$GEVO Gevo, Inc. | Understand Stock

How Do They Make Money?

revenue

Segment	Share	Revenue
Ethanol	66%
Ethanol related products	19%
Environmental attributes	11% FY2022: 18%
RNG Revenue	0.7% FY2022: 54%
Hydrocarbon revenue	3.0%
Other revenue	0.4%

Do Revenues Turn Into Profits?

No. It lost $33.8M in FY2025.

Operating income, FY2025

−13% of revenue

▼ −78% (Loss) vs FY2024 (−$90.8M, −537%)

Net income, FY2025

−21% of revenue

▼ −57% (Loss) vs FY2024 (−$78.6M, −465%)

Free cash flow, FY2025

−27% of revenue

▼ −60% (Loss) vs FY2024 (−$108.5M, −641%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +7%; vs $43.4M in Q2 FY2025
Net income: ▼ Now a loss; vs $2.1M in Q2 FY2025

Ethanol share of revenue vs 65.7% in Q2 FY2025

Growing. Revenue grew 225.9x in 4 years, from $711K in FY2021 to $160.6M in FY2025, about 288% a year.

Revenue over time

Ethanol Ethanol related products Environmental attributes RNG Revenue Hydrocarbon revenue Other revenue Grant and Other Ethanol Sales and Related Products Other hydrocarbon revenue - ethanol, isooctane, IBA Licensing and development revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025