Key Takeaways
- Q1 2025 net loss attributable to Green Plains Inc. was $72.9 million, or ($1.14) per diluted share.
- Green Plains Revenues slightly increased to $601.5 million, up from $597.2 million in Q1 2024.
- Adjusted EBITDA stood at ($24.2) million, compared to ($21.5) million the previous year.
- Green Plains secured new financing, including a $30 million credit facility with Ancora Holdings.
- Construction of the “Advantage Nebraska” carbon reduction project is underway.
Green Plains Leadership Commentary
Michelle Mapes, Chief Legal and Administration Officer and Interim Principal Executive Officer, emphasized continued focus on cost efficiency and strategic execution: “We’ve achieved approximately $45 million in annualized cost savings and are on track to reach our $50 million target. Construction of our carbon strategy is progressing on schedule, and we remain committed to creating long-term shareholder value.”
Phil Boggs, Chief Financial Officer, added: “With cost reduction initiatives ahead of plan and a disciplined hedging strategy in place, we are positioned to deliver positive EBITDA for the remainder of the year, contingent on current market conditions.”
Operational and Financial Highlights For Green Plains
Revenue and Earnings Performance
- Revenue: $601.5 million, up 0.7% year-over-year.
- Net Loss: $72.9 million vs. $51.4 million in Q1 2024.
- Adjusted EBITDA: ($24.2) million vs. ($21.5) million in Q1 2024.
- Interest Expense: Increased by $1.1 million due to lower capitalized interest.
- Restructuring Costs: $16.6 million recognized in Q1 2025.
Segment Breakdown
Ethanol Production
- Gallons Sold: 195.3 million, down 6.0% YoY.
- Operating Loss: $39.6 million vs. $33.7 million in Q1 2024.
- Crush Margin: ($14.7) million vs. ($9.3) million in Q1 2024.
Agribusiness and Energy Services
- Revenues: $109.8 million, up 10.9%.
- Operating Income: $1.5 million, down from $6.0 million in Q1 2024.
Corporate Activities
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Operating Loss: $24.2 million, up from $17.2 million.
Green Plains Strategic and Financial Updates
Board and Governance
- Cooperation agreement signed with Ancora Holdings Group on April 15, 2025.
- Three new independent board members appointed to enhance governance.
Financing and Liquidity
- $125 million mezzanine note facility extended to May 2026.
- $30 million secured revolving credit facility established with Ancora Holdings.
- Liquidity improved to $89.2 million as of May 7, 2025, up from $48.6 million at quarter-end.
- Total debt as of March 31, 2025: $571.8 million.
Carbon Strategy Progress
- Construction of the Advantage Nebraska carbon reduction initiative is underway.
- Targeting a Q4 2025 startup.
- Approximately $30 million in annualized savings already embedded in SG&A.
Green Plains Production and Input Metrics
| Product | Q1 2025 | Q1 2024 | % Change |
|---|---|---|---|
| Ethanol (gallons) | 195.3 million | 207.9 million | -6.0% |
| Distillers grains (tons) | 417,000 | 469,000 | -11.1% |
| Ultra-High Protein (tons) | 68,000 | 60,000 | +13.3% |
| Renewable corn oil (lbs) | 64.3 million | 66.7 million | -3.7% |
| Corn consumed (bushels) | 66.3 million | 71.3 million | -7.0% |
Green Plains Forward Outlook
Green Plains Inc. is focused on returning to profitability by continuing its cost-saving initiatives, advancing its carbon strategy, and enhancing liquidity. With a reset cost base and additional board oversight, management expects EBITDA to turn positive for the remainder of 2025.
Read the complete financial results here.
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