Revenue scaled to $46.5M in 2026Q2 with 42.6% gross margin, yet a $171.7M operating loss and gross margin swings from 26.3% to 60.2% during 2025 suggest profitability remains highly volatile despite the ~10x revenue step-up from 2024Q4.
Gevo, Inc. (GEVO) annual income statement — 18-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 177.51M | 160.58M | 16.91M | 17.2M | 1.18M | 533K | 5.54M | 24.45M | 32.86M | 27.31M | 26.54M | 28.82M | 28.27M | 8.22M | 24.39M | 64.55M | 16.4M | 660K | 208K |
| Revenue Growth % | 121.37% | 849.33% | -1.66% | 1363.83% | 120.45% | -90.37% | -77.36% | -25.59% | 20.34% | 2.89% | -7.9% | 1.96% | 243.7% | -66.27% | -62.22% | 293.69% | 2384.24% | 217.31% | - |
| Cost of Goods Sold | 101.34M | 112.04M | 12M | 11.99M | 8.7M | 7.69M | 15M | 36.73M | 41.57M | 38.16M | 37.02M | 38.76M | 35.58M | 17.91M | 32.41M | 60.59M | 13.45M | 1.51M | 678K |
| COGS % of Revenue | - | 69.77% | 70.95% | 69.72% | 740.26% | 1442.21% | 271.01% | 150.22% | 126.49% | 139.76% | 139.47% | 134.5% | 125.88% | 217.81% | 132.91% | 93.86% | 82.01% | 228.94% | 325.96% |
| Gross Profit | 76.17M | 48.54M | 4.91M | 5.21M | -7.52M | -7.15M | -9.47M | -12.28M | -8.71M | -10.86M | -10.47M | -9.94M | -7.32M | -9.69M | -8.03M | 3.96M | 2.95M | -851K | -470K |
| Gross Margin % | 42.91% | 30.23% | 29.05% | 30.28% | -640.26% | -1342.21% | -171.01% | -50.22% | -26.49% | -39.76% | -39.47% | -34.5% | -25.88% | -117.81% | -32.91% | 6.14% | 17.99% | -128.94% | -225.96% |
| Gross Profit Growth % | - | 887.99% | -5.68% | 169.24% | -5.16% | 24.43% | 22.91% | -41.07% | 19.82% | -3.65% | -5.35% | -35.91% | 24.49% | -20.74% | -302.6% | 34.27% | 446.65% | -81.06% | - |
| Operating Expenses | 261.73M | 67.41M | 95.74M | 87.04M | 95.16M | 53.11M | 17.49M | 14.07M | 13.5M | 12.43M | 13.51M | 21.98M | 32.46M | 45.83M | 63.41M | 48.64M | 38.46M | 19.23M | 12.76M |
| OpEx % of Revenue | - | 41.98% | 565.99% | 506.07% | 8098.98% | 9965.1% | 316% | 57.54% | 41.07% | 45.5% | 50.9% | 76.28% | 114.84% | 557.22% | 260.05% | 75.36% | 234.59% | 2913.48% | 6136.06% |
| Selling, General & Admin | 58.43M | 51.2M | 45.8M | 42.63M | 39.94M | 25.49M | 11.19M | 10.09M | 8.12M | 7.47M | 8.96M | 16.69M | 18.34M | 25.65M | 43.98M | 28.89M | 23.64M | 7.19M | 5.39M |
| SG&A % of Revenue | - | 31.88% | 270.75% | 247.84% | 3399.23% | 4782.93% | 202.17% | 41.24% | 24.71% | 27.36% | 33.78% | 57.92% | 64.89% | 311.86% | 180.36% | 44.76% | 144.2% | 1089.09% | 2589.9% |
| Research & Development | 10.14M | 4.55M | 23.74M | 6.64M | 17.49M | 17.36M | 3.51M | 4.02M | 5.37M | 5.18M | 5.22M | 6.61M | 14.12M | 20.18M | 19.43M | 19.75M | 14.82M | 10.51M | 7.38M |
