Shares dropped 10.7% as investors reacted negatively to cautious outlook and ongoing execution risks, particularly surrounding financing challenges for Project NorthStar and the delayed capacity expansion timeline.

• Gevo withdrew from DOE loan guarantee process due to conditions misaligned with economic and timeline objectives, raising uncertainty about Project NorthStar financing.
• Received nonbinding lender interest but final financing for Project NorthStar remains unsecured; completion targeted by year-end 2026.
• Expansion of Gevo North Dakota plant capacity planned to double to 150 million gallons annually, with construction expected 18–24 months post-final investment decision, pushing growth farther out.
• Reported fourth consecutive quarter of positive adjusted EBITDA with a 2026 target of approximately $30 million, up from $16 million last year, but the latter half depends on capacity debottlenecking and expansion.
• Sold 57% of carbon attributes in Q1 and generated around 20,000 tons of engineered carbon dioxide removal credits with expanding customer base, but commercial ramp is still developing.