Gevo reported Q2 FY26 revenue of $47 million, up 7% year over year, driven by low-carbon ethanol and renewable natural gas sales. The company doubled its full-year adjusted EBITDA guidance to more than $60 million, citing the newly approved Canada Clean Fuel Regulation pathway and expected monetization of over $70 million in 45Z tax credits. Gross profit for the first half rose 70% versus the prior year, helped by six full months of the Red Trail Energy acquisition. The headline GAAP net loss widened to $177 million, but that includes a $176 million non-cash impairment tied to discontinuing the ATJ 60 project. Excluding that charge, the adjusted net loss was about $1 million. Management says the write-down does not affect liquidity or operating cash flow. The company ended the quarter with $58 million in cash, plus $16 million in 45Z proceeds collected after quarter-end. Gevo's North Dakota facility remains on track to reach 75 million gallons per year of low-carbon ethanol capacity by the end of 2026, with a later expansion target of 150 million gallons. The ATJ 30 sustainable aviation fuel project is still targeting a final investment decision by year-end, contingent on bankable offtake agreements. The main open question is how much of the revised EBITDA outlook depends on carbon credit prices and regulatory incentives, which can shift with policy changes.
