Gevo, Inc.

Good day and thank you for standing by. Welcome to the GEVO Incorporated third 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'll 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 Jivo's third 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, Leike 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 third 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.jibo.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 GIVA North Dakota and RNG plans, 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 gap reconciliations may be found in our earnings release, which can be found on our website at www.jibo.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.jibo.com. I'd now like to turn the call over to the CEO of Jibo, Patrick Gruber. Pat?

Thanks, Eric. What a change we've had. The acquisition of our ethanol plant, carbon capture plant, and Class VI sequestration well turning out even better than we imagined. All of this is located at Jebo, North Dakota, or GND, as we refer to it internally, and it's all operating really well. We've learned that our carbon sequestration well is unusual because, A, it has a Class VI sequestration well that's been operating since June of 2022. B, we are the only ones using the formation of our well, and that simplifies the auditing and such. And C, it's in an unusually good geology. In fact, a European certification group, Puro Earth, which is owned primarily by NASDAQ, certified our well as a thousand year performance well. We understand that we're the only alcohol production site in the world so far with this certification. Also, I must say that North Dakota is an outstanding state in which to do business and grow. It's pro-agriculture and pro-energy business environment, so we fit in really well. Great assets combined with a great business environment combined with growing markets, I believe, leads to great opportunities for growth and making money. That's what's in front of us. At GEVO, We have long believed that carbon is an important co-product that if we can monetize the value for carbon, we can unlock economics for growth products like jet fuel. We are pleased to find out that we can in fact monetize carbon value through a variety of methods that Paul Bloom, our chief business officer, will explain in a few minutes. In our business model, we view selling carbon as a key initiative. On a separate and unrelated front, We are learning how to generate and sell production tax credits. These credits are based on the volume of ethanol produced and the carbon intensity score of that ethanol. Because we have a very efficient ethanol plant with a carbon capture and sequestration well beneath it, we can achieve very low CI scores utilizing the rules of section 45Z of the One Big Beautiful Bill. Our CFO will give more color on this topic in a few minutes, but I can't hold back. I am just so pleased that we sold all of our credits for 2025 production for a total of $52 million worth of credits. I got to say, we had a lot of learning to do about this too. Lots of auditing, lawyers, insurance people to make these deals as bulletproof as possible. When we start adding up the potential adjusted EBITDA from selling carbon, generating tax credits, making more ethanol, using more of the well, we can see a picture for GND where we could potentially generate more than $100 million a year of adjusted EBITDA just from that site. Get this. This is all without deploying any large capital projects or building a jet fuel plant. Now, the question is how best to go about it. Obviously, we're going to go for the low-hanging fruit first, like incremental expansions of CO2 volume, driven by incremental ethanol expansion, and by optimizing which markets we place our carbon credit products in. It's all pretty exciting. If you haven't seen our recent investor deck, please go take a look at it. It spells out more clearly what we're thinking. When we meet with investors and they see what we're doing at GND, they suggest that we should figure out how to use more of the well, produce more ethanol to improve the adjusted EBITDA base. And then of course, get on with getting the jet plant built. GND provides an outstanding platform from which to grow. It's obvious when people see what we're doing. GND does in fact present a great site to build a jet fuel plant. We have ethanol feedstock, great farmers to supply the ethanol plant, carbon sequestration, industrial complex it's already built and so now adding a jet fuel plant is incremental it makes a lot of sense when we look forward we think that adding a 30 million gallon jet fuel plant would add an additional adjusted uplift of about 150 million dollars to the site think of that we recently were notified by the department of energy that they consider shifting their loan guarantee to jivo north dakota from south dakota i suspect that they see the same things we do. Infrastructure already exists. The plants that are there make money, and we can build upon that, and we'll be working with them to sort it all out, taking advantage of what we learned from our ATJ60 project. I hope to get the financing for the ATJ30 plant closed sometime mid-2026. Chris Ryan, our President and Chief Operating Officer, will talk about the operations of GND and our RNG facility then give an update on where we are with the ATJ30 project, giving color to the growth plan and cost. Okay, I've talked enough. I'll turn it over to my team. Leke.