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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________

FORM 10-Q

(Mark One)

☒ Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the Quarterly Period Ended September 30, 2025

☐ Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______ to ______

Commission File Number 001-32924

GREEN PLAINS INC.

(Exact name of registrant as specified in its charter)


Iowa			84-1652107
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

1811 Aksarben Drive, Omaha, NE 68106			(402) 884-8700
(Address of principal executive offices, including zip code)			(Registrant’s telephone number, including area code)

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

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, par value $0.001 per share

GPRE

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

The registrant had 69,835,042 common stock outstanding as of October 30, 2025.

Table of Contents

TABLE OF CONTENTS


		Page
Commonly Used Defined Terms		3
PART I – FINANCIAL INFORMATION
Item 1.	Financial Statements	5

	Consolidated Balance Sheets	5

	Consolidated Statements of Operations	6

	Consolidated Statements of Comprehensive Income (Loss)	7

	Consolidated Statements of Cash Flows	8

	Notes to Consolidated Financial Statements	10

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	59

Item 4.	Controls and Procedures	60


PART II – OTHER INFORMATION

Item 1.	Legal Proceedings	61

Item 1A.	Risk Factors	61

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	63

Item 3.	Defaults Upon Senior Securities	64

Item 4.	Mine Safety Disclosures	64

Item 5.	Other Information	64

Item 6.	Exhibits	64

Signatures

Table of Contents

Commonly Used Defined Terms

Green Plains Inc. and Subsidiaries:


Green Plains Inc.; Green Plains; the company			Green Plains Inc. and its subsidiaries
FQT			Fluid Quip Technologies, LLC
Green Plains Commodity Management			Green Plains Commodity Management LLC
Green Plains Finance Company			Green Plains Finance Company LLC
Green Plains Grain			Green Plains Grain Company LLC
Green Plains Mount Vernon; Mount Vernon			Green Plains Mount Vernon LLC
Green Plains Obion; Obion			Green Plains Obion LLC
Green Plains Partners; the partnership			Green Plains Partners LP
Green Plains Shenandoah; Shenandoah			Green Plains Shenandoah LLC
Green Plains Trade			Green Plains Trade Group LLC
Green Plains Wood River; Wood River			Green Plains Wood River LLC

Accounting Defined Terms:


ASC			Accounting Standards Codification
EBITDA			Earnings before interest expense, income taxes, depreciation and amortization
EPS			Earnings per share
Exchange Act			Securities Exchange Act of 1934, as amended
GAAP			U.S. Generally Accepted Accounting Principles
SEC			Securities and Exchange Commission
SOFR			Secured Overnight Financing Rate

Industry and Other Defined Terms:


ATJ			Alcohol-to-Jet
BlackRock			Funds and accounts managed by BlackRock
the Board; our Board			Board of Directors of Green Plains Inc.
CI			Carbon Intensity
CST™			Clean Sugar Technology™ developed by Fluid Quip Technologies, LLC
DOE			Department of Energy
E10			Gasoline blended with up to 10% ethanol by volume
E15			Gasoline blended with up to 15% ethanol by volume
EIA			U.S. Energy Information Administration
EPA			U.S. Environmental Protection Agency
EV			Electric Vehicle
FFV			Flexible-fuel vehicle
GHG			Greenhouse gas
GP Turnkey Tharaldson			GP Turnkey Tharaldson LLC
GREET			Greenhouse gases, Regulated Emissions, and Energy use in Technologies
IRA			Inflation Reduction Act
LCFS			Low Carbon Fuel Standard
Merger			Merger of GPLP Merger Sub LLC, a Delaware limited liability company and a wholly owned subsidiary of GPLP Holdings Inc., a wholly owned subsidiary of Green Plains (“Holdings”), with and into the partnership, with the partnership surviving such merger
Merger Agreement			Certain Agreement and Plan of Merger, dated as of September 16, 2023, by and among Green Plains Inc., Holdings, GPLP Merger Sub LLC, a wholly owned subsidiary of Holdings, Green Plains Partners LP, and Green Plains Holdings LLC, the general partner of the partnership (the "General Partner")
MmBtu			Million British Thermal Units
Mmg			Million gallons
MSC™			Maximized Stillage Co-products™ technology developed by Fluid Quip Technologies, LLC
MTBE			Methyl tertiary-butyl ether

Table of Contents


OBBB			One Big Beautiful Bill Act
RFS			Renewable Fuels Standard
RIN			Renewable identification number
RVO			Renewable volume obligation
SAF			Sustainable Aviation Fuel
SRE			Small refinery exemption
U.S.			United States
USDA			U.S. Department of Agriculture

Table of Contents

PART 1 – FINANCIAL INFORMATION

Item 1. Financial Statements.

GREEN PLAINS INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share amounts)


	September 30, 2025		December 31, 2024
	(unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	135,903	$	173,041
Restricted cash	75,722		36,354
Accounts receivable, net of allowances of $84 and $80, respectively	84,942		94,901
Inventories	126,968		227,444
Prepaid expenses and other	16,079		27,138
Derivative financial instruments	6,977		10,154
Total current assets	446,591		569,032
Property and equipment, net of accumulated depreciation and amortization of $655,761 and $749,593, respectively	958,262		1,042,460
Operating lease right-of-use assets	59,093		72,161
Deferred income taxes, net	26,521		—
Other assets	42,016		98,521
Total assets	$	1,532,483	$	1,782,174

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	$	90,434	$	154,817
Accrued and other liabilities	59,076		53,712
Derivative financial instruments	27,709		9,500
Operating lease current liabilities	20,930		24,711
Product financing arrangement	20,895		—
Short-term notes payable and other borrowings	45,000		140,829
Current maturities of long-term debt	2,042		2,118
Total current liabilities	266,086		385,687
Long-term debt	306,372		432,460
Operating lease long-term liabilities	39,655		49,190
Carbon equipment liabilities	117,519		17,918
Other liabilities	27,902		22,382
Total liabilities	757,534		907,637

Commitments and contingencies (Note 13)

Stockholders' equity
Common stock, $0.001 par value; 150,000,000 shares authorized; 74,734,161 and 67,512,282 shares issued, and 71,929,102 and 64,707,223 shares outstanding, respectively	75		68
Additional paid-in capital	1,264,553		1,213,646
Retained deficit	(451,516)		(318,298)
Accumulated other comprehensive income (loss)	(13,015)		973
Treasury stock, 2,805,059 shares	(31,174)		(31,174)
Total Green Plains stockholders' equity	768,923		865,215
Noncontrolling interests	6,026		9,322
Total stockholders' equity	774,949		874,537
Total liabilities and stockholders' equity	$	1,532,483	$	1,782,174

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024

Revenues	$	508,487	$	658,735	$	1,662,831	$	1,874,774

Costs and expenses
Cost of goods sold (excluding depreciation and amortization expenses reflected below)	456,321		580,626		1,566,056		1,750,475
Selling, general and administrative expenses	29,335		26,710		99,852		92,429
Gain on sale of assets, net	(36,006)		(30,723)		(31,962)		(30,723)
Depreciation and amortization expenses	24,968		26,070		74,915		69,141
Impairment of assets held for sale	—		—		10,724		—
Total costs and expenses	474,618		602,683		1,719,585		1,881,322
Operating income (loss)	33,869		56,052		(56,754)		(6,548)

Other income (expense)
Interest income	1,089		1,737		2,726		5,737
Interest expense	(47,763)		(10,089)		(70,575)		(25,369)
Other, net	(2,673)		478		(4,227)		1,272
Total other income (expense)	(49,347)		(7,874)		(72,076)		(18,360)
Income (loss) before income taxes and income (loss) from equity method investees	(15,478)		48,178		(128,830)		(24,908)
Income tax benefit	25,638		825		23,238		769
Income (loss) from equity method investees, net of income taxes	814		(366)		(28,302)		(2,384)
Net income (loss)	10,974		48,637		(133,894)		(26,523)
Net income (loss) attributable to noncontrolling interests	(952)		437		(676)		1,039
Net income (loss) attributable to Green Plains	$	11,926	$	48,200	$	(133,218)	$	(27,562)

Earnings per share
Net income (loss) attributable to Green Plains - basic	$	0.17	$	0.75	$	(1.99)	$	(0.43)
Net income (loss) attributable to Green Plains - diluted	$	0.17	$	0.69	$	(1.99)	$	(0.43)

Weighted average shares outstanding
Basic	69,855		63,946		66,826		63,741
Diluted	77,869		71,660		66,826		63,741

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(unaudited and in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	10,974	$	48,637	$	(133,894)	$	(26,523)
Other comprehensive income (loss), net of tax
Unrealized gains (losses) on derivatives arising during the period, net of tax expense (benefit) of $4,080, ($121), $7,619 and $2,001, respectively	(12,105)		338		(22,603)		(6,362)
Reclassification of realized losses on derivatives, net of tax benefit of ($1,965), ($1,890), ($2,904) and ($4,122), respectively	5,831		6,052		8,615		13,105
Total other comprehensive income (loss), net of tax	(6,274)		6,390		(13,988)		6,743
Comprehensive income (loss)	4,700		55,027		(147,882)		(19,780)
Comprehensive income (loss) attributable to noncontrolling interests	(952)		437		(676)		1,039
Comprehensive income (loss) attributable to Green Plains	$	5,652	$	54,590	$	(147,206)	$	(20,819)

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities
Net loss	$	(133,894)	$	(26,523)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Depreciation and amortization	74,915		69,141
Amortization of debt issuance costs and non-cash interest expense	9,691		1,758
Gain on sale of assets, net	(31,962)		(30,723)
Impairment of assets held for sale	10,724		—
Inventory lower of cost or net realizable value adjustment	275		10,086
Loss on extinguishment of debt	35,654		1,763
Deferred income taxes	(20,538)		(2,122)
Stock-based compensation	13,728		10,162
Loss from equity method investees, net of income taxes	28,302		2,384
Other	8,850		404
Changes in operating assets and liabilities before effects of asset dispositions
Accounts receivable	9,955		19,185
Inventories	89,812		12,837
Derivative financial instruments	(1,763)		3,245
Prepaid expenses and other assets	16,615		5,541
Accounts payable and accrued liabilities	(70,417)		(80,514)
Current income taxes	4,138		577
Other	(562)		(197)
Net cash provided by (used in) operating activities	43,523		(2,996)

Cash flows from investing activities
Purchases of property and equipment, net	(31,864)		(67,825)
Proceeds from the sale of assets	184,249		48,879
Proceeds from the sale of equity method investment	23,500		—
Investment in equity method investees, net	(4,909)		(15,672)
Net cash provided by (used in) investing activities	170,976		(34,618)

Cash flows from financing activities
Payments of principal on long-term debt	(132,133)		(61,230)
Proceeds from short-term borrowings	371,650		544,525
Payments on short-term borrowings	(467,936)		(528,128)
Net proceeds from product financing arrangement	20,895		—
Payments on extinguishment of non-controlling interest	—		(29,196)
Payments of transaction costs	—		(5,951)
Payments of loan fees	(960)		(1,544)
Payments related to tax withholdings for stock-based compensation	(2,047)		(4,604)
Other financing activities	(1,738)		(3,060)
Net cash used in financing activities	(212,269)		(89,188)

Net change in cash and cash equivalents, and restricted cash	2,230		(126,802)
Cash and cash equivalents, and restricted cash, beginning of period	209,395		378,762
Cash and cash equivalents, and restricted cash, end of period	$	211,625	$	251,960

Continued on the following page

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GREEN PLAINS INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

Continued from the previous page


	Nine Months Ended September 30,
	2025		2024
Reconciliation of total cash and cash equivalents, and restricted cash
Cash and cash equivalents	$	135,903	$	227,460
Restricted cash	75,722		24,500
Total cash and cash equivalents, and restricted cash	$	211,625	$	251,960

Supplemental investing activities
Assets disposed of in sale	$	150,336	$	21,358
Less: liabilities relinquished	(12,101)		(3,456)
Net assets disposed	$	138,235	$	17,902

Supplemental disclosures of cash flow
Cash paid for income taxes, net	$	1,482	$	631
Cash paid for interest	$	32,996	$	25,608
Capital expenditures in accounts payable	$	4,037	$	6,103
Capital expenditures in carbon equipment liabilities	$	117,519	$	7,213
Non-cash asset retirement obligation additions	$	16,035	$	1,460
Issuance of common stock as a result of the Merger	$	—	$	5
Non-cash extinguishment of non-controlling interest within additional paid-in capital	$	—	$	133,765

See accompanying notes to the consolidated financial statements.

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GREEN PLAINS INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1. BASIS OF PRESENTATION, DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

References to the Company

References to “Green Plains” or the “company” in the consolidated financial statements and in these notes to the consolidated financial statements refer to Green Plains Inc., an Iowa corporation, and its subsidiaries.

Consolidated Financial Statements

The consolidated financial statements include the company’s accounts and all significant intercompany balances and transactions are eliminated. Unconsolidated entities are included in the financial statements on an equity method basis.

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company acquired all of the publicly held common units of the partnership not already owned by the company and its affiliates. Refer to Note 3 - Merger and Dispositions included herein for more information.

The company also owns a majority interest in FQT, with their results being consolidated in our consolidated financial statements.

The accompanying consolidated financial statements are prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Because they do not include all of the information and footnotes required by GAAP for complete financial statements, the consolidated financial statements should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 7, 2025.

The unaudited financial information reflects adjustments, which are, in the opinion of management, necessary for a fair presentation of results of operations, financial position and cash flows for the periods presented. The adjustments are normal and recurring in nature, unless otherwise noted. Interim period results are not necessarily indicative of the results to be expected for the entire year.

Reclassifications

Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications did not affect total assets, liabilities or equity, but separately disclose comparable balances of liabilities previously disclosed within other liabilities on the consolidated balance sheets.

Use of Estimates in the Preparation of Consolidated Financial Statements

The preparation of consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The company bases its estimates on historical experience and assumptions it believes are proper and reasonable under the circumstances and regularly evaluates the appropriateness of its estimates and assumptions. Actual results could differ from those estimates. Certain accounting policies, including but not limited to those relating to derivative financial instruments and accounting for income taxes, are impacted significantly by judgments, assumptions and estimates used in the preparation of the consolidated financial statements.

Description of Business

The company operates within 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, renewable corn oil, natural gas and other commodities.

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Cash and Cash Equivalents

Cash and cash equivalents includes bank deposits as well as short-term, highly liquid investments with original maturities of three months or less.

Restricted Cash

The company has restricted cash, which can only be used for funding surety bonds and letters of credit and for payment towards a credit agreement. Restricted cash also includes cash margins and securities pledged to commodity exchange clearinghouses. To the degree these segregated balances are cash and cash equivalents, they are considered restricted cash on the consolidated balance sheets.

Revenue Recognition

The company recognizes revenue when obligations under the terms of a contract with a customer are satisfied. Generally this occurs with the transfer of control of products or services. Revenue is measured as the amount of consideration expected to be received in exchange for transferring goods or providing services. Sales, value add, and other taxes the company collects concurrent with revenue-producing activities are excluded from revenue.

