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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________
FORM 10-Q
(Mark One)
☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the Quarterly Period Ended March 31, 2025
OR
☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from ______ to ______
Commission File Number 001-32924
GREEN PLAINS INC.
(Exact name of registrant as specified in its charter)

Iowa | 84-1652107
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.)
1811 Aksarben Drive, Omaha, NE 68106 | (402) 884-8700
(Address of principal executive offices, including zip code) | (Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol |  | Name of each exchange on which registered
Common Stock, par value $0.001 per share |  | GPRE |  | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ |  |  | Accelerated filer | ☐
|  | Non-accelerated filer | ☐ |  |
Smaller reporting company | ☐ |  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No
The registrant had 65,399,452 common stock outstanding as of May 5, 2025.

Table of Contents
TABLE OF CONTENTS

|  | Page
Commonly Used Defined Terms | 3
PART I – FINANCIAL INFORMATION |
Item 1. | Financial Statements | 5
| Consolidated Balance Sheets | 5
| Consolidated Statements of Operations | 6
| Consolidated Statements of Comprehensive Income (Loss) | 7
| Consolidated Statements of Cash Flows | 8
| Notes to Consolidated Financial Statements | 10
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 31
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 44
Item 4. | Controls and Procedures | 46
PART II – OTHER INFORMATION |
Item 1. | Legal Proceedings | 47
Item 1A. | Risk Factors | 47
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 48
Item 3. | Defaults Upon Senior Securities | 49
Item 4. | Mine Safety Disclosures | 49
Item 5. | Other Information | 49
Item 6. | Exhibits | 49
Signatures |  |

2

Table of Contents
Commonly Used Defined Terms
Green Plains Inc. and Subsidiaries:

Green Plains Inc.; Green Plains; the company | Green Plains Inc. and its subsidiaries
FQT | Fluid Quip Technologies, LLC
Green Plains Commodity Management | Green Plains Commodity Management LLC
Green Plains Finance Company | Green Plains Finance Company LLC
Green Plains Grain | Green Plains Grain Company LLC
Green Plains Mount Vernon; Mount Vernon | Green Plains Mount Vernon LLC
Green Plains Obion; Obion | Green Plains Obion LLC
Green Plains Partners; the partnership | Green Plains Partners LP
Green Plains Shenandoah; Shenandoah | Green Plains Shenandoah LLC
Green Plains Trade | Green Plains Trade Group LLC
Green Plains Wood River; Wood River | Green Plains Wood River LLC

Accounting Defined Terms:

ASC | Accounting Standards Codification
EBITDA | Earnings before interest expense, income taxes, depreciation and amortization
EPS | Earnings per share
Exchange Act | Securities Exchange Act of 1934, as amended
GAAP | U.S. Generally Accepted Accounting Principles
SEC | Securities and Exchange Commission
SOFR | Secured Overnight Financing Rate

Industry and Other Defined Terms:

ATJ | Alcohol-to-Jet
BlackRock | Funds and accounts managed by BlackRock
the Board; our Board | Board of Directors of Green Plains Inc.
CI | Carbon Intensity
CST™ | Clean Sugar Technology™ developed by Fluid Quip Technologies, LLC
DOE | Department of Energy
E10 | Gasoline blended with up to 10% ethanol by volume
E15 | Gasoline blended with up to 15% ethanol by volume
EIA | U.S. Energy Information Administration
EPA | U.S. Environmental Protection Agency
EV | Electric Vehicle
FFV | Flexible-fuel vehicle
GHG | Greenhouse gas
GP Turnkey Tharaldson | GP Turnkey Tharaldson LLC
GREET | Greenhouse gases, Regulated Emissions, and Energy use in Technologies
IRA | Inflation Reduction Act
LCFS | Low Carbon Fuel Standard
Merger | Merger of GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of GPLP Holdings Inc., a wholly owned subsidiary of Green Plains ("Holdings"), with and into the partnership, with the partnership surviving such merger
Merger Agreement | Certain Agreement and Plan of Merger, dated as of September 16, 2023, by and among Green Plains Inc., Holdings, GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings, Green Plains Partners LP, and Green Plains Holdings LLC, the general partner of the partnership (the "General Partner")
MmBtu | Million British Thermal Units
Mmg | Million gallons

3

Table of Contents

MSC™ | Maximized Stillage Co-products™ technology developed by Fluid Quip Technologies, LLC
MTBE | Methyl tertiary-butyl ether
RFS | Renewable Fuels Standard
RIN | Renewable identification number
RVO | Renewable volume obligation
SAF | Sustainable Aviation Fuel
Sequence™ | A foundational feed ingredient made from a combination of corn and yeast protein, concentrated at 60%.
SRE | Small refinery exemption
U.S. | United States
USDA | U.S. Department of Agriculture

4

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PART 1 – FINANCIAL INFORMATION
Item 1. Financial Statements.
GREEN PLAINS INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)

| March 31, 2025 |  | December 31, 2024
| (unaudited) |  |
ASSETS
Current assets |  |  |
Cash and cash equivalents | $ | 98,610 |  |  | $ | 173,041 |
Restricted cash | 27,993 |  |  | 36,354 |
Accounts receivable, net of allowances of $90 and $80, respectively | 97,093 |  |  | 94,901 |
Inventories | 187,071 |  |  | 227,444 |
Prepaid expenses and other | 21,752 |  |  | 27,138 |
Derivative financial instruments | 17,791 |  |  | 10,154 |
Total current assets | 450,310 |  |  | 569,032 |
Property and equipment, net of accumulated depreciation and amortization of $771,690 and $749,593, respectively | 1,051,005 |  |  | 1,042,460 |
Operating lease right-of-use assets | 65,879 |  |  | 72,161 |
Other assets | 99,378 |  |  | 98,521 |
Total assets | $ | 1,666,572 |  |  | $ | 1,782,174 |
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities |  |  |
Accounts payable | $ | 102,305 |  |  | $ | 154,817 |
Accrued and other liabilities | 48,548 |  |  | 53,712 |
Derivative financial instruments | 12,038 |  |  | 9,500 |
Operating lease current liabilities | 23,302 |  |  | 24,711 |
Short-term notes payable and other borrowings | 137,424 |  |  | 140,829 |
Current maturities of long-term debt | 2,118 |  |  | 2,118 |
Total current liabilities | 325,735 |  |  | 385,687 |
Long-term debt | 432,236 |  |  | 432,460 |
Operating lease long-term liabilities | 44,426 |  |  | 49,190 |
Other liabilities | 56,987 |  |  | 40,300 |
Total liabilities | 859,384 |  |  | 907,637 |
Commitments and contingencies (Note 13) |  |  |
Stockholders' equity |  |  |
Common stock, $0.001 par value; 150,000,000 shares authorized; 68,200,032 and 67,512,282 shares issued, and 65,394,973 and 64,707,223 shares outstanding, respectively | 68 |  |  | 68 |
Additional paid-in capital | 1,221,114 |  |  | 1,213,646 |
Retained deficit | (391,204) |  |  | (318,298) |
Accumulated other comprehensive income (loss) | (1,297) |  |  | 973 |
Treasury stock, 2,805,059 shares | (31,174) |  |  | (31,174) |
Total Green Plains stockholders' equity | 797,507 |  |  | 865,215 |
Noncontrolling interests | 9,681 |  |  | 9,322 |
Total stockholders' equity | 807,188 |  |  | 874,537 |
Total liabilities and stockholders' equity | $ | 1,666,572 |  |  | $ | 1,782,174 |

See accompanying notes to the consolidated financial statements.
5

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GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands, except per share amounts)

| Three Months Ended March 31,
| 2025 |  | 2024
Revenues | $ | 601,515 |  |  | $ | 597,214 |
Costs and expenses |  |  |
Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 598,476 |  |  | 588,847 |
Selling, general and administrative expenses | 42,912 |  |  | 31,769 |
Depreciation and amortization expenses | 22,387 |  |  | 21,487 |
Total costs and expenses | 663,775 |  |  | 642,103 |
Operating loss | (62,260) |  |  | (44,889) |
Other income (expense) |  |  |
Interest income | 1,003 |  |  | 2,510 |
Interest expense | (8,913) |  |  | (7,786) |
Other, net | (1,515) |  |  | 449 |
Total other expense | (9,425) |  |  | (4,827) |
Loss before income taxes and loss from equity method investees | (71,685) |  |  | (49,716) |
Income tax expense | (106) |  |  | (329) |
Loss from equity method investees, net of income taxes | (850) |  |  | (1,077) |
Net loss | (72,641) |  |  | (51,122) |
Net income attributable to noncontrolling interests | 265 |  |  | 290 |
Net loss attributable to Green Plains | $ | (72,906) |  |  | $ | (51,412) |
Earnings per share |  |  |
Net loss attributable to Green Plains - basic and diluted | $ | (1.14) |  |  | $ | (0.81) |
Weighted average shares outstanding |  |  |
Basic and diluted | 64,069 |  |  | 63,341 |

See accompanying notes to the consolidated financial statements.
6

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GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(unaudited and in thousands)

| Three Months Ended March 31,
| 2025 |  | 2024
Net loss | $ | (72,641) |  |  | $ | (51,122) |
Other comprehensive loss, net of tax |  |  |
Unrealized losses on derivatives arising during the period, net of tax benefit of $725 and $1,916, respectively | (2,307) |  |  | (6,043) |
Reclassification of realized losses on derivatives, net of tax benefit of ($12) and ($1,682), respectively | 37 |  |  | 5,305 |
Total other comprehensive loss, net of tax | (2,270) |  |  | (738) |
Comprehensive loss | (74,911) |  |  | (51,860) |
Comprehensive income attributable to noncontrolling interests | 265 |  |  | 290 |
Comprehensive loss attributable to Green Plains | $ | (75,176) |  |  | $ | (52,150) |

See accompanying notes to the consolidated financial statements.
7

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GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)

| Three Months Ended March 31,
| 2025 |  | 2024
Cash flows from operating activities |  |  |
Net loss | $ | (72,641) |  |  | $ | (51,122) |
Adjustments to reconcile net loss to net cash used in operating activities |  |  |
Depreciation and amortization | 22,387 |  |  | 21,487 |
Amortization of debt issuance costs and non-cash interest expense | 486 |  |  | 609 |
Inventory lower of cost or net realizable value adjustment | 2,519 |  |  | 4,202 |
Deferred income tax expense | 713 |  |  | 233 |
Stock-based compensation | 8,840 |  |  | 3,053 |
Loss from equity method investees, net of income taxes | 850 |  |  | 1,077 |
Other | 1,073 |  |  | 858 |
Changes in operating assets and liabilities |  |  |
Accounts receivable | (2,202) |  |  | 6,890 |
Inventories | 38,360 |  |  | 20,459 |
Derivative financial instruments | (8,082) |  |  | 7,010 |
Prepaid expenses and other assets | 5,419 |  |  | (627) |
Accounts payable and accrued liabilities | (55,815) |  |  | (65,787) |
Current income taxes | 140 |  |  | 446 |
Other | 2,912 |  |  | 613 |
Net cash used in operating activities | (55,041) |  |  | (50,599) |
Cash flows from investing activities |  |  |
Purchases of property and equipment, net | (16,710) |  |  | (21,795) |
Investment in equity method investees, net | (4,000) |  |  | (8,408) |
Net cash used in investing activities | (20,710) |  |  | (30,203) |
Cash flows from financing activities |  |  |
Payments of principal on long-term debt | (480) |  |  | (2,009) |
Proceeds from short-term borrowings | 182,319 |  |  | 181,430 |
Payments on short-term borrowings | (185,755) |  |  | (157,570) |
Payments on extinguishment of non-controlling interest | — |  |  | (29,196) |
Payments of transaction costs | — |  |  | (5,951) |
Payments related to tax withholdings for stock-based compensation | (1,372) |  |  | (4,222) |
Other financing activities | (1,753) |  |  | (3,060) |
Net cash used in financing activities | (7,041) |  |  | (20,578) |
Net change in cash and cash equivalents, and restricted cash | (82,792) |  |  | (101,380) |
Cash and cash equivalents, and restricted cash, beginning of period | 209,395 |  |  | 378,762 |
Cash and cash equivalents, and restricted cash, end of period | $ | 126,603 |  |  | $ | 277,382 |

Continued on the following page
8

Table of Contents
GREEN PLAINS INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Continued from the previous page

| Three Months Ended March 31,
| 2025 |  | 2024
Reconciliation of total cash and cash equivalents, and restricted cash |  |  |
Cash and cash equivalents | $ | 98,610 |  |  | $ | 237,302 |
Restricted cash | 27,993 |  |  | 40,080 |
Total cash and cash equivalents, and restricted cash | $ | 126,603 |  |  | $ | 277,382 |
Supplemental disclosures of cash flow |  |  |
Cash paid (refunded) for income taxes, net | $ | 29 |  |  | $ | (9) |
Cash paid for interest | $ | 9,689 |  |  | $ | 8,888 |
Capital expenditures in accounts payable | $ | 5,662 |  |  | $ | 5,413 |
Capital expenditures in other liabilities | $ | 28,509 |  |  | $ | — |
Issuance of common stock as a result of the Merger | $ | — |  |  | $ | 5 |
Non-cash extinguishment of non-controlling interest within additional paid-in capital | $ | — |  |  | $ | 133,765 |
Non-cash asset retirement obligation additions | $ | 4,691 |  |  | $ | 568 |

See accompanying notes to the consolidated financial statements.
9

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GREEN PLAINS INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(unaudited)
1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
References to the Company
References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.
Consolidated Financial Statements
The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity method basis.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 3 - Acquisition included herein for more information.
The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.
The accompanying consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025.
The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.
Use of Estimates in the Preparation of Consolidated Fina ncial Statements
The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.
Description of Business
Th e company operates within two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.
Cash and Cash Equivalents
Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.
10

