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Green Plains (GPRE) investor relations material
Green Plains Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Reported a Q2 2025 net loss of $72.2M ($1.09/share), mainly due to non-cash charges, asset sales, and impairments, while adjusted EBITDA improved to $16.4M from $5.0M year-over-year, aided by a one-time $22.6M RINs sale and operational improvements.
Revenues declined to $552.8M, down 10.7% year-over-year, primarily from ending a third-party ethanol marketing agreement.
Achieved 99% utilization across nine ethanol plants, with over $50M in working capital improvement from a new marketing arrangement.
Cost reduction and restructuring initiatives are on track to exceed $50M in annualized savings, positioning for improved earnings leverage.
Leadership transition occurred with the CEO's departure in March 2025; an interim executive team is in place and a new CEO announcement is expected soon.
Financial highlights
Q2 2025 net loss: $72.2M; adjusted EBITDA: $16.4M; EPS: $(1.09); revenue: $552.8M (down 10.7% year-over-year).
Gross margin: $41.6M (7.5% of revenue), up 9.9% year-over-year; ethanol production gross margin: $33.5M (up 10.2%).
Interest expense: $13.9M, up $6.4M year-over-year due to loan fee amortization and debt extension.
Cash and equivalents at June 30, 2025: $108.6M–$152.7M; total liquidity: $93.3M; restricted cash: $44.1M.
Total debt at quarter-end: $508.2M–$519.3M; long-term liabilities: $600.3M.
Outlook and guidance
Decarbonization and carbon capture projects at Nebraska plants expected to complete in Q4 2025, with annualized EBITDA uplift projected at $110M–$150M for 2026.
All nine operating plants expected to qualify for 45Z tax credits in 2026, providing further upside.
Strategic review ongoing, exploring options including company sale, asset divestitures, acquisitions, and partnerships.
Cost reduction initiatives expected to yield $50M in annual savings, with positive EBITDA outlook for Q3 and Q4 2025.
Company anticipates needing to refinance or secure additional liquidity to address $130.7M in Junior Notes (due 2026) and $230M in convertible notes (due 2027).
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