Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _______________________ FORM 10-Q (Mark One) ☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the Quarterly Period Ended June 30, 2025 OR ☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ______ to ______ Commission File Number 001-32924 GREEN PLAINS INC. (Exact name of registrant as specified in its cha ...

Green Plains (GPRE) Q2 2025 Earnings Call August 11, 2025 09:00 AM ET Speaker0Good morning, and welcome to the Green Plains Incorporated Second Quarter twenty twenty five Earnings Conference Call. Following the company's prepared remarks, instructions will be provided for Q and A. At this time, all participants are in a listen only mode. I'll now turn the call over to your host, Bill Boggs, Chief Financial Officer. Mr.Boggs, please go ahead.Speaker1Thank you, and good morning, everyone. Welcome to the Green ...

Core Viewpoint - Green Plains Renewable Energy (GPRE) reported a quarterly loss of $0.41 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.28, and compared to a loss of $0.38 per share a year ago [1][2]. Financial Performance - The company experienced an earnings surprise of -46.43% for the quarter, having previously expected a loss of $0.51 per share but reporting a loss of $0.88, resulting in a surprise of -72.55% [2]. - Green Plains posted revenues of $552.83 million for the quarter ended June 2025, missing the Zacks Consensus Estimate by 6.66%, and down from $618.83 million in the same quarter last year [3]. - Over the last four quarters, the company has only surpassed consensus EPS estimates once and has topped consensus revenue estimates just once [2][3]. Stock Performance - Green Plains shares have declined approximately 21.9% since the beginning of the year, contrasting with the S&P 500's gain of 8.6% [4]. - The current Zacks Rank for the stock is 3 (Hold), indicating that shares are expected to perform in line with the market in the near future [7]. Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is -$0.03 on revenues of $599.3 million, and for the current fiscal year, it is -$1.33 on revenues of $2.4 billion [8]. - The estimate revisions trend for Green Plains was mixed ahead of the earnings release, and future revisions may change following the recent report [7]. Industry Context - The Chemical - Specialty industry, to which Green Plains belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, indicating potential challenges for stock performance [9].

Second Quarter 2025 Business Update August 11, 2025 Forward-Looking Statements This presentation includes forward-looking statements that reflect management's current views of company performance, industry conditions and future economic environment. These statements are based on assumptions and various factors that are subject to risks and uncertainties. Green Plains has provided additional information about such risks and uncertainties that could cause actual results to differ materially from those express ...

Results for the Second Quarter of 2025 and Future Outlook: OMAHA, Neb., Aug 11, 2025 (BUSINESS WIRE) - Green Plains Inc. (NASDAQ:GPRE) ("Green Plains" or the "company") today announced financial results for the second quarter of 2025. Net loss attributable to the company was $72.2 million, or $(1.09) per diluted share, compared to net loss attributable to the company of $24.4 million, or ($0.38) per diluted share, for the same period in 2024. The results for the quarter include $44.9 million in non-cash cha ...

