Here are 1-3 brief analogies to describe Gevo:

• The Tesla of sustainable aviation fuel.

• Beyond Meat for jet fuel.

• Archer-Daniels-Midland (ADM) for the sustainable aviation fuel era.

• Sustainable Aviation Fuel (SAF): Bio-based jet fuel produced from renewable resources, designed to significantly reduce greenhouse gas emissions.
• Renewable Premium Gasoline Components: High-octane fuel additives, such as renewable isooctane, derived from sustainable feedstocks for use in gasoline.
• Renewable Diesel: A clean-burning diesel fuel made from renewable resources, offering a lower carbon alternative to petroleum diesel.

Gevo (GEVO) primarily sells its sustainable aviation fuel (SAF), renewable diesel, and other renewable chemicals to other companies (B2B) rather than directly to individual consumers. The company focuses on long-term supply agreements for the future delivery of its products.

Based on their definitive supply agreements for SAF and renewable diesel, Gevo's major customer companies include:

• Delta Air Lines, Inc. (NYSE: DAL)
• American Airlines, Inc. (parent: American Airlines Group Inc.) (NASDAQ: AAL)
• Alaska Airlines (parent: Alaska Air Group, Inc.) (NYSE: ALK)
• Finnair Plc (NASDAQ OMX Helsinki: FIA1S)
• Japan Airlines Co., Ltd. (TYO: 9201)
• Aer Lingus (part of International Consolidated Airlines Group, S.A. (LSE: IAG))
• Lufthansa Group (Deutsche Lufthansa AG) (XTRA: LHA)
• Qatar Airways (private company)
• Tralgistics Renewables, LLC (private company)

While Gevo's recent financial filings indicate that no single customer accounted for 10% or more of its total revenues in 2023, these aforementioned agreements represent significant future revenue streams and define their primary strategic customer base.

• Air Products and Chemicals, Inc. (APD)
• Kiewit Energy Group Inc.

Dr. Patrick R. Gruber, Chief Executive Officer

Dr. Patrick R. Gruber has served as Chief Executive Officer and a director of Gevo since 2007. Prior to joining Gevo, from 2005 to 2007, he was President and Chief Executive Officer of Outlast Technologies, Inc. Dr. Gruber co-founded NatureWorks LLC (formerly Cargill Dow, LLC) in 1997 and served as Vice President, Technology and Operations, and Chief Technology Officer from 1997 to 2005. He holds over 50 patents and has served on federal advisory committees, influencing national biomass research and energy policies. His career began at Cargill, where he spent 16 years working on biotechnology projects.

Oluwagbemileke (Leke) Agiri, Chief Financial Officer

Oluwagbemileke (Leke) Agiri was appointed Chief Financial Officer of Gevo effective May 27, 2025. He previously served as Executive Vice President, Finance at Gevo since August 2022. Prior to joining Gevo, from August 2019 to August 2022, Mr. Agiri held various finance roles in the renewable energy industry for Bank of America, Pine Gate Renewables, Penn America Energy Holdings, LLC, and Occidental Petroleum Corporation. From June 2009 to August 2019, he served in finance, strategic acquisitions and divestitures, and joint venture roles for Anadarko Petroleum Corporation.

L. Lynn Smull, Executive Vice President and Advisor to the Chief Executive Officer

L. Lynn Smull served as Gevo's Chief Financial Officer from December 2019 to May 2025 and transitioned to his current role as Executive Vice President and Advisor to the Chief Executive Officer in May 2025. Prior to Gevo, from 2018 to 2019, he was Chief Financial Officer of One Energy Enterprises, LLC. From 2016 to 2018, he served as President of WElink Energy US, LLC. Before WElink, from 2015 to 2016, Mr. Smull was Head of Foresight Group US, LLC, an independent infrastructure and private equity investment manager. From 2013 to 2015, he provided advisory services to private equity firms on large power and infrastructure investments and transactions. He has 30 years of experience in capital raising, investing, lending, and mergers and acquisitions, including roles at Bechtel, Salomon Brothers, Bank of America, Calpine, and Table Rock Capital.

Chris M. Ryan, President & Chief Operating Officer

Chris M. Ryan has served as President and Chief Operating Officer of Gevo since June 2011, and as Chief Technology Officer since September 2012. He co-founded NatureWorks in 1997. At NatureWorks, he held positions including Chief Operating Officer from 2008 to 2009 and Chief Technology Officer from 2005 to 2008, where he was involved in the development and commercialization of a new bio-based polymer from lab-scale production through the completion of a world-scale production facility. Prior to 1992, Dr. Ryan spent four years in Corporate R&D for HB Fuller Company. He has over 22 years of experience in strategic leadership, business development, and research and product development in bio-based materials.

