Green Plains : First Quarter 2025 Q1 Presentation
GPRE
Published on 05/08/2025 at 09:08
) L U V W 4 X D U W H U
% X V L Q H V V 8 S G D W H
0 D
Results of Operations
Net loss attributable to Green Plains of $72.9 million, or EPS of $(1.14) per diluted share
Adjusted EBITDA of $(24.2) million
Cash and cash equivalents, and restricted cash of $126.6 million and $204.5 million available under a committed credit facility
Production Segment
195.3 million gallons of ethanol, with production at 100% of capacity (excluding Fairmont)
417 thousand tons of distillers grains (dry equivalent)
68 thousand tons of Ultra-High Protein
64.3 million pounds of renewable corn oil
Processed 66.3 million bushels of corn
Consolidated ethanol crush margin was $(14.7) million
Commenced construction on compression infrastructure for our carbon capture and storage initiative in Nebraska, keeping the project on track for start-up in the fourth quarter of 2025
Selected Eco-Energy, LLC as our ethanol marketer in April 2025 to deliver scale, optimize value and improve supply chain efficiency
Achieved strong utilization in the quarter from the nine operating ethanol plants of 100%
Executed on a corporate reorganization cost reduction initiative, significantly reducing ongoing expenses
Created an Executive Committee to lead the company during the search for a new CEO
Entered into a Cooperation Agreement with Ancora Holdings Group, LLC, and announced the refreshment of the Board of Directors through appointments of three independent new Board members
Extended the maturity on our $125 million Mezzanine Notes
Entered into an agreement with Ancora Holdings Group, LLC for a $30 million secured revolving credit facility
(in thousands)
For the three months ended March 31,
2025
2024
Ethanol production
Ethanol (gallons)
195,328
207,904
Distillers grains (equivalent dried tons)
417
469
Ultra-High Protein (tons)
68
60
Renewable corn oil (pounds)
64,263
66,721
Corn consumed (bushels)
66,264
71,274
Agribusiness and energy services (1)
Ethanol (gallons) 255,721 257,271
(1) Includes gallons from the ethanol production segment.
For the three months ended March 31,
2025
2024
(in millions)
Ethanol production
Operating loss (1)
$ (39.6)
$ (33.6)
Depreciation and amortization
21.1
20.5
Adjusted ethanol production operating loss
$ (18.5)
$ (13.1)
Intercompany fees and nonethanol operating activities, net (2)
3.8
3.8
Consolidated ethanol crush margin
$ (14.7)
$ (9.3)
Operating income for ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.5 million and $4.2 million for the three months ended March 31, 2025 and 2024, respectively.
Includes certain nonrecurring decommissioning costs and nonethanol operating activities of ($0.4) million and ($0.5) million for the three months ended March 31, 2025 and 2024, respectively.
(in millions, except per share amounts)
For the three months ended March 31,
2025
2024
Revenues
$ 601.5
$ 597.2
Costs and expenses
663.8
642.1
Operating loss
$ (62.3)
$ (44.9)
Other expense
(9.4)
(4.8)
Income tax expense
(0.1)
(0.3)
Loss from equity method investees, net of income taxes
(0.8)
(1.1)
Net loss
$ (72.6)
$ (51.1)
Net income attributable to noncontrolling interests
0.3
0.3
Net loss attributable to Green Plains
$ (72.9)
$ (51.4)
Net loss attributable to Green Plains per share - basic and diluted
$ (1.14)
$ (0.81)
(in millions, except per share amounts)
For the period ending
Mar. 31, 2025
Dec. 31, 2024
Cash and cash equivalents, and restricted cash
$ 126.6
$ 209.4
Working capital
$ 160.8
$ 141.6
Working capital financing (1)
(137.4)
(140.8)
Working capital, net
$ 23.4
$ 0.8
Net investment in cash and working capital
$ 150.0
$ 210.2
Long-term assets and liabilities
Property and equipment, net
$ 1,051.0
$ 1,042.5
Other long-term assets (2)
165.3
170.7
Total long-term assets
$ 1,216.3
$ 1,213.2
Long-term debt (3)
$ 434.4
$ 434.6
Other long-term liabilities (4)
124.7
114.2
Total long-term liabilities
$ 559.1
$ 548.8
Net long term investments
$ 657.2
$ 664.4
Total cash and invested capital
$ 807.2
$ 874.6
Book value per share
$ 12.20
$ 13.37
Working capital financing consists of revolvers for the Finance Company, Grain Company, and Trade Group $129.0 million, and Commodities Management $8.4 million as of March 31, 2025.
Other long-term assets include $65.9 million of operating lease right-of-use assets as of March 31, 2025.
Long-term debt, net of debt issuance costs, includes convertible debt $227.6 million, Junior Mezzanine notes $124.8 million, term loan $71.0 million including current portion of long-term debt of $1.5 million, and Other $11 million including current portion of long-term debt of $0.6 million as of March 31, 2025.
Other long-term liabilities include $23.3 million of current operating lease liabilities and $44.4 million of long-term operating lease liabilities as of March 31, 2025.
$ S S H Q G L [
* 5 ( ( 1 3 / $ , 1 6 , 1 &
(in millions)
For the three months ended March 31,
2025
2024
Net loss
$ (72.6)
$ (51.1)
Interest expense
8.9
7.8
Income tax expense (benefit), net of equity method income taxes
(0.2)
0.3
Depreciation and amortization (1)
22.4
21.5
EBITDA
$ (41.5)
$ (21.5)
Restructuring costs
16.6
-
Proportional share of EBITDA adjustments to equity method investees
0.7
-
Adjusted EBITDA
$ (24.2)
$ (21.5)
Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
10 GREEN PLAINS INC.
7 K D Q N R X
J S U H L Q F F R P
* 5 ( ( 1 3 / $ , 1 6 , 1 &
Disclaimer
Green Plains Inc. published this content on May 08, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 08, 2025 at 13:06 UTC.