Gevo, Inc. reported a net loss of $78.6 million for the fiscal year ending December 31, 2024, compared to a net loss of $66.2 million in the previous year, marking a 19% increase in losses. Total operating revenues for the year were $16.9 million, a slight decrease from $17.2 million in 2023. The decline in revenue was primarily attributed to lower sales of environmental attributes from the company's renewable natural gas (RNG) project, which faced inventory buildup in anticipation of receiving final pathway approval under California's Low Carbon Fuel Standard (LCFS) program.
The company has made significant strides in its operational and strategic developments. In January 2025, Gevo completed the acquisition of Red Trail Energy, LLC for $210 million, which is expected to enhance its production capabilities. Additionally, Gevo's RNG project in Northwest Iowa achieved stable production levels, surpassing its annual target of 310,000 million British thermal units (MMBtu) and expanding its expected output from 355,000 MMBtu to 400,000 MMBtu in 2024. The company also launched its Verity Tracking platform, aimed at providing transparency in carbon intensity measurement across its supply chain.
Gevo's workforce as of December 31, 2024, consisted of 122 employees, a slight increase from the previous year. The company is focused on expanding its Alcohol-to-Jet (ATJ) projects, with its flagship ATJ-60 project in Lake Preston, South Dakota, designed to produce approximately 60 million gallons of sustainable aviation fuel (SAF) annually. The project has received a conditional commitment from the U.S. Department of Energy for a loan guarantee facility of approximately $1.6 billion, which is expected to support its financing needs.
Looking ahead, Gevo anticipates continued losses as it invests heavily in the development and commercialization of its projects. The company plans to finance its growth through a combination of equity, third-party capital, and non-recourse debt. Gevo's management remains optimistic about the demand for low-carbon fuels, particularly SAF, as global jet fuel consumption is projected to rise significantly in the coming years. However, the company acknowledges the risks associated with market conditions, regulatory changes, and the need for substantial additional financing to achieve its strategic goals.
About Gevo, Inc.
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