# EDGAR Filing Document

**Accession Number:** 0001309402
**File Stem:** 0001309402-25-000126
**Filing Date:** 2025-8
**Character Count:** 36786
**Document Hash:** df730f3a91a6ff51bcebb9434389e037
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001309402-25-000126.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001309402-25-000126

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Green Plains Inc.
- **CENTRAL INDEX KEY:** 0001309402
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL ORGANIC CHEMICALS [2860]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 841652107
- **STATE OF INCORPORATION:** IA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-32924
- **FILM NUMBER:** 251200079

**BUSINESS ADDRESS:**
- **STREET 1:** 1811 AKSARBEN DRIVE
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68106
- **BUSINESS PHONE:** 402-884-8700

**MAIL ADDRESS:**
- **STREET 1:** 1811 AKSARBEN DRIVE
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Green Plains Renewable Energy, Inc.
- **DATE OF NAME CHANGE:** 20100106

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GREEN PLAINS RENEWABLE ENERGY, INC.
- **DATE OF NAME CHANGE:** 20060314

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Green Plains Renewable Energy, Inc.
- **DATE OF NAME CHANGE:** 20041123

?xml version='1.0' encoding='ASCII'? gpre-20250811

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

_________________

**FORM 8-K**

_________________

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): August 11, 2025**

_______________________________

**GREEN PLAINS INC.**

(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Iowa** | **001-32924** | **84-1652107** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

**1811 Aksarben Drive**

**Omaha, Nebraska 68106**

(Address of Principal Executive Offices) (Zip Code)

**(402) 884-8700**

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

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

---

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

---

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

Green Plains Inc. issued a press release announcing its financial results for the three and six months ended June 30, 2025. A copy of this press release is attached as Exhibit 99.1.

The information in this current report on Form 8-K, including Exhibit 99.1, is "furnished," not "filed," for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not subject to liability of that section nor deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, before or after this date and regardless of any general incorporation language in the filing, unless explicitly incorporated by reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits. The following exhibits are filed as part of this report.

---

| | |
|:---|:---|
| **Exhibit No.** | **Description of Exhibit** |
| <u>[99.1](gpre-q22025earningsrelease.htm)</u> | <u>[Press Release, dated August](gpre-q22025earningsrelease.htm)[11](gpre-q22025earningsrelease.htm)[, 202](gpre-q22025earningsrelease.htm)[5](gpre-q22025earningsrelease.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURE**

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.** | **Green Plains Inc.** |
| Date: August 11, 2025 | By: | */s/* Philip B. Boggs |
|  |  | Philip B. Boggs |
|  |  | Chief Financial Officer<br>(Principal Financial Officer) |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![imagea.jpg](imagea.jpg) | **Exhibit 99.1**<br>***FOR IMMEDIATE RELEASE*** |

---

**Green Plains Reports Second Quarter 2025 Financial Results**

**<u>Results for the Second Quarter of 2025 and Future Outlook:</u>**

• EPS of $(1.09) per diluted share, inclusive of non-cash charges of $44.9 million, compared to $(0.38) per diluted share, for the same period in the prior year

• Carbon capture infrastructure equipment delivered and construction progressing, keeping the project on track for start-up early in the fourth quarter of 2025

• Decarbonization strategy anticipated to exceed prior guidance with additional opportunities available

• Delivered benefits from the transition of ethanol marketing to Eco-Energy, LLC including greater than $50 million improvement in working capital, delivering scale, optimizing value and improving supply chain efficiencies

• Achieved strong utilization in the quarter from the nine operating ethanol plants of 99%

• Extended the maturity on its $127.5 million Mezzanine notes

• Executing disciplined risk management strategy to lock in favorable margins and positive cash flow for the third quarter

**OMAHA, Neb., Aug 11, 2025 (BUSINESS WIRE)** - Green Plains Inc. (NASDAQ:GPRE) ("Green Plains" or the "company") today announced financial results for the second quarter of 2025. Net loss attributable to the company was $72.2 million, or $(1.09) per diluted share, compared to net loss attributable to the company of $24.4 million, or ($0.38) per diluted share, for the same period in 2024. The results for the quarter include $44.9 million in non-cash charges primarily related to the sale of non-core assets and an equity method investment, as well as impairments of equipment and assets held for sale. The company also incurred $2.5 million in restructuring costs related to its ongoing transformation initiatives. Revenues were $552.8 million for the second quarter of 2025 compared with $618.8 million for the same period last year. Adjusted EBITDA was $16.4 million compared with $5.0 million for the same period in the prior year.

