Financial Data and Key Metrics Changes - For Q2 2025, the company reported a net loss of $72.2 million or $1.09 per share, compared to a loss of $24.4 million or $0.38 per share in Q2 2024, reflecting a significant increase in losses [16][19] - Revenue for the quarter was $552.8 million, down 10.7% year-over-year, primarily due to exiting ethanol marketing and placing the Fairmont ethanol asset on care and maintenance [18][19] - Adjusted EBITDA for Q2 2025 was $16.4 million, compared to $5 million in Q2 2024, indicating improved operational performance despite the overall revenue decline [19] Business Line Data and Key Metrics Changes - The company has focused on core operations and has executed several non-core asset sales, including the GP Ferrelson joint venture, which has improved liquidity and operational focus [12][13] - The operational execution has led to 99% capacity utilization across the fleet of operating assets, with the highest ethanol yields in company history [24][26] Market Data and Key Metrics Changes - The market has seen improvements due to strong ethanol exports and supportive policies regarding renewable volume obligations, which have expanded ethanol crush margins [29][30] - The company is currently 65% crushed for Q3, indicating strong operational performance and market conditions [29][100] Company Strategy and Development Direction - The company is narrowing its focus to core operations and enhancing profitability through a carbon strategy, with significant progress in constructing CCS infrastructure [9][10] - The recent legislation, including the One Big Beautiful Bill Act, has extended the 45Z clean fuel production tax credit through 2029, positively impacting the company's strategic investments [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to improve profitability and cash flows, particularly with the anticipated startup of carbon monetization in Q4 2025 [33][39] - The company expects to achieve an annualized EBITDA contribution of over $150 million from its decarbonization strategy by 2026 [12][49] Other Important Information - The company has successfully extended the maturity of its junior mezzanine notes and is evaluating various financing solutions to support long-term growth [14][15] - Continuous improvement initiatives have led to a $50 million cost reduction target being met, with further efficiencies being identified [12][34] Q&A Session All Questions and Answers Question: Can you help frame the EBITDA potential in the back half of the year and into 2026? - Management indicated a stronger EBITDA margin outlook supported by rising corn oil prices and strong ethanol exports, with carbon monetization expected to contribute $20-25 million in Q4 [39] Question: What was the thought process behind the sale of the stake in the Darrelson JV? - The asset was deemed non-core, and data-driven decisions indicated it was sensible to exit at this time [41][42] Question: Can you clarify cash flows and the impact of RIN sales? - The $22.6 million from RIN sales was included in operating cash, and the proceeds from the Darrelson sale were collected in July, contributing positively to Q3 cash flow [46][47] Question: What is the expected impact of the 45Z credits? - The carbon opportunity has increased to $150 million for 2026 due to favorable policy changes, with all plants expected to qualify for the 45Z tax credits [49][51] Question: How should investors think about the capital structure and cash flows from carbon monetization? - Significant cash flows from carbon monetization are expected to accrue directly to the company, providing free cash flows for capital allocation [55][58] Question: What is the current state of the export market? - The export market is strong, with projections to reach 2.1 billion gallons, supported by increased demand from Canada, India, and the EU [108][110]

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].

