Gevo, Inc. (GEVO) 2026 Q2 法說會逐字稿

Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Gevo Incorporated Q2 2026 earnings call. (Operator instructions) I would now like to turn the call over to Eric Frey. Eric.

感謝您耐心等候。我叫 Greg，今天將擔任本次電話會議的接線員。此刻，我想歡迎各位參加 Gevo Incorporated 2026 年第二季（Q2）財報電話會議。（接線員指示）現在我想把電話交給 Eric Frey。Eric。

Good afternoon, everyone. And thank you for joining us on today's call to discuss Gevo's second quarter results. I'm Eric Frey, Vice President of Finance and Strategy at Gevo.

各位下午好。感謝各位參加今天的電話會議，一同討論 Gevo 的第二季業績。我是 Eric Frey，Gevo 財務與策略副總裁。

With me today we have Paul Bloom, our Chief Executive Officer; and Leike Aguirre, our Chief Financial Officer. We also have Kyle James, our Chief Commercial Officer; and Greg Hanselman, our Executive Vice President of Operations and Engineering.

今天與我一同出席的有我們的執行長 Paul Bloom，以及財務長 Leike Aguirre。我們也有商務長 Kyle James，以及營運與工程執行副總裁 Greg Hanselman。

Earlier Earlier today we issued a press release that outlines our second quarter 2026 results and some of the topics we plan to discuss. Copies of the press release are available on our website at www.gevo.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.

今天稍早我們發布了新聞稿，概述 2026 年第二季的業績，以及我們計畫討論的一些主題。新聞稿可於我們網站 www.gevo.com 取得。請注意，我們今天的發言（包含對各位提問的回答）包含《私人證券訴訟改革法》所定義的前瞻性陳述。

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 potential expansion and de-bottlenecking of our Gevo North Dakota plant, our expected future cash flows and adjusted EBITDA, our expected carbon business revenues, our expected future tax credit monetizations, and other activities described in our filings with the Securities and Exchange Commission, which are incorporated by reference.

這些前瞻性陳述存在風險與不確定性，可能導致實際結果與目前預期有重大差異。這些陳述包括：關於我們 Gevo North Dakota 工廠潛在擴建與去瓶頸（de-bottlenecking）的時程、開發、工程、融資與施工之預測；我們預期的未來現金流與調整後 EBITDA；我們預期的碳業務收入；我們預期未來稅額抵減變現；以及我們向美國證券交易委員會提交之文件中所描述的其他活動（該等文件以引用方式併入）。

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陳述的任何義務。此外，我們可能在本次電話會議中提供某些非 GAAP 財務資訊。相關定義與 GAAP 調節表可在我們的財報新聞稿中找到；該新聞稿可於 www.gevo.com 的投資人關係專區取得。

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.

在預先準備的發言結束後，我們將開放提問。提醒各位，本次電話會議對媒體開放，並同步向大眾提供網路直播。本次電話會議的重播以及其他過往活動，將可透過公司投資人關係頁面 www.gevo.com 取得。

I'd now like to turn the call over to the CEO of Gevo, Paul Bloom. Paul.

現在我想把電話交給 Gevo 的執行長 Paul Bloom。Paul。

Good afternoon, everyone. Gevo is a strong growing business. Our operating results this quarter demonstrate that our company is set to deliver revenue growth and positive cashflow from operations.

各位下午好。Gevo 是一家強勁成長的企業。我們本季的營運成果顯示，公司已蓄勢待發，將帶來營收成長並實現營運活動的正向現金流。

Our carbon strategy is working well, and we are positioning the business for three stages of expansion that build on our existing operations and capture near and medium-term opportunities. Long term, we believe the businesses we are building today will serve as the blueprint for future growth.

我們的碳策略運作良好，我們正將業務定位於三個擴張階段：在既有營運基礎上，掌握近期與中期的機會。長期而言，我們相信今天所打造的業務將成為未來成長的藍圖。

Our results also demonstrate that Gevo is not just a future story. Revenue increased 7% compared to the last quarter and gross profit increased 70% in the past six months compared to the same period last year.

我們的成果也顯示，Gevo 不只是「未來的故事」。相較上一季，營收成長 7%；而與去年同期相比，過去六個月的毛利成長 70%。

Some of that increase reflects six full months of benefit from the Red Trail assets we acquired instead of five months during the same period last year. The majority of that increase reflects a durable strengthening of our core low-carbon ethanol and renewable natural gas businesses.

其中一部分的增幅，反映了我們收購的 Red Trail 資產在本期貢獻了完整六個月的效益，而去年同期僅有五個月。增幅的大部分則反映我們核心的低碳乙醇與再生天然氣（RNG）業務出現持續性的強化。

In the second quarter, our team continued to deliver on critical milestones we've communicated previously. Our de-bottlenecking activities in our Gevo North Dakota facility remain on target to increase our low carbon ethanol capacity to 75 million gallons per year by the end of 2026.

在第二季，我們團隊持續達成先前對外溝通的關鍵里程碑。我們在 Gevo North Dakota 設施的去瓶頸作業仍按計畫推進，目標是在 2026 年底前將低碳乙醇產能提升至每年 7,500 萬加侖。

We also advanced new carbon market pathways identified new cost efficiencies, and optimized the sale of carbon attributes. As a result, we now expect full-year 2026 non-GAAP adjusted EBITDA of more than $60 million, which is double our previous estimate.

我們也推進了新的碳市場途徑、找出新的成本效率，並最佳化碳屬性（carbon attributes）的銷售。因此，我們目前預期 2026 全年非 GAAP 調整後 EBITDA 將超過 6,000 萬美元，為先前預估的兩倍。

These developments are significant, and they reflect a disciplined execution to unlock new revenue opportunities. A particularly important milestone is our recent Canada Clean Fuel Regulation, or CFR, pathway approval for low carbon ethanol with carbon capture and sequestration, which was granted in the second quarter.

這些進展意義重大，反映我們以紀律性執行來解鎖新的營收機會。其中一項特別重要的里程碑，是我們近期取得加拿大《清潔燃料法規》（Canada Clean Fuel Regulation，簡稱 CFR）途徑核准，適用於具碳捕捉與封存的低碳乙醇，並已於第二季獲准。

This pathway gives Gevo access to a more than 1 billion gallon per year compliance market for our low carbon ethanol beginning in the third quarter and further diversifies our cash flows internationally. It also gives us another lever to improve returns from our carbon business by directing carbon value to the markets where it is worth the most, whether bundled with our fuels in compliance markets or sold separately in voluntary markets.

此一途徑使 Gevo 自第三季起可進入每年超過 10 億加侖的低碳乙醇合規市場，並進一步在國際上分散我們的現金流。它也為我們提供另一個槓桿，以提升碳業務的報酬：將碳價值導向最具價值的市場——無論是與燃料綁定在合規市場中銷售，或是在自願性市場中分開銷售。

Importantly, the approval also applies retroactively to credits we banked for low-carbon ethanol sold into Canada beginning in 2025. And we've already sold approximately 17 million of these bank credits to be recognized in the third quarter.

重要的是，該核准也可追溯適用於我們自 2025 年起銷往加拿大的低碳乙醇所累積（banked）的信用額度。我們已出售約 1,700 萬的這些累積信用額度，預計於第三季認列。

Going forward, we believe our carbon business, based on current capacity and market conditions, can deliver over $30 million per year in revenue on a run rate basis, excluding our bank CFR credit sales. We're not simply producing low carbon ethanol co-products in RNG.

展望未來，我們相信在目前產能與市場條件下，我們的碳業務以年化運行率（run rate）計算，每年可帶來超過 3,000 萬美元的營收（不含已累積的 CFR 信用額度銷售）。我們不只是生產低碳乙醇的副產品與 RNG。

Those commodity products are a means to deliver energy that drops into supply chains today while also driving down carbon intensity, producing more efficiently, capturing and storing carbon, and selling high-quality credits into compliance and voluntary carbon markets.

