Gevo Inc (GEVO) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gevo, Inc., second-quarter 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Gevo, Inc. 2025 年第二季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

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.

現在，我想將會議交給今天的演講者，財務和策略副總裁 Eric Frey。艾瑞克，你可以開始了。

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 Gevo. With me today, we have Patrick Gruber, our Chief Executive Officer; Leke Agiri, our Chief Financial Officer; Chris Ryan, our President and Chief Operating Officer; and Paul Bloom, our Chief Business Officer.

大家下午好，感謝您參加今天的電話會議，討論 Gevo 2025 年第二季的業績。我是 Gevo 財務與策略副總裁 Eric Frey。今天與我一起出席的還有我們的首席執行官帕特里克·格魯伯 (Patrick Gruber)、我們的首席財務官萊克·阿吉里 (Leke Agiri)、我們的總裁兼首席營運官克里斯·瑞安 (Chris Ryan) 和我們的首席商務官保羅·布魯姆 (Paul Bloom)。

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.gevo.com.

今天早些時候，我們發布了一份新聞稿，概述了我們的 2025 年第二季業績以及我們計劃討論的一些主題。新聞稿副本可在我們的網站 www.gevo.com 上查閱。

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 plants and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference.

請注意，我們今天的評論（包括對您的問題的回答）包含《私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與目前預期的結果有重大差異。這些聲明包括有關我們的酒精轉航空項目的時機、開發、工程、融資和建設的預測，我們未來的碳信用額銷售，我們的 Gevo North Dakota 和 RNG 工廠以及我們向美國證券交易委員會提交的文件中描述的其他活動，這些聲明通過引用納入其中。

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.gevo.com in the Investor Relations section.

我們不承擔更新這些前瞻性聲明的任何義務。此外，我們可能會在本次電話會議上提供某些非公認會計準則財務資訊。相關定義和 GAAP 對帳可以在我們的收益報告中找到，該報告可在我們網站 www.gevo.com 的投資者關係部分找到。

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.gevo.com.

準備好發言後，我們將開始提問。我想提醒大家，本次電話會議向媒體開放，我們將向公眾提供同步網路直播。本次電話會議及其他過去活動的重播可透過公司投資者關係頁面 www.gevo.com 取得。

I'd now like to turn the call over to the CEO of Gevo, Patrick Gruber. Pat?

現在我想將電話轉給 Gevo 的執行長 Patrick Gruber。拍？

Thanks, Eric. We had a really nice quarter. It's great to have turned the corner on 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, making good progress.

謝謝，埃里克。我們度過了一個非常愉快的季度。調整後的 EBITDA 取得了突破性進展，這真是太好了。我們本季和今年前六個月的財務表現與我們對今年的預期一致。但你知道嗎，我們比預期更快實現了這些目標。這讓我們很驚訝，並且取得了良好的進展。

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 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.

除了調整後的 EBITDA 為正值和淨利潤不斷增加之外，關鍵成就還包括成功出售我們在北達科他州工廠通過碳捕獲封存產生的自願碳信用額、出售稅收抵免、優秀的乙醇和 RNG 業務，同時從未忘記我們成功融資和部署基於可再生資源的航空燃料工廠的長期目標。

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.

我們現有的業務為我們帶來了調整後 EBITDA 的成長，同時也為部署這些航空燃料工廠提供了條件。

Putting things into context. One, it's clear to all that it takes time to finance and build some synthetic aviation fuel, the jet fuel, the SAF plants. Let me make a few observations on this point.

將事物放在上下文中。首先，大家都清楚，資助和建造一些合成航空燃料、噴射燃料和 SAF 工廠需要時間。讓我就這一點談幾點看法。

Making jet fuel in the US from abundant cost-effective raw materials that are growing domestically makes a lot of sense. There's a finite amount of jet fuel on a barrel of oil, jet fuel demand is increasing. In US 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 US EIA, that's the Energy Information Agency.

利用美國國內豐富的、具成本效益的原料來生產航空燃料是非常有意義的。每桶石油中的航空燃料數量是有限的，對航空燃料的需求正在增加。根據美國能源資訊署 (EIA) 的預測，光是在美國，未來 10 年航空燃料需求預計每年將增加 23 億加侖。

However, the US 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.

然而，美國並沒有建造新的煉油廠。事實上，我們正在關閉它們並將其轉換為其他產品。那麼未來的航空燃料將從何而來？進口？嗯，這對於滿足我們的國內能源需求來說沒有太大意義。

We view the renewable jet from corn starch 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.

我們認為玉米澱粉碳水化合物可再生噴射燃料，換句話說，一旦全面擴大規模並投入運營，糖的生產成本可以與石油基噴氣燃料相似，並且可以提供低甚至負淨碳足跡的附加市場驅動屬性。透過我們的業務系統，可以實現低碳足跡和低成本。我們認為這個機會絕對是巨大的，我們會繼續追求它。

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 ATJ-60, that's a 60 million-gallon plant designed to the ATJ-30 design.

其次，我們非常注重我們的 3000 萬加侖酒精噴射工廠設計，目標是首次部署到我們的北達科他州工廠。我們的北達科他州工廠特別有吸引力，因為那裡擁有出色的乙醇和蛋白質業務以及碳捕獲資產。我們正在改造我們的 ATJ-60，這是一個按照 ATJ-30 設計建造的 6000 萬加侖工廠。

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, we need about 50 million gallons of ethanol 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.

憑藉我們在設計這些工廠過程中獲得的知識，我們相信我們可以大幅降低專案部署成本，包括技術和財務成本，對於一個 3000 萬加侖的 ATJ 工廠，我們需要大約 5000 萬加侖的乙醇作為原料。這是規模經濟發揮作用的實際規模。預計其中規模較小的工廠在成本價格方面將處於嚴重不利地位。

Our ATJ-60 project targeted for Lake Preston is plugging along upbeat slowly. We've been working with the DOE and our customers, and we are waiting to see what happens with the carbon to access pipeline. It will take us natural course. We are done with the engineering on it and have shifted resources to the ATJ-30 plant.

我們計劃在普雷斯頓湖實施的 ATJ-60 計畫正在緩慢而樂觀地推進。我們一直在與美國能源部和我們的客戶合作，我們正在等待觀察碳排放管道的情況。這將是自然而然的事。我們已經完成了它的工程設計，並將資源轉移到 ATJ-30 工廠。

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 plants. 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.

Gevo 的整體策略是利用我們現有的資產基礎來提高獲利能力，在部署 ATJ 工廠的同時增加碳信用銷售和稅收抵免銷售。我們認為，營運的改善和相關的獲利能力為我們啟動 ATJ 計畫和實現我們的長期目標奠定了堅實的基礎。ATJ 繼續成為主要的成長途徑，而銷售碳減量作為核心產品是關鍵。

I'll turn it over to Leke Agiri, our Chief Financial Officer, who will take us through the latest financial results. Leke?

我將把時間交給我們的財務長 Leke Agiri，他將向我們介紹最新的財務結果。萊克？

Thank you, Pat. We did indeed have an excellent second quarter. Now, here are all the numbers.

謝謝你，帕特。我們的第二季確實表現非常出色。現在，這裡是所有數字。

We ended the quarter with $127 million in cash, cash equivalents, and restricted cash. During the second quarter, combined operating revenue, interest, and investment income was $44.7 million. Our income from operations was $5.8 million, and our non-GAAP adjusted EBITDA was $17.3 million.

本季末，我們的現金、現金等價物和受限現金為 1.27 億美元。第二季度，合併營業收入、利息和投資收益為 4,470 萬美元。我們的營業收入為 580 萬美元，非 GAAP 調整後 EBITDA 為 1,730 萬美元。

Gevo North Dakota office generated income from operations of $17.1 million and non-GAAP adjusted EBITDA of $24.2 million.

Gevo 北達科他州辦事處的營業收入為 1,710 萬美元，非 GAAP 調整後 EBITDA 為 2,420 萬美元。

Gevo RNG generated income from operations of $1.5 million and non-GAAP adjusted EBITDA of $2.6 million.

Gevo RNG 的營業收入為 150 萬美元，非 GAAP 調整後 EBITDA 為 260 萬美元。

And finally, net income per share attributed to Gevo was $0.01 per share for the second quarter.

