| Schedule Of Financial Data |
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, | | 2026 | | 2025 | | 2026 | | 2025 | | Revenues | | | | | | | | | Ethanol production | | | | | | | | | Revenues from external customers | $ | 