Company: SDSYA
Filing Date: 2025-05-09
Form Type: 10-Q
Source: 0001163609-25-000017
Chunk: 30

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-05-09
Form: 10-Q
Item: Part I, Item 2
Chunk 30
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 global tariffs may temper future progress. Nonetheless, we are well positioned to capitalize on market opportunities, supported by an ample supply of soybeans from last year’s crop. This robust supply base enhances our operational flexibility and strengthens our export competitiveness in a dynamic global environment.

On the operational front, the High Plains Processing plant near Mitchell, South Dakota—co-owned through our subsidiaries—is progressing well. Construction remains on schedule and equipment deliveries are nearly complete. Barring any significant weather-related disruptions or construction delays, we expect the plant to begin operations in the fall of 2025.

17

RESULTS OF OPERATIONS

Comparison of the Three Months Ended March 31, 2025 and 2024

Three Months Ended March 31, 2025Three Months Ended March 31, 2024$% of Revenue$% of RevenueRevenue$117,913,309 100.0 $148,260,904 100.0 Cost of revenues(112,007,005)(95.0)(140,924,855)(95.1)Gross profit5,906,304 5.0 7,336,049 4.9 Operating expenses(1,724,966)(1.5)(1,634,373)(1.1)Interest expense(1,150,926)(1.0)(1,453,991)(1.0)Other non-operating income (expense)1,059,984 0.9 1,831,300 1.2 Net income4,090,396 3.5 6,078,985 4.1 Net income (loss) attributable to non-controlling interests in consolidated entities(282,677)(0.2)604,531 0.4 Net income attributable to Company$4,373,073 3.7 $5,474,454 3.7 

Revenue – Revenue decreased by $30.3 million, or 20.5%, for the three months ended March 31, 2025, compared to the same period in 2024 due to decreases in the average sales price of soybean products. The average price of soybean oil decreased 21.4% during the three months ended March 31, 2025, compared to the same period in 2024, due to a decrease in demand from the energy sector as refining margins for biodiesel and renewable diesel producers came under pressure from overproduction, which led to production slowdown