這些大宗商品是我們用來提供可立即導入現有供應鏈的能源之手段，同時也能降低碳強度、更有效率地生產、捕捉並封存碳，並將高品質信用額度銷售至合規與自願性碳市場。

And importantly, we believe the carbon business model we are building today will be the same durable model we use in the future for SAF, isobutanyl, and other renewable fuels and chemicals powered by our Verity Carbon Accounting Digital Solutions platform.

而且重要的是，我們相信我們今天正在建立的碳業務模式，未來也將是我們用於 SAF、異丁醇（isobutanyl）以及其他再生燃料與化學品的同一套耐久模式，並由我們的 Verity 碳會計數位解決方案平台提供支援。

We expect to grow with discipline by scaling the businesses we have today and delivering the products and solutions our customers and markets demand. At Gevo North Dakota, we are focused on growing our low carbon fuel and carbon businesses through a three stage plan.

我們預期將以紀律性方式成長：擴大我們現有的業務規模，並交付客戶與市場所需求的產品與解決方案。在 Gevo North Dakota，我們聚焦透過三階段計畫來擴大低碳燃料與碳業務。

First demodel necking the plant, second expanding capacity to double low carbon ethanol and carbon capture, and third producing SAF. Stage one is our de-bottle-lecking initiative to increase low-carbon ethanol co-products, carbon capture and associated incentive volumes by approximately 10% to 15% by the end of this year.

第一，對工廠進行去瓶頸；第二，擴充產能，使低碳乙醇與碳捕捉倍增；第三，生產 SAF。第一階段是我們的去瓶頸計畫，目標在今年底前將低碳乙醇副產品、碳捕捉及相關獎勵量提升約 10% 至 15%。

Meaningful progress was made during the second quarter, and we remain on track and on budget to deliver this anticipated extra capacity, thereby enhancing revenues, growing adjusted EBITDA, and expanding our margins in 2027.

第二季已取得顯著進展，我們仍按進度且在預算內，將交付這些預期的額外產能，從而提升營收、成長調整後 EBITDA，並在 2027 年擴大我們的利潤率。

This near-term expansion is fully funded and budgeted for this year and builds on our asset already own and operate. We believe our Gevo North Dakota complex can create more value in the near term while also supporting longer term growth.

這項近期擴張已在今年完成資金到位並編列預算，並建立在我們已擁有且營運的資產之上。我們相信 Gevo North Dakota 綜合園區在近期可創造更多價值，同時也能支撐更長期的成長。

Stronger cash generation from Gevo North Dakota helps us reduce risk and enhances our future financing flexibility. Our Gevo North Dakota complex is better suited to support a strategic platform growth than the Lake Preston, South Dakota site we were previously developing.

Gevo North Dakota 更強的現金創造能力，有助於我們降低風險並提升未來融資的彈性。相較於我們先前正在開發的南達科他州 Lake Preston 場址，我們的 Gevo North Dakota 綜合園區更適合支援策略性平台式成長。

Gevo North Dakota combines one of the strongest active on-site carbon capture and sequestration capabilities in the world with access to advantaged local feedstocks, established rail and truck logistics, and experienced operating workforce, available land and pore space capacity for future growth, and it's in a business-friendly state that supports agriculture, energy, and carbon management.

Gevo North Dakota 結合了全球最強的在地（on-site）碳捕捉與封存能力之一，並具備取得具優勢的在地原料、成熟的鐵路與卡車物流、經驗豐富的營運人力、可供未來成長使用的土地與孔隙空間（pore space）容量；同時所在州對企業友善，並支持農業、能源與碳管理。

Given the strengths of the Gevo North Dakota complex and other business factors we considered, we have finalized their decision to exit our ATJ 60 project activities in South Dakota and formally discontinued other non-core project activities.

基於 Gevo North Dakota 綜合園區的優勢以及我們考量的其他業務因素，我們已最終決定退出在南達科他州的 ATJ 60 專案活動，並正式終止其他非核心專案活動。

As a result, we recognized $176 million one-time non-cash impairment charge. Leke will talk more about this non-cash charge. Continuing with our growth plans, stage two at Gevo North Dakota targets doubling our capacity to about 150 million gallons per year of low-carbon ethanol with associated carbon capture and sequestration and tax incentive opportunities.

因此，我們認列了1.76億美元的一次性非現金減損費用。Leke將會進一步說明這項非現金費用。延續我們的成長計畫，Gevo North Dakota 的第二階段目標是將產能倍增至每年約1.5億加侖的低碳乙醇，並配套碳捕捉與封存，以及稅務優惠機會。

Financing efforts for this expansion are on track and are targeted to be completed in the second half of 2026, consistent with our previously announced arrangement and timeline with Ara Energy. Engineering, permitting, and initial equipment procurement for the expansion project are underway.

本次擴產的融資推進進度符合預期，目標是在2026年下半年完成，與我們先前公布與 Ara Energy 的安排與時程一致。擴產專案的工程設計、許可申請與初期設備採購已在進行中。

We anticipate completion of the expansion in 2028 once financing is complete and construction commences. This expansion is expected to result in meaningful revenue and gross profit growth.

我們預期在融資完成且施工啟動後，於2028年完成擴產。

Stage three of our growth plan contemplates the conversion of approximately one-third of Gevo North Dakota's expanded low-carbon ethanol capacity into higher-value synthetic aviation fuel through Project North Star, also known as ATJ30, which is our 30 million gallon-per-year alcohol-to-jet development project.

我們成長計畫的第三階段，設想透過 Project North Star（亦稱 ATJ30）將 Gevo North Dakota 擴增後的低碳乙醇產能約三分之一轉換為更高價值的合成航空燃料；ATJ30 是我們每年3,000萬加侖的酒精轉航空燃料（alcohol-to-jet）開發專案。

We are making good progress on this medium-term, multi-year effort and provided details on our milestones in our recent business update. The team delivered our FEL3 engineering estimates on schedule in the second quarter.

我們在這項中期、多年度的工作上進展良好，並已在近期的業務更新中提供里程碑細節。團隊已於第二季如期交付 FEL3 工程估算。

As we moved from FEL2 to FEL3, the capital estimate was refined based on substantially more detailed engineering, vendor engagement and execution planning. The updated estimate of $600 million remains the expected range and accuracy associated with an FEL2 estimate, and we believe it provides much higher level of confidence as we approach FID.

隨著我們從 FEL2 推進至 FEL3，資本支出估算在更為細緻的工程設計、供應商參與與執行規劃基礎上進一步精煉。更新後的6億美元估算仍落在 FEL2 估算所對應的預期區間與精準度範圍內，而我們相信，隨著接近 FID（最終投資決策），該估算提供了更高程度的信心。

FEL-3 showed very favorable results for the underlying alcohol-to-jet process modules, which were within 2% of the previous estimates.

FEL-3 顯示酒精轉航空燃料的核心製程模組結果非常有利，與先前估算的差異在2%以內。

That's a good sign for enabling the development in a repeatable fashion at other locations in the future. The site-specific engineering and equipment logistics cost increased in FEL3, but we believe that the project's ROI remains attractive.

這是個良好訊號，有助於未來在其他地點以可複製的方式推動開發。FEL3 中，場址特定工程與設備物流成本有所上升，但我們認為該專案的投資報酬率（ROI）仍具吸引力。

Securing additional financeable offtake agreements is needed to reach FID and remains a gating item. These are complex multi-year economic commitments. We are making progress advancing these agreements from the current term sheet stage.

為達成 FID，仍需要取得更多可融資的承購（offtake）協議，且這仍是關鍵門檻項目。這些協議屬於複雜的多年期經濟承諾。我們正推進這些協議，從目前的條款清單（term sheet）階段持續往前。

We remain committed to advancing our ATJ30 initiative in a disciplined way, sequencing capital based on customer demand, project financeability, and policy support. And as a reminder, we are currently pursuing non-dilutive project level financing for the project.

我們仍致力於以嚴謹、紀律化的方式推進 ATJ30 計畫，依據客戶需求、專案可融資性與政策支持來安排資本投入順序。並提醒各位，我們目前正為該專案尋求不具稀釋性的專案層級融資。

We do not have to choose between becoming a cash generating, low carbon fuels and carbon management business and building future ATJ projects. The Gevo North Dakota site and its near-term cash generation are expected to support ATJ in the future. We continue to target final investment decision for this initiative by the end of the year.