Sales of ethanol, distillers grains, Ultra-High Protein, renewable corn oil, natural gas and other commodities by the company’s marketing business are recognized when obligations under the terms of a contract with a customer are satisfied. Generally, this occurs with the transfer of control of products or services. Revenues related to marketing for third parties are presented on a gross basis as the company controls the product prior to the sale to the end customer, takes title of the product and has inventory risk. Unearned revenue is recorded for goods in transit when the company has received payment but control has not yet been transferred to the customer. Revenues for receiving, storing, transferring and transporting ethanol and other fuels are recognized when the product is delivered to the customer.

The company routinely enters into physical-delivery energy commodity purchase and sale agreements. At times, the company settles these transactions by transferring its obligations to other counterparties rather than delivering the physical commodity. Revenues include net gains or losses from derivatives related to products sold while cost of goods sold includes net gains or losses from derivatives related to commodities purchased. Revenues also include realized gains and losses on related derivative financial instruments and reclassifications of realized gains and losses on cash flow hedges from accumulated other comprehensive income or loss.

Sales of products are recognized when control of the product is transferred to the customer, which depends on the agreed upon shipment or delivery terms.

Shipping and Handling Costs

The company accounts for shipping and handling activities related to contracts with customers as costs to fulfill its promise to transfer the associated products. Accordingly, the company records customer payments associated with shipping and handling costs as a component of revenue, and classifies such costs as a component of cost of goods sold.

Cost of Goods Sold

Cost of goods sold includes materials, direct labor, shipping, plant overhead and transportation costs. Materials include the cost of corn feedstock, denaturant, and process chemicals. Corn feedstock costs include gains and losses on related derivative financial instruments not designated as cash flow hedges, inbound freight charges, inspection costs and transfer costs, as well as reclassifications of gains and losses on cash flow hedges from accumulated other comprehensive income or loss. Direct labor includes all compensation and related benefits of non-management personnel involved in production. Shipping costs incurred by the company, including railcar costs, are also reflected in cost of goods sold. Plant overhead consists primarily of plant utilities, and repairs and maintenance. Transportation costs include railcar leases, freight and shipping of the company's products, as well as storage costs incurred at destination terminals.

The company uses exchange-traded futures and options contracts and forward purchase and sale contracts to attempt to minimize the effect of price changes on ethanol, renewable corn oil, grain and natural gas. Exchange-traded futures and options contracts are valued at quoted market prices and settled predominantly in cash. The company is exposed to loss when counterparties default on forward purchase and sale contracts. Grain inventories held for sale and forward purchase and sale contracts are valued at market prices when available or other market quotes adjusted for basis differences, primarily in transportation, between the exchange-traded market and local market where the terms of the contract are

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based. Changes in forward purchase contracts and exchange-traded futures and options contracts are recognized as a component of cost of goods sold.

Derivative Financial Instruments

The company uses various derivative financial instruments, including exchange-traded futures and exchange-traded and over-the-counter options contracts, to attempt to minimize risk and the effect of commodity price changes including but not limited to, corn, ethanol, natural gas and other agricultural and energy products. The company monitors and manages this exposure as part of its overall risk management policy to reduce the adverse effect market volatility may have on its operating results. The company may hedge these commodities as one way to mitigate risk; however, there may be situations when these hedging activities themselves result in losses.

By using derivatives to hedge exposures to changes in commodity prices, the company is exposed to credit and market risk. The company’s exposure to credit risk includes the counterparty’s failure to fulfill its performance obligations under the terms of the derivative contract. The company minimizes its credit risk by entering into transactions with high quality counterparties, limiting the amount of financial exposure it has with each counterparty and monitoring their financial condition. Market risk is the risk that the value of the financial instrument might be adversely affected by a change in commodity prices or interest rates. The company manages market risk by incorporating parameters to monitor exposure within its risk management strategy, which limits the types of derivative instruments and strategies the company can use and the degree of market risk it can take using derivative instruments.

Forward contracts are recorded at fair value unless the contracts qualify for, and the company elects, normal purchase or sale exceptions. Changes in fair value are recorded in operating income unless the contracts qualify for, and the company elects, cash flow hedge accounting treatment.

Certain qualifying derivatives related to ethanol production and agribusiness and energy services are designated as cash flow hedges. The company evaluates the derivative instrument to ascertain its effectiveness prior to entering into cash flow hedges. Unrealized gains and losses are reflected in accumulated other comprehensive income or loss until the gain or loss from the underlying hedged transaction is realized and the physical transaction is completed. When it becomes probable a forecasted transaction will not occur, the cash flow hedge treatment is discontinued, which affects earnings. These derivative financial instruments are recognized in current assets or current liabilities at fair value.

At times, the company hedges its exposure to changes in inventory values and designates qualifying derivatives as fair value hedges. The carrying amount of the hedged inventory is adjusted in the current period for changes in fair value. Estimated fair values carried at market are based on exchange-quoted prices, adjusted as appropriate for regional location basis values which represent differences in local markets including transportation as well as quality or grade differences. Basis values are generally determined using inputs from broker quotations or other market transactions. However, a portion of the value may be derived using unobservable inputs. Ineffectiveness of the hedges is recognized in the current period to the extent the change in fair value of the inventory is not offset by the change in fair value of the derivative.

Assets Held for Sale

In accordance with ASC 360, Property, Plant, Equipment, the company determined the carrying values of certain assets classified as held for sale were not recoverable and exceeded their fair values. The company then measured the impairment losses by comparing the book values with current third-party quoted market prices, resulting in a total impairment of $10.7 million, which is recorded within impairment of assets held for sale in the ethanol production segment on the consolidated statements of operations for the nine months ended September 30, 2025. After the impairment, we have $5.5 million of assets held for sale as of September 30, 2025, which were recorded in the ethanol production segment within property and equipment, net of accumulated depreciation and amortization on the consolidated balance sheets.

Investments in Equity Method Investees

On June 30, 2025, the company disposed of its 50% investment in GP Turnkey Tharaldson, which was accounted for on an equity method basis. Refer to Note 3 - Merger and Dispositions for further analysis. As of December 31, 2024, the

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company's investment in GP Turnkey Tharaldson totaled $51.6 million recorded in other assets on the consolidated balance sheet.

Product Financing Arrangement

During the second quarter of 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. In accordance with ASC 606, Revenue from Contracts with Customers ("ASC 606"), this agreement was accounted for as a financing transaction and revenue is precluded. As of September 30, 2025, a liability of $20.9 million was recorded within product financing arrangement on the consolidated balance sheets.

Carbon Equipment Liabilities

The company has engaged Tallgrass High Plains Carbon Storage, LLC and its affiliates to construct carbon sequestration equipment at its three Nebraska plants in order to maximize tax credit potential related to the production of low carbon fuels. The equipment build is in process as of September 30, 2025, and the company has executed a financing agreement in which the cost of the project will be paid monthly over 12 years commencing once the facilities are in service. The company has recorded total project spend to date within carbon equipment liabilities on the consolidated balance sheets. The facilities are currently estimated to be placed in service in the fourth quarter. Once the facilities are placed in service, the amounts presented as carbon equipment liabilities will be reclassified and presented as debt on the consolidated balance sheets.

Income Tax Benefit

The company has determined that it qualifies for clean fuel production tax credits allowable under the IRA and OBBB. The credits are recognized as a tax benefit in the period in which production occurs, and the product is sold in a qualifying manner. The tax benefit recognized is determined based on the company's CI score to date and the expected sales price of the credits. The credits are recorded within income tax benefit on the consolidated statements of operations.

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2. REVENUE

Revenue by Source

The following tables disaggregate revenue by major source (in thousands):


	Three Months Ended September 30, 2025
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	25,524		5,524		—		31,048
Renewable corn oil	—		—		—		—
Other	12,979		702		—		13,681
Intersegment revenues	347		71		(418)		—
Total revenues from contracts with customers	38,850		6,297		(418)		44,729
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	343,451		15,660		—		359,111
Distillers grains	44,313		8,158		—		52,471
Renewable corn oil	47,298		—		—		47,298
Other	—		4,878		—		4,878
Intersegment revenues	—		5,796		(5,796)		—
Total revenues from contracts accounted for as derivatives	435,062		34,492		(5,796)		463,758
Total Revenues	$	473,912	$	40,789	$	(6,214)	$	508,487


	Nine Months Ended September 30, 2025
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	68,621		12,029		—		80,650
Renewable corn oil	—		—		—		—
Other	63,280		2,834		—		66,114
Intersegment revenues	860		200		(1,060)		—
Total revenues from contracts with customers	132,761		15,063		(1,060)		146,764
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	1,094,711		101,982		—		1,196,693
Distillers grains	155,596		17,471		—		173,067
Renewable corn oil	115,769		—		—		115,769
Other	—		30,538		—		30,538
Intersegment revenues	—		17,095		(17,095)		—
Total revenues from contracts accounted for as derivatives	1,366,076		167,086		(17,095)		1,516,067
Total Revenues	$	1,498,837	$	182,149	$	(18,155)	$	1,662,831

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	Three Months Ended September 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	19,597		4,521		—		24,118
Renewable corn oil	—		—		—		—
Other	12,919		2,015		—		14,934
Intersegment revenues	1,075		69		(1,144)		—
Total revenues from contracts with customers	33,591		6,605		(1,144)		39,052
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	439,981		76,014		—		515,995
Distillers grains	53,915		8,618		—		62,533
Renewable corn oil	35,859		3,346		—		39,205
Other	1,293		657		—		1,950
Intersegment revenues	—		6,620		(6,620)		—
Total revenues from contracts accounted for as derivatives	531,048		95,255		(6,620)		619,683
Total Revenues	$	564,639	$	101,860	$	(7,764)	$	658,735


	Nine Months Ended September 30, 2024
	Ethanol Production		Agribusiness & Energy Services		Eliminations		Total
Revenues
Revenues from contracts with customers under ASC 606
Ethanol	$	—	$	—	$	—	$	—
Distillers grains	67,676		5,039		—		72,715
Renewable corn oil	—		—		—		—
Other	42,536		6,483		—		49,019
Intersegment revenues	3,467		233		(3,700)		—
Total revenues from contracts with customers	113,679		11,755		(3,700)		121,734
Revenues from contracts accounted for as derivatives under ASC 815 (1)
Ethanol	1,177,189		235,512		—		1,412,701
Distillers grains	195,683		23,871		—		219,554
Renewable corn oil	103,424		3,346		—		106,770
Other	5,766		8,249		—		14,015
Intersegment revenues	—		19,072		(19,072)		—
Total revenues from contracts accounted for as derivatives	1,482,062		290,050		(19,072)		1,753,040
Total Revenues	$	1,595,741	$	301,805	$	(22,772)	$	1,874,774

(1)Revenues from contracts accounted for as derivatives represent physically settled derivative sales that are outside the scope of ASC 606.

Major Customers

Revenues from Customer A represented 71% and 37% of total revenues for the three and nine months ended September 30, 2025, respectively, recorded within the ethanol production segment. For the three and nine months ended September 30, 2024, Customer B represented 13% of total revenues recorded within the ethanol production segment.

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3. MERGER AND DISPOSITIONS

Green Plains Obion LLC Disposition

On August 27, 2025, Green Plains Inc. announced that its wholly owned subsidiary, Green Plains Obion LLC, entered into an asset purchase agreement for the sale of the ethanol plant located in Rives, Tennessee, to POET Biorefining - Obion, LLC. On September 25, 2025, the company closed on the sale and received proceeds of $170 million plus related working capital of $13.8 million (the “POET Transaction”). A gain of $36.0 million was recorded in gain on sale of assets, net on the consolidated statements of operations. The proceeds from the sale were used to repay the outstanding balance of the junior secured mezzanine notes due 2026 and to supplement corporate liquidity.

The company incurred transaction costs of $5.2 million related to the POET Transaction during the three and nine months ended September 30, 2025. These costs consisted primarily of financial advisory services, legal services and other professional fees, and were recorded as a reduction of gain on sale of assets, net.

The assets sold and liabilities transferred of the POET Transaction at closing on September 25, 2025 were as follows (in thousands):


Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Inventories	$	19,485
Prepaid expenses and other	21
Derivative financial instruments	14
Property and equipment	127,077
Operating lease right-of-use assets	3,739

Accounts payable	(5,462)
Accrued and other liabilities	(2,243)
Operating lease current liabilities	(1,687)
Operating lease long-term liabilities	(2,052)
Debt	(657)
Total identifiable net assets disposed	$	138,235

The amounts reflected above represent preliminary amounts subject to post-closing working capital adjustments, which had not been finalized as of September 30, 2025.

Proventus LLC Disposition

On May 31, 2025, the company completed the sale of its 75% interest in Proventus LLC for net proceeds of $0.4 million. The company recorded a pretax loss on the sale of $4.0 million during the nine months ended September 30, 2025 within loss on sale of assets on the consolidated statements of operations. Net assets sold at closing, consisting of property and equipment, totaled $9.0 million. As part of the transaction, the company removed $4.5 million of non-controlling interest in Proventus LLC, which was included in the calculation of the pretax loss disclosed above.

GP Turnkey Tharaldson LLC Disposition

On June 30, 2025, the company sold its 50% investment in GP Turnkey Tharaldson LLC for $25.0 million. Proceeds from the disposal are estimated at $25.0 million. The balance of the equity method investment on the date of the disposal was $51.2 million. A preliminary pretax loss of $26.2 million was recorded during the nine months ended September 30, 2025 within loss from equity method investees, net of income taxes on the consolidated statements of operations.

Green Plains Partners Merger

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed and the company issued approximately 4.7 million shares of common stock to acquire all of the publicly held common units of the partnership not already owned by the company prior to the Merger at a fixed exchange ratio of 0.405 shares of the company's common stock, par value $0.001 per share, along with $2.50 of cash consideration for each partnership common unit. The total

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consideration as a result of the Merger was $143.1 million, which was comprised of $29.2 million in cash and $113.9 million of common stock exchanged. As a result of the Merger, the partnership's common units are no longer publicly traded.

The interests in the partnership owned by the company and its subsidiaries remain outstanding as limited partner interests in the surviving entity. The General Partner of the partnership will continue to own the non-economic general partner interest in the surviving entity.

Since the company controlled the partnership prior to the Merger and continues to control the partnership after the Merger, the company accounted for the change in its ownership interest in the partnership as an equity transaction during the nine months ended September 30, 2024, which is reflected as a reduction of non-controlling interest with a corresponding increase to common stock and additional paid-in capital. No gain or loss was recognized in the consolidated statements of operations as a result of the Merger.

Prior to the effective time of the Merger on January 9, 2024, public unitholders owned a 49.2% limited partner interest, the company owned a 48.8% limited partner interest and a 2.0% general partner interest in the partnership. For the nine months ended September 30, 2024, the non-controlling interest attributed to the partnership common units held by the public of $133.8 million were recorded as a reduction of non-controlling interest with a corresponding increase to additional paid-in capital.

The company incurred transaction costs of $5.5 million related to the Merger during the nine months ended September 30, 2024. These costs were directly related to the Merger consisting primarily of financial advisory services, legal services and other professional fees, and were recorded as an offset to the issuance of common stock within additional paid-in capital.

