Green Plains (GPRE) Company Report

Green Plains is undergoing a multi-year operational and financial transformation, focusing on operational excellence, continuous improvement, and becoming a low-cost, low-carbon intensity biofuel producer.
The company recorded $26.5 million in 45Z tax credits year-to-date (Q1-Q3) from its Advantage Nebraska facilities, with an additional $15 million-$25 million expected in Q4. All non-Nebraska plants are expected to qualify for 45Z starting January 1.
Green Plains recently refinanced a portion of its 2027 convertible debt into 2030 notes, including a $30 million cash raise, resulting in approximately 6% net dilution. A carbon capture project costing $130 million will add to debt, bringing the total company debt to around $500 million.
Operational efficiency improvements led to 101% utilization in the quarter, and the company guides to a full company SG&A run rate in the low $90 million range.
Capital allocation priorities include maintaining asset health with $15 million-$25 million in annual maintenance CapEx, further reducing carbon intensity scores, and evaluating shareholder returns.

7 days ago

Transcript

Green Plains Discusses Operational Strategy, Financials, and Carbon Capture Progress

GPRE

Debt Issuance

New Projects/Investments

Guidance Update

Green Plains recorded $26.5 million in 45Z tax credits year-to-date in Q3 and anticipates an additional $15 million-$25 million in Q4, driven by efficient plant operations and renewable energy credits.
The company refinanced a portion of its 2027 convertible debt into 2030 notes, resulting in approximately 6% net dilution after a $30 million share buyback, to provide financial runway.
Operational improvements led to 101% capacity utilization in the quarter, and the company expects to update baseline capacity figures soon.
The total carbon capture project cost is approximately $130 million, with $117 million converting to debt financed at roughly 9% over 12 years, increasing total company debt to about $500 million.
Annual maintenance capital expenditure is projected to be between $15 million and $25 million, with Q3 CapEx at $4 million and Q4 expected between $5 million and $10 million.

7 days ago

Transcript

Green Plains Provides Update on Strategy, Financials, and Operations

GPRE

Debt Issuance

New Projects/Investments

Guidance Update

Green Plains recorded $26.5 million in 45Z tax credits year-to-date through Q3 2025 and expects an additional $15 million-$25 million in Q4 2025, with all non-Nebraska plants anticipated to qualify for 45Z starting January 1, 2026.
The company refinanced a portion of its 2027 convertible debt into 2030 notes, raised $30 million in cash, and bought back $30 million worth of shares to buffer dilution, resulting in a net dilution of approximately 6%.
Operational improvements led to 101% capacity utilization in the quarter, driven by fermentation enhancements and reduced downtime, with plans to update baseline capacity figures.
Management anticipates strong ethanol export demand, projected to exceed 2 billion gallons this year and grow by a couple hundred million gallons in 2026, primarily from Canada, the EU, the U.K., and India.
Future capital priorities include annual maintenance CapEx of $15 million-$25 million, further reducing Carbon Intensity (CI) scores, and evaluating shareholder returns such as stock buybacks or debt reduction.

7 days ago

Transcript

Green Plains Reports Q3 2025 Results, Highlights Debt Reduction and Carbon Capture Progress

GPRE

Earnings

Debt Issuance

New Projects/Investments

Green Plains reported Q3 2025 adjusted EBITDA of $52.6 million and net income of $11.9 million ($0.17 per share), with revenue at $508.5 million.
The company significantly restructured its balance sheet, repaying approximately $130 million of high-cost debt and refinancing most of its 2027 convertible debt with a new $200 million facility due in 2030, reducing total debt by over $220 million from year-end 2024 to $353 million.
Operationally, Green Plains achieved over 101% capacity utilization across its plant network and commissioned carbon capture systems at all three Nebraska locations (York, Wood River, and Central City), with York fully operational.
Green Plains recognized $25 million in 45Z Clean Fuel Production Tax Credit value in Q3 2025, anticipates an additional $15-$25 million in Q4, and projects a combined $188 million carbon-related earnings power for the full year 2026.
Looking ahead, the company expects recurring interest costs to fall to $30 million-$35 million for the next 12 months and consolidated SG&A run rate to be in the low $90 million range, a significant improvement from $118 million in 2024.

Nov 5, 2025, 2:00 PM

Transcript

GPRE Reports Q3 2025 Results with $11.9 Million Net Income and Strategic Operational Updates

GPRE

Earnings

Debt Issuance

M&A

Green Plains (GPRE) reported net income attributable to Green Plains of $11.9 million, or $0.17 per diluted share, and Adjusted EBITDA of $52.6 million for the third quarter ended September 30, 2025.
The company achieved a consolidated ethanol crush margin of $59.6 million for Q3 2025, which included $26.5 million from 45Z production tax credits.
Operational highlights for the quarter include 197.3 million gallons of ethanol production and the startup and full operation of carbon capture at its York, Nebraska facility, with Central City and Wood River, Nebraska systems also online and ramping up capture volumes.
Strategic financial activities included the completion of the Obion, Tennessee plant sale, with proceeds used to fully repay $130.7 million in junior mezzanine debt, and the successful completion of $200 million in privately negotiated convertible note exchange and subscription transactions on October 27, 2025.