我們不必在成為能產生現金的低碳燃料與碳管理業務，與打造未來 ATJ 專案之間二選一。Gevo North Dakota 場址及其短期現金創造能力，預期將在未來支持 ATJ 發展。我們仍以在今年年底前就此計畫作出最終投資決策為目標。

I will now turn the call over to Leke to discuss our financial results and outlook in more detail.

接下來我將把電話會議交給 Leke，更詳細說明我們的財務結果與展望。

Thank you, Paul. This last quarter was an important one for Gevo. We delivered solid operating performance and completed planned maintenance and the bottlenecking activities to expand capacity at our flagship North Dakota site.

謝謝你，Paul。上一季對 Gevo 而言是重要的一季。我們交出穩健的營運表現，並完成既定的維護作業與去瓶頸活動，以擴增我們位於北達科他州的旗艦場址產能。

During the second quarter, we reported revenue of $47 million, compared to $43 million in the same quarter last year. This 7% year-over-year growth reflects consistent operations of our low-carbon businesses, even with modest impact of planned downtime at our Ojibwe North Dakota site for maintenance and deep bottlenecking activities.

第二季我們的營收為4,700萬美元，去年同期為4,300萬美元。年增7%反映我們低碳業務的穩定運作，儘管我們位於北達科他州 Ojibwe 場址因維護與深度去瓶頸作業而有計畫性停機，仍僅帶來溫和影響。

In comparison to the first half of 2025, revenue during the first half of 2026 grew by 23% to $89 million, reflecting a full six months of the benefit of our red trail energy acquisition compared to just five months last year.

相較於2025年上半年，2026年上半年營收成長23%至8,900萬美元，反映我們收購 Red Trail Energy 的效益在今年上半年完整貢獻六個月，而去年僅貢獻五個月。

Coupled with continued solid performance in our carbon business. Gross profit was $20 million in the second quarter, representing a gross margin of 43% compared to gross profit of $19 million and gross margin of 44% in the same quarter last year.

再加上我們碳業務持續穩健的表現。第二季毛利為2,000萬美元，毛利率43%；去年同期毛利為1,900萬美元、毛利率44%。

Relative to revenues alone, we believe that gross profit is a meaningful barometer of a business performance. It captures not only our revenue performance, but also the impact of optimizing carbon, commodities, and incentives that are monetized as part of our business model.

相較於僅看營收，我們認為毛利是衡量企業經營表現的重要指標。它不僅反映營收表現，也涵蓋我們商業模式中對碳、商品與可貨幣化激勵措施進行最佳化所帶來的影響。

During the first half of 2026, gross profit was $36 million, an increase from $21 million in the first half of 2025, reflecting a full six months of the benefit of our retro energy acquisition, coupled with dynamic efforts to optimize 45Z tax credit generation from our assets.

2026年上半年毛利為3,600萬美元，高於2025年上半年的2,100萬美元，反映我們收購 Retro Energy 的效益在今年上半年完整貢獻六個月，並結合我們動態努力以最佳化資產所產生的 45Z 稅額抵免。

Note that we recognize the benefit of 45Z tax credit as a reduction to cost of goods sold. Operating expenses in the second quarter included a one-time noncash and payment charge of $176 million.

請注意，我們將 45Z 稅額抵免的效益認列為銷貨成本的減項。第二季營業費用包含一筆一次性、非現金的減損與支付費用1.76億美元。

This was related to capitalized development and engineering expenses previously incurred, which was primarily associated with prior atj 60 project in lake preston, south dakota, and other prior initiatives that are no longer in alignment with our strategical project priorities.

此項費用與先前已發生並資本化的開發與工程費用相關，主要與先前位於南達科他州 Lake Preston 的 ATJ 60 專案，以及其他已不再符合我們策略性專案優先順序的既有計畫有關。

This noncash impairment charge does not impact our cash position, liquidity, or operating cash flow outlook. It does not trigger additional cash payment obligation or affect the underlying economics of Gevo north dakota or ability to execute our development plan there as our core growth platform.

這項非現金減損費用不影響我們的現金部位、流動性或營運現金流展望。它不會引發額外的現金支付義務，也不會影響 Gevo North Dakota 的基本經濟性，或我們在該處作為核心成長平台執行開發計畫的能力。

Excluding the non-cash impairment charge, operating expenses in the second quarter were up 18% over the second quarter of 2025, which reflects an increase in G&A expenses primarily due to non-recurring employee severance and accelerated equity award charges.

若排除該非現金減損費用，第二季營業費用較2025年第二季增加18%，主要反映一般及行政（G&A）費用上升，原因主要為一次性的員工資遣費與加速認列的股權獎酬費用。

On a gap basis, net loss attributable to Gevo was $177 million or $0.75 per share in the second quarter. On a non-GAAP basis, adjusted net loss attributable to Gevo was $1 million on $0.01 per share.

按 GAAP 基礎，第二季歸屬於 Gevo 的淨損為1.77億美元，或每股0.75美元。按非 GAAP 基礎，歸屬於 Gevo 的調整後淨損為100萬美元，或每股0.01美元。

Reconciliation of this amount to the GAAP measure is included in today's earnings release. Non-GAAP adjusted EBITDA for the second quarter was $11 million. Note that the second quarter results did not include revenue related to our recently approved CFR pathway, which is expected to show up in the third quarter.

該金額與 GAAP 指標之間的調節表已包含於今日的財報新聞稿中。第二季非 GAAP 調整後 EBITDA 為1,100萬美元。請注意，第二季結果尚未包含我們近期獲核准的 CFR 路徑所帶來的相關營收，預期將在第三季反映。

We believe that this quarter's adjusted net loss, coupled with the growing adjusted EBITDA, reflect an ongoing improvement in our underlying earnings power of our business. This quarter establishes a strong foundation from which we expect meaningful adjusted EBITDA and operating cash flows during the second half of the year.

我們認為，本季調整後淨損的表現，加上調整後 EBITDA 的成長，反映我們業務的基礎獲利能力正在持續改善。本季奠定了強勁基礎，我們預期今年下半年將出現顯著的調整後 EBITDA 與營運現金流。

As we look to the full year, we now expect 2026 adjusted EBITDA of more than $60 million, which is more than double our prior outlook of $30 million. This is a meaningful acceleration from our first AF2026 operating performance and is supported by four main drivers.

展望全年，我們目前預期2026年調整後 EBITDA 將超過6,000萬美元，較先前3,000萬美元的展望增加一倍以上。相較於我們在 AF2026 上半年的營運表現，這是一次顯著加速，並由四項主要驅動因素支撐。

First, the recently approved canada cfr pathway and associated sales. We expect to begin realizing those sales in the third quarter. Second, our assets are on track to generate more than $70 million or 45Z tax credits that we expect to monetize in 2026 compared to $52 million last year.

第一，近期獲核准的加拿大 CFR 路徑及其相關銷售。我們預期將於第三季開始認列這些銷售。第二，我們的資產有望在2026年產生超過7,000萬美元的 45Z 稅額抵免並予以變現，高於去年的5,200萬美元。

This is driven by updated policy guidance and our operational efficiencies this year that improve the carbon intensity of our operating assets. Third, continued operational execution of low-carbon fuel sales, including revenue growth from our specialty fuels.

這主要受更新的政策指引，以及我們今年提升營運效率、降低營運資產碳強度所帶動。第三，持續落實低碳燃料銷售的營運執行，包括我們特種燃料帶來的營收成長。

And fourth, further fiscal discipline. Of the more than $70 million in 45Z monetization we expect to achieve this year, already closed on the sale of $20 million in 45 day credit after the end of the second quarter. With our current engagement with seasoned tax credit buyers, we expect to monetize the remaining approximately $50 million of credits and receive the associate proceeds by year end.