Financial Performance - Green Plains reported a net loss attributable to the company of $(72.2) million, or EPS of $(1.09) per diluted share for the second quarter of 2025[8, 13] - Adjusted EBITDA was $16.4 million for the second quarter of 2025[8] compared to $5.0 million for the same period in 2024[20] - The company had cash and cash equivalents, and restricted cash of $152.7 million and $258.5 million available under a committed credit facility[8] - Consolidated ethanol crush margin was $26.3 million, inclusive of margins from a one-time sale of accumulated RINs of $22.6 million[8] compared to $22.7 million for the same period in 2024[11] - Revenues were $552.8 million compared to $618.8 million for the same period in 2024[13] Operational Highlights - Ethanol production reached 193.6 million gallons, operating at 99% of capacity (excluding Fairmont)[8] compared to 208.483 million gallons for the same period in 2024[10] - The company produced 413 thousand tons of distillers grains (dry equivalent)[8] compared to 463 thousand tons for the same period in 2024[10] - Renewable corn oil production was 65.2 million pounds[8] compared to 73.630 million pounds for the same period in 2024[10] - The company processed 65.3 million bushels of corn[8] compared to 71.819 million bushels for the same period in 2024[10] Strategic Initiatives - The carbon capture infrastructure project is progressing on track for start-up early in the fourth quarter of 2025, with an expected removal of ~1.7 million metric tons of CO2 from the atmosphere by 2027[9, 22] - The company completed the sale of its 50% investment in GP Turnkey Tharaldson LLC as of June 30, 2025, for $25 million[9] - An amendment was executed to extend the maturity of its $127.5 million Mezzanine note facility to September 15, 2026[9]

[Second Quarter 2025 Financial Highlights and Outlook](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Highlights%20and%20Outlook) [Executive Summary of Q2 2025 Results](index=1&type=section&id=1.1%20Executive%20Summary%20of%20Q2%202025%20Results) Green Plains Inc. reported a **net loss of $72.2 million** for Q2 2025, widening significantly due to non-cash charges, despite increased Adjusted EBITDA | Metric | Q2 2025 (in millions) | Q2 2024 (in millions) | Change (in millions) | | :----------------------- | :------------------- | :------------------- | :----- | | Net Loss Attributable to Company | $(72.2) | $(24.4) | $(47.8) | | Diluted EPS | $(1.09) | $(0.38) | $(0.71) | | Revenues | $552.8 | $618.8 | $(66.0) | | Adjusted EBITDA | $16.4 | $5.0 | $11.4 | - Q2 2025 results include **$44.9 million in non-cash charges**, primarily from the sale of non-core assets and an equity method investment, and asset impairments, plus **$2.5 million in restructuring costs**[2](index=2&type=chunk) [Management Commentary and Strategic Initiatives](index=1&type=section&id=1.2%20Management%20Commentary%20and%20Strategic%20Initiatives) Management highlighted successful operational efficiency, non-core asset exits, and cost reductions, on track for over **$50 million in annualized savings** - Achieved **99% utilization** across the operating platform, demonstrating successful operational excellence initiatives[3](index=3&type=chunk) - On pace to exceed **$50 million in annualized savings** target due to cost reductions implemented in the first half of the year[3](index=3&type=chunk) - Carbon capture project nearing completion, with sequestration expected to begin early in Q4, supported by favorable federal government policies like the 45Z Clean Fuel Production Credit extension[3](index=3&type=chunk) - Improved financial position by reducing working capital through the Eco-Energy marketing arrangement, monetizing non-core assets, lowering expenses, and extending near-term debt maturity[3](index=3&type=chunk) [Key Highlights and Recent Developments](index=1&type=section&id=1.3%20Key%20Highlights%20and%20Recent%20Developments) Recent developments include carbon capture progress, Eco-Energy marketing benefits, strong plant utilization, and strategic financial moves - Carbon capture infrastructure equipment delivered and construction progressing, on track for start-up early in Q4 2025[4](index=4&type=chunk) - Delivered greater than **$50 million improvement in working capital** from the transition of ethanol marketing to Eco-Energy, LLC[4](index=4&type=chunk) - Achieved strong utilization