最後，第二季歸屬於 Gevo 的每股淨收入為 0.01 美元。

Here is some more color. Our second-quarter results include a onetime catch-up recognition of the clean fuel production credits over the last two quarters. Since amongst other things, we closed the sale of $22 million of our CFPC credit in the second quarter. Going forward, our results will reflect the CFPC credits that we generated in the period being reported.

這裡還有一些顏色。我們第二季的業績包括過去兩季清潔燃料生產信用額的一次性補繳。除此之外，我們在第二季完成了 2,200 萬美元 CFPC 信貸的銷售。展望未來，我們的業績將反映我們在報告期間內產生的 CFPC 信用。

Our first-quarter results did not include one month of Gevo North Dakota operations since we bought the facility at the end of January. It did not include any carbon dioxide removal credit sales and it did not recognize generation of any proceeds from the sale of the clean fuel production tax credit.

自從我們在一月底購買該工廠以來，我們的第一季業績並不包括 Gevo North Dakota 一個月的營運。它不包括任何二氧化碳去除信用額銷售，也沒有確認清潔燃料生產稅收抵免銷售產生的任何收益。

So as a result, we think our combined first- and second-quarter results more closely represent where we are. For the six months ended June 30, 2025, our net income grew by $20 million, and our non-GAAP adjusted EBITDA grew by $32 million compared to the same period last year. We see this as recurring, step change growth, which we expect will continue to grow from there.

因此，我們認為第一季和第二季的綜合業績更能反映我們的現狀。截至 2025 年 6 月 30 日的六個月，我們的淨收入與去年同期相比增加了 2,000 萬美元，非 GAAP 調整後 EBITDA 成長了 3,200 萬美元。我們認為這是一種反覆出現的、階梯式的成長，我們預期這種成長將持續下去。

We are thrilled with our second-quarter performance, both operationally and financially. We believe our businesses are well-positioned for sustained success and strategic for the execution of our growth plans.

我們對第二季的營運和財務表現感到非常滿意。我們相信，我們的業務已做好充分準備，能夠持續取得成功，並且對於我們成長計畫的實施具有戰略意義。

Now, I will hand it over to Paul.

現在，我將把發言權交給保羅。

Thanks, Leke. During the second quarter, we started our carbon business and sold over $1 million worth of carbon dioxide removal credits or CDRs. In addition, we were recently featured in Nasdaq's 2024 Sustainability Report for our supply of high-integrity carbon removal credits from Gevo North Dakota. We believe this new co-product business could add a significant stream of new stable revenue for us as we are able to immediately supply a growing global marketplace with high integrity credits.

謝謝，Leke。在第二季度，我們啟動了碳業務，並出售了價值超過 100 萬美元的二氧化碳去除信用額或 CDR。此外，我們最近因從北達科他州格沃供應高完整性碳去除信用而登上納斯達克的《2024 年永續發展報告》。我們相信，這項新的副產品業務可以為我們增加大量新的穩定收入，因為我們能夠立即為不斷增長的全球市場提供高誠信信用。

We anticipate growing CDR credit sales to $3 million to $5 million by the end of this year and estimate long-term sales of this new co-product could exceed $30 million per year from our current production volumes, which could be significantly expanded in the future.

我們預計，到今年年底，CDR 信貸銷售額將增長至 300 萬至 500 萬美元，並估計這種新副產品的長期銷售額從我們目前的生產量來看每年可能超過 3000 萬美元，並且未來可能會大幅擴大。

We think the optionality to sell carbon separately from the fuel provides us with a unique advantage. As our business expands, we like having the ability to balance returns by separating and shifting carbon attributes from volatile low-carbon fuel markets to selling CDRs to potentially more stable, higher value markets.

我們認為，將碳與燃料分開出售的選擇為我們提供了獨特的優勢。隨著業務的擴展，我們希望能夠透過將碳屬性從波動的低碳燃料市場分離和轉移到向可能更穩定、更有價值的市場出售 CDR 來平衡回報。

For some additional background, bio-based carbon dioxide is a co-product of ethanol fermentation that can be efficiently captured for the use in industrial applications, carbonated beverages, petroleum processing, or permanently stored in the appropriate geological formations to generate carbon dioxide removal credits. The high integrity CDR credits we are currently selling are known as CORPS or CO2 removal credits. These credits are certified by Pure Earth and can be purchased by customers and retired immediately to offset the effect of emissions.

額外背景資訊：生物基二氧化碳是乙醇發酵的副產品，可以有效捕獲用於工業應用、碳酸飲料、石油加工，或永久儲存在適當的地質構造中以產生二氧化碳去除信用額。我們目前銷售的高完整性 CDR 信用被稱為 CORPS 或 CO2 去除信用。這些信用額度由 Pure Earth 認證，客戶可以購買並立即退還，以抵消排放的影響。

The Gevo North Dakota facility has the appropriate geological formation and operational Class 6 well for carbon capture and sequestration, with a total estimated sequestration capacity of up to 1 million metric tons of CO2 per year.

北達科他州 Gevo 設施擁有適合碳捕獲和封存的地質構造和可操作的 6 級井，預計總封存能力高達每年 100 萬公噸二氧化碳。

Our facility was also the first Pure Earth certified CO2 storage facility in the United States. Our credits are certified by Pure Earth under its strict standards for 1,000-plus terminates and other key quality parameters required by customers. Our research tells us that in total, the market place for carbon dioxide removal credits have exceeded $10 billion in the past few years, reflecting nearly 40 million tons of CO2 renewals. We look forward to increasing our participation in this market as it continues to expand.

我們的設施也是美國第一個獲得 Pure Earth 認證的二氧化碳儲存設施。我們的信用已通過 Pure Earth 認證，符合其針對 1,000 多個終端機和客戶要求的其他關鍵品質參數的嚴格標準。我們的研究表明，過去幾年中二氧化碳去除信用額的市場總額已超過 100 億美元，反映了近 4,000 萬噸二氧化碳的更新。隨著這個市場的不斷擴大，我們期待加強對它的參與。

We also began our business of selling clean fuel production tax credits. Clean Fuel production credits or CFPCs, are also known as the 45Z tax credit. We expect to generate cash from the production sale and transfer of these credits to third-party taxpayers.

我們也開始了銷售清潔燃料生產稅收抵免的業務。清潔燃料生產信用額或 CFPC，也稱為 45Z 稅收抵免。我們希望透過生產銷售和將這些信用轉移給第三方納稅人來產生現金。

On June 30 of this year, we entered into our first tax credit transfer agreement for $22 million worth of credits to a third party. We are one of the first companies to monetize these credits and we anticipate finalizing additional tax credit transfer agreements with third-party taxpayers this year to sell out our anticipated volume of credits for the balance of 2025.

今年 6 月 30 日，我們簽訂了第一份稅收抵免轉移協議，向第三方轉移了價值 2,200 萬美元的抵免額。我們是第一批將這些抵免貨幣化的公司之一，我們預計今年將與第三方納稅人達成額外的稅收抵免轉讓協議，以出售我們預計 2025 年的餘額抵免額。

Based on our production of low-carbon ethanol and RNG, we expect our clean fuel production credits to benefit our net income and adjusted EBITDA by more than $10 million per quarter going forward.

根據我們的低碳乙醇和 RNG 產量，我們預計清潔燃料生產信貸將使我們未來每季的淨收入和調整後 EBITDA 受益超過 1000 萬美元。

For clarity, these sales do not show up on the revenue line, but due to the applicable accounting standards, instead show up as a reduction to our cost of goods sold line on the income statement.

為了清楚起見，這些銷售額不會出現在收入線上，但由於適用的會計準則，而是在損益表中顯示為銷售成本的減少。

I'll conclude with some brief remarks on our technology platforms, which are driving innovation for our expected growth. First, Verity is our wholly owned subsidiary that is developing a software platform for traceability, compliance reporting, and the monetization of carbon intensity across the agriculture and renewable fuels business system. Verity is earning revenue now and is in growth on.

最後，我將簡要地談談我們的技術平台，這些平台正在推動我們預期的成長創新。首先，Verity 是我們的全資子公司，正在開發一個軟體平台，用於農業和再生燃料業務系統的可追溯性、合規性報告和碳強度貨幣化。Verity 目前正在獲利並且持續成長。

In July, Landis, a $2.4 billion agricultural solutions company spanning 34 states that connects thousands of farmers announced the partnership with Verity to track and trace their 2025 soybean crop for premium market opportunities and a first of its time carbon intensity supply chain program for ethanol production. These supply chains are complex, involving extensive data and have significant compliance requirements. Verity aims to help farmers and partners like Landis easily obtain high-quality, verifiable results, and our innovative solutions are starting to pay dividends for Gevo and our customers.