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Restricted Cash
The company has restricted cash, which can only be used for funding letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.
Revenue Recognition
The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.
Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.
The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.
Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.
Shipping and Handling Costs
The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.
Cost of Goods Sold
Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, and repairs and maintenance. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.
The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract is based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.
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Derivative Financial Instruments
The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.
By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.
Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.
Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.
At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.
Investments in Equity Method Investees
The company's equity method investments, which consist primarily of the company's 50% investment in GP Turnkey Tharaldson, totaled $54.6 million and $51.6 million as of March 31, 2025 and December 31, 2024, respectively, and are reflected in other assets on the consolidated balance sheet. The company did not capitalize any interest related to our equity method investments during the three months ended March 31, 2025. Interest capitalized during the three months ended March 31, 2024 totaled $0.5 million.
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2. REVENUE
Revenue by Source
The following tables disaggregate revenue by major source (in thousands):

| Three Months Ended March 31, 2025
| Ethanol Production |  | Agribusiness & Energy Services |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |
Revenues from contracts with customers under ASC 606 |  |  |  |  |  |  |
Ethanol | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Distillers grains | 19,389 |  |  | 3,560 |  |  | — |  |  | 22,949 |
Other | 11,244 |  |  | 1,653 |  |  | — |  |  | 12,897 |
Intersegment revenues | 314 |  |  | 68 |  |  | (382) |  |  | — |
Total revenues from contracts with customers | 30,947 |  |  | 5,281 |  |  | (382) |  |  | 35,846 |
Revenues from contracts accounted for as derivatives under ASC 815 (1) |  |  |  |  |  |  |
Ethanol | 378,221 |  |  | 70,102 |  |  | — |  |  | 448,323 |
Distillers grains | 57,534 |  |  | 6,081 |  |  | — |  |  | 63,615 |
Renewable corn oil | 31,070 |  |  | — |  |  | — |  |  | 31,070 |
Other | — |  |  | 22,661 |  |  | — |  |  | 22,661 |
Intersegment revenues | — |  |  | 5,704 |  |  | (5,704) |  |  | — |
Total revenues from contracts accounted for as derivatives | 466,825 |  |  | 104,548 |  |  | (5,704) |  |  | 565,669 |
Total Revenues | $ | 497,772 |  |  | $ | 109,829 |  |  | $ | (6,086) |  |  | $ | 601,515 |

| Three Months Ended March 31, 2024
| Ethanol Production |  | Agribusiness & Energy Services |  | Eliminations |  | Total
Revenues |  |  |  |  |  |  |
Revenues from contracts with customers under ASC 606 |  |  |  |  |  |  |
Ethanol | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Distillers grains | 24,800 |  |  | — |  |  | — |  |  | 24,800 |
Other | 14,347 |  |  | 2,412 |  |  | — |  |  | 16,759 |
Intersegment revenues | 1,213 |  |  | 89 |  |  | (1,302) |  |  | — |
Total revenues from contracts with customers | 40,360 |  |  | 2,501 |  |  | (1,302) |  |  | 41,559 |
Revenues from contracts accounted for as derivatives under ASC 815 (1) |  |  |  |  |  |  |
Ethanol | 350,112 |  |  | 73,375 |  |  | — |  |  | 423,487 |
Distillers grains | 77,923 |  |  | 9,690 |  |  | — |  |  | 87,613 |
Renewable corn oil | 34,160 |  |  | — |  |  | — |  |  | 34,160 |
Other | 3,104 |  |  | 7,291 |  |  | — |  |  | 10,395 |
Intersegment revenues | — |  |  | 6,139 |  |  | (6,139) |  |  | — |
Total revenues from contracts accounted for as derivatives | 465,299 |  |  | 96,495 |  |  | (6,139) |  |  | 555,655 |
Total Revenues | $ | 505,659 |  |  | $ | 98,996 |  |  | $ | (7,441) |  |  | $ | 597,214 |

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.
Major Customer
Revenues from Customer A represented approximately 13% and 15% of total revenues for the three months ended March 31, 2025 and 2024, respectively, recorded within the ethanol production segment. Revenues from Customer B and Customer C represented approximately 12% and 10%, respectively, of total revenues for the three months ended March 31, 2025, recorded within the ethanol production segment.
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3. ACQUISITION
Green Plains Partners Merger
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded.
The interests in the partnership owned by the company and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner of the partnership will continue to own the non-economic general partner interest in the surviving entity.
Since the company controlled the partnership prior to the Merger and continues to control the partnership after the Merger, the company accounted for the change in its ownership interest in the partnership as an equity transaction during the three months ended March 31, 2024, which is reflected as a reduction of non-controlling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss was recognized in the consolidated statements of operations as a result of the Merger.
Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest, the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. For the three months ended March 31, 2024, the non-controlling interest attributed to the partnership common units held by the public of $133.8 million were recorded as a reduction of non-controlling interest with a corresponding increase to additional paid-in capital.
The company incurred transaction costs of $5.5 million related to the Merger during the three months ended March 31, 2024. These costs were directly related to the Merger consisting primarily of financial advisory services, legal services and other professional fees, and were recorded as an offset to the issuance of common stock within additional paid-in capital.
4. FAIR VALUE DISCLOSURES
The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments:
Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.
Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or other means. Fair value hedged inventories in the agribusiness and energy services segment as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets, including transportation or commodity quality or grade differences.
Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities. The company currently does not have any recurring Level 3 financial instruments.
Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis.
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There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):

| Fair Value Measurements at March 31, 2025
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total
Assets |  |  |  |  |
Cash and cash equivalents | $ | 98,610 |  |  | $ | — |  |  | $ | 98,610 |
Restricted cash | 27,993 |  |  | — |  |  | 27,993 |
Inventories carried at market | — |  |  | 21,930 |  |  | 21,930 |
Derivative financial instruments - assets | — |  |  | 9,765 |  |  | 9,765 |
Total assets measured at fair value | $ | 126,603 |  |  | $ | 31,695 |  |  | $ | 158,298 |
Liabilities |  |  |  |  |
Accounts payable (1) | $ | — |  |  | $ | 15,110 |  |  | $ | 15,110 |
Derivative financial instruments - liabilities | — |  |  | 12,038 |  |  | 12,038 |
Other liabilities (2) | — |  |  | 1,062 |  |  | 1,062 |
Total liabilities measured at fair value | $ | — |  |  | $ | 28,210 |  |  | $ | 28,210 |

| Fair Value Measurements at December 31, 2024
| Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Total
Assets |  |  |  |  |
Cash and cash equivalents | $ | 173,041 |  |  | $ | — |  |  | $ | 173,041 |
Restricted cash | 36,354 |  |  | — |  |  | 36,354 |
Inventories carried at market | — |  |  | 48,500 |  |  | 48,500 |
Derivative financial instruments - assets | — |  |  | 10,154 |  |  | 10,154 |
Total assets measured at fair value | $ | 209,395 |  |  | $ | 58,654 |  |  | $ | 268,049 |
Liabilities |  |  |  |  |
Accounts payable (1) | $ | — |  |  | $ | 23,208 |  |  | $ | 23,208 |
Accrued and other liabilities (2) | — |  |  | 2,094 |  |  | 2,094 |
Derivative financial instruments - liabilities | — |  |  | 4,791 |  |  | 4,791 |
Other liabilities (2) | — |  |  | 979 |  |  | 979 |
Total liabilities measured at fair value | $ | — |  |  | $ | 31,072 |  |  | $ | 31,072 |

(1)Accounts payable is generally stated at historical amounts with the exception of $15.1 million and $23.2 million at March 31, 2025 and December 31, 2024, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.
(2)Accrued and other liabilities includes $2.1 million at December 31, 2024, while other liabilities includes $1.1 million and $1.0 million of consideration related to potential earn-out payments recorded at fair value at March 31, 2025 and December 31, 2024, respectively.
As of March 31, 2025, the fair value of the company’s debt was approximately $517.8 million compared with a book value of $571.8 million. At December 31, 2024, the fair value of the company’s debt was approximately $518.6 million compared with a book value of $575.4 million. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $97.1 million and $94.9 million at March 31, 2025 and December 31, 2024, respectively.
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Although the company currently does not have any recurring Level 3 financial measurements, the fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.
5. SEGMENT INFORMATION
The company reports the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities.
Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees, overhead costs, gain on sale of assets, and restructuring costs not directly related to a specific operating segment.
During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated.
The Chief Operating Decision Maker ("CODM") for the company is the Interim Principal Executive Officer. The CODM utilizes EBITDA to assess segment performance, which is derived from revenue less cost of goods sold and selling, general and administrative expenses. The CODM manages and allocates resources to the operations of the Company's two segments. This enables the Interim Principal Executive Officer to assess the Company’s overall level of available resources and determine how best to deploy these resources for capital expenditure, research and development projects, and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated expense information or forecasted expense information for the applicable reportable segment.
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 |

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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.
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):
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| 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 |

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.
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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6. INVENTORIES
Inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. There was a $2.5 million and $2.1 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of March 31, 2025 and December 31, 2024, respectively.
The components of inventories are as follows (in thousands):

| March 31, 2025 |  | December 31, 2024
Finished goods | $ | 60,166 |  |  | $ | 72,863 |
Commodities held for sale | 21,930 |  |  | 48,500 |
Raw materials | 33,479 |  |  | 37,334 |
Work-in-process | 13,516 |  |  | 13,569 |
Supplies and parts | 57,980 |  |  | 55,178 |
| $ | 187,071 |  |  | $ | 227,444 |

7. DERIVATIVE FINANCIAL INSTRUMENTS
At March 31, 2025, the company’s consolidated balance sheet reflected unrealized losses of $1.3 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating income (loss) over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating income (loss) will differ as commodity prices change.
Fair Values of Derivative Instruments
The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):

| Asset Derivatives' Fair Value |  | Liability Derivatives' Fair Value |
| March 31, 2025 |  | December 31, 2024 |  | March 31, 2025 |  | December 31, 2024 |
Derivative financial instruments - forwards | $ | 9,765 |  | (1) | $ | 10,154 |  |  | $ | 12,038 |  |  | $ | 4,791 |  | (2)
Other liabilities | — |  |  | — |  |  | 9 |  |  | 15 |  |
Total | $ | 9,765 |  |  | $ | 10,154 |  |  | $ | 12,047 |  |  | $ | 4,806 |  |

(1)At March 31, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $8.0 million, which include $0.7 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, and $1.4 million of net unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges,
(2)At December 31, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $4.7 million, which include $0.5 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.
Refer to Note 4 - Fair Value Disclosures, which contains fair value information related to derivative financial instruments.
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Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Loss
The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):

|  | Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income |  | Three Months Ended March 31,
| 2025 |  | 2024
Revenues |  | $ | (25) |  |  | $ | 3,736 |
Cost of goods sold |  | (24) |  |  | (10,723) |
Net loss recognized in loss before income taxes |  | $ | (49) |  |  | $ | (6,987) |

|  | Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives |  | Three Months Ended March 31,
| 2025 |  | 2024
Commodity contracts |  | $ | (3,032) |  |  | $ | (7,959) |

A portion of the company’s derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange-traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.

|  |  |  | Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments |  | Location of Gain (Loss) Recognized in Income on Derivatives |  | Three Months Ended March 31,
|  | 2025 |  | 2024
Exchange-traded futures and options |  | Revenues |  | $ | 2,892 |  |  | $ | (1,073) |
Forwards |  | Revenues |  | 2,332 |  |  | (2,729) |
Exchange-traded futures and options |  | Cost of goods sold |  | (1,373) |  |  | 3,037 |
Forwards |  | Cost of goods sold |  | (6,982) |  |  | 2,868 |
Net gain (loss) recognized in loss before income taxes |  | $ | (3,131) |  |  | $ | 2,103

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The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):

|  | March 31, 2025 |  | December 31, 2024
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included |  | Carrying Amount of the Hedged Assets |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities |  | Carrying Amount of the Hedged Assets |  | Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Liabilities
Inventories |  | $ | 21,930 |  |  | $ | 2,655 |  |  | $ | 48,500 |  |  | $ | 8,166 |

Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations (in thousands):

| Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended March 31,
| 2025 |  | 2024
| Revenue |  | Cost of Goods Sold |  | Revenue |  | Cost of Goods Sold
Gain (loss) on cash flow hedging relationships |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income | $ | (25) |  |  | $ | (24) |  |  | $ | 3,736 |  |  | $ | (10,723) |
Gain (loss) on fair value hedging relationships |  |  |  |  |  |  |
Commodity contracts |  |  |  |  |  |  |
Fair-value hedged inventories | — |  |  | 1,138 |  |  | — |  |  | (4,361) |
Exchange-traded futures designated as hedging instruments | — |  |  | 231 |  |  | — |  |  | 5,262 |
Total amounts of income and expense line items presented in the consolidated statement of operations in which the effects of cash flow or fair value hedges are recorded | $ | (25) |  |  | $ | 1,345 |  |  | $ | 3,736 |  |  | $ | (9,822) |

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The notional volume of open commodity derivative positions as of March 31, 2025 are as follows (in thousands):

|  | Exchange-Traded (1) |  | Non-Exchange-Traded (2) |  |  |  |
Derivative Instruments |  | Net Long & (Short) |  | Long |  | (Short) |  | Unit of Measure |  | Commodity
Futures |  | 4,120 |  |  |  |  |  |  | Bushels |  | Corn
Futures |  | (4,295) |  | (4) |  |  |  |  | Bushels |  | Corn
Futures |  | (106,218) |  |  |  |  |  |  | Gallons |  | Ethanol
Futures |  | (7,688) |  |  |  |  |  |  | MmBTU |  | Natural Gas
Futures |  | 6,590 |  | (3) |  |  |  |  | MmBTU |  | Natural Gas
Futures |  | (165) |  | (4) |  |  |  |  | MmBTU |  | Natural Gas
Options |  | 2 |  |  |  |  |  |  | Tons |  | Soybean Meal
Options |  | 310 |  |  |  |  |  |  | Pounds |  | Soybean Oil
Forwards |  |  |  | 36,821 |  |  | — |  |  | Bushels |  | Corn
Forwards |  |  |  | 5,974 |  |  | (197,075) |  |  | Gallons |  | Ethanol
Forwards |  |  |  | 94 |  |  | (219) |  |  | Tons |  | Distillers Grains
Forwards |  |  |  | — |  |  | (55,505) |  |  | Pounds |  | Renewable Corn Oil
Forwards |  |  |  | 16,212 |  |  | (292) |  |  | MmBTU |  | Natural Gas

