Gevo, Inc. (GEVO) presents a deeply negative liquidation posture as of March 31, 2026. MFFAIS-computed liquidation values range from approximately -$86M (operating) to -$117M (cash basis), reflecting the structural gap between haircut assets and face-value liabilities on a wind-down basis. Total reported assets of $653.5M are dominated by PP&E ($358.2M gross carrying value $408.1M less $49.9M accumulated depreciation), goodwill ($43.6M), and intangibles ($60.1M net). Under the liquidation lens, PP&E at a 50-70% haircut recovers $179-251M; goodwill and intangibles ($103.6M combined book value) recover $0. Cash at $78.9M is the primary near-par asset. On the liability side, total liabilities of $198.8M held at face value, with long-term debt (net carrying value $166.8M, face $175M) representing the dominant obligation. The February 2026 Term Loan Amendment added $70M in new borrowings to redeem Remarketed Bonds and Series 2025A Bonds at GevoRNG, triggering a $10.3M loss on extinguishment ($6.4M prepayment penalty plus $3.9M debt issuance cost write-off). This transaction restructured the liability stack without meaningfully reducing face-value obligations, while increasing the effective interest rate. Purchase obligations total $81.9M face, with $36.1M due in the remainder of fiscal 2026 alone, representing a material off-balance-sheet demand on liquidity that would not extinguish in a wind-down. Operating cash burn was $21.1M for Q1 2026, down from $24.0M in Q1 2025, partially masked by $16.9M of Section 45Z clean fuel production tax credits recognized as non-cash offsets to cost of production. These credits are contingent on continued operation and do not constitute recoverable assets in liquidation. The accumulated deficit stands at $855.6M, reflecting sustained pre-commercial losses. The filing discloses a material weakness in IT general controls at the acquired GevoND entity (Red Trail Energy acquisition), with remediation ongoing as of March 31, 2026, which adds uncertainty to the reliability of balance sheet figures at that subsidiary. Compared to the prior filing (10-K, December 31, 2025), the primary change is the February 2026 debt restructuring: $70M new term debt drawn, existing bonds retired at a cash cost that included a $6.4M penalty. This increases interest expense run-rate (Q1 2026: $5.2M vs. $3.3M in Q1 2025, a 57% increase) and reduced cash by $38M on net during Q1 2026. Intangibles increased materially from the Red Trail acquisition (GevoND), with $58.4M gross finite-lived intangibles and $43.6M goodwill, all of which are assigned $0 in liquidation. The operating lease stack is modest ($3.5M total undiscounted future payments), but the $81.9M purchase obligation represents a contingent liability that a liquidating entity would need to negotiate or settle. Executive severance of $2.7M was accrued in Q1 2026 (captured in G&A), adding to current accrued liabilities.
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