第四，進一步加強財務紀律。在我們預期今年可透過 45Z 變現的逾 7,000 萬美元中，我們已於第二季結束後完成出售 2,000 萬美元的 45 天期信用額度。在目前與具經驗的稅額抵減買方接洽下，我們預期可將剩餘約 5,000 萬美元的抵減額度變現，並於年底前收到相關款項。

A reminder that our 45Z tax credit incentives are generated rateably each quarter based on the volume and carbon intensity of our low carbon ethanol and RNG production. These credits show up as a reduction in our cost of goods sold on our income statement and are a benefit to our adjusted EBITDA.

提醒一下，我們的 45Z 稅額抵減激勵是依據低碳乙醇與 RNG 產量的數量及碳強度，每季按比例產生。這些抵減會在損益表上以降低銷貨成本的方式呈現，並有助於提升我們的調整後 EBITDA。

Note that the cash proceeds from 45Z can lag behind the quarter in which the credit is generated. This results in some quarter-to-quarter variability in our cash flow from operations. While we continue to expect operating cash flow to be neutral to positive for full year 2026, we also expect meaningful positive operating cash flow in the second half of the year.

請注意，45Z 的現金收入可能會落後於抵減產生的季度。因此，我們的營運現金流在季度之間可能會出現一定波動。雖然我們仍預期 2026 全年營運現金流將持平至正向，但也預期下半年將出現顯著的正向營運現金流。

This further demonstrates the underlying cash-generating power of a business continued to threaten. Turning to liquidity, we handed the quarter with cash, cash equivalent, and restricted cash of $58 million.

這進一步展現了該業務持續的現金創造能力仍在受到威脅的基本面。談到流動性，我們本季結束時持有現金、約當現金及受限制現金合計 5,800 萬美元。

Importantly, this does not include approximately $16 million of cash per sees from the monetization of 45Z credits that we have collected since the end of the second quarter. We are also excited about our performance in 2027 and beyond. Our debottlenecking project remains on track and on budget.

重要的是，這不包含自第二季結束以來，我們已收取的約 1,600 萬美元、來自 45Z 抵減變現的現金收入。我們也對 2027 年及之後的表現感到振奮。我們的去瓶頸專案仍按進度且在預算內推進。

We expect 2027 adjusted EBITDA to be broadly in line with our current 2026 full-year target after we factor in some non-recurrent revenue this year and the debottlenecking production uplift started at the end of this year.

在納入今年部分一次性收入，以及去瓶頸帶來的產量提升將於今年底開始反映後，我們預期 2027 年調整後 EBITDA 大致將與目前 2026 全年目標相當。

Iour expansion of Gevo north dakota to double its production capacity is advancing, with financing on track for completion in the second half of 2026. this is consistent with our previously announced arrangement with our financing partner, aera energy.

我們在北達科他州的 Gevo 擴建、以將產能倍增的計畫正在推進中，融資預計於 2026 年下半年完成。

And as Paul mentioned earlier, we also continue to push forward on securing bankable offtake contracts to enable securing accrued financing of our HCJ 30 project. We are engaged with various project level capital providers and remain focused on moving forward to FID by year end.

此外，如 Paul 先前提到的，我們也持續推進取得可融資的承購（offtake）合約，以利為我們的 HCJ 30 專案取得所需融資。我們正與多家專案層級資本提供者接洽，並仍專注於在年底前推進至最終投資決策（FID）。

In closing, we are seeing continued improvement in adjusted EBITDA and cash flow generation supported by the strong underlying fundamentals of our business. We are confident in our ability to sustain our positive momentum as our near-term group projects at Gevo North Dakota continue to mature on schedule.

最後，我們看到在強勁的業務基本面支撐下，調整後 EBITDA 與現金流創造能力持續改善。隨著 Gevo North Dakota 的近期成長專案持續按期成熟，我們對維持正向動能充滿信心。

Today's results anchors Gevo's growth trajectory for their strengthening our capacity to execute our long-term objectives while delivering sustainable value to our shareholders.

今天的結果鞏固了 Gevo 的成長軌跡，並強化我們執行長期目標的能力，同時為股東帶來可持續的價值。

With that, I would turn the call back to Paul. Thanks, Leke. We strengthened our financial position, doubled our expected 2026 adjusted EBITDA outlook, and are starting to show that Gevo North Dakota can serve as a scalable blueprint for profitable growth.

接下來我把電話交回給 Paul。謝謝，Leke。我們強化了財務狀況，將 2026 年調整後 EBITDA 展望上調至原先的兩倍，並開始展現 Gevo North Dakota 可作為可擴展、帶來獲利成長的藍圖。

We've talked before about the potential for a capital licensing or franchise type model, and that opportunity is becoming more tangible as we demonstrate how our technology, operating model and carbon capabilities can be deployed to meet customer demand and capture value across markets. We'll have more to share as these initiatives advance.

我們之前談過資本授權或加盟式（franchise）模式的潛力；隨著我們證明技術、營運模式與碳能力可被部署以滿足客戶需求並在各市場捕捉價值，這個機會正變得更具體。隨著這些計畫推進，我們會分享更多進展。

For now, I want to thank our employees, partners, customers, and shareholders for their continued support. We're building Gevo with discipline, focus, and a clear path to creating long-term value. With that, we'll open the call for questions.

目前，我想感謝我們的員工、合作夥伴、客戶與股東持續的支持。我們以紀律、專注，以及清晰的長期價值創造路徑來打造 Gevo。接下來我們開放提問。

Jeff Gramp with Northland.

Northland 的 Jeff Gramp。

Good afternoon, guys. Thanks for the time. I wanted to dive into the, the $60 million EBITDA target that you guys have refreshed here lately. I just wanted to understand some of the moving parts with, with respect to the approval to reach the Canadian markets.

各位下午好。謝謝撥冗。我想深入了解你們最近更新的 6,000 萬美元 EBITDA 目標。我想釐清其中一些變動因素，特別是關於取得進入加拿大市場的核准。

It sounded like some of that $60 million is a little bit of a one-time bump related to some volumes prior to getting that approval, like a retroactive credit, if you will. Can you help us understand how much of a windfall that might be just to kind of level set. I guess, kind of what the true earnings power of the business is in '26?

聽起來這 6,000 萬美元中有一部分，可能是與在取得核准前的某些銷量相關的一次性增益，例如可追溯的抵減（retroactive credit）。你們能否協助我們了解這可能帶來多少意外之財，以便先建立基準。也就是說，2026 年這項業務真正的獲利能力大概是什麼樣子？

Yeah, sure thing. And that's a perfect question, right? Because, you know, we're really excited that the carbon business itself, right, has grown now to what we think is a run rate of about $30 million a year going forward, right? So that's going to be the part that goes forward into 2026.

好的，當然可以。這問題問得很到位。因為我們對碳業務本身的成長非常興奮；我們認為未來的年化運行水準（run rate）大約可達 3,000 萬美元。因此，這部分將延續到 2026 年。

When we think about the CFR credits, this is a big part of what we wanted to get done because we had made a bet that we were going to be able to capture the value from the CFR credits once we got the approval.

談到 CFR 抵減，這是我們非常想完成的一大部分，因為我們先前押注在取得核准後，就能捕捉 CFR 抵減的價值。

And, we had sold a lot of fuel in 2025, and the first half of 2026 here. So we haven't been able to monetize those credits yet, but about 40%, a little more than 40% are actually credits that were realized this year. So when we think about that, there's a big component of those bank credits that really are in a run rate for 2026.

而且我們在 2025 年以及 2026 年上半年賣出了大量燃料。因此我們尚未能將這些抵減變現，但其中約 40%（略高於 40%）其實是今年實現的抵減。所以從這個角度看，這些已累積（banked）的抵減中，有很大一部分確實構成 2026 年的年化運行水準。

So that is a big component going forward. But I would say that when you think about the $60 million that we're talking about, going forward, remember we're going to be completing the de-bottle decking by the end of the year.

因此，這將是未來的一個重要組成。但我想說，當你看我們所談的 6,000 萬美元時，往前看，請記得我們將在年底前完成去瓶頸。

So we believe that this is really the upside of that, minus maybe these one-time events. We're really kind of flattish going into 2027. So we think most of the $60 million is going to be a repeatable run rate on the forward basis. I donn't know, Leke, if you have any other comments on that.