(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.
(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.
(3)Notional volume of exchange-traded futures used for cash flow hedges.
(4)Notional volume of exchange-traded futures used for fair value hedges.
Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $2.6 million and $1.8 million for the three months ended March 31, 2025 and 2024, respectively, on energy trading contracts.
8. DEBT
The components of long-term debt are as follows (in thousands):

| March 31, 2025 |  | December 31, 2024
Corporate |  |  |
2.25% convertible notes due 2027 (1) | $ | 230,000 |  |  | $ | 230,000 |
Green Plains SPE LLC |  |  |
$125.0 million junior secured mezzanine notes due 2026 (2) | 125,000 |  |  | 125,000 |
Green Plains Shenandoah |  |  |
$75.0 million loan agreement due 2035 (3) | 71,250 |  |  | 71,625 |
Other | 10,940 |  |  | 11,163 |
Total book value of long-term debt | 437,190 |  |  | 437,788 |
Unamortized debt issuance costs | (2,836) |  |  | (3,210) |
Less: current maturities of long-term debt | (2,118) |  |  | (2,118) |
Total long-term debt | $ | 432,236 |  |  | $ | 432,460 |

(1)The 2.25% notes had $2.4 million and $2.7 million of unamortized debt issuance costs as of March 31, 2025 and December 31, 2024, respectively.
(2)The junior notes had $0.2 million of unamortized debt issuance costs as of both March 31, 2025 and December 31, 2024.
(3)The loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of both March 31, 2025 and December 31, 2024, respectively.
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The components of short-term notes payable and other borrowings are as follows (in thousands):

| March 31, 2025 |  | December 31, 2024
Green Plains Finance Company, Green Plains Grain and Green Plains Trade |  |  |
$350.0 million revolver | $ | 129,000 |  |  | $ | 133,500 |
Green Plains Commodity Management |  |  |
$40.0 million hedge line | 8,424 |  |  | 7,329 |
| $ | 137,424 |  |  | $ | 140,829 |

Corporate Activities
In March 2021, the company issued an aggregate $230.0 million of 2.25% convertible senior notes due on March 15, 2027. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The 2.25% notes are senior, unsecured obligations of the company. The 2.25% notes are convertible, at the option of the holders, into consideration consisting of, at the company’s election, cash, shares of the company’s common stock, or a combination of cash and stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2.25% notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company’s common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of the company’s common stock), representing an approximately 37.5% premium over the offering price of the company’s common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, the company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 2.25% notes for redemption.
On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2.25% notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2.25% notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a “fundamental change” (as defined in the indenture for the 2.25% notes), holders of the 2.25% notes will have the right, at their option, to require the company to repurchase their 2.25% notes for cash at a price equal to 100% of the principal amount of the 2.25% notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.
Ethanol Production Segment
On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the “Junior Notes”) with BlackRock, a holder of a portion of the company’s common stock.
The Junior Notes were amended on May 7, 2025, which extended the maturity date from February 9, 2026 to May 15, 2026. The Junior Notes are secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. The proceeds of the Junior Notes were used to construct high protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities. The Junior Notes accrue interest at an annual rate of 11.75%. However, subject to the satisfaction of certain conditions, Green Plains SPE LLC may elect to pay an amount in cash equal to interest accruing at a rate of 6.00% per annum plus an amount equal to interest accruing at a rate of 6.75% per annum to be paid in kind. The entire outstanding principal balance, plus any accrued and unpaid interest is due upon maturity. Green Plains SPE LLC is required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes can be retired or refinanced after 42 months with no prepayment premium. The Junior Notes have an unsecured parent guarantee from the company and have certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default.
On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a $75.0 million loan agreement with MetLife Real Estate Lending LLC. The loan matures on September 1, 2035 and is secured by substantially all of the assets of the Shenandoah facility. During the second quarter of
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2024, the agreement was modified to remove the Wood River facility from the assets considered to be secured under the loan agreement and Green Plains Wood River was removed as a counterparty to the loan agreement. The proceeds from the loan were used to add MSC™ technology at the Wood River and Shenandoah facilities as well as other capital expenditures.
The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium subject to quarterly adjustments from 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Shenandoah. Principal payments of $1.5 million per year began in October 2022. Prepayments were prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $90.3 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At March 31, 2025, the interest rate on the loan was 6.52%.
The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.
Agribusiness and Energy Services Segment
On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the “Borrowers”), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the “Facility”) with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027.
The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company’s achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients.
The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00.
The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At March 31, 2025, the interest rate on the Facility was 7.50%.
Green Plains Commodity Management has an uncommitted $40.0 million revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At March 31, 2025, the interest rate on the facility was 6.09%.
Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of March 31, 2025.
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Covenant Compliance
The company was in compliance with its debt covenants as of March 31, 2025.
Restricted Net Assets
At March 31, 2025, there were approximately $22.3 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.
9. STOCK-BASED COMPENSATION
The company has an equity incentive plan which reserved a total of 6.9 million shares of common stock for issuance pursuant to the plan, of which 1.4 million shares remain available for issuance. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis.
Restricted Stock Awards and Deferred Stock Units
The restricted non-vested stock awards and deferred stock units activity for the three months ended March 31, 2025 is as follows:

| Non-Vested Shares and Deferred Stock Units |  | Weighted- Average Grant- Date Fair Value |  | Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2024 | 735,513 |  |  | $ | 23.45 |  |  |
Granted | 768,264 |  |  | 5.75 |  |  |
Forfeited | (81,589) |  |  | 21.68 |  |  |
Vested | (342,774) |  |  | 26.08 |  |  |
Non-Vested at March 31, 2025 | 1,079,414 |  |  | $ | 10.15 |  |  | 2.5

Performance Share Awards
On March 10, 2025, March 13, 2024, and March 9, 2023, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including the incremental value achieved from the company’s high-protein and clean sugar initiatives, annual production levels and return on investment (ROI). Performance shares granted in 2025 and 2024 include certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants and related valuation include a risk-free interest rate of 3.87% and 4.44%, dividend yields of 0%, expected volatility of 55.4% and 54.6%, closing stock price on the date of grant of $5.48 and $20.21, resulting in an estimated fair value of $7.08 and $25.23 per share. Performance shares granted in 2023 do not contain market-based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on results for the performance period. If the company achieves the maximum performance goals, the maximum amount of shares available to be issued pursuant to the 2025, 2024 and 2023 awards are 950,870 performance shares which represents 200% of the 475,435 performance shares that remain outstanding, excluding forfeited shares. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period. This excludes an additional 69,959 performance shares granted to the Interim Principal Executive Officer in 2023, 2024 and 2025, which will vest at 100% of target on December 31, 2025.
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On March 14, 2022, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period. On March 14, 2025, based on the criteria discussed above, the 2022 performance shares vested at 30%, which resulted in the issuance of 14,259 shares of common stock.
On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer, effective March 1, 2025. In accordance with his separation agreement, 221,895 of remaining outstanding performance shares that were granted during 2022, 2023, and 2024 vested immediately at target.
The non-vested performance share award activity for the three months ended March 31, 2025 is as follows:

| Performance Shares |  | Weighted- Average Grant- Date Fair Value |  | Weighted-Average Remaining Vesting Term (in years) |
Non-Vested at December 31, 2024 | 538,572 |  |  | $ | 27.82 |  |  |  |
Granted | 360,895 |  |  | 5.48 |  |  |  |
Forfeited | (117,919) |  |  | 28.10 |  |  |  |
Vested | (236,154) |  |  | 28.18 |  |  |  |
Non-Vested at March 31, 2025 | 545,394 |  |  | $ | 12.83 |  |  | 2.5 |

Stock-Based Compensation Expense
Compensation costs for the stock-based payment plan were $8.8 million and $3.1 million for the three months ended March 31, 2025 and 2024, respectively, with the increase primarily driven by accelerated vesting for the company's CEO. At March 31, 2025, there was $13.0 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.6 years. The potential tax benefit related to stock-based payment is approximately 24.0% of these expenses.
10. EARNINGS PER SHARE
Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.
The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities.
The basic and diluted EPS are calculated as follows (in thousands):

| Three Months Ended March 31,
| 2025 |  | 2024
Net loss attributable to Green Plains | $ | (72,906) |  |  | $ | (51,412) |
Weighted average shares outstanding - basic and diluted | 64,069 |  |  | 63,341 |
EPS - basic and diluted | $ | (1.14) |  |  | $ | (0.81) |
Anti-dilutive weighted-average convertible debt, warrants and stock-based compensation (1) | 7,775 |  |  | 7,634 |

(1)The effect related to the company’s convertible debt, warrants and certain stock-based compensation awards has been excluded from diluted EPS for the periods presented as the inclusion of these shares would have been antidilutive.
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11. STOCKHOLDERS’ EQUITY
Green Plains Partners Merger
As a result of the Merger, for the three months ended March 31, 2024, the company issued approximately 4.7 million shares of common stock and recorded par value $0.001 per share, paid cash consideration of $29.2 million, extinguished the non-controlling interest attributed to the partnership common units held by the public of $133.8 million, and capitalized transaction costs of $7.5 million, within additional paid-in capital. Refer to Note 3 - Acquisition included herein for more information.
Components of stockholders’ equity for the three months ended March 31, 2025 and 2024 are as follows (in thousands):

| Common Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Income (Loss) | Treasury Stock | Total Green Plains Stockholders' Equity | Non- Controlling Interests | Total Stockholders' Equity
| Shares | Amount | Shares | Amount
Balance, December 31, 2024 | 67,512 |  | $ | 68 |  | $ | 1,213,646 |  | $ | (318,298) |  | $ | 973 |  | 2,805 |  | $ | (31,174) |  | $ | 865,215 |  | $ | 9,322 |  | $ | 874,537 |
Net loss | — |  | — |  | — |  | (72,906) |  | — |  | — |  | — |  | (72,906) |  | 265 |  | (72,641) |
Other comprehensive loss before reclassification | — |  | — |  | — |  | — |  | (2,307) |  | — |  | — |  | (2,307) |  | — |  | (2,307) |
Amounts reclassified from accumulated other comprehensive loss | — |  | — |  | — |  | — |  | 37 |  | — |  | — |  | 37 |  | — |  | 37 |
Other comprehensive loss, net of tax | — |  | — |  | — |  | — |  | (2,270) |  | — |  | — |  | (2,270) |  | — |  | (2,270) |
Investment in subsidiaries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 94 |  | 94 |
Stock-based compensation | 688 |  | — |  | 7,468 |  | — |  | — |  | — |  | — |  | 7,468 |  | — |  | 7,468 |
Balance, March 31, 2025 | 68,200 |  | $ | 68 |  | $ | 1,221,114 |  | $ | (391,204) |  | $ | (1,297) |  | 2,805 |  | $ | (31,174) |  | $ | 797,507 |  | $ | 9,681 |  | $ | 807,188 |

| Common Stock | Additional Paid-in Capital | Retained Deficit | Accumulated Other Comprehensive Loss | Treasury Stock | Total Green Plains Stockholders' Equity | Non- Controlling Interests | Total Stockholders' Equity
| Shares | Amount | Shares | Amount
Balance, December 31, 2023 | 62,327 |  | $ | 62 |  | $ | 1,113,806 |  | $ | (235,801) |  | $ | (3,160) |  | 2,805 |  | $ | (31,174) |  | $ | 843,733 |  | $ | 146,323 |  | $ | 990,056 |
Net loss | — |  | — |  | — |  | (51,412) |  | — |  | — |  | — |  | (51,412) |  | 290 |  | (51,122) |
Cash dividends and distributions declared | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |
Other comprehensive loss before reclassification | — |  | — |  | — |  | — |  | (6,043) |  | — |  | — |  | (6,043) |  | — |  | (6,043) |
Amounts reclassified from accumulated other comprehensive loss | — |  | — |  | — |  | — |  | 5,305 |  | — |  | — |  | 5,305 |  | — |  | 5,305 |
Other comprehensive loss, net of tax | — |  | — |  | — |  | — |  | (738) |  | — |  | — |  | (738) |  | — |  | (738) |
Investment in subsidiaries | — |  | — |  | — |  | — |  | — |  | — |  | — |  | — |  | 166 |  | 166 |
Partnership Merger | 4,746 |  | 5 |  | 97,035 |  | — |  | — |  | — |  | — |  | 97,040 |  | (133,765) |  | (36,725) |
Stock-based compensation | 349 |  | — |  | (1,169) |  | — |  | — |  | — |  | — |  | (1,169) |  | — |  | (1,169) |
Balance, March 31, 2024 | 67,422 |  | $ | 67 |  | $ | 1,209,672 |  | $ | (287,213) |  | $ | (3,898) |  | 2,805 |  | $ | (31,174) |  | $ | 887,454 |  | $ | 13,014 |  | $ | 900,468 |

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Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):

| Three Months Ended March 31, |  | Statements of Operations Classification
| 2025 |  | 2024 |
Gains (losses) on cash flow hedges |  |  |  |  |
Commodity derivatives | $ | (25) |  |  | $ | 3,736 |  |  | (1)
Commodity derivatives | (24) |  |  | (10,723) |  |  | (2)
Total losses on cash flow hedges | (49) |  |  | (6,987) |  |  | (3)
Income tax benefit | 12 |  |  | 1,682 |  |  | (4)
Amounts reclassified from accumulated other comprehensive loss | $ | (37) |  |  | $ | (5,305) |  |  |

