Green Plains(US:GPRE)2025-11-05 11:56Financial Performance - Net income attributable to Green Plains was $11.9 million, or $0.17 per diluted share, a decrease from $48.2 million, or $0.69 per diluted share, in Q3 2024[2] - Revenues decreased by $150.2 million to $508.5 million in Q3 2025, compared to $658.7 million in Q3 2024, primarily due to lower sales volumes and prices[8] - Operating income for Q3 2025 was $33.9 million, down from $56.1 million in Q3 2024[34] - Net loss for the nine months ended September 30, 2025, was $133.9 million, compared to a loss of $26.5 million in the same period of 2024[36] - Cash flows from operating activities provided $43.5 million in Q3 2025, compared to a use of $3.0 million in Q3 2024[36] - The company reported a basic earnings per share of $0.17 for Q3 2025, compared to $0.75 for Q3 2024[34] Production and Sales - Ethanol production segment sold 197.3 million gallons in Q3 2025, down from 220.3 million gallons in Q3 2024, while the consolidated ethanol crush margin increased to $59.6 million from $58.3 million[7] - Ethanol production decreased by 10.5% year-over-year to 197,264 gallons for the three months ended September 30, 2025, and by 7.9% to 586,163 gallons for the nine months ended September 30, 2025[19] - The consolidated ethanol crush margin increased to $59.608 million for the three months ended September 30, 2025, compared to $58.291 million in the same period of 2024[21] - The company achieved strong utilization rates of 101% across its nine operating ethanol plants during the quarter[5] Financial Position - Total cash and cash equivalents, along with restricted cash, amounted to $211.6 million as of September 30, 2025, with total corporate liquidity at $136.7 million[23] - Total debt outstanding was $353.4 million as of September 30, 2025, including $45.0 million under working capital revolvers[23] - Current assets decreased to $446.591 million as of September 30, 2025, down from $569.032 million at the end of 2024[31] - Total assets decreased to $1.532 billion as of September 30, 2025, compared to $1.782 billion at the end of 2024[31] Costs and Expenses - Total costs and expenses for Q3 2025 were $474.6 million, a decrease of 21.3% from $602.7 million in Q3 2024[34] - Interest expense increased significantly to $47.8 million in Q3 2025 from $10.1 million in Q3 2024[38] - Interest expense increased by $37.7 million to $45.5 million in Q3 2025, primarily due to $35.7 million related to refinancing and extinguishment of junior mezzanine notes[9] Future Outlook - The company expects to generate $40 to $50 million of 45Z-related Adjusted EBITDA in 2025, net of discounts and applicable operating expenses[3] - The company anticipates future growth and operational improvements despite current market challenges[27] Carbon Capture Initiatives - Carbon capture facilities in York, Central City, and Wood River, Nebraska are operational, enhancing the carbon intensity advantage for Nebraska-based plants[11] - The company is actively deploying carbon capture and storage (CCS) solutions at three facilities this year[26] Adjusted Metrics - Adjusted EBITDA for Q3 2025 was $52.6 million, slightly down from $53.3 million in Q3 2024[5] - The adjusted ethanol production operating income was $54.763 million for the three months ended September 30, 2025, compared to $56.684 million in the same period of 2024[21] - A tax credit monetization agreement was executed, advancing low-carbon ethanol value creation[5] Asset Sales - The sale of the Obion, Tennessee plant was completed for $170 million, with proceeds used to fully repay $130.7 million in junior mezzanine debt[6]