Revenue growth accelerated to 47.5% in 2026Q1, yet the company continues to struggle with profitability, reporting a -11.4% operating margin and a net loss of $21.7 million.
| 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 | 174.42M | 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 % | 314.95% | 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 | 91.9M | 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 | 82.52M | 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 % | 47.31% | 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 | 90.58M | 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 | 56.33M | 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 | 10.63M | 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 | -8.06M | -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 % | -4.62% | -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 | 20.7M | 6.46M | -72.53M | -62.83M | -94.8M | -55.14M | -21.06M | -19.65M | -15.68M | -16.64M | -17.24M | -25.35M | -34.9M | -52.12M | -68.12M | -40.09M | -32.33M | -17.06M | -12.55M |
| EBITDA Margin % | 11.87% | 4.02% | -428.77% | -365.28% | -8068% | -10345.22% | -380.36% | -80.35% | -47.72% | -60.94% | -64.95% | -87.98% | -123.46% | -633.78% | -279.37% | -62.11% | -197.15% | -2584.55% | -6036.06% |
| EBITDA Growth % | 130.29% | 108.9% | -15.44% | 33.73% | -71.92% | -161.86% | -7.18% | -25.29% | 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) | 28.76M | 25.32M | 18.3M | 19.01M | 7.89M | 5.13M | 5.9M | 6.7M | 6.52M | 6.64M | 6.75M | 6.57M | 4.88M | 3.39M | 3.31M | 4.6M | 3.19M | 1.51M | 678K |
| EBIT | -12.77M | -18.86M | -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 | -15.28M | -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 | 4.15M | 7.81M | 15.74M | 19.09M | 3.48M | 571K | 102K | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 85K | 108K | 277K | 154K |
| Interest Expense | 19.44M | 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 | -24.14M | -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 | -32.21M | -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 % | -18.47% | -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 | -33.8M | -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 % | -19.38% | -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 % | 58.52% | 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) | -32.21M | -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 | 6.95M | 5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.14 | -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 % | 58.46% | 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 | 236.84M | 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 | 236.84M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Capital intensive project execution
As reported in recent financial filings, Gevo achieved a significant revenue acceleration, reaching 47.5% growth in 2026Q1 compared to prior periods, which suggests a successful ramp-up in operational activity as the company shifts its focus toward long-term offtake agreements and expanded production capacity in the Midwest.
The sharp increase in top-line figures indicates that the company is moving beyond its historical baseline, likely driven by increased throughput or the realization of environmental credit sales. Investors should monitor whether this growth trajectory is sustainable or if it remains tethered to volatile commodity market conditions.
Based on the provided income statement data, gross margins have exhibited extreme volatility, swinging from a negative 29.5% in 2024Q3 to a peak of 60.2% in 2025Q2, reflecting the company's high sensitivity to feedstock costs and the timing of environmental credit recognition within its current business model.
The wide variance in gross profitability suggests that Gevo's current operations are highly susceptible to the 'crush spread' between corn inputs and fuel outputs. Achieving consistent margin expansion will likely require the successful commercialization of SAF, which may decouple the company from traditional commodity price cycles.
According to the latest quarterly results, Gevo continues to struggle with negative operating margins, as evidenced by the -11.4% margin in 2026Q1, indicating that current revenue levels are insufficient to absorb the substantial corporate overhead and R&D expenditures required for its Net-Zero infrastructure development.
The persistent gap between gross profit and operating income highlights a structural reliance on external funding to sustain ongoing research and development. Until the company achieves sufficient scale to cover its fixed cost base, operating leverage will likely remain a significant headwind for shareholders.
Financial statements reveal that net income remains consistently negative, with 2026Q1 losses reaching $21.7 million, a figure heavily influenced by ongoing stock-based compensation and the high costs associated with maintaining a pre-commercial industrial platform that has yet to reach steady-state production levels for its core SAF products.
The recurring nature of these losses, combined with significant non-cash expenses, suggests that reported EPS may not accurately reflect the underlying cash burn of the business. Analysts should focus on the cash-to-revenue ratio to better understand the true financial sustainability of the current growth strategy.
Based on reported figures, the company's cash and equivalents of approximately $1.087 million appear critically low relative to its quarterly burn rate, raising significant questions about the firm's ability to fund its capital-intensive Net-Zero projects without further dilutive equity financing or additional debt instruments.
Short-sellers would likely focus on this liquidity mismatch as a primary risk factor, arguing that the current capital structure is insufficient to bridge the gap to commercial-scale production. Investors should investigate whether this figure represents a temporary accounting anomaly or a genuine threat to the company's operational continuity.
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.