What are the investment strengths of Gevo Inc (GEVO)?

Revenue growth 21% YoY (6x industry median) with 47% gross margins proves product-market fit; 346M PPE base positions for production scale-up Tangible book value 345.8M exceeds market cap 523.5M - trading at 0.66x hard assets provides downside protection

What are the investment risks for Gevo Inc (GEVO)?

Cash burn 52.2M TTM with only 72.6M cash means dilutive financing imminent; 232.7M shares already outstanding ROIC -7.4% TTM with 633M invested capital destroying value; interest expense 14M consumes 12% of revenue

Gevo Inc

GEVO

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Gevo Inc AI Insights

Informational only. Not investment advice.

As of 2025-12-10

Snapshot

Revenue TTM 120.9M growing 21% YoY vs industry median 3.5% - rare growth in specialty chemicals sector[Total Revenue 1Y Growth]
FCF TTM -85.7M with capex 33.5M (28% of revenue) signals heavy infrastructure build phase draining cash[Free Cash Flow]
Intangibles 123M represent 26% of equity - goodwill impairment risk if commercialization delays[Goodwill and Other Intangible Assets]

Watch Triggers

Cash and Equivalents: Falls below 50M — Triggers forced financing at unfavorable terms or operational cuts
Total Revenue 1Y Growth: Decelerates below 10% — Growth story collapses without revenue acceleration to cover fixed costs
Operating Margin: Improves to -10% or better — Signals operating leverage kicking in and path to profitability

Bull Case

Revenue growth 21% YoY (6x industry median) with 47% gross margins proves product-market fit; 346M PPE base positions for production scale-up

Total Revenue 1Y GrowthGross MarginPPE

Tangible book value 345.8M exceeds market cap 523.5M - trading at 0.66x hard assets provides downside protection

Tangible Book ValueMarket CapP/B Ratio

Bear Case

Cash burn 52.2M TTM with only 72.6M cash means dilutive financing imminent; 232.7M shares already outstanding

Cash FlowCash and EquivalentsShares Outstanding

ROIC -7.4% TTM with 633M invested capital destroying value; interest expense 14M consumes 12% of revenue

ROICInvested CapitalInterest Expense

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

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Forward Thesis

Cash runway under 12 months at current burn rate creates near-term financing event

3-12mhigh

Cash 72.6M vs quarterly cash burn ~13M
FCF -85.7M TTM accelerating losses
Debt 167.8M limits borrowing capacity

Cash/Equivalents 72.6MOperating Cash Flow TTM -52.2MDebt/Equity 0.36

Gross margin 47% TTM indicates viable unit economics if scale achieved

1-3ymed

Gross profit 56.5M on 120.9M revenue
Operating losses driven by 84.7M opex
R&D 12.1M (10% of revenue) sustains IP

Gross Margin TTM 47%Industry median gross margin 55%Operating Margin TTM -23%

Valuation Context

Caveats

GEVO Fundamentals

Manufacturing → Chemical Manufacturing

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$396.76M		—
Enterprise Value	$488.09M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$174.42M	+314.9%	—
Earnings Per Share (diluted) - TTM	$-0.14		—
Operating Margin - TTM	-4.62%	+182.0%	—
Net Margin - TTM	-19.4%	+174.5%	—
Free Cash Flow - TTM	$-43.65M		—
Return on Common Equity - TTM	-7.37%	+8.7%	—
Beta 5Y (Monthly)	unknown		—

