Gevo Reports $161M 2025 Revenue, $16M EBITDA and Generates $20M Q4 Cash Flow
Gevo reported 2025 revenue of $161M, a $20M operating loss and $16M non-GAAP EBITDA, and generated $20M of positive operating cash flow in Q4. The North Dakota plant produced 69M gallons of ethanol, captured 173,000 tons of CO2, sold $52M in tax credits, and plans $26M capex to expand capacity.
1. Financial Performance
In 2025 Gevo generated $161 million in revenue, incurred a $20 million operating loss and achieved $16 million of non-GAAP adjusted EBITDA. The company turned positive on operating cash flow in Q4, generating $20 million, and ended the year with $117 million in cash and equivalents.
2. Plant Operations
Gevo North Dakota produced approximately 69 million gallons of ethanol and captured 173,000 metric tons of CO2 in 2025, exceeding nameplate capacity. The plant achieved a yield of nearly three gallons per bushel and produced two million gallons of cellulosic ethanol from corn kernel fiber.
3. Tax Credit Monetization
The company sold $52 million of production tax credits in 2025, receiving $41 million in cash and expecting the remainder in early 2026. Production tax credits are recorded as reductions to cost of goods sold each quarter, bolstering operating results.
4. Outlook and Expansion Plans
Management targets about $40 million of annualized adjusted EBITDA from current assets and neutral to positive operating cash flow for full-year 2026. The board approved $26 million of capital spending to raise North Dakota capacity to 75 million gallons per year and increase CO2 sequestration above 200,000 metric tons.