
PART I – FINANCIAL INFORMATION Financial Statements 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 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 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 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 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 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 - In Q1 2025, Customer A, B, and C represented approximately 13%, 12%, and 10% of total revenues, respectively, all within the ethanol production segment57 - 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 operations355860 - 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 expenses7880 - 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 notes96 - 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, 2025137138 Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses the company's transformation, Q1 2025 restructuring, increased net loss, decreased adjusted EBITDA, and upcoming liquidity challenges Overview and Recent Developments 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 oil144 - 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 2025159 - Leadership transition occurred with the departure of CEO Todd Becker on March 1, 2025, and the appointment of Michelle Mapes as Interim Principal Executive Officer157 - 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 pressures161162 - 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 LLC152153 Results of Operations 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 ethanol198 - 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 departure190203 Liquidity and Capital Resources 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, 2026207 - 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 facility206 - 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 financing210 - The company was in compliance with its debt covenants as of March 31, 2025, and anticipates maintaining compliance for the next twelve months214 Quantitative and Qualitative Disclosures About Market Risk 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 million229 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 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, 2025240 - No material changes were made to the company's internal control over financial reporting during the first quarter of 2025241 PART II – OTHER INFORMATION Legal Proceedings 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 flows244 Risk Factors 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 liquidity246 - 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 measures247 - Operating results are highly sensitive to volatile commodity prices, including corn, ethanol, distillers grains, natural gas, Ultra-High Protein, and renewable corn oil248249250 Unregistered Sales of Equity Securities and Use of Proceeds 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 awards258 - No shares were repurchased under the company's stock repurchase program during the first quarter of 2025258 Other Information 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 2025261 Exhibits This section lists exhibits filed with the 10-Q report, including various agreements, credit facility amendments, and officer certifications