(1)Revenues
(2)Costs of goods sold
(3)Loss before income taxes and loss from equity method investees
(4)Income tax benefit
12. INCOME TAXES
The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period.
The IRA was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy incentives by providing an estimated $370 billion of new energy related tax credits over the next ten years. It also permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options. In addition, the IRA includes key revenue-raising provisions which include a 15% book-income alternative minimum tax on corporations with adjusted financial statement income over $1 billion, a 1% excise tax on the value of certain net stock repurchases by publicly traded companies, and the reinstatement of Superfund excise taxes. The company expects it will benefit from certain energy related tax credits in future years and not be negatively impacted by the revenue raising provisions; however, the company does not have enough information to provide a reasonable estimate of future tax benefits at this time.
On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in Note 3 - Acquisition included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset was created. The company's valuation allowance on deferred tax assets increased by a corresponding amount, which did not have a material impact on the company's consolidated financial statements.
The company recorded income tax expense of $0.1 million for the three months ended March 31, 2025, compared with income tax expense of $0.3 million for the same period in 2024.
The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions.
13. COMMITMENTS AND CONTINGENCIES
Lease Expense
The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to approximately 12.6 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms.
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The components of lease expense are as follows (in thousands):

| Three Months Ended March 31,
| 2025 |  | 2024
Lease expense |  |  |
Operating lease expense | $ | 7,328 |  | $ | 7,136
Variable lease expense (1) | 222 |  | 186
Total lease expense | $ | 7,550 |  | $ | 7,322

(1)Represents amounts incurred in excess of the minimum payments required for a certain building lease and for the handling and unloading of railcars for a certain land lease, offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.
Supplemental cash flow information related to operating leases is as follows (in thousands):

| Three Months Ended March 31,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities |  |  |
Operating cash flows from operating leases | $ | 7,372 |  |  | $ | 6,988 |
Right-of-use assets obtained in exchange for lease obligations |  |  |
Operating leases | 282 |  |  | 7,163 |

Supplemental balance sheet information related to operating leases is as follows:

| March 31, 2025 |  | December 31, 2024
Weighted average remaining lease term | 3.8 years |  | 4.0 years
Weighted average discount rate | 5.41 | % |  | 5.36 | %

Aggregate minimum lease payments under the operating lease agreements for the remainder of 2025 and in future years are as follows (in thousands):

Year Ending December 31, | Amount
2025 | $ | 20,515 |
2026 | 20,673 |
2027 | 16,303 |
2028 | 7,763 |
2029 | 4,357 |
Thereafter | 5,655 |
Total | 75,266 |
Less: Present value discount | (7,538) |
Lease liabilities | $ | 67,728 |