[PART I – FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20%E2%80%93%20FINANCIAL%20INFORMATION) [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) For Q1 2025, Green Plains reported an increased net loss of $72.9 million, driven by a wider operating loss and a decrease in total assets and equity [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of March 31, 2025, total assets decreased to $1.67 billion, primarily due to reduced cash, while liabilities and equity also declined Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $98,610 | $173,041 | | Total current assets | $450,310 | $569,032 | | Total assets | $1,666,572 | $1,782,174 | | **Liabilities & Equity** | | | | Total current liabilities | $325,735 | $385,687 | | Total liabilities | $859,384 | $907,637 | | Total stockholders' equity | $807,188 | $874,537 | [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Q1 2025 revenues slightly increased to $601.5 million, but operating loss widened to $62.3 million, leading to a net loss of $72.9 million Q1 Statement of Operations Summary (in thousands, except per share amounts) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenues | $601,515 | $597,214 | | Total costs and expenses | $663,775 | $642,103 | | Operating loss | $(62,260) | $(44,889) | | Net loss attributable to Green Plains | $(72,906) | $(51,412) | | Net loss per share (basic and diluted) | $(1.14) | $(0.81) | [Consolidated Statements of Comprehensive Loss](index=7&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income%20%28Loss%29) Q1 2025 comprehensive loss attributable to Green Plains was $75.2 million, including a net loss and unrealized derivative losses Q1 Comprehensive Loss (in thousands) | Item | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net loss | $(72,641) | $(51,122) | | Total other comprehensive loss, net of tax | $(2,270) | $(738) | | Comprehensive loss attributable to Green Plains | $(75,176) | $(52,150) | [Consolidated Statements of Cash Flows](index=8&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2025 net cash used in operations was $55.0 million, resulting in an $82.8 million net decrease in cash and equivalents Q1 Cash Flow Summary (in thousands) | Cash Flow Category | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(55,041) | $(50,599) | | Net cash used in investing activities | $(20,710) | $(30,203) | | Net cash used in financing activities | $(7,041) | $(20,578) | | Net change in cash, cash equivalents, and restricted cash | $(82,792) | $(101,380) | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail accounting policies, segment performance, the Green Plains Partners LP merger, Q1 2025 restructuring costs, and subsequent debt amendments - The company operates in two segments: (1) ethanol production (ethanol, distillers grains, Ultra-High Protein, renewable corn oil) and (2) agribusiness and energy services (grain handling, commodity marketing, and trading)[40](index=40&type=chunk) - In Q1 2025, Customer A, B, and C represented approximately **13%**, **12%**, and **10%** of total revenues, respectively, all within the ethanol production segment[57](index=57&type=chunk) - On January 9, 2024, the company acquired all publicly held common units of Green Plains Partners LP not already owned. The transaction was accounted for as an equity transaction with no gain or loss recognized in operations[35](index=35&type=chunk)[58](index=58&type=chunk)[60](index=60&type=chunk) - The company incurred **$16.6 million** in restructuring costs during Q1 2025, primarily related to cost reduction initiatives and the CEO's departure. These costs were allocated across cost of goods sold, SG&A, and other expenses[78](index=78&type=chunk)[80](index=80&type=chunk) - As of March 31, 2025, total long-term debt was **$432.2 million**, with major components including **$230.0 million** in convertible notes and **$125.0 million** in junior secured mezzanine notes[96](index=96&type=chunk) - Subsequent to the quarter end, on May 7, 2025, the company amended its **$125 million** junior notes to extend the maturity to May 15, 2026, and entered into a new **$30 million** secured revolving credit facility with Ancora Alternatives LLC maturing July 30, 2025[137](index=137&type=chunk)[138](index=138&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's transformation, Q1 2025 restructuring, increased net loss, decreased adjusted EBITDA, and upcoming liquidity challenges [Overview and Recent Developments](index=34&type=section&id=Overview%20and%20Recent%20Developments) The company is transitioning to a biorefining model, with Q1 2025 marked by CEO transition, reorganization, facility idling, and new financing - The company is executing a transformation from a commodity-processor to a value-added agricultural technology company, focusing on Ultra-High Protein, low-CI dextrose, and renewable corn oil[144](index=144&type=chunk) - A corporate reorganization and cost reduction initiative was launched in early 2025, targeting approximately **$45 million** in annual financial improvements. This resulted in one-time restructuring costs of **$16.6 million** in Q1 2025[159](index=159&type=chunk) - Leadership transition occurred with the departure of CEO Todd Becker on March 1, 2025, and the appointment of Michelle Mapes as Interim Principal Executive Officer[157](index=157&type=chunk) - The company idled its **119 million gallon** ethanol plant in Fairmont, MN, and its Clean Sugar Technology (CST™) facility in Shenandoah, IA, to optimize returns amid margin pressures[161](index=161&type=chunk)[162](index=162&type=chunk) - On May 7, 2025, the company amended its **$125 million** junior notes to extend the maturity to May 2026 and entered into a new **$30 million** revolving credit facility with Ancora Alternatives LLC[152](index=152&type=chunk)[153](index=153&type=chunk) [Results of Operations](index=37&type=section&id=Results%20of%20Operations) Q1 2025 revenues slightly increased, but operating loss widened to $62.3 million due to restructuring charges and weaker margins across segments Segment Operating Income (Loss) (in thousands) | Segment | Q1 2025 | Q1 2024 | % Variance | | :--- | :--- | :--- | :--- | | Ethanol production | $(39,550) | $(33,653) | 17.5% | | Agribusiness and energy services | $1,533 | $6,004 | (74.5)% | | Corporate activities | $(24,243) | $(17,240) | 40.6% | | **Total Operating Loss** | **$(62,260)** | **$(44,889)** | **38.7%** | Reconciliation to Adjusted EBITDA (in thousands) | Metric | Q1 2025 | Q1 2024 | % Variance | | :--- | :--- | :--- | :--- | | Net loss | $(72,641) | $(51,122) | 42.1% | | EBITDA | $(41,506) | $(21,520) | 92.9% | | Restructuring costs | $16,587 | $— | 100.0% | | **Adjusted EBITDA** | **$(24,184)** | **$(21,475)** | **12.6%** | - Ethanol production segment revenues decreased by **$7.9 million** due to lower sales volumes for ethanol, distillers grains, and renewable corn oil, which was partially offset by higher average selling prices for ethanol[198](index=198&type=chunk) - Corporate activities operating loss increased by **$7.0 million**, primarily due to increased personnel costs from restructuring, including **$10.3 million** in severance related to the CEO's departure[190](index=190&type=chunk)[203](index=203&type=chunk) [Liquidity and Capital Resources](index=44&type=section&id=Liquidity%20and%20Capital%20Resources) The company faces significant liquidity challenges with $125.0 million debt maturing in May 2026, requiring substantial additional funding - The company faces a significant liquidity challenge, stating it will require "substantial additional liquidity" to satisfy the **$125.0 million** debt maturing on May 15, 2026[207](index=207&type=chunk) - Total corporate liquidity was **$48.6 million** as of March 31, 2025, and increased to **$89.2 million** as of May 7, 2025, following asset sales and a new **$30 million** credit facility[206](index=206&type=chunk) - Capital spending for the remainder of 2025 is expected to be approximately **$20.0 million**, excluding an estimated **$110 million** for carbon capture projects to be funded via project financing[210](index=210&type=chunk) - The company was in compliance with its debt covenants as of March 31, 2025, and anticipates maintaining compliance for the next twelve months[214](index=214&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=44&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate and significant commodity price risks, with ethanol and corn price changes having the largest impact - The company has **$137.4 million** in variable-rate debt. A **10%** increase in interest rates would increase annual interest costs by approximately **$1.4 million**[229](index=229&type=chunk) Commodity Price Risk Sensitivity (Net Income Effect of a 10% Price Change) | Commodity | Estimated Net Income Effect (in thousands) | | :--- | :--- | | Ethanol | $93,627 | | Corn | $81,249 | | Distillers grains | $19,360 | | Renewable corn oil | $8,864 | | Natural gas | $3,425 | [Controls and Procedures](index=46&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded disclosure controls and procedures were effective as of March 31, 2025, with no material changes to internal controls - Management concluded that the company's disclosure controls and procedures were **effective** as of March 31, 2025[240](index=240&type=chunk) - No material changes were made to the company's internal control over financial reporting during the first quarter of 2025[241](index=241&type=chunk) [PART II – OTHER INFORMATION](index=47&type=section&id=PART%20II%20%E2%80%93%20OTHER%20INFORMATION) [Legal Proceedings](index=47&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in ordinary course litigation, not expecting a material adverse effect on its financial position or results - The company does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows[244](index=244&type=chunk) [Risk Factors](index=47&type=section&id=Item%201A.%20Risk%20Factors) This section highlights counterparty credit risk, potential adverse effects from trade agreement changes, and significant commodity price volatility - The company is exposed to credit risk from customers and counterparties, where non-performance could adversely impact liquidity[246](index=246&type=chunk) - A potential withdrawal from or material modification of international trade agreements could materially harm the business, with specific mention of the Trump administration's tariff policies and the risk of retaliatory measures[247](index=247&type=chunk) - Operating results are highly sensitive to volatile commodity prices, including corn, ethanol, distillers grains, natural gas, Ultra-High Protein, and renewable corn oil[248](index=248&type=chunk)[249](index=249&type=chunk)[250](index=250&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=51&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2025, the company withheld 235,079 shares for tax obligations on vested stock awards and did not repurchase any shares - The company withheld **235,079 shares** in Q1 2025 to cover tax obligations for employees on vested stock awards[258](index=258&type=chunk) - No shares were repurchased under the company's stock repurchase program during the first quarter of 2025[258](index=258&type=chunk) [Other Information](index=52&type=section&id=Item%205.%20Other%20Information) No director or officer adopted, modified, or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement in Q1 2025 - No director or officer adopted, modified, or terminated a Rule 10b5-1 trading arrangement in Q1 2025[261](index=261&type=chunk) [Exhibits](index=52&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the 10-Q report, including various agreements, credit facility amendments, and officer certifications

