Green Plains(US:GPRE)2026-02-05 11:55Financial Performance - Net income attributable to Green Plains for Q4 2025 was $11.9 million, or $0.17 per diluted share, a significant improvement from a net loss of $54.9 million, or $(0.86) per diluted share, in Q4 2024[1]. - Adjusted EBITDA for Q4 2025 was $49.1 million, compared to $(18.2) million in Q4 2024, including $27.7 million from 45Z production tax credits[1][2]. - Revenues for Q4 2025 decreased to $428.8 million, down 26.6% from $584.0 million in Q4 2024, primarily due to lower ethanol volumes sold[1][7]. - Ethanol production gross margin for Q4 2025 was $27.2 million, a turnaround from a loss of $(10.4) million in Q4 2024[11]. - Adjusted ethanol production operating income for the quarter was $46.1 million, a significant improvement from an operating loss of $19.9 million in the same quarter of 2024[20]. - For the twelve months ended December 31, 2025, Green Plains Inc. reported a net loss of $121 million, compared to a net loss of $81.2 million for the same period in 2024[36]. - The company generated $110.9 million in net cash from operating activities for the twelve months ended December 31, 2025, a significant increase from a cash outflow of $30 million in 2024[36]. - Adjusted EBITDA for the twelve months ended December 31, 2025, was $94 million, compared to $18.7 million in 2024[38]. Production and Sales - Ethanol production segment sold 178.8 million gallons in Q4 2025, a decrease of 14.7% from 209.5 million gallons in Q4 2024[6][18]. - The consolidated ethanol crush margin improved to $44.4 million in Q4 2025, compared to $(15.5) million in Q4 2024[6]. - The company expects to generate at least $188 million of 45Z-related Adjusted EBITDA in 2026, net of discounts and applicable operating expenses[2]. - The company is actively marketing 2026 45Z production tax credits, indicating a strategic focus on leveraging tax incentives for future growth[4]. Assets and Liabilities - As of December 31, 2025, total cash and cash equivalents, along with restricted cash, amounted to $230.1 million, with an additional $325.0 million available under a committed revolving credit facility[22]. - Total debt outstanding as of December 31, 2025, was $399.5 million, which includes $33.6 million in short-term borrowings[22]. - Green Plains' total assets decreased to $1.58 billion as of December 31, 2025, down from $1.78 billion in 2024[31]. - The company experienced a reduction in inventories, which fell to $148.1 million from $227.4 million year-over-year[31]. Operational Developments - Carbon capture facilities became fully operational at three Nebraska sites, significantly lowering carbon intensity[5]. - The company completed the sale of the Obion, Tennessee plant for $170 million, using proceeds to eliminate $130.7 million in junior mezzanine debt[5]. - Green Plains continues to focus on innovation and operational excellence to drive long-term value in the low-carbon economy[25]. Expenses and Costs - The company incurred $24.3 million in restructuring costs during the twelve months ended December 31, 2025[38]. - Interest expense for the twelve months ended December 31, 2025, was $76.7 million, significantly higher than $33.1 million in 2024[38]. - The company reported a depreciation and amortization expense of $98.4 million for the twelve months ended December 31, 2025, compared to $90.6 million in 2024[38]. - Green Plains Inc. recorded a loss on the extinguishment of debt amounting to $36.9 million for the twelve months ended December 31, 2025[36].