Disposition of Birmingham Terminal

On September 30, 2024, the company completed the sale of the terminal located in Birmingham, Alabama and certain related assets and transfer of liabilities (the "Birmingham Transaction") for a sale price of $47.5 million, plus working capital of $1.2 million. The company recorded a pretax gain on the sale of $30.7 million. The proceeds from the sale were used to repay the outstanding balance of the Green Plains Partners term loan due July 20, 2026.

The assets sold and liabilities transferred of the Birmingham Transaction at closing on September 30, 2024 were as follows (in thousands):


Amounts of Identifiable Assets Disposed and Liabilities Relinquished
Prepaid expenses and other	$	1,209
Property and equipment	7,012
Operating lease right-of-use assets	2,208
Goodwill	10,598

Operating lease current liabilities	(427)
Operating lease long-term liabilities	(2,312)
Other liabilities	(556)
Total identifiable net assets disposed	$	17,732

4. FAIR VALUE DISCLOSURES

The following methods, assumptions and valuation techniques were used in estimating the fair value of the company’s financial instruments:

Level 1 – unadjusted quoted prices in active markets for identical assets or liabilities the company can access at the measurement date.

Level 2 – directly or indirectly observable inputs such as quoted prices for similar assets or liabilities in active markets other than quoted prices included within Level 1, quoted prices for identical or similar assets in markets that are not active, and other inputs that are observable or can be substantially corroborated by observable market data through correlation or

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other means. Fair value hedged inventories in the agribusiness and energy services segment as well as forward commodity purchase and sale contracts are valued at nearby futures values, plus or minus nearby basis values, which represent differences in local markets, including transportation or commodity quality or grade differences.

Level 3 – unobservable inputs that are supported by little or no market activity and comprise a significant component of the fair value of the assets or liabilities.

Derivative contracts include exchange-traded commodity futures and options contracts and forward commodity purchase and sale contracts. Exchange-traded futures and options contracts are valued based on unadjusted quoted prices in active markets and are classified in Level 1. The majority of the company’s exchange-traded futures and options contracts are cash-settled on a daily basis.

There have been no changes in valuation techniques and inputs used in measuring fair value. The company’s assets and liabilities by level are as follows (in thousands):


	Fair Value Measurements at September 30, 2025
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents	$	135,903	$	—	$	—	$	135,903
Restricted cash	75,722		—		—		75,722
Inventories carried at market	—		14,241		—		14,241
Derivative financial instruments - assets	—		6,126		—		6,126
Property and equipment, net of accumulated depreciation and amortization (1)	—		—		5,500		5,500
Total assets measured at fair value	$	211,625	$	20,367	$	5,500	$	237,492

Liabilities
Accounts payable (2)	$	—	$	14,792	$	—	$	14,792

Accrued and other liabilities (3)	—		4,667		—		4,667
Derivative financial instruments - liabilities	—		6,497		—		6,497
Other liabilities (3)	—		35		—		35
Total liabilities measured at fair value	$	—	$	25,991	$	—	$	25,991

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	Fair Value Measurements at December 31, 2024
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents	$	173,041	$	—	$	—	$	173,041
Restricted cash	36,354		—		—		36,354
Inventories carried at market	—		48,500		—		48,500
Derivative financial instruments - assets	—		10,154		—		10,154
Total assets measured at fair value	$	209,395	$	58,654	$	—	$	268,049

Liabilities
Accounts payable (2)	$	—	$	23,208	$	—	$	23,208
Accrued and other liabilities (3)	—		2,094		—		2,094
Derivative financial instruments - liabilities	—		4,791		—		4,791
Other liabilities (3)	—		979		—		979
Total liabilities measured at fair value	$	—	$	31,072	$	—	$	31,072

(1)Property and equipment, net of accumulated depreciation and amortization includes $5.5 million of assets held for sale at September 30, 2025.

(2)Accounts payable is generally stated at historical amounts with the exception of $14.8 million and $23.2 million at September 30, 2025 and December 31, 2024, respectively, related to certain delivered inventory for which the payable fluctuates based on changes in commodity prices. These payables are hybrid financial instruments for which the company has elected the fair value option.

(3)Accrued and other liabilities includes $4.7 million and $2.1 million at September 30, 2025 and December 31, 2024, respectively, while other liabilities includes $1.0 million of consideration related to potential earn-out payments recorded at fair value at December 31, 2024.

As of September 30, 2025, the fair value of the company’s debt was approximately $331.7 million compared with a book value of $353.4 million. At December 31, 2024, the fair value of the company’s debt was approximately $518.6 million compared with a book value of $575.4 million. The company estimated the fair value of its outstanding debt using Level 2 inputs. The company believes the fair value of its accounts receivable approximated book value, which was $84.9 million and $94.9 million at September 30, 2025 and December 31, 2024, respectively.

The fair values of tangible assets and goodwill acquired represent Level 3 measurements which were derived using a combination of the income approach, market approach and cost approach for the specific assets or liabilities being valued.

5. 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.

Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees, overhead costs, gain on sale of assets, net, and restructuring costs not directly related to a specific operating segment.

During the normal course of business, the operating segments conduct business with each other. For example, the agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein and renewable corn oil for the ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact the company’s consolidated results since the revenues and corresponding costs are eliminated.

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The Chief Operating Decision Maker ("CODM") for the company is the Chief Executive Officer. The CODM utilizes EBITDA to assess segment performance, which is derived from revenue less cost of goods sold and selling, general and administrative expenses. The CODM manages and allocates resources to the operations of the company's two segments. This enables the CODM to assess the company’s overall level of available resources and determine how best to deploy these resources for capital expenditure, research and development projects, and other strategic opportunities that are in line with our long-term strategic goals. The CODM is regularly provided with consolidated expense information or forecasted expense information for the applicable reportable segment.

The following tables set forth certain financial data for the company’s operating segments (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues
Ethanol production
Revenues from external customers	$	473,565	$	563,564	$	1,497,977	$	1,592,274
Intersegment revenues	347		1,075		860		3,467
Total segment revenues	473,912		564,639		1,498,837		1,595,741
Agribusiness and energy services
Revenues from external customers	34,922		95,171		164,854		282,500
Intersegment revenues	5,867		6,689		17,295		19,305
Total segment revenues	40,789		101,860		182,149		301,805
Revenues including intersegment activity	514,701		666,499		1,680,986		1,897,546
Intersegment eliminations	(6,214)		(7,764)		(18,155)		(22,772)
	$	508,487	$	658,735	$	1,662,831	$	1,874,774

Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cost of goods sold
Ethanol production (1)	$	431,367	$	498,326	$	1,428,494	$	1,501,681
Agribusiness and energy services	31,168		90,064		155,717		271,566
Intersegment eliminations	(6,214)		(7,764)		(18,155)		(22,772)
	$	456,321	$	580,626	$	1,566,056	$	1,750,475


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Gross margin
Ethanol production (1) (2)	$	42,545	$	66,313	$	70,343	$	94,060
Agribusiness and energy services	9,621		11,796		26,432		30,239
	$	52,166	$	78,109	$	96,775	$	124,299

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	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Depreciation and amortization
Ethanol production	$	23,868	$	21,444	$	67,821	$	62,522
Agribusiness and energy services (3)	252		505		4,710		1,507
Corporate activities (4)	848		4,121		2,384		5,112
	$	24,968	$	26,070	$	74,915	$	69,141


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating income (loss)
Ethanol production (1) (2) (5)	$	4,374	$	35,240	$	(47,394)	$	(626)
Agribusiness and energy services (3)	6,942		7,830		10,224		16,000
Corporate activities (4) (6) (7)	22,553		12,982		(19,584)		(21,922)
	$	33,869	$	56,052	$	(56,754)	$	(6,548)

(1)Ethanol production includes inventory lower of cost or net realizable value adjustments of $0.3 million and $10.1 million for the three and nine months ended September 30, 2025 and 2024, respectively.

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

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

(4)Depreciation and amortization for corporate activities includes impairment of a research and development technology intangible asset of $3.5 million for the three and nine months ended September 30, 2024.

(5)Ethanol production includes impairment of assets held for sale of $10.7 million for the nine months ended September 30, 2025.

(6)Corporate activities includes $1.5 million and $13.5 million of restructuring costs for the three and nine months ended September 30, 2025, respectively, as a result of the company's cost reduction initiative, including severance related to the departure of its former CEO.

(7)Corporate activities include a pretax gain on sale of assets, net of $36.0 million and $32.0 million for the three and nine months ended September 30, 2025, respectively, and $30.7 million for the three and nine months ended September 30, 2024.

During the three and nine months ended September 30, 2025, the company incurred restructuring costs related to severance, stock based compensation and other charges as a result of cost reduction initiatives that were recorded within the following line items in the consolidated statements of operations (in thousands):


	Three Months Ended September 30, 2025
	Ethanol production		Agribusiness and energy services		Corporate activities		Subtotal
Cost of goods sold	$	28	$	113	$	—	$	141
Selling, general and administrative expenses	6		13		1,539		1,558
Other, net	223		787		—		1,010
Total restructuring costs	$	257	913		1,539		$	2,709

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	Nine Months Ended September 30, 2025
	Ethanol production		Agribusiness and energy services		Corporate activities		Subtotal
Cost of goods sold	$	2,373	$	710	$	—	$	3,083
Selling, general and administrative expenses	480		2,050		13,533		16,063
Other, net	223		941		1,505		2,669
Total restructuring costs	$	3,076	3,701		15,038		$	21,815

The following tables reconcile EBITDA, our segment measure of profit or loss, to net income (loss) (in thousands). EBITDA is defined as earnings before interest expense, income taxes, depreciation and amortization excluding the amortization of right-of-use assets and debt issuance costs.


	Three Months Ended September 30, 2025
	Ethanol production		Agribusiness and energy services		Subtotal
EBITDA	$	28,664	$	6,665	$	35,329
Depreciation and amortization	(23,868)		(252)		(24,120)
Interest expense	(42,575)		(1,126)		(43,701)
Subtotal	$	(37,779)	$	5,287	$	(32,492)
Unallocated corporate expenses (1)					17,835
Income tax benefit, net of equity method income tax expense					25,631
Net income (loss)					$	10,974


	Nine Months Ended September 30, 2025
	Ethanol production		Agribusiness and energy services		Subtotal
EBITDA	$	18,240	$	14,849	$	33,089
Depreciation and amortization	(67,821)		(4,710)		(72,531)
Interest expense	(54,005)		(5,480)		(59,485)
Subtotal	$	(103,586)	$	4,659	$	(98,927)
Unallocated corporate expenses (1)					(58,878)
Income tax benefit, inclusive of equity method income tax benefit					23,911
Net income (loss)					$	(133,894)

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	Three Months Ended September 30, 2024
	Ethanol production		Agribusiness and energy services		Subtotal
EBITDA	$	56,144	$	8,754	$	64,898
Depreciation and amortization	(21,444)		(505)		(21,949)
Interest expense	(7,051)		(1,470)		(8,521)
Subtotal	$	27,649	$	6,779	$	34,428
Unallocated corporate expenses (1)					12,731
Income tax expense, net of equity method income tax benefit					1,478
Net income (loss)					$	48,637


	Nine Months Ended September 30, 2024
	Ethanol production		Agribusiness and energy services		Subtotal
EBITDA	$	60,475	$	18,855	$	79,330
Depreciation and amortization	(62,522)		(1,507)		(64,029)
Interest expense	(16,974)		(3,632)		(20,606)
Subtotal	$	(19,021)	$	13,716	$	(5,305)
Unallocated corporate expenses (1)					(22,640)
Income tax expense, net of equity method income tax benefit					1,422
Net income (loss)					$	(26,523)

(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, gain on sale of assets, net, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our former CEO as well as losses on sale of equity method investment.

The following table sets forth total assets by operating segment (in thousands):


	September 30, 2025		December 31, 2024
Total assets (1)
Ethanol production	$	1,107,365	$	1,234,635
Agribusiness and energy services	257,644		412,006
Corporate assets	172,201		143,716
Intersegment eliminations	(4,727)		(8,183)
	$	1,532,483	$	1,782,174

(1)Asset balances by segment exclude intercompany balances.

6. INVENTORIES

Inventories are carried at the lower of cost or net realizable value, except fair-value hedged inventories. There was a $0.3 million and $2.1 million lower of cost or net realizable value inventory adjustment associated with finished goods in cost of goods sold within the ethanol production segment as of September 30, 2025 and December 31, 2024, respectively.

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The components of inventories are as follows (in thousands):


	September 30, 2025		December 31, 2024
Finished goods	$	26,908	$	72,863
Commodities held for sale	14,241		48,500
Raw materials	11,893		37,334
Work-in-process	10,585		13,569
Supplies and parts	63,341		55,178
	$	126,968	$	227,444

7. DERIVATIVE FINANCIAL INSTRUMENTS

At September 30, 2025, the company’s consolidated balance sheet reflected unrealized losses of $13.0 million, net of tax, in accumulated other comprehensive loss. The company expects these items will be reclassified as operating loss over the next 12 months as a result of hedged transactions that are forecasted to occur. The amount realized in operating loss will differ as commodity prices change.

Fair Values of Derivative Instruments

The fair values of the company’s derivative financial instruments and the line items on the consolidated balance sheets where they are reported are as follows (in thousands):


	Asset Derivatives' Fair Value					Liability Derivatives' Fair Value
	September 30, 2025			December 31, 2024		September 30, 2025			December 31, 2024
Derivative financial instruments - forwards	$	6,126	(1)	$	10,154	$	6,497	(2)	$	4,791	(3)
Other liabilities	—			—		35			15
Total	$	6,126		$	10,154	$	6,532		$	4,806

(1)At September 30, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized gains on exchange-traded futures and options contracts of $0.9 million and the balance representing economic hedges.

(2)At September 30, 2025, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $21.2 million, which included $16.6 million of net unrealized losses on derivative financial instruments designated as cash flow hedging instruments, $1.2 million of unrealized gains on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

(3)At December 31, 2024, derivative financial instruments, as reflected on the balance sheet, includes net unrealized losses on exchange-traded futures and options contracts of $4.7 million, which include $0.5 million of net unrealized gains on derivative financial instruments designated as cash flow hedging instruments, $3.0 million of unrealized losses on derivative financial instruments designated as fair value hedging instruments, and the balance representing economic hedges.

Refer to Note 4 - Fair Value Disclosures, which contains fair value information related to derivative financial instruments.

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Effect of Derivative Instruments on Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Comprehensive Income (Loss)

The gains or losses recognized in income and other comprehensive income related to the company’s derivative financial instruments and the line items on the consolidated financial statements where they are reported are as follows (in thousands):


	Amount of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	(1,169)	$	5,146	$	(1,194)	$	8,882
Cost of goods sold	(6,627)		(13,088)		(10,325)		(26,109)
Income (loss) recognized in income (loss) before income taxes	$	(7,796)	$	(7,942)	$	(11,519)	$	(17,227)


	Amount of Gain (Loss) Recognized in Other Comprehensive Income on Derivatives
Gain (Loss) Recognized in Other Comprehensive Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Commodity contracts	$	(16,185)	$	459	$	(30,222)	$	(8,363)

A portion of the company’s derivative instruments are considered economic hedges and as such are not designated as hedging instruments. The company uses exchange-traded futures and options contracts to manage its net position of product inventories and forward cash purchase and sales contracts to reduce price risk caused by market fluctuations. Derivatives, including exchange traded contracts and forward commodity purchase or sale contracts, and inventories of certain agricultural products, which include amounts acquired under deferred pricing contracts, are stated at fair value. Fair value estimates are based on exchange-quoted prices, adjusted as appropriate for regional location basis value, which represent differences in local markets including transportation as well as quality or grade differences.


