Segments

12 Months Ended

Dec. 31, 2024

Segments

Segments

22. Segments

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 assesses the segments’ performance by using Loss from Operations.

The CODM uses operating results for each segment predominantly in the annual budget and forecasting process. The CODM considers budget-to-actual variances on a quarterly basis when making decisions about the allocation of operating and capital resources of each segment. As such, management has determined that the Company has organized its operations and activities in the manner in which information is utilized by the CODM and has determined that it has three operating and reportable segments: (i) Gevo segment; (ii) GevoFuels segment; (iii) GevoRNG segment. All segments follow the same basis of accounting policies as described in Note 2, Summary of Significant Accounting Policies.

Gevo segment. The Gevo segment is responsible for all research and development activities related to the future production of SAF, commercial opportunities for other renewable hydrocarbon products, such as hydrocarbons for gasoline blendstocks and diesel fuel; ingredients for the chemical industry, such as ethylene and butenes; plastics and materials; and other chemicals. The Gevo segment also develops, maintains and protects its intellectual property portfolio, provides corporate oversight services, and is responsible for development of Verity platforms.

GevoFuels segment. GevoFuels is a cornerstone of the Company’s operations, committed to driving low-cost, sustainable, and American-made energy solutions. Our focus is on advancing practical, low-carbon energy alternatives that promote energy independence and strengthen the economy. This segment is dedicated to the development, construction, and operation of Alcohol-to-Jet projects that are not only good for the environment but also cost-effective for businesses and consumers. Our flagship project, ATJ-60, is a groundbreaking greenfield initiative focused on producing SAF right here in the U.S.

GevoRNG segment. The Renewable Natural Gas segment includes GevoRNG which is an innovative project that leverages anaerobic digestion technology to capture and convert methane emissions into renewable natural gas. This project plays a significant role in addressing both the environmental impact of methane emissions and the growing demand for cleaner energy alternatives. RNG is chemically identical to conventional natural gas, but it is produced from organic waste rather than fossil fuels, making it a sustainable and carbon-neutral energy source. By converting methane

emissions into RNG, Gevo RNG helps mitigate the environmental impact of livestock farming, specifically reducing the greenhouse gases that contribute to climate change.

During the fourth quarter of 2024, the Company realigned its organizational and reporting structure due to the acquisition of CultivateAI as well as the anticipated closing of its acquisition of Red Trail Energy. The Company previously reported an Agri-Energy segment, which consisted of a plant that has been idle since 2022. Information previously reported within the Agri-Energy segment is now included within the Gevo segment. Information related to the GevoFuels segments is now reviewed by the CODM. All historical financial segment information has been recast to conform to the current period presentation. We use segment profit and loss as a measure reported to the chief operating decision-maker for the purpose of making decisions about allocating resources to the segment and assessing its performance. The financial information presented below reflects information about the Company’s segments.

The "Other Expenses" in the segment table include the following components: cost of production, general and administrative expenses, acquisition-related costs, facility idling costs, and other expenses.

	Year Ended December 31, 2024
	Gevo		GevoFuels		GevoRNG		Consolidated
Revenues	$	1,119	$	—	$	15,796	$	16,915
Less:
Depreciation and amortization		9,718		—		8,580		18,298
Research and development		5,581		(5)		—		5,576
Project development		14,236		3,930		—		18,166
Other expenses		49,724		—		15,975		65,699
Loss from operations		(78,139)		(3,925)		(8,760)		(90,824)
Interest expense		(760)		(5)		(3,114)		(3,879)
Interest income		15,637		—		—		15,637
Consolidated Net Loss		(62,854)		(3,925)		(11,861)		(78,640)
Acquisitions of property, plant, and equipment		17,088		30,102		3,895		51,085
Total assets		297,979		208,309		77,653		583,941

	Year Ended December 31, 2023
	Gevo		GevoFuels		GevoRNG		Consolidated
Revenues	$	1,743	$	—	$	15,457	$	17,200
Less:
Depreciation and amortization		12,302		—		6,705		19,007
Research and development		6,577		—		60		6,637
Project development		12,751		1,981		—		14,732
Other expenses		45,871		1		12,787		58,659
Loss from Operations		(75,758)		(1,982)		(4,095)		(81,835)
Interest expense		(365)		(5)		(1,791)		(2,161)
Interest income		18,957		—		—		18,957
Consolidated Net Loss		(57,283)		(3,048)		(5,884)		(66,215)
Acquisitions of property, plant, and equipment		19,821		28,240		6,394		54,455
Total assets		410,975		137,837		101,510		650,322