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Gevo Inc. (GEVO+1.75%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details Gevo's operations, including its focus on producing sustainable aviation fuel (SAF) and renewable natural gas (RNG). Gevo's Alcohol-to-Jet projects aim to produce energy-dense liquid hydrocarbons using renewable energy and proprietary technology.
Gevo's RNG project in Northwest Iowa began stable production in 2023, exceeding its annual production target. The company completed an expansion in 2024 to increase output to 400,000 MMBtu.
The company reported total operating revenues of $16.9 million for 2024, a slight decrease from $17.2 million in 2023. The decrease was primarily due to lower sales of environmental attributes.
Operating expenses for 2024 were $107.7 million, up from $99.0 million in 2023, due to increased project development and acquisition-related costs.
Gevo reported a net loss of $78.6 million for 2024, compared to a net loss of $66.2 million in the previous year.
The company completed the acquisition of Cultivate Agricultural Intelligence, LLC in 2024, enhancing its technological capabilities in agricultural data.
Gevo continues to focus on the development of its Alcohol-to-Jet projects, with the flagship ATJ-60 project in South Dakota expected to produce approximately 60 million gallons of SAF annually.
The company secured a conditional commitment for a $1.6 billion loan guarantee from the U.S. Department of Energy for the ATJ-60 project.
Gevo's Verity subsidiary is expanding its carbon tracking and verification services, with agreements in place with multiple ethanol producers and soybean processors.
The company has identified a material weakness in its internal controls over financial reporting due to insufficient technical expertise, which it is addressing through hiring and training initiatives.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Gevo Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.