"We executed several key initiatives this quarter to sustain reliable, safe operations, improve efficiencies and enhance our operating performance by rigorous management of our most critical metrics," said Michelle Mapes, Interim Principal Executive Officer. "By exiting non-core assets and activities and focusing on our platform, we've streamlined the business and sharpened execution. Our team delivered strong results with 99% utilization across the operating platform, demonstrating the success of the structural improvements made available by our operational excellence initiatives. With the cost reductions implemented during the first half of the year, we are on pace to exceed the $50 million in annualized savings target. This new expense base positions us to exit the year — and enter 2026 — as a leaner, more agile company. Our improved cost efficiency enables stronger earnings leverage from higher ethanol margins, firming corn oil prices, growing export demand, and a constructive corn crop outlook. With construction of our carbon capture project nearing completion, we're well positioned to drive more dollars to the bottom line in the second half and beyond."

"Recent favorable federal government policy decisions have reinforced our strategy to produce low-CI feedstocks and fuels," added Mapes. "Demand for our low-CI corn oil, a preferred feedstock into renewable diesel, remains strong. Construction of the carbon compression infrastructure at our Nebraska facilities is progressing on schedule and we remain on track to begin carbon sequestration early in the fourth quarter. The extension of the 45Z Clean Fuel Production Credit through 2029, the removal of the indirect land use change penalty, and the ring fencing of North American feedstocks provides critical policy support and long-term validation of our carbon reduction strategy, upgrading the consistent earnings power of our platform."

"We took meaningful steps during the quarter to improve our financial position, including reducing working capital investments with our Eco-Energy marketing arrangement, monetizing non-core assets, lowering expenses, and finalizing financing agreements to align with our strategic goals," added Phil Boggs, Chief Financial Officer. "Extending the maturity of our near-term debt enhances flexibility as we work toward the execution of our decarbonization initiatives. We remain focused on operating safely, driving efficiency, managing costs, and strengthening our balance sheet to position the company for sustained financial performance."

**<u>Highlights and Recent Developments</u>** 

• Completed the sale of our 50% investment in GP Turnkey Tharaldson LLC as of June 30, 2025, for $25 million

• On August 10, 2025, the company executed an amendment to extend the maturity of its $127.5 million Mezzanine note facility to September 15, 2026

**Results of Operations**

Green Plains' ethanol production segment sold 193.6 million gallons of ethanol during the second quarter of 2025, compared with 208.5 million gallons for the same period in 2024. The consolidated ethanol crush margin was $26.3 million for the second quarter of 2025 inclusive of the sale of accumulated RINs of $22.6 million, compared with ethanol crush margin of $22.7 million for the

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same period in 2024. The consolidated ethanol crush margin is the ethanol production segment's operating income, which includes renewable corn oil and Ultra-High Protein, before depreciation and amortization, and impairment of assets held for sale, plus marketing and agribusiness fees, nonrecurring decommissioning costs, and nonethanol operating activities.

Consolidated revenues decreased $66.0 million for the three months ended June 30, 2025, compared with the same period in 2024, primarily driven by our agribusiness and energy services segment as a result of the company ceasing a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC.

Net loss attributable to Green Plains increased $47.9 million primarily due to a loss on sale of assets and equity method investment of $31.0 million and an impairment of assets held for sale of $10.7 million. Adjusted EBITDA increased $11.4 million for the three months ended June 30, 2025 compared with the same period last year due to a change in operating strategy and the sale of accumulated RINs partially offset by weaker margins in our ethanol production segment. Interest expense increased $6.4 million for the three months ended June 30, 2025 compared with the same period in 2024 primarily due to amortization of loan fees related to the issuance and modification of warrants in conjunction with access to a short-term line of credit and an amendment on our Junior Notes as well as decreased capitalized interest. Income tax expense was $2.3 million for the three months ended June 30, 2025 compared with income tax benefit of $0.3 million for the same period in 2024, primarily due to an increase in the valuation allowance recorded against certain deferred tax assets related to gains (losses) on derivatives.