所以我們相信，這基本上就是去瓶頸帶來的上行空間，扣除可能的這些一次性事件。我們在 2027 年其實大致會趨於平坦。因此我們認為這 6,000 萬美元的大部分，在前瞻基礎上將是可重複的年化運行水準。我不確定，Leke，你是否還有其他補充？

Thanks, paul. generally agree with the description there. so the way to think about it is what paul just mentioned.

謝謝，Paul。我大致同意上述描述。

As we complete the bottlenecking, there's going to be uplift in terms of production volume, that increases just our revenue profile. And then when we subtract out the non-recording basis from 2026, effectively we end up at that flattish, a projection as to what we offer 2026.

隨著我們完成去瓶頸，產量將提升，進而提高我們的營收輪廓。然後當我們把 2026 年的一次性基礎影響扣除後，實際上就會回到那個較為平坦的走勢，也就是我們對 2026 年所提供的預測。

Yeah. And remember, this is like, we're really thinking about how are we going to grow this EBITDA nicely? It's also about the increase in the 45Z tax credits that we've got. Right.

是的。而且請記得，這就像是——我們真正思考的是要如何把 EBITDA 漂亮地成長。這也與我們取得的 45Z 稅額抵減增加有關。沒錯。

So we're kind of putting all of these different levers together to make sure that we can have this durable business going forward that hits that exceeds that $60 really.

所以我們把這些不同的槓桿整合起來，確保未來能有一個具韌性的業務，不僅達到、甚至超過 6,000 萬美元。

Got it. Thanks for the details. For my follow-up, just to stick in the Canadian market, What person, do you have like an estimate? I know this changes as market prices and dynamics change, but like round numbers, how much of your ethanol do you expect to send to Canada in the second half of this year?

了解。謝謝詳細說明。我的追問仍聚焦在加拿大市場：你們是否有一個估計？我知道這會隨市場價格與動態改變，但以概略數字來說，你們預期今年下半年會把多少乙醇運往加拿大？

I mean, seeing some of the pricing points, it seems like that's the most economic market for you, but perhaps there's some other factors, at play that might, I don't know, make sense to send to other markets or if there's any constraints to how much you can send to Canada? Thanks.

我的意思是，從一些價格點來看，加拿大似乎是對你們最具經濟效益的市場，但也許還有其他因素在起作用——我不確定——是否會讓你們把產品送往其他市場更合理，或者在你們能運往加拿大的量上是否有任何限制？謝謝。

Yeah, no, again, great question. And this is the whole point of our business on carbon arbitrage, right? So we want to make sure that we've got all the levers that we can pull to maximize the returns for Gevo and our shareholders.

是的，不，重申一次，這是個很好的問題。而這正是我們碳套利業務的核心重點，對吧？所以我們希望確保我們掌握所有可以運用的槓桿，以最大化 Gevo 及其股東的報酬。

And so having this new lever that we can send is, as Canada is a very strong market over, you know, a billion gallon opportunity for us. Obviously, we're a lot smaller than that. So we want to continue to maximize the volumes to where we're going to get the highest returns. So really no limitations on how much we can send.

因此，新增這個我們可以運用的新槓桿——由於加拿大是一個非常強勁的市場，對我們而言是超過十億加侖的機會。顯然，我們的規模遠小於此。所以我們希望持續把量最大化，並把量導向能帶來最高報酬的地方。因此在我們能送出的量方面，基本上沒有真正的限制。

We're going to continue to make sure that we've got the right certifications and everything in place to do that. But then we have to look at the other markets. We have to take a look at, how's the voluntary market developing?

我們會持續確保具備正確的認證以及所有必要的配套來做到這點。但接著我們也必須看其他市場。我們得看看自願性市場的發展情況如何？

That's something that we talked about because we've got more interest in that side. You saw that in our business update, We talked about NASDAQ, you know, is a second year that they bought carbon from us on a substantial size buy.

這也是我們談過的事情，因為我們在那一端看到更多興趣。你在我們的業務更新中也看到了，我們提到 NASDAQ，你知道，這是他們第二年向我們購買碳權，而且是相當大規模的採購。

So we're always weighing, you know, how do we place the carbon in either a compliance market or a voluntary market? What's going to give us the total return that we're looking for? How do we diversify our business too? Because we don't want all our eggs in one basket.

所以我們一直在權衡，你知道，我們要把碳配置到合規市場還是自願性市場？哪一個能帶來我們想要的總報酬？我們也要如何讓業務多元化？因為我們不希望把所有雞蛋放在同一個籃子裡。

I think that's the thing that we've learned you know, about being in the fuels and carbon markets that, we want a good mix there and be able to play these off of each other.

我想這就是我們在燃料與碳市場中學到的一點：我們希望有一個良好的組合，並能讓這些市場彼此相互搭配運用。

That makes a lot of sense. I appreciate the details. I'll turn it back.

這非常合理。感謝你提供這些細節。我把時間交回去。

Amit Dayal with H.C. Wainwright.

H.C. Wainwright 的 Amit Dayal。

Thank you. Good afternoon, everyone. Thanks for taking my questions. Congrats on all the progress. Hi, Paul. On the ethanol expansion, Paul. Can you remind us what the CAPEX requirements are going to be on this project?

謝謝。各位下午好。感謝回答我的問題。恭喜各項進展。嗨，Paul。關於乙醇擴產，Paul。你能提醒我們這個專案的資本支出（CAPEX）需求大概會是多少嗎？

Yes. So we haven't disclosed the capital requirements on the ethanol expansion. We, if you, you know, flip back to the deval necking, we said we were deploying about a $24 million of capital in that range, about half of that was going to operational reliability. The other half was going to the actual de-bottlenecking to improve the output from 67 million gallons to 75 million gallons.

好的。所以我們尚未披露乙醇擴產的資本需求。如果你回頭看去瓶頸（debottlenecking）的部分，我們說過我們投入的資本大約在 2,400 萬美元左右，其中約一半用於營運可靠性。另一半則用於實際的去瓶頸，以把產量從 6,700 萬加侖提升到 7,500 萬加侖。

So we'll have more details as we get further along here, but it's really about getting this done and getting our deal done with our energy we're feeling really good about that and expect to get this done within the next few months because we want to then move directly into the execution.

隨著我們進一步推進，我們會提供更多細節；但重點是把這件事做完，並把我們與能源方面的交易敲定。我們對此感覺非常好，並預期在接下來幾個月內完成，因為我們希望之後能直接進入執行階段。

As we mentioned, we're moving quickly on this and looking at permitting. We're looking at a lot of the other engineering things. ALL that's well underway because it essentially doubles what we're we're already doing today at Gevo North Dakota.

如我們所提到的，我們正在快速推進，並在看許可申請（permitting）。我們也在處理許多其他工程事項。這些都在順利進行中，因為它本質上是把我們今天在 Gevo North Dakota 已經在做的事情加倍。

And because the carbon business is working, because we're able to monetize and kind of firing on all cylinders, monetizing tax credits, this is the most accreted project that we have in the hopper. We want to get this to the finish line.

而且因為碳業務運作良好，因為我們能夠變現並且幾乎是火力全開——把稅收抵免變現——這是我們目前管線中最具增益（accretive）的專案。我們希望把它推到終點線。

Understood. So we'll have maybe more color on this in the 3Q earnings column.

了解。所以我們可能會在第三季（3Q）財報電話會議上得到更多資訊。

Most likely. I think the biggest thing, and greg, you can jump in here too. greg hanselman is on the line with us. So greg, you want to talk about what your expectations are capital?

很可能。我想最重要的是——Greg，你也可以補充——Greg Hanselman 也在線上和我們一起。所以 Greg，你想談談你對資本支出的預期嗎？

We don't know the exact timing, but the engineering team is working hard on designing an integrated plant. This isn't like two separate facilities. We really want to optimize the CapEx and the OpEx to drive the best synergies for the long term. And we don't have all those answers yet, but we're working hard to solidify that so we have the answers or when the time is right and we bring that together later in H2.