7 月份，Landis 宣布與 Verity 建立合作夥伴關係，以追蹤和追溯其 2025 年的大豆作物，從而獲得優質的市場機會，並首次推出用於乙醇生產的碳強度供應鏈計劃。 Landis 是一家價值 24 億美元的農業解決方案公司，業務遍及 34 個州，為數千名農民提供服務。這些供應鏈非常複雜，涉及大量數據，並且具有嚴格的合規性要求。Verity 旨在幫助像 Landis 這樣的農民和合作夥伴輕鬆獲得高品質、可驗證的結果，我們的創新解決方案開始為 Gevo 和我們的客戶帶來回報。

Next, we continue to make good progress in developing Gevo's proprietary ethanol to olefins technology with our development partners, LG Chem and Axon. Gevo's ETO technology targets the lowest capital and operating cost to convert ethanol into olefins that can be used for renewable fuels and chemicals, including SAF and bio-propylene. As of today, Gevo has approximately 80 active global patent assets in our ETO intellectual property portfolio.

接下來，我們將繼續與開發合作夥伴 LG Chem 和 Axon 合作，在開發 Gevo 專有的乙醇制烯烴技術方面取得良好進展。Gevo 的 ETO 技術旨在以最低的資本和營運成本將乙醇轉化為可用於再生燃料和化學品（包括 SAF 和生物丙烯）的烯烴。截至今天，Gevo 在我們的 ETO 智慧財產權組合中擁有約 80 項活躍的全球專利資產。

Finally, our long-term growth is supported by a strong intellectual property portfolio, including our SAF platform, ETO technology, isobutanol portfolio, and carbon tracking solutions. We hold over 400 patent assets globally, many granted recently as we've refined our ATJ therapy and ATJ-60 designs, and we continue to secure new patents as our innovations progress.

最後，強大的智慧財產權組合支持我們的長期成長，包括我們的 SAF 平台、ETO 技術、異丁醇組合和碳追蹤解決方案。我們在全球擁有超過 400 項專利資產，其中許多都是最近隨著我們改進 ATJ 療法和 ATJ-60 設計而獲得的，隨著我們的創新進步，我們將繼續獲得新的專利。

Let's now go to Chris to talk about operations. Chris?

現在我們來聽聽克里斯關於營運的事情。克里斯？

Thanks, Paul. Let me review some key operating results for the second quarter. Our team at Gevo North Dakota continues to keep the plant running well, and the production numbers through second quarter support that point. In the second quarter, we ground 5.7 million bushels of corn to produce 17 million gallons of low-carbon fuel-grade ethanol and that's around 3 gallons per bushel yield, which is good. That also equates to about a 67 million-gallon per year run rate on ethanol.

謝謝，保羅。讓我回顧一下第二季的一些關鍵經營績效。我們位於北達科他州 Gevo 的團隊繼續保持工廠良好運轉，第二季的生產數據也支持了這一點。在第二季度，我們研磨了 570 萬蒲式耳玉米，生產 1700 萬加侖低碳燃料級乙醇，每蒲式耳產量約 3 加侖，這個數字還不錯。這也相當於每年約 6700 萬加侖的乙醇產量。

We produced 52,000 tons of high-protein animal feed and over 5 million pounds of distillers corn oil, which is about 1 pound of oil per bushel of corn ground.

我們生產了 52,000 噸高蛋白動物飼料和超過 500 萬磅的玉米酒糟油，相當於每蒲式耳玉米可產出約 1 磅油。

In our carbon capture and storage business, we sequestered over 40,000 metric tons of CO2 in the second quarter. That CO2 being sequester is a small fraction of the capacity of the reservoir that we sit on top of in North Dakota.

在我們的碳捕獲和儲存業務中，我們在第二季度封存了超過 40,000 公噸的二氧化碳。被封存的二氧化碳只是北達科他州水庫容量的一小部分。

We have a lot of extra capacity to sequester CO2, and we're actively talking to third parties to do that. All these numbers equate to approximately equal amounts by weight of ethanol, high-protein feed, and CO2 with some corn oil on top. This is a good diversification for our business.

我們擁有大量額外的二氧化碳封存能力，並且正在積極與第三方洽談此項工作。所有這些數字相當於乙醇、高蛋白飼料和二氧化碳的重量大約相等，再加上一些玉米油。這對我們的業務來說是一個很好的多元化。

At our RNG business in Northwest Iowa, where we have partnered with three dairy farms, we produced about 92,000 million Btus of renewable natural gas during the second quarter, and we continue to optimize that process to push production higher.

在我們位於愛荷華州西北部的 RNG 業務中，我們與三家乳牛場合作，在第二季度我們生產了約 920 億英熱單位的可再生天然氣，我們將繼續優化流程以提高產量。

This year has been a great year for growing corn. This year's harvest in the United States is projected to be another record year, and that's great for us. But the farmers really need to see some new uses for corn. That brings me to our synthetic aviation fuel or SAF platform. We've been building our SAF platform because we see a substantial and expanding market ahead. One where we believe Gevo is strongly positioned to lead.

今年是玉米種植的好年。預計今年美國的收成將再創紀錄，對我們來說是件好事。但農民確實需要看到玉米的一些新用途。這讓我想到了我們的合成航空燃料或 SAF 平台。我們一直在建立我們的 SAF 平台，因為我們看到未來有巨大且不斷擴大的市場。我們相信 Gevo 在這方面具有強大的領先優勢。

According to the US Energy Information Administration data, US jet fuel demand is projected to rise by more than 2 billion gallons per year over the next decade. We have a great opportunity to help meet that demand with domestic production using agriculture and rural communities as the backbone to do that.

根據美國能源資訊署的數據，預計未來十年美國航空燃料需求將每年增加20億多加侖。我們有很好的機會利用農業和農村社區作為骨幹，透過國內生產來滿足這項需求。

At Gevo, we've developed a template for doing that using ethanol as the feedstock to produce SAF or jet fuel in a modular plant. It would only take a few dozen of our ATJ facilities to process roughly 3.5 billion gallons of ethanol into more than 2 billion gallons of competitively priced domestically produced jet fuel, channeling billions of dollars in investment into rural agricultural communities and creating a new use for corn, which the agricultural industry really needs.

在 Gevo，我們開發了一個模板，使用乙醇作為原料在模組化工廠中生產 SAF 或噴射燃料。我們只需要幾十個 ATJ 設施就能將大約 35 億加侖的乙醇加工成超過 20 億加侖具有價格競爭力的國產航空燃料，從而為農村農業社區帶來數十億美元的投資，並為玉米創造新的用途，而這正是農業產業真正需要的。

It's worth noting that traditional fossil-based jet fuel makes up only about 9% of the output from traditional US refineries, whereas the ATJ process that we've designed can produce more than 90% jet fuel from its production stream. To capture this opportunity, we've created three standardized plant designs; we call them ATJ-30, ATJ-60, and ATJ-150, all convert low-carbon ethanol into SAF.

值得注意的是，傳統的化石基航空燃料僅占美國傳統煉油廠產量的 9% 左右，而我們設計的 ATJ 製程可以從其生產流中生產出 90% 以上的航空燃料。為了抓住這個機會，我們創建了三種標準化工廠設計；我們稱之為 ATJ-30、ATJ-60 和 ATJ-150，它們都將低碳乙醇轉化為 SAF。

Gevo North Dakota stands out as a promising ATJ-30 location, thanks to our existing carbon capture and storage infrastructure and reservoir access to low-cost, low-carbon ethanol and the large acreage we have at our site. We have leveraged our ATJ design from South Dakota and our engineers are busy editing it for the ATJ-30 design to be deployed at our site in North Dakota.

由於我們現有的碳捕獲和儲存基礎設施以及獲取低成本、低碳乙醇的儲層，以及我們場地上擁有的大面積土地，北達科他州格沃成為有前途的 ATJ-30 地點。我們利用了來自南達科他州的 ATJ 設計，我們的工程師正忙於對其進行編輯，以便在北達科他州的工廠部署 ATJ-30 設計。

For ATJ-60, the project in South Dakota, we remain in active discussions with the US Department of Energy's loan programs office to advance the $1.63 billion loan guarantee for our South Dakota project, and we're pacing our development spend to align with the financing timeline.

