Note 21 - Segments

12 Months Ended

Dec. 31, 2021

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

21. Segments

The Company's chief operating decision maker is provided with and reviews a monthly executive package which separately identifies its business segments based on the nature of the products and services offered through each of its consolidated legal entities. In January 2021, the Company began to separately identify the Renewal Natural Gas segment and Net-Zero segment in the monthly executive package. As such, the Company has determined that it has four operating segments: (i) Gevo segment; (ii) Agri-Energy segment; (iii) Renewable Natural Gas segment; and (iv) Net-Zero segment. Transactions between segments are eliminated in consolidation.

Gevo Segment. The Gevo segment is responsible for all research and development activities related to the future production of renewable hydrocarbons, including the development of our proprietary biocatalysts, the production and sale of SAF and the next generation of chemicals and biofuels that will be based on the Company’s isobutanol technology. The Gevo segment also develops, maintains and protects its intellectual property portfolio, develops future markets for its renewable hydrocarbons and provides corporate oversight services.

Agri-Energy Segment. The Agri-Energy segment is currently responsible for the operation of the Company's Luverne Facility and the current production of isobutanol, ethanol and related products. Isobutanol production will be used as a feedstock for us to produce SAF and renewable premium gasoline to fulfill existing sales contracts.

Renewable Natural Gas Segment. The Renewable Natural Gas segment is nearing completion of its construction and commissioning and is expected to produce low-carbon methane from the manure of cows and pigs for the production of energy.

Net-Zero Segment. The Net-Zero segment will be responsible for the production of energy dense liquid hydrocarbons using renewable energy and proprietary technology at Gevo's Net Zero Projects.

The Company’s chief operating decision maker is provided with and reviews the financial results of each of the Company’s consolidated legal entities, Gevo, Inc., Gevo Asset, LLC, Gevo RNG Holdco, LLC, Gevo NW Iowa RNG, LLC, Gevo Net-Zero Holdco, LLC, Gevo Net-Zero 1, LLC and Agri-Energy, LLC. The Company organizes its business segments based on the nature of the products and services offered through each of its consolidated legal entities. All revenue is earned and all assets are held in the U.S.

	Year Ended December 31,
	2021			2020			2019
	(In thousands)
Revenues from external customers
Gevo	$	483		$	1,650		$	2,338
Agri-Energy		228			3,886			22,149
Renewable Natural Gas		—			—			—
Net-Zero		—			—			—
Consolidated	$	711		$	5,536		$	24,487
Loss from operations
Gevo	$	(33,080	)	$	(13,215	)	$	(12,360	)
Agri-Energy		(16,605	)		(12,047	)		(13,995	)
Renewable Natural Gas		(1,153	)		(1,294	)		—
Net-Zero		(9,252	)		(405	)		—
Consolidated	$	(60,090	)	$	(26,961	)	$	(26,355	)
Interest expense
Gevo	$	67		$	2,075		$	2,738
Agri-Energy		17			19			—
Renewable Natural Gas		167			—			—
Net-Zero		—			—			—
Consolidated	$	251		$	2,094		$	2,738
Depreciation and amortization expense
Gevo	$	650		$	214		$	210
Agri-Energy		4,475			5,690			6,446
Renewable Natural Gas		3			—			—
Net-Zero		—			—			—
Consolidated	$	5,128		$	5,904		$	6,656
Acquisitions of licenses, patents, plant, property and equipment
Gevo	$	10,799		$	4,501		$	130
Agri-Energy		5,716			1,716			6,367
Renewable Natural Gas		52,470			—			—
Net-Zero		25,796			—			—
Consolidated	$	94,781		$	6,217		$	6,497
Revenue by geographic area
United States	$	322		$	4,082		$	22,149
Other		389			1,454			2,338
Consolidated	$	711		$	5,536		$	24,487

	December 31,
	2021		2020
Construction in Process
Gevo	$	442	$	8
Agri-Energy		9,122		8,645
Renewable Natural Gas		56,879		4,479
Net-Zero		22,546		—
Consolidated	$	88,989	$	13,132

	December 31,
	2021			2020
Total assets
Gevo	$	555,877		$	152,177
Agri-Energy		153,494			131,893
Renewable Natural Gas		116,644			—
Net-Zero		44,763			—
Intercompany eliminations (1)		(204,302	)		(131,971	)
Consolidated (2)	$	666,476		$	152,099

(1)	Includes intercompany sales of nil and $0.1 million during the years ended December 31, 2021 and 2020, respectively, for hydrocarbon sales.
(2)	All other significant non-cash items relate to the activities of Gevo.