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Segment Information (Tables) | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Schedule Of Financial Data | The following tables set forth certain financial data for the company’s operating segments (in thousands):
| Three Months Ended March 31,
| 2025 |  | 2024
Revenues |  |  |
Ethanol production |  |  |
Revenues from external customers | $ | 497,458 |  |  | $ | 504,446 |
Intersegment revenues | 314 |  |  | 1,213 |
Total segment revenues | 497,772 |  |  | 505,659 |
Agribusiness and energy services |  |  |
Revenues from external customers | 104,057 |  |  | 92,768 |
Intersegment revenues | 5,772 |  |  | 6,228 |
Total segment revenues | 109,829 |  |  | 98,996 |
Revenues including intersegment activity | 607,601 |  |  | 604,655 |
Intersegment eliminations | (6,086) |  |  | (7,441) |
| $ | 601,515 |  |  | $ | 597,214 |
Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.
| Three Months Ended March 31,
| 2025 |  | 2024
Cost of goods sold |  |  |
Ethanol production (1) | $ | 503,464 |  |  | $ | 508,302 |
Agribusiness and energy services | 101,098 |  |  | 87,986 |
Intersegment eliminations | (6,086) |  |  | (7,441) |
| $ | 598,476 |  |  | $ | 588,847 |
| Three Months Ended March 31,
| 2025 |  | 2024
Gross margin |  |  |
Ethanol production (1) | $ | (5,692) |  |  | $ | (2,643) |
Agribusiness and energy services | 8,731 |  |  | 11,010 |
| $ | 3,039 |  |  | $ | 8,367 |
| Three Months Ended March 31,
| 2025 |  | 2024
Depreciation and amortization |  |  |
Ethanol production | $ | 21,035 |  |  | $ | 20,534 |
Agribusiness and energy services | 598 |  |  | 505 |
Corporate activities | 754 |  |  | 448 |
| $ | 22,387 |  |  | $ | 21,487 |
| Three Months Ended March 31,
| 2025 |  | 2024
Operating income (loss) |  |  |
Ethanol production (1) | $ | (39,550) |  |  | $ | (33,653) |
Agribusiness and energy services | 1,533 |  |  | 6,004 |
Corporate activities (2) | (24,243) |  |  | (17,240) |
| $ | (62,260) |  |  | $ | (44,889) |
(1)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. (2)Corporate activities includes $10.3 million of restructuring costs for the three months ended March 31, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its CEO.
Schedule of Restructuring Reserve by Type of Cost | During the three months ended March 31, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):
| Three Months Ended March 31, 2025
| Ethanol production |  | Agribusiness and energy services |  | Corporate activities |  | Subtotal
Cost of goods sold | $ | 2,260 |  |  | 459 |  |  | — |  |  | $ | 2,719 |
Selling, general and administrative expenses | 210 |  |  | 1,658 |  |  | 10,341 |  |  | 12,209 |
Other, net | — |  |  | 154 |  |  | 1,505 |  |  | 1,659 |
Total restructuring costs | $ | 2,470 |  |  | 2,271 |  |  | 11,846 |  |  | $ | 16,587 |
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | The following tables reconcile EBITDA, our segment measure of profit or loss, to net loss (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.
| Three Months Ended March 31, 2025
| Ethanol production |  | Agribusiness and energy services |  | Subtotal
EBITDA | $ | (19,416) |  |  | $ | 3,156 |  |  | $ | (16,260) |
Depreciation and amortization | (21,035) |  | (598) |  | (21,633)
Interest expense | (4,820) |  | (2,427) |  | (7,247)
Subtotal | $ | (45,271) |  |  | $ | 131 |  |  | $ | (45,140) |
Unallocated corporate expenses (1) |  |  |  |  | (27,666)
Income tax expense, net of equity method income tax benefit |  |  |  |  | 165
Net loss |  |  |  |  | $ | (72,641)
| Three Months Ended March 31, 2024
| Ethanol production |  | Agribusiness and energy services |  | Subtotal
EBITDA | $ | (13,621) |  |  | $ | 7,056 |  |  | $ | (6,565) |
Depreciation and amortization | (20,534) |  | (505) |  | (21,039)
Interest expense | (5,061) |  | (1,141) |  | (6,202)
Subtotal | $ | (39,216) |  |  | $ | 5,410 |  |  | $ | (33,806) |
Unallocated corporate expenses (1) |  |  |  |  | (16,987)
Income tax expense, net of equity method income tax benefit |  |  |  |  | (329)
Net loss |  |  |  |  | $ | (51,122)
(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our CEO.
Schedule Of Total Assets For Operating Segments | The following table sets forth total assets by operating segment (in thousands):
| March 31, 2025 |  | December 31, 2024
Total assets (1) |  |  |
Ethanol production | $ | 1,244,617 |  |  | $ | 1,234,635 |
Agribusiness and energy services | 351,655 |  |  | 412,006 |
Corporate assets | 77,219 |  |  | 143,716 |
Intersegment eliminations | (6,919) |  |  | (8,183) |
| $ | 1,666,572 |  |  | $ | 1,782,174 |
(1)Asset balances by segment exclude intercompany balances.

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