		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not Designated as Hedging Instruments	Location of Gain (Loss) Recognized in Income on Derivatives	Three Months Ended September 30,				Nine Months Ended September 30,
		2025		2024		2025		2024
Exchange-traded futures and options	Revenues	$	(10,981)	$	10,253	$	(5,662)	$	9,034
Forwards	Revenues	(2,334)		708		(926)		(3,736)
Exchange-traded futures and options	Cost of goods sold	915		4,555		3,399		16,209
Forwards	Cost of goods sold	4,090		6,781		(3,762)		90
Net gain (loss) recognized in income (loss) before income taxes		$	(8,310)	$	22,297	$	(6,951)	$	21,597

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The following amounts were recorded on the consolidated balance sheets related to cumulative basis adjustments for the fair value hedged items (in thousands):


	September 30, 2025				December 31, 2024
Line Item in the Consolidated Balance Sheet in Which the Hedged Item is Included	Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets		Carrying Amount of the Hedged Assets		Cumulative Amount of Fair Value Hedging Adjustment Included in the Carrying Amount of the Hedged Assets
Inventories	$	14,241	$	(618)	$	48,500	$	8,166

Effect of Cash Flow and Fair Value Hedge Accounting on the Statements of Operations


	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Three Months Ended September 30,
	2025				2024
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Gain (loss) on cash flow hedging relationships

Commodity contracts
Amount of gain (loss) on exchange-traded futures reclassified from accumulated other comprehensive income into income	$	(1,169)	$	(6,627)	$	5,146	$	(13,088)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		52		—		3,611
Exchange-traded futures designated as hedging instruments	—		800		—		(2,485)
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	(1,169)	$	(5,775)	$	5,146	$	(11,962)

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	Location and Amount of Gain (Loss) Recognized in Income on Cash Flow and Fair Value Hedging Relationships for the Nine Months Ended September 30,
	2025				2024
	Revenue		Cost of Goods Sold		Revenue		Cost of Goods Sold
Gain (loss) on cash flow hedging relationships

Commodity contracts
Amount of gain (loss) on exchange traded futures reclassified from accumulated other comprehensive income into income	$	(1,194)	$	(10,325)	$	8,882	$	(26,109)

Gain (loss) on fair value hedging relationships

Commodity contracts
Fair-value hedged inventories	—		(59)		—		264
Exchange-traded futures designated as hedging instruments	—		2,774		—		(81)
Total amounts of income and expense line items presented in the statement of operations in which the effects of cash flow or fair value hedges are recorded	$	(1,194)	$	(7,610)	$	8,882	$	(25,926)

The notional volume of open commodity derivative positions as of September 30, 2025 are as follows (in thousands):

Exchange-Traded (1)

Non-Exchange-Traded (2)

Derivative
Instruments

Net Long &
(Short)

Long

(Short)

Unit of
Measure

Commodity

Futures

(8,450)

Bushels

Corn

Futures

58,545

(3)

Bushels

Corn

Futures

(33,810)

Gallons

Ethanol

Futures

(173,922)

(3)

Gallons

Ethanol

Futures

(2,280)

MmBTU

Natural Gas

Futures

5,378

(3)

MmBTU

Natural Gas

Futures

(4,755)

(4)

MmBTU

Natural Gas

Futures

(26,640)

Pounds

Soybean Oil

Futures

(1,000)

Bushels

Soybeans

Options

3,931

Gallons

Ethanol

Options

1,034

Bushels

Soybeans

Options

200

MmBTU

Natural Gas

Forwards

25,209

—

Bushels

Corn

Forwards

12,797

(171,280)

Gallons

Ethanol

Forwards

(242)

Tons

Distillers Grains

Forwards

—

(50,671)

Pounds

Renewable Corn Oil

Forwards

2,783

(1,203)

MmBTU

Natural Gas

(1)Notional volume of exchange-traded futures and options are presented on a net long and (short) position basis. Options are presented on a delta-adjusted basis.

(2)Notional volume of non-exchange-traded forward physical contracts are presented on a gross long and (short) position basis, including both fixed-price and basis contracts, for which only the basis portion of the contract price is fixed.

(3)Notional volume of exchange-traded futures used for cash flow hedges.

(4)Notional volume of exchange-traded futures used for fair value hedges.

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Energy trading contracts that do not involve physical delivery are presented net in revenues on the consolidated statements of operations. Included in revenues are net gains of $3.4 million and net gains of $8.7 million for the three and nine months ended September 30, 2025, respectively, and net gains of $1.0 million and $3.3 million for the three and nine months ended September 30, 2024, respectively, on energy trading contracts.

8. DEBT

The components of long-term debt are as follows (in thousands):


	September 30, 2025		December 31, 2024
Corporate
2.25% convertible notes due 2027 (1)	$	230,000	$	230,000
Green Plains SPE LLC
Junior secured mezzanine notes due 2026 (2)	—		125,000
Green Plains Shenandoah
Term loan due 2035 (3)	70,500		71,625
Other	9,931		11,163
Total book value of long-term debt	310,431		437,788
Unamortized debt issuance costs	(2,017)		(3,210)
Less: current maturities of long-term debt	(2,042)		(2,118)
Total long-term debt	$	306,372	$	432,460

(1)The 2.25% notes had $1.8 million and $2.7 million of unamortized debt issuance costs as of September 30, 2025 and December 31, 2024, respectively.

(2)The junior notes had $0.2 million of unamortized debt issuance costs as of December 31, 2024.

(3)The loan had $0.2 million and $0.3 million of unamortized debt issuance costs as of September 30, 2025 and December 31, 2024, respectively.

The components of short-term notes payable and other borrowings are as follows (in thousands):


	September 30, 2025		December 31, 2024
Green Plains Finance Company, Green Plains Grain and Green Plains Trade
$350.0 million revolver	$	25,000	$	133,500
Green Plains Commodity Management
$20.0 million hedge line	20,000		7,329
	$	45,000	$	140,829

Corporate Activities

In March 2021, the company issued an aggregate $230.0 million of 2.25% convertible senior notes due on March 15, 2027. The 2.25% notes bear interest at a rate of 2.25% per year, payable on March 15 and September 15 of each year. The 2.25% notes are senior, unsecured obligations of the company. The 2.25% notes are convertible, at the option of the holders, into consideration consisting of, at the company’s election, cash, shares of the company’s common stock, or a combination of cash and stock (and cash in lieu of fractional shares). However, before September 15, 2026, the 2.25% notes will not be convertible unless certain conditions are satisfied. The initial conversion rate is 31.6206 shares of the company’s common stock per $1,000 principal amount of 2.25% notes (equivalent to an initial conversion price of approximately $31.62 per share of the company’s common stock), representing an approximately 37.5% premium over the offering price of the company’s common stock. The conversion rate is subject to adjustment upon the occurrence of certain events, including but not limited to; the event of a stock dividend or stock split; the issuance of additional rights, options and warrants; spinoffs; or a tender or exchange offering. In addition, the company may be obligated to increase the conversion rate for any conversion that occurs in connection with certain corporate events, including the company’s calling the 2.25% notes for redemption.

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On and after March 15, 2024, and prior to the maturity date, the company may redeem, for cash, all, but not less than all, of the 2.25% notes if the last reported sale price of the company’s common stock equals or exceeds 140% of the applicable conversion price on (i) at least 20 trading days during a 30 consecutive trading day period ending on the trading day immediately prior to the date the company delivers notice of the redemption; and (ii) the trading day immediately before the date of the redemption notice. The redemption price will equal 100% of the principal amount of the 2.25% notes to be redeemed, plus any accrued and unpaid interest to, but excluding, the redemption date. In addition, upon the occurrence of a “fundamental change” (as defined in the indenture for the 2.25% notes), holders of the 2.25% notes will have the right, at their option, to require the company to repurchase their 2.25% notes for cash at a price equal to 100% of the principal amount of the 2.25% notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change repurchase date.

On May 7, 2025, the company entered into a secured $30 million revolving credit facility with Ancora Alternatives LLC, that matured on July 30, 2025. The facility bore interest at 10% on borrowings and had a 0.5% fee on the unused balance. Interest and fees were due on the 5th of each month. There was no outstanding balance on the facility as of September 30, 2025. In conjunction with this facility, the company issued 1,504,140 warrants to purchase shares of its common stock at an exercise price of $0.01 per share. The fair value of these warrants was initially recorded as debt issuance costs and has been fully amortized and recorded within interest expense during the nine months ended September 30, 2025.

Ethanol Production Segment

On February 9, 2021, Green Plains SPE LLC, a wholly-owned special purpose subsidiary and parent of Green Plains Obion and Green Plains Mount Vernon, issued $125.0 million of junior secured mezzanine notes due 2026 (the “Junior Notes”) with BlackRock, a holder of a portion of the company’s common stock. The proceeds of the Junior Notes were used to construct high protein processing systems at the Green Plains Obion and Green Plains Mount Vernon facilities.

The Junior Notes were amended on May 7, 2025, which extended the maturity date from February 9, 2026 to May 15, 2026. A $2.5 million amendment fee was added to the balance of the Junior Notes, increasing the amount outstanding to $127.5 million. The Junior Notes were secured by a pledge of the membership interests in and the real property owned by Green Plains Obion and Green Plains Mount Vernon. Further, warrants previously issued in conjunction with the Junior Notes were revised on May 7, 2025, and $7.5 million, the fair value of the revised warrants, was recorded as debt issuance costs. These costs were to be amortized through May 2026. As of July 31, 2025, the Junior Notes were also secured by a pledge of the membership interests in, the assets and the real property owned by Green Plains Madison LLC, Green Plains Superior LLC, Green Plains Fairmont LLC, Green Plains Otter Tail LLC, Green Plains Wood River and Green Plains York LLC, as well as the assets and membership interests of Fluid Quip Mechanical, LLC. The Junior Notes accrued interest at an annual rate of 11.75% through August 9, 2025.

On August 10, 2025, the Junior Notes were amended to extend the maturity date to September 15, 2026, with an amendment fee of 2.5%, or $3.2 million, added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate was increased by 0.5% after the amendment, and subject to an additional 0.5% each quarter on each scheduled interest payment date. In addition to previous assets and equity securities pledged, the Junior Notes were then also secured by the assets and the real property owned by Green Plains Central City LLC. The amendment added certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also included the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligated the company to register for resale the shares of common stock underlying warrants issued to BlackRock. The entire outstanding principal balance, plus any accrued and unpaid interest was due upon maturity. Green Plains SPE LLC was required to comply with certain financial covenants regarding minimum liquidity at Green Plains and a maximum aggregate loan to value. The Junior Notes could have been retired or refinanced after 42 months with no prepayment premium. The Junior Notes had an unsecured parent guarantee from the company and had certain limitations on distributions, dividends or loans to the company unless there will not exist any event of default. The amendment to the Junior Notes was determined to be a substantial change under ASC 470, Debt, and triggered debt extinguishment treatment. In total, a loss on debt extinguishment of $35.7 million was recorded within interest expense during the three and nine months ended September 30, 2025. The loss includes the write-off of unamortized debt issuance costs at the retirement date of the Junior Notes, the fair value of the 3,250,000 million warrants issued on August 10, 2025 and the 2.5% amendment fee. On September 25, 2025, proceeds from the POET Transaction were used to fully retire the Junior Notes.

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On September 3, 2020, Green Plains Wood River and Green Plains Shenandoah, wholly-owned subsidiaries of the company, entered into a $75.0 million loan agreement with MetLife Real Estate Lending LLC. The loan matures on September 1, 2035 and is secured by substantially all of the assets of the Shenandoah facility, including the MSC™ and CST™ assets installed at that facility. During the second quarter of 2024, the agreement was modified to remove the Wood River facility from the assets considered to be secured under the loan agreement and Green Plains Wood River was removed as a counterparty to the loan agreement. The proceeds from the loan were used to add MSC™ technology at the Wood River and Shenandoah facilities as well as other capital expenditures.

The loan bears interest at a fixed rate of 5.02%, plus an interest rate premium subject to quarterly adjustments from 0.00% to 1.50% based on the leverage ratio of total funded debt to EBITDA of Shenandoah. Principal payments of $1.5 million per year began in October 2022. Prepayments were prohibited until September 2024. Financial covenants of the loan agreement include a minimum loan to value ratio of 50%, a minimum fixed charge coverage ratio of 1.25x, a total debt service reserve of six months of future principal and interest payments and a minimum working capital requirement at Green Plains of not less than $0.10 per gallon of nameplate capacity or $90.3 million. The loan is guaranteed by the company and has certain limitations on distributions, dividends or loans to Green Plains by Shenandoah unless immediately after giving effect to such action, there will not exist any event of default. At September 30, 2025, the interest rate on the loan was 6.52%.

The company also has small equipment financing loans, finance leases on equipment or facilities, and other forms of debt financing.

Agribusiness and Energy Services Segment

On March 25, 2022, Green Plains Finance Company, Green Plains Grain and Green Plains Trade (collectively, the “Borrowers”), all wholly owned subsidiaries of the company, together with the company, as guarantor, entered into a five-year, $350.0 million senior secured sustainability-linked revolving Loan and Security Agreement (the “Facility”) with a group of financial institutions. This transaction refinanced the separate credit facilities previously held by Green Plains Grain and Green Plains Trade. The Facility matures on March 25, 2027.

The Facility includes revolving commitments totaling $350.0 million and an accordion feature whereby amounts available under the Facility may be increased by up to $100.0 million of new lender commitments subject to certain conditions. Each SOFR rate loan shall bear interest for each day at a rate per annum equal to the Term SOFR rate for the outstanding period plus a Term SOFR adjustment and an applicable margin of 2.25% to 2.50%, which is dependent on undrawn availability under the Facility. Each base rate loan shall bear interest at a rate per annum equal to the base rate plus the applicable margin of 1.25% to 1.50%, which is dependent on undrawn availability under the Facility. The unused portion of the Facility is also subject to a commitment fee of 0.275% to 0.375%, dependent on undrawn availability. Additionally, the applicable margin and commitment fee are subject to certain increases or decreases of up to 0.10% and 0.025%, respectively, tied to the company’s achievement of certain sustainability criteria, including the reduction of GHG emissions, recordable incident rate reduction, increased renewable corn oil production and the implementation of technology to produce sustainable ingredients.

The Facility contains customary affirmative and negative covenants, as well as the following financial covenants to be calculated as of the last day of any month: the current ratio of the Borrowers shall not be less than 1.00 to 1.00; the collateral coverage ratio of the Borrowers shall not be less than 1.20 to 1.00; and the debt to capitalization ratio of the company shall not be greater than 0.60 to 1.00.

