Gevo reported 2022-2Q results generally in line with expectations. Revenues are modest ($0.1m vs. $0.3m and our $1.0m est.). Operating costs have become more stable and predictable leading to steady EBITDA losses ($11.0m vs. $17.2m and our $11.4m est.). Net losses met expectations ($16.1m or $0.06 p/s vs. $19.1m or $0.09 p/s and our $14.0m or $0.06 p/s). The real story, however, is not near-term results but plant developments, financing, and contract signings.Gevo was active in all aspects of the business. The company signed five new take-or-pay jet fuel contracts and now totals 350m gal./year or $2.2 billion. This is more contracted outtake than the projected NZ1 plant production. Management's vision is to use NZ1 to demonstrate economics but has a clear eye on replicating the project. In fact, it plans to continue to sign contracts for production beyond 2027. Speaking of NZ1, Gevo has recently purchased land for the plant and says it is on schedule for a 2025 start-up. Read More >>