Other Commitments
As of March 31, 2025, the company had contracted future purchases of grain, distillers grains and natural gas, valued at approximately $257.0 million and future commitments for storage and transportation, valued at approximately $37.7 million.
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The company has entered into contracts with Tallgrass High Plains Carbon Storage, LLC and its affiliates, related to the construction, development and operation of carbon capture and sequestration projects at our three Nebraska plants, which are expected to be completed in 2025. Payments associated with these contracts are due monthly over a period of twelve years, commencing after the capture facilities are considered in-service. Amounts due under the contracts are based on the achievement of certain project milestones and are subject to termination of all or portions of the contracts. Certain of the future obligations to Tallgrass High Plains Carbon Storage LLC are secured by a leasehold deed of trust, security agreement and assignment of rents and leases. As of March 31, 2025, the company had incurred $28.5 million of accumulated construction costs in relation to the projects, presented as property, plant and equipment on the consolidated balance sheet, with an equal and offsetting liability presented as other liabilities.
Legal
The company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.
14. SUBSEQUENT EVENT
On May 7, 2025, the company entered into an amendment to its $125 million junior secured mezzanine notes (the “Junior Notes”) with BlackRock to extend the maturity date to May 15, 2026, with an amendment fee of 2.0% to be added to the principal balance of the Junior Notes, payable at the maturity date. The amendment includes a trigger date of July 31, 2025, at which date if the Junior Notes are not repaid additional collateral will be required, fees will be assessed, and BlackRock's warrants will be repriced from a $22.00 to a $7.00 exercise price with the expiration date extended from April 28, 2026 to December 31, 2029. As a result, the outstanding balance is classified within long-term debt in the consolidated balance sheets.
On May 7, 2025, the company entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC that matures on July 30, 2025. The facility bears interest at 10% on borrowings and has a 0.5% fee on the unused balance. Interest and fees are due on the 5th of each month. Also executed as part of the credit facility, the company has issued 1,504,140 stock warrants at a strike price of $0.01 per share. The warrants have a ten year exercise period.
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
General
The following discussion and analysis provides information we believe is relevant to understand our consolidated financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements contained in this report together with our annual report on Form 10-K for the year ended December 31, 2024.
Cautionary Information Regarding Forward-Looking Statements
Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements may be identified by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “outlook,” “plan,” “predict,” “may,” “could,” “should,” “will” and similar expressions, as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions.
Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in Part I, Item 1A – Risk Factors of our annual report on Form 10-K for the year ended December 31, 2024 and in Part II, Item 1A, “Risk Factors” in this report, or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the status, expected timing, and expected outcome of our Board of Directors' ongoing review of strategic alternatives; the failure to realize the anticipated results from the new products being developed; the failure to realize the anticipated costs savings or other benefits of the Merger; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; conditions in the ethanol and biofuels industry, including a sustained decrease in the level of supply or demand for ethanol and biofuels or a sustained decrease in the price of ethanol or biofuels; competition in the ethanol industry and other industries in which we operate; commodity market risks, including those that may result from weather conditions, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in customer, employee or supplier relationships resulting from the Merger; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws, tariffs, renewable fuel programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; risks related to our equity method investees; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the SEC.
We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management’s views as of the date of this report or documents incorporated by reference.
Overview
Green Plains is an Iowa corporation, founded in June 2004 as a producer of low-carbon fuels and has grown to be a leading biorefining company maximizing the potential of existing resources through fermentation and patented agribusiness technologies. We continue the transition from a commodity-processing business to a value-added agricultural technology company creating lower carbon, high-value ingredients from existing resources. To that end, we are currently executing on a number of initiatives to develop and implement proven agricultural, food and industrial biotechnology systems that allow for product diversification, new market opportunities and production of additional value-added low-carbon ingredients, such as Ultra-High Protein, low-CI dextrose, renewable corn oil and more, as well as offering these technologies to the broader biofuels industry. We are a leader in deploying carbon capture technology to reduce the CI of our biofuels at several of our production facilities.
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We group our business activities into the following two operating segments to manage performance:
•Ethanol Production. Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at ten biorefineries in Illinois, Indiana, Iowa, Minnesota, Nebraska and Tennessee. At capacity, our ten facilities are capable of processing approximately 310 million bushels of corn per year and producing approximately 903 million gallons of ethanol, 2.2 million tons of distillers grains and Ultra-High Protein, and 310 million pounds of renewable corn oil, a low-carbon feedstock for biodiesel, renewable diesel and SAF. We are one of the largest ethanol producers in North America.
•Agribusiness and Energy Services. Our agribusiness and energy services segment includes grain procurement, with approximately 20.2 million bushels of grain storage capacity, and our commodity marketing business, which markets, sells and distributes the ethanol, distillers grains and renewable corn oil produced at our ethanol plants. We also buy and sell ethanol, distillers grains, renewable corn oil, grain, natural gas and other commodities in various markets.
As part of our carbon reduction strategy, we committed our seven biorefineries in Nebraska, Iowa and Minnesota to carbon capture and sequestration projects through carbon pipeline transport, our four Iowa and Minnesota facilities with Summit Carbon Solutions and our three Nebraska biorefineries with Trailblazer CO2 Pipeline LLC, which will lower GHG emissions through the capture of biogenic carbon dioxide at each of these biorefineries, significantly lowering their CI, in some cases by more than half. We have executed agreements for the future purchase, financing and installation of carbon capture equipment at our three Nebraska plants. We anticipate completion of these Nebraska biorefinery carbon capture projects in the fourth quarter of 2025, and Summit Carbon Solutions intends to be operational in 2027. There are few ethanol production facilities with carbon capture in place today, and we believe we may be among the first to produce lower-CI ethanol at scale. In addition, we are exploring alternatives for biogenic carbon dioxide utilization where pipeline transport or direct injection may not be feasible. Reducing the CI of our ethanol could allow us to benefit from state, federal and foreign clean fuel programs, including LCFS programs at the state level and federal tax credits under the IRA, including the 45Z Clean Fuel Production Credit, and could position our low-carbon ethanol as a potential feedstock for ATJ pathways to produce SAF.
SAF is a drop-in fuel, chemically identical to petroleum-based jet fuel and can be blended into the fuel supply at varying levels. There is an increasing focus on using this fuel to reduce the carbon footprint of air travel. SAF can be produced from vegetable and waste oil feedstocks, such as our renewable corn oil. Additionally, ATJ technologies are emerging and being commercialized that use low-CI ethanol as a feedstock to produce SAF. In January 2023, Green Plains, United Airlines and Tallgrass formed a joint venture, Blue Blade Energy, to explore development and commercialization of ATJ SAF.
We have installed and are operating FQT MSC™ technology at five of our biorefineries. Through our value-added ingredients initiative, we produce Ultra-High Protein, a feed ingredient with protein concentrations of 50% or greater and yeast concentrations of 25%, increase production of renewable corn oil and produce other higher value products, such as post-MSC™ distillers grains. We successfully completed full scale 60% protein production runs using FQT's MSC™ system, which is our specialty feed ingredient branded as Sequence™. We formed a 50/50 joint venture with Tharaldson Ethanol Plant I LLC (Tharaldson Ethanol), which owns the MSC™ technology assets added adjacent to the Tharaldson Ethanol plant in Casselton, North Dakota to produce Ultra-High Protein and increase renewable corn oil yields. Operations commenced during the second quarter of 2024. Including GP Turnkey Tharaldson's capacity, the annual Ultra-High Protein capacity we market is approximately 430 thousand tons.
The world's first commercial scale FQT CST™ facility in Shenandoah, Iowa has achieved successful ongoing production of dextrose syrups with CST™. The FQT CST™ technology allows for the production of both food and industrial grade low carbon-intensity glucose and dextrose corn syrups to target applications in food production, renewable chemicals and synthetic biology. The facility is currently capable of producing approximately 60 million pounds of product per year. During the quarter, the company idled its operations at the Clean Sugar Technology (CST™) facility in Shenandoah, Iowa, as the company focuses on optimizing its product mix to maximize current returns. CST™ has already proven its ability to produce a high-purity dextrose with a lower carbon intensity and the company remains confident in its commercial potential. The decision to temporarily pause operations presents an opportunity to further refine the dextrose production process.
In July 2023, we announced a technology collaboration with Equilon Enterprises LLC, which allows us to use FQT’s precision separation and processing technology with Shell Fiber Conversion Technology. The two technologies combine
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fermentation, mechanical separation and processing, and fiber conversion into one platform. This has the potential to liberate all of the remaining distillers corn oil currently bound in the fiber fraction of the corn kernel, generate cellulosic sugars for production of low-carbon ethanol, and enhance and expand available high protein to produce high-quality ingredients for global pet, livestock and aquaculture diets. Our collaboration completed the construction of a large demonstration facility at Green Plains York and began commissioning during 2024.
Our profitability is highly dependent on commodity prices, particularly for ethanol, distillers grains, Ultra-High Protein, renewable corn oil, soybean meal, corn, and natural gas. Since market price fluctuations of these commodities are not always correlated, our operations may be unprofitable at times. We use a variety of risk management tools and hedging strategies to monitor price risk exposure at our ethanol plants and lock in favorable margins or reduce production when margins are compressed. Our profitability could be significantly impacted by price movements of the aforementioned commodities.
Recent Developments
Junior Notes and Warrant Amendments
On May 7, 2025, the company entered into an amendment to its $125 million junior secured mezzanine notes (the “Junior Notes”) with BlackRock to extend the maturity date to May 15, 2026, with an amendment fee of 2.0% to be added to the principal balance of the Junior Notes, payable at the maturity date. The amendment includes a trigger date of July 31, 2025, at which date if the Junior Notes are not repaid additional collateral will be required, fees will be assessed, and BlackRock's warrants will be repriced from a $22.00 to a $7.00 exercise price with the maturity date extended from April 28, 2026 to December 31, 2029.
Ancora Credit Facility and Warrants
On May 7, 2025, the company entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matures on July 30, 2025. The facility bears interest at 10% on borrowings and has a 0.5% fee on the unused balance. Interest and fees are due on the 5th of each month. Also executed as part of the credit facility, the company has issued 1,504,140 stock warrants at a strike price of $0.01 per share. The warrants have a ten year exercise period.
Ethanol Marketing Agreement with Eco-Energy, LLC
On April 16, 2025, the company entered into an ethanol marketing agreement with Eco-Energy, LLC. The marketing agreement is for a term of five years, with certain early termination rights, and requires the company to sell exclusively to the Eco-Energy LLC, and for Eco-Energy LLC to purchase from the company all fuel grade ethanol, or other ethanol specifications as agreed to for a predetermined market-based marketing fee that may be adjusted based on gallons shipped. Eco-Energy, LLC has also agreed to handle certain back office duties related to the ethanol marketing and logistics across the company's platform, providing end-to-end support to optimize value, expand market access and improve supply chain efficiency. On April 14, 2025, a conforming amendment was entered into on the $350 million revolver to accommodate concentration risk with Eco-Energy, LLC.
Cooperation Agreement
On April 11, 2025, the company entered into a Cooperation Agreement with Ancora Holdings Group, LLC, a long-term shareholder, which outlines certain compositional changes to the Board, and provides for a standstill, voting commitment and other customary provisions.
The changes to the Board resulted in the appointment of three individuals as independent members on April 14, 2025, Steve Furcich, Carl Grassi, and Patrick Sweeney. These individuals were appointed as part of the continuation of the company's refreshment of the Board as they possess additive experience in key areas such as the agriculture and commodities sector, capital allocation, finance, long-term planning, and strategic reviews and transactions. Now through the Annual Meeting, the appointments will result in an expansion of the Board to ten members. The Board will be reduced to eight members due to Ejnar A. Knudsen III and Alain Treuer not standing for re-election at this year’s Annual Meeting.
Leadership Transition
On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer and member of the Board, effective March 1, 2025. The Board has engaged an executive search firm to identify a new Chief Executive Officer. The Board appointed Michelle Mapes, Chief Legal & Administration Officer, as Interim Principal Executive Officer, and also appointed an executive committee comprised of Ms. Mapes, Jamie Herbert, Chief Human Resource Officer, Chris Osowski, Executive Vice President – Operations and Technology, and Imre Havasi, Senior Vice
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President – Head of Trading and Commercial Operations to lead the company until Mr. Becker’s successor is appointed. The Board designated Ms. Mapes as Interim Principal Executive Officer, effective as of March 1, 2025. As part of the company’s corporate reorganization and cost reduction initiative, Michelle Mapes' position as Chief Legal and Administration Officer and Corporate Secretary will be eliminated, effective no later than December 31, 2025, and both Grant Kadavy's position of EVP - Commercial Operations and Leslie van der Meulen's position of EVP - Product Marketing and Innovation were eliminated, effective February 6, 2025.
Restructuring Costs
As part of the strategic review process, in early 2025, the company launched a corporate reorganization and cost reduction initiative that will significantly reduce selling, general and administrative expenses on an ongoing basis. As part of this initiative, the company identified approximately $45 million of financial improvement annually, inclusive of savings from idling the Fairmont, Minnesota facility, transitioning to a third party ethanol marketer, and realigning corporate and trade group selling, general and administrative functions to reflect current strategic priorities. The company is continuing to identify additional opportunities. As a result of the reorganization, the company recorded one-time restructuring costs in the first quarter of 2025 of $16.6 million, which includes severance related to the departure of its CEO.
Strategic Review
The company initiated a strategic review process in February 2024 to explore a broad range of opportunities to enhance long-term shareholder value, including, but not limited to, acquisitions, divestitures, a merger or sale, partnerships and financings. The Board of Directors continues to progress the strategic review process, working with its financial advisors, BMO Capital Markets Corp. and Moelis & Company, and legal advisors Vinson & Elkins LLP. There is no deadline or definitive timetable for completion of the strategic review process, and there can be no assurances that the process will result in a transaction or any other outcome. The company does not intend to make any further public comment regarding the review until the Board has approved a specific action or otherwise determines that additional disclosure is appropriate or required.
Idling of Clean Sugar Technology facility in Shenandoah, Iowa
During the quarter, the company idled its operations at the Clean Sugar Technology (CST™) facility in Shenandoah, Iowa, as the company focuses on optimizing its product mix to maximize current returns. CST™ has already proven its ability to produce a high-purity dextrose with a lower carbon intensity and the company remains confident in its commercial potential. The decision to temporarily pause operations presents an opportunity to further refine the dextrose production process.
Idling of Fairmont, Minnesota Plant
In January 2025, the company idled its 119 million gallon ethanol plant in Fairmont, Minnesota as a result of persistent margin pressures, and the majority of the staff was terminated. The facility remains on track for carbon capture and sequestration coming online in 2027, which would fundamentally reshape the economics of the facility. The company will continue to monitor the potential margin available to determine any changes to future operations.
Results of Operations
During the first quarter of 2025, we maintained an average utilization rate of approximately 87.7% of capacity, or 99.9% excluding Fairmont, resulting in ethanol production of 195.2 mmg, compared with 208.0 mmg, or 92.4% of capacity, for the same quarter last year. Our operating strategy is to transform our company to a value-add agricultural technology company. Depending on the margin environment, we may exercise operational discretion that results in reductions in production volumes. It is possible that throughput volumes could fluctuate in the future, depending on various factors that drive each biorefinery’s variable contribution margin, including future driving and gasoline demand for the industry, demand for valuable coproducts we produce, and the supply and pricing of renewable feedstocks needed to operate our biorefineries. We are currently producing Ultra-High Protein at five of our biorefineries.
U.S. Ethanol Supply and Demand
According to the EIA, domestic ethanol production averaged 1.08 million barrels per day during the first quarter of 2025, which was approximately 3.8% higher than the 1.04 million barrels per day for the same quarter last year. Refiner and blender input volume was 855 thousand barrels per day for the first quarter of 2025, compared with 851 thousand barrels per day for the same quarter last year. Gasoline demand for the first quarter of 2025 was in line with the prior year
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quarter at 8.5 million barrels per day. U.S. domestic ethanol ending stocks increased by approximately 0.2 million barrels compared to the prior year, or 0.8%, to 26.6 million barrels as of March 31, 2025.
Global Ethanol Supply and Demand
According to the USDA Foreign Agriculture Service, domestic ethanol exports through February 28, 2025, were approximately 337 mmg, up from the 289 mmg for the same period of 2024. Year to date, Canada was the largest export destination for U.S. ethanol accounting for approximately 31% of domestic ethanol export volume, driven in part by their national clean fuel standard. India, Netherlands, Philippines and United Kingdom accounted for approximately 14%, 11%, 8%, and 7%, respectively, of U.S. ethanol exports. We currently estimate that net ethanol exports will range from 1.8 to 2.1 billion gallons in 2025, based on historical demand from a variety of countries and certain countries that seek to improve their air quality, reduce greenhouse gas emissions through low carbon fuel programs and eliminate MTBE from their own fuel supplies. Fluctuations in currencies relative to the U.S. Dollar could impact the U.S. ethanol competitiveness in the global market.
Protein and Vegetable Oil Supply and Demand
Our dried distillers grains and Ultra-High Protein ingredients compete against other ethanol producers domestically and abroad, as well as with soybean meal, canola meal, and other protein feed ingredients. Likewise our distillers corn oil, which is a feedstock for producing biodiesel, renewable diesel and to some extent SAF, competes against other vegetable oils such as soybean oil, canola oil, and to some extent palm oil, as well as against waste oils such as used cooking oils, animal fats and tallow. While global protein demand has continued to grow since the advent of our transformation, so too has the production of vegetable proteins from multiple companies in an effort to capitalize on this trend, most notably in U.S. soy crushing capacity, which has led to an over-supplied domestic market and compressed protein values. Soybean processing capacity in the U.S. has been expanding to meet the rising demand for vegetable oils to produce renewable fuels. According to the National Oilseed Processors Association, for the first quarter of 2025, soybean crush was approximately 572.9 million bushels, up 4.5 million bushels from the 568.4 million bushels crushed during the first quarter of 2024. Soybean oil stocks for the first quarter of 2025 were 1.5 billion pounds, which was down 0.4 billion pounds from the 1.9 billion pounds of stocks as of March 31, 2024. Soybean meal production was 13.6 million short tons for the first quarter of 2025, up 0.2 million short tons from the 13.4 million short tons from the same period in the prior year.
Legislation and Regulation
We are sensitive to domestic and foreign government programs and policies that affect the supply and demand for ethanol and other fuels, which in turn may impact the volume of ethanol and other products we handle. Following the transition in U.S. presidential administration in early 2025, multiple executive orders signaling a shift in federal energy and environmental policy have been issued. These actions have included prioritization of domestic energy production, including fossil fuel sources, and challenges to state-level climate initiatives. As a result, there remains uncertainty regarding the future of federal support for renewable fuels and low-carbon programs. While we believe that biofuels remain aligned with the broader goals of U.S. energy independence and energy security, we continue to closely monitor evolving federal and state regulatory developments that may affect the supply, demand, or economic incentives for renewable fuels.
Over the years, various bills and amendments have been proposed in the House and Senate, which would eliminate the RFS entirely, eliminate the corn based ethanol portion of the mandate, lower the price of RINs and make it more difficult to sell fuel blends with higher levels of ethanol. Bills have also been introduced to require or otherwise incentivize higher levels of octane blending, allow for year-round sales of higher blends of ethanol, require car manufacturers to produce vehicles that can operate on higher ethanol blends and provide incentives for reducing the CI of biofuels including ethanol. In addition, the manner in which the EPA administers the RFS and related regulations can have a significant impact on the actual amount of ethanol and other biofuels blended into the domestic fuel supply.
Federal and foreign mandates and state-level clean fuel standards supporting the use of renewable fuels are a significant driver of ethanol demand in the U.S. Ethanol policies are influenced by concerns for the environment, diversifying the fuel supply, supporting U.S. farmers and reducing the country’s dependence on foreign oil. Consumer acceptance of FFVs, availability of higher ethanol blends and increased use of higher ethanol blends in non-FFVs may be necessary before ethanol can achieve further growth in the U.S. light duty surface transportation fleet market share. In addition, expansion of clean fuel standards in other states and countries, or a national LCFS could increase the demand for ethanol, depending on how they are structured. Incentives for automakers to produce FFVs phased out in 2020, and the EPA's proposed Corporate Average Fuel Economy (CAFE) standards further incentivize EV production. Sales of EVs in the U.S. were approximately 296 thousand vehicles during the first quarter of 2025, which represented approximately 7.5%
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of new vehicles sales, up 11.3% from the approximately 266 thousand in 2024. Transition of the light duty surface transportation fleet from internal combustion engines to EVs could decrease the demand for ethanol.
The IRA, which was signed into law on August 16, 2022, is a sweeping policy that could have many potential impacts on our business which we are continuing to evaluate. The legislation (1) created a new Clean Fuel Production Credit, section 45Z of the Internal Revenue Code, of $0.02 per gallon per CI point reduction for any fuel below a 50 CI threshold from 2025 to 2027, which could impact our fuel ethanol, depending on the level of GHG reduction for each gallon; (2) created a new tax credit for SAF, section 40B of the Internal Revenue Code, of $1.25 to $1.75 per gallon for 2023 and 2024, depending on the GHG reduction for each gallon, that could possibly involve some of our renewable corn oil or low carbon ethanol as feedstock through an ATJ pathway, depending on the life cycle analysis model being used (this credit expired after 2024 and shifts to the 45Z Clean Fuel Production Credit, where it qualifies for up to $0.035 per gallon per CI point reduction below a 50 CI threshold); (3) expanded the carbon capture and sequestration credit, section 45Q of the Internal Revenue Code, to $85 for each metric ton of carbon dioxide sequestered, which could impact our carbon capture strategies, though it cannot be claimed in conjunction with the 45Z Clean Fuel Production Credit, which could prove to be more valuable; (4) extended the $1.00 per gallon biomass-based diesel tax credit (this credit expired after 2024 and shifts to the 45Z Clean Fuel Production credit, where all non-SAF fuels qualify for $0.02 per gallon for each point of CI reduction under the 50 CI threshold); (5) funded $500 million of biofuel blending infrastructure, which could impact the availability of higher level ethanol blended fuel; (6) increased funding for climate-smart agriculture and working lands conservation programs for farmers by $20 billion; and (7) provided credits for the production and purchase of EVs, which could impact the amount of internal combustion engines built and sold longer term, and by extension impact the demand for liquid fuels including ethanol. There are numerous additional clean energy credits included in this law, including investment tax credits for construction of clean energy infrastructure, that could impact us and our overall competitiveness. Regulatory rulemaking for the administration of these programs is underway, and the final regulations could impact many aspects of our business.
On April 30, 2024, the U.S. Department of Treasury issued regulatory guidance along with an updated GREET lifecycle assessment model for the 40B SAF tax credit, which included a pathway for U.S. corn ethanol to qualify as a feedstock for SAF if the carbon intensity is lowered through utilization of various technologies and practices, including carbon capture and climate smart agriculture practices. On June 22, 2024, the USDA put out a Request for Information on the Production of Biofuel Feedstocks using climate smart practices, which could inform rulemaking for the 45Z Clean Fuel Production Credit. On January 10, 2025, the U.S. Department of Treasury issued a notice of intent to propose rulemaking on the 45Z Clean Fuel Production Credit, which it published on February 3, 2025 in Internal Revenue Bulletin 2025-6, and on January 15, 2025 the Department of Energy released an updated 45Z GREET LCA model for calculating CI values of various feedstocks and finished fuels under 45Z. Additionally, on January 15, 2025, the USDA put forth interim rules around climate smart agriculture for crops serving as feedstocks for biofuel production, including corn, soybeans and sorghum, though it was not incorporated into Treasury’s 45Z proposed rulemaking at this time. While the proposed regulations are subject to change, and the GREET model could continue to be updated, as of this filing the GREET model indicates that CCS could reduce the CI of corn ethanol by 32 points, and that distillers corn oil used to produce biodiesel, renewable diesel or SAF has a lower CI score relative to most other feedstocks. Additionally, the 45Z rulemaking excluded imported used cooking oil from qualifying for the credit if used as a feedstock to produce on-road fuels, though it still qualifies to produce SAF.
The RFS sets a floor for biofuels use in the United States. In June 2023, the EPA finalized RVOs for 2024 and 2025, setting the implied conventional ethanol levels at 15 billion gallons for 2024 and 2025. The EPA also proposed a modest increase in biomass based diesel volumes over the three years, setting the volumes at 3.04 billion for 2024 and 3.35 billion for 2025. The EPA also indicated that corn kernel fiber would contribute to the finalized cellulosic volumes, and could move to approve registrations that have been languishing for years at the agency. The EPA also removed a proposed e-RIN program to support EVs from the final rule, but indicated they may move forward with it in a separate rulemaking. The EPA was required to propose RVOs for 2026 by November 2024, but the administration indicated on July 8, 2024 that it intends to propose RVOs for 2026 and potentially additional years in March 2025, and finalize them in December 2025. The new administration has not indicated an updated timeline for these rules.
Under the RFS, RINs impact supply and demand. The EPA assigns individual refiners, blenders, and importers the volume of renewable fuels they are obligated to use in each annual RVO based on their percentage of total production of domestic transportation fuel sales. Obligated parties use RINs to show compliance with the RFS mandated volumes. Ethanol producers assign RINs to each gallon of renewable fuel they produce and the RINs are detached when the renewable fuel is blended with transportation fuel domestically. Market participants can trade the detached RINs in the open market. The market price of detached RINs can affect the price of ethanol in certain markets and can influence purchasing decisions by obligated parties. SREs can reduce or waive entirely the obligation for a refinery, which has the
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practical effect of reducing the RVO, and by extension the number of RINs that need to be retired, which can impact their values and ultimately blending levels of renewable fuels. There are multiple on-going legal challenges to how the EPA has handled SREs and RFS rulemakings. On October 21, 2024, the U.S. Supreme Court agreed to review the various Circuit Court rulings on SREs to determine the proper venue. On February 6, 2025, the U.S. Supreme Court denied the new administration’s request to delay the case and oral arguments took place on March 25, 2025 with a final ruling expected by the end of the current term.
The One-Pound Waiver, which was extended in May 2019 to allow E15 to be sold year-round to all vehicles model year 2001 and newer, was challenged in an action filed in Federal District Court for the D.C. Circuit. On July 2, 2021, the Circuit Court vacated the EPA’s rule so the future of summertime, defined as June 1 to September 15, sales of E15 is uncertain. The Supreme Court subsequently declined to hear a challenge to this ruling. In 2022, the EPA issued emergency waivers to allow for the continued sale of E15 during the summer months and similar summertime waivers have been issued each year since then, with the 2025 driving season marking the seventh consecutive year that E15 is able to be sold year-round nationwide, with the exception of California which has not approved the fuel. On October 25, 2024, the Governor of California issued a directive to CARB to expedite the ongoing multi-year review process for approving the use of E15 in the State.
The EPA has also allowed for the elimination of the One-Pound Waiver for E10 in several Midwestern states beginning with the 2025 summer driving season, which would have the practical effect of allowing for E15 to be sold year- round in the following states: Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin. On February 21, 2025, the EPA announced it will uphold the April 28, 2025 implementation date and allowed states until February 26, 2025 to submit a request for delayed implementation. The State of Ohio and the State of South Dakota requested delayed implementation until 2026. Ohio’s request included the entire state and South Dakota’s request was limited to the western portion of their state.
In October 2019, the White House directed the USDA and EPA to move forward with rulemaking to expand access to higher blends of biofuels. This includes funding for infrastructure, labeling changes and allowing E15 to be sold through E10 infrastructure. The USDA rolled out the Higher Blend Infrastructure Incentive Program in the summer of 2020, providing competitive grants to fuel terminals and retailers for installing equipment capable of dispensing higher blends of ethanol and biodiesel. In December 2021, the USDA announced it would administer another infrastructure grant program. The IRA, signed into law in 2022, provided for an additional $500 million in USDA grants for biofuel infrastructure. On June 26, 2023, the USDA announced the initial $50 million in awards, and laid out a process for distributing the remaining $450 million, with $90 million being made available each quarter.
More states are expected to join California, Washington, Oregon, and New Mexico in establishing their own LCFS programs. In recent years, several states have made progress on developing such programs by introducing legislation. Hawaii, Illinois, New Jersey, and New York have all introduced or reintroduced LCFS laws in 2025. However, most are at very early stages and still in committee.
A string of 2024 U.S. Supreme Court decisions, namely Loper Bright Enterprises v. Raimondo, SEC v. Jarkesy and Corner Post, Inc. v. Board of Governors of the Federal Reserve, have redefined the power of federal agencies, as well as overturned the important principle of administrative law called "Chevron deference," based on a landmark case, Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. The Chevron deference was a doctrine of judicial deference to administrative interpretations. The general shift in power from agencies to the judicial system resulting from these decisions could impact various regulatory rules affecting our business in ways that could affect our business, prospects and operations, and our financial performance positively or negatively.
Environmental and Other Regulation
Our operations are subject to environmental regulations, including those that govern the handling and release of ethanol, crude oil and other liquid hydrocarbon materials. Compliance with existing and anticipated environmental laws and regulations may increase our overall cost of doing business, including capital costs to construct, maintain, operate, and upgrade equipment and facilities, or limit the feasibility of certain capital improvement, expansion, or other projects due to environmental related permitting restrictions. Our business may also be impacted by government policies, such as tariffs, duties, subsidies, import and export restrictions and outright embargos. While the current administration’s efforts to counter trade barriers in certain countries may ultimately benefit the ethanol industry (such as Brazil, where U.S. ethanol has been subject to tariffs since 2020), the risk of reciprocal tariffs by other countries, including Canada and Mexico, may impede exported volumes. We employ maintenance and operations personnel at each of our facilities, which are regulated by the Occupational Safety and Health Administration.
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Comparability
There are various events that could affect comparability of our operating results, including fluctuations in our production rates in 2025 compared to 2024, along with the disposition of our Birmingham, Alabama terminal in September of 2024, the idling of our Fairmont, Minnesota plant in January of 2025 and our corporate restructuring and cost saving initiatives in early 2025.
Segment Results
We report the financial and operating performance for the following two operating segments: (1) ethanol production, which includes the production, storage, and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil and (2) agribusiness and energy services, which includes grain handling and storage, commodity marketing and merchant trading for company-produced and third-party ethanol, distillers grains, renewable corn oil, natural gas and other commodities.
Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment.
During the normal course of business, our operating segments do business with each other. For example, our agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein, and renewable corn oil of our ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact our consolidated results since the revenues and corresponding costs are eliminated.
When we evaluate segment performance, we review the following segment information as well as earnings before interest expense, income taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA.
The selected operating segment financial information is as follows (in thousands):

| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Revenues |  |  |  |  |
Ethanol production |  |  |  |  |
Revenues from external customers | $ | 497,458 |  |  | $ | 504,446 |  |  | (1.4)%
Intersegment revenues | 314 |  |  | 1,213 |  |  | (74.1)
Total segment revenues | 497,772 |  |  | 505,659 |  |  | (1.6)
Agribusiness and energy services |  |  |  |  |
Revenues from external customers | 104,057 |  |  | 92,768 |  |  | 12.2
Intersegment revenues | 5,772 |  |  | 6,228 |  |  | (7.3)
Total segment revenues | 109,829 |  |  | 98,996 |  |  | 10.9
Revenues including intersegment activity | 607,601 |  |  | 604,655 |  |  | 0.5
Intersegment eliminations | (6,086) |  |  | (7,441) |  |  | (18.2)
| $ | 601,515 |  |  | $ | 597,214 |  |  | 0.7%

| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Cost of goods sold |  |  |  |  |
Ethanol production (1) | $ | 503,464 |  |  | $ | 508,302 |  |  | (1.0)%
Agribusiness and energy services | 101,098 |  |  | 87,986 |  |  | 14.9
Intersegment eliminations | (6,086) |  |  | (7,441) |  |  | (18.2)
| $ | 598,476 |  |  | $ | 588,847 |  |  | 1.6%

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| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Gross margin |  |  |  |  |
Ethanol production (1) | $ | (5,692) |  |  | $ | (2,643) |  |  | 115.4%
Agribusiness and energy services | 8,731 |  |  | 11,010 |  |  | (20.7)
| $ | 3,039 |  |  | $ | 8,367 |  |  | (63.7)%

| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Depreciation and amortization |  |  |  |  |
Ethanol production | $ | 21,035 |  |  | $ | 20,534 |  |  | 2.4%
Agribusiness and energy services | 598 |  |  | 505 |  |  | 18.4
Corporate activities | 754 |  |  | 448 |  |  | 68.3
| $ | 22,387 |  |  | $ | 21,487 |  |  | 4.2%

| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Operating income (loss) |  |  |  |  |
Ethanol production (1) | $ | (39,550) |  |  | $ | (33,653) |  |  | 17.5%
Agribusiness and energy services | 1,533 |  |  | 6,004 |  |  | (74.5)
Corporate activities (2) | (24,243) |  |  | (17,240) |  |  | 40.6
| $ | (62,260) |  |  | $ | (44,889) |  |  | 38.7%

(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.
We use EBITDA, adjusted EBITDA, and segment EBITDA as measures of profitability to compare the financial performance of our reportable segments and manage those segments. 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. Adjusted EBITDA includes adjustments related to restructuring costs and our proportional share of EBITDA adjustments of our equity method investees. We believe EBITDA, adjusted EBITDA and segment EBITDA are useful measures to compare our performance against other companies. These measures should not be considered an alternative to, or more meaningful than, net income, which is prepared in accordance with GAAP. EBITDA, adjusted EBITDA, and segment EBITDA calculations may vary from company to company. Accordingly, our computation of EBITDA, adjusted EBITDA, and segment EBITDA may not be comparable with a similarly titled measure of other companies.
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The following table reconciles net loss including noncontrolling interest to adjusted EBITDA (in thousands):

| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Net loss | $ | (72,641) |  |  | $ | (51,122) |  |  | 42.1%
Interest expense | 8,913 |  |  | 7,786 |  |  | 14.5
Income tax expense, net of equity method income tax benefit | (165) |  |  | 329 |  |  | (150.2)
Depreciation and amortization (1) | 22,387 |  |  | 21,487 |  |  | 4.2
EBITDA | (41,506) |  |  | (21,520) |  |  | 92.9
Restructuring costs | 16,587 |  |  | — |  |  | 100.0
Proportional share of EBITDA adjustments to equity method investees | 735 |  |  | 45 |  |  | *
Adjusted EBITDA | $ | (24,184) |  |  | $ | (21,475) |  |  | 12.6%

(1)Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.
The following table reconciles segment EBITDA to consolidated adjusted EBITDA (in thousands):

| Three Months Ended March 31, |  | % Variance
| 2025 |  | 2024 |
Adjusted EBITDA |  |  |  |  |
Ethanol production (1) | $ | (19,416) |  |  | $ | (13,621) |  |  | 42.5%
Agribusiness and energy services | 3,156 |  |  | 7,056 |  |  | (55.3)
Corporate activities (2) | (25,246) |  |  | (14,955) |  |  | 68.8
EBITDA | (41,506) |  |  | (21,520) |  |  | 92.9
Restructuring costs | 16,587 |  |  | — |  |  | 100.0
Proportional share of EBITDA adjustments to equity method investees | 735 |  |  | 45 |  |  | *
| $ | (24,184) |  |  | $ | (21,475) |  |  | 12.6%

(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 recorded within selling, general and administrative expenses 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.
* Percentage variance not considered meaningful.
Three Months Ended March 31, 2025 Compared with the Three Months Ended March 31, 2024
Consolidated Results
Consolidated revenues increased $4.3 million for the three months ended March 31, 2025 compared with the same period in 2024, primarily due to higher revenues within our agribusiness and energy services segment as a result of higher natural gas prices and margins as well as higher revenues in our ethanol production segment as a result of higher weighted average selling prices on ethanol, offset by lower revenues in our ethanol production segment as a result of lower volumes sold on ethanol, distillers grains and renewable corn oil, and lower weighted average selling prices on distillers grains and renewable corn oil, as described below.
Net loss increased $21.5 million for the three months ended March 31, 2025 compared with the same period last year primarily due to lower margins in our ethanol production and agribusiness and energy services segments as well as restructuring costs incurred of $16.6 million. Adjusted EBITDA decreased $2.7 million for the three months ended March 31, 2025 compared with the same period in 2024 primarily due to lower margins in our ethanol production segment and agribusiness and energy services segment. Interest expense increased $1.1 million for the three months ended March 31, 2025 compared with the same period in 2024 primarily due to lower capitalized interest. Income tax expense was $0.1 million for the three months ended March 31, 2025, compared with income tax expense of $0.3 million for the same period in 2024.
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The following discussion provides greater detail about our first quarter segment performance.
Ethanol Production Segment
Key operating data for our ethanol production segment is as follows:

| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  | % Variance
Ethanol (gallons) | 195,328 |  |  | 207,904 |  |  | (6.0)%
Distillers grains (equivalent dried tons) | 417 |  |  | 469 |  |  | (11.1)%
Ultra-High Protein (tons) | 68 |  |  | 60 |  |  | 13.3
Renewable corn oil (pounds) | 64,263 |  |  | 66,721 |  |  | (3.7)
Corn consumed (bushels) | 66,264 |  |  | 71,274 |  |  | (7.0)