of **99%** across the nine operating ethanol plants[4](index=4&type=chunk) - Extended the maturity of its **$127.5 million Mezzanine note facility to September 15, 2026**[4](index=4&type=chunk)[5](index=5&type=chunk) - Completed the sale of a **50% investment in GP Turnkey Tharaldson LLC for $25 million** as of June 30, 2025[5](index=5&type=chunk) [Consolidated Results of Operations](index=1&type=section&id=Consolidated%20Results%20of%20Operations) [Overall Financial Performance Analysis](index=1&type=section&id=2.1%20Overall%20Financial%20Performance%20Analysis) Consolidated revenues decreased due to a marketing agreement cessation, while net loss widened from asset sales and impairments, though Adjusted EBITDA improved - Consolidated revenues decreased by **$66.0 million** for Q2 2025 compared to Q2 2024, mainly due to the agribusiness and energy services segment ceasing a third-party ethanol marketing agreement[7](index=7&type=chunk) - Net loss attributable to Green Plains increased by **$47.9 million**, primarily due to a **$31.0 million loss on sale of assets** and equity method investment and a **$10.7 million impairment of assets** held for sale[8](index=8&type=chunk) - Adjusted EBITDA increased by **$11.4 million** for Q2 2025, driven by a change in operating strategy and the sale of accumulated RINs, partially offset by weaker margins in the ethanol production segment[8](index=8&type=chunk) - Interest expense increased by **$6.4 million**, mainly due to amortization of loan fees related to warrant issuance/modification and decreased capitalized interest[8](index=8&type=chunk) [Segment Overview](index=2&type=section&id=2.2%20Segment%20Overview) Green Plains operates two segments: Ethanol Production, focusing on ethanol and by-products, and Agribusiness and Energy Services, handling commodity marketing and trading - The Ethanol Production segment focuses on the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein, and renewable corn oil[9](index=9&type=chunk) - The Agribusiness and Energy Services segment includes grain handling and storage, commodity marketing, and merchant trading for various products, including company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, and natural gas[9](index=9&type=chunk) [Detailed Segment Performance and Operating Metrics](index=3&type=section&id=Detailed%20Segment%20Performance%20and%20Operating%20Metrics) [Segment Operations Financials](index=3&type=section&id=3.1%20Segment%20Operations%20Financials) The Ethanol Production segment saw slight revenue growth and improved gross margin despite a higher operating loss, while Agribusiness revenues declined but gross margin increased Segment Revenues (Three Months Ended June 30, in thousands) | Segment | 2025 | 2024 | % Var. | | :----------------------- | :--------------- | :--------------- | :----- | | Ethanol production | $527,153 | $525,443 | 0.3% | | Agribusiness and energy services | $31,531 | $100,949 | (68.8)% | | Intersegment eliminations | $(5,855) | $(7,567) | (22.6)% | | **Total Revenues** | **$552,829** | **$618,825** | **(10.7)%** | Segment Gross Margin (Three Months Ended June 30, in thousands) | Segment | 2025 | 2024 | % Var. | | :----------------------- | :--------------- | :--------------- | :----- | | Ethanol production | $33,490 | $30,390 | 10.2% | | Agribusiness and energy services | $8,080 | $7,433 | 8.7% | | **Total Gross Margin** | **$41,570** | **$37,823** | **9.9%** | Segment Operating Income (Loss) (Three Months Ended June 30, in thousands) | Segment | 2025 | 2024 | % Var. | | :----------------------- | :--------------- | :--------------- | :----- | | Ethanol production | $(12,218) | $(2,213) | * | | Agribusiness and energy services | $849 | $2,166 | (60.8)% | | Corporate activities | $(16,994) | $(17,664) | (3.8)% | | **Total Operating Loss** | **$(28,363)** | **$(17,711)** | **60.1%** | Segment Adjusted EBITDA (Three Months Ended June 30, in thousands) | Segment | 2025 | 2024 | % Var. | | :----------------------- | :--------------- | :--------------- | :----- | | Ethanol production | $8,992 | $17,952 | (49.9)% | | Agribusiness and energy services | $5,028 | $3,045 | 65.1% | | Corporate activities | $(42,903) | $(16,230) | 164.3% | | **Total Adjusted EBITDA** | **$16,442** | **$5,038** | * | [Selected Operating Data](index=4&type=section&id=3.2%20Selected%20Operating%20Data) Ethanol production, distillers