Paul D. Bloom, Chief Business Officer

Paul D. Bloom has served as Chief Business Officer of Gevo since January 2025, and previously as Chief Carbon Officer and Chief Innovation Officer from March 2021. Prior to joining Gevo, Dr. Bloom served in a series of commercial and technical roles of increasing responsibility at ADM between 2001 and 2021. These roles included Vice President, Sustainable Materials from March 2020 to March 2021, and Vice President, Process and Chemical Research from November 2013 to March 2020. He is a leading expert in the scale-up of plant-based products for food, feed, fuel, and sustainable materials markets and has authored more than 30 associated patents. In 2005, Dr. Bloom was awarded the U.S. EPA Presidential Green Chemistry Award for Designing Safer Chemicals.

The emergence and commercial operation of competitors utilizing similar alcohol-to-jet (ATJ) technology for sustainable aviation fuel (SAF) production. Specifically, LanzaJet, backed by major industry players like Shell and Suncor, recently began commercial-scale production of SAF from ethanol at its Freedom Pines Fuels plant in Georgia. This directly competes with Gevo's core technology and business model for producing SAF via the ATJ pathway, potentially allowing LanzaJet to capture significant market share and establish operational scalability ahead of Gevo's own Net-Zero 1 project.

Gevo (GEVO) focuses on developing and producing low-carbon alternatives to petroleum-based products, with its main offerings including Sustainable Aviation Fuel (SAF), renewable gasoline and diesel, renewable chemicals, and renewable natural gas (RNG).

Addressable Markets for Gevo's Main Products:

• Sustainable Aviation Fuel (SAF): The global sustainable aviation fuel market was valued at USD 586.4 million in 2024 and is projected to reach USD 4,841.5 million by 2031, growing at a CAGR of 35.2% during the forecast period 2024-2031. Another estimate indicates the global sustainable aviation fuel market was worth USD 1.78 billion in 2025 and is anticipated to reach USD 60.54 billion by 2033, registering a CAGR of 48% from 2025 to 2033. Gevo's isobutanol can address "potentially ultimately reaching 50% of the renewable premium gasoline and SAF markets" globally.
• Renewable Chemicals (including Isobutanol): The global bio-renewable chemicals market was valued at USD 2.5 billion in 2021 and is projected to reach USD 7.4 billion by 2031, growing at a CAGR of 11.6% from 2022 to 2031. Gevo believes the addressable market for products derived from isobutanol, including plastics, fibers, rubber, and other polymers, could potentially reach 40% of the global petrochemicals markets.
• Renewable Natural Gas (RNG): Gevo's RNG business achieved an annualized production rate of approximately 402,000 MMBtu in May 2024, and the company expects to meet its annual production target of approximately 400,000 MMBtu.
• Renewable Gasoline (including Isooctane): The total potential global market for isobutanol as a gasoline blendstock is estimated to be approximately 40 billion gallons per year (BGPY). In the U.S., the market size for ethanol-free (E0) gasoline, where isobutanol can be used, is estimated to be about 5 BGPY outside reformulated gasoline (RFG) regions and about 2 BGPY within RFG regions, totaling approximately 7 BGPY. Gevo believes its isobutanol can address "potentially ultimately reaching 50% of the renewable premium gasoline and SAF markets" globally.

Gevo (NASDAQ: GEVO) is poised for significant future revenue growth over the next 2-3 years, driven by several strategic initiatives and expansions in the renewable energy sector. The primary drivers are anticipated to be:

1. Commercialization of Sustainable Aviation Fuel (SAF) through the Net-Zero 1 Project: A pivotal driver for Gevo's future revenue is the Net-Zero 1 project, which aims to produce sustainable aviation fuel. The company secured a conditional loan guarantee of $1.6 billion from the U.S. Department of Energy for this project, a major milestone expected to de-risk its execution and support financing for large-scale SAF commercialization.
2. Expansion of Renewable Natural Gas (RNG) Production and Environmental Attribute Sales: Gevo's existing renewable natural gas business is a current revenue generator with significant growth potential. The company anticipates increased sales of environmental attributes, such as Low Carbon Fuel Standard (LCFS) credits, upon receiving final pathway approval under the LCFS Program, which is expected to result in a lower carbon intensity (CI) score.
3. Integration of Red Trail Energy Assets and Enhanced Low-Carbon Ethanol Production: The acquisition of Red Trail Energy's low-carbon ethanol and carbon capture sequestration (CCS) assets is a transformative step. These assets generated approximately $200 million in revenue in fiscal year 2023, and their integration is expected to substantially boost Gevo's revenue through expanded low-carbon ethanol production and new revenue streams from carbon capture.
4. Growth in Carbon Removal Credit (CORC) Sales: Gevo has initiated the delivery of certified carbon credits, a new and repeatable revenue stream. The company projects growing carbon dioxide removal (CDR) credit sales, with estimates exceeding $30 million per year from its Gevo North Dakota (GevoND) site, even before the full-scale production of SAF.
5. Clean Fuel Production Credit (CFPC) Sales and Low-Carbon Ethanol Co-products: The commencement of Clean Fuel Production Credit sales has already contributed to Gevo's revenue, as evidenced by its Q2 2025 results. Alongside this, the ongoing operations of its low-carbon ethanol and co-product businesses are expected to continue contributing positively to operating income and Adjusted EBITDA.