對於南達科他州的 ATJ-60 項目，我們仍在與美國能源部貸款項目辦公室積極討論，以推進我們南達科他州項目的 16.3 億美元貸款擔保，並且我們正在調整開發支出以配合融資時間表。

In the future, once our ATJ process is operational, we intend to expand the business by leveraging our SAF platform and proprietary systems through multiple business models including joint ventures, licensing, and build-own-operate.

未來，一旦我們的ATJ流程投入運營，我們打算利用我們的SAF平台和專有系統，透過合資、許可和建設-擁有-運營等多種商業模式來擴展業務。

With about 180 existing brownfield ethanol plants in the United States, plus additional greenfield sites domestically and worldwide, we see significant potential for scaling.

美國目前擁有約 180 家棕地乙醇工廠，加上國內外其他綠地工廠，我們看到了巨大的擴展潛力。

With that, I'll hand it over to Pat.

說完這些，我就把它交給帕特。

Thanks, Chris. Thanks, Paul, Leke. You guys did a good job of hitting the highlights. Let's go ahead and open it up for questions. Operator?

謝謝，克里斯。謝謝，保羅，萊克。你們很好地抓住了亮點。讓我們繼續回答問題。操作員？

(Operator Instructions) Dushyant Ailani, Jefferies.

（操作員指示）Dushyant Ailani，Jefferies。

Hi, team. This is Whitney Mutalemwa on for Dushyant. Impressive results this quarter, especially on the early monetization of CDR and CFPC credits. So on the CFBC monetization, like while ethanol-related CFPCs have been monetized, biogas credits haven't yet, so what's holding back that monetization piece? And when do you expect to see such activity?

大家好。這是替杜尚特上場的惠特尼·穆塔萊姆瓦 (Whitney Mutalemwa)。本季的業績令人印象深刻，尤其是 CDR 和 CFPC 信用的早期貨幣化。那麼，關於 CFBC 貨幣化，雖然與乙醇相關的 CFPC 已經貨幣化，但沼氣信用額度尚未貨幣化，那麼是什麼阻礙了貨幣化呢？您預計何時會看到這樣的活動？

We already did include it in here. Leke, why don't you give a little more explanation. And CFPC for ethanol is we haven't seen other ones from ethanol before.

我們已經將它包含在這裡了。Leke，為什麼不多解釋一下呢？我們之前從未見過用於乙醇的 CFPC。

Go ahead, Leke.

繼續吧，Leke。

Yeah. So the 45Z or the clean feed production tax credit for ethanol production was what we've monetized in the sale of the $22 million sale to a private parties that was announced. The transaction was consummated with also making use of the relevant, call it, the insurance policy to make sure residual risks or actually be managed on behalf of Gevo and also on the buyer part.

是的。因此，我們在向私人出售 2,200 萬美元的交易中將 45Z 或乙醇生產的清潔飼料生產稅收抵免貨幣化。交易的完成也利用了相關的保險政策來確保剩餘風險，或實際上代表 Gevo 和買方進行管理。

What we do expect, especially now that the Big Beautiful Bill has passed and effectively, hopefully rendered the discussions around retroactive change in tax law issues, we believe those -- that issue is actually officially sort of addressed with the passing of the bill.

我們確實期待，特別是現在《大美麗法案》已經通過，並有效地，希望能夠引發有關稅法追溯變更問題的討論，我們相信那些 - 該問題實際上已經隨著法案的通過而得到正式解決。

Expectation is ethanol facilities that actually qualify for 45Z or CFPC, the market should hit up and you're going to start seeing some of that sales. But we are one of the first parties to actually get a chance to actually execute the transaction.

預期乙醇設施實際上符合 45Z 或 CFPC 的要求，市場應該會受到衝擊，你會開始看到一些銷售。但我們是首批真正有機會執行交易的一方。

And as we articulated, we are also in the process of monetizing the rest of our greenfield production tax credit for this year. What we should also highlight is we have a pathway as part of the execution of actually selling our current tax credit for 2025. We have a pathway that we've identified to also be able to place our credits for 2026.

正如我們所闡述的，我們還在將今年剩餘的綠地生產稅收抵免貨幣化。我們還應該強調的是，作為實際出售 2025 年現有稅收抵免的執行的一部分，我們有一條途徑。我們已經確定了一條途徑，以便能夠為 2026 年累積學分。

Okay, thank you. And then can we expect a similar cadence for the RNG business?

好的，謝謝。那我們能期待 RNG 業務有類似的節奏嗎？

That is exactly right. In fact, the deal construct, the transaction structure for our ethanol facility is very similar for LNG facility. So the rest of the tax credits that we are going to monetize for the rest of the year is for our ethanol facility and our RNG facility. And same case for 2026 going forward.

完全正確。事實上，我們的乙醇設施的交易結構和交易結構與液化天然氣設施非常相似。因此，我們在今年剩餘時間內要貨幣化的剩餘稅收抵免將用於我們的乙醇設施和 RNG 設施。2026 年以後的情況也是一樣。

Amit Dayal, H.C. Wainwright.

阿米特·達亞爾、H.C. 溫賴特。

Thank you. Good afternoon, everyone. Congrats on a really positive quarter. I think a lot of people are surprised at how the financials are showing up now. With respect to the CFPC, the 45Z credit case, the $10 million benefit per quarter, is that sort of a base case? What kind of variance should we expect on that at least for the next few quarters as far as you have visibility?

謝謝。大家下午好。恭喜本季取得了非常積極的業績。我想很多人對現在的財務狀況感到驚訝。就 CFPC 而言，45Z 信貸案例，即每季 1000 萬美元的收益，這是一種基本情況嗎？就您所了解的情況而言，至少在接下來的幾個季度中，我們應該預期會出現什麼樣的變化？

Leke, why don't you go ahead and answer that?

Leke，為什麼不繼續回答這個問題呢？

Sure. Short answer to your question is that over $10 million -- or that's what $10 million number is actually stressed. As you guys are probably familiar, the monetization of any production tax credit is tied to the actual production of the facility. We believe there's no going concern in which we don't have any going concerns. We could actually do better than $10 million of tax credit generation per quarter.

當然。對你的問題的簡短回答是，超過 1000 萬美元——或者說，這實際上是 1000 萬美元這個數字所強調的。大家可能都很熟悉，任何生產稅收抵免的貨幣化都與設施的實際生產掛鉤。我們認為，不存在任何持續經營，我們沒有任何持續經營。實際上，我們每季可以產生超過 1000 萬美元的稅收抵免。

So it's not -- I think it's a slightly conservative view what we've disclosed. We actually think to do better than $10 million of credit generation every quarter. And that number is a combination of 45Z generation from our ethanol facility and our RNG facility.

所以這不是——我認為我們所披露的內容是略微保守的觀點。我們實際上認為每季的信貸產生額度超過 1000 萬美元。這個數字是我們乙醇工廠和 RNG 工廠產生的 45Z 的總和。

And then the last thing for you guys -- for you analysts, do me a favor and make sure that you heard the point about this goes to a credit against cost of goods sold, not the revenue line. Don't be doing your modeling by showing these credits as revenue item or not. That's not how the accounting treatment works. It's a credit towards the cost of goods sold.

最後，對於你們這些分析師來說，請幫我一個忙，確保你們聽清楚了這一點，這是針對銷售成本而不是收入線的貸項。不要透過將這些信用額度顯示為收入項目或不顯示為收入項目來進行建模。會計處理並不是這樣運作的。這是對銷售商品成本的抵扣。

Understood. Yeah, I got that. And then the path to $30 million in CDR sales path. Can you share -- is that going to be driven by just better capacity utilization for the sequestration business? Or are there other avenues that get you from the $3 million to $5 million this year and then towards the $30 million in the future?

明白了。是的，我明白了。然後是實現 3000 萬美元 CDR 銷售額的道路。您能否分享一下—這是否僅僅透過提高封存業務的產能利用率來推動？或者是否有其他途徑可以讓您今年的收入從 300 萬美元增加到 500 萬美元，然後在未來達到 3000 萬美元？

Yeah, I'm going to let Paul answer this. And go ahead, Paul. Go ahead, answer.

