |
Other noncash expense (income) | 908 | 877 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,147) | 502 |
Inventories | 670 | (2,004) |
Prepaid expenses and other current assets, deposits and other assets | (25,620) | (2,591) |
Accounts payable, accrued expenses and non-current liabilities | 2,693 | 3,635 |
Net cash used in operating activities | (53,719) | (44,311) |
Investing Activities | ||
Acquisitions of property, plant and equipment | (54,455) | (84,077) |
Acquisition of patent portfolio | (10) | |
Proceeds from maturity of marketable securities | 168,550 | 299,581 |
Purchase of marketable securities | (130,402) | |
Proceeds from sale of property, plant and equipment | 34 | |
Net cash provided by investing activities | 114,129 | 85,092 |
Financing Activities | ||
Debt and equity offering costs | (10,993) | |
Proceeds from issuance of common stock and common stock warrants | 150,000 | |
Proceeds from exercise of warrants | 3 | |
Net settlement of common stock under stock plans | (286) | |
Payment of loans payable | (167) | (150) |
Payment of finance lease liabilities | (22) | (12) |
Net cash (used in) provided by financing activities | (189) | 138,562 |
Net increase in cash and cash equivalents | 60,221 | 179,343 |
Cash, cash equivalents and restricted cash at beginning of period | 315,376 | 136,033 |
Cash, cash equivalents and restricted cash at end of period | 375,597 | 315,376 |
Schedule of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 298,349 | 237,125 |
Restricted cash (current) | 77,248 | 1,032 |
Restricted cash (non-current) | 77,219 | |
Total cash, cash equivalents and restricted cash | 375,597 | 315,376 |
Supplemental disclosures of cash and non-cash investing and financing transactions | ||
Cash paid for interest, net of amounts capitalized | 1,029 | 522 |
Non-cash purchase of property, plant and equipment | 8,174 | 13,837 |
Right-of-use asset purchased with operating lease | $ 199 | $ 0 |
Nature of Business, Financial C
Nature of Business, Financial Condition and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business, Financial Condition and Basis of Presentation | 1. Nature of Business, Financial Condition and Basis of Presentation Nature of business. The Company is focused on transforming renewable energy into energy-dense liquid drop-in hydrocarbons that can be used as renewable fuels, such as sustainable aviation fuel (“SAF”) and other fuels and chemicals, with the potential to achieve a “net-zero” GHG, or even carbon negative footprint measured by the Argonne National Laboratory’s GREET (Greenhouse gases, Regulated Emissions, and Energy use in Transportation) model (the “GREET Model”) to measure, predict and verify GHG emissions across the life-cycle. Our “net-zero” concept means production of drop-in hydrocarbon fuels by using sustainably grown feedstocks (e.g., low till, no-till and dry corn cultivation), renewable and substantially decarbonized energy sources, resulting in a net-zero carbon footprint from the full life cycle of the fuel measured from the capture of renewable carbon through the burning of the fuel. Gevo’s primary market focus, given current demand and growing customer interest, is SAF. The Company believes that SAF from carbohydrates to alcohol is the most economically viable approach for carbon abatement. The Company also has commercial opportunities for other renewable hydrocarbon products, such as (i) renewable natural gas, also known as biogas (“RNG”), (ii) hydrocarbons for gasoline blendstocks and diesel fuel, and (iii) plastics, materials and other chemicals. We are engaged in technology, process and intellectual property development targeted to large scale deployment of net-zero hydrocarbon fuels and chemicals. We are developing the marketplace and customers for SAF and other related products. We also are engaged as a developer and enabler/licensor for large scale commercial production, and we expect to be a co-investor on certain projects. Gevo’s business model is that of a developer of projects, a licensor, process technology developer, and operator of certain assets in the future. Net-Zero Projects In early 2021, we announced our proprietary “Net-Zero Projects” that we developed and engineered as a series of planned facilities to produce energy dense liquid hydrocarbons using renewable energy and our proprietary technology. Our Net-Zero Projects will convert renewable energy (e.g., photosynthetic, wind, RNG) from a variety of sources into energy dense liquid hydrocarbons that, when burned in traditional engines, has the potential to achieve net-zero GHG emissions across the whole lifecycle of the liquid fuel: from the way carbon is captured from the atmosphere, processed to make liquid fuel products, and burned as a fuel for planes, cars, trucks, and ships. Gevo has engineered, developed, and owns our Net-Zero plant designs, and the overall Gevo Net-Zero process (i.e., the process to enable carbon-negative olefins, and hydrocarbon fuels with an anticipated net-zero or better carbon footprint measured across the lifecycle of the whole processes). The proprietary Gevo Net-Zero processes and plant designs are based upon the conversion of carbohydrates to alcohols, then the conversion of the alcohols to olefins (i.e., building blocks for chemicals, plastics, and fuels), and then the conversion of the olefins into fuels, all optimized and integrated to achieve a net-zero carbon footprint. In the fermentation section of our plant design, we work with Fluid Quip Technologies, LLC and PRAJ Industries Limited (“PRAJ”), as well as other suppliers of unit operations, and using Axens North America, Inc. (“Axens”) as the unit operation technology supplier for producing olefins and fuels. Gevo has developed and owns the overall proprietary plant designs, engineering details, integration technologies, and has filed patents on several process improvements. In November 2021, Gevo entered into an agreement to exclusively utilize Axens’ technology for isobutanol conversion into hydrocarbons. In February of 2022, Gevo and Axens entered into a second exclusive agreement to specifically cover the process steps for ethanol to finished jet fuel. Our initial Net-Zero Project, Net-Zero 1 (“NZ1”), is expected to be located in Lake Preston, South Dakota, and is being currently designed to produce approximately 65 million gallons per year (“MGPY”) of total hydrocarbon volumes, including 60 MGPY of SAF. Along with the hydrocarbons, NZ1 is being currently designed to produce approximately 1,390 million pounds per year of high-value protein products for use in the food chain and more than 34 million pounds per year of corn oil. Our products will be produced in three steps; the first step is milling the corn and the production of protein, oil, and carbohydrates, the second step produces alcohols using fermentation and the third step is the conversion of the alcohols into hydrocarbons. We also are developing other commercial production projects for SAF at other locations in the United States where we expect to use our Net-Zero plant designs based on work done for NZ1 at Lake Preston. Gevo expects to play the role of project developer, plant design and technology licensor, and investor, based on traditional developer business models where the developer gets a partial ownership stake for developing the project. We may also co-invest in projects to increase our equity ownership in those projects. Renewable Natural Gas Project Gevo’s RNG facilities in Northwest Iowa (“NW Iowa RNG”) are owned by Gevo NW Iowa RNG, LLC, and produces RNG captured from dairy cow manure supplied by three local dairies. Animal manure can be digested anaerobically to produce biogas, which is then upgraded to pipeline quality gas referred to as RNG. The original design capacity for this project was 355,000 MMBtu. Gevo NW Iowa RNG, LLC sells the produced RNG to the California market through an agreement with BP Canada Energy Marketing Corp. and BP Products North America Inc. (collectively, “BP”). In addition, NW Iowa RNG generates and sells Low Carbon Fuel Standard (“LCFS”) credits as well as D3 Renewable Identification Numbers (“RINs”) through the production of RNG (collectively, “environmental attributes”). Luverne Facility Gevo’s development plant in Luverne, Minnesota (the “Luverne Facility”), recorded in the Agri-Energy segment, was originally constructed in 1998 and is located on approximately 55 acres of land, which contains approximately 50,000 square feet of building space. Gevo may use the Luverne Facility in the future to prove our processes, process concepts, unit operations and for other purposes in order to optimize feedstocks and the processes used for producing hydrocarbons from alcohols. Currently, the activities at the Luverne Facility are minimized to care and maintenance, market development, and customer education. Financial Condition |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation Basis of Presentation. , . Reclassifications. Use of Estimates Concentrations of Credit Risk and Major Customers one Cash, Cash Equivalents and Restricted Cash Marketable Securities. Trade Accounts Receivable, net Inventories Environmental Attribute Inventory. Property, Plant and Equipment Construction in Progress. Depreciation and Amortization. Impairment of Long-Lived Assets Leases, Right-of-Use Assets and Related Liabilities. A lease is classified as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If a lease does not meet any of these criteria, the lease is classified as an operating lease. 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 depend on an index or rate and such payments are excluded from the calculation of the right-of-use asset and lease liability and are recognized as variable lease cost when incurred. 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. The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its corporate office lease asset class. Intangible assets. Borrowing Costs. Debt Issuance Costs and Debt Discounts/Premiums Warrants. Variable Interest Entities. The Company enters into agreements with special purpose entities (“SPEs”), some of which are variable interest entities (“VIEs”), in the ordinary course of business. A legal entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. The Company’s variable interests arise from contractual or other monetary interests in the entity. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. The Company consolidates a VIE if it is deemed to be the primary beneficiary. The Company determines it is the primary beneficiary if it has the power to direct the activities that most significantly impact the VIEs’ economic performance and has the obligation to absorb losses or has the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it is the primary beneficiary. See Footnote 22 below for further information. Revenue Recognition Cost of Production Research and Development General and Administrative. Project Development 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 three years 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 expenses 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 is based on actual forfeitures, although not affecting the fair value measurement of the awards, and are reflected at that time as well. Income Taxes Each period, we evaluate the likelihood of whether or not some portion or all of each deferred tax asset will be realized and provide a valuation allowance for those deferred tax assets for which it is more likely than 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 interpret tax legislation differently, which could affect the final amount or the timing of tax payments. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations. Accrued interest and penalties would be included within the related tax liability line in the Consolidated Balance Sheets. Prior Period Financial Statement Immaterial Adjustment. Consolidations A summary of the impact of the adjustment on the Consolidated Balance Sheets for each of the periods ended December 31, 2022, March 31, 2023, and June 30, 2023, respectively, is as follows: an increase to property, plant, and equipment of $8.3 million, $19.0 million, and $19.7 million, and a corresponding decrease in deposits and other assets of $8.3 million, $19.0 million, and $19.7 million. For the period ended March 31, 2023, a summary of the impact of the adjustment on the Consolidated Balance Sheets is as follows: an increase in trade accounts receivable, net, of $0.1 million and an increase is accounts payable and accrued liabilities of $0.1 million. For the period ended June 30, 2023, a summary of the impact of the adjustment on the Consolidated Balance Sheets is as follows: a decrease in accounts payable and accrued liabilities of $0.3 million and a corresponding decrease to deposits and other assets Additionally, the following immaterial adjustments were made to the consolidated statements of cash flows associated with the above changes for each of the periods ended September 30, 2022, December 31, 2022, March 31, 2023, and June 30, 2023, respectively, as follows: a decrease in the net cash used in operating activities of $8.3 million, $8.3 million, $10.7 million, and $11.4 million, and a corresponding decrease net cash Recently Issued, Not Yet Adopted Accounting Pronouncements Segment Reporting. Income Taxes. |
Revenues from Contracts with Cu
Revenues from Contracts with Customers and Other Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenues from Contracts with Customers and Other Revenue | |