GEVO Dividend History

No dividends

GEVO Stock Splits

3 stock splits

06/04/1820:1 split

01/06/1720:1 split

04/21/1515:1 split

GEVO SEC Filings

Filing Date	Report Date	Report Type	Filing Link
05/07/26	03/31/26	10-Q	0001392380-26-000016
03/05/26	12/31/25	Unknown	0001392380-26-000006
11/10/25	09/30/25	10-Q	0001392380-25-000032
08/11/25	06/30/25	10-Q	0001392380-25-000026
05/13/25	03/31/25	10-Q	0001392380-25-000016
03/27/25	12/31/24	10-K	0001392380-25-000011
11/07/24	09/30/24	10-Q	0001392380-24-000040
08/08/24	06/30/24	10-Q	0001392380-24-000033
05/02/24	03/31/24	10-Q	0001392380-24-000014
03/07/24	12/31/23	10-K	0001392380-24-000008
11/14/23	09/30/23	10-Q	0001392380-23-000099
08/10/23	06/30/23	10-Q	0001392380-23-000070
05/10/23	03/31/23	10-Q	0001392380-23-000031
03/09/23	12/31/22	10-K	0001392380-23-000013
11/08/22	09/30/22	10-Q	0001392380-22-000036
08/08/22	06/30/22	10-Q	0001392380-22-000024
05/09/22	03/31/22	10-Q	0001628280-22-013324
02/24/22	12/31/21	10-K	0001437749-22-004346
11/10/21	09/30/21	10-Q	0001437749-21-026194
08/13/21	06/30/21	10-Q	0001437749-21-019785
05/14/21	03/31/21	10-Q	0001437749-21-012120
03/18/21	12/31/20	10-K	0001437749-21-006358
11/12/20	09/30/20	10-Q	0001437749-20-023414
08/10/20	06/30/20	10-Q	0001437749-20-017367
05/13/20	03/31/20	10-Q	0001437749-20-010455
03/17/20	12/31/19	10-K	0001437749-20-005495
11/13/19	09/30/19	10-Q	0001437749-19-022526
08/14/19	06/30/19	10-Q	0001437749-19-016846
05/08/19	03/31/19	10-Q	0001437749-19-009117
03/28/19	12/31/18	10-K	0001437749-19-005839
11/06/18	09/30/18	10-Q	0001437749-18-019693
08/08/18	06/30/18	10-Q	0001437749-18-014943
05/10/18	03/31/18	10-Q	0001437749-18-009462
03/28/18	12/31/17	10-K	0001564590-18-006978
11/06/17	09/30/17	10-Q	0001564590-17-021814
08/03/17	06/30/17	10-Q	0001564590-17-015423
05/09/17	03/31/17	10-Q	0001564590-17-009895
03/31/17	12/31/16	10-K	0001564590-17-005692
11/14/16	09/30/16	10-Q	0001564590-16-029250
08/10/16	06/30/16	10-Q	0001564590-16-023895
05/12/16	03/31/16	10-Q	0001564590-16-019253
03/30/16	12/31/15	10-K	0001564590-16-015604
11/05/15	09/30/15	10-Q	0001564590-15-009709
08/07/15	06/30/15	10-Q	0001564590-15-006577
05/13/15	03/31/15	10-Q	0001564590-15-004112
03/30/15	12/31/14	10-K	0001564590-15-002081
11/10/15	09/30/14	10-Q/A	0001564590-15-010275
11/12/14	09/30/14	10-Q	0001564590-14-005535
08/14/14	06/30/14	10-Q	0001564590-14-003815
05/14/14	03/31/14	10-Q	0001564590-14-002162
04/15/14	12/31/13	10-K	0001564590-14-001500
11/05/13	09/30/13	10-Q	0001564590-13-000970
08/14/13	06/30/13	10-Q	0001564590-13-000340
05/06/13	03/31/13	10-Q	0001193125-13-200454
03/26/13	12/31/12	10-K	0001193125-13-124921
11/02/12	09/30/12	10-Q	0001193125-12-449324
08/07/12	06/30/12	10-Q	0001193125-12-341245
05/02/12	03/31/12	10-Q	0001193125-12-201526
02/28/12	12/31/11	10-K	0001193125-12-085423
11/02/11	09/30/11	10-Q	0001193125-11-291482
08/03/11	06/30/11	10-Q	0001193125-11-208106
05/06/11	03/31/11	10-Q	0001193125-11-130602
03/29/11	12/31/10	10-K	0001193125-11-080096
02/10/11	09/30/10	424B4	0001193125-11-029300
10/01/10	06/30/10	S-1/A	0001193125-10-221378
08/12/10	03/31/10	S-1	0001193125-10-187275
02/10/11	12/31/09	424B4	0001193125-11-029300
09/30/09	09/30/09	Unknown	--
06/30/09	06/30/09	Unknown	--
08/12/10	03/31/09	S-1	0001193125-10-187275