Financial Data and Key Metrics Changes - The company reported a net loss of $72.9 million or a loss of $1.14 per share for Q1 2025, compared to a net loss of $51.4 million or $0.81 per share in Q1 2024 [23] - Revenue for the quarter was $601.5 million, up 0.7% year over year [24] - Adjusted EBITDA excluding restructuring charges was a loss of $24.2 million, compared to a negative $21.5 million in Q1 last year [26] - SG&A totaled $42.9 million, an increase of $11.1 million from the prior year due to restructuring and severance charges [27] Business Line Data and Key Metrics Changes - The company achieved a record 100% utilization rate across its nine operating plants, demonstrating strong asset performance [25] - The anticipated consolidated SG&A run rate is expected to decline from $118 million in 2024 to approximately $93 million by year-end 2025 [8][27] - The company has achieved $30 million in annualized cost savings and expects an additional $15 million from a recently announced ethanol marketing partnership [7] Market Data and Key Metrics Changes - U.S. ethanol exports are expected to surpass last year's record of nearly 2 billion gallons in 2025 [18] - Ethanol margins have strengthened heading into Q2 and Q3, supported by firmer corn oil fundamentals and anticipated increases in renewable volume obligations [18] - Current ethanol inventory levels are at 25 million barrels, with expectations to drop towards 23 million as the driving season begins [81] Company Strategy and Development Direction - The company is focused on returning to sustained profitability through disciplined execution and operational excellence [5][6] - A strategic marketing partnership with EcoEnergy has been established to enhance scale and optimize transportation and marketing economics [19] - The company is pausing its clean sugar technology initiative to maximize ethanol production and improve profitability at the Shenandoah site [15][108] Management's Comments on Operating Environment and Future Outlook - Management acknowledges that performance has not met expectations but is committed to improving operational efficiency and profitability [5] - The company is optimistic about the carbon platform and is actively engaged in monetizing carbon credits [31][33] - Management expects to achieve positive EBITDA for the remainder of the year based on current market conditions and actions taken [34] Other Important Information - The company has executed a $30 million line of credit to enhance liquidity and is actively pursuing non-core asset sales [28][71] - Capital expenditures in Q1 were $16.7 million, with expectations of approximately $20 million for the remainder of 2025 [29] - The company is undergoing a strategic review, considering various paths including a potential sale or asset divestitures [32] Q&A Session Summary Question: Can you elaborate on the hedging framework and its reestablishment? - Management emphasized that hedging is a good practice for managing risk and is based on market opportunities, with a systematic approach supported by analytics [39][41] Question: What is the status of the CEO search? - The process is ongoing, nearing final stages, with a focus on candidates who can bring relevant industry experience [44] Question: Can you provide updates on carbon capture construction timelines? - Construction is on track for early Q4 startup, with no anticipated major delays [48] Question: What are the impacts of potential tariffs on product exports? - Currently, there has been no adverse impact from tariffs, and the company is optimistic about potential trade opportunities [49][52] Question: How is the company addressing the protein market dynamics? - The domestic protein market is expected to be flat, but the company is focusing on higher-margin segments like pet food and aqua feed [62]