Revenues from Contracts with Customers and Other Revenue | 3. Revenues from Contracts with Customers and Other Revenue RNG Revenue The Company’s revenues are primarily comprised of the sale of RNG and related environmental attributes produced at the NW Iowa RNG facility under long-term contracts with customers. Revenue is recognized at a point in time when the Company transfers the product to its customer. The customer obtains control of the product upon RNG delivery into gas pipeline system, whereas the title and control for the environmental attributes are transferred to the customer subsequent to the issuance of such attributes by the relevant regulatory agency. The Company generally has a single performance obligation in our arrangements with customers. The Company’s performance obligation related to the sales of RNG and related environmental attributes are satisfied at a point in time upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring its products. There is no variable consideration present in the Company’s performance obligations. Consideration for each transaction is based upon quoted market prices at the time of delivery. All material contracts have payment terms of between one to three months and there are no return or refund rights. Licensing and Development Revenue The Company’s licensing and development revenue is related to a joint development agreement with LG Chem, Ltd. ("LG Chem") to develop bio-propylene for renewable chemicals using Gevo’s Ethanol-to-Olefins ("ETO") technology. As the contractually promised intellectual properties (“IP”) are not individually distinct, the Company combined each individual IP noted in the contract into a bundle of IP (“IP Rights”) that is distinct and accounted for all of the IP Rights promised in the contract as a single performance obligation. The IP Rights granted were “functional IP rights” that have significant standalone functionality. The Company’s subsequent activities do not substantively change that functionality and do not significantly affect the utility of the IP to which the licensee has rights. The Company has no further obligation with respect to the grant of IP Rights, including no expressed or implied obligation to maintain or upgrade the technology, or provide future support or services. Licensees legally obtain control of the IP Rights upon execution of the contract. As such, the earnings process is complete and revenue is recognized upon the execution of the contract, when collectability is probable and all other revenue recognition criteria have been met. Other Hydrocarbon Revenue The Company recorded limited revenues from its development-scale plant, the Luverne Facility, during the year ended December 31, 2023, and 2022. These revenues were promotional in nature and from customer contracts for ethanol sales and related products and hydrocarbon revenues, which included isooctene, isooctane, and SAF. These products were sold mostly on a free-on-board shipping point basis (recognized at a point in time), were independent transactions, did not provide post-sale support or promises to deliver future goods, and were single performance obligations. The following tables display the Company’s revenue by major source based on product type (in thousands): Year Ended December 31, Major Goods/Service Line 2023 2022 Renewable natural gas commodity 659 640 Environmental attribute revenue 14,798 214 Licensing and development revenue 1,300 — Other hydrocarbon revenue - ethanol, isooctane, IBA 443 321 Total operating revenue $ 17,200 $ 1,175 Contract Assets and Trade Receivables. |
Asset Impairment
Asset Impairment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Asset Impairment | 4 . There were no During the year ended December 31, 2022, the Company recorded a $24.7 million impairment loss on long-lived assets, to reduce the carrying value of certain property, plant, and equipment, and a leased right of use (“ROU”) asset, at the Agri-Energy, LLC (“Agri-Energy”) segment to its fair value. The impairments recorded to date relate to the decision to suspend production at the Luverne Facility and shift the plant into an idled, care and maintenance status during the third quarter of 2022. As a result of this change in use, combined with a sustained history of operating losses, the Company assessed that indicators of impairment were present for long-lived assets within its Agri-Energy reporting segment. The Company therefore performed impairment testing and determined that the carrying amounts of certain property plant and equipment and the leased ROU asset exceeded estimated fair values. The Company estimated the fair value of these asset groups generally using a cost approach which is based on replacement or reproduction costs of the assets and is considered a Level 2 measurement and recorded a corresponding impairment loss under Operating Expenses within the Consolidated Statements of Operations. |
Net loss Per Share
Net loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Net loss Per Share | 5 . Basic net loss per share is calculated based on the weighted average number of common shares outstanding for the period. Diluted net loss per share is calculated based on the assumption that stock options and other dilutive securities outstanding, which have an exercise price less than the average market price of the Company’s common shares during the period, would have been exercised on the later of the beginning of the period or the date granted, and that the funds obtained from the exercise were used to purchase common shares at the average market price during the period. None of the Company’s stock options or other dilutive securities are considered to be dilutive in periods with net losses. The effect of the Company’s dilutive securities is calculated using the treasury stock method and only those instruments that result in a reduction in net income per common share are included in the calculation. Diluted net loss per share excluded common stock equivalents because the effect of their inclusion would be anti-dilutive or would decrease the reported net loss per share. Therefore 50,373 and 69,245 of dilutive common stock equivalents have been excluded as the Company is in a net loss position. See Notes 16 and 21 for all outstanding options and warrants that were not included in the computation of diluted weighted average common shares outstanding, as the exercise price of the options and warrants exceeded the average price of the Company’s common stock during the reporting period, and therefore are anti-dilutive Basic and diluted net loss per share is calculated as follows (net loss in thousands): Year Ended December 31, 2023 2022 Net loss $ (66,215) $ (98,007) Basic weighted-average shares outstanding 238,687,621 221,537,262 Net loss per share - basic and diluted $ (0.28) $ (0.44) |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 6. Marketable Securities The Company’s investments in marketable securities are stated at fair value and are available for sale. During the year ended December 31, 2023, all remaining investments in marketable securities matured with no realized gain or loss. The following table summarizes the Company’s investments in marketable securities (in thousands) as of: December 31, 2022 Amortized Gross Cost Unrealized Maturity Basis Losses Fair Value Marketable securities (current) U.S. Treasury notes Within one year $ 56,418 $ (344) $ 56,074 U.S. Government-sponsored enterprise securities Within one year 112,030 (696) 111,334 Total marketable securities (current) $ 168,448 $ (1,040) $ 167,408 The cost of securities sold is based upon the specific identification method. Interest income from marketable securities totaled $0.8 million and $4.3 million for the years ended December 31, 2023, and 2022, respectively, and is included in “Interest and investment income” in the Consolidated Statements of Operations. |
Restricted Cash
Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Restricted Cash and Cash Equivalents [Abstract] | |
Restricted Cash | 7. Restricted Cash As of December 31, 2023, current restricted cash of $77.3 million consists of amounts held as collateral for letters of credit to provide financing support for development and construction of the NW Iowa RNG and NZ1 projects. The Company entered into an irrevocable direct pay letter of credit (the “Bond Letter of Credit”) with Citibank N.A (“Citibank”) in April 2021 to support the 2021 Bonds (as defined below) for the development and construction of NW Iowa RNG. See Note 14, Debt, for additional information on the 2021 Bonds. The Bond Letter of Credit has a 0.5% annual fee and expires April 4, 2024 (unless terminated earlier). The Company deposited $71.2 million with Citibank as restricted cash to secure any amounts drawn under the Bond Letter of Credit. As of December 31, 2023, no amounts have been drawn under the Bond Letter of Credit. In September 2022, the Company entered into a Pledge and Assignment agreement with Citibank to provide credit support in the form of a letter of credit (the “Power Letter of Credit”) from Citibank to a local electric utility company in order to induce the utility company to design and construct the power transmission and distribution facilities that will serve NZ1. The Company deposited $6.6 million of restricted cash in an account with Citibank to collateralize the Power Letter of Credit, which has a 0.3% annual fee and expires September 30, 2024 (unless terminated earlier). As of December 31, 2023, no amounts have been drawn under the Power Letter of Credit. In January 2024, Citibank was notified by the local electric utility company to close the letter of credit, as the Company has discontinued its relationship with the local utility, and fulfilled all obligations under the Power Letter of Credit. The Company is entitled to receive interest income on the restricted cash, and recorded interest income of $3.4 million and $0.5 million for the years ended December 31, 2023, and 2022, respectively, included in “Other income, net” in the Consolidated Statements of Operations. |
Prepaid and Other Current Asset
Prepaid and Other Current Assets | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Prepaid and Other Current Assets | 8 . The following table sets forth the components of the Company’s prepaid and other current assets (in thousands) as of: December 31, 2023 2022 Prepaid insurance $ 568 $ 911 Interest receivable 1,331 514 Prepaid feedstock 1,097 1,097 Other current assets 1,357 512 Total prepaid expenses and other current assets $ 4,353 $ 3,034 |
Leases, Right-of-Use Assets and
Leases, Right-of-Use Assets and Related Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases, Right-of-Use Assets and Related Liabilities | 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. The lease contains an option to extend the lease which management does not reasonably expect to exercise, so it is not included in the length of the term. The Company also has one production line piece of equipment with an operating lease that expires in 2024. The Company has four finance leases for land under arrangements related to NW Iowa RNG. Under these contracts, the Company leases land from dairy farmers on which it has built three anaerobic digesters, and related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. The partially conditioned biogas is transported from the three digester sites to a central gas upgrade system located at the fourth site that upgrades the biogas to pipeline-quality RNG for sale. These leases expire at various dates between 2031 and 2050. The Company accounts for lease components separately from non-lease components for the Company’s dairy lease asset class. The total consideration in the lease agreement is allocated to the lease and non-lease components based on their relative standalone selling prices. The following tables present the (i) other quantitative information and (ii) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Years Ended December 31, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 22 $ 30 Operating cash flows from operating leases 330 928 Finance cash flows from finance leases 2 2 Right-of-use asset obtained in exchange for new operating lease liabilities 199 — Weighted-average remaining lease term, finance lease (months) 307 311 Weighted-average remaining lease term, operating leases (months) 61 65 Weighted-average discount rate - finance leases (1) 12 % 12 % Weighted-average discount rate - operating leases (1) 6 % 5 % (1) Our leases do not provide an implicit interest rate, and we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. Year Ending December 31, Operating Leases Finance Leases 2024 $ 617 $ 50 2025 398 27 2026 367 25 2027 335 26 2028 345 26 2029 and thereafter — 523 Total 2,062 677 Less: amounts representing present value discounts 231 445 Total lease liabilities 1,831 232 Less: current portion 532 45 Non-current portion $ 1,299 $ 187 |
Leases, Right-of-Use Assets and Related Liabilities | The Company is party to an operating lease contract for the Company’s office and research facility in Englewood, Colorado, which expires in January 2029. The lease contains an option to extend the lease which management does not reasonably expect to exercise, so it is not included in the length of the term. The Company also has one production line piece of equipment with an operating lease that expires in 2024. The Company has four finance leases for land under arrangements related to NW Iowa RNG. Under these contracts, the Company leases land from dairy farmers on which it has built three anaerobic digesters, and related equipment and pipelines to condition raw biogas from cow manure provided by the farmers. The partially conditioned biogas is transported from the three digester sites to a central gas upgrade system located at the fourth site that upgrades the biogas to pipeline-quality RNG for sale. These leases expire at various dates between 2031 and 2050. The Company accounts for lease components separately from non-lease components for the Company’s dairy lease asset class. The total consideration in the lease agreement is allocated to the lease and non-lease components based on their relative standalone selling prices. The following tables present the (i) other quantitative information and (ii) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Years Ended December 31, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 22 $ 30 Operating cash flows from operating leases 330 928 Finance cash flows from finance leases 2 2 Right-of-use asset obtained in exchange for new operating lease liabilities 199 — Weighted-average remaining lease term, finance lease (months) 307 311 Weighted-average remaining lease term, operating leases (months) 61 65 Weighted-average discount rate - finance leases (1) 12 % 12 % Weighted-average discount rate - operating leases (1) 6 % 5 % (1) Our leases do not provide an implicit interest rate, and we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. Year Ending December 31, Operating Leases Finance Leases 2024 $ 617 $ 50 2025 398 27 2026 367 25 2027 335 26 2028 345 26 2029 and thereafter — 523 Total 2,062 677 Less: amounts representing present value discounts 231 445 Total lease liabilities 1,831 232 Less: current portion 532 45 Non-current portion $ 1,299 $ 187 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | 10 . The following table sets forth the components of the Company’s inventory balances (in thousands) as of: December 31, 2023 2022 Raw materials $ 104 $ 168 Finished goods SAF, Isooctane, Isooctene and other 1,167 1,581 Work in process Environmental attributes 2,067 4,193 Jet fuel — 51 Spare parts 471 354 Total inventories $ 3,809 $ 6,347 During the years ended December 31, 2023, and 2022, the Company recorded net realizable value adjustments of $1.9 million and $0.4 million, respectively, included in Cost of production in the Consolidated Statements of Operations. |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 11 . The following table sets forth the Company’s property, plant and equipment by classification (in thousands): Useful Life December 31, (in years) 2023 2022 Land $ 6,505 $ 6,452 Plant facilities and infrastructure 5 to 20 77,329 76,900 Machinery and equipment 5 to 20 95,212 87,248 Furniture and office equipment 3 to 7 2,864 2,977 Software 3 to 6 1,636 2,217 Construction in progress 114,332 81,019 Total property, plant and equipment 297,878 256,813 Less: accumulated depreciation and amortization (86,315) (71,639) Property, plant and equipment, net $ 211,563 $ 185,174 The Company recorded depreciation expenses of $17.6 million and $6.5 million for the years ended December 31, 2023, and 2022, respectively. At December 31, 2023, and 2022, construction in progress included accruals of $7.0 million and $13.8 million, respectively. Construction in progress includes $34.7 million for Gevo, $15.5 million for Agri-Energy related to a fractionation and hydrocarbon skid, $0.6 million for NW Iowa RNG and $63.5 million for NZ1 at December 31, 2023. Construction in progress includes $25.9 million for Gevo, $11.4 million for Agri-Energy, $1.0 million for NW Iowa RNG and $42.7 million for NZ1 at December 31, 2022. Construction in progress is not subject to depreciation until the assets are placed into service. Borrowing costs. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 12. Intangible Assets Identifiable intangible assets consist of patents, which management evaluates to determine whether they (i) support current products, (ii) support planned research and development, or (iii) prevent others from competing with Gevo’s products. The following tables set forth the Company’s intangible assets by classification (in thousands) as of: December 31, 2023 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, net (Years) Patents $ 4,580 $ (1,621) $ 2,959 7.4 Defensive assets 4,900 (1,335) 3,565 8.4 Intangible assets $ 9,480 $ (2,956) $ 6,524 7.9 December 31, 2022 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, Net (Years) Patents $ 4,580 $ (1,039) $ 3,541 7.4 Defensive assets 4,900 (750) 4,150 8.4 Intangible assets $ 9,480 $ (1,789) $ 7,691 7.9 The Company recorded amortization expense of $1.2 million and $1.3 million for the years ended December 31, 2023, and 2022, respectively. The following table details the estimated amortization of identifiable intangible assets as of December 31, 2023 (in thousands): Year Ending December 31, Patents Defensive Assets Total 2024 $ 582 $ 586 $ 1,168 2025 582 586 1,168 2026 582 586 1,168 2027 582 586 1,168 2028 582 586 1,168 2029 and thereafter 49 635 684 Total intangible assets $ 2,959 $ 3,565 $ 6,524 |
Deposits and Other Assets
Deposits and Other Assets | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Deposits and Other Assets | 13 . The following table sets forth the components of the Company’s deposits and other assets (in thousands) as of: Year Ended December 31, 2023 2022 Deposits (1) $ 166 $ 276 Prepaid feedstock (2) 440 934 Equity interest (3) 1,500 1,500 Exclusivity fees (4) 583 2,522 Deposits receivable (5) 33,602 — Other assets, net (6) 8,028 8,460 Total deposits and other assets $ 44,319 $ 13,692 (1) Deposits for services and products. (2) Prepaid feedstock fees, non-current, for the production of RNG. (3) The Company directly holds a 4.6% interest in the Series A Preferred Stock of Zero6 Clean Energy Assets, Inc. (“Zero6”), formerly Juhl Clean Energy Assets, Inc., which is not a publicly listed entity with a readily determinable fair value. The Company therefore measures the securities at cost. Recent observable equity raises indicated no impairment issues. This ownership interest is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC (“RCWF”), a Zero6 subsidiary, see Note 19, Commitments and Contingencies, for additional information. (4) Axens North America, Inc. (“Axens”) will provide certain alcohol-to-SAF technologies and services exclusively provided to the Company which may be offset against future license fees subject to the delivery of a process design package. (5) Deposits provided to a developer of certain wind-farm projects and power utility contractor to induce to design and construct the power generation, transmission and distribution facilities that will serve NZ1, $5.5 million of which will be either reimbursed or used as an investment into wind generation facility and the remaining $28.1 million is expected to be fully reimbursed upon completion of the project. Gevo has contractual priority liens against the equipment and constructed facilities under the contracts. (6) Payments which were allocated to the non-lease fuel supply, primarily related to sand separation systems, to support NW Iowa RNG fuel supply agreements prior to commencement of operations, being amortized over the life of the project . |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 14. Accounts Payable and Accrued Liabilities The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the Consolidated Balance Sheets (in thousands): Year Ended December 31, 2023 2022 Accounts payable $ 2,718 $ 5,009 Accrued liabilities 13,411 12,594 Accrued payroll and related benefits 6,621 5,105 Accrued sales and use tax 2 2,052 Total accounts payable and accrued liabilities $ 22,752 $ 24,760 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | 15 . 2021 Bond Issuance On April 15, 2021, on behalf of Gevo NW Iowa RNG, LLC, the Iowa Finance Authority (the “Authority”) issued $68,155,000 of its non-recourse Solid Waste Facility Revenue Bonds (Gevo NW Iowa RNG, LLC Renewable Natural Gas Project), Series 2021 (Green Bonds) (the “2021 Bonds”) for NW Iowa RNG. The bond proceeds were used as a source of construction financing alongside equity from the Company. The bonds were issued under a Trust Indenture dated April 1, 2021 (the “Indenture”) between the Authority and Citibank, N.A. as trustee (the “Trustee”). The 2021 Bonds mature April 1, 2042. The bonds bear interest at 1.5% per annum during the Initial Term Rate Period, (as defined in the Indenture), payable semi-annually on January 1 and July 1 of each year. The effective interest rate is 1.1%. The bonds are supported by the $71.2 million Bond Letter of Credit; see Note 7, Restricted Cash. The Trustee can draw sufficient amounts on the Bond Letter of Credit to pay the principal and interest until the first mandatory tender date of April 1, 2024. The bonds are callable and re-marketable on or after October 1, 2022. If the bonds have not been called and re-marketed by the first mandatory tender date, the Trustee may draw on the Bond Letter of Credit to repay the bonds in their entirety at the purchase price. As of December 31, 2023, no amounts have been drawn under the Bond Letter of Credit. The 2021 Bonds were issued at a premium of $0.8 million and debt issuance costs were $3.0 million. The bond debt is classified as current debt and is presented net of the premium and issuance costs, which are being amortized over the life of the bonds using the interest method. As of December 31, 2023, and 2022, the premium balance and the debt issuance cost net of amortization were $0.1 million, $0.4 million, $0.3 million and $1.3 million, respectively. Loans Payable In April 2020, the Company and Agri-Energy each entered into a loan agreement with Live Oak Banking Company, pursuant to which the Company and Agri-Energy obtained loans from the SBA PPP totaling $1.0 million in the aggregate (the “SBA Loans”). In April 2021, the balance of $0.5 million of the Company’s and $0.1 million of Agri-Energy’s loans and accrued interest obtained through the SBA PPP were forgiven. The remaining SBA Loan for Agri-Energy totals $0.3 million, bears interest at 1.0% per annum and matures in April 2025. Monthly payments of $8,230, including interest, began on June 5, 2021 and are payable through April 2025. The summary of the Company’s long-term debt is as follows (in thousands) as of: Year Ended December 31, Interest Rate Maturity Date 2023 2022 2021 Bonds, net 1.5% April 2042 $ 67,967 $ 67,223 SBA Loans 1.0% April 2025 119 224 Equipment 4% to 5% December 2023 to December 2024 32 94 Total debt 68,118 67,541 Less: current portion (68,097) (159) Non-current portion $ 21 $ 67,382 Future payments for the Company’s long-term debt are as follows (in thousands): Year Ending December 31, Total Debt 2024 $ 68,089 2025 29 Total debt $ 68,118 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 16. Stock-Based Compensation Equity incentive plans The 2010 Plan provides for the grant of non-qualified stock options, incentive stock options, stock appreciation rights, restricted stock awards, restricted stock units and other equity awards to employees and directors of the Company. In May 2023, upon approval of the shareholders at the 2023 Annual Meeting of Stockholders, the 2010 Plan was amended and restated, which increased the number of shares of common stock reserved for issuance under the 2010 Plan to 37,980,074 shares. At December 31, 2023, 13,613,130 shares were available for future issuance under the 2010 Plan. Stock-based compensation expense The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Year Ended December 31, 2023 2022 Equity Classified Awards Cost of production $ 59 $ (25) General and administrative 15,204 14,342 Other 1,824 2,618 Total equity classified awards 17,087 16,935 Total stock-based compensation $ 17,087 $ 16,935 Stock option award activity Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2022 5,945,321 $ 4.65 9.1 $ — Granted 3,368,717 $ 1.69 $ — Canceled or forfeited (1,204,915) $ 4.06 $ — Exercised — $ — $ — Options outstanding at December 31, 2023 8,109,123 $ 3.51 8.8 $ — Options vested and expected to vest at December 31, 2023 3,046,060 $ 4.80 8.0 $ — (1) Exercise price of options outstanding range from $1.15 to $876 as of December 31, 2023. The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018. During the year ended December 31, 2023, 3.0 million stock options vested. As of December 31, 2023, the total unrecognized compensation expense, net of actual forfeitures, relating to stock options was $8.6 million, which is expected to be recognized over the remaining weighted-average period of approximately 1.9 years. The following table sets forth the weighted average Black-Scholes option pricing model assumptions (no dividends were expected) and resulting grant date fair value for the stock options granted during the years ended December 31, 2023, and 2022: Year Ended December 31, 2023 2022 Risk-free interest rate 4.30 % 2.90 % Expected volatility factor 153 % 134 % Expected option life (years) 6.0 6.0 Weighted-average fair value $ 1.41 $ 2.18 There is a maximum contractual term of ten years Restricted Stock. two three years Non-vested restricted stock awards at December 31, 2023, and changes during the year ended December 31, 2023, were as follows: Weighted- Average Number of Grant-Date Shares Fair Value Outstanding at December 31, 2022 5,254,457 $ 3.94 Granted 4,208,021 $ 1.49 Vested and issued (2,415,824) $ 4.08 Canceled or forfeited (887,313) $ 3.39 Non-vested at December 31, 2023 6,159,341 $ 2.30 The total fair value of restricted stock that vested during the years ended December 31, 2023, and 2022, was $9.8 million and $10.2 million, respectively. As of December 31, 2023, the total unrecognized compensation expense, net of actual forfeitures, relating to restricted stock awards was $10.3 million, which is expected to be recognized over the remaining weighted-average period of approximately 1.8 years. As of December 31, 2023 , . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 17. Income Taxes As of December 31, 2023, the Company has a federal and state net operating loss carryover of approximately $201.2 million and $138.7 million, respectively, available to offset future income for income tax reporting purposes. The remaining federal net operating loss carryovers do not expire. Of our state net operating loss carryovers, $137.1 million would expire between the years 2027-2043 We periodically evaluate our net operating loss carryforwards and whether certain changes in ownership have occurred that would limit our ability to utilize a portion of our net operating loss carryforwards pursuant to Internal Revenue Code Section 382. An ownership change may occur, for example, as a result of trading in our stock by significant investors as well as issuance of new equity. As a result of ownership changes in prior years, a portion of our net operating losses have been limited. 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, 2023 2022 Deferred tax assets, net: Net operating loss carryforwards $ 48,638 $ 40,511 Operating lease assets (405) (371) Operating lease liabilities 545 410 Depreciation 11,421 9,145 Stock compensation 2,530 2,027 Business interest expense 1,110 1,033 Capitalized research cost 7,332 3,334 Other temporary differences 820 691 Deferred tax assets 71,991 56,780 Valuation allowance (71,991) (56,780) Net deferred tax assets $ — $ — Beginning in 2022, the Tax Cuts and Jobs Act of 2017 eliminated the option to deduct research and development expenditures in the current year and requires taxpayers to amortize them over five years pursuant to Internal Revenue Code Section 174. The mandatory capitalization requirement increases the deferred tax asset for Capitalized Research Costs by $3.6 million for the year ended December 31, 2023. ASC 740, Income Taxes The following table sets forth reconciling items from income tax computed at the statutory federal rate: Year Ended December 31, 2023 2022 Federal income tax at statutory rate 21.0 % 21.0 % State income taxes, net of federal benefits 6.8 % 1.6 % Officers compensation limit (1.8) % (1.2) % Stock based compensation (2.5) % — % Other permanent (0.2) % (1.0) % Valuation allowance (23.3) % (20.4) % 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, 2023. The Company is subject to examination by major tax jurisdictions for the years ended December 31, 2018 to 2022. 