Revenues in our ethanol production segment decreased $7.9 million for the three months ended March 31, 2025 compared with the same period in 2024, primarily due to lower ethanol, distillers grains and renewable corn oil volumes sold resulting in decreased revenues of $21.2 million, $8.3 million and $1.3 million, respectively, lower weighted average selling prices on distillers grains and renewable corn oil resulting in decreased revenues of $17.6 million and $1.8 million, respectively, and lower natural gas and terminal revenues of $3.1 million and $2.1 million, respectively, partially offset by higher ethanol weighted average selling prices resulting in increased revenues of $47.1 million and increased revenues as a result of hedging activities by $2.3 million.
Cost of goods sold in our ethanol production segment decreased $4.8 million for the three months ended March 31, 2025 compared with the same period last year primarily due to lower corn volumes purchased and hedging activities resulting in decreased costs of $21.9 million and $7.4 million, respectively, offset by higher weighted average corn prices resulting in increased costs of $15.1 million and higher ethanol volumes purchased of $11.2 million.
Operating loss in our ethanol production segment increased $5.9 million for the three months ended March 31, 2025 compared with the same period in 2024 primarily due to decreased margins on ethanol production as outlined above. Depreciation and amortization expense for the ethanol production segment was $21.0 million for the three months ended March 31, 2025, compared with $20.5 million for the same period last year.
Agribusiness and Energy Services Segment
Revenues in our agribusiness and energy services segment increased $10.8 million while operating income decreased $4.5 million for the three months ended March 31, 2025, compared with the same period in 2024. The increase in revenues was primarily due to higher natural gas prices and trading volumes. The decrease in operating income was primarily due to lower weighted average trading prices as well as increased personnel costs as a result of restructuring.
Intersegment Eliminations
Intersegment eliminations of revenues decreased by $1.4 million for the three months ended March 31, 2025, primarily as a result of lower terminal revenues as well as lower marketing revenues driven by lower volumes.
Corporate Activities
Operating loss was impacted by an increase in corporate activities of $7.0 million for the three months ended March 31, 2025 compared with 2024 primarily due to increased personnel costs as a result of restructuring.
Liquidity and Capital Resources
Our principal sources of liquidity include cash generated from operating activities and bank credit facilities. We fund our operating expenses and service debt primarily with operating cash flows. Capital resources for maintenance and growth expenditures are funded by a variety of sources, including cash generated from operating activities or from debt and equity capital markets. Our ability to access capital markets for debt under reasonable terms depends on our financial condition,
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credit ratings and market conditions. We believe that our ability to obtain financing at reasonable rates based on these factors remains sufficient and provides a solid foundation to meet our future liquidity and capital resource requirements.
On March 31, 2025, we had $98.6 million in cash and cash equivalents and $28.0 million in restricted cash. We also had $204.5 million available under our committed revolving credit agreement, subject to restrictions or other lending conditions. Total corporate liquidity consisting of unrestricted cash, distributable cash from subsidiaries and credit facility availability was $48.6 million as of March 31, 2025, and has increased to $89.2 million as of May 7, 2025, primarily as a result of the sale of certain non-core assets, and the company entering into a secured $30 million revolving credit facility that matures on July 30, 2025. Funds at certain subsidiaries are generally required for their ongoing operational needs and restricted from distribution. At March 31, 2025, our subsidiaries had approximately $22.3 million of net assets that were not available to use in the form of dividends, loans or advances due to restrictions contained in their credit facilities.
The company has $125.0 million of debt due on May 15, 2026. On or before the maturation of debt in 2026, the Company will require substantial additional liquidity to satisfy these debt obligations. The Company is currently evaluating strategies to obtain the needed additional liquidity to satisfy these obligations, including but not limited to, issuing debt, entering into other financing arrangements, selling assets, or other strategic actions. There can be no assurance that the Company will be able to execute on these strategies when needed or under acceptable terms.
Net cash used in operating activities was $55.0 million for the three months ended March 31, 2025, compared with net cash used in operating activities of $50.6 million for the same period in 2024. Net cash used in operating activities compared to the prior year decreased primarily due to higher net losses and lower collections of accounts receivable. Net cash used in investing activities was $20.7 million for the three months ended March 31, 2025, compared with net cash used in investing activities of $30.2 million for the same period in 2024. Investing activities were primarily affected by lower investment in equity method investees when compared to the same period in the prior year. Net cash used in financing activities was $7.0 million for the three months ended March 31, 2025, compared with net cash used in financing activities of $20.6 million for the same period in 2024, primarily due to the extinguishment of non-controlling interest and payments of transactions costs during 2024.
Additionally, Green Plains Finance Company, Green Plains Trade, Green Plains Grain and Green Plains Commodity Management use revolving credit facilities to finance working capital requirements. We frequently draw from and repay these facilities, which results in significant cash movements reflected on a gross basis within financing activities as proceeds from and payments on short-term borrowings.
We incurred capital expenditures of approximately $16.7 million during the three months ended March 31, 2025, primarily for various capital projects. Capital spending for the remainder of 2025 is expected to be approximately $20.0 million, which is subject to review prior to the initiation of any project. This estimated capital spending for the remainder of 2025 excludes estimated total costs of $110 million related to our carbon capture and sequestration projects to be funded through project related financing.
Our business is sensitive to the price of commodities, particularly for corn, ethanol, distillers grains, Ultra-High Protein, renewable corn oil and natural gas. We use derivative financial instruments to reduce the market risk associated with fluctuations in commodity prices. Sudden changes in commodity prices may require cash deposits with brokers for margin calls or significant liquidity with little advanced notice to meet margin calls, depending on our open derivative positions. We continuously monitor our exposure to margin calls and believe we will continue to maintain adequate liquidity to cover margin calls from our operating results and borrowings.
In August 2014 and October 2019, our Board authorized a share repurchase program of up to $200.0 million of our common stock. Under the program, we may repurchase shares in open market transactions, privately negotiated transactions, accelerated share buyback programs, tender offers or by other means. The timing and amount of repurchase transactions are determined by our management based on market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time without prior notice. Since inception of the repurchase program, we have repurchased 7.4 million shares of common stock for approximately $92.8 million under the program. We did not repurchase any shares of common stock during the first quarter of 2025.
We believe we have sufficient working capital for our existing operations. A continued sustained period of unprofitable operations, however, may strain our liquidity. We may sell additional assets or equity or borrow capital to improve or preserve our liquidity.
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Debt
We were in compliance with our debt covenants at March 31, 2025. Based on our forecasts, we anticipate we will maintain compliance at each of our subsidiaries for the next twelve months or have sufficient liquidity available on a consolidated basis to resolve noncompliance. We cannot provide assurance that actual results will approximate our forecasts or that we will inject the necessary capital into a subsidiary to maintain compliance with its respective covenants. In the event a subsidiary is unable to comply with its debt covenants, the subsidiary’s lenders may determine that an event of default has occurred, and following notice, the lenders may terminate the commitment and declare the unpaid balance due and payable.
Corporate Activities
In March 2021, we issued $230.0 million of unsecured 2.25% convertible senior notes due in 2027, or the 2.25% notes. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The initial conversion rate is 31.6206 shares of our common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of our common stock), representing an approximately 37.5% premium over the offering price of our common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, we may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including our calling the 2.25% notes for redemption. We may settle the 2.25% notes in cash, common stock or a combination of cash and common stock. At March 31, 2025, the outstanding principal balance on the 2.25% notes was $230.0 million.
On May 7, 2025, we entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matures on July 30, 2025 and gives us additional flexibility and liquidity in order to continue the implementation of our strategic plan. The facility bears interest at 10% on borrowings and has a 0.5% fee on the unused balance. Interest and fees are due on the 5th of each month. Also executed as part of the credit facility, the company has issued 1,504,140 stock warrants at a strike price of $0.01 per share. The warrants have a ten year exercise period.
Ethanol Production Segment
On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon issued $125.0 million of junior secured mezzanine notes with BlackRock. On May 7, 2025 the junior notes were amended to give us additional flexibility and liquidity in order to continue the implementation of our strategic plan, which extended the maturity date from February 9, 2026 to May 15, 2026, with an amendment fee of 2.0% to be added to the principal balance of the Junior Notes, payable at the maturity date. The amendment includes a trigger date of July 31, 2025, at which date if the Junior Notes are not repaid additional collateral will be required, fees will be assessed, and BlackRock's warrants will be repriced from a $22.00 to a $7.00 exercise price with the maturity date extended from April 28, 2026 to December 31, 2029. These notes will accrue interest at an annual rate of 11.75%. The company believes that it has adequate access to capital to source appropriate funding to refinance or extinguish the junior secured notes.
Green Plains Shenandoah, a wholly-owned subsidiary, has a $75.0 million secured loan agreement, which matures on September 1, 2035. At March 31, 2025, the outstanding principal balance was $71.3 million on the loan and the interest rate was 6.52%.
We also have small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.
Agribusiness and Energy Services Segment
Green Plains Finance Company, Green Plains Grain and Green Plains Trade have total senior secured revolving commitments of $350.0 million and an accordion feature whereby amounts available under the facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. The facility matures in March 2027. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the facility. The unused portion of the facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. At March 31, 2025, the outstanding principal balance was $129.0 million on the facility and the interest rate was 7.50%.
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Green Plains Commodity Management has an uncommitted $40.0 million secured revolving credit facility to finance margins related to its hedging programs. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At March 31, 2025, the outstanding principal balance was $8.4 million on the facility and the interest rate was 6.09%.
Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of March 31, 2025.
Refer to Note 8 - Debt in the notes to the consolidated financial statements included herein for more information about our debt.
Effects of Inflation
We have experienced inflationary impacts on labor costs, wages, components, equipment, other inputs and services across our business and inflation and its impact could escalate in future quarters, many of which are beyond our control. Moreover, we have fixed price arrangements with our customers and are not able to pass those costs along in most instances. As such, inflationary pressures could have a material adverse effect on our performance and financial statements.
Contractual Obligations and Commitments
In addition to debt, our material future obligations include certain lease agreements and contractual and purchase commitments related to commodities, storage and transportation. Aggregate minimum lease payments under the operating lease agreements for future fiscal years as of March 31, 2025 totaled $75.3 million. As of March 31, 2025, we had contracted future purchases of grain, distillers grains and natural gas valued at approximately $257.0 million, future commitments for storage and transportation valued at approximately $37.7 million, and accumulated commitments related to the construction of carbon capture and sequestration equipment at our three Nebraska plants of $28.5 million. Refer to Note 13 – Commitments and Contingencies included in the notes to consolidated financial statements for more information.
Critical Accounting Policies and Estimates
Critical accounting policies, including those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements. Information about our critical accounting policies and estimates are included in our annual report on Form 10-K for the year ended December 31, 2024.
Off-Balance Sheet Arrangements
We do not have any off-balance sheet arrangements.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
We use various financial instruments to manage and reduce our exposure to various market risks, including changes in commodity prices and interest rates. We conduct the majority of our business in U.S. dollars and are not currently exposed to material foreign currency risk.
Interest Rate Risk
We are exposed to interest rate risk through our loans which bear interest at variable rates. Interest rates on our variable-rate debt are based on the market rate for the lender’s prime rate or SOFR. At March 31, 2025, we had $571.8 million in debt, $137.4 million of which had variable interest rates. A 10% increase in interest rates would affect our interest cost by approximately $1.4 million per year.
For additional information related to our debt, see Note 8 – Debt included herein as part of the notes to the consolidated financial statements and Note 11 – Debt included as part of the notes to the consolidated financial statements included in our annual report on Form 10-K for the year ended December 31, 2024.
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Commodity Price Risk
Our business is sensitive to commodity price risk, particularly for ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas. Ethanol prices are sensitive to world crude oil supply and demand, the price of crude oil, gasoline, corn, the price of substitute fuels, refining capacity and utilization, government regulation and consumer demand for alternative fuels. Corn prices are affected by weather conditions, yield, changes in domestic and global supply and demand, and government programs and policies. Distillers grains prices are impacted by livestock numbers on feed, prices for feed alternatives and supply, which is associated with ethanol plant production. Natural gas prices are influenced by severe weather in the summer and winter and hurricanes in the spring, summer and fall. Other factors include North American energy exploration and production, and the amount of natural gas in underground storage during injection and withdrawal seasons.
To reduce the risk associated with fluctuations in the price of ethanol, corn, distillers grains, Ultra-High Protein, renewable corn oil and natural gas, at times we use forward fixed-price physical contracts and derivative financial instruments, such as futures and options executed on the Chicago Board of Trade, the New York Mercantile Exchange and the Chicago Mercantile Exchange. We focus on locking in favorable operating margins, when available, using a model that continually monitors market prices for corn, natural gas and other inputs relative to the price for ethanol and distillers grains at each of our production facilities. We create offsetting positions using a combination of forward fixed-price purchases, sales contracts and derivative financial instruments. As a result, we frequently have gains on derivative financial instruments that are offset by losses on forward fixed-price physical contracts or inventories and vice versa. Our results are impacted by a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred. During the three months ended March 31, 2025, revenues included net gains of $5.2 million, and cost of goods sold included net losses of $8.1 million associated with derivative financial instruments.
Ethanol Production Segment
In the ethanol production segment, net gains and losses from settled derivative instruments are offset by physical commodity purchases or sales to achieve the intended operating margins. To reduce commodity price risk caused by market fluctuations, we enter into exchange-traded futures and options contracts that serve as economic hedges. Our results are impacted when there is a mismatch of gains or losses associated with the derivative instrument during a reporting period when the physical commodity purchases or sale has not yet occurred.
Our exposure to market risk, which includes the impact of our risk management activities resulting from our fixed-price purchase and sale contracts and derivatives, is based on the estimated net income effect resulting from a hypothetical 10% change in price for the next 12 months starting on March 31, 2025, which is as follows (in thousands):

Commodity |  | Estimated Total Volume Requirements for the Next 12 Months (1) |  | Unit of Measure |  | Net Income Effect of Approximate 10% Change in Price
Ethanol |  | 784,000 |  | Gallons |  | $93,627
Corn |  | 264,800 |  | Bushels |  | $81,249
Distillers grains (2) |  | 1,850 |  | Tons (3) |  | $19,360
Renewable corn oil |  | 258,100 |  | Pounds |  | $8,864
Natural gas |  | 22,600 |  | MmBTU |  | $3,425