The Facility also includes customary events of default, including without limitation, failure to make required payments of principal or interest, material incorrect representations and warranties, breach of covenants, events of bankruptcy and other certain matters. The Facility is secured by the working capital assets of the Borrowers and is guaranteed by the company. At September 30, 2025, the interest rate on the Facility was 7.16%.

Green Plains Commodity Management has an uncommitted secured revolving credit facility to finance margins related to its hedging programs, which is secured by cash and securities held in its brokerage accounts. On June 18, 2025, the credit facility was amended, reducing the $40.0 million borrowing limit to $20.0 million. During the first quarter of 2023, this revolving credit facility was extended five years to mature on April 30, 2028. Advances are subject to variable interest rates equal to SOFR plus 1.75%. At September 30, 2025, the interest rate on the facility was 5.88%.

Green Plains Grain has a short-term inventory financing agreement with a financial institution. The company has accounted for the agreement as short-term notes, rather than revenues, and has elected the fair value option to offset

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fluctuations in market prices of the inventory. This agreement is subject to negotiated variable interest rates. The company had no outstanding short-term notes payable related to the inventory financing agreement as of September 30, 2025.

Covenant Compliance

The company was in compliance with its debt covenants as of September 30, 2025.

Restricted Net Assets

At September 30, 2025, there were approximately $48.9 million of net assets at the company’s subsidiaries that could not be transferred to the parent company in the form of dividends, loans or advances due to restrictions contained in the credit facilities of these subsidiaries.

9. STOCK-BASED COMPENSATION

The company has an equity incentive plan which reserved a total of 6.9 million shares of common stock for issuance pursuant to the plan, of which 1.2 million shares remain available for issuance. The plan provides for shares, including options to purchase shares of common stock, stock appreciation rights tied to the value of common stock, restricted stock, performance share awards, and restricted and deferred stock unit awards, to be granted to eligible employees, non-employee directors and consultants. The company measures stock-based compensation at fair value on the grant date, with no adjustments for estimated forfeitures. The company records noncash compensation expense related to equity awards in its consolidated financial statements over the requisite period on a straight-line basis.

Restricted Stock Awards and Deferred Stock Units

The restricted non-vested stock awards and deferred stock units activity for the nine months ended September 30, 2025 is as follows:


	Non-Vested Shares and Deferred Stock Units	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2024	735,513	$	23.45
Granted	1,115,387	5.63
Forfeited	(151,788)	16.07
Vested	(509,260)	21.92
Non-Vested at September 30, 2025	1,189,852	$	8.34	1.9

Performance Share Awards

On March 10, 2025, March 13, 2024, and March 9, 2023, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. These performance shares vest based on the level of achievement of certain performance goals, including the incremental value achieved from the company’s high-protein and clean sugar initiatives, annual production levels and return on investment (ROI). Performance shares granted in 2025 and 2024 include certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used by the company in applying the Monte Carlo valuation model for performance share grants and related valuation include a risk-free interest rate of 3.87% and 4.44%, dividend yields of 0%, expected volatility of 55.4% and 54.6%, and closing stock price on the date of grant of $5.48 and $20.21, resulting in an estimated fair value of $7.08 and $25.23 per share for 2025 and 2024, respectively. Off-cycle awards of performance shares occurred on August 19, 2025. A portion of the off-cycle awards contained certain market-based factors requiring a Monte Carlo valuation model to estimate the fair value of the performance shares on the date of the grant. The weighted average assumptions used in applying the Monte Carlo valuation model for off-cycle performance share awards include a risk free rate of 3.69%, dividend yields of 0%, expected volatility of 58.0%, and closing price of the date of grant of $8.34, resulting in an estimated fair value of $12.89 per share. Performance shares granted in 2023 do not contain market-based factors requiring a Monte Carlo valuation model. The performance shares were granted at a target of 100%, but each performance share can be reduced or increased depending on results for the performance period. If the company achieves the maximum performance goals, the maximum amount of

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shares available to be issued pursuant to the 2025, 2024 and 2023 awards are 962,030 performance shares which represents 200% of the 481,015 performance shares which remain outstanding, excluding forfeited shares. The actual number of performance shares that will ultimately vest is based on the actual performance targets achieved at the end of the performance period. This excludes an additional 69,959 performance shares granted to the Chief Legal and Administration Officer and Corporate Secretary in 2023, 2024 and 2025, which will vest at 100% of target on December 31, 2025.

On March 14, 2022, the Compensation Committee of the Board granted performance shares to be awarded in the form of common stock to certain participants of the plan. The performance shares were granted at a target of 100%, but each performance share was reduced or increased depending on results for the performance period. On March 14, 2025, based on the criteria discussed above, the 2022 performance shares vested at 30%, which resulted in the issuance of 14,259 shares of common stock.

On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer, effective March 1, 2025. In accordance with his separation agreement, 221,895 of remaining outstanding performance shares that were granted during 2022, 2023, and 2024 vested immediately at target.

The non-vested performance share award activity for the nine months ended September 30, 2025, is as follows:


	Performance Shares	Weighted- Average Grant- Date Fair Value		Weighted-Average Remaining Vesting Term (in years)
Non-Vested at December 31, 2024	538,572	$	27.82
Granted	460,656	7.22
Forfeited	(142,097)	25.86
Vested	(306,157)	24.73
Non-Vested at September 30, 2025	550,974	$	12.82	2.0

Stock-Based Compensation Expense

Compensation costs for the stock-based payment plan were $2.6 million and $13.7 million for the three and nine months ended September 30, 2025, respectively, and $3.6 million and $10.2 million for the three and nine months ended September 30, 2024, respectively, with the increase primarily driven by accelerated vesting for the company's former CEO. At September 30, 2025, there was $10.8 million of unrecognized compensation costs from stock-based compensation related to non-vested awards. This compensation is expected to be recognized over a weighted-average period of approximately 2.1 years. The potential tax benefit related to stock-based payment is approximately 24.5% of these expenses.

10. EARNINGS PER SHARE

Basic earnings per share, or EPS, is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period.

The company computes diluted EPS by dividing net income on an if-converted basis, adjusted to add back net interest expense related to the convertible debt instruments, by the weighted average number of common shares outstanding during the period, adjusted to include the shares that would be issued if the convertible debt instruments were converted to common shares and the effect of any outstanding dilutive securities.

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The basic and diluted EPS are calculated as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
EPS - basic
Net income (loss) attributable to Green Plains	$	11,926	$	48,200	$	(133,218)	$	(27,562)
Weighted average shares outstanding - basic (1)	69,855		63,946		66,826		63,741
EPS - basic	$	0.17	$	0.75	$	(1.99)	$	(0.43)

EPS - diluted
Net loss attributable to Green Plains	$	11,926	$	48,200	$	(133,218)	$	(27,562)
Interest and amortization on 2.25% convertible notes due 2027, net of tax effect	1,214		1,209		—		—
Net income (loss) attributable to Green Plains - diluted	$	13,140	$	49,409	$	(133,218)	$	(27,562)

Weighted average shares outstanding - basic	69,855		63,946		66,826		63,741
Effect of dilutive 2.25% convertible notes due 2027	7,273		7,273		—		—
Effect of dilutive stock-based compensation awards	741		441		—		—
Weighted average shares outstanding - diluted	77,869		71,660		66,826		63,741

EPS - diluted	$	0.17	$	0.69	$	(1.99)	$	(0.43)

Anti-dilutive weighted-average convertible debt, certain warrants and stock-based compensation (2)	—		—		7,910		7,687

(1)For the three and nine months ended September 30, 2025, weighted average shares outstanding - basic includes the impact of 750,000 warrants outstanding as of September 30, 2025 that have an exercise price of $0.01.

(2)For the nine months ended September 30, 2025 and 2024, respectively, the effects related to the company's 2.25% convertible notes due in 2027, certain warrants and certain stock-based compensation awards were excluded from diluted EPS as the inclusion of these shares would have been anti-dilutive.

11. STOCKHOLDERS’ EQUITY

BlackRock Warrants

During the three months ended March 31, 2021, in connection with certain agreements, the company issued 2,000,000 warrants in a private placement to purchase shares of its common stock. The company entered into an amendment on its Junior Notes on May 7, 2025, and the warrants ("2029 warrants") were repriced from $22.00 to $0.01 and the maturity date extended from April 28, 2026 to December 31, 2029. The warrants were revalued on May 7, 2025, and the increase in fair value was recorded in additional paid-in capital.

On August 10, 2025, in conjunction with extending the maturity date of the Junior Notes, 3,250,000 warrants ("2035 warrants") were issued with an exercise price of $0.01 and a maturity date of August 10, 2035. Of the total, 2,500,000 of these warrants were equity-based and the fair value of the warrants was recorded in additional paid-in capital, and 750,000 were liability-based and the fair value of warrants was initially recorded in other liabilities.

On August 18, 2025, 1,250,000 of the 2029 warrants and 750,000 of the 2035 warrants were exercised. On September 8, 2025, the remaining 2,500,000 2035 warrants were fully exercised and the fair value of the liability-based warrants was reclassified from other liabilities to additional paid-in capital. The company recognized $2.0 million of expense due to the revaluation of liability-based warrants, which was recorded in other, net on the consolidated statements of operations

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during the three and nine months ended September 30, 2025. At September 30, 2025, 750,000 of the 2029 warrants remain outstanding.

Ancora Warrants

On May 7, 2025, in connection with a revolving credit facility agreement, the company issued warrants in a private placement to purchase 1,504,140 shares of its common stock at an exercise price of $0.01 per share and expiration date of May 7, 2035. The company measured the fair value of the warrants as of the issuance date. These warrants were equity-based and recorded in additional paid-in capital. On August 29, 2025, all of the Ancora warrants were exercised and none remained outstanding.

Other Warrants

Other warrants issued in 2021 totaling 550,000 have a strike price of $22.00. The expiration dates are December 8, 2025 for 275,000 warrants and February 9, 2026 for 275,000 warrants. Of the total, 275,000 of the warrants, of which 222,222 are exercisable as a result of achieving certain earn-out provisions and 52,778 are contingent upon certain earn-out provisions, are treated as liability-based awards, and valued quarterly using the company’s stock price. The other 275,000 are equity-based, are all exercisable, and remain outstanding. These warrants could potentially dilute basic earnings per share in future periods.

Green Plains Partners Merger

As a result of the Merger, for the nine months ended September 30, 2024, the company issued approximately 4.7 million shares of common stock and recorded par value $0.001 per share, paid cash consideration of $29.2 million, extinguished the non-controlling interest attributed to the partnership common units held by the public of $133.8 million, and capitalized transaction costs of $7.5 million, within additional paid-in capital. Refer to Note 3 - Merger and Dispositions included herein for more information.

Components of stockholders’ equity for the three and nine months ended September 30, 2025 and 2024 are as follows (in thousands):

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	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2024	67,512	$	68	$	1,213,646	$	(318,298)	$	973	2,805	$	(31,174)	$	865,215	$	9,322	$	874,537
Net loss	—	—		—		(72,906)		—		—	—		(72,906)		265		(72,641)
Other comprehensive loss before reclassification	—	—		—		—		(2,307)		—	—		(2,307)		—		(2,307)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		37		—	—		37		—		37
Other comprehensive loss, net of tax	—	—		—		—		(2,270)		—	—		(2,270)		—		(2,270)
Investment in subsidiaries	—	—		—		—		—		—	—		—		94		94
Stock-based compensation	688	—		7,468		—		—		—	—		7,468		—		7,468
Balance, March 31, 2025	68,200	68		1,221,114		(391,204)		(1,297)		2,805	(31,174)		797,507		9,681		807,188
Net loss	—	—		—		(72,238)		—		—	—		(72,238)		11		(72,227)
Other comprehensive loss before reclassification	—	—		—		—		(8,191)		—	—		(8,191)		—		(8,191)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		2,747		—	—		2,747		—		2,747
Other comprehensive loss, net of tax	—	—		—		—		(5,444)		—	—		(5,444)		—		(5,444)
Investment in subsidiaries	—	—		—		—		—		—	—		—		94		94
Proventus disposition	—	—		—		—		—		—	—		—		(4,534)		(4,534)
Issuance of warrants	—	—		5,656		—		—		—	—		5,656		—		5,656
Modification of warrants	—	—		7,520		—		—		—	—		7,520		—		7,520
Stock-based compensation	193	—		2,179		—		—		—	—		2,179		—		2,179
Balance, June 30, 2025	68,393	68		1,236,469		(463,442)		(6,741)		2,805	(31,174)		735,180		5,252		740,432
Net loss	—	—		—		11,926		—		—	—		11,926		(952)		10,974
Other comprehensive loss before reclassification	—	—		—		—		(12,105)		—	—		(12,105)		—		(12,105)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		5,831		—	—		5,831		—		5,831
Other comprehensive loss, net of tax	—	—		—		—		(6,274)		—	—		(6,274)		—		(6,274)
Investment in subsidiaries	—	—		—		—		—		—	—		—		1,726		1,726
Issuance of warrants	—	—		18,475		—		—		—	—		18,475		—		18,475
Exercises of warrants	6,276	6		7,576		—		—		—	—		7,582		—		7,582
Stock-based compensation	65	1		2,033		—		—		—	—		2,034		—		2,034
Balance, September 30, 2025	74,734	$	75	$	1,264,553	$	(451,516)	$	(13,015)	2,805	$	(31,174)	$	768,923	$	6,026	$	774,949

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	Common Stock			Additional Paid-in Capital		Retained Deficit		Accumulated Other Comprehensive Loss		Treasury Stock			Total Green Plains Stockholders' Equity		Non- Controlling Interests		Total Stockholders' Equity
	Shares	Amount								Shares	Amount

Balance, December 31, 2023	62,327	$	62	$	1,113,806	$	(235,801)	$	(3,160)	2,805	$	(31,174)	$	843,733	$	146,323	$	990,056
Net loss	—	—		—		(51,412)		—		—	—		(51,412)		290		(51,122)
Other comprehensive loss before reclassification	—	—		—		—		(6,043)		—	—		(6,043)		—		(6,043)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		5,305		—	—		5,305		—		5,305
Other comprehensive loss, net of tax	—	—		—		—		(738)		—	—		(738)		—		(738)
Investment in subsidiaries	—	—		—		—		—		—	—		—		166		166
Partnership Merger	4,746	5		97,035		—		—		—	—		97,040		(133,765)		(36,725)
Stock-based compensation	349	—		(1,169)		—		—		—	—		(1,169)		—		(1,169)
Balance, March 31, 2024	67,422	67		1,209,672		(287,213)		(3,898)		2,805	(31,174)		887,454		13,014		900,468
Net loss	—	—		—		(24,350)		—		—	—		(24,350)		312		(24,038)
Other comprehensive loss before reclassification	—	—		—		—		(657)		—	—		(657)		—		(657)
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		1,748		—	—		1,748		—		1,748
Other comprehensive income, net of tax	—	—		—		—		1,091		—	—		1,091		—		1,091
Investment in subsidiaries	—	—		—		—		—		—	—		—		167		167
Stock-based compensation	39	—		3,173		—		—		—	—		3,173		—		3,173
Balance, June 30, 2024	67,461	67		1,212,845		(311,563)		(2,807)		2,805	(31,174)		867,368		13,493		880,861
Net loss	—	—		—		48,200		—		—	—		48,200		437		48,637
Cash dividends and distributions declared	—	—		—		—		—		—	—		—		—		—
Other comprehensive income before reclassification	—	—		—		—		338		—	—		338		—		338
Amounts reclassified from accumulated other comprehensive loss	—	—		—		—		6,052		—	—		6,052		—		6,052
Other comprehensive income, net of tax	—	—		—		—		6,390		—	—		6,390		—		6,390
Investment in subsidiaries	—	—		—		—		—		—	—		—		(481)		(481)
Stock-based compensation	(4)	—		3,554		—		—		—	—		3,554		—		3,554
Balance, September 30, 2024	67,457	$	67	$	1,216,399	$	(263,363)	$	3,583	2,805	$	(31,174)	$	925,512	$	13,449	$	938,961

Amounts reclassified from accumulated other comprehensive loss are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,				Statements of Operations Classification
	2025		2024		2025		2024
Gains (losses) on cash flow hedges
Commodity derivatives	$	(1,169)	$	5,146	$	(1,194)	$	8,882	(1)
Commodity derivatives	(6,627)		(13,088)		(10,325)		(26,109)		(2)
Total losses on cash flow hedges	(7,796)		(7,942)		(11,519)		(17,227)		(3)
Income tax benefit	1,965		1,890		2,904		4,122		(4)
Amounts reclassified from accumulated other comprehensive loss	$	(5,831)	$	(6,052)	$	(8,615)	$	(13,105)

(1)Revenues

(2)Costs of goods sold

(3)Income (loss) before income taxes and income (loss) from equity method investees, net of income taxes

(4)Income tax benefit

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12. INCOME TAXES

The company records actual income tax expense or benefit during interim periods rather than on an annual effective tax rate method. Certain items are given discrete period treatment and the tax effect of those items are reported in full in the relevant interim period.