grains, renewable corn oil, and corn consumed all decreased in Q2 2025, while Ultra-High Protein production slightly increased Selected Operating Data (Three Months Ended June 30) | Metric | 2025 | 2024 | % Var. | | :-------------------------- | :----- | :----- | :----- | | Ethanol (gallons) | 193,571 | 208,483 | (7.2)% | | Distillers grains (tons) | 413 | 463 | (10.8)% | | Ultra-High Protein (tons) | 66 | 65 | 1.5% | | Renewable corn oil (pounds) | 65,231 | 73,630 | (11.4)% | | Corn consumed (bushels) | 65,312 | 71,819 | (9.1)% | | Agribusiness and energy services Ethanol (gallons) | 225,703 | 261,461 | (13.7)% | [Consolidated Ethanol Crush Margin](index=4&type=section&id=3.3%20Consolidated%20Ethanol%20Crush%20Margin) The consolidated ethanol crush margin increased to **$26.3 million** in Q2 2025, significantly boosted by a one-time sale of accumulated RINs Consolidated Ethanol Crush Margin (Three Months Ended June 30, in thousands) | Metric | 2025 | 2024 | | :------------------------------------------ | :--------------- | :--------------- | | Ethanol production operating loss | $(12,218) | $(2,213) | | Depreciation and amortization | $22,918 | $20,544 | | Impairment of assets held for sale | $10,7

Core Viewpoint - The market anticipates Green Plains Renewable Energy (GPRE) to report a year-over-year increase in earnings despite lower revenues for the quarter ended June 2025, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - GPRE is expected to post a quarterly loss of $0.28 per share, reflecting a year-over-year change of +26.3%, while revenues are projected to be $592.3 million, down 4.3% from the previous year [3]. - The consensus EPS estimate has been revised 44.44% higher in the last 30 days, indicating a reassessment by analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model compares the Most Accurate Estimate to the Zacks Consensus Estimate, suggesting that recent analyst revisions may provide more accurate predictions [8]. - A positive Earnings ESP is a strong indicator of an earnings beat, especially when combined with a Zacks Rank of 1, 2, or 3, with a historical success rate of nearly 70% for such combinations [10]. Current Analyst Sentiment - For GPRE, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, resulting in an Earnings ESP of -9.09%, indicating a bearish outlook from analysts [12]. - The stock currently holds a Zacks Rank of 3, complicating predictions for an earnings beat [12]. Historical Performance - In the last reported quarter, GPRE was expected to post a loss of $0.51 per share but actually reported a loss of -$0.88, resulting in a surprise of -72.55% [13]. - Over the past four quarters, GPRE has only beaten consensus EPS estimates once [14]. Conclusion - GPRE does not appear to be a strong candidate for an earnings beat, and investors should consider additional factors when making decisions regarding the stock ahead of its earnings release [17].

[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]

Financial Performance - Green Plains reported a net loss attributable to the company of $72.9 million, resulting in a loss per diluted share of $(1.14)[9,14] - The company's Adjusted EBITDA was $(24.2) million[9,20] - The consolidated ethanol crush margin was $(14.7) million[9,12] - Revenues reached $601.5 million, while costs and expenses amounted to $663.8 million, leading to an operating loss of $62.3 million[14] Production & Operations - Ethanol production volume was 195.3 million gallons, with the operating ethanol plants running at 100% capacity (excluding Fairmont)[9,11] - The company produced 417 thousand tons of distillers grains (dry equivalent) and 68 thousand tons of Ultra-High Protein[9,11] - Renewable corn oil production reached 64.3 million pounds[9,11] - The company processed 66.3 million bushels of corn[9] Liquidity & Capital Resources - Green Plains had $126.6 million in cash and cash equivalents, and restricted cash[9,15] - The company had $204.5 million available under a committed credit facility[9] Strategic Initiatives - Construction commenced on compression infrastructure for the carbon capture and storage initiative in Nebraska, expected to start in the fourth quarter of 2025[10] - Eco-Energy, LLC was selected as the company's ethanol marketer in April 2025[10] - A corporate reorganization cost reduction initiative was executed, leading to a significant reduction in ongoing expenses[10]