Gevo, Inc.

Thank you for standing by. Welcome to GEVO's fourth quarter 2025 earnings conference call. At this time, all participants are in 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 11 on your telephone. If your question has been answered and you'd like to remove yourself from the queue, simply press star 11 again. As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Eric Frey, Vice President of Finance and Strategy. Please go ahead, sir.

Good afternoon, everyone, and thank you for joining us on today's call to discuss Jivo's fourth quarter and full year 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, Paul Bloom, our President, Leike Aguirre, our Chief Financial Officer, and Chris Ryan, our Chief Operating Officer. Earlier today, we issued a press release that outlines our fourth quarter and full year 2025 results and some of the topics we plan to discuss, as well as a slide presentation that we will discuss on today's call. Copies of the press release and the slide presentation are 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 GEVO 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 GAAP reconciliations may be found in our earnings release, which can be found on our website at www.depot.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 are 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. What a year. Successfully acquiring and integrating our North Dakota ethanol and carbon capture assets has transformed our adjusted EBITDA and has enabled us to learn to capture value from carbon, treating it as an important co-product in addition to the ethanol, animal feed, and oil that we produce. GEVO North Dakota has performed superbly well. It's the well-run operations combined with our learnings on how to capture value from carbon dioxide that have allowed us to turn positive on operating cash flow in the fourth quarter. We also now have three quarters in a row of positive non-GAAP adjusted EBITDA. I'm very pleased with the progress and what we are learning. Great operating results combined with consolidating our debt in early 2026 has strengthened our balance sheet and increased our cash on the balance sheet without tapping into equity markets. We also continue to make progress on our ATJ30 plant, the jet fuel project that is targeted for our North Dakota site. I believe Jibo is in a really good place. I make this point because you probably all recall that I'm retiring as CEO on March 31st. Paul Bloom, who has been with us for five years now, will assume the role of CEO on April 1st. He has been instrumental in helping us build the business platform to where it is today. He also knows technology and processing, operations, market development, and business. I'm convinced he's the right person to take over. I think he'll be a really strong CEO, and I'm excited for him to take the helm. Paul, it's your show today. Thanks, Pat.