Gevo, Inc.

Good day, and thank you for standing by. Welcome to the Jibo Incorporated Second Quarter 2025 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 1-1 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 1-1 again. Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker for today, Eric Frey, Vice President of Finance and Strategy. Eric, you may begin.

Good afternoon, everyone, and thank you for joining us on today's call to discuss GEVO's second quarter 2025 results. I'm Eric Frey, Vice President of Finance and Strategy at Jivo. With me today, we have Patrick Gruber, our Chief Executive Officer, Lake Aguirre, our Chief Financial Officer, Chris Ryan, our President and Chief Operating Officer, and Paul Bloom, our Chief Business Officer. Earlier today, we issued a press release that outlines our second quarter 2025 results and some of the topics we plan to discuss. A copy of the press release is available on our website at www.jivo.com. Please be advised that our remarks today, including answers to your questions, contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from those currently anticipated. Those statements include projections about the timing, development, engineering, financing, and construction of our alcohol-to-jet projects, our future carbon credit sales, our GEVO North Dakota and R&D plants, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference. We disclaim any obligation to update these forward-looking statements. In addition, we may provide certain non-GAAP financial information on this call. The relevant definitions and GAAP reconciliations may be found in our earnings release, which can be found on our website at www.givo.com in the investor relations section. Following the prepared remarks, we'll open the call for questions. I'd like to remind everyone that this conference call is open to the media and we're providing a simultaneous webcast to the public. A replay of this call and other past events will be available via the company's investor relations page at www.jivo.com. I'd now like to turn the call over to the CEO of Jivo, Patrick Gruber. Pat? Thanks, Eric.

We had a really nice quarter. It's great to have turned the corner and adjusted EBITDA. Our financial results this quarter and for the first six months of the year are consistent with our expectations for the year. But you know what? We achieved them faster than we anticipated. It surprised us. We're making good progress. The key achievements, in addition to being adjusted EBITDA positive and incrementally net profitable, include successfully selling voluntary carbon credits generated at our North Dakota site with carbon capture and sequestration. Also, the selling of tax credits, the excellent ethanol and RNG operations, all of this while never losing sight on our long-term objectives of successfully financing and deploying renewable resource-based jet fuel plants. Our existing operations have provided us with a step-up in adjusted EBITDA, while at the same time providing the ingredients to deploy those jet fuel plants. Putting things into context, one, it's clear to all that it takes time to finance and build synthetic aviation fuel, the jet fuel, the SAF plants. Let me make a few observations on this point. Making jet fuel in the U.S. from abundant cost-effective raw materials that are grown domestically makes a lot of sense. There's a finite amount of jet fuel in a barrel of oil. Jet fuel demand is increasing. In the U.S. alone, jet fuel demand is expected to increase an additional 2.3 billion gallons per year over the next 10 years, according to projections from the U.S. EIA. That's the Energy Information Agency. However, the U.S. is not building new refineries. In fact, we are shutting them down and converting them for other products. So where will the future jet fuel come from? Imports? Well, that doesn't make a lot of sense to serve our domestic energy needs. We view the renewable jet from cornstarch carbohydrates, in other words, the sugars, can be achieved at a cost of production similar to petroleum-based jet fuel, once fully scaled up and operating. and it can deliver the added market-driven attribute of low or even negative net carbon footprint. With our business system, it is possible to achieve both a low carbon footprint and a low cost. This opportunity is absolutely huge in our view. We continue to pursue it. Two, we are very focused on our alcohol-to-jet 30-million-gallon plant design, targeting its first deployment to our North Dakota site. Our North Dakota site is particularly attractive because of the great ethanol and protein operation there, as well as the carbon capture assets. We're in the midst of translating our ATJ60, that's the 60 million gallon plant design, to the ATJ30 design. With the knowledge we have gained by engineering the heck out of these plants, we believe that we can make great reductions in project deployment costs, both technical and financial. A 30 million gallon ATJ plant would need about 50 million gallons of ethanol as a feedstock. This is a practical size where the economies of scale work. Smaller plants in this would be expected to be severely disadvantaged in cost price. Our ATJ 60 project targeted for Lake Preston is plugging along, albeit slowly. We've been working with the DOE and our customers, and we are waiting to see what happens with the carbon dioxide pipeline. It'll take its natural course. We are done with the engineering on it and have shifted resources to the ATJ 30 plan. The overall strategy for GEVO is to use our current base of assets to improve profitability, increase carbon credit sales and tax credit sales while deploying ATJ plans. We see improved operations and associated profitability as giving us solid footing to launch ATJ projects. and achieve our long-run goal. ATJ continues to be the major path for growth, and selling carbon abatement as a core product is key. I'll turn it over to Leike Aguirre, our Chief Financial Officer, who will take us through the latest financial results.