**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.

------

**GREEN PLAINS INC.**

**SEGMENT OPERATIONS**

(unaudited, in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **% Var.** | **2025** | **2024** | **% Var.** |
| Revenues |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethanol production | $527153 | $525443 | 0.3% | $1024925 | $1031102 | (0.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness and energy services | 31531 | 100949 | (68.8) | 141360 | 199945 | (29.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Intersegment eliminations | (5855) | (7567) | (22.6) | (11941) | (15008) | (20.4) |
|  | $552829 | $618825 | (10.7)% | $1154344 | $1216039 | (5.1)% |
| Gross margin |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2)</sup> | $33490 | $30390 | 10.2% | $27798 | $27747 | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness and energy services | 8080 | 7433 | 8.7 | 16811 | 18443 | (8.8) |
|  | $41570 | $37823 | 9.9% | $44609 | $46190 | (3.4)% |
| Depreciation and amortization |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethanol production | $22918 | $20544 | 11.6% | $43953 | $41078 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness and energy services <sup>(3)</sup> | 3860 | 497 | \* | 4458 | 1002 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate activities | 782 | 543 | 44.0 | 1536 | 991 | 55.0 |
|  | $27560 | $21584 | 27.7% | $49947 | $43071 | 16.0% |
| Operating income (loss) |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2) (4)</sup> | $(12218) | $(2213) | \* | $(51768) | $(35866) | 44.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness and energy services <sup>(3)</sup> | 849 | 2166 | (60.8) | 3282 | 8170 | (59.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate activities <sup>(5) (6)</sup> | (16994) | (17664) | (3.8) | (42137) | (34904) | 20.7 |
|  | $(28363) | $(17711) | 60.1% | $(90623) | $(62600) | 44.8% |
| Adjusted EBITDA |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Ethanol production <sup>(1) (2) (4)</sup> | $8992 | $17952 | (49.9)% | $(10424) | $4331 | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Agribusiness and energy services | 5028 | 3045 | 65.1 | 8184 | 10101 | (19.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate activities <sup>(7)</sup> | (42903) | (16230) | 164.3 | (68149) | (31185) | 118.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (28883) | 4767 | \* | (70389) | (16753) | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 2520 |  | \* | 19106 |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  | \* | 4044 |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  | \* | 10724 |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of equity method investment | 26987 |  | \* | 26987 |  | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;Proportional share of EBITDA adjustments to equity method investees | 1050 | 271 | \* | 1828 | 316 | \* |
|  | $16442 | $5038 | \* | $(7700) | $(16437) | (53.2)% |

---

(1) Ethanol production includes an inventory lower of cost or net realizable value adjustment of $2.3 million for the three and six months ended June 30, 2025.

(2) Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the three and six months ended June 30, 2025.

(3) Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the three and six months ended June 30, 2025.

(4) Ethanol production includes impairment of assets held for sale of $10.7 million for the three and six months ended June 30, 2025.

(5) Corporate activities includes $1.7 million and $12.0 million of restructuring costs for the three and six months ended June 30, 2025 as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

(6) Corporate activities include a pretax loss on sale of assets of $4.0 million for the three and six months ended June 30, 2025.