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, 2023 and 2022, respectively. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2023 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | 18. Employee Benefit Plan The Company sponsors the Gevo, Inc. 401(k) Plan (the “401(k) Plan”) under Section 401(k) of the Internal Revenue Code. Subject to certain eligibility requirements, the 401(k) Plan covers substantially all employees beginning the month after employment. Employee contributions are deposited by the Company into the 401(k) Plan and may not exceed the maximum statutory contribution amount. Beginning January 1, 2023, the 401(k) Plan was amended to include matching contributions to the 401(k) Plan, with the Company matching 100% of the employee’s contributions that are not over 3% of compensation, plus 50% of contributions which are over 3% but are not over 5% of compensation. The matching contributions will be made in shares of the Company’s common stock and vest immediately. For the year ended December 31, 2023, accrued matching contributions to the 401(k) Plan was $0.7 million, equivalent to approximately 0.7 million shares of common stock, to be remitted to participants in Q1 2024. The Company did not |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. Commitments and Contingencies Legal Matters. State Tax Audit. Indemnifications In addition, the Company indemnifies its officers and directors for certain events or occurrences, subject to certain limitations. The duration of these indemnifications, commitments, and guarantees varies and, in certain cases, is indefinite. The maximum amount of potential future indemnification is unlimited; however, the Company has a director and officer insurance policy that may enable it to recover a portion of any future amounts paid. The Company accrues losses for any known contingent liability, including those that may arise from indemnification provisions, when future payment is probable. No such losses have been recorded to date. Environmental Liabilities Fuel Supply Commitment. Zero6 Commitments. Additionally, the Company’s investment in Zero6, see Note 13 above, is pledged separately as collateral for two commitments for the purchase of wind electricity for the Luverne Facility, as well as the purchase of 100% of RCWF’s renewable energy credits. Gevo has a commitment to purchase all of RCWF’s electricity. The portion not used by the Luverne Facility is charged to the Company at a lower price. The estimated commitments as of December 31, 2023, and thereafter are shown below (in thousands): December 31, 2029 and 2024 2025 2026 2027 2028 thereafter Total Fuel Supply Payments $ 3,193 $ 2,699 $ 1,718 $ 2,060 $ 2,202 $ 26,061 $ 37,933 Zero6 Commitment 36,221 7,149 — — — — 43,370 Renewable Energy Credits 128 128 129 128 128 1,455 2,096 Electricity Above Use (Est.) 447 — — — — — 447 Total $ 39,989 $ 9,976 $ 1,847 $ 2,188 $ 2,330 $ 27,516 $ 83,846 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 20. Fair Value Measurements Accounting standards define fair value, outline a framework for measuring fair value, and detail the required disclosures about fair value measurements. Under these standards, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. Standards establish a hierarchy in determining the fair market value of an asset or liability. The fair value hierarchy has three levels of inputs, both observable and unobservable. Standards require the utilization of the highest possible level of input to determine fair value. Level 1 – inputs include quoted market prices in an active market for identical assets or liabilities. Level 2 – inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. Level 3 – inputs are unobservable and corroborated by little or no market data. The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at December 31, 2023, and 2022, are as follows (in thousands): Fair Value Measurements at December 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 298,349 $ 298,349 $ — $ — Fair Value Measurements at December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 237,125 $ 237,125 $ — $ — Marketable securities $ 167,408 $ 167,408 $ — $ — (1) Cash and cash equivalents includes $283.2 million and $200.7 million invested in U.S. government money market funds as of December 31, 2023, and 2022, respectively. The Company had no transfers of assets or liabilities between fair value hierarchy levels during the years ended December 31, 2023, and 2022. For the 2021 Bonds, the fair values are estimated using the Black-Derman-Toy interest rate lattice framework. The effective maturity of the 2021 Bonds was assumed to be April 1, 2024 (three years from issuance) with repayment of 100% of principal on that date. The impact of the Company’s optional redemption feature, effective October 1, 2022, is appropriately captured by the Black-Derman-Toy interest rate lattice. The carrying values and estimated fair values of the 2021 Bonds as of December 31, 2023, are summarized as follows (in thousands): Carrying Estimated Value Fair Value 2021 Bonds $ 67,967 $ 67,916 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | 21. Shareholders’ Equity Share Issuances In February 2018, the Company commenced an at-the-market offering program, which allows it to sell and issue shares of its common stock from time to time. In 2021, the at-the-market offering program was amended to provide a total capacity of $500.0 million. As of December 31, 2023, the Company has remaining capacity to issue up to approximately $360.6 million of common stock under the at-the-market offering program. Subsequently, in January 2024 the Company filed an updated Form S-3, which included a base prospectus which covers the offer, issuance and sale of up to an aggregate of $750.0 million of the registrant’s common stock, preferred stock, debt securities, depositary shares, warrants, purchase contracts and units and an at-the-market offering prospectus supplement covering the offering, issuance and sale by the registrant of up to a maximum aggregate offering price of $500.0 million of the Company’s common stock that may be issued and sold under an at-the-market-offering agreement In June 2022, the Company completed a registered direct offering (“the June 2022 Offering”) of an aggregate of 33,333,336 shares of the Company’s common stock at a price of $4.50 per share, accompanied by Series 2022-A warrants to purchase an aggregate of 33,333,336 shares of the Company’s common stock (each, a “Series 2022-A Warrant”) pursuant to a securities purchase agreement with certain institutional and accredited investors. The Series 2022-A Warrants are exercisable for a term of five years from the date of issuance at an exercise price of $4.37 per share. As of December 31, 2023, none of the Series 2022-A Warrants had been exercised. The net proceeds to the Company from the June 2022 Offering were $139.2 million, after deducting placement agent’s fees, advisory fees and other offering expenses payable by the Company, and assuming none of the Series 2022-A Warrants issued in the June 2022 Offering are exercised for cash. The Company intends to use the net proceeds from the June 2022 Offering to fund capital projects, working capital and for general corporate purposes. Warrants In addition to the Series 2022-A Warrants, the Company has warrants outstanding that were issued in conjunction with a registered direct offering in August 2020 (the “Series 2020-A Warrants”). The Company evaluated the Series 2022-A Warrants and Series 2020-A Warrants for liability or equity classification and determined that equity treatment was appropriate because both the Series 2022-A Warrants and Series 2020-A Warrants do not meet the definition of liability instruments. The Series 2022-A Warrants and Series 2020-A Warrants are classified as a component of equity because they are freestanding financial instruments that are legally detachable and separately exercisable from the shares of common stock with which they were issued, are immediately exercisable and will expire five years from the date of issuance, do not embody an obligation for the Company to repurchase its shares, and permit the holders to receive a fixed number of shares of common stock upon exercise. In addition, the Series 2022-A Warrants and Series 2020-A Warrants do not provide any guarantee of value or return. The Company valued the Series 2022-A Warrants and Series 2020-A Warrants at issuance using the Black-Scholes option pricing model. The fair value at the issuance date of the Series 2022-A Warrants was $92.9 million with the key inputs to the valuation model including a weighted average volatility of 151.1%, a risk-free rate of 2.86% and an expected term of five years. The fair value at the issuance date of the Series 2020-A Warrants was $8.3 million with the key inputs to the valuation model including a weighted average volatility of 130%, a risk-free rate of 0.30% and an expected term of five years. While the Company believes that its valuation methods are appropriate and consistent with other market participants, it recognizes that the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different estimate of fair value at the reporting date. On February 17, 2022, the remaining Series K warrants expired with 7,126 unexercised warrants. The following table sets forth information pertaining to shares issued upon the exercise of warrants: Shares Shares Issued upon Underlying Shares Warrant Warrants Exercise Underlying Exercises as Outstanding Price as of Warrants on of as of Issuance Expiration December 31, Issuance December 31, December 31, Date Date 2023 Date 2023 2023 Series 2020-A Warrants (1) 7/6/2020 7/6/2025 $ 0.60 30,000,000 29,914,069 85,931 Series 2022-A Warrants (1) 6/8/2022 6/7/2027 $ 4.37 33,333,336 — 33,333,336 Total Warrants 63,333,336 29,914,069 33,419,267 (1) Equity-classified warrants. No warrants were exercised during the year ended December 31, 2023. During the year ended December 31, 2022 , Common Stock Issued Proceeds Series 2020-A Warrants 4,677 $ 3 Share Repurchase Program On May 30, 2023, the Board authorized a stock repurchase program, under which the Company may repurchase up to $25 million of its common stock. The primary goal of the repurchase program is to allow the Company to opportunistically repurchase shares, while maintaining its ability to fund development projects. Under the stock repurchase program, the Company may repurchase shares from time to time in the open market or through privately negotiated transactions. The timing, volume and nature of stock repurchases, if any, will be in the Company’s sole discretion and will be dependent on market conditions, applicable securities laws, and other factors. The stock repurchase program may be suspended or discontinued at any time and does not have an expiration date. The Company did not repurchase any shares of common stock under the stock repurchase program during the years ended December 31, 2023, and 2022. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | 22. Variable Interest Entities The Company has entered into agreements with various SPEs to facilitate the development and construction of facilities to provide carbon neutral power to NZ1. These SPEs are structured as a limited liability companies. Nonconsolidated VIEs During September 2022 and February 2023, the Company entered into agreements with Zero6 Energy Development, Inc. (“ZEDI”), a national clean energy expert that provides expertise in capital management, development, engineering, and asset management, to develop and construct facilities to provide carbon neutral power to NZ1 via the two Project LLCs: Kingsbury County Wind Fuel, LLC (“KCWF”) and Dakota Renewable Hydrogen, LLC (“DRH”), respectively. In December 2023 the agreements with ZEDI related to the two Project LLCs were amended to remove certain kickout rights that previously existed. Each Project LLC is currently funded via advances for certain long lead equipment items from Gevo. The Company has made certain refundable project advances indirectly to the Project LLCs via ZEDI, to induce ZEDI to design and construct the power generation, transmission and distribution facilities that will serve NZ1. Each Project LLC is a VIE, and the Company holds an implicit variable interest in each Project LLC. As of December 2023, we have concluded that the removal of the kickout rights from the agreements has resulted in a loss of control and that, therefore, the Company is no longer the primary beneficiary of the Project LLCs. The Project LLCs are a VIE because their equity is insufficient to maintain its on-going collateral requirements without additional financial support from the Company. There was no gain or loss recognized as a result of the deconsolidation of the Project LLCs. We have recognized $33.6 million in Deposits and other assets related to advances made to the Project LLCs which are reimbursable upon the achievement or failure to achieve certain milestones. Such amounts represent our maximum exposure to loss as a result of our involvement with the Project LLCs. |
Segments
Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segments | 23 . Operating segments are defined as components of an entity for which discrete financial information is available that is regularly reviewed by the Chief Operating Decision Maker (“CODM”) in deciding how to allocate resources to an individual segment and in assessing performance. The Company’s Chief Executive Officer is the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of making operating decisions, allocating resources, and evaluating financial performance. As such, management has determined that the Company has organized its operations and activities into three reportable segments: (i) Gevo segment; (ii) Agri-Energy segment; (iii) Renewable Natural Gas segment. Transactions between segments are eliminated in consolidation. Gevo segment Agri-Energy segment Renewable Natural Gas segment Year Ended December 31, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 1,743 $ — $ 15,457 $ 17,200 Depreciation and amortization $ (1,799) $ (10,503) $ (6,705) $ (19,007) Loss from operations $ (64,955) $ (12,785) $ (4,095) $ (81,835) Interest income $ 18,957 $ — $ — $ 18,957 Interest expense $ (354) $ (16) $ (1,791) $ (2,161) Acquisitions of property, plant, and equipment $ 43,907 $ 4,154 $ 6,394 $ 54,455 Year Ended December 31, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 81 $ 240 $ 854 $ 1,175 Depreciation and amortization $ (1,573) $ (6,002) $ (312) $ (7,887) Loss from operations $ (58,427) $ (40,171) $ (4,088) $ (102,686) Interest income $ 6,118 $ — $ — $ 6,118 Interest expense $ (436) $ 1 $ (732) $ (1,167) Acquisitions of property, plant, and equipment $ 45,272 $ 4,091 $ 34,714 $ 84,077 December 31, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 519,994 $ 28,818 $ 101,510 $ 650,322 December 31, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 573,057 $ 34,440 $ 93,251 $ 700,748 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events. On February 29, 2024, the Company received notice from Nasdaq that the Company was not in compliance with Nasdaq Listing Rule 5550(a)(2) (the “Minimum Bid Price Requirement”), as the minimum bid price of its common stock had been below $1.00 per share for the previous 30 consecutive business days. The Company has 180 calendar days, or until August 27, 2024, to regain compliance with the Minimum Bid Price Requirement. To regain compliance, the minimum bid price of our common stock must meet or exceed $1.00 per share for a minimum of ten consecutive business days during the compliance grace period. In the event the Company does not regain compliance with the Minimum Bid Price Requirement by August 27, 2024, the Company may be eligible for an additional 180-calendar day compliance period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation | Principles of Consolidation |
Basis of presentation | Basis of Presentation. , . |
Reclassifications | Reclassifications. |
Use of Estimates | Use of Estimates |
Concentrations of Credit Risk | Concentrations of Credit Risk and Major Customers one |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash |
Marketable Securities | Marketable Securities. |
Trade Accounts Receivable, net | Trade Accounts Receivable, net |
Inventories | Inventories |
Environmental Attribute Inventory | Environmental Attribute Inventory. |
Property, Plant and Equipment | Property, Plant and Equipment Construction in Progress. Depreciation and Amortization. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
Leases, Right-of-Use Assets and Related Liabilities | Leases, Right-of-Use Assets and Related Liabilities. A lease is classified as a finance lease when one or more of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. If a lease does not meet any of these criteria, the lease is classified as an operating lease. 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 depend on an index or rate and such payments are excluded from the calculation of the right-of-use asset and lease liability and are recognized as variable lease cost when incurred. 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. The Company has elected the practical expedient to account for the lease and non-lease components as a single lease component for its corporate office lease asset class. |
Intangible assets | Intangible assets. |
Borrowing Costs | Borrowing Costs. |
Debt Issuance Costs and Debt Discounts/Premiums | Debt Issuance Costs and Debt Discounts/Premiums |
Warrants | Warrants. |
Variable Interest Entities | Variable Interest Entities. The Company enters into agreements with special purpose entities (“SPEs”), some of which are variable interest entities (“VIEs”), in the ordinary course of business. A legal entity is considered a VIE if it has either a total equity investment that is insufficient to finance its operations without additional subordinated financial support or whose equity holders lack the characteristics of a controlling financial interest. The Company’s variable interests arise from contractual or other monetary interests in the entity. The typical condition for a controlling financial interest ownership is holding a majority of the voting interests of an entity; however, a controlling financial interest may also exist in entities, such as VIEs, through arrangements that do not involve controlling voting interests. The Company consolidates a VIE if it is deemed to be the primary beneficiary. The Company determines it is the primary beneficiary if it has the power to direct the activities that most significantly impact the VIEs’ economic performance and has the obligation to absorb losses or has the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company evaluates its relationships with its VIEs on an ongoing basis to determine whether it is the primary beneficiary. See Footnote 22 below for further information. |
Revenue Recognition | Revenue Recognition |
Cost of Production | Cost of Production |
Research and Development | Research and Development |
General and Administrative | General and Administrative. |
Project Development Costs | Project Development Costs. |
Stock-Based Compensation | 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 three years 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 expenses 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 is based on actual forfeitures, although not affecting the fair value measurement of the awards, and are reflected at that time as well. |
Income Taxes | Income Taxes Each period, we evaluate the likelihood of whether or not some portion or all of each deferred tax asset will be realized and provide a valuation allowance for those deferred tax assets for which it is more likely than 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 interpret tax legislation differently, which could affect the final amount or the timing of tax payments. The Company may from time to time be assessed interest or penalties by major tax jurisdictions, although there have been no such assessments historically with any material impact to its financial results. The Company would recognize interest and penalties related to unrecognized tax benefits within the income tax expense line in the accompanying Consolidated Statements of Operations. Accrued interest and penalties would be included within the related tax liability line in the Consolidated Balance Sheets. |
Prior Period Financial Statement Immaterial Adjustment | Prior Period Financial Statement Immaterial Adjustment. Consolidations A summary of the impact of the adjustment on the Consolidated Balance Sheets for each of the periods ended December 31, 2022, March 31, 2023, and June 30, 2023, respectively, is as follows: an increase to property, plant, and equipment of $8.3 million, $19.0 million, and $19.7 million, and a corresponding decrease in deposits and other assets of $8.3 million, $19.0 million, and $19.7 million. For the period ended March 31, 2023, a summary of the impact of the adjustment on the Consolidated Balance Sheets is as follows: an increase in trade accounts receivable, net, of $0.1 million and an increase is accounts payable and accrued liabilities of $0.1 million. For the period ended June 30, 2023, a summary of the impact of the adjustment on the Consolidated Balance Sheets is as follows: a decrease in accounts payable and accrued liabilities of $0.3 million and a corresponding decrease to deposits and other assets Additionally, the following immaterial adjustments were made to the consolidated statements of cash flows associated with the above changes for each of the periods ended September 30, 2022, December 31, 2022, March 31, 2023, and June 30, 2023, respectively, as follows: a decrease in the net cash used in operating activities of $8.3 million, $8.3 million, $10.7 million, and $11.4 million, and a corresponding decrease net cash |
Recently Issued, Not Yet Adopted Accounting Pronouncements | Recently Issued, Not Yet Adopted Accounting Pronouncements Segment Reporting. Income Taxes. |
Revenues from Contracts with _2
Revenues from Contracts with Customers and Other Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenues from Contracts with Customers and Other Revenue | |
Schedule of Disaggregation of Revenue | The following tables display the Company’s revenue by major source based on product type (in thousands): Year Ended December 31, Major Goods/Service Line 2023 2022 Renewable natural gas commodity 659 640 Environmental attribute revenue 14,798 214 Licensing and development revenue 1,300 — Other hydrocarbon revenue - ethanol, isooctane, IBA 443 321 Total operating revenue $ 17,200 $ 1,175 |
Net loss Per Share (Tables)
Net loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Net Loss Per Share | Basic and diluted net loss per share is calculated as follows (net loss in thousands): Year Ended December 31, 2023 2022 Net loss $ (66,215) $ (98,007) Basic weighted-average shares outstanding 238,687,621 221,537,262 Net loss per share - basic and diluted $ (0.28) $ (0.44) |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments in Marketable Securities | The Company’s investments in marketable securities are stated at fair value and are available for sale. During the year ended December 31, 2023, all remaining investments in marketable securities matured with no realized gain or loss. The following table summarizes the Company’s investments in marketable securities (in thousands) as of: December 31, 2022 Amortized Gross Cost Unrealized Maturity Basis Losses Fair Value Marketable securities (current) U.S. Treasury notes Within one year $ 56,418 $ (344) $ 56,074 U.S. Government-sponsored enterprise securities Within one year 112,030 (696) 111,334 Total marketable securities (current) $ 168,448 $ (1,040) $ 167,408 |
Prepaid and Other Current Ass_2
Prepaid and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Prepaid and Other Assets | The following table sets forth the components of the Company’s prepaid and other current assets (in thousands) as of: December 31, 2023 2022 Prepaid insurance $ 568 $ 911 Interest receivable 1,331 514 Prepaid feedstock 1,097 1,097 Other current assets 1,357 512 Total prepaid expenses and other current assets $ 4,353 $ 3,034 |
Leases, Right-of-Use Assets a_2
Leases, Right-of-Use Assets and Related Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Lease, Cost | The following tables present the (i) other quantitative information and (ii) future minimum payments under non-cancelable financing and operating leases as they relate to the Company’s leases (in thousands), except for weighted averages: Years Ended December 31, 2023 2022 Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from finance leases $ 22 $ 30 Operating cash flows from operating leases 330 928 Finance cash flows from finance leases 2 2 Right-of-use asset obtained in exchange for new operating lease liabilities 199 — Weighted-average remaining lease term, finance lease (months) 307 311 Weighted-average remaining lease term, operating leases (months) 61 65 Weighted-average discount rate - finance leases (1) 12 % 12 % Weighted-average discount rate - operating leases (1) 6 % 5 % (1) Our leases do not provide an implicit interest rate, and we calculate the lease liability at lease commencement as the present value of unpaid lease payments using our estimated incremental borrowing rate. The incremental borrowing rate represents the rate of interest that we would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term and is determined using a portfolio approach based on information available at the commencement date of the lease. |
Schedule of Operating Lease, Liability, Fiscal Year Maturity | Year Ending December 31, Operating Leases Finance Leases 2024 $ 617 $ 50 2025 398 27 2026 367 25 2027 335 26 2028 345 26 2029 and thereafter — 523 Total 2,062 677 Less: amounts representing present value discounts 231 445 Total lease liabilities 1,831 232 Less: current portion 532 45 Non-current portion $ 1,299 $ 187 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories | December 31, 2023 2022 Raw materials $ 104 $ 168 Finished goods SAF, Isooctane, Isooctene and other 1,167 1,581 Work in process Environmental attributes 2,067 4,193 Jet fuel — 51 Spare parts 471 354 Total inventories $ 3,809 $ 6,347 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | The following table sets forth the Company’s property, plant and equipment by classification (in thousands): Useful Life December 31, (in years) 2023 2022 Land $ 6,505 $ 6,452 Plant facilities and infrastructure 5 to 20 77,329 76,900 Machinery and equipment 5 to 20 95,212 87,248 Furniture and office equipment 3 to 7 2,864 2,977 Software 3 to 6 1,636 2,217 Construction in progress 114,332 81,019 Total property, plant and equipment 297,878 256,813 Less: accumulated depreciation and amortization (86,315) (71,639) Property, plant and equipment, net $ 211,563 $ 185,174 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Identifiable Intangible Assets | The following tables set forth the Company’s intangible assets by classification (in thousands) as of: December 31, 2023 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, net (Years) Patents $ 4,580 $ (1,621) $ 2,959 7.4 Defensive assets 4,900 (1,335) 3,565 8.4 Intangible assets $ 9,480 $ (2,956) $ 6,524 7.9 December 31, 2022 Identifiable Weighted- Gross Carrying Accumulated Intangible Average Useful Life Amount Amortization Assets, Net (Years) Patents $ 4,580 $ (1,039) $ 3,541 7.4 Defensive assets 4,900 (750) 4,150 8.4 Intangible assets $ 9,480 $ (1,789) $ 7,691 7.9 |
Schedule of Estimated Amortization of Identifiable Intangible Assets | The following table details the estimated amortization of identifiable intangible assets as of December 31, 2023 (in thousands): Year Ending December 31, Patents Defensive Assets Total 2024 $ 582 $ 586 $ 1,168 2025 582 586 1,168 2026 582 586 1,168 2027 582 586 1,168 2028 582 586 1,168 2029 and thereafter 49 635 684 Total intangible assets $ 2,959 $ 3,565 $ 6,524 |
Deposits and Other Assets (Tabl
Deposits and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Assets, Noncurrent [Abstract] | |
