Intangible Assets

12 Months Ended

Dec. 31, 2024

Intangible Assets

Intangible Assets

10. Intangible Assets

Intangible assets consist of acquired patents, and intangible assets acquired as part of the acquisition of Cultivate Agricultural Intelligence, LLC. Acquired patents were evaluated by management to determine whether they (i) support current products, (ii) support planned research and development, or (iii) prevent others from competing with Gevo’s products. See Note 20, Business Combinations, for additional information on assets acquired as part of the Cultivate Agricultural Intelligence, LLC acquisition.

The following tables set forth the Company’s intangible assets by classification (in thousands) as of:

	December 31, 2024
					Identifiable		Weighted-
	Gross Carrying		Accumulated		Intangible		Average Useful Life
	Amount		Amortization		Assets, net		(Years)
Patents	$	4,580	$	(2,203)	$	2,377	7.4
Defensive assets		4,900		(1,922)		2,978	8.4
Developed technology		1,300		(87)		1,213	5.0
Customer-related intangible		1,500		(31)		1,469	16.0
Trade name		100		(8)		92	4.0
Intangible assets	$	12,380	$	(4,251)	$	8,129	8.9

	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

The Company recorded amortization expense of $1.3 million and $1.2 million for the years ended December 31, 2024, and 2023, respectively.

The following table details the estimated amortization of identifiable intangible assets as of December 31, 2024 (in thousands):

					Developed		Customer-Related
Year Ending December 31,	Patents		Defensive Assets		Technology		Intangible		Trade Name		Total
2025	$	582	$	586	$	260	$	94	$	25	$	1,547
2026		582		586		260		94		25		1,547
2027		582		586		260		94		25		1,547
2028		582		586		260		94		17		1,539
2029		49		586		173		94		—		902
2030 and thereafter		—		48		—		999		—		1,047
Total intangible assets	$	2,377	$	2,978	$	1,213	$	1,469	$	92	$	8,129