是的，我將讓保羅來回答這個問題。繼續吧，保羅。來吧，回答。

Sure. So when we think about this going forward, we're just getting started, obviously, in the CDR market. And the bulk of our carbon capture and sequestration, the CCS value is going into low-carbon fuel markets today, so we'll be shifting that as we see the market develop into the CDR sales. And then long term, right, as we get there, meaning the next two years or so, we're going to be trying to grow that as much as we can. But it's really about on a journey to put our carbon value as much carbon value in our SAF really.

當然。因此，當我們考慮未來發展時，我們顯然才剛進入 CDR 市場。如今，我們碳捕獲和封存的大部分價值，即 CCS 價值，都進入了低碳燃料市場，因此，隨著我們看到市場向 CDR 銷售發展，我們也會將其轉變。從長遠來看，當我們實現這一目標時，也就是未來兩年左右，我們將盡力實現這一目標。但這實際上是將我們的碳價值盡可能融入我們的 SAF 中。

And -- the whole thing is predicated by the high quality in this market, and that's where we think -- if you look at the overall market, we talked a little bit about how it's growing. It's grown to 40 million metric tons, over $10 billion in sales.

而且——整個事情都取決於這個市場的高品質，這就是我們認為的——如果你看一下整個市場，我們會談論它是如何成長的。產量已成長至 4,000 萬公噸，銷售額超過 100 億美元。

If you just do the quick math on that, that puts you at about 250 a metric ton for average carbon removal credits. But we know that there's a wide range of where that value is. So the way that you -- we believe that you go after this value is to have the highest-quality credits, the highest-quality information. That's really where Pure Earth standards come in, and we're using the leading crediting platform for engineered carbon removals and putting those in the market, obviously. So that's kind of our path as we go forward here, shifting from more low carbon fuel markets into something that we think can provide more returns and less volatility in CDRs.

如果你對此進行快速計算，你會發現平均每公噸的碳去除額度約為 250 美元。但我們知道這個值的範圍很廣。所以，我們相信，您追求這價值的方式就是獲得最高品質的信用和最高品質的資訊。這就是 Pure Earth 標準的真正作用所在，我們正在使用領先的信用平台進行工程碳去除，並將其推向市場。因此，這就是我們前進的道路，從低碳燃料市場轉向我們認為可以提供更多回報和更少 CDR 波動性的市場。

So the way to think of it is that we have -- we produce what, 165,000 tons, 167,000 tons or something like that of carbon dioxide. The projections and discussion of revenue from CDRs is related to that. We have 1 million tons of capacity. That's not contemplated in the numbers that Paul throughout.

所以可以這樣想，我們生產了大約 165,000 噸、167,000 噸或類似的二氧化碳。CDR 收入的預測和討論與此相關。我們的產能有100萬噸。保羅在整個數字中並沒有考慮到這一點。

Right. Great. Understood. No, that was helpful. And then now that there's clarity on the 45Z credits, et cetera, and the regulatory environment is very favorable. Can we expect some maybe faster movement on the ATJ-30 or ATJ-60 projects? Any color on that, Patrick, would help, I guess, investors just get a sense of how that part of the business may shape up in the next 12 to 18 months.

正確的。偉大的。明白了。不，這很有幫助。現在 45Z 積分等已經明確，監管環境也非常有利。我們是否可以期待 ATJ-30 或 ATJ-60 專案取得更快的進展？派崔克，我想，對此的任何解釋都會有所幫助，讓投資者了解未來 12 到 18 個月該部分業務可能如何發展。

I'll see a comment first, and I'll hand over to Chris. But it comes down to that this had been -- this last, I don't know, the last eight months or so have been really kind of uncertain. Everyone -- everybody is kind of, oh, what's going to happen? It's all bad, everything is bad. Well, you know what, it hasn't been for us, obviously. We did pretty darn well. And I think that's good for the administration.

我先看一則評論，然後交給克里斯。但歸根結底，這是——過去八個月左右的情況確實有點不確定。每個人——每個人都在想，哦，會發生什麼事？一切都很糟糕，一切都很糟糕。嗯，你知道嗎，顯然這對我們來說不是這樣的。我們做得非常好。我認為這對政府有利。

They're supportive of the kind of things that we're doing, but we're doing ATJ that's focused on being cost competitive with Petro. Understand that point. there is nobody else like that, that I'm aware of, nobody. And yet we can still eliminate the carbon footprint.

他們支持我們所做的事情，但我們所做的 ATJ 重點是與 Petro 進行成本競爭。理解這一點。據我所知，沒有其他人像他那樣，沒有人。然而我們仍然可以消除碳足跡。

The thing is we've got to finish the engineering for the ATJ-30 and then get it financed. That's the -- that will be the rate-limiting steps.

問題是我們必須完成 ATJ-30 的工程設計，然後獲得資金。這就是——這將是限速步驟。

The ATJ-60 project, as we mentioned, we're going to work it through with the DOE. It's a big capital number. We still got to know what happens with the Summit pipeline. We've talked about that in the past. We're not going to build it before we have clarity. We're not going to try to finance it before we have clarity around that, what happens on the pipeline because why would we ever build a plant that's economically disadvantaged that be stupid. So we're not going to do that.

正如我們所提到的，我們將與能源部合作完成 ATJ-60 專案。這是一個很大的資本數字。我們仍然想知道 Summit 管道發生了什麼。我們過去曾討論過這個問題。在還沒弄清楚之前，我們不會去建造它。在我們弄清楚管道狀況之前，我們不會嘗試為其提供資金，因為我們為什麼要建造一個經濟上處於劣勢的工廠，這是愚蠢的。所以我們不會這麼做。

Chris, do you want to add anything? Talk about the --

克里斯，你還有什麼要補充嗎？談論--

Yeah, thanks, Pat. The good thing is we started with the ATJ-60 design that we made for Lake Preston, and we took that and basically copy at it, paste it into the North Dakota site. So right now, our engineers are working on editing at -- so the good news is that goes a lot faster than if we didn't have that ATJ-60 design. So the good thing is, it is going faster.

是的，謝謝，帕特。好消息是，我們從為普雷斯頓湖設計的 ATJ-60 開始，然後將其複製並貼上到北達科他州的網站上。所以現在，我們的工程師正在進行編輯——好消息是，如果我們沒有 ATJ-60 設計，那麼編輯速度會比現在快得多。所以好消息是，它進展得更快了。

The reality is, it takes time to do that editing and then actually build a plant of this size. It takes a few years. Yeah, we're looking for every opportunity we can to speed things up and cut costs.

實際情況是，進行這些編輯並真正建造如此規模的工廠需要時間。這需要幾年的時間。是的，我們正在尋找一切機會來加快速度並削減成本。

(Operator Instructions) Peter Gastreich, Water Tower Research.

（操作員指示）Peter Gastreich，水塔研究。

Yeah, thank you. Peter Gastreich here from Water Tower. So congratulations on your results and executing your strategy ahead of expectations. It's really great to see the impact of North Dakota and a very nice EBITDA figure coming through.

是的，謝謝。這是來自水塔的 Peter Gastreich。因此，祝賀您所取得的成果並超越預期地執行了您的策略。看到北達科他州的影響和非常好的 EBITDA 數據真是太好了。

Just a couple of questions from me. The first one is a question about North Dakota expansion options, the next steps. I understand your project economics for ATJ were not designed to be dependent on 45Z, but I'd just like to get kind of asked whether the outcome of 45Z and the Big Beautiful Bill, whether that affects how you think about capital allocation in North Dakota and your options there? For example, expanding low-carbon ethanol capacity versus pursuing ATJ-30 or other projects up there.

我只想問幾個問題。第一個問題是關於北達科他州擴張方案和下一步措施。我知道您的 ATJ 專案經濟效益並非設計為依賴 45Z，但我只是想問一下，45Z 和 Big Beautiful Bill 的結果是否會影響您對北達科他州資本配置和您在那裡的選擇的看法？例如，擴大低碳乙醇產能，而不是推行 ATJ-30 或其他項目。

Well, the obvious thing is that, that tax credit expires in 2029 or at the end of 2029. And so for our ATJ plant to become operational in that timeframe, it only have a very limited time to capture value from it. There may be opportunities from the Big Beautiful Bill for the accelerated depreciation credits and things like that, that we have -- we're still working through. So it could be that there's other benefits -- but from the specific thing you're asking about with the 450 section for ATJ, it's not -- that's not going to matter. And that's always been our position.