| R&D % of Revenue | - | 2.83% | 140.36% | 38.59% | 1488.34% | 3256.29% | 63.42% | 16.44% | 16.35% | 18.98% | 19.65% | 22.94% | 49.95% | 245.37% | 79.68% | 30.6% | 90.39% | 1592.12% | 3546.15% |
| Other Operating Expenses | 4M | 11.65M | 26.2M | 37.78M | 37.73M | 10.27M | 2.79M | -34K | 0 | -228K | -671K | -1.32M | 0 | 0 | 0 | 0 | 0 | 1.53M | 0 |
| Operating Income | -185.56M | -18.86M | -90.82M | -81.83M | -102.69M | -60.27M | -26.96M | -26.35M | -22.2M | -23.28M | -23.98M | -31.93M | -39.78M | -55.52M | -71.44M | -44.69M | -35.51M | -18.57M | -13.23M |
| Operating Margin % | -104.54% | -11.75% | -536.94% | -475.78% | -8739.23% | -11307.32% | -487.01% | -107.76% | -67.56% | -85.26% | -90.37% | -110.78% | -140.72% | -675.04% | -292.95% | -69.24% | -216.6% | -2813.48% | -6362.02% |
| Operating Income Growth % | - | 79.23% | -10.98% | 20.31% | -70.38% | -123.54% | -2.31% | -18.69% | 4.64% | 2.93% | 24.88% | 19.73% | 28.35% | 22.29% | -59.84% | -25.85% | -91.25% | -40.32% | - |
| EBITDA | -159.43M | 6.46M | -72.53M | -62.83M | -94.8M | -55.14M | -21.06M | -19.7M | -15.68M | -16.64M | -17.24M | -25.35M | -34.9M | -52.12M | -68.12M | -40.09M | -32.33M | -17.06M | -12.55M |
| EBITDA Margin % | -89.82% | 4.02% | -428.77% | -365.28% | -8068% | -10345.22% | -380.36% | -80.54% | -47.72% | -60.94% | -64.95% | -87.98% | -123.46% | -633.78% | -279.37% | -62.11% | -197.15% | -2584.55% | -6036.06% |
| EBITDA Growth % | -343.52% | 108.9% | -15.44% | 33.73% | -71.92% | -161.86% | -6.92% | -25.6% | 5.77% | 3.46% | 32.01% | 27.35% | 33.05% | 23.49% | -69.91% | -24.03% | -89.5% | -35.87% | - |
| D&A (Non-Cash Add-back) | 26.13M | 25.32M | 18.3M | 19.01M | 7.89M | 5.13M | 5.9M | 6.66M | 6.52M | 6.64M | 6.75M | 6.57M | 4.88M | 3.39M | 3.31M | 4.6M | 3.19M | 1.51M | 678K |
| EBIT | -190.47M | -15.07M | -74.76M | -64.05M | -96.84M | -58.95M | -38.09M | -25.92M | -24.74M | -21.68M | -29.39M | -27.95M | -29.12M | -57.7M | -54.37M | -44.64M | -37.74M | -18.57M | -13.16M |
| Net Interest Income | -17.26M | -9.75M | 11.86M | 16.93M | 2.31M | 320K | -1.99M | -2.71M | -3.24M | -2.95M | -7.84M | -8.24M | -12.02M | -9.3M | -6.34M | -3.49M | -2.27M | -826K | -1.23M |
| Interest Income | 3.46M | 7.81M | 15.74M | 19.09M | 3.48M | 571K | 102K | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85K | 108K | 277K | 154K |
| Interest Expense | 20.72M | 17.56M | 3.88M | 2.16M | 1.17M | 251K | 2.09M | 2.74M | 3.24M | 2.95M | 7.84M | 8.24M | 12.02M | 9.3M | 6.34M | 3.58M | 2.37M | 1.1M | 1.39M |
| Other Income/Expense | -25.63M | -13.76M | 12.18M | 15.62M | 4.68M | 1.06M | -13.22M | -2.31M | -5.78M | -1.35M | -13.24M | -4.27M | -1.37M | -11.29M | 10.72M | -3.52M | -4.6M | -1.32M | -1.31M |
