Company: SDSYA
Filing Date: 2025-08-08
Form Type: 10-Q
Source: 0001163609-25-000023
Chunk: 23

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-08-08
Form: 10-Q
Item: Part I, Item 8
Chunk 23
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bean meal supply.

Operating Expenses – Administrative expenses, including all selling, general and administrative expenses, increased by $0.2 million for the three months ended June 30, 2025, compared to the same period in 2024. The increase was primarily due to higher administrative costs related to our new High Plains Processing facility. Expenses increased due to increased in administrative costs resulting from getting closer to the facility's start up in October 2025.

Interest Expense – Interest expense decreased by $692,000, or 36.1%, during the three months ended June 30, 2025, compared to the same period in 2024. The decrease in interest expense was principally due to a decrease in borrowings from our credit facilities (excluding loans by our subsidiary, High Plains Processing), with an average debt level of $61.3 million during the three months ended June 30, 2025, compared to $90.3 million during the same period in 2024. Additionally, approximately $2.3 million in interest costs related to the construction of the High Plains Processing facility were capitalized during the six months ended June 30, 2025, compared to $0 in the same period of 2024.

Other Non-Operating Income – Other non-operating income (expense), including patronage dividend income, decreased $1.3 million during the three months ended June 30, 2025, compared to the same period in 2024. The decline was primarily driven by an approximate $1.3 million decrease in interest income earned on investment proceeds held by our subsidiaries in connection with the equity financing of the High Plains Processing plant.

Net Income/Loss – During the three-month period ended June 30, 2025, we generated a net loss attributed to the Company of $1.0 million compared to a net income of $6.0 million for the same period in 2024. The $7.0 million decrease was primarily attributable to decreased gross margins and interest income.

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Comparison of the Six Months Ended June 30, 2025 and 2024

 Six Months Ended June 30, 2025Six Months Ended June 30, 2024 $% of Revenue$% of RevenueRevenue$228,554,043 100.0 $297,977,739 100.0 Cost of revenues(222,374,364)(97.3)(282,080,346)(94.7)G