Schedule of Deposits and Other Assets | The following table sets forth the components of the Company’s deposits and other assets (in thousands) as of: Year Ended December 31, 2023 2022 Deposits (1) $ 166 $ 276 Prepaid feedstock (2) 440 934 Equity interest (3) 1,500 1,500 Exclusivity fees (4) 583 2,522 Deposits receivable (5) 33,602 — Other assets, net (6) 8,028 8,460 Total deposits and other assets $ 44,319 $ 13,692 (1) Deposits for services and products. (2) Prepaid feedstock fees, non-current, for the production of RNG. (3) The Company directly holds a 4.6% interest in the Series A Preferred Stock of Zero6 Clean Energy Assets, Inc. (“Zero6”), formerly Juhl Clean Energy Assets, Inc., which is not a publicly listed entity with a readily determinable fair value. The Company therefore measures the securities at cost. Recent observable equity raises indicated no impairment issues. This ownership interest is also pledged as collateral against two future obligations to Rock County Wind Fuel, LLC (“RCWF”), a Zero6 subsidiary, see Note 19, Commitments and Contingencies, for additional information. (4) Axens North America, Inc. (“Axens”) will provide certain alcohol-to-SAF technologies and services exclusively provided to the Company which may be offset against future license fees subject to the delivery of a process design package. (5) Deposits provided to a developer of certain wind-farm projects and power utility contractor to induce to design and construct the power generation, transmission and distribution facilities that will serve NZ1, $5.5 million of which will be either reimbursed or used as an investment into wind generation facility and the remaining $28.1 million is expected to be fully reimbursed upon completion of the project. Gevo has contractual priority liens against the equipment and constructed facilities under the contracts. (6) Payments which were allocated to the non-lease fuel supply, primarily related to sand separation systems, to support NW Iowa RNG fuel supply agreements prior to commencement of operations, being amortized over the life of the project . |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | The following table sets forth the components of the Company’s accounts payable and accrued liabilities in the Consolidated Balance Sheets (in thousands): Year Ended December 31, 2023 2022 Accounts payable $ 2,718 $ 5,009 Accrued liabilities 13,411 12,594 Accrued payroll and related benefits 6,621 5,105 Accrued sales and use tax 2 2,052 Total accounts payable and accrued liabilities $ 22,752 $ 24,760 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt | The summary of the Company’s long-term debt is as follows (in thousands) as of: Year Ended December 31, Interest Rate Maturity Date 2023 2022 2021 Bonds, net 1.5% April 2042 $ 67,967 $ 67,223 SBA Loans 1.0% April 2025 119 224 Equipment 4% to 5% December 2023 to December 2024 32 94 Total debt 68,118 67,541 Less: current portion (68,097) (159) Non-current portion $ 21 $ 67,382 |
Schedule of Future Payments for Long-term Debt | Future payments for the Company’s long-term debt are as follows (in thousands): Year Ending December 31, Total Debt 2024 $ 68,089 2025 29 Total debt $ 68,118 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Stock-based Compensation Expense | The following table sets forth the Company’s stock-based compensation expense for the periods indicated (in thousands): Year Ended December 31, 2023 2022 Equity Classified Awards Cost of production $ 59 $ (25) General and administrative 15,204 14,342 Other 1,824 2,618 Total equity classified awards 17,087 16,935 Total stock-based compensation $ 17,087 $ 16,935 |
Schedule Stock Option Award Activity | Stock option award activity Weighted- Average Weighted- Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (1) (years) Value Options outstanding at December 31, 2022 5,945,321 $ 4.65 9.1 $ — Granted 3,368,717 $ 1.69 $ — Canceled or forfeited (1,204,915) $ 4.06 $ — Exercised — $ — $ — Options outstanding at December 31, 2023 8,109,123 $ 3.51 8.8 $ — Options vested and expected to vest at December 31, 2023 3,046,060 $ 4.80 8.0 $ — (1) Exercise price of options outstanding range from $1.15 to $876 as of December 31, 2023. The higher end of the range is due to the impact of several reverse stock splits during the years 2015 to 2018. |
Schedule of Stock Option Pricing Assumptions | The following table sets forth the weighted average Black-Scholes option pricing model assumptions (no dividends were expected) and resulting grant date fair value for the stock options granted during the years ended December 31, 2023, and 2022: Year Ended December 31, 2023 2022 Risk-free interest rate 4.30 % 2.90 % Expected volatility factor 153 % 134 % Expected option life (years) 6.0 6.0 Weighted-average fair value $ 1.41 $ 2.18 |
Schedule of Non-vested Restricted Stock Awards | Non-vested restricted stock awards at December 31, 2023, and changes during the year ended December 31, 2023, were as follows: Weighted- Average Number of Grant-Date Shares Fair Value Outstanding at December 31, 2022 5,254,457 $ 3.94 Granted 4,208,021 $ 1.49 Vested and issued (2,415,824) $ 4.08 Canceled or forfeited (887,313) $ 3.39 Non-vested at December 31, 2023 6,159,341 $ 2.30 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Net Deferred Tax Assets | 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, 2023 2022 Deferred tax assets, net: Net operating loss carryforwards $ 48,638 $ 40,511 Operating lease assets (405) (371) Operating lease liabilities 545 410 Depreciation 11,421 9,145 Stock compensation 2,530 2,027 Business interest expense 1,110 1,033 Capitalized research cost 7,332 3,334 Other temporary differences 820 691 Deferred tax assets 71,991 56,780 Valuation allowance (71,991) (56,780) Net deferred tax assets $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | Year Ended December 31, 2023 2022 Federal income tax at statutory rate 21.0 % 21.0 % State income taxes, net of federal benefits 6.8 % 1.6 % Officers compensation limit (1.8) % (1.2) % Stock based compensation (2.5) % — % Other permanent (0.2) % (1.0) % Valuation allowance (23.3) % (20.4) % Effective tax rate — % — % |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Estimated Commitments | The estimated commitments as of December 31, 2023, and thereafter are shown below (in thousands): December 31, 2029 and 2024 2025 2026 2027 2028 thereafter Total Fuel Supply Payments $ 3,193 $ 2,699 $ 1,718 $ 2,060 $ 2,202 $ 26,061 $ 37,933 Zero6 Commitment 36,221 7,149 — — — — 43,370 Renewable Energy Credits 128 128 129 128 128 1,455 2,096 Electricity Above Use (Est.) 447 — — — — — 447 Total $ 39,989 $ 9,976 $ 1,847 $ 2,188 $ 2,330 $ 27,516 $ 83,846 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Instruments, by Fair Value Hierarchy | The carrying value and fair value, by fair value hierarchy, of the Company’s financial instruments at December 31, 2023, and 2022, are as follows (in thousands): Fair Value Measurements at December 31, 2023 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable December 31, Assets Inputs Inputs 2023 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 298,349 $ 298,349 $ — $ — Fair Value Measurements at December 31, 2022 Quoted Prices in Active Significant Markets for Other Significant Fair Value at Identical Observable Unobservable December 31, Assets Inputs Inputs 2022 (Level 1) (Level 2) (Level 3) Cash and cash equivalents (1) $ 237,125 $ 237,125 $ — $ — Marketable securities $ 167,408 $ 167,408 $ — $ — (1) Cash and cash equivalents includes $283.2 million and $200.7 million invested in U.S. government money market funds as of December 31, 2023, and 2022, respectively. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The carrying values and estimated fair values of the 2021 Bonds as of December 31, 2023, are summarized as follows (in thousands): Carrying Estimated Value Fair Value 2021 Bonds $ 67,967 $ 67,916 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Year Ended December 31, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 1,743 $ — $ 15,457 $ 17,200 Depreciation and amortization $ (1,799) $ (10,503) $ (6,705) $ (19,007) Loss from operations $ (64,955) $ (12,785) $ (4,095) $ (81,835) Interest income $ 18,957 $ — $ — $ 18,957 Interest expense $ (354) $ (16) $ (1,791) $ (2,161) Acquisitions of property, plant, and equipment $ 43,907 $ 4,154 $ 6,394 $ 54,455 Year Ended December 31, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Revenues $ 81 $ 240 $ 854 $ 1,175 Depreciation and amortization $ (1,573) $ (6,002) $ (312) $ (7,887) Loss from operations $ (58,427) $ (40,171) $ (4,088) $ (102,686) Interest income $ 6,118 $ — $ — $ 6,118 Interest expense $ (436) $ 1 $ (732) $ (1,167) Acquisitions of property, plant, and equipment $ 45,272 $ 4,091 $ 34,714 $ 84,077 December 31, 2023 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 519,994 $ 28,818 $ 101,510 $ 650,322 December 31, 2022 Renewable Gevo Agri-Energy Natural Gas Consolidated Total assets $ 573,057 $ 34,440 $ 93,251 $ 700,748 |
Nature of Business, Financial_2
Nature of Business, Financial Condition and Basis of Presentation (Details) ft² in Thousands, $ in Thousands, lb in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) ft² a MMBTU item lb gal | Dec. 31, 2022 USD ($) | |
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Number of dairies | item | 3 | |
Renewable natural gas facilities, original design capacity | MMBTU | 355,000 | |
Cash and cash equivalents | $ | $ 298,349 | $ 237,125 |
Restricted cash (current) | $ | $ 77,248 | $ 1,032 |
Lake Preston, South Dakota | Sustainable Aviation Fuel (SAF) | ||
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Project production capacity (in gallon per year) | gal | 65,000,000 | |
Lake Preston, South Dakota | Hydrocarbon revenue | ||
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Project production capacity (in gallon per year) | gal | 60,000,000 | |
Lake Preston, South Dakota | High-Value Protein Products | ||
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Project production capacity (in pound per year) | lb | 1,390 | |
Lake Preston, South Dakota | Corn Oil | ||
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Project production capacity (in pound per year) | lb | 34 | |
Luverne, Minnesota | Land | ||
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Area of land (in acres) | a | 55 | |
Luverne, Minnesota | Building and Building Improvements | ||
Nature of Business, Financial Condition and Basis of Presentation [Line Items] | ||
Area of real estate property | ft² | 50 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||||||
Awards vesting period | 3 years | |||||
Property, plant and equipment, net | $ 185,174 | $ 211,563 | $ 185,174 | |||
Decrease in deposits and other assets | 13,692 | 44,319 | 13,692 | |||
Increase in trade accounts receivable | 476 | 2,623 | 476 | |||
Increase(Decrease) is accounts payable and accrued liabilities | 24,760 | 22,752 | 24,760 | |||
Decrease in the net cash used in operating activities | (53,719) | (44,311) | ||||
Decrease in the net cash provided by investing activities | $ 114,129 | $ 85,092 | ||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Concentration Risk, Percentage | 90% | 73% | ||||
Customer Concentration Risk [Member] | Trade Accounts Receivable Net [Member] | Customer One [Member] | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Concentration Risk, Percentage | 100% | 100% | ||||
Revision of Prior Period, Adjustment | ||||||
Operating Loss Carryforwards [Line Items] | ||||||
Property, plant and equipment, net | $ 19,700 | $ 19,000 | 8,300 | $ 8,300 | ||
Decrease in deposits and other assets | 19,700 | 19,000 | 8,300 | $ 8,300 | ||
Increase in trade accounts receivable | 100 | |||||
Increase(Decrease) is accounts payable and accrued liabilities | 300 | 100 | ||||
Decrease to deposits and other assets | 300 | |||||
Decrease in the net cash used in operating activities | $ 11,400 | 10,700 | 8,300 | $ 8,300 | ||
Decrease in the net cash provided by investing activities | $ (10,700) | $ (8,300) | $ (8,300) |
Revenues from Contracts with _3
Revenues from Contracts with Customers and Other Revenue - Narrative (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Revenues from Contracts with Customers and Other Revenue | ||
Contract with customer, asset, after allowance for credit loss | $ 0 | $ 0 |
Contract with customer, liability | 0 | 0 |
Allowance for doubtful accounts | $ 0 | $ 0 |
Revenues from Contracts with _4
Revenues from Contracts with Customers and Other Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | $ 17,200 | $ 1,175 |
Renewable natural gas commodity | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | 659 | 640 |
Environmental attribute revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | 14,798 | 214 |
Licensing and development revenue | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | 1,300 | 0 |
Other hydrocarbon revenue - ethanol, isooctane, IBA | ||
Disaggregation of Revenue [Line Items] | ||
Total operating revenue | $ 443 | $ 321 |
Asset Impairment (Details)
Asset Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | ||
Impairment loss | $ 0 | $ 24,749 |
Net loss Per Share - Narrative
Net loss Per Share - Narrative (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Potential anti-dilutive shares excluded from net loss per share calculation (in shares) | 50,373,000 | 69,245,000 |
Net loss Per Share - Basic and
Net loss Per Share - Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (66,215) | $ (98,007) |
Net loss | $ (66,215) | $ (98,007) |
Basic weighted-average shares outstanding (in shares) | 238,687,621 | 221,537,262 |
Net loss per share - basic (in dollars per share) | $ (0.28) | $ (0.44) |
Net loss per share - diluted (in dollars per share) | $ (0.28) | $ (0.44) |
Marketable Securities - Investm
Marketable Securities - Investments In Marketable Securities (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Short-term marketable securities, amortized cost basis | $ 168,448 |
Short-term marketable securities, gross unrealized losses | (1,040) |
Short-term marketable securities, fair value | 167,408 |
U.S. Treasury notes | |
Debt Securities, Available-for-sale [Line Items] | |
Short-term marketable securities, amortized cost basis | 56,418 |
Short-term marketable securities, gross unrealized losses | (344) |
Short-term marketable securities, fair value | 56,074 |
U.S. Government-sponsored enterprise securities | |
Debt Securities, Available-for-sale [Line Items] | |
Short-term marketable securities, amortized cost basis | 112,030 |
Short-term marketable securities, gross unrealized losses | (696) |