Financial Data and Key Metrics Changes - The company reported a net loss of $72.9 million or a loss of $1.14 per share for Q1 2025, compared to a net loss of $51.4 million or $0.81 per share in Q1 2024 [23] - Revenue for the quarter was $601.5 million, up 0.7% year over year [24] - Adjusted EBITDA excluding restructuring charges was a loss of $24.2 million, compared to a negative $21.5 million in Q1 last year [26] - SG&A totaled $42.9 million, an increase of $11.1 million from the prior year due to restructuring and severance charges [27] Business Line Data and Key Metrics Changes - The company achieved a record 100% utilization rate across its nine operating plants, demonstrating strong asset performance [25] - The anticipated consolidated SG&A run rate is expected to decline from $118 million in 2024 to approximately $93 million by year-end 2025 [8][27] - The company has achieved $30 million in annualized cost savings and expects to reach a total of $50 million in cost reductions [6][7] Market Data and Key Metrics Changes - U.S. ethanol exports are expected to surpass last year's record of nearly 2 billion gallons in 2025 [18] - Ethanol market fundamentals showed typical seasonal weakness in Q1, but margins have strengthened heading into Q2 and Q3 [17] - Current ethanol inventory levels are at 25 million barrels, with expectations to drop towards 23 million as the driving season begins [81] Company Strategy and Development Direction - The company is focused on returning to sustained profitability and has executed a zero-based approach to its cost structure [5][6] - A strategic marketing partnership with EcoEnergy has been established to enhance scale and optimize transportation and marketing economics [19] - The company is pausing its clean sugar technology initiative to maximize ethanol production and improve operational efficiency [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive EBITDA for the remainder of the year based on current market conditions and actions taken [34] - The carbon strategy remains on track, with construction of carbon compression infrastructure advancing as planned [30] - Management acknowledged the challenges faced in the protein business but remains committed to executing the strategy [91] Other Important Information - The company has strengthened its liquidity position, with $126.6 million in cash equivalents and restricted cash at quarter-end [28] - Capital expenditures in Q1 were $16.7 million, with expectations for the remainder of 2025 to be around $20 million [29] - The company is actively engaged in a strategic review, considering various paths including a company sale or asset divestitures [32] Q&A Session Summary Question: Can you provide insight into the hedging framework and its reestablishment? - Management emphasized that hedging is a good practice for managing risk and that they are locking in margins when market opportunities arise [39][41] Question: What is the status of the CEO search? - The process is ongoing, nearing final stages, with a focus on candidates who can bring relevant industry experience [44] Question: Can you provide updates on carbon capture construction timelines? - Construction is on track for early Q4 startup, with no major delays anticipated [48] Question: What are the potential impacts of tariffs on product exports? - Currently, there has been no adverse impact from tariffs, but the situation remains unpredictable [49][52] Question: How is the company addressing the protein market dynamics? - The domestic protein market is expected to be flat, but the company is focusing on higher-margin segments like pet food and aquaculture [62]