| Pretax Income | -211.2M | -32.63M | -78.64M | -66.22M | -98.01M | -59.2M | -40.19M | -28.66M | -27.98M | -24.63M | -37.23M | -36.19M | -41.15M | -66.81M | -60.71M | -48.21M | -40.11M | -19.89M | -14.54M |
| Pretax Margin % | -118.98% | -20.32% | -464.91% | -384.97% | -8341.02% | -11107.5% | -725.9% | -117.2% | -85.13% | -90.19% | -140.26% | -125.59% | -145.56% | -812.33% | -248.97% | -74.69% | -244.65% | -3012.88% | -6991.35% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -212.89M | -33.84M | -78.64M | -66.22M | -98.01M | -59.2M | -40.19M | -28.66M | -27.98M | -24.63M | -37.23M | -36.19M | -41.15M | -66.81M | -60.71M | -48.21M | -40.11M | -19.89M | -14.54M |
| Net Margin % | -119.93% | -21.07% | -464.91% | -384.97% | -8341.02% | -11107.5% | -725.9% | -117.2% | -85.13% | -90.19% | -140.26% | -125.59% | -145.56% | -812.33% | -248.97% | -74.69% | -244.65% | -3012.88% | -6991.35% |
| Net Income Growth % | -264.87% | 56.97% | -18.76% | 32.44% | -65.54% | -47.32% | -40.22% | -2.44% | -13.59% | 33.84% | -2.86% | 12.03% | 38.41% | -10.04% | -25.92% | -20.2% | -101.72% | -36.74% | - |
| Net Income (Continuing) | -211.2M | -32.63M | -78.64M | -66.22M | -98.01M | -59.2M | -40.19M | -28.66M | -27.98M | -24.63M | -37.23M | -36.19M | -41.15M | -66.81M | -60.71M | -48.21M | -40.11M | -19.89M | -14.54M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 7.79M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.90 | -0.14 | -0.34 | -0.28 | -0.44 | -0.30 | -0.71 | -2.58 | -5.74 | -30.23 | -193.52 | -1032.29 | -3067.09 | -8894.42 | -11168.51 | -12628.08 | -9769.12 | -7469.95 | -7292.88 |
| EPS Growth % | -265.84% | 58.82% | -21.43% | 36.36% | -46.67% | 57.75% | 72.48% | 55.05% | 81.01% | 84.38% | 81.25% | 66.34% | 65.52% | 20.36% | 11.56% | -29.27% | -30.78% | -2.43% | - |
| EPS (Basic) | - | -0.14 | -0.34 | -0.28 | -0.44 | -0.30 | -0.71 | -2.58 | -5.74 | -30.23 | -193.52 | -1032.29 | -3067.09 | -8894.42 | -11168.51 | -12628.08 | -9769.12 | -7469.95 | -7292.88 |
| Diluted Shares Outstanding | 237.05M | 234.01M | 231.67M | 238.69M | 221.54M | 195.79M | 56.88M | 12.18M | 4.88M | 814.8K | 192.37K | 35.06K | 13.41K | 7.51K | 5.44K | 3.82K | 4.11K | 2.66K | 1.99K |
| Basic Shares Outstanding | 237.05M | 234.01M | 231.67M | 238.69M | 221.54M | 195.79M | 56.88M | 12.18M | 4.88M | 814.8K | 192.37K | 35.06K | 13.41K | 7.51K | 5.44K | 3.82K | 4.11K | 2.66K | 1.99K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying GEVO stock.
For fiscal year 2025, Gevo, Inc. (GEVO) reported total revenue of $160.6M. This represents a 77101.9% increase compared to $0.2M in 2008.
Gevo, Inc. (GEVO) reported a net loss of $33.8M for the fiscal year ending 2025.