嗯，顯而易見的是，該稅收抵免將於 2029 年或 2029 年底到期。因此，對於我們的 ATJ 工廠來說，要想在那個時間範圍內投入運營，我們只有非常有限的時間來從中獲取價值。《大美麗法案》可能為我們帶來加速折舊抵免等機會，我們仍在努力。因此可能還有其他好處 - 但從您詢問的 ATJ 450 部分的具體內容來看，這並不重要。這始終是我們的立場。

I think that on with ethanol, it definitely influences how we think about things. I mean, we're going to want to take advantage of that and as much as we can optimize as much as we possibly can. So we've got a whole range of projects like that.

我認為乙醇肯定會影響我們對事物的看法。我的意思是，我們要利用這一點，並盡可能地進行最佳化。我們有一系列這樣的項目。

Chris, do you want to comment further?

克里斯，你想進一步評論嗎？

Yeah. I mean, that site in North Dakota is a great site for doing a lot of projects and potential expansion because you got the CCS there, and we have 500 acres of land. And we've got plenty of eager farmers ready to supply more corn. So you put all that together, and we -- there are opportunities that we're looking at that but they're shorter-term opportunities that could take advantage of the 45Z. So it's too early to really talk about those, but we're looking at all potential opportunities.

是的。我的意思是，北達科他州的那個地點非常適合進行許多計畫和潛在的擴張，因為那裡有 CCS，而且我們有 500 英畝的土地。我們有很多熱切的農民準備供應更多的玉米。所以，把所有這些放在一起，我們——我們正在尋找機會，但它們是可以利用 45Z 的短期機會。所以現在談論這些還為時過早，但我們正在尋找所有潛在的機會。

We got that, like I mentioned, 1 million tons of capacity down there per year. We got to use it and take advantage of it and figure it out. So we'll be all over this. And I think that as far as the jet fuel goes, on the Big Beautiful Bill, I surely would have liked to have seen jet fuel extended beyond 2029 that have been more helpful.

正如我所提到的，我們每年在那裡擁有 100 萬噸的產能。我們必須使用它、利用它並弄清楚它。所以我們會詳細討論這個問題。我認為，就《大美麗法案》中的航空燃料而言，我當然希望看到航空燃料的有效期延長至 2029 年以後，這會更有幫助。

I'm not -- I actually -- I'm glad that it got two years rather than none. That's helpful for us as a business for sure. And we're a company who's reinvesting that money in expansion of biofuel opportunities here in the US, doing advanced biofuel opportunities moving into hydrocarbons, setting up infrastructure for CO2.

我不是——實際上——我很高興它有兩年而不是沒有。這對我們的企業來說肯定是有幫助的。我們是一家將這筆資金再投資於擴大美國生物燃料機會的公司，致力於開發碳氫化合物等先進的生物燃料，並為二氧化碳建立基礎設施。

Remember, CO2 is going to be needed in North Dakota for enhanced oil recovery within a few years. That's -- so we need infrastructure for CO2. So great. We're a part of that gain and it's going to be pretty darn interesting going forward. It's a great site. We got -- we did a good job. Our team did a good job, and the people of our Gevo North Dakota team have done a great job. It's been fun to watch, I got to say.

請記住，幾年之內北達科他州將需要二氧化碳來提高石油採收率。所以我們需要二氧化碳基礎設施。太棒了。我們是這項收益的一部分，未來將會變得非常有趣。這是一個很棒的網站。我們——我們做得很好。我們的團隊做得很好，我們 Gevo North Dakota 團隊的員工也做得非常出色。我必須說，觀看它很有趣。

Okay, thank you very much. Sorry, just next question, one more question, please, about Verity. So including the new soybean tracking partnership that you just mentioned from last month, how many customers do you now have for Verity? And also, just if you're able to share any broad color on your recent discussions with prospects there. What are your prospects of seeing some more announcements this year on very customers?

好的，非常感謝。抱歉，下一個問題，請再問一個關於 Verity 的問題。那麼包括您上個月提到的新的大豆追蹤合作夥伴關係在內，Verity 現在有多少客戶？此外，如果您能夠分享您最近與潛在客戶進行的討論的大致情況。您認為今年看到更多關於客戶的公告的前景如何？

Paul, why don't you take that question?

保羅，你為什麼不回答這個問題呢？

Sure. We're really excited about the Verity growth here, and it's great to have the tool working out with the customer like Landis. Right now, we've got a handful of ethanol plants, five ethanol customers today that we've got agreements with on Verity. We think this is going to grow sizably because what Verity is really doing is simplifying that carbon accounting system that you need for tax credits for voluntary carbon credits, so we think it's got a nice growth portfolio or perspective going forward. But what we're going to be doing next is really making sure that we can demonstrate everything that Verity does at our Gevo North Dakota side. So this will be really helpful for us.

當然。我們對 Verity 在這裡的成長感到非常興奮，很高興這個工具能夠與 Landis 這樣的客戶合作。目前，我們已與幾家乙醇工廠和五家乙醇客戶就 Verity 達成了協議。我們認為它將會大幅成長，因為 Verity 真正在做的是簡化自願性碳信用稅抵免所需的碳核算系統，所以我們認為它在未來會有很好的成長組合或前景。但我們接下來要做的是確保我們能夠在北達科他州 Gevo 展示 Verity 所做的一切。這對我們來說真的很有幫助。

As you can see, we've got a lot of complexity in the business moving between voluntary credits, compliance credits, tax credits, and so nothing better than to use Verity to demonstrate how we can simplify our lives, which is what Verity really does for the customer. So really excited about the growth potential and making it all real in North Dakota for us.

如您所見，我們的業務在自願抵免、合規抵免、稅收抵免等之間轉換時存在很多複雜性，因此沒有什麼比使用 Verity 來展示如何簡化我們的生活更好的了，這也是 Verity 真正為客戶做的事情。我對北達科他州的成長潛力感到非常興奮，並希望能夠實現這一目標。

I want to add something on these. This tax credit gain of getting the stuff verified, like as I said, we weren't aware of anyone doing a 45Z like we've done, and it's wrapped with an insurance product. the amount of work that, that took was quite impressive, and it's a skill. Now we have it, we're going to use it.

我想對此補充一些內容。正如我所說，透過驗證這些物品可以獲得稅收抵免，我們不知道有人像我們一樣做 45Z，而且還附帶保險產品。這項工作量非常令人印象深刻，而且這是一項技能。現在我們有了它，我們將使用它。

And then there's the question of -- on the CDRs. CDRs I'm going to reiterate this. CDRs are -- think of a voluntary credits, the actual carbon removal credits that people will buy. This is a market that's already been growing. These are legit. We have like the gold standard type credits. CO2 going down a whole measured by a meter. We can measure tons going down a hole. That's a big deal. That's why I could get the pursuit for corks.

然後是關於 CDR 的問題。CDR 我要重申這一點。CDR 是自願信用額，即人們願意購買的實際碳去除信用。這個市場已在不斷成長。這些都是合法的。我們有類似金本位類型的信用。二氧化碳下降的幅度以一公尺為單位。我們可以測量下入洞中的噸位。這可是件大事。這就是為什麼我能得到對軟木塞的追求。

We're the only ones in the country first ever to get that kind of certification. That sort of thing should matter. It's legit removal of carbon and people are willing to pay for it on a voluntary basis. That's the kind of co-product we want to see in the future and grow it. And Paul's team is all over this. It's a big deal.

我們是全國唯一率先獲得此類認證的公司。這種事應該很重要。這是合法的碳去除，人們願意自願為此付費。這就是我們未來想要看到並發展的副產品。保羅的團隊對此非常關注。這是一件大事。

Derrick Whitfield, Texas Capital.

德瑞克·惠特菲爾德，德州首府。

Good afternoon, guys. And congrats as well on a strong quarter and update. With respect to the CDR market, thanks for the detail included in the release. I wanted to see if you could maybe help characterize the depth and durability of the market and separately, could you speak to the contract structure and if these were sold to a single counterparty or multiple?

大家下午好。同時也恭喜本季業績及更新表現強勁。關於 CDR 市場，感謝您在發布中包含的詳細資訊。我想看看您是否可以幫助描述市場的深度和持久性，另外，您能否談談合約結構以及這些合約是出售給單一交易對手還是多個交易對手？

The answer -- yeah, so go ahead all go ahead and address it where you can because I know you'll be restricted a little bit on the details of the contracts, but the rest of it go for it.