Nov 5, 2025, 2:00 PM

Presentation

Green Plains Inc. Reports Q3 2025 Financial Results

GPRE

Earnings

Debt Issuance

New Projects/Investments

Green Plains Inc. reported net income attributable to the company of $11.9 million, or $0.17 per diluted share, for the third quarter of 2025, compared to $48.2 million, or $0.69 per diluted share, for the same period in 2024, with the reduction primarily driven by $35.7 million of non-recurring interest expense.
Adjusted EBITDA for Q3 2025 was $52.6 million, a slight decrease from $53.3 million in Q3 2024, and included $25.0 million in 45Z production tax credit value.
The company completed the sale of its Obion, Tennessee plant, using the proceeds to fully repay $130.7 million in junior mezzanine debt and enhance corporate liquidity.
Carbon capture systems at the York, Central City, and Wood River, Nebraska facilities are now operational or ramping up, with the company anticipating generating $40 to $50 million of 45Z-related Adjusted EBITDA in 2025.

Nov 5, 2025, 11:56 AM

8-K

Green Plains Reports Third Quarter 2025 Financial Results

GPRE

Earnings

Debt Issuance

New Projects/Investments

For the third quarter of 2025, Green Plains reported net income attributable to the company of $11.9 million, or $0.17 per diluted share, and Adjusted EBITDA of $52.6 million. Revenues for the quarter were $508.5 million.
The company completed the sale of its Obion, Tennessee plant, utilizing the proceeds to fully repay $130.7 million of junior mezzanine debt.
Green Plains executed a 45Z production tax credit monetization agreement and brought carbon capture systems online at its York, Central City, and Wood River, Nebraska facilities. The company expects to monetize $15 - $25 million in 45Z production tax credits in the fourth quarter of 2025.
As of September 30, 2025, Green Plains had $353.4 million in total debt outstanding and $136.7 million in total corporate liquidity.

Nov 5, 2025, 11:55 AM

Press Release

Green Plains Completes Convertible Note Exchange and Subscription Transactions

GPRE

Debt Issuance

Share Buyback

Convertible Preferred Issuance

Green Plains Inc. completed transactions resulting in $200 million aggregate principal amount of new 5.25% Convertible Senior Notes due November 2030 being outstanding. This included exchanging $170 million of existing 2.25% Convertible Senior Notes due 2027 and issuing an additional $30 million for cash.
The company utilized approximately $30 million of the net proceeds from the subscription transactions to repurchase approximately 2.9 million shares of its common stock.
The new 2030 Notes carry an interest rate of 5.25% per year and have an initial conversion price of approximately $15.72 per share, representing an approximately 50% premium over the common stock's last reported sale price on October 21, 2025.

Oct 28, 2025, 8:19 PM

8-K

Green Plains Announces Convertible Note Exchange and Subscription Transactions

GPRE

Debt Issuance

Share Buyback

Convertible Preferred Issuance

Green Plains Inc. announced exchange agreements to convert $170 million aggregate principal amount of its existing 2.25% Convertible Senior Notes due 2027 for newly issued 5.25% Convertible Senior Notes due November 2030.
Additionally, the company will issue an extra $30 million of the new 2030 Notes for cash through subscription agreements, resulting in $200 million in aggregate principal amount of the 2030 Notes outstanding after the transactions close on October 27, 2025.
In connection with these transactions, Green Plains will repurchase approximately 2.9 million shares of its common stock for approximately $30 million, with funding from the subscription transactions.
The initial conversion price for the 2030 Notes is approximately $15.72 per share, which represents a 50% conversion premium to the last reported sale price of the common stock on October 21, 2025.

Oct 22, 2025, 12:25 PM

8-K

Green Plains Announces Startup of Carbon Capture System

GPRE

New Projects/Investments

Green Plains Inc. (GPRE) has announced the successful startup of its carbon capture and storage (CCS) equipment at its York, Nebraska facility.
The CCS equipment is now fully operational, delivering biogenic carbon dioxide to the Tallgrass Trailblazer pipeline for permanent sequestration.
The company plans to bring additional CCS systems online at its Central City and Wood River, Nebraska facilities during the fourth quarter of 2025.
CEO Chris Osowski stated that this reflects continued progress in executing their carbon strategy and optimizing the platform to create long-term value.

Oct 14, 2025, 8:15 PM

Press Release

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