Short-term marketable securities, fair value | $ 111,334 |
Marketable Securities - Narrati
Marketable Securities - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | ||
Interest income | $ 800 | $ 4,300 |
Realized gain (loss) | $ 0 |
Restricted Cash (Details)
Restricted Cash (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 15, 2021 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Restricted cash for letters of credit | $ 77,300,000 | |||
Interest income on restricted cash | $ 3,400,000 | $ 500,000 | ||
2021 Bonds | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Debt collateral amount | $ 71,200,000 | |||
Bond Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Line of credit annual fee percentage | 0.50% | |||
Letters of credit outstanding | $ 0 | |||
Power Letter of Credit | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Line of credit annual fee percentage | 0.30% | |||
Debt collateral amount | $ 6,600,000 | |||
Letters of credit outstanding | $ 0 |
Prepaid and Other Current Ass_3
Prepaid and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaid insurance | $ 568 | $ 911 |
Interest receivable | 1,331 | 514 |
Prepaid feedstock | 1,097 | 1,097 |
Other current assets | 1,357 | 512 |
Total Prepaid and other current assets | $ 4,353 | $ 3,034 |
Leases, Right-of-Use Assets a_3
Leases, Right-of-Use Assets and Related Liabilities - Narrative (Details) | Dec. 31, 2023 site contract |
Leases [Abstract] | |
Number of finance lease | contract | 4 |
Number of digester sites | site | 3 |
Leases, Right-of-Use Assets a_4
Leases, Right-of-Use Assets and Related Liabilities - Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from finance leases | $ 22 | $ 30 |
Operating cash flows from operating leases | 330 | 928 |
Finance cash flows from finance leases | 2 | 2 |
Right-of-use asset obtained in exchange for new operating lease liabilities | $ 199 | $ 0 |
Weighted-average remaining lease term, finance lease (months) | 307 months | 311 months |
Weighted-average remaining lease term, operating leases (months) | 61 months | 65 months |
Weighted-average discount rate - finance leases | 12% | 12% |
Weighted-average discount rate - operating leases | 6% | 5% |
Leases, Right-of-Use Assets a_5
Leases, Right-of-Use Assets and Related Liabilities - Future Minimum Payments Under Non-Cancelable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 617 | |
2025 | 398 | |
2026 | 367 | |
2027 | 335 | |
2028 | 345 | |
Total | 2,062 | |
Less: Amounts representing present value discounts | 231 | |
Total lease liabilities | 1,831 | |
Less: current portion | 532 | $ 438 |
Long-term portion | 1,299 | 1,450 |
Finance Leases | ||
2024 | 50 | |
2025 | 27 | |
2026 | 25 | |
2027 | 26 | |
2028 | 26 | |
2029 and thereafter | 523 | |
Total | 677 | |
Less: Amounts representing present value discounts | 445 | |
Total lease liabilities | 232 | |
Less: current portion | 45 | 79 |
Non-current portion | $ 187 | $ 183 |
Inventories - Components of Inv
Inventories - Components of Inventory Balances (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory [Line Items] | ||
Raw materials | $ 104 | $ 168 |
Spare parts | 471 | 354 |
Total inventories | 3,809 | 6,347 |
SAF, isooctane and isooctene | ||
Inventory [Line Items] | ||
Finished goods | 1,167 | 1,581 |
Jet fuel | ||
Inventory [Line Items] | ||
Work in process | 0 | 51 |
Environmental Attributes | ||
Inventory [Line Items] | ||
Work in process | $ 2,067 | $ 4,193 |
Inventories - Narrative (Detail
Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Inventory value adjustments | $ 1.9 | $ 0.4 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment - Property, Plant and Equipment by Classification (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 297,878 | $ 256,813 |
Less accumulated depreciation and amortization | (86,315) | (71,639) |
Property, plant and equipment, net | 211,563 | 185,174 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 6,505 | 6,452 |
Plant facilities and infrastructure | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 77,329 | 76,900 |
Plant facilities and infrastructure | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | |
Plant facilities and infrastructure | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 20 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 95,212 | 87,248 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 5 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 20 years | |
Furniture and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 2,864 | 2,977 |
Furniture and office equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Furniture and office equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 7 years | |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 1,636 | 2,217 |
Software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 3 years | |
Software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful Life (in years) | 6 years | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 114,332 | $ 81,019 |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 17,600 | $ 6,500 |
Construction in progress accrual | 13,800 | |
Total property, plant and equipment | 297,878 | 256,813 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress accrual | 7,000 | |
Total property, plant and equipment | 114,332 | 81,019 |
Interest Costs Capitalized | 0 | 300 |
Construction in progress | Gevo | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 34,700 | 25,900 |
Construction in progress | Agri-Energy | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 15,500 | 11,400 |
Construction in progress | NW Lowa RNG | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | 600 | 1,000 |
Construction in progress | NZ1 | ||
Property, Plant and Equipment [Line Items] | ||
Total property, plant and equipment | $ 63,500 | $ 42,700 |
Intangible Assets - Identifiabl
Intangible Assets - Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 9,480 | $ 9,480 |
Accumulated Amortization | (2,956) | (1,789) |
Total intangible assets | $ 6,524 | $ 7,691 |
Weighted-Average Useful Life (Years) | 7 years 10 months 24 days | 7 years 10 months 24 days |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,580 | $ 4,580 |
Accumulated Amortization | (1,621) | (1,039) |
Total intangible assets | $ 2,959 | $ 3,541 |
Weighted-Average Useful Life (Years) | 7 years 4 months 24 days | 7 years 4 months 24 days |
Defensive assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 4,900 | $ 4,900 |
Accumulated Amortization | (1,335) | (750) |
Total intangible assets | $ 3,565 | $ 4,150 |
Weighted-Average Useful Life (Years) | 8 years 4 months 24 days | 8 years 4 months 24 days |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 1.2 | $ 1.3 |
Intangible Assets - Estimated A
Intangible Assets - Estimated Amortization of Identifiable Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | $ 1,168 | |
2025 | 1,168 | |
2026 | 1,168 | |
2027 | 1,168 | |
2028 | 1,168 | |
2029 and thereafter | 684 | |
Total intangible assets | 6,524 | $ 7,691 |
Patents | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | 582 | |
2025 | 582 | |
2026 | 582 | |
2027 | 582 | |
2028 | 582 | |
2029 and thereafter | 49 | |
Total intangible assets | 2,959 | 3,541 |
Defensive assets | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2024 | 586 | |
2025 | 586 | |
2026 | 586 | |
2027 | 586 | |
2028 | 586 | |
2029 and thereafter | 635 | |
Total intangible assets | $ 3,565 | $ 4,150 |
Deposits and Other Assets (Deta
Deposits and Other Assets (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) item | Dec. 31, 2022 USD ($) | |
Deposits and Other Assets [Line Items] | ||
Deposits | $ 166 | $ 276 |
Prepaid feedstock | 440 | 934 |
Equity interest | 1,500 | 1,500 |
Exclusivity fees | 583 | 2,522 |
Deposits receivable | 33,602 | 0 |
Other assets, net | 8,028 | 8,460 |
Total deposits and other assets | $ 44,319 | $ 13,692 |
Number of commitments with collateral | item | 2 | |
Deposits receivable, reimbursed or used as investment | $ 5,500 | |
Deposits receivable, fully reimbursed upon completion | $ 28,100 | |
Zero6 | Series A Preferred Stock | ||
Deposits and Other Assets [Line Items] | ||
Noncontrolling interest, ownership percentage | 4.60% |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accounts payable | $ 2,718 | $ 5,009 |
Accrued liabilities | 13,411 | 12,594 |
Accrued payroll and related benefits | 6,621 | 5,105 |
Accrued sales and use tax | 2 | 2,052 |
Total accounts payable and accrued liabilities | $ 22,752 | $ 24,760 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 1 Months Ended | ||||
Apr. 30, 2021 | Apr. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 15, 2021 | |
Debt Instrument [Line Items] | |||||
Long-term debt | $ 68,118,000 | $ 67,541,000 | |||
2021 Bonds | |||||
Debt Instrument [Line Items] | |||||
Debt collateral amount | $ 71,200,000 | ||||
2021 Bonds | Securitization Bonds Payable | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 68,155,000 | ||||
Interest rate | 1.50% | ||||
Effective interest rate (in percent) | 1.10% | ||||
Debt collateral amount | $ 71,200,000 | ||||
Letters of credit outstanding | 0 | ||||
Debt premium | 100,000 | 400,000 | 800,000 | ||
Debt issuance costs | $ 300,000 | 1,300,000 | $ 3,000,000 | ||
2021 Bonds | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1.50% | ||||
Long-term debt | $ 67,967,000 | 67,223,000 | |||
SBA Loans | Loans Payable | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1% | ||||
Proceeds from issuance of long-term debt | $ 1,000,000 | ||||
Debt instrument, decrease, forgiveness | $ 500,000 | ||||
Long-term debt | $ 119,000 | $ 224,000 | |||
Debt Instrument, monthly payment | $ 8,230 | ||||
SBA Loans | Loans Payable | Agri-Energy | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 1% | ||||
Debt instrument, decrease, forgiveness | $ 100,000 | ||||
Long-term debt | $ 300,000 |
Debt - Schedule of Long-term De
Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Total debt | $ 68,118 | $ 67,541 |
Less current portion | (68,097) | (159) |
Non-current portion | $ 21 | 67,382 |
Loans Payable | 2021 Bonds | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1.50% | |
Total debt | $ 67,967 | 67,223 |
Loans Payable | SBA Loans | ||
Debt Instrument [Line Items] | ||
Interest Rate | 1% | |
Total debt | $ 119 | 224 |
Loans Payable | Equipment | ||
Debt Instrument [Line Items] | ||
Total debt | $ 32 | $ 94 |
Loans Payable | Equipment | Minimum | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4% | |
Loans Payable | Equipment | Maximum | ||
Debt Instrument [Line Items] | ||
Interest Rate | 5% |
Debt - Future Principal Payment
Debt - Future Principal Payments for Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 68,089 | |
2025 | 29 | |
Total debt | $ 68,118 | $ 67,541 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | May 31, 2023 | |
Schedule of Equity Incentive Plans [Line Items] | |||
Options vested (in shares) | 3,000,000 | ||
Awards vesting period | 3 years | ||
Employee Stock Option | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Total unrecognized compensation expense, net of estimated forfeitures, relating to stock options | $ 8.6 | ||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 1 year 10 months 24 days | ||
Award contractual term | 10 years | ||
Employee Stock Option | Minimum | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Awards vesting period | 2 years | ||
Employee Stock Option | Maximum | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Awards vesting period | 3 years | ||
Restricted Stock | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Share-based payment arrangement, nonvested award, cost not yet recognized, period for recognition | 1 year 9 months 18 days | ||
Total fair value of restricted stock, vested | $ 9.8 | $ 10.2 | |
Total unrecognized compensation expense, net of estimated forfeitures, relating to restricted stock awards | $ 10.3 | ||
2010 Plan | |||
Schedule of Equity Incentive Plans [Line Items] | |||
Number of shares of common stock reserved for issuance (in shares) | 37,980,074 | ||
Number of shares available for awards (in shares) | 13,613,130 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 17,087 | $ 16,935 |
Equity Classified Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 17,087 | 16,935 |
Equity Classified Awards | Cost of production | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 59 | (25) |
Equity Classified Awards | General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | 15,204 | 14,342 |
Equity Classified Awards | Other | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 1,824 | $ 2,618 |
Stock-Based Compensation - St_2
Stock-Based Compensation - Stock Option Award Activity (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Outstanding, Beginning Balance (in shares) | 5,945,321 | |
Granted (in shares) | 3,368,717 | |
Canceled or forfeited (in shares) | (1,204,915) | |
Exercised (in shares) | 0 | |
Outstanding, Ending Balance (in shares) | 8,109,123 | 5,945,321 |
Options vested and expected to vest (in shares) | 3,046,060 | |
Weighted-Average Exercise Price | ||
Beginning Balance (in dollars per share) | $ 4.65 | |
Granted (in dollars per share) | 1.69 | |
Canceled or forfeited (in dollars per share) | 4.06 | |
Exercised (in dollars per share) | 0 | |
Ending Balance (in dollars per share) | 3.51 | $ 4.65 |
Options vested and expected to vest (in dollars per share) | $ 4.80 | |
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Options Outstanding, Weighted Average Remaining Contractual Term (years) | 8 years 9 months 18 days | 9 years 1 month 6 days |
Options Vested and Expected to Vest, Weighted Average Remaining Contractual Term (years) | 8 years | |
Options Outstanding, Aggregate Intrinsic Value | ||
Options vested and expected to vest | ||
Minimum | ||
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Exercise price of options outstanding (in dollars per share) | $ 1.15 | |
Maximum | ||
Weighted-Average Remaining Contractual Term (years) And Aggregate Intrinsic Value | ||
Exercise price of options outstanding (in dollars per share) | $ 876 |
Stock-Based Compensation - St_3
Stock-Based Compensation - Stock Option Valuation Assumptions (Details) - Employee Stock Option - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 4.30% | 2.90% |
Expected volatility factor | 153% | 134% |
Expected option life (years) | 6 years | 6 years |