The IRA was signed into law on August 16, 2022. The IRA includes significant law changes relating to tax, climate change, energy and health care. The IRA significantly expands clean energy related tax credits and permits more flexibility for taxpayers to use the credits with direct-pay and transferable credit options.

The OBBB was signed into law on July 4, 2025. The OBBB includes a broad range of tax reform provisions affecting businesses, including extending and modifying certain key provisions of the Tax Cuts & Jobs Act, and expanding certain Inflation Reduction Act incentives while accelerating the phase-out of others. Important business provisions of the OBBB include reinstatement of permanent expensing of domestic research and development costs, higher EBITDA cap on the deduction for interest expense and 100% bonus depreciation. In addition, the OBBB extends the tax credit for Clean Fuel Production under Section 45Z to December 31, 2029, and leaves credits generated from carbon capture under Section 45Q substantially unchanged. The company expects to benefit from the business provisions of the OBBB and the extension of certain energy credits under the IRA and not be negatively impacted by the phase-out of other energy credits. The company will benefit from the reinstatement of permanent expensing of domestic research and development costs and the higher EBITDA cap on the deduction for interest expense, as well as the extension of the tax credit for Clean Fuel Production under Section 45Z to December 31, 2029.

The Section 45Z clean fuel production credit is a general business credit under Section 38 that is allowed with respect to clean transportation fuel produced domestically after December 31, 2024, and before December 31, 2029. This credit, which was part of the Inflation Reduction Act of 2022, and subsequently extended by the OBBB, incentivizes the production of clean fuels at our plants that reduce GHG emissions below a CI score of 50. The tax credit is calculated by multiplying the gallons of clean transportation fuel produced times the CI emission factor times the applicable credit rate per gallon ($0.20 for non-SAF transportation fuel, or $1.00 if the taxpayer satisfies the prevailing wage requirements under Section 45). The company expects that it is more-likely-than-not that prevailing wage requirements will be met for 2025 for six facilities and has calculated the credit at the highest credit rate.

On September 16, 2025, the company entered into an agreement, pursuant to which the company agreed to supply production tax credits available under Section 45Z to a buyer from the production of the company's ethanol at its Nebraska facilities between January 1, 2025 and December 31, 2025. Under the agreement, the company expects to deliver up to $65 million worth of credits, upon satisfaction of certain conditions. The final proceeds are dependent on actual production and the final CI score at the company's facilities. Based on production and CI scores for the nine months ended September 30, 2025, the company recorded an income tax benefit of $26.5 million, net of a valuation allowance, related to 45Z production tax credits. The company expects to benefit from certain energy related tax credits in future years.

On January 9, 2024, the transactions contemplated by the Merger Agreement were completed as described in more detail in Note 3 - Merger and Dispositions included herein. For income tax purposes, the total consideration given by the company in exchange for the remaining interest in the partnership, creates a tax basis in the acquired interest. Because the GAAP basis in the acquired interest is less than the total consideration, a new deferred tax asset was created. The company's valuation allowance on deferred tax assets increased by a corresponding amount, which did not have a material impact on the company's consolidated financial statements.

The effective tax rate can be affected by variances in the estimates and amounts of taxable income among the various states, entities and activity types, realization of tax credits, adjustments from resolution of tax matters under review, valuation allowances and the company’s assessment of its liability for uncertain tax positions.

13. COMMITMENTS AND CONTINGENCIES

Leases

The company leases certain facilities, parcels of land, and equipment, with remaining terms ranging from less than one year to approximately 12.1 years. The land and facility leases include renewal options. The renewal options are included in the lease term only for those sites or locations in which they are reasonably certain to be renewed. Equipment renewals are not considered reasonably certain to be exercised as they typically renew with significantly different underlying terms.

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The components of lease expense are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Lease expense
Operating lease expense	$	7,526	$	7,173	$	22,339	$	21,272
Variable lease expense (1)	683		551		1,009		1,234
Total lease expense	$	8,209	$	7,724	$	23,348	$	22,506

(1)Represents amounts incurred in excess of the minimum payments required for a certain building and land leases and for the handling and unloading of railcars offset by railcar lease abatements provided by the lessor when railcars are out of service during periods of maintenance or upgrade.

Supplemental cash flow information related to operating leases is as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	7,688	$	7,540	$	22,683	$	21,737

Right-of-use assets obtained in exchange for lease obligations
Operating leases	6,169		7,753		11,017		17,491

Right-of-use assets and lease obligations derecognized due to lease modifications:
Right-of-use assets (1)	3,739		2,208		3,739		2,208
Lease obligations (1)	3,739		2,739		3,739		2,739

(1)Amounts presented in 2025 are related to the Obion Transaction, while amounts in 2024 relate to the Birmingham Transaction. Derecognition of right-of-use assets and lease obligations for both dispositions is related to railcar operating leases.

Supplemental balance sheet information related to operating leases is as follows:


	September 30, 2025		December 31, 2024
Weighted average remaining lease term	3.7 years		4.0 years

Weighted average discount rate	5.50	%	5.36	%

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Aggregate minimum lease payments under the operating lease agreements for the remainder of 2025 and in future years are as follows (in thousands):


Year Ending December 31,	Amount
2025	$	6,787
2026	21,852
2027	17,618
2028	9,144
2029	5,612
Thereafter	6,155
Total	67,168
Less: Present value discount	(6,583)
Lease liabilities	$	60,585

Other Commitments

As of September 30, 2025, the company had contracted future purchases of grain, distillers grains and natural gas valued at approximately $152.9 million and future commitments for storage and transportation, valued at approximately $30.3 million.

During the second quarter of 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. As of September 30, 2025, a liability of $20.9 million was recorded within product financing arrangement on the consolidated balance sheets.

The company has entered into contracts with Tallgrass High Plains Carbon Storage, LLC and its affiliates, related to the construction, development and operation of carbon capture and sequestration projects at our three Nebraska plants, which are expected to meet in-service requirements in the fourth quarter of 2025. Payments associated with these contracts are due monthly over a period of twelve years, commencing after the capture facilities are considered in-service. Amounts due under the contracts are based on the achievement of certain project milestones and are subject to termination of all or portions of the contracts. Certain of the future obligations to Tallgrass High Plains Carbon Storage LLC are secured by a leasehold deed of trust, security agreement and assignment of rents and leases. As of September 30, 2025, the company had incurred $117.5 million of accumulated construction costs in relation to the projects, presented as property, plant and equipment on the consolidated balance sheet, with offsetting liability presented as carbon equipment liabilities on the consolidated balance sheets. We currently estimate that annualized payments would total $17.8 million.

Legal

The company is currently involved in litigation that has arisen in the ordinary course of business, but does not believe any pending litigation will have a material adverse effect on its financial position, results of operations or cash flows.

14. SUBSEQUENT EVENTS

CCS Commencing Operations

CCS equipment at our York, Nebraska, plant began operations on October 14, 2025, and is delivering biogenic carbon dioxide to the Tallgrass Trailblazer pipeline for permanent sequestration. Successful sequestration will allow the company to further reduce its CI, triggering an increase in the amount of income tax benefit recognizable from 45Z production tax credits in future periods.

Convertible Debt Exchange

On October 27, 2025, the company executed separate, privately negotiated exchange agreements with certain of the holders of its existing 2.25% Convertible Senior Notes due 2027 (or the “2027 Notes”) to exchange (or the “exchange transactions”) $170 million aggregate principal amount of the 2027 Notes for $170 million of newly issued 5.25% Convertible Senior Notes due November 2030 (or the “2030 Notes”). Additionally, the company completed separate, privately negotiated subscription agreements pursuant to which it issued $30 million of 2030 Notes for $30 million in cash

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(the “subscription transactions”). $200 million in aggregate principal amount of the 2030 Notes is now outstanding, and $60 million in aggregate principal amount of the 2027 Notes remains outstanding with existing terms unchanged.

The company used approximately $30 million of the net proceeds from the subscription transactions to repurchase approximately 2.9 million shares of its common stock from certain holders participating in the subscription transactions.

The 2030 Notes will bear interest at a rate of 5.25% per year, payable on May 1 and November 1 of each year, beginning May 1, 2026. The notes will be general senior, unsecured obligations of the company. The initial conversion rate of the 2030 Notes is 63.6132 shares of common stock per $1,000 principal amount of 2030 Notes (equivalent to an initial conversion price of approximately $15.72 per share of common stock, which represents a conversion premium of approximately 50% over the offering price of our common stock), and is subject to customary anti-dilution adjustments.

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

General

The following discussion and analysis provides information we believe is relevant to understand our consolidated financial condition and results of operations. This discussion should be read in conjunction with the consolidated financial statements and notes to the consolidated financial statements contained in this report together with our annual report on Form 10-K for the year ended December 31, 2024.

Cautionary Information Regarding Forward-Looking Statements

Forward-looking statements are made in accordance with safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations that involve a number of risks and uncertainties and do not relate strictly to historical or current facts, but rather to plans and objectives for future operations. These statements may be identified by words such as “anticipate,” “believe,” “continue,” “estimate,” “expect,” “intend,” “outlook,” “plan,” “predict,” “may,” “could,” “should,” “will” and similar expressions, as well as statements regarding future operating or financial performance or guidance, business strategy, environment, key trends and benefits of actual or planned acquisitions.

Factors that could cause actual results to differ from those expressed or implied in the forward-looking statements include, but are not limited to, those discussed in Part I, Item 1A – Risk Factors of our annual report on Form 10-K for the year ended December 31, 2024 and in Part II, Item 1A, “Risk Factors” in this report, or incorporated by reference. Specifically, we may experience fluctuations in future operating results due to a number of economic conditions and other factors, including: the failure to realize the anticipated results from the new products being developed; local, regional and national economic conditions and the impact they may have on the company and its customers; disruption caused by health epidemics; 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, changes in government policies, and global political or economic issues; the financial condition of the company’s customers and counterparties; any non-performance by customers and counterparties of their contractual obligations; changes in safety, health, environmental and other governmental policy and regulation, including changes to tax laws such as the OBBB, tariffs, renewable fuel programs, and low carbon programs; risks related to acquisition and disposition activities and achieving anticipated results; risks associated with merchant trading; the results of any reviews, investigations or other proceedings by government authorities; the performance of the company; and other factors detailed in reports filed with the SEC.

We believe our expectations regarding future events are based on reasonable assumptions; however, these assumptions may not be accurate or account for all risks and uncertainties. Consequently, forward-looking statements are not guaranteed. Actual results may vary materially from those expressed or implied in our forward-looking statements. In addition, we are not obligated and do not intend to update our forward-looking statements as a result of new information unless it is required by applicable securities laws. We caution investors not to place undue reliance on forward-looking statements, which represent management’s views as of the date of this report or documents incorporated by reference.

Overview

Incorporated in Iowa, Green Plains is a renewable fuels and agricultural technology company focused on producing low-cost, low-CI ethanol and related co-products, including high protein feeds and corn oil from locally sourced corn. Our goal is to create value through an operational excellence focus including disciplined operations, cost leadership and carbon reduction as we position the company to benefit from expanding low-carbon fuel markets.

Founded in 2004, Green Plains now owns nine strategically located plants across the Midwest, capable of processing approximately 264 million bushels of corn annually, when all plants are operating. Today, our focus is on operating safely, efficiently and cost-effectively while reducing the CI of our products and maintaining financial flexibility to support long-term growth.

During the year, under new leadership, the company completed targeted asset sales, strengthened liquidity and reduced debt, positioning Green Plains to capture value from the next phase of the low-carbon transition. Our streamlined platform is positioned to create value through our focus on operational excellence, continuous improvement and disciplined capital allocation.

We group our business activities into the following two operating segments to manage performance:

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•Ethanol Production. Our ethanol production segment includes the production, storage and transportation of ethanol, distillers grains, Ultra-High Protein and renewable corn oil at nine biorefineries in Illinois, Indiana, Iowa, Minnesota and Nebraska. At capacity, our nine facilities are capable of processing approximately 264 million bushels of corn per year and producing approximately 783 million gallons of ethanol, 1.8 million tons of distillers grains and Ultra-High Protein, and 271 million pounds of renewable corn oil, a low-carbon feedstock for biodiesel, renewable diesel and SAF. Our eight facilities currently in operation are capable of processing approximately 223 million bushels of corn and producing 664 million gallons of ethanol, 1.5 million tons of distillers grains and Ultra-High Protein, and 230 million pounds of renewable corn oil.

•Agribusiness and Energy Services. Our agribusiness and energy services segment includes grain procurement, storage and commodity marketing. We market our ethanol through a 3rd party and also sell and distribute our ethanol plant co-products, including distillers grains and corn oil. We also buy and sell natural gas and other commodities in various markets.

Our carbon reduction strategy plays a central role in achieving lower CI biofuel production and participation in various clean fuel programs. Carbon capture and storage ("CCS") is operational at our York, Nebraska facility with additional systems expecting to be online at Central City and Wood River, Nebraska during the fourth quarter of 2025. These plants are connected to the Tallgrass Trailblazer CO2 Pipeline, while our Iowa and Minnesota locations are committed to CCS through Summit Carbon Solutions, which publicly projects operations commencing in 2028. CCS initiatives are expected to significantly lower CI across our platform. Based on current CI score estimates, all Green Plains facilities are expected to qualify for the Section 45Z Clean Fuel Production Credit beginning in 2026, with six facilities expected to qualify in 2025, inclusive of three non-CCS facilities.