我們還不確定確切時程，但工程團隊正在努力設計一個整合式工廠。這不像是兩個分開的設施。我們真的希望在資本支出（CapEx）與營運支出（OpEx）上做最佳化，以在長期帶來最佳的綜效。我們目前還沒有所有答案，但我們正努力把它定案，讓我們在適當的時點能有答案，並在下半年（H2）稍晚把它整合起來。

Yeah, and very much like what we're doing on ATJ working through an FEL2, FEL3, we're refining these estimates. So, today we're not there yet on refining that estimate to where we want to be, but we'll keep moving that forward so we have a much finer your point on this when we're able to communicate that.

是的，而且很像我們在 ATJ 上所做的——透過 FEL2、FEL3 的流程，我們正在精煉這些估算。所以今天我們還沒把估算精煉到我們希望的程度，但我們會持續推進，讓我們在能對外溝通時，能提供更精準的說法。

Understood. No, thank you for that. So for ATG 30, would you potentially go with Aira or are you looking at other financing options and partners?

了解。不，謝謝你的說明。那麼針對 ATG 30，你們可能會選擇 Aira，還是正在尋找其他融資選項與合作夥伴？

Yeah, I'll let Lakey chime in here on some of the updates we've got on financing. But this has been something that we've been working on for a long time. So the key thing again is that we've completed the FEL three estimates like we talked about, we're working on these financeable off takes.

好的，我請 Lakey 在這裡補充一些我們在融資方面的最新進展。不過這是我們已經努力很久的事情。所以關鍵點仍然是：我們已完成如先前所說的 FEL3 估算，並正在推進這些可融資（financeable）的承購協議（offtakes）。

And really when we think about the FEL, about financing, you need to make sure you've got a bankable project.

而且當我們談到 FEL、談到融資時，你必須確保你擁有一個可銀行融資（bankable）的專案。

And the discipline that we're putting in this is making sure that we not only have the off takes, but we've got the right customers, the right customers who are going to be there because it's going to take us a few years to build this plant and then have long term, very complex, multi year you know, financial arrangements that are going to support this project.

我們在這方面所採取的紀律，是確保我們不僅有承購協議，還有合適的客戶——那些會持續存在的正確客戶——因為我們需要幾年時間來建廠，之後還要有長期、非常複雜、跨多年的金融安排來支持這個專案。

So it's a mix of making sure that we've got the off takes and that we've really got the right set of customers who, who see us. And then, the financing at that point, um, it kind of falls into place because then you can start to look at what's your risk profile on the overall project, but we are working through that de-risking today. Like, I don't know if you wanna make comments on the other.

所以這是一個組合：確保我們有承購協議，並且確實擁有正確的一組客戶——能看見我們價值的客戶。然後到了融資那一步，嗯，它就會比較水到渠成，因為你就能開始評估整體專案的風險輪廓；但我們今天正在進行這些去風險（de-risking）的工作。像是——我不知道你是否想對其他部分做些評論。

I think just to probably sum it up, in terms of cap raise or capital raise profile, we're engaged with multiple project level lenders and equity providers. So just not era at this point.

我想簡單總結一下：就募資或資本募集的輪廓而言，我們正與多家專案層級的放款機構以及股權提供者接洽。所以目前不僅僅是 Era。

But also just to express really the excitement that we have is as we look to the development of ATJ30, what's also very important is to highlight our existing operations, the cash flows that we're generating now, those actually enable the ability for us to fund ATJ30 from a development perspective, but also fund our portion of the construction capital as well.

另外也想表達我們的興奮之處：當我們展望 ATJ30 的開發時，同樣非常重要的是要強調我們現有的營運——我們現在正在產生的現金流——這些實際上讓我們有能力在開發層面為 ATJ30 提供資金，也能為我們在建造資本中的自有出資部分提供資金。

So that's the really exciting part. I think the engagement with the project level capital is on the right track. And as Paul mentioned, as we secure the bankable offtakes with the right partners, with the right economics, then the puzzle comes together in terms of just moving forward with the project at the right time.

所以這才是真正令人振奮的部分。我認為與專案層級資本的接洽正走在正確軌道上。而如 Paul 所提到的，當我們與合適的夥伴以合適的經濟條件取得可銀行融資的承購協議時，整個拼圖就會到位，讓我們能在適當的時間點推進專案。

Yes just to maybe close the loop with our we're really laser focused on the expansion today right that's what we need to get done and like greg was saying you know move that forward so we can get you know 2028 we'll be here before you know it so we've got a a full court press on making sure that we can get that project executed.

是的，最後也許把我們前面談的串起來：我們目前真的非常聚焦在擴產上，對吧？這是我們必須完成的事情；而且就像 Greg 說的，你知道，把它往前推進——因為 2028 很快就會到——所以我們正全力以赴，確保能把這個專案執行到位。

Thank you guys for the color. Just last one for me, maybe just on Verity, any updates on progress with commercialization, et cetera, for that offering?

感謝各位提供的補充說明。我這邊最後一題，可能是關於 Verity：在商業化進度等方面，針對那項產品/方案目前有任何更新嗎？

Yes, great question. Verity, one of my favorite topics. So with Verity, I think the thing we're really learning more than anything else is as we get to this run rate of $30 million on our carbon business, verity is just a key component of how we put all that together.

是的，問得很好。Verity 是我最喜歡的主題之一。就 Verity 而言，我認為我們學到最重要的一點是：當我們的碳業務達到年化 3,000 萬美元的運行水準時，Verity 正是我們把所有要素整合在一起的關鍵組成。

It goes back to the original reasons of why did we build this platform? And it was because we can take one source of data from multiple areas, whether that's comes from the farm inputs, whether that's from the energy inputs, carbon capture, tie it all together.

這也回到最初我們為什麼要打造這個平台的原因。因為我們可以把來自多個領域的單一資料來源整合起來，不論是農業投入品資料、能源投入資料、碳捕集，全部串在一起。

And then use that tool to basically be able to substantiate and track our claims and carbon accounting into multiple markets, whether that's Canadian CFR, whether that's 45Z, whether that's a voluntary market.

然後用這個工具，基本上就能在多個市場中佐證並追蹤我們的主張與碳盤查/碳會計，例如加拿大 CFR、45Z，或自願性市場。

So it's becoming, I would say, a much bigger part of what we see as a key component of the carbon business for us. The other thing with that is that we're just getting to this point now in the development phase.

因此我會說，它正逐漸成為我們所認定的碳業務關鍵組成中更大的一部分。另外一點是，我們現在也正好走到開發階段的這個節點。

But not only can we track, but we can optimize. So you start to think about now, how do we use Verity? as an optimization tool. So I think internally, we're very, very optimistic about how Verity is contributing value to the carbon business results that you're seeing today.

我們不只能追蹤，還能優化。所以你開始會思考：我們現在要如何使用 Verity？把它當作一個優化工具。因此在內部，我們對 Verity 如何為你今天看到的碳業務成果貢獻價值，抱持非常、非常樂觀的看法。

Externally, we've got a number of customers. I would say a little bit slower on the uptake of, you know, external development, mostly because we still don't have good clarity on things like 45Z ag benefits, right? Those are kind of the some of the big things that we've we've looked at.

在外部方面，我們有多位客戶。我會說外部開發的採用速度稍微慢一些，主要是因為像 45Z 的農業效益等議題，我們仍缺乏清晰度，對吧？這些算是我們一直在關注的一些重大事項。

And we're still trying to figure out how much are we going to be able to pull in from a compliance type tool, right? And as we look at this, you know, not everybody everybody's running a carbon business.

而且我們仍在釐清：作為一個合規型工具，我們究竟能拉進多少需求，對吧？同時你也知道，不是每個人都在經營碳業務。

I think we're actually the only ones running a carbon business like us. So I think as this catches on, there'll be more demand for Verity out there. But we still have the eight customers that we've had in the past and continue to develop that. that portfolio, but it, the external development's definitely been a little slower on the uptake.

我想我們其實是唯一一家像我們這樣在經營碳業務的公司。所以我認為隨著這件事逐步被市場接受，外界對 Verity 的需求會增加。但我們仍維持過去的那 8 位客戶，並持續開發那個客戶組合；只是外部開發在採用上確實慢了一些。

Understood. I appreciate all the callers. Thank you so much. I'll step back and kill.