答案是——是的，所以請繼續，盡可能地解決這個問題，因為我知道你們在合約細節上會受到一些限制，但其餘部分就交給你們吧。

Yeah. Look, I mean, this is a new and developing market. So we're learning this and getting into it, and we're pretty excited that we've already made a lot of progress here. And so as you think about these markets, we're finding out that there are some that are traditional kind of more spot sales.

是的。看，我的意思是，這是一個新興的市場。所以我們正在學習並深入研究這一點，我們很高興我們已經取得了巨大的進展。因此，當您考慮這些市場時，我們發現其中一些是傳統的現貨銷售。

And then there are multiyear type agreements. And this is where we're headed with a lot of the new business that we're planning to put on where customers, once they find out what high quality that you've got and the high integrity credits that you're providing, there's a lot of work that goes into that and a lot of diligence. So finding a high-quality credit supplier to make sure that they bought down the risk and they can really show what they're doing for their products. It's a big deal, and we can do that. And so this is where we're headed with more longer-term contracts.

然後還有多年期協議。這就是我們計劃開展的許多新業務的方向，一旦客戶了解到您提供的高品質和高誠信信譽，他們就會為此付出大量的工作和勤奮。因此，找到一個高品質的信貸供應商，以確保他們降低風險，並真正展示他們為其產品所做的事情。這是一件大事，我們能夠做到。因此，我們正朝著簽訂更多長期合約的方向努力。

But I would say the spot market for the CDRs is getting interesting. If you go back and remember the numbers that I said with 40 million metric tons of credits that have been sold so far in the CDR market, only about a little over 2% of that has actually been delivered. So the thing that we're watching closely is that as other projects may have been sold out, they may be projects that aren't really working today. They haven't started to deliver.

但我想說的是，CDR 的現貨市場正在變得越來越有趣。如果你回想一下我所說的數字，迄今為止在 CDR 市場上已經銷售了 4000 萬公噸的信用額，其中只有大約 2% 左右已經實際交付。因此，我們密切關注的是，由於其他項目可能已經售罄，這些項目目前可能並沒有真正發揮作用。他們還沒有開始送貨。

Now, a lot of these projects probably will start to deliver but we're already delivering. So we think that there's going to be an interesting spot market developing, and we're here to be able to supply those credits as needed.

現在，許多此類項目可能即將開始交付，但我們已開始交付。因此，我們認為將會有一個有趣的現貨市場正在發展，並且我們能夠根據需要提供這些信用額。

Great. Thanks for the detail on that. For my follow-up, I wanted to focus on Gevo North Dakota. With the optionality your team has with ethanol sales, wanted to ask if you could speak to how you're thinking about marketing and optimizing revenue from the low-carbon ethanol between the voluntary market in California, Oregon, and Canada.

偉大的。感謝您對此的詳細說明。對於我的後續行動，我想專注於北達科他州的 Gevo。由於您的團隊在乙醇銷售方面擁有選擇性，我想問您是否可以談談您如何考慮在加州、俄勒岡州和加拿大的自願市場之間行銷和優化低碳乙醇的收入。

That's a great question. What I think you should do, guys, is have a tag team between Chris and Paul.

這是一個很好的問題。夥計們，我認為你們應該做的是讓克里斯和保羅組成一個雙打團隊。

Yeah. Actually, Pat, I think, Paul, this is a great question stemming from the last one. So go ahead, Paul.

是的。實際上，帕特，保羅，我認為這是一個源自於上一個問題的很好的問題。那麼繼續吧，保羅。

Yeah. Thanks, Chris. So as we sell a lot of our CCS value today in the low-carbon markets, you have to have a pathway. So we are in the progress of making -- putting in pathways. We've already got pathways that include CCS and don't include CCS, we have optionality.

是的。謝謝，克里斯。因此，當我們今天在低碳市場上出售大量 CCS 價值時，必須有一條途徑。因此，我們正處於修建道路的進程中。我們已經有包含 CCS 和不包含 CCS 的途徑，我們有可選性。

Do we put that into that low carbon fuel market? Or do we separate that CCS value and put in CDR market? That's really the optionality that we're talking about.

我們要將其投入低碳燃料市場嗎？或者我們將 CCS 價值分開並放入 CDR 市場？這確實是我們正在談論的可選性。

So as we look at these markets, we have some timing that we have to balance. But as we see carbon prices, carbon credit prices increase in certain low-carbon fuel markets, we want to be able to take advantage of those. And so we work with our marketing partner to do that, to go after those so we can deliver the returns both on the fuel, but then also start to put a book on for those -- the CDR value that's separated.

因此，當我們審視這些市場時，我們必須平衡一些時間。但隨著我們看到某些低碳燃料市場的碳價格、碳信用價格上漲，我們希望能夠利用這些價格。因此，我們與行銷合作夥伴一起努力，追求這些目標，以便我們可以在燃料方面獲得回報，同時還可以開始為這些目標記帳——分離的 CDR 值。

And as we look at that price, we're looking at what's going to give us the best return between the netbacks of including that CCS value in the fuel or stripping that off and selling it into the CDR market. So it's a little bit of a balancing act. But today, it's more heavily focused on the LCS markets, the low-carbon fuel markets. And as we build those sales of CDRs, we plan to put on a healthy mix or maybe even put on more CDRs. If we can get lower volatility with higher returns in that market. It's just a lot of optionality. We'll see how it develops.

當我們查看價格時，我們會考慮將 CCS 值包含在燃料中或將其剝離並出售到 CDR 市場，哪種方式能為我們帶來最佳回報。所以這有點像是一種平衡行為。但如今，它更加關注LCS市場，即低碳燃料市場。隨著 CDR 銷售量的增加，我們計劃推出更健康的產品組合，甚至推出更多的 CDR。如果我們能夠在該市場獲得較低的波動性和較高的回報。這只是很多可選性而已。我們將觀察其如何發展。

Great. And maybe one last, if I could. With respect to your CCS side, could you speak to the market opportunity you guys see to accommodate third-party volumes and the amount of capacity you feel comfortable offering up to the market?

偉大的。如果可以的話，也許還有最後一個。就 CCS 方面而言，您能否談談您所看到的適應第三方產量的市場機會以及您願意向市場提供的產能數量？

Yeah, we can comment on it. Who wants to take that one, Chris or Paul?

是的，我們可以對此發表評論。誰想拿下這個，克里斯還是保羅？

Paul, you can go ahead. Let me just add that when we talk about the capacity about 1 million tons per year up there, we're talking about one well, and there's no limit on -- we're not limited to one well let's put it that way. But Paul, go ahead.

保羅，你可以繼續了。我只想補充一點，當我們談論那裡每年約 100 萬噸的產能時，我們談論的是一口井，並且沒有限制 - 我們不僅限於一口井，讓我們這樣說吧。但是保羅，繼續吧。

Yeah, sure. So that -- this is an interesting one because we're also thinking about, hey, what do we do in the future? How do we see us expanding the more ethanol we produce, the more CO2 we would produce. So as you're permitting ethanol, you make a pound of ethanol, you make a pound of CO2. That's kind of it's a 1:1 kind of ratio there. And so we want to make sure we've got plenty for us.

是的，當然。所以——這是一個有趣的問題，因為我們也在思考，嘿，我們將來要做什麼？我們如何看待我們生產的乙醇越多，我們產生的二氧化碳就越多。因此，當您允許生產乙醇時，您生產一磅乙醇，就會產生一磅二氧化碳。這是一種 1:1 的比例。因此，我們要確保自己有足夠的資源。

And then as we look at projects, can we bring in CO2 from third parties? Sure. I mean, we've talked about things like a virtual pipeline using CO2 by rail. And we've talked about are there other opportunities to put partner sites on our rate where we sit and it's sequester CO2.

然後，當我們審視項目時，我們可以從第三方引入二氧化碳嗎？當然。我的意思是，我們已經討論過諸如透過鐵路使用二氧化碳的虛擬管道之類的事情。我們也討論了是否還有其他機會將合作夥伴站點納入我們的速率並封存二氧化碳。

As we see the need for more clean power where things like data centers and other growth opportunities, we think we've got a great site. And so it's really a question of which of those projects are going to give us the best returns while making sure that we've got plenty of available capacity for our own needs.