Our margins are highly dependent on commodity prices, particularly for ethanol, distillers grains, Ultra-High Protein, corn oil, soybean meal, corn, and natural gas. Since market price fluctuations of these commodities are not always correlated, our operations may be unprofitable at times. We use a range of risk management tools and hedging strategies to monitor price risk exposure at our ethanol plants and mitigate commodity volatility. Our profitability could be significantly impacted by price movements of the aforementioned commodities.

Recent Developments

CCS Commencing Operations

CCS equipment at our York, Nebraska, plant began operations on October 14, 2025, and is delivering biogenic carbon dioxide to the Tallgrass Trailblazer pipeline for permanent sequestration. In late October 2025, carbon capture facilities in Central City and Wood River, Nebraska began commissioning and ramping up following successful system validation and startup activities.

Convertible Debt Exchange

On October 27, 2025, the company executed separate, privately negotiated exchange agreements with certain of the holders of its existing 2.25% Convertible Senior Notes due 2027 (the “2027 Notes”) to exchange (the “exchange transactions”) $170 million aggregate principal amount of the 2027 Notes for $170 million of newly issued 5.25% Convertible Senior Notes due November 2030 (the “2030 Notes”). Additionally, the company completed separate, privately negotiated subscription agreements pursuant to which it issued $30 million of 2030 Notes for $30 million in cash (the “subscription transactions”). $200 million in aggregate principal amount of the 2030 Notes is now outstanding, and $60 million in aggregate principal amount of the 2027 Notes remains outstanding with existing terms unchanged.

Production Tax Credits

The company expects to benefit from certain clean energy related tax credits as a result of recent changes in legislation. All eight of our operating ethanol plants do or will qualify for 45Z production tax credits under Section 45Z

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with six positioned to claim credits in 2025 and all eight in 2026. Based on production and CI scores for the nine months ended September 30, 2025, the company recorded income tax benefit of $26.5 million, net of a valuation allowance, related to 45Z production tax credits at certain plants within deferred income taxes, and expects to benefit from certain energy related tax credits in future years.

Tax Credit Purchase Agreement

On September 16, 2025, the company entered into an agreement, pursuant to which the company agreed to supply production tax credits available under Section 45Z to a buyer from the production of the company's ethanol at its Nebraska facilities between January 1, 2025 and December 31, 2025. Under the agreement, the company expects to deliver up to $65 million worth of credits, upon satisfaction of certain conditions. Based on current expectations for production volumes and eligible gallons, the agreement and term sheet combined are expected to generate between $40 and $50 million in 2025 Section 45Z adjusted EBITDA, net of discounts and applicable operating expenses, with the first credits recorded in the third quarter of 2025. The final proceeds are dependent on actual production and CI scores at the company's facilities.

Green Plains Obion LLC Disposition

On August 27, 2025, the company announced that its wholly owned subsidiary, Green Plains Obion LLC, entered into an asset purchase agreement for the sale of the ethanol plant located in Rives, Tennessee, to POET Biorefining - Obion, LLC. On September 25, 2025, the company closed on the sale and received proceeds of $170 million plus related working capital (the “POET Transaction”). A gain of $36.0 million was recorded in gain on sale of assets, net on the consolidated statements of operations. The proceeds from the sale were used to repay the outstanding balance of the Junior Notes due 2026 and to supplement corporate liquidity.

Junior Notes and Warrant Amendments

On August 10, 2025, the company amended and restated the indenture covering the Junior Notes with BlackRock to extend the maturity date to September 15, 2026, with an amendment fee of 2.5% added to the principal balance of the Junior Notes, payable at the maturity date. The interest rate increased by 0.5% after the amendment, and by an additional 0.5% each quarter on each scheduled interest payment date. In addition to previous assets and equity securities pledged, the Junior Notes were then also secured by the assets and the real property owned by Green Plains Central City LLC. The amendment added certain financial covenant requirements, including restrictions on additional debt and certain transfer of assets. Also as part of the amendment, the company executed a subscription agreement with certain funds and accounts under management by BlackRock pursuant to which the company agreed to issue, and certain funds and accounts under management by BlackRock purchased, 3,250,000 stock warrants at a strike price of $0.01 per share with a ten year exercise period. The amendment also included the right for such funds and accounts to exchange up to 750,000 warrants for a pro rata share of $6 million of outstanding principal of Junior Notes. The subscription agreement obligated the company to register for resale the shares of common stock underlying warrants issued to BlackRock. On September 25, 2025, proceeds from the POET Transaction were used to fully retire the Junior Notes. As of September 30, 2025, 1,250,000 of the 2029 warrants and 2,000,000 of the 2035 warrants were exercised leaving 750,000 of the 2029 warrants outstanding. These outstanding warrants were subsequently exercised on October 3, 2025.

On May 7, 2025, the company amended its $125 million of Junior Notes to extend the maturity date to May 15, 2026, with an amendment fee of 2.0% added to the principal balance of the Junior Notes, payable at the maturity date. Further, the strike price of the warrants was revised from $22.00 to $0.01 and the maturity date extended from April 28, 2026 to December 31, 2029.

GP Turnkey Tharaldson LLC Disposition

On June 30, 2025, the company sold its 50% investment in GP Turnkey Tharaldson LLC for $25.0 million. A preliminary pretax loss of $26.2 million was recorded during the nine months ended September 30, 2025.

Product Financing Arrangement

On June 16, 2025, the company entered into a product financing arrangement with a financial institution in which it received up front payment of $38.4 million for corn oil that the company has an obligation to repurchase in weekly increments through January of 2026. As of September 30, 2025, a liability of $20.9 million was recorded within product financing arrangement on the consolidated balance sheets.

Ancora Credit Facility and Warrants

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balance. Interest and fees were due on the 5th of each month. Also executed as part of the credit facility, the company issued 1,504,140 stock warrants at a strike price of $0.01 per share. The warrants had a ten year exercise period. On August 29, 2025, the Ancora warrants were fully exercised.

Ethanol Marketing Agreement with Eco-Energy, LLC

On April 16, 2025, the company entered into an ethanol marketing agreement with Eco-Energy, LLC. The marketing agreement is for a term of five years, with certain early termination rights, and requires the company to sell exclusively to Eco-Energy LLC, and for Eco-Energy LLC to purchase from the company all fuel grade ethanol, or other ethanol specifications as agreed to for a predetermined market-based marketing fee that may be adjusted based on gallons shipped. Eco-Energy, LLC has also agreed to handle certain back office duties related to the ethanol marketing and logistics across the company's platform, providing end-to-end support to optimize value, expand market access and improve supply chain efficiency. On April 14, 2025, a conforming amendment was entered into on the $350 million revolver to accommodate concentration risk with Eco-Energy, LLC.

Cooperation Agreement

On April 11, 2025, the company entered into a Cooperation Agreement with Ancora Holdings Group, LLC, a long-term shareholder, which outlines certain compositional changes to the Board, and provides for a standstill, voting commitment and other customary provisions.

The changes to the Board resulted in the appointment of three individuals as independent members on April 14, 2025, Steve Furcich, Carl Grassi, and Patrick Sweeney. These individuals were appointed as part of the continuation of the company's refreshment of the Board as they possess additive experience in key areas such as the agriculture and commodities sector, capital allocation, finance, long-term planning, and strategic reviews and transactions. From April 14, 2025, through the Annual Meeting, the appointments resulted in an expansion of the Board to ten members. The Board was reduced to eight members due to Ejnar A. Knudsen III and Alain Treuer not standing for re-election at this year’s Annual Meeting.

Leadership Transition

On February 28, 2025, the company announced the departure of Todd Becker as President and Chief Executive Officer and member of the Board, effective March 1, 2025.

The Board appointed Michelle Mapes, Chief Legal & Administration Officer, as Interim Principal Executive Officer, and also appointed an executive committee comprised of Ms. Mapes, Jamie Herbert, Chief Human Resource Officer, Chris Osowski, Executive Vice President, Operations and Technology, and Imre Havasi, Senior Vice President – Head of Trading and Commercial Operations, which led the company until Mr. Becker’s successor was appointed. The Board designated Ms. Mapes as Interim Principal Executive Officer, effective as of March 1, 2025. As part of the company’s corporate reorganization and cost reduction initiative, Michelle Mapes' position as Chief Legal and Administration Officer and Corporate Secretary will be eliminated, effective no later than December 31, 2025, and both Grant Kadavy's position of EVP - Commercial Operations and Leslie van der Meulen's position of EVP - Product Marketing and Innovation were eliminated, effective February 6, 2025.

On August 19, 2025, the Board of Directors of the company appointed Chris Osowski as Chief Executive Officer and member of the Board of Directors of the company, effective immediately. Mr. Osowski recently served as a member of the company’s Executive Committee since March 2025 and served as Executive Vice President, Operations and Technology since January 2022. Also, in connection with Mr. Osowski’s appointment, the company promoted Trent Collins to serve as Senior Vice President of Operations.

Restructuring Costs

As part of the strategic review process, in early 2025, the company launched a corporate reorganization and cost reduction initiative that will significantly reduce selling, general and administrative expenses on an ongoing basis. As part of this initiative, the company identified approximately $50 million of financial improvement annually, inclusive of savings from idling the Fairmont, Minnesota facility, transitioning to a third party ethanol marketer, and realigning corporate and trade group selling, general and administrative functions to reflect current strategic priorities. As a result of the

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reorganization, the company recorded one-time restructuring costs of $2.7 million and $21.8 million for the three and nine months ended September 30, 2025, respectively, which includes severance related to the departure of its former CEO.

Strategic Review

On August 27, 2025, the company announced the conclusion of its strategic review process, which began in February 2024. Following a comprehensive evaluation, the Board of Directors considered a range of alternatives and determined that the Company is best positioned to deliver shareholder value by executing its current strategy under existing leadership. This outcome of the review has provided a roadmap for continued operational execution and capital discipline.

Idling of Clean Sugar Technology facility in Shenandoah, Iowa

During the first quarter, the company idled its operations at the CST™ facility in Shenandoah, Iowa, as the company focuses on optimizing its product mix to maximize current returns. CST™ has already proven its ability to produce a high-purity dextrose with a lower CI and the company remains confident in its commercial potential. The decision to temporarily pause operations presents an opportunity to further refine the dextrose production process.

Idling of Fairmont, Minnesota Plant

In January 2025, the company idled its 119 million gallon ethanol plant in Fairmont, Minnesota as a result of persistent margin pressures, and the majority of the staff was terminated. The company is continuing to monitor the potential of 45Z production tax credit monetization, which would be further enhanced by carbon capture and sequestration. This would fundamentally reshape the economics of the facility.

Results of Operations

During the third quarter of 2025, we maintained an average utilization rate of approximately 87.3% of capacity, or 100.7% excluding Fairmont, resulting in ethanol production of 197.3 mmg, compared with 220.2 mmg, or 96.8% of capacity, for the same quarter last year. Our operating approach emphasizes operational excellence, disciplined production, margin optimization and cost efficiency. We may adjust run rates in response to margin conditions, feedstock costs and demand for ethanol to enhance overall returns.

Green Plains continues to focus on being a low-cost, low-carbon producer of ethanol and related co-products. Through ongoing operational improvements, carbon reduction initiatives and continuous performance monitoring at each facility, we aim to enhance reliability and reduce variability in results. Our objective is continuous improvement in operating efficiency, working capital management and carbon-intensity to position the company to benefit from future low-carbon market developments.

U.S. Ethanol Supply and Demand

According to the EIA, domestic ethanol production averaged 1.07 million barrels per day during the third quarter of 2025, which was consistent with the barrels produced per day for the same quarter last year. Refiner and blender input volume was 911 thousand barrels per day for the third quarter of 2025, compared with 914 thousand barrels per day for the same quarter last year. Gasoline demand was 1.3% lower than the prior year at 8.9 million barrels per day during the third quarter of 2025. U.S. domestic ethanol ending stocks decreased by approximately 0.7 million barrels compared to the prior year, or 3.0%, to 22.8 million barrels as of September 30, 2025.

Global Ethanol Supply and Demand

According to the USDA Foreign Agriculture Service, domestic ethanol exports through July 31, 2025, were approximately 1,228 mmg, up from the 1,071 mmg for the same period of 2024. Canada was the largest export destination for U.S. ethanol accounting for approximately 34% of domestic ethanol export volume, driven in part by their national clean fuel standard. The Netherlands, United Kingdom, and India accounted for approximately 13%, 10%, and 10%, respectively, of U.S. ethanol exports. We currently estimate that net ethanol exports will range from 2.0 to 2.2 billion gallons in 2025, based on historical demand from a variety of countries and certain countries that seek to improve their air quality, reduce GHG emissions through low-carbon fuel programs and eliminate MTBE from their own fuel supplies. Fluctuations in currencies relative to the U.S. Dollar could impact the U.S. ethanol competitiveness in the global market.

Protein and Vegetable Oil Supply and Demand

Our dried distillers grains and Ultra-High Protein ingredients compete against other ethanol producers domestically and abroad, as well as with soybean meal, canola meal and other protein feed ingredients. Likewise, our distillers corn oil,

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which is a feedstock for producing biodiesel, renewable diesel and to some extent SAF, competes against other vegetable oils such as soybean oil, canola oil, and to some extent palm oil, as well as against waste oils such as used cooking oils, animal fats and tallow. While global protein demand has continued to grow since the advent of our transformation, so too has the production of vegetable proteins from multiple companies in an effort to capitalize on this trend, most notably in U.S. soy crushing capacity, which has led to an over-supplied domestic market and compressed protein values. Soybean processing capacity in the U.S. has been expanding to meet the rising demand for vegetable oils to produce renewable fuels. According to the National Oilseed Processors Association, for the third quarter of 2025, soybean crush was approximately 583 million bushels, up 65 million bushels from the 518 million bushels crushed during the third quarter of 2024. Soybean oil stocks were 1.2 billion pounds, which was up from the 1.1 billion pounds of stocks as of September 30, 2024. Soybean meal production was 13.9 million short tons for the third quarter of 2025, up from the 12.2 million short tons from the same period in the prior year.

Legislation and Regulation

We are sensitive to domestic and foreign government programs and policies that affect the supply and demand for ethanol and other fuels, which in turn may impact the volume of ethanol and other products we handle. Following the transition in U.S. presidential administration in early 2025, multiple executive orders signaling a shift in federal energy and environmental policy have been issued. These actions have included prioritization of domestic energy production, including fossil fuel sources, and challenges to state-level climate initiatives. As a result, there remains uncertainty regarding the future of federal support for renewable fuels and low-carbon programs. While we believe that biofuels remain aligned with the broader goals of U.S. energy independence and energy security, we continue to closely monitor evolving federal and state regulatory developments that may affect the supply, demand, or economic incentives for renewable fuels.

On June 13, 2025, the Federal Energy Regulatory Commission (“FERC”) issued an order approving a Stipulation and Consent Agreement ("Consent Agreement") between the Office of Enforcement (“OE”) and the company. The Consent Agreement resolved the OE’s investigation into trading activity conducted by the company which occurred during 2023. As part of the Consent Agreement, the company agreed to pay a civil penalty of $0.9 million, pay $23 thousand in restitution and interest, implement enhancements to its compliance program and be subject to certain trading restrictions.