Financial Data and Key Metrics Changes - The company reported a net loss of $72.9 million or a loss of $1.14 per share for Q1 2025, compared to a net loss of $51.4 million or $0.81 per share in Q1 2024 [23][24] - Revenue for the quarter was $601.5 million, up 0.7% year over year [24] - Adjusted EBITDA excluding restructuring charges was a loss of $24.2 million, compared to a negative $21.5 million in Q1 last year [25] Business Line Data and Key Metrics Changes - The company achieved a record 100% utilization rate across its nine operating plants, demonstrating strong asset performance [25] - The anticipated decline in SG&A run rate is from $118 million in 2024 to an estimated $93 million annualized by year-end [7][26] - The company achieved $30 million in annualized cost savings and an additional $15 million from a new ethanol marketing partnership [6][26] Market Data and Key Metrics Changes - U.S. ethanol exports are expected to surpass last year's record of nearly 2 billion gallons in 2025 [17] - Ethanol margins have strengthened heading into Q2 and Q3, supported by firmer corn oil fundamentals and anticipated increases in renewable volume obligations [17][19] - Current ethanol inventory levels are at 25 million barrels, with expectations to drop towards 23 million as the driving season begins [82] Company Strategy and Development Direction - The company is focused on returning to sustained profitability through disciplined execution and operational excellence [4][5] - A strategic marketing partnership with EcoEnergy aims to enhance scale and optimize transportation and marketing economics [19][69] - The company is pausing its clean sugar technology initiative to maximize profitability from existing operations while addressing wastewater management challenges [15][108] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving positive EBITDA for the remainder of the year, driven by cost reductions and improved market conditions [34][78] - The carbon strategy remains on track, with construction of carbon compression infrastructure advancing as planned [30][31] - The company is actively engaged in monetizing its carbon credits and expects to provide updates in future calls [31][34] Other Important Information - The company has executed a $30 million line of credit to enhance liquidity and support ongoing operations [28][72] - Capital expenditures in Q1 were $16.7 million, with expectations for the remainder of 2025 to be around $20 million [29] Q&A Session Summary Question: Update on hedging practices and risk management - Management confirmed the reestablishment of hedging practices to manage risk effectively, utilizing analytics and market opportunities [39][41] Question: Status of CEO search - The CEO search is ongoing, with a focus on candidates who can align with the company's strategic direction [44] Question: Impact of carbon capture construction timeline - Construction is on track for early Q4 startup, with no anticipated delays [48] Question: Tariff impacts on product exports - Currently, there have been no adverse impacts from tariffs, and the company is optimistic about potential new market opportunities [49][50] Question: Profit contribution from corn oil and protein platforms - Corn oil prices have improved, and the company expects continued support for margins from this segment [86][89] Question: Details on non-core asset sales - The company is focused on exiting non-core assets to streamline operations and improve focus on core business [77][78]

Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations which involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements include words such as "anticipate," "believe," "continue," "estimate," "expect," "intend," "outlook," "plan," "predict," "may," "could," "shou ...