Gevo, Inc. (GEVO) reported an operating income of $-18.9M, resulting in an operating profit margin of -11.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Gevo, Inc. (GEVO) generated $48.5M in gross profit for the year, representing a gross profit margin of 30.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent losses amid margin volatility
Metrics are mathematically derived from official filings.
Step-Change Revenue, Uneven Momentum
Revenue scaled roughly tenfold from $5.7M in 2024Q4 to $45.3M in 2025Q4, signaling a step-change in commercialization, though sequential growth decelerated to 7.1% in 2026Q2 per company filings, suggesting the initial ramp is normalizing rather than compounding.
The near-flat 2024 quarters followed by the 2025Q1 surge imply the revenue jump was driven by new production capacity coming online rather than organic demand acceleration. Recent sequential growth of 7.0-7.1% points to a flattening trajectory, meaning durability now hinges on sustaining the $42-46M quarterly run-rate rather than continued expansion. Investors should monitor whether 2026 volumes can absorb the elevated cost base established in 2025.
Gross Margin Whipsaw Signals Fragility
Gross margin swung from 26.3% in 2025Q1 to 60.2% in 2025Q2 and back to 29.4% by 2025Q3, indicating unit economics remain highly sensitive to feedstock costs, plant utilization, and product mix rather than durable pricing power.
Such extreme quarter-to-quarter swings are characteristic of a capital-intensive operation where unit costs collapse at higher utilization but rebound sharply if throughput slips, suggesting Gevo has limited near-term control over its cost structure. The 2026Q1 improvement to 52.9% followed by a pullback to 42.6% reinforces that margin levels are not yet predictable. Versus peers, Gevo's peak margins exceed REX's stable 14.4%, but its trough quarters underperform meaningfully, highlighting greater earnings volatility.
2025Q1 Marked the Scale-Up Break
The decisive break occurred in 2025Q1 when quarterly revenue jumped to $29.1M from $5.7M, establishing a structurally higher cost base with SG&A near $11M per quarter and implying significant fixed-cost absorption risk at lower volumes.
This inflection appears to have reset Gevo's operating profile from a pre-commercial developer to a manufacturer carrying meaningful overhead, which explains why operating income remained negative (-$20.1M) even in that first scaled quarter. The lasting impact is a higher breakeven threshold; the business now requires sustained high utilization to convert gross profit into operating income, as evidenced by the thin $5.8M operating result in 2025Q2 despite $26.1M gross profit. The 2026Q2 anomaly may reflect a second, costlier inflection tied to capital deployment.
Losses Persist Despite Revenue Scale
Gevo posted a net loss in nine of the last ten quarters, with a 2026Q2 operating loss of $171.7M against $19.8M gross profit, suggesting non-cash charges or unusual items heavily distort reported profitability and warrant forensic review.
An operating loss that exceeds gross profit by more than eightfold cannot be explained by SG&A and R&D alone, pointing to impairment, restructuring, or other non-recurring items whose nature is not specified in the supplied data. Stock-based compensation has declined from $4.5M (2024Q2) to $2.6M (2026Q2), a modest quality improvement, though it still represents roughly 6% of quarterly revenue. Net margin volatility from -74.6% to +4.9% severely limits confidence in any normalized earnings estimate.
SG&A Outruns Gross Profit at Scale
Even in the strongest quarter, 2025Q2, $26.1M gross profit yielded only $5.8M operating income as SG&A consumed 41% of revenue, indicating the overhead structure may not support sustainable profitability without materially higher throughput relative to current output levels.
SG&A has remained stubbornly in the $10.5-17.7M range across all ten quarters regardless of whether revenue was $2M or $46M, meaning the overhead base is largely fixed and does not scale down with volume contractions. If the 2026Q2 loss proves to include recurring rather than one-off components, the breakeven timeline lengthens materially. A short-seller would focus on the widening gap between top-line scale-up and persistent bottom-line deficits, combined with negative EPS in nine of ten quarters, which typically implies ongoing reliance on external capital.