Weighted-average fair value (in USD per share) | $ 1.41 | $ 2.18 |
Stock-Based Compensation - Non-
Stock-Based Compensation - Non-vested Restricted Stock (Details) - Restricted Stock | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of Shares | |
Outstanding , Beginning Balance (in shares) | shares | 5,254,457 |
Granted (in shares) | shares | 4,208,021 |
Vested and issued (in shares) | shares | (2,415,824) |
Canceled or forfeited (in shares) | shares | (887,313) |
Nonvested, Ending Balance (in shares) | shares | 6,159,341 |
Weighted-Average Grant-Date Fair Value | |
Outstanding , Beginning Balance (in dollars per share) | $ / shares | $ 3.94 |
Granted (in dollars per share) | $ / shares | 1.49 |
Vested and issued (in dollars per share) | $ / shares | 4.08 |
Canceled or forfeited (in dollars per share) | $ / shares | 3.39 |
Nonvested, Ending Balance (in dollars per share) | $ / shares | $ 2.30 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||
Net operating loss carryforwards | $ 48,638 | $ 40,511 |
Increases of deferred tax asset for Capitalized Research Costs | 3,600 | |
Unrecognized tax benefits | 0 | $ 0 |
Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 201,200 | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 138,700 | |
Operating loss carryforwards, amount subject to expiration | $ 137,100 |
Income Taxes - Net Deferred Tax
Income Taxes - Net Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 48,638 | $ 40,511 |
Operating lease assets | (405) | (371) |
Operating lease liabilities | 545 | 410 |
Depreciation | 11,421 | 9,145 |
Stock compensation | 2,530 | 2,027 |
Business interest expense | 1,110 | 1,033 |
Capitalized research cost | 7,332 | 3,334 |
Other temporary differences | 820 | 691 |
Deferred tax assets | 71,991 | 56,780 |
Valuation allowance | (71,991) | (56,780) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Reconciling Item
Income Taxes - Reconciling Items from Income Tax (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax at statutory rate | 21% | 21% |
State income taxes, net of federal benefits | 6.80% | 1.60% |
Officers compensation limit | (1.80%) | (1.20%) |
Stock based compensation | (2.50%) | 0% |
Other permanent | (0.20%) | (1.00%) |
Valuation allowance | (23.30%) | (20.40%) |
Effective tax rate | 0% | 0% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) shares in Millions | 3 Months Ended | 12 Months Ended | ||
Jan. 01, 2023 | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, percent of match | 100% | |||
Employer matching contribution, percent of employee's contributions | 3% | |||
Employer matching contribution, additional percent of match | 50% | |||
Employer matching contribution, accrued | $ 700,000 | |||
Employer discretionary contribution amount | $ 0 | |||
Forecast | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, accrued equivalent in shares | 0.7 | |||
Minimum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, additional percent of employee's contributions | 3% | |||
Maximum | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Employer matching contribution, additional percent of employee's contributions | 5% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) item contract | Dec. 31, 2022 USD ($) | |
Gain Contingencies [Line Items] | |||
Liabilities associated with indemnities | $ 0 | $ 0 | |
Losses accrual for known contingent liability | 0 | ||
Environmental liabilities | 0 | ||
Contractual obligation | $ 36,000,000 | ||
Number of long term fuel supply contracts | contract | 3 | ||
Number of commitments with collateral | item | 2 | ||
Commitment collateral, percentage of renewable energy credits | 100% | ||
Development Agreement With Zero6 | |||
Gain Contingencies [Line Items] | |||
Collaborative arrangement, development charges committed to pay | $ 8,600,000 | ||
Collaborative arrangement, advanced development fee payments committed | 900,000 | ||
Collaborative arrangement reimbursable costs | 1,200,000 | ||
Collaborative arrangement, development charges committed, upon completion | $ 6,500,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Other Commitments [Line Items] | |
2024 | $ 39,989 |
2025 | 9,976 |
2026 | 1,847 |
2027 | 2,188 |
2028 | 2,330 |
2029 and thereafter | 27,516 |
Total | 83,846 |
Fuel Supply Payments | |
Other Commitments [Line Items] | |
2024 | 3,193 |
2025 | 2,699 |
2026 | 1,718 |
2027 | 2,060 |
2028 | 2,202 |
2029 and thereafter | 26,061 |
Total | 37,933 |
Zero6 Commitment | |
Other Commitments [Line Items] | |
2024 | 36,221 |
2025 | 7,149 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 and thereafter | 0 |
Total | 43,370 |
Renewable Energy Credits | |
Other Commitments [Line Items] | |
2024 | 128 |
2025 | 128 |
2026 | 129 |
2027 | 128 |
2028 | 128 |
2029 and thereafter | 1,455 |
Total | 2,096 |
Electricity Above Use (Est.) | |
Other Commitments [Line Items] | |
2024 | 447 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 | 0 |
2029 and thereafter | 0 |
Total | $ 447 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments, by Fair Value Hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 298,349 | $ 237,125 |
Marketable securities | 167,408 | |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 283,200 | 200,700 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 298,349 | 237,125 |
Marketable securities | 167,408 | |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | 0 |
Marketable securities | 0 | |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | |
Marketable securities | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) - 2021 Bonds | Apr. 15, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Debt instrument, term | 3 years |
Percentage of principal payment on maturity date | 100% |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Values and Estimated Fair Values of Debt Instruments (Details) - 2021 Bonds $ in Thousands | Dec. 31, 2023 USD ($) |
Carrying Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 67,967 |
Estimated Fair Value | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Debt instrument, fair value disclosure | $ 67,916 |
Shareholders' Equity - Narrativ
Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2024 USD ($) | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) | May 30, 2023 USD ($) | Jun. 08, 2022 | Feb. 17, 2022 shares | |
Class of Warrant or Right [Line Items] | ||||||||
Issuance of stock aggregate value | $ | $ 139,008 | |||||||
Warrants outstanding (in shares) | shares | 33,419,267 | |||||||
Warrants exercisable | shares | 0 | |||||||
Stock Repurchase Program Authorized Dollar Amount | $ | $ 25,000 | |||||||
Stock Repurchased During Period, Shares | shares | 0 | 0 | ||||||
Maximum | Subsequent Event | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Issuance of stock aggregate value | $ | $ 750,000 | |||||||
Maximum | At the market offering agreement | Subsequent Event | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Aggregate offering price | $ | $ 500,000 | |||||||
Series 2022-A Warrants | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants outstanding (in shares) | shares | 33,333,336 | |||||||
Warrants term (in years) | 5 years | |||||||
Warrants exercisable | shares | 0 | |||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 4.37 | $ 4.37 | ||||||
Warrants outstanding | $ | $ 92,900 | |||||||
Series 2022-A Warrants | Volatility | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 1.511 | |||||||
Series 2022-A Warrants | Risk free interest rate | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 0.0286 | |||||||
Series 2022-A Warrants | Expected term | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants term (in years) | 5 years | |||||||
Series 2020-A Warrants | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants outstanding (in shares) | shares | 85,931 | |||||||
Warrant exercise price (in dollars per share) | $ / shares | $ 0.60 | |||||||
Warrants outstanding | $ | $ 8,300 | |||||||
Series 2020-A Warrants | Volatility | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 1.30 | |||||||
Series 2020-A Warrants | Risk free interest rate | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants, measurement input | 0.0030 | |||||||
Series 2020-A Warrants | Expected term | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants term (in years) | 5 years | 5 years | ||||||
Series K Warrants | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants unexercised (in shares) | shares | 7,126 | |||||||
At the market offering | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Sale of stock, authorized amount | $ | $ 500,000 | |||||||
Sale of stock, remaining capacity to issue shares | $ | $ 360,600 | |||||||
June 2022 Offering | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Sale of stock, Issuance of common stock (in shares) | shares | 33,333,336 | |||||||
Proceeds from issuance or sale of stock | $ | $ 139,200 | |||||||
Sale of stock, price (in dollars per share) | $ / shares | $ 4.50 | |||||||
June 2022 Offering | Series 2022-A Warrants | ||||||||
Class of Warrant or Right [Line Items] | ||||||||
Warrants outstanding (in shares) | shares | 33,333,336 |
Shareholders' Equity - Shares I
Shareholders' Equity - Shares Issued Upon Exercise of Warrants (Details) - $ / shares | Dec. 31, 2023 | Jun. 30, 2022 |
Class of Warrant or Right [Line Items] | ||
Shares Underlying Warrants Issuance Date (in shares) | 63,333,336 | |
Shares Issued upon Warrant Exercises (in shares) | 29,914,069 | |
Shares Underlying Warrants Outstanding (in shares) | 33,419,267 | |
Series 2020-A Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrant exercise price (in dollars per share) | $ 0.60 | |
Shares Underlying Warrants Issuance Date (in shares) | 30,000,000 | |
Shares Issued upon Warrant Exercises (in shares) | 29,914,069 | |
Shares Underlying Warrants Outstanding (in shares) | 85,931 | |
Series 2022-A Warrants | ||
Class of Warrant or Right [Line Items] | ||
Warrant exercise price (in dollars per share) | $ 4.37 | $ 4.37 |
Shares Underlying Warrants Issuance Date (in shares) | 33,333,336 | |
Shares Issued upon Warrant Exercises (in shares) | 0 | |
Shares Underlying Warrants Outstanding (in shares) | 33,333,336 |
Shareholders' Equity - Exercise
Shareholders' Equity - Exercise of Warrants (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) shares | |
Class of Warrant or Right [Line Items] | |
Proceeds | $ 3 |
Series 2020-A Warrants | |
Class of Warrant or Right [Line Items] | |
Common Stock Issued (in shares) | shares | 4,677 |
Proceeds | $ 3 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Thousands | 1 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Gain or loss recognized as a result deconsolidation | $ 0 | |
Deposits receivable | 33,602 | $ 0 |
Current assets | ||
Cash and cash equivalents | 298,349 | 237,125 |
Total current assets | 386,382 | 415,422 |
Property, plant and equipment, net | 211,563 | 185,174 |
Total assets | 650,322 | 700,748 |
Current liabilities | ||
Accounts payable and accrued liabilities | 22,752 | 24,760 |
Total current liabilities | 91,426 | 25,436 |
Total liabilities | $ 92,933 | $ 95,271 |
Segments- Narrative (Details)
Segments- Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 3 |
Segments - Segment Reporting In
Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | ||
Revenues | $ 17,200 | $ 1,175 |
Depreciation and amortization | (19,007) | (7,887) |
Loss from operations | (81,835) | (102,686) |
Interest income | 18,957 | 6,118 |
Interest expense | (2,161) | (1,167) |
Acquisitions of patents, property, plant, and equipment | 54,455 | 84,077 |
Total assets | 650,322 | 700,748 |
Operating Segments | Gevo | ||
Segment Reporting Information [Line Items] | ||
Revenues | 1,743 | 81 |
Depreciation and amortization | (1,799) | (1,573) |
Loss from operations | (64,955) | (58,427) |
Interest income | 18,957 | 6,118 |
Interest expense | (354) | (436) |
Acquisitions of patents, property, plant, and equipment | 43,907 | 45,272 |
Total assets | 519,994 | 573,057 |
Operating Segments | Agri-Energy | ||
Segment Reporting Information [Line Items] | ||
Revenues | 240 | |
Depreciation and amortization | (10,503) | (6,002) |
Loss from operations | (12,785) | (40,171) |
Interest expense | (16) | 1 |
Acquisitions of patents, property, plant, and equipment | 4,154 | 4,091 |
Total assets | 28,818 | 34,440 |
Operating Segments | Renewable Natural Gas | ||
Segment Reporting Information [Line Items] | ||
Revenues | 15,457 | 854 |
Depreciation and amortization | (6,705) | (312) |
Loss from operations | (4,095) | (4,088) |
Interest expense | (1,791) | (732) |
Acquisitions of patents, property, plant, and equipment | 6,394 | 34,714 |
Total assets | $ 101,510 | $ 93,251 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ (66,215) | $ (98,007) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | During our last fiscal quarter, the below directors and/or officers, as defined in Rule 16a-1(f), adopted, modified or terminated a “Rule 10b5-1 trading arrangement,” as defined in Item 408 of Regulation S-K. The Rule 10b5-1 trading arrangements were each intended to satisfy the affirmative defense in Rule 10b5-1(c)(1). Name and Title Action Date Duration of Plan Total Number of Shares of Common Stock to be Purchased or Sold Patrick Gruber Chief Executive Officer Terminate November 15, 2023 June 30, 2023 to November 15, 2023 Up to 2,067,374 Paul Bloom Chief Carbon Officer and Chief Innovation Officer Terminate December 8, 2023 June 30, 2023 to December 8, 2023 Up to 358,175 No other directors or officers, as defined in Rule 16a-1(f), adopted, modified and/or terminated a “Rule 10b5-1 trading arrangement,” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Item 408 of Regulation S-K, during our last fiscal quarter. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Rule 10b5-1 Arrangement Modified | false |
Non Rule 10b5-1 Arrangement Modified | false |
Patrick Gruber | |
Trading Arrangements, by Individual | |
Name | Patrick Gruber |
Title | Chief Executive Officer |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | November 15, 2023 |
Arrangement Duration | 4 months 18 days |
Aggregate Available | 2,067,374 |
Paul Bloom | |
Trading Arrangements, by Individual | |
Name | Paul Bloom |
Title | Chief Carbon Officer and Chief Innovation Officer |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | December 8, 2023 |
Arrangement Duration | 5 months 11 days |
Aggregate Available | 358,175 |