了解。感謝所有來電者。非常謝謝。我先退下，交回主持。

Derrick Whitfield with Texas Capital.

德瑞克・惠特菲爾德（Derrick Whitfield），德州資本（Texas Capital）。

Thanks. Good afternoon and congrats on the quarter and the updated outlook. I have two questions for you guys both on (inaudible). With respect to the fnl expansion to 150, could you speak to the expected capital structure for the expansion and second stand on the ethanol facility.

謝謝。下午好，恭喜本季表現以及更新後的展望。我有兩個問題，都是關於（聽不清）。關於 FNL 擴產到 150，能否談談這次擴產預期的資本結構？第二個是關於乙醇設施。

It's clear that you guys operate a very low CI plant based on deficiency in CCUS, given that you operate in a more progressive region for CSA practices, how are you thinking about the benefit of expected CSA policy on your 25Z credits?

很明顯你們在 CCUS 方面具備優勢，因此營運的是一座 CI 很低的工廠；鑑於你們所在區域在 CSA 作法上更為前進，你們如何看待預期的 CSA 政策對你們 25Z 抵免的效益？

I'll start with the first one. So on the capital structure, right, as we work through the details with Ara on the expansion, you know, we'll stay in the lead, right? So we're going to be, have a controlling interest in the plant.

我先回答第一個。關於資本結構，當我們與 Ara 一起推進擴產細節時，我們會維持主導地位，對吧？因此我們將在工廠中持有控股權益。

Obviously we will operate the plant and as we work through that everything's going to be consolidated on our balance sheet. That's the plan going forward. I don't know, Leke, you want to chime in there?

顯然我們會負責營運該工廠，而在我們把所有事項逐一落實後，所有內容都會在我們的資產負債表上合併列報。這是我們未來的規劃。Leke，你要補充一下嗎？

The only thing to add to that is there is going to be project level debt that we also use to optimize the financing strategy. So as Paul mentioned, we are targeting a controlling interest.

我唯一要補充的是：我們也會在專案層級使用專案融資債務，以優化整體融資策略。因此如 Paul 所提，我們的目標是取得控股權益。

We'll consolidate the expansion project and then the rest of the capital stack is going to be provided by us and Ara which again, it goes back to the point I was raising earlier, our existing operations generating the right level of EBITDA on a recurring basis, cash is coming in for us to be able to fund our ownership interest of the expansion project.

我們會把擴產專案合併列報，接著其餘的資本結構將由我們與 Ara 共同提供；而這也回到我先前提到的重點：我們既有營運能在經常性基礎上產生適當水準的 EBITDA，現金流入使我們能夠出資，來支付我們在擴產專案中的持股權益。

Yes, and then again, just to be clear, right, again, a non-dilutive financing approach at that project level. That's right. That Leke is talking about. Moving on to your second part of the question, we do have one of the lowest CI scores out there.

是的，再次澄清一下：在專案層級，我們採取的是非稀釋性的融資方式。沒錯。這就是 Leke 剛才提到的。接著回答你問題的第二部分：我們確實擁有市場上最低的 CI 分數之一。

And so, from a 45Z Ag benefits perspective, the question is always how much lower can you go? So we do have a little bit, but that's going to be, Greg, I can chime in here too, but we've got more energy optimization.

因此，從 45Z 農業效益的角度來看，問題永遠是：你還能降到多低？我們確實還有一點空間；Greg，我也可以補充，但我們還有更多能源優化可以做。

When you think about CI, carbon intensity, it's kind of a proxy for a lot of good things that happen. The best one is called efficiency. So as you continue to do more with less or have more output with less input, you drive down the carbon intensity. your economics in a favorable way for your projects. So we're laser focused on that.

當你思考 CI（碳強度）時，它某種程度上是許多好事情發生的替代指標。其中最重要的一個叫做效率。所以當你持續做到「用更少做更多」，或「用更少投入得到更多產出」，你就能降低碳強度，並以有利於專案的方式改善經濟性。因此我們非常聚焦在這一點。

Again, we already have a low CI score, so probably compared to a lot of others, we've got a smaller amount that we can take advantage of, like a CSA or a CSA the AG benefits, region AG benefits that are coming in because you can't go lower than zero, right?

再說一次，我們已經有很低的 CI 分數，所以相較於許多其他業者，我們能利用的空間可能較小，例如 CSA 或 CSA 的農業效益、區域性的農業效益等，因為你不可能低於零，對吧？

And so we're already getting pretty close, so it could be a few million dollars that we're we're going to be trying to, you know, pull out of that, but it's really going to come to that. You know we're going to need more bushels. We've got an expansion coming, so we think that this is, this is just a bigger deal.

而我們已經相當接近了，所以可能就是幾百萬美元的規模，我們會嘗試從中挖掘出來；但最終還是會回到那一點。你知道，我們需要更多的蒲式耳。我們也即將擴產，所以我們認為這會是更大的重點。

And again, we're optimistic that this is the right way to go because climate smart agriculture or regen agriculture, all of those things help to also enrich the carbon in the soil. They make soils more robust, you know, to weather events. And so we think that this is just the right way to, to move forward.

而且我們也樂觀認為這是正確方向，因為氣候智慧農業或再生農業，這些作法也有助於提升土壤中的碳含量。它們讓土壤更強健，能更好地應對天氣事件。因此我們認為這就是往前走的正確方式。

So farmers can do more with less too, right? It's just, it's a good practice to have. I don't know, Greg, if you want to talk about anything else that we've got.

所以農民也能用更少做到更多，對吧？這就是一種很好的作法。Greg，你還想談談我們其他的作法嗎？

No, I just add on the CI score. We do have a little room to go and volume is a nice lever to dilute out fixed obviously, but also energy is there's less consumption as you get that next unit at the top end of a big facility.

沒有，我只補充 CI 分數這點。我們確實還有一些下降空間；而產量是一個很好的槓桿，能稀釋固定成本，當然也包括能源——當你在大型設施的高端再增加下一個單位時，邊際能耗會更低。

And so working and solving for that in our modeling and our design is a key part of what we're working on, not only in the demodellnecking, but also the expansion project.

因此在我們的建模與設計中，針對這點進行推演與求解，是我們正在做的關鍵工作之一，不僅在去瓶頸（debottlenecking）上，也在擴產專案上。

And I think the other thing that we're really focused on is that reliability, because we can't get time back. So our operational excellence, we're laser focused on making sure that we're a great operator and the only downtime we have is the planned downtime.

我想我們另一個非常聚焦的重點是可靠性，因為時間一去不復返。所以在營運卓越方面，我們非常專注於確保自己是很棒的營運者，而我們唯一的停機時間就是計畫性停機。

And so that's the thing that gives me a lot of optimism about this growth plan that we have is we're already demonstrating this, bottlenecking now this year. And thinking about that, take a look at our website when you get a chance. We've got some time-lapse photography of everything that we've been doing.

因此，這就是讓我對我們這項成長計畫感到非常樂觀的原因：我們已經在展示這一點，而且今年就正在把瓶頸打通。想到這裡，有空的時候請去看看我們的網站。我們有一些縮時攝影，記錄了我們一直在做的所有事情。

I mean, it's fantastic. The team's really been executing well. We've been building and growing while operating. It's not an easy thing to do, and we need to do that same we need to make sure that that's at the top of our list and continue to be focused on that. But then we're going to move into the next phase.

我的意思是，真的很棒。團隊的執行力確實很到位。我們是在營運的同時進行建設與成長。這不是一件容易的事，我們也需要持續這樣做——確保這件事始終排在我們清單的最前面，並持續專注於此。但接下來我們會進入下一個階段。

We're really going to be doing the expansion. And then we'll move into the third phase beyond that where we've got the ATJ project. So I think my confidence level is really building with the entire team because they're able to execute. on this and you can see it. So again, go to the website, check out our photos and it's pretty cool stuff.

