Gevo, Inc. Earnings Per Share Disclosure
7. Net Loss per Share
Basic net loss per share is calculated by dividing net loss by the weighted average number of common shares outstanding for the respective periods. Diluted loss per share is calculated using the diluted weighted average number of common shares outstanding, which includes the effect of potentially dilutive securities. These potentially dilutive securities for this calculation consist of unexercised warrants, stock options and unvested restricted stock awards, all of which are measured using the treasury stock method. Potentially dilutive securities are not considered to be dilutive in periods in which a net loss is reported. See Note 19, Stock-Based Compensation, for discussion of our stock options and restricted stock awards and Note 24, Stockholders’ Equity, for discussion of our warrants.
Basic and diluted net loss per share is calculated as follows (net loss in thousands):
| Year Ended December 31, | |||||
2025 | | 2024 | ||||
Net loss | $ | (33,836) | $ | (78,640) | ||
Basic weighted-average shares outstanding |
| 234,008,574 |
| 231,674,716 | ||
Net loss per share - basic and diluted | $ | (0.14) | $ | (0.34) | ||
For the years ended December 31, 2025 and 2024, potentially dilutive securities excluded from the calculation of diluted weighted average shares outstanding because they were anti-dilutive are as follows:
| Year Ended December 31, | |||||
2025 | | 2024 | ||||
Warrants | 1,357 | 27,010 | ||||
Stock options | 2,277,369 | 3,036 | ||||
Unvested restricted stock awards | 4,246,732 | 1,714,600 | ||||
Total | 6,525,457 | 1,744,646 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 7, 2024 | |
| 2022 | Mar 9, 2023 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.