(7) Corporate activities include a pretax loss on sale of assets of $4.0 million and a pretax loss on sale of equity method investment for $27.0 million for the three and six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Percentage variances not considered meaningful

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**GREEN PLAINS INC.**

**SELECTED OPERATING DATA**

(unaudited, in thousands)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **% Var.** | **2025** | **2024** | **% Var.** |
| Ethanol production |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol (gallons) | 193571 | 208483 | (7.2)% | 388899 | 416387 | (6.6)% |
| &nbsp;&nbsp;&nbsp;Distillers grains (equivalent dried tons) | 413 | 463 | (10.8) | 830 | 932 | (10.9) |
| &nbsp;&nbsp;&nbsp;Ultra-High Protein (tons) | 66 | 65 | 1.5 | 134 | 125 | 7.2 |
| &nbsp;&nbsp;&nbsp;Renewable corn oil (pounds) | 65231 | 73630 | (11.4) | 129494 | 140351 | (7.7) |
| &nbsp;&nbsp;&nbsp;Corn consumed (bushels) | 65312 | 71819 | (9.1) | 131576 | 143093 | (8.0) |
| Agribusiness and energy services <sup>(1)</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ethanol (gallons) | 225703 | 261461 | (13.7) | 481424 | 518732 | (7.2) |

---

(1) Includes gallons from the ethanol production segment.

**GREEN PLAINS INC.**

**CONSOLIDATED CRUSH MARGIN**

(unaudited, in thousands)

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Ethanol production operating loss <sup>(1)</sup> | $(12218) | $(2213) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | 22918 | 20544 |
| &nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted ethanol production operating income | 21424 | 18331 |
| &nbsp;&nbsp;&nbsp;Intercompany fees and nonethanol operating activities, net <sup>(2)</sup> | 4862 | 4327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consolidated ethanol crush margin | $26286 | $22658 |

---

(1) Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million and an inventory lower of cost or net realizable value adjustment of $2.3 million for the three months ended June 30, 2025.

(2) Includes ($1.0) million and $1.9 million for the three months ended June 30, 2025 and 2024, respectively, for certain nonrecurring decommissioning costs and nonethanol operating activities.

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**Liquidity and Capital Resources**

As of June 30, 2025, Green Plains had $152.7 million in total cash and cash equivalents, and restricted cash, and $258.5 million available under our committed revolving credit agreement, subject to restrictions or other lending conditions based specifically on the availability of sufficient eligible collateral to support additional borrowings, in addition to $30.0 million available under our line of credit with Ancora, which expired on July 30, 2025. Total corporate liquidity consisting of unrestricted cash, distributable cash from subsidiaries and Ancora credit facility availability was $93.3 million as of June 30, 2025. Total debt outstanding at June 30, 2025 was $508.2 million, including $80.1 million outstanding debt under working capital revolvers and other short-term borrowing arrangements.

**Conference Call Information**

On August 11, 2025, Green Plains Inc. will host a conference call at 9 a.m. Eastern time (8 a.m. Central time) to discuss second quarter 2025 operating results. Domestic and international participants can access the conference call by dialing 888.210.4215 and 646.960.0269, respectively, and referencing conference ID 5027523. Participants are advised to call at least 10 minutes prior to the start time. Alternatively, the conference call and presentation will be accessible on Green Plains' website https://investor.gpreinc.com/events-and-presentations.

**Non-GAAP Financial Measures**

Management uses EBITDA, adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins to measure the company's financial performance and to internally manage its businesses. EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the change in right-of-use assets and debt issuance costs. Adjusted EBITDA includes adjustments related to restructuring costs, loss on sale of assets, impairment of assets held for sale and equity method investment and our proportional share of EBITDA adjustments of our equity method investees. Management believes these measures provide useful information to investors for comparison with peer and other companies. These measures should not be considered alternatives to net income or segment operating income, which are determined in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). These non-GAAP calculations may vary from company to company. Accordingly, the company's computation of adjusted EBITDA, segment EBITDA and consolidated ethanol crush margins may not be comparable with similarly titled measures of another company.

**About Green Plains Inc.**

Green Plains Inc. (NASDAQ:GPRE) is a leading biorefining company focused on the development and utilization of fermentation, agricultural and biological technologies in the processing of annually renewable crops into sustainable value-added ingredients. This includes the production of cleaner low carbon biofuels and renewable feedstocks for advanced biofuels. Green Plains is an innovative producer of Sequence™ and novel ingredients for animal and aquaculture diets to help satisfy a growing global appetite for sustainable protein. For more information, visit www.gpreinc.com.

