v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information 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 at four plants, and renewable corn oil, in addition to CCS operations at our three Nebraska plants, 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, 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.
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 Chief Executive Officer 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
June 30,		Six Months Ended
June 30,
2026202520262025
Revenues
Ethanol production
Revenues from external customers$410,768 $526,954 $804,127 $1,024,412 
Intersegment revenues— 199 — 513 
Total segment revenues410,768 527,153 804,127 1,024,925 
Agribusiness and energy services
Revenues from external customers35,456 25,875 87,901 129,932 
Intersegment revenues4,090 5,656 10,250 11,428 
Total segment revenues39,546 31,531 98,151 141,360 
Revenues including intersegment activity450,314 558,684 902,278 1,166,285 
Intersegment eliminations(4,090)(5,855)(10,250)(11,941)
$446,224 $552,829 $892,028 $1,154,344 
Refer to Note 2 - Revenue, for further disaggregation of revenue by operating segment.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Cost of goods sold
Ethanol production (1) (2)
$306,539 $493,663 $628,170 $997,127 
Agribusiness and energy services30,745 23,451 73,132 124,549 
Intersegment eliminations(4,090)(5,855)(10,250)(11,941)
$333,194 $511,259 $691,052 $1,109,735 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Gross margin
Ethanol production (1) (2)
$104,229 $33,490 $175,957 $27,798 
Agribusiness and energy services8,801 8,080 25,019 16,811 
$113,030 $41,570 $200,976 $44,609 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Depreciation and amortization
Ethanol production$22,673 $22,918 $45,891 $43,953 
Agribusiness and energy services (3)
31 3,860 62 4,458 
Corporate activities745 782 1,133 1,536 
$23,449 $27,560 $47,086 $49,947 
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating income (loss)
Ethanol production (2) (4) (5)
$70,977 $(12,218)$110,399 $(51,768)
Agribusiness and energy services (3)
6,699 849 20,531 3,282 
Corporate activities (6) (7)
(9,802)(16,994)(18,284)(42,137)
$67,874 $(28,363)$112,646 $(90,623)

(1)Ethanol production includes $60.4 million and $116.5 million of Section 45Z production tax credits net of discounts and other costs for the three and six months ended June 30, 2026, respectively, recorded as a reduction of cost of goods sold.
(2)Ethanol production includes margins from a one-time sale of accumulated RINs of $22.6 million for the three and six months ended June 30, 2025.
(3)Depreciation and amortization for agribusiness and energy services includes impairment of property and equipment of $3.1 million for the three and six months ended June 30, 2025.
(4)Ethanol production includes $58.7 million and $113.9 million of 45Z production tax credits recorded net of discounts, other costs and selling, general and administrative expenses for the three and six months ended June 30, 2026, respectively.
(5)Ethanol production includes impairment of assets held for sale of $10.7 million for the three and six months ended June 30, 2025.
(6)Corporate activities includes $1.7 million and $12.0 million of restructuring costs for the three and six months ended June 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 loss on sale of assets of $4.0 million for the three and six months ended June 30, 2025.
During the three and six months ended June 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 June 30, 2025
Ethanol productionAgribusiness and energy servicesCorporate activitiesSubtotal
Cost of goods sold$85 138 — $223 
Selling, general and administrative expenses264 379 1,653 2,296 
Other, net— — — — 
Total restructuring costs$349 517 1,653 $2,519 
Six Months Ended June 30, 2025
Ethanol productionAgribusiness and energy servicesCorporate activitiesSubtotal
Cost of goods sold$2,345 597 — $2,942 
Selling, general and administrative expenses474 2,037 11,994 14,505 
Other, net— 154 1,505 1,659 
Total restructuring costs$2,819 2,788 13,499 $19,106 
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 June 30, 2026
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$94,454 $6,924 $101,378 
Depreciation and amortization(22,673)(31)(22,704)
Interest expense(3,829)(809)(4,638)
Subtotal$67,952 $6,084 $74,036 
Unallocated corporate expenses (1)
(12,315)
Income tax benefit, net of equity method income taxes5,485
Net income$67,206
Six Months Ended June 30, 2026
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$157,510 $20,935 $178,445 
Depreciation and amortization(45,891)(62)(45,953)
Interest expense(8,538)(1,581)(10,119)
Subtotal$103,081 $19,292 $122,373 
Unallocated corporate expenses (1)
(24,271)
Income tax benefit, net of equity method income taxes2,569
Net income$100,671
Three Months Ended June 30, 2025
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$8,992 $5,028 $14,020 
Depreciation and amortization(22,918)(3,860)(26,778)
Interest expense(6,610)(1,927)(8,537)
Subtotal$(20,536)$(759)$(21,295)
Unallocated corporate expenses (1)
(49,047)
Income tax expense, net of equity method income taxes(1,885)
Net loss$(72,227)
Six Months Ended June 30, 2025
Ethanol productionAgribusiness and energy servicesSubtotal
EBITDA$(10,424)$8,184 $(2,240)
Depreciation and amortization(43,953)(4,458)(48,411)
Interest expense(11,430)(4,354)(15,784)
Subtotal$(65,807)$(628)$(66,435)
Unallocated corporate expenses (1)
(76,713)
Income tax expense, net of equity method income taxes(1,720)
Net loss$(144,868)
(1)Corporate expenses include selling, general administrative expenses, depreciation and amortization, interest expense, and during 2025 includes restructuring costs related to cost savings initiatives and the departure of our former CEO.
The following table sets forth total assets by operating segment (in thousands):
June 30,
2026		December 31,
2025
Total assets (1)
Ethanol production$1,246,654 $1,173,574 
Agribusiness and energy services252,123 278,222 
Corporate assets161,709 139,644 
Intersegment eliminations(3,419)(6,553)
$1,657,067 $1,584,887 
(1)Asset balances by segment exclude intercompany balances.