Green Plains Inc. (NASDAQ:GPRE) reported a wider net loss for the second quarter on Monday, impacted by $44.9 million in non-cash charges alongside a decline in revenue. The ethanol producer posted a net loss of $72.2 million, or -$1.09 per diluted share, compared to a loss of $24.4 million, or -$0.38 per share, in the same quarter last year.
Revenue for the quarter decreased 10.7% to $552.8 million, falling short of analysts’ estimate of $610.22 million and down from $618.8 million a year earlier. The loss per share was also deeper than the expected -$0.33. However, adjusted EBITDA improved to $16.4 million, up from $5.0 million in the prior-year period.
The increase in non-cash charges was mainly tied to the sale of non-core assets, impairments on equipment and assets held for sale, and an equity method investment write-down. Additionally, the company incurred $2.5 million in restructuring expenses linked to ongoing transformation efforts.
“By divesting non-core assets and concentrating on our core platform, we have streamlined operations and enhanced execution,” said Michelle Mapes, Interim Principal Executive Officer. “Our team delivered solid results with 99% utilization across our operating platform, reflecting the effectiveness of our operational excellence initiatives.”
Green Plains also confirmed that its carbon capture infrastructure equipment has been delivered and construction is progressing as planned, aiming for a start-up in early Q4 2025. The company noted benefits from transitioning its ethanol marketing to Eco-Energy, LLC, including over $50 million in improved working capital.
On August 10, Green Plains amended its $127.5 million mezzanine note facility to extend maturity to September 15, 2026, boosting financial flexibility.
During the quarter, the ethanol production segment sold 193.6 million gallons, down from 208.5 million gallons in the prior year. The consolidated ethanol crush margin totaled $26.3 million, which included $22.6 million from accumulated RIN sales.
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