(1)Estimated volumes assume production at full capacity, excluding the idled Fairmont, Minnesota plant.
(2)Includes Ultra-High Protein.
(3)Distillers grains quantities are stated on an equivalent dried ton basis.
Agribusiness and Energy Services Segment
In the agribusiness and energy services segment, our inventories, physical purchase and sale contracts and derivatives are marked to market. Our inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. To reduce commodity price risk caused by market fluctuations for purchase and sale commitments of grain and grain held in inventory, we enter into exchange-traded futures and options contracts that serve as economic hedges.
The market value of exchange-traded futures and options used for hedging are highly correlated with the underlying market value of grain inventories and related purchase and sale contracts for grain. The less correlated portion of inventory
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and purchase and sale contract market values, known as basis, is much less volatile than the overall market value of exchange-traded futures and tends to follow historical patterns. We manage this less volatile risk by constantly monitoring our position relative to the price changes in the market. Inventory values are affected by the month-to-month spread in the futures markets. These spreads are also less volatile than overall market value of our inventory and tend to follow historical patterns, but cannot be mitigated directly. Our accounting policy for futures and options, as well as the underlying inventory held for sale and purchase and sale contracts, is to reflect their current market values and include gains and losses in the consolidated statement of operations.
Item 4. Controls and Procedures.
Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures designed to ensure the information that must be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to management, as appropriate, to allow timely decisions regarding required financial disclosure. In designing and evaluating the disclosure controls and procedures, management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives. Management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.
Under the supervision and participation of our principal executive officer and chief financial officer, management carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of March 31, 2025 as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act and concluded that our disclosure controls and procedures were effective.
Changes in Internal Control over Financial Reporting
Management is responsible for establishing and maintaining effective internal control over financial reporting to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our consolidated financial statements for external purposes in accordance with U.S. generally accepted accounting principles. There were no material changes in our internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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PART II – OTHER INFORMATION
Item 1. Legal Proceedings.
We are currently involved in litigation that has arisen during the ordinary course of business. We do not believe this litigation will have a material adverse effect on our financial position, results of operations or cash flows.
Item 1A. Risk Factors.
Investors should carefully consider the discussion of risks and the other information in our annual report on Form 10-K for the year ended December 31, 2024, in Part I, Item 1A, “Risk Factors,” and the discussion of risks and other information in Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” under “Cautionary Information Regarding Forward-Looking Statements,” of this report. Although we have attempted to discuss key factors, our investors need to be aware that other risks may prove to be important in the future. New risks may emerge at any time and we cannot predict such risks or estimate the extent to which they may affect our financial performance. The following risk factors supplement and/or update risk factors previously disclosed and should be considered in conjunction with the other information included in, or incorporated by reference in, this quarterly report on Form 10-Q.
We are exposed to credit risk that could result in losses or affect our ability to make payments should a counterparty fail to perform according to the terms of our agreement.
We are exposed to credit risk from a variety of customers, counterparties, including major integrated oil companies, large independent refiners, petroleum wholesalers, marketing companies and other ethanol plants. We are also exposed to credit risk with major suppliers of petroleum products and agricultural inputs when we make payments for undelivered inventories. Our fixed-price forward contracts are subject to credit risk when prices change significantly prior to delivery. The inability by a third party to pay us for our sales, provide product that was paid for in advance or deliver on a fixed-price contract could result in a loss and adversely impact our liquidity and ability to make our own payments when due.
If the United States were to withdraw from or materially modify certain international trade agreements, our business, financial condition, liquidity and results of operations could be materially adversely affected.
Ethanol and other products that we produce are or have been exported to Canada, Mexico, Brazil, China and other countries. In a previous term, the Trump administration significantly increased tariffs on goods imported into the United States, which in turn led to retaliatory actions on U.S. exports. In early 2025, the Trump administration announced additional tariffs on various imports from China, Mexico, and Canada, and signaled a willingness to renegotiate or withdraw from existing trade agreements. These actions have prompted actual or threatened retaliatory measures against U.S. exports, including ethanol and agricultural products in some cases. The outcome of trade negotiations or lack thereof, has had and/or may continue to have a material adverse effect on our business, financial condition and results of operations.
The products we buy and sell are subject to price volatility and uncertainty.
Our operating results are highly sensitive to commodity prices.
Corn. We are generally unable to pass increased corn costs to our customers since ethanol competes with other fuels. We continue to see considerable volatility in corn prices. Ethanol plants, livestock industries and other corn-consuming enterprises put significant price pressure on local corn markets. In addition, local corn supplies and prices could be adversely affected by, but not limited to: prices for alternative crops, increasing pricing for seed corn, fertilizers, crop protection products and other input costs; changes in government policies, including crop insurance, conservation programs, regulation of farmland, and other regulations; shifts in global supply and demand; global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith; other global conflicts; and global or regional growing conditions, such as plant disease, pests or adverse weather, including drought.
Ethanol. Our revenues are dependent on market prices for ethanol which can be volatile as a result of a number of factors, including but not limited to: the price and availability of competing fuels and oxygenates for fuels; the domestic and global supply and demand for ethanol, gasoline and corn; the price of gasoline, crude oil and corn; global political or economic issues, including but not limited to the war in Ukraine including sanctions associated therewith, other global conflicts; and domestic and foreign government policies that impact the supply, demand and pricing of corn, crude oil, gasoline, ethanol and other liquid fuels.
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Ethanol is marketed as a fuel additive that reduces vehicle emissions, an economical source of octane and, to a lesser extent, as a gasoline substitute through higher blends such as E15 and E85. Consequently, gasoline supply and demand can affect the price of ethanol. Should gasoline prices or demand change significantly, our results of operations could be materially impacted.
Ethanol imports also affect domestic supply and demand. Imported ethanol is not subject to an import tariff under the United States-Mexico-Canada Agreement (USMCA), provided it satisfies the agreement’s rules of origin, which are required for preferential tariff treatment. As of early 2025, denatured ethanol for fuel use imported from Brazil and other countries subject to Most Favored Nation treatment is generally subject to a 1.9% ad valorem tariff, while undenatured ethanol is subject to a 2.5% ad valorem tariff. However, a series of executive orders issued in March and April of 2025 have introduced or proposed significant changes to U.S. trade policy, including a baseline 10% tariff on a broad range of imported goods, unless replaced by higher country-specific rates. These developments have created uncertainty around ethanol import pricing and raised the risk of retaliatory trade measures. We continue to monitor potential adjustments to tariff levels or exemptions as trade negotiations evolve. Under the RFS, sugarcane ethanol from Brazil can be used as a means for obligated parties to meet the advanced biofuel standard in addition to state level low-carbon fuel standards. Brazil is also rapidly expanding corn and corn ethanol production, which can have a lower CI score if it is produced from the second crop or “Safrinha” crop, which could be imported into the U.S. or displace our exports elsewhere globally.
Distillers Grains. Distillers grains compete with other protein-based animal feed products. Downward pressure on other commodity prices, such as corn, wheat, soybeans, soybean meal, and other feed ingredients, will generally cause the price of competing animal feed products to decline, resulting in downward pressure on the price of distillers grains. Occasionally, the price of distillers grains will lag behind fluctuations in corn or other feedstock prices, lowering our cost recovery percentage. Additionally, exports of distiller grains could be impacted by the enactment of foreign policy, or expanded production of soybean meal or distillers grains elsewhere.
Natural Gas. The price and availability of natural gas are subject to volatile market conditions. These market conditions are often affected by factors beyond our control, such as weather, drilling economics, overall economic conditions and government regulations. Significant disruptions in natural gas supply could impair our ability to produce ethanol. Furthermore, increases in natural gas prices or changes in our cost relative to our competitors cannot be passed on to our customers, which may adversely affect our results of operations and financial position.
Ultra-High Protein. Our Ultra-High Protein has unique nutritional advantages and a higher protein concentration than soybean meal and can be included in a variety of feed rations in the pet, dairy, swine, poultry and aquaculture industries. As a value-added feed ingredient, quality control is imperative. Demand for feed products and pricing pressure from competing feed products may result in downward pressure on the price of Ultra-High Protein. Reliable production of Ultra-High Protein from both consistent operations of the biorefinery as well as the MSC™ technology is necessary to produce anticipated volumes. Changes in our customers willingness to accept these ingredients, inconsistency in production volumes, quality or downward pressure on prices could result in adverse impact on our business and profitability.
Renewable Corn Oil. Renewable corn oil is generally marketed as a low-carbon feedstock for biofuel production including renewable diesel, biodiesel and currently to a lesser extent, sustainable aviation fuel; therefore, the price of renewable corn oil is largely driven by demand for renewable diesel and biodiesel. Expanded demand from the renewable diesel and biodiesel industry due to the extended blending tax credit, new tax credits included in the IRA and growing LCFS markets in California, Oregon, Washington state or Canada, as well as customer acceptance for such fuels could impact renewable corn oil demand. In general, renewable corn oil prices follow the prices of heating oil and soybean oil, though LCFS programs incentivize the lower CI of renewable corn oil as a feedstock relative to soybean oil. Federal incentives for sustainable aviation fuel also provide higher credit values for lower CI. Other feedstocks such as used cooking oil and animal fats and tallows are scored at a lower CI than renewable corn oil under most life cycle assessment models, and these feedstocks may be preferred to renewable corn oil. Increased imports of used cooking oil could pressure all vegetable oil values lower. Decreases in the price of or demand for renewable corn oil could have an adverse impact on our business and profitability. While we believe our investments in MSC™ and other technologies have allowed us to capture more renewable corn oil from each bushel, these yields could be negatively impacted by any number of factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
The company withholds shares when restricted stock grants are vested to satisfy statutory minimum required payroll tax withholding obligations. The following table lists the shares that were withheld during the first quarter of 2025:
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Period |  | Total Number of Shares Withheld |  | Average Price Paid per Share
January 1 - January 31 |  | 3,976 |  |  | $ | 9.49 |
February 1 - February 28 |  | 6,353 |  |  | 8.02 |
March 1 - March 31 |  | 224,750 |  |  | 5.70 |
Total |  | 235,079 |  |  | $ | 5.83 |

In August 2014 and October 2019, our Board authorized a share repurchase program of up to $200 million of our common stock. Under this program, we may repurchase shares in open market transactions, privately negotiated transactions, accelerated buyback programs, tender offers or by other means. The timing and amount of the transactions are determined by management based on its evaluation of market conditions, share price, legal requirements and other factors. The program may be suspended, modified or discontinued at any time, without prior notice. Since inception of the repurchase program, the company has repurchased approximately 7.4 million shares of common stock for approximately $92.8 million under the program. We did not repurchase any shares during the first quarter of 2025.
Item 3. Defaults Upon Senior Securities.
None.
Item 4. Mine Safety Disclosures.
Not applicable.
Item 5. Other Information.
During the three months ended March 31, 2025, no director or officer of the company adopted, modified or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
Item 6. Exhibits.
Exhibit Index

Exhibit No. | Description of Exhibit
10.1* | Amendment No. 1 to Employment Agreement by and between Green Plains Inc. and Grant Kadavy dated February 6, 2025 (incorporated herein by reference to Exhibit 10.29 to the company's Annual Report on Form 10-K filed on February 7, 2025)
10.2* | Confidential Severance Agreement and Release by and between Green Plains Inc. and Grant Kadavy dated February 6, 2025 (incorporated herein by reference to Exhibit 10.30 to the company's Annual Report on Form 10-K filed on February 7, 2025)
10.3* | Executive Transition and Separation Agreement by and between Green Plains Inc. and Todd Becker effective March 1, 2025 (incorporated herein by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on February 28, 2025)
10.4* | Amendment No. 1 to Employment Agreement by and between Green Plains Inc. and Michelle Mapes effective February 27, 2025 (incorporated herein by reference to Exhibit 10.2 to the company's Current Report on Form 8-K/A filed on March 4, 2025)
10.5 | Cooperation Agreement, dated April 11, 2025, by and between Green Plains Inc. and Ancora Holdings Group, LLC (incorporated herein by reference to Exhibit 10.1 to the company's Current Report on Form 8-K filed on April 15, 2025)
10.6 | Ethanol Marketing Agreement, dated April 16, 2025, by and between Green Plains Trade Group LLC and Eco-Energy, LLC (incorporated herein by reference to Exhibit 10.1 to the company's Current Report on Form 8-K filed on April 22, 2025) (The exhibits to the Marketing Agreement have been omitted. The Company will furnish such exhibits to the SEC upon request.)**

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10.7 | First Amendment to Loan and Security Agreement, dated April 14, 2025, related to Loan and Security Agreement dated March 25, 2022, by and among Green Plains Inc., as Guarantor, Green Plains Finance Company LLC, Green Plains Grain Company LLC and Green Plains Trade Group LLC as the Borrowers, ING Capital LLC, as Agent and the other financial institutions party thereto (The exhibits and schedules to Exhibit A have been omitted. The Company will furnish such schedules to the SEC upon request.)
10.8 | First Supplemental Indenture, dated May 7, 2025, related to Note Purchase Agreement dated February 9, 2021, by Green Plains SPE LLC, as Issuer, Green Plains Inc., as Guarantor and Wilmington Trust, National Association, as Trustee
10.9 | G uarante e Agreement, dated as of May 7, 2025, between G reen Plains SPE LLC, as Issuer, G reen P la in s I nc., as Guarantor, each of the entities listed on Exhibit A as Additional Guarantors, and W ilmi ngton T rust, N ational A ssociation, as T rustee, under the Indenture, dated as of February 9, 2021, as amended by Amendment No. 1 dated May 13, 2022 and as supplemented by the first supplemental indenture, dated May 7, 2025
10.10(a) | Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and BlackRock Global Allocation Fund, Inc.
10.10(b) | Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and BlackRock Global Allocation Collective Fund
10.10(c) | Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and BlackRock Total Return Bond Fund
10.10(d) | Second Amended and Restated Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Strategic Income Opportunities Bond Fund
10.11 | Secured Line of Credit Agreement, dated May 7, 2025 by Green Plains Inc., as Borrower, Green Plains Central City LLC, as Guarantor and Ancora Alternatives LLC, as Lender
10.12(a) | Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Catalyst Institutional, LP
10.12(b) | Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Catalyst, LP
10.12(c) | Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Merlin Institutional, LP
10.12(d) | Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Merlin, LP
10.12(e) | Warrant Agreement to Purchase Common Stock of Green Plains Inc., dated May 7, 2025, by and between Green Plains Inc. and Ancora Bellator Fund, LP
31.1 | Certification of Chief Executive Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
31.2 | Certification of Chief Financial Officer pursuant to Rule 13a-14(a) and Section 302 of the Sarbanes-Oxley Act of 2002
32.1 | Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2 | Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101 | The following information from Green Plains Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Loss, (iv) Consolidated Statements of Cash Flows, and (v) the Notes to Consolidated Financial Statements
104 | The cover page from Green Plains Inc.’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2025, formatted in iXBRL.
| *Represents management compensatory contract
| **Certain provisions and terms of the exhibit have been redacted in accordance with Item 601(b)(2)(ii) of Regulation S-K because the Company customarily and actually treats that information as private or confidential, and the omitted information is not material. The Company will supplementally provide an unredacted copy of this exhibit to the SEC upon request.

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

| GREEN PLAINS INC. |
| (Registrant) |
Date: May 8, 2025 | By: | /s/ Michelle S. Mapes |
|  | Michelle S. Mapes |
|  | Interim Principal Executive Officer, Chief Legal and Administration Officer and Corporate Secretary |
|  | (Principal Executive Officer) |
Date: May 8, 2025 | By: | /s/ Philip B. Boggs |
|  | Philip B. Boggs |
|  | Chief Financial Officer |
|  | (Principal Financial Officer) |

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