當我們看到資料中心和其他成長機會等對更多清潔能源的需求時，我們認為我們找到了一個絕佳的場地。所以，真正的問題是，哪一個項目能夠為我們帶來最佳回報，同時確保我們有足夠的可用產能來滿足我們自己的需求。

Yeah. And so one of the things I like about Gevo North Dakota is we have a huge amount of land that we own and 500-plus acres. It's a great operation. There's great corn resource up in that area. The good workforce, no farmer community. These people are good. It's the business environment in North Dakota, the energy people and agricultural people are the same people, and they all get it and they get that this is all in twine and it's important. They're an energy producing state in their food producing state and for export out of North Dakota. It's a great place to be. It's really attractive site. I wish we had, had it sooner, and I'm really glad that we have it now.

是的。我喜歡北達科他州 Gevo 的其中一個原因是我們擁有大量土地，超過 500 英畝。這是一次偉大的手術。那個地區有豐富的玉米資源。勞動力充足，沒有農民社區。這些人都很好。這是北達科他州的商業環境，能源人員和農業人員是同一群人，他們都明白這一點，他們明白這一切都息息相關，而且很重要。他們是北達科他州的能源生產州，也是糧食生產州，並為北達科他州提供出口。這是一個很棒的地方。這確實是一個有吸引力的網站。我希望我們早點擁有它，我真的很高興我們現在擁有它。

And for us, this marketplace that Paul's team is establishing the CDRs, works, and the rest. That's really, really important because that's -- selling coal products is a key part of the economic equation. And it's really -- it's going to matter in the long run as we -- you don't want to -- because if we look our way out to the future, you do not want to be dependent upon government for anything on credits because you can go with the whims. You don't want that. You want them to establish the legit marketplace. Well, we've got legitimate stuff.

對我們來說，Paul 的團隊正在建立的這個市場包括 CDR、作品和其他內容。這真的非常重要，因為銷售煤炭產品是經濟方程式的關鍵部分。從長遠來看，這確實很重要，因為如果我們展望未來，你不會想依賴政府提供任何信貸，因為你可以隨心所欲地做事。你不要那個。您希望他們建立合法的市場。嗯，我們有合法的東西。

Verity comes into play here and is a big deal for helping to certify the whole value chain and the sourcing of the raw materials and all the rest. So we have a leg up on other folks, we believe. And the site that we have is an unusual site. We're the only ones there. It's ours in our whole.

Verity 在這裡發揮了重要作用，它有助於認證整個價值鏈、原材料採購以及其他所有環節。因此我們相信我們比其他人更有優勢。我們的站點是一個不尋常的站點。我們是那裡唯一的人。這是我們整體的。

And that makes the diligent way, way easier and for intense as it was boy, I'm glad it wasn't any more complicated than that. So we think that we have an advantage here, a window and a premium product of carbon abatement to offer. And it's going to be very interesting to see how my team goes and exploits that. It's a different way of thinking about things, and it's going to be fun.

這使得勤奮的方式變得更加容易，儘管這很激烈，但我很高興它沒有比這更複雜。因此，我們認為我們在這裡具有優勢，可以提供窗口和優質的碳減排產品。看看我的團隊如何利用這一點將會非常有趣。這是一種不同的思考方式，而且會很有趣。

And I think as far as the ATJ-30 goes, and this is a question that Amit had ask, but related but where can go yes, we're going to go as fast as we can. We got to get our act together, too. And this is about getting the engineering done. Chris mentioned it. We'll get it done for ATJ-30, it's to be a much lower capital cost should be a bite-size capital cost.

我認為就 ATJ-30 而言，這是 Amit 提出的問題，但相關但可以去哪裡，是的，我們會盡快去。我們也必須齊心協力。這與完成工程有關。克里斯提到了這一點。我們將完成 ATJ-30 的這項工作，其資本成本將低得多，應該是一口大小的資本成本。

And so how much of a big-sized capital cost can that be? I think it can be really right-sized. Is it by size enough for Gevo loan? That, I don't know yet. And that's pretty interesting. And -- so it's a different game to play up there. And it doesn't take anything away from the ATJ-60 plant in Lake Preston. That one still has got to run its course and figure out the rest of the detail of what's going on between the DOE and customers and Summit.

那麼這筆巨額資本成本又能達到多少呢？我認為它的尺寸確實合適。Gevo 貸款的規模夠大嗎？那個，我還不知道。這非常有趣。所以——在那裡玩是一場不同的遊戲。而且它不會從普雷斯頓湖的 ATJ-60 工廠拿走任何東西。這件事仍需繼續進行，並弄清楚能源部門、客戶和 Summit 之間正在發生的事情的其餘細節。

But I like where we're at, and here's something really, really, really important for people to understand. We've got a huge suite of technology. Paul mentioned this, huge. This is not simply just go buy ATJ process off the shelf late. Lots of people have unit operations.

但我喜歡我們現在的處境，而且這裡有一些非常非常非常重要的事情需要人們去理解。我們擁有大量技術。保羅提到了這一點，非常重要。這不是簡單地去購買現成的ATJ工藝那麼晚的事。很多人都有單位操作。

Doing it on an integrated basis, you got to know how to operate plants. That's what my team brings. We know how to build plants. We operate plans. We're the first, remember, to do ATJ. First, we're the ones who got it certified and got it qualified. We still sell it in the marketplace. People forget that. We're still active in it. Small-scale, but demo plant scale.

從綜合的角度來講，你必須知道如何操作工廠。這就是我的團隊所帶來的。我們知道如何建造工廠。我們實施計劃。請記住，我們是第一家開展 ATJ 的公司。首先，我們是獲得認證並取得資格的人。我們仍在市場上銷售它。人們忘記了這一點。我們仍在積極進行這項工作。規模雖小，但具有示範工廠規模。

But this goes back to what we are all about here at Gevo. That's kind of chemistries. We have a long history with it. Is going to play out into the future with our alcohol -- with our ETO process. We think we can do cost savings out to the future. It's a pretty exciting time.

但這又回到了我們在 Gevo 所關注的重點。這就是一種化學反應。我們對此有著悠久的歷史。未來將透過我們的酒精——我們的 ETO 流程發揮作用。我們認為我們可以在未來節省成本。這是一個非常令人興奮的時刻。

This engineering and knowledge that we have learned from the ATJ-60 is being translated to ATJ-30 and it's going to be -- create a winner, we believe. It also is creating a platform that we could cut and paste other places. That's a pretty exciting model and we're looking forward to getting on with it.

我們從 ATJ-60 中學到的工程技術和知識正在轉化為 ATJ-30，我們相信它將會創造出一個贏家。它還創建了一個我們可以剪切並粘貼到其他地方的平台。這是一個非常令人興奮的模型，我們期待繼續推進它。

Sorry for that little bit of a soapbox, but --

抱歉，我有點說漏嘴了，但是--

All very good, Pat. Stores really coming together. I'm happy for you guys. Great quarter update.

一切都很好，帕特。商店真的聚集在一起。我為你們感到高興。很棒的季度更新。

Thank you.

謝謝。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Pat Gruber for closing remarks.

謝謝。我目前沒有其他問題。現在我想請派特·格魯伯作最後發言。

Well, I already was on my box. You heard them in the main point. It is an outstanding quarter. It did happen faster than we expected. We thought this would happen.

嗯，我已經在我的盒子上了。您聽到了他們的主要觀點。這是一個出色的季度。它確實比我們預期的發生得更快。我們認為這會發生。

We're a usual company in that we're a developer with a huge amount of technology, but we actually are incrementally positive profitability, albeit a little tiny bit at $0.01 per share. but that's positive. And our EBITDA, we expect it to grow further on reproducible EBITDA. So it's good. It's going to be really good. We're -- we've got a great foundation we're building and it gives us the latitude to play the optionality that's in front of us.

我們是一家普通的公司，是一家擁有大量技術的開發商，但實際上我們的獲利能力正在逐步提高，儘管每股收益只有 0.01 美元，但這是積極的。我們預計我們的 EBITDA 將在可再生 EBITDA 的基礎上進一步成長。所以這很好。這將會非常棒。我們正在建立一個良好的基礎，它為我們提供了發揮擺在我們面前的選擇。

Thank you, all, for joining us. Appreciate it.

謝謝大家加入我們。非常感謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。