**Forward-Looking Statements**

All statements in this press release (and oral statements made regarding the subjects of this communication), including those that express a belief, expectation or intention, may be considered forward-looking statements (as defined in Section 21E of the Securities Exchange Act, as amended, and Section 27A of the Securities Act of 1933, as amended) that involve risks and uncertainties that could cause actual results to differ materially from projected results. Without limiting the generality of the foregoing, forward-looking statements contained in this communication include statements relying on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the company, which could cause actual results to differ materially from such statements. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The forward-looking statements may include, but are not limited to the expected future growth, dividends and distributions; and plans and objectives of management for future operations. Forward-looking statements may be identified by words such as "believe," "intend," "expect," "may," "should," "will," "anticipate," "could," "estimate," "plan," "predict," "project" and variations of these words or similar expressions (or the negative versions of such words or expressions). While the company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business. Among the factors that could cause results to differ materially from those indicated by such forward-looking statements are: 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, such as the COVID-19 outbreak; 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; the financial condition of the company's customers; any non-performance by customers of their contractual obligations; changes in safety, health, environmental and other

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governmental policy and regulation, including changes to tax laws such as the One Big Beautiful Bill Act; 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; and the performance of the company.

The foregoing list of factors is not exhaustive. The forward-looking statements in this press release speak only as of the date they are made and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, except as required by securities and other applicable laws. We have based these forward-looking statements on our current expectations and assumptions about future events. While the company's management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond the company's control. These risks, contingencies and uncertainties relate to, among other matters, the risks and uncertainties set forth in the "Risk Factors" section of the company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission (the "SEC"), and any subsequent reports filed by the company with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

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**GREEN PLAINS INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

(in thousands)

---

| | | |
|:---|:---|:---|
| | **June 30,<br>2025** | **December 31,<br>2024** |
| | (unaudited) | |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $108624 | $173041 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 44096 | 36354 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 78473 | 94901 |
| &nbsp;&nbsp;&nbsp;Inventories | 156411 | 227444 |
| &nbsp;&nbsp;&nbsp;Other current assets | 48602 | 37292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 436206 | 569032 |
| Property and equipment, net | 1066983 | 1042460 |
| Operating lease right-of-use assets | 63235 | 72161 |
| Other assets | 46092 | 98521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1612516 | $1782174 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** | **LIABILITIES AND STOCKHOLDERS' EQUITY** |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $98836 | $154817 |
| &nbsp;&nbsp;&nbsp;Accrued and other liabilities | 44412 | 53712 |
| &nbsp;&nbsp;&nbsp;Derivative financial instruments | 11312 | 9500 |
| &nbsp;&nbsp;&nbsp;Operating lease current liabilities | 23101 | 24711 |
| &nbsp;&nbsp;&nbsp;Product financing arrangement | 37146 |  |
| &nbsp;&nbsp;&nbsp;Short-term notes payable and other borrowings | 80064 | 140829 |
| &nbsp;&nbsp;&nbsp;Current maturities of long-term debt | 2125 | 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 296996 | 385687 |
| Long-term debt | 426002 | 432460 |
| Operating lease long-term liabilities | 41872 | 49190 |
| Carbon equipment liabilities | 82008 | 17918 |
| Other liabilities | 25206 | 22382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 872084 | 907637 |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Green Plains stockholders' equity | 735180 | 865215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncontrolling interests | 5252 | 9322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 740432 | 874537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $1612516 | $1782174 |

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**GREEN PLAINS INC.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

(unaudited, in thousands except per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenues | $552829 | $618825 | $1154344 | $1216039 |
| Costs and expenses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold (excluding depreciation and amortization expenses reflected below) | 511259 | 581002 | 1109735 | 1169849 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 27605 | 33950 | 70517 | 65719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  | 4044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expenses | 27560 | 21584 | 49947 | 43071 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  | 10724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total costs and expenses | 581192 | 636536 | 1244967 | 1278639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss | (28363) | (17711) | (90623) | (62600) |
| Other income (expense) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 634 | 1490 | 1637 | 4000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (13899) | (7494) | (22812) | (15280) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (39) | 345 | (1554) | 794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income (expense) | (13304) | (5659) | (22729) | (10486) |
| Loss before income taxes and loss from equity method investees | (41667) | (23370) | (113352) | (73086) |
| Income tax benefit (expense) | (2294) | 273 | (2400) | (56) |
| Loss from equity method investees, net of income taxes | (28266) | (941) | (29116) | (2018) |
| Net loss | (72227) | (24038) | (144868) | (75160) |
| Net income attributable to noncontrolling interests | 11 | 312 | 276 | 602 |
| Net loss attributable to Green Plains | $(72238) | $(24350) | $(145144) | $(75762) |
| Earnings per share |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to Green Plains - basic and diluted | $(1.09) | $(0.38) | $(2.22) | $(1.19) |
| Weighted average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted | 66491 | 63933 | 65287 | 63637 |