Over the years, various bills and amendments have been proposed in the House and Senate, which would eliminate the RFS entirely, eliminate the corn based ethanol portion of the mandate, lower the price of RINs and make it more difficult to sell fuel blends with higher levels of ethanol. Bills have also been introduced to require or otherwise incentivize higher levels of octane blending, allow for year-round sales of higher blends of ethanol, require car manufacturers to produce vehicles that can operate on higher ethanol blends and provide incentives for reducing the CI of biofuels including ethanol. In addition, the manner in which the EPA administers the RFS and related regulations can have a significant impact on the actual amount of ethanol and other biofuels blended into the domestic fuel supply.

Federal and foreign mandates and state-level clean fuel standards supporting the use of renewable fuels are a significant driver of ethanol demand in the U.S. Ethanol policies are influenced by concerns for the environment, diversifying the fuel supply, supporting U.S. farmers and reducing the country’s dependence on foreign oil. Consumer acceptance of FFVs, availability of higher ethanol blends and increased use of higher ethanol blends in non-FFVs may be necessary before ethanol can achieve further growth in the U.S. light duty surface transportation fleet market share. In addition, expansion of clean fuel standards in other states and countries, or a national LCFS could increase the demand for ethanol, depending on how they are structured. Incentives for automakers to produce FFVs phased out in 2020, and the EPA's proposed Corporate Average Fuel Economy (CAFE) standards further incentivize EV production. Sales of EVs in the U.S. were approximately 437 thousand vehicles during the third quarter of 2025, which represented approximately 10.5% of new vehicles sales, a new record and a significant increase from the 8.6% share in the third quarter of 2024. Transition of the light duty surface transportation fleet from internal combustion engines to EVs could decrease the demand for ethanol. However, the current administration has taken steps to roll back the CAFE standards issued by the prior administration.

The IRA, signed into law on August 16, 2022, created a new Clean Fuel Production Credit, Section 45Z of the Internal Revenue Code, of up to $1.00 per gallon for non-SAF fuels and $1.75 per gallon for SAF, depending on the level of GHG reduction below 50 CI for each gallon produced from 2025 to 2027. The IRA also expanded the carbon capture and sequestration credit, Section 45Q of the Internal Revenue Code, to $85 for each metric ton of carbon dioxide sequestered, though it cannot be claimed in conjunction with the Section 45Z Clean Fuel Production Credit. It also increased funding for climate-smart agriculture and working lands conservation programs for farmers by $20 billion and provided credits for the production and purchase of EVs, which could impact the amount of internal combustion engines built and sold longer term, and by extension impact the demand for liquid fuels including ethanol. There are numerous additional clean energy credits

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included in the IRA, including investment tax credits for construction of clean energy infrastructure, that could impact us and our overall competitiveness.

OBBB, which was signed into law on July 4, 2025, made significant changes to several clean energy tax credits beginning in 2026. The legislation extended the Section 45Z tax credit to 2029; eliminated the indirect land use change penalty for crop-based feedstocks; restricted eligibility to fuel feedstocks under the United States-Mexico-Canada Agreement; established Foreign Entity of Concern (FEOC) restrictions; clarified that negative emissions rates, with the exception of animal manure, are not allowed; enhanced the language on qualified sales; and reinstated the Small-Agri-biodiesel Producer Credit (section 40A), which was boosted to $0.20 per gallon and can be claimed in addition to any credit received under Section 45Z. The legislation also established credit value parity for carbon utilization, including enhanced oil recovery, under the Section 45Q tax credit, which also includes FEOC restrictions.

Regulatory rulemaking for the administration of these programs is underway, and the final regulations could impact many aspects of our business. On January 10, 2025, the U.S. Department of Treasury issued a notice of intent to propose rulemaking on the Section 45Z Clean Fuel Production Credit, which it published on February 3, 2025 in Internal Revenue Bulletin 2025-6, and on January 15, 2025 the Department of Energy released an updated Section 45ZCF-GREET model for calculating CI values of various feedstocks and finished fuels under Section 45Z. Additionally, on January 15, 2025, the USDA put forth interim rules around climate smart agriculture for crops serving as feedstocks for biofuel production, including corn, soybeans and sorghum, though it was not incorporated into Treasury’s Section 45Z proposed rulemaking at this time. While the proposed regulations are subject to change, and the GREET model could continue to be updated such as on May 30, 2025 when the Department of Energy released a new version of the Section 45ZCF-GREET model, as of this filing the model indicates that CCS could reduce the CI of corn ethanol by approximately 33 points, and that distillers corn oil used to produce biodiesel, renewable diesel or SAF has a lower CI score relative to most other feedstocks. Additionally, the Section 45Z guidance excluded imported used cooking oil from qualifying for the credit if used as a feedstock to produce on-road fuels, though it still qualifies to produce SAF.

The RFS sets a floor for biofuels use in the United States. In June 2025, the EPA proposed RVOs for 2026 and 2027, setting the implied conventional ethanol levels at 15 billion gallons for 2026 and 2027. The EPA also proposed an increase in biomass-based diesel volumes over the two years, setting the volumes at 5.61 billion gallons for 2026 and 5.86 billion for 2027. The EPA also included a decrease in the 2025, 2026, and 2027 cellulosic volumes despite the fact that throughout 2024 and 2025, the EPA has approved many of the pending corn kernel fiber registrations which have been languishing for years at the agency. Additionally, the EPA completely removed the e-RIN pathway and the definition of renewable electricity from the RFS program and proposed to amend RFS regulations so that foreign biofuels and feedstocks would only generate 50 percent of the RIN value relative to domestic biofuels and feedstocks. The EPA held a public hearing on the RVO proposal on July 8, 2025 and opened a 45-day comment period closing on August 8, 2025.

Under the RFS, RINs impact supply and demand. The EPA assigns individual refiners, blenders, and importers the volume of renewable fuels they are obligated to use in each annual RVO based on their percentage of total production of domestic transportation fuel sales. Obligated parties use RINs to show compliance with the RFS mandated volumes. Ethanol producers assign RINs to each gallon of renewable fuel they produce and the RINs are detached when the renewable fuel is blended with transportation fuel domestically. Market participants can trade the detached RINs in the open market. The market price of detached RINs can affect the price of ethanol in certain markets and can influence purchasing decisions by obligated parties. SREs can reduce or waive entirely the obligation for a refinery, which has the practical effect of reducing the RVO, and by extension the number of RINs that need to be retired, which can impact their values and ultimately blending levels of renewable fuels. There are multiple on-going legal challenges to how the EPA has handled SREs and RFS rulemakings. On October 21, 2024, the U.S. Supreme Court agreed to review the various Circuit Court rulings on SREs to determine the proper venue. On February 6, 2025, the U.S. Supreme Court denied the new administration’s request to delay the case and oral arguments took place on March 25, 2025 with a final ruling issued on June 18, 2025. The Supreme Court ruled that the D.C. Circuit Court is the proper venue for legal challenges to SREs.

In 2019, the EPA issued emergency One-Pound Reid Vapor Pressure (RVP) waivers to allow for the continued sale of E15 during the summer months and similar summertime waivers have been issued each year since then, with the 2025 driving season marking the seventh consecutive year that E15 is able to be sold year-round nationwide, with the exception of California which has not approved the fuel. On October 25, 2024, the Governor of California issued a directive to CARB to expedite the ongoing multi-year review process for approving the use of E15 in the State and on June 27, 2025 signed a budget bill that includes additional funding for CARB to complete the review process.

The EPA has also allowed for the elimination of the One-Pound Waiver for E10 in several Midwestern states beginning with the 2025 summer driving season, which would have the practical effect of allowing for E15 to be sold year-

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round in the following states: Illinois, Iowa, Minnesota, Missouri, Nebraska, Ohio, South Dakota and Wisconsin. On February 21, 2025, the EPA announced it will uphold the April 28, 2025 implementation date and allowed states until February 26, 2025 to submit a request for delayed implementation. The State of Ohio and the State of South Dakota requested delayed implementation until 2026. Ohio’s request included the entire state and South Dakota’s request was limited to the western portion of their state.

In October 2019, the White House directed the USDA and EPA to move forward with rulemaking to expand access to higher blends of biofuels. This includes funding for infrastructure, labeling changes and allowing E15 to be sold through E10 infrastructure. The USDA rolled out the Higher Blend Infrastructure Incentive Program (HBIIP) in the summer of 2020, providing competitive grants to fuel terminals and retailers for installing equipment capable of dispensing higher blends of ethanol and biodiesel. In December 2021, the USDA announced it would administer another infrastructure grant program. The IRA, signed into law in 2022, provided for an additional $500 million in USDA grants for biofuel infrastructure. On March 31, 2025, the USDA announced it intends to release $537 million in funding under the HBIIP.

More states are expected to join California, Washington, Oregon, and New Mexico in establishing their own LCFS programs. In recent years, several states have made progress on developing such programs by introducing legislation. Hawaii, Illinois, New Jersey, and New York have all introduced or reintroduced LCFS laws in 2025. However, most are at very early stages and still in committee. On July 1, 2025, a California LCFS amendment went into effect increasing the state’s 2030 CI reduction target from 20% to 30% as well introducing an automatic acceleration mechanism which will further increase CI reduction targets if the credit bank exceeds a certain threshold. This mechanism is expected to have an immediate “step-down” effect in 2025, increasing the reduction target to 9% from 7%. While the amendment does come with some additional compliance requirements, both of the above factors should have the effect of addressing credit oversupply and strengthening prices.

A string of 2024 U.S. Supreme Court decisions, namely Loper Bright Enterprises v. Raimondo, SEC v. Jarkesy and Corner Post, Inc. v. Board of Governors of the Federal Reserve, have redefined the power of federal agencies, as well as overturned the important principle of administrative law called "Chevron deference," based on a landmark case, Chevron U.S.A., Inc. v. Natural Resources Defense Council, Inc. The Chevron deference was a doctrine of judicial deference to administrative interpretations. The general shift in power from agencies to the judicial system resulting from these decisions could impact various regulatory rules affecting our business in ways that could affect our business, prospects and operations, and our financial performance positively or negatively.

Environmental and Other Regulation

Our operations are subject to environmental regulations, including those that govern the handling and release of ethanol, crude oil and other liquid hydrocarbon materials. Compliance with existing and anticipated environmental laws and regulations may increase our overall cost of doing business, including capital costs to construct, maintain, operate, and upgrade equipment and facilities, or limit the feasibility of certain capital improvement, expansion, or other projects due to environmental related permitting restrictions. We employ maintenance and operations personnel at each of our facilities, which are regulated by the Occupational Safety and Health Administration.

Comparability

There are various events that could affect comparability of our operating results, including fluctuations in our production rates in 2025 compared to 2024, along with the ceasing of a third-party ethanol marketing agreement with Tharaldson Ethanol Plant I LLC effective April 1, 2025, the disposition of our Birmingham, Alabama terminal in September of 2024, the idling of our Fairmont, Minnesota plant in January of 2025 and our corporate restructuring and cost saving initiatives in 2025.

Segment Results

We report 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, renewable corn oil, natural gas and other commodities.

Corporate activities include selling, general and administrative expenses, consisting primarily of compensation, professional fees and overhead costs not directly related to a specific operating segment.

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During the normal course of business, our operating segments do business with each other. For example, our agribusiness and energy services segment procures grain and natural gas and sells products, including ethanol, distillers grains, Ultra-High Protein, and renewable corn oil of our ethanol production segment. These intersegment activities are treated like third-party transactions with origination, marketing and storage fees charged at estimated market values. Consequently, these transactions affect segment performance; however, they do not impact our consolidated results since the revenues and corresponding costs are eliminated.

When we evaluate segment performance, we review the following segment information as well as earnings before interest expense, income taxes, depreciation and amortization, or EBITDA, and adjusted EBITDA.

The selected operating segment financial information is as follows (in thousands):


	Three Months Ended September 30,				% Variance	Nine Months Ended September 30,				% Variance
	2025		2024			2025		2024
Revenues
Ethanol production
Revenues from external customers	$	473,565	$	563,564	(16.0)%	$	1,497,977	$	1,592,274	(5.9)%
Intersegment revenues	347		1,075		(67.7)	860		3,467		(75.2)
Total segment revenues	473,912		564,639		(16.1)	1,498,837		1,595,741		(6.1)
Agribusiness and energy services
Revenues from external customers	34,922		95,171		(63.3)	164,854		282,500		(41.6)
Intersegment revenues	5,867		6,689		(12.3)	17,295		19,305		(10.4)
Total segment revenues	40,789		101,860		(60.0)	182,149		301,805		(39.6)
Revenues including intersegment activity	514,701		666,499		(22.8)	1,680,986		1,897,546		(11.4)
Intersegment eliminations	(6,214)		(7,764)		(20.0)	(18,155)		(22,772)		(20.3)
	$	508,487	$	658,735	(22.8)%	$	1,662,831	$	1,874,774	(11.3)%


	Three Months Ended September 30,				% Variance	Nine Months Ended September 30,				% Variance
	2025		2024			2025		2024
Cost of goods sold
Ethanol production (1)	$	431,367	$	498,326	(13.4)%	$	1,428,494	$	1,501,681	(4.9)%
Agribusiness and energy services	31,168		90,064		(65.4)	155,717		271,566		(42.7)
Intersegment eliminations	(6,214)		(7,764)		(20.0)	(18,155)		(22,772)		(20.3)
	$	456,321	$	580,626	(21.4)%	$	1,566,056	$	1,750,475	(10.5)%


	Three Months Ended September 30,				% Variance	Nine Months Ended September 30,				% Variance
	2025		2024			2025		2024
Gross margin
Ethanol production (1) (2)	$	42,545	$	66,313	(35.8)%	$	70,343	$	94,060	(25.2)%
Agribusiness and energy services	9,621		11,796		(18.4)	26,432		30,239		(12.6)
	$	52,166	$	78,109	(33.2)%	$	96,775	$	124,299	(22.1)%

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	Three Months Ended September 30,				% Variance	Nine Months Ended September 30,				% Variance
	2025		2024			2025		2024
Depreciation and amortization
Ethanol production	$	23,868	$	21,444	11.3%	$	67,821	$	62,522	8.5%
Agribusiness and energy services (3)	252		505		(50.1)	4,710		1,507		*
Corporate activities (4)	848		4,121		(79.4)	2,384		5,112		(53.4)
	$	24,968	$	26,070	(4.2)%	$	74,915	$	69,141	8.4%


	Three Months Ended September 30,				% Variance	Nine Months Ended September 30,				% Variance
	2025		2024			2025		2024
Operating income (loss)
Ethanol production (1) (2) (5)	$	4,374	$	35,240	(87.6)%	$	(47,394)	$	(626)	*
Agribusiness and energy services (3)	6,942		7,830		(11.3)	10,224		16,000		(36.1)
Corporate activities (4) (6) (7)	22,553		12,982		73.7	(19,584)		(21,922)		(10.7)
	$	33,869	$	56,052	(39.6)%	$	(56,754)	$	(6,548)	*

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

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

(5)Ethanol production includes impairment of assets held for sale of $10.7 million for the nine months ended September 30, 2025.

* Percentage variances not considered mea

Green Plains Inc. 10-Q