我們將真正開始做擴建。然後在那之後，我們會進入第三個階段，也就是 ATJ 專案。所以我對整個團隊的信心真的在提升，因為他們能把這些事情執行到位，而且你也看得到。所以再次提醒，去網站看看我們的照片，真的很酷。

Congratulations on all your progress. Thank you.

恭喜你們取得所有進展。謝謝。

Peter Gastric with Water Tower Research.

Water Tower Research 的 Peter Gastric。

Thank you very much and congratulations on the results and thanks for taking my question. Just a couple questions. First of all, for Frontier Infrastructure and Carbon Future, they announced a new partnership a few days ago to market CDRs from ethanol CO2.

非常感謝，也恭喜你們的業績，謝謝你們回答我的問題。我有兩個問題。首先，Frontier Infrastructure 和 Carbon Future 幾天前宣布了一項新的合作夥伴關係，用於行銷來自乙醇 CO2 的 CDR。

That's a parallel initiative, right? Does that have any implications to you in terms of advancing the strategy and what can you share about that?.

這是一個平行的倡議，對吧？這對你們在推進策略方面有任何影響嗎？你們能分享些什麼？.

So, Peter, I think, you know, CDR is just in general, right? I mean, this is what we're selling today, right? So the CDR is the voluntary side of the carbon market. And so the carbon CDR stands for carbon dioxide removal.

所以，Peter，我想你知道，CDR 就整體而言，對吧？我的意思是，這就是我們今天在賣的東西，對吧？所以 CDR 是碳市場的自願性那一側。而 CDR 的意思是 carbon dioxide removal（二氧化碳移除）。

And so we've been certified from the very beginning getting through Puro.earth. And that's the business that we continue to look at growing, we sold 8500 tons to Nasdaq. Overall, we were actually, just finalizing some more transactions around the carbon business on the voluntary side.

因此，我們從一開始就透過 Puro.earth 完成認證。這也是我們持續希望擴大的業務；我們賣了 8,500 噸給 Nasdaq。整體而言，我們其實也正在完成一些更多與自願性碳業務相關的交易。

So we think this is great if you look at the overall macro on that business, about $12 billion has been actually committed in CDR purchases.

所以我們認為這很棒；如果你看這項業務的整體宏觀面，大約有 120 億美元已經承諾用於 CDR 採購。

But only about 3.3% of that has been actually delivered. That comes from a website called CDR.FYI. I think that is a really good place to look. We're actually number five on the list leaderboard on CDR.FYI as a supplier.

但實際交付的只有大約 3.3%。這個數據來自一個叫做 CDR.FYI 的網站，我認為那是一個很好的參考來源。我們目前在 CDR.FYI 的供應商排行榜上排名第五。

So the thing that I think is great about what we're doing is we're one of the handful of companies who can actually not only just talk about CDRs and sell CDRs, but we can deliver those CDRs.

所以我覺得我們正在做的事情很棒的一點是：我們是少數不僅能談 CDR、賣 CDR，還能交付這些 CDR 的公司之一。

So we're becoming, I would say as you work through the quality requirements which are very we have very high quality carbon and we're going to stay focused on delivering that high quality product that you know we're a trusted supplier in this space.

因此，當你逐步符合品質要求（這些要求非常——我們的碳品質非常高），我們也會持續專注於交付這種高品質產品；你知道，在這個領域我們正成為值得信賴的供應商。

Okay, great. Thank you. Just a second question on the EBITDA challenge which you discussed in the Q1 results. Have you thought about where some of the low-hanging fruit could lie and also with respect to the South Dakota, are there any other benefits to your cost that could be reflected, for example, in the GBO business segment or other that could come up in subsequent quarters?

好的，很棒。謝謝。第二個問題是關於你們在第一季業績中提到的 EBITDA 挑戰。你們是否想過一些「低垂的果實」可能在哪裡？另外就南達科他州而言，是否還有任何其他成本面的效益可以反映出來，例如在 GBO 業務分部或其他方面，可能在後續季度浮現？

Yes, look, we're very happy with how we've been progressing the EBITDA challenge. So there's a lot in the hopper. We've gone through, I don't know, Lake can provide the details. He's the champion of the EBITDA challenge here at Gevo. But we've identified quite a number of opportunities and started to execute on those. So, Leke, I'll let you give some.

是的，你看，我們對 EBITDA 挑戰的推進進度非常滿意。所以目前有很多項目在進行中。我們已經走過——我不知道，Leke 可以提供細節。他是 Gevo 這邊 EBITDA 挑戰的主導者。但我們已經識別出相當多的機會，並開始執行其中一些。所以，Leke，我讓你來補充一些。

Yeah, absolutely. So great question. So in terms of the challenge, we're at a place where we've identified over three dozens of opportunities in front of us, which are really probably half of it is low hanging fruit. So to date, we've actually implemented about 50% of those identified items, which is not necessarily a good thing. related to ATJ 60 or the South Dakota project.

好的，當然。這是個好問題。就這項挑戰而言，我們目前已識別出三十多個機會，其中大概有一半算是低垂的果實。截至目前，我們其實已經落實了大約 50% 的已識別項目，這不一定是件好事。與 ATJ 60 或南達科他州專案相關。

This is actually a recurring operational project efficiencies that we can actually just implement this year. And during the second half of this year is what we expect to see some of those executions and implementation to start manifesting in our financial performance for the year as well.

這其實是一些可重複的營運專案效率提升，我們今年就可以直接導入。而在今年下半年，我們預期會看到其中一些執行與落地開始在我們今年的財務表現上顯現。

So where we are tracking today our Q3 and Q4 results is going to be reflecting our focus and the implementation of the EBITDA challenge. And we're on the right trajectory to see some very, very groundbreaking milestones on that as well.

所以以我們目前的追蹤狀況來看，第三季與第四季的結果將會反映我們對 EBITDA 挑戰的專注與落實。而且我們正走在正確的軌道上，也將在這方面看到一些非常、非常突破性的里程碑。

Yes, and it's really the combination of how do we continue to unlock revenue through new pathways things like the CFR, right? I mean, we were focused on that. That was part of the EBITDA challenge, and we've got more pathways to unlock.

是的，而且這其實是兩者的結合：我們如何透過新的途徑持續解鎖營收，例如 CFR 之類的，對吧？我的意思是，我們一直專注在那上面。那是 EBITDA 挑戰的一部分，而且我們還有更多途徑可以解鎖。

And then the other part is just how do we really manage and control our costs going forward and really have a disciplined approach to these are the things we need to accomplish and make them happen. sure that we understand what that's going to return for us and our shareholders as we do that.

另一部分則是：我們如何在未來真正管理並控制成本，並以嚴謹自律的方式來推進——這些是我們需要完成的事情，並把它們落實；確保我們理解這些行動將為我們與股東帶來什麼回報。

Okay, that's great. Thank you very much.

好的，太好了。非常感謝。

And ladies and gentlemen, that does conclude our question and answer session. So I will now turn the call back over to CEO, Paul Bloom for closing remarks. Paul?

各位女士、先生，我們的問答環節到此結束。接下來我將把電話交回給執行長 Paul Bloom 作結語。Paul？

Thank you. Hey, this quarter shows that Gevo is really executing. We've got stronger adjusted EBITDA. We're improving our cash generation.

謝謝。嘿，本季顯示 Gevo 真的在執行。我們的調整後 EBITDA 更強。我們正在改善現金創造能力。

We have a working carbon business. disciplined growth plan centered on Gevo North Dakota and that's the platform that we intend to scale. So again I just want to thank all our colleagues and and really the our partners and our our customers and and our shareholders for all the support. Thank you very much.

我們有一個正在運作的碳業務，以及以 Gevo North Dakota 為核心的自律成長計畫，而這就是我們打算擴大規模的平台。所以再次，我只想感謝所有同仁，以及我們的合作夥伴、客戶與股東一直以來的支持。非常感謝。

Thanks, Paul. And ladies and gentlemen, that concludes today's call. Thank you so much for joining and you may now disconnect. Have a great day, everyone.

謝謝，Paul。各位女士、先生，今天的電話會議到此結束。非常感謝各位參與，現在可以掛線。祝大家今天愉快。