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**GREEN PLAINS INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

(unaudited, in thousands)

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| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| Cash flows from operating activities |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(144868) | $(75160) |
| &nbsp;&nbsp;&nbsp;Noncash operating adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 49947 | 43071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory lower of cost or net realizable value adjustment | 2255 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 11123 | 6591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from equity method investees, net of income taxes | 29116 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 8830 | 2627 |
| &nbsp;&nbsp;&nbsp;Net change in working capital | 32583 | (44864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 3754 | (65717) |
| Cash flows from investing activities |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment, net | (27853) | (39484) |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of assets | 421 |  |
| &nbsp;&nbsp;&nbsp;Investment in equity method investees, net | (4909) | (16023) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (32341) | (55507) |
| Cash flows from financing activities |  |  |
| &nbsp;&nbsp;&nbsp;Net payments - long term debt | (962) | (7849) |
| &nbsp;&nbsp;&nbsp;Net proceeds (payments) - short-term borrowings | (60962) | 18199 |
| &nbsp;&nbsp;&nbsp;Net proceeds from product financing arrangement | 37146 |  |
| &nbsp;&nbsp;&nbsp;Payments on extinguishment of non-controlling interest |  | (29196) |
| &nbsp;&nbsp;&nbsp;Payments of transaction costs |  | (5951) |
| &nbsp;&nbsp;&nbsp;Other | (3310) | (7647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (28088) | (32444) |
| Net change in cash and cash equivalents, and restricted cash | (56675) | (153668) |
| Cash and cash equivalents, and restricted cash, beginning of period | 209395 | 378762 |
| Cash and cash equivalents, and restricted cash, end of period | $152720 | $225094 |
| Reconciliation of total cash and cash equivalents, and restricted cash |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $108624 | $195554 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 44096 | 29540 |
| Total cash and cash equivalents, and restricted cash | $152720 | $225094 |

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**GREEN PLAINS INC.**

**RECONCILIATIONS TO NON-GAAP FINANCIAL MEASURES**

(unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(72227) | $(24038) | $(144868) | $(75160) |
| &nbsp;&nbsp;&nbsp;Interest expense | 13899 | 7494 | 22812 | 15280 |
| &nbsp;&nbsp;&nbsp;Income tax expense (benefit), net of equity method income tax benefit | 1885 | (273) | 1720 | 56 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization <sup>(1)</sup> | 27560 | 21584 | 49947 | 43071 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (28883) | 4767 | (70389) | (16753) |
| &nbsp;&nbsp;&nbsp;Restructuring costs | 2520 |  | 19106 |  |
| &nbsp;&nbsp;&nbsp;Loss on sale of assets | 4044 |  | 4044 |  |
| &nbsp;&nbsp;&nbsp;Impairment of assets held for sale | 10724 |  | 10724 |  |
| &nbsp;&nbsp;&nbsp;Loss on sale of equity method investment | 26987 |  | 26987 |  |
| &nbsp;&nbsp;&nbsp;Proportional share of EBITDA adjustments to equity method investees | 1050 | 271 | 1828 | 316 |
| Adjusted EBITDA | $16442 | $5038 | $(7700) | $(16437) |

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(1) Excludes amortization of operating lease right-of-use assets and amortization of debt issuance costs.

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|:---|
| **Green Plains Inc. Contact** |
| Investor Relations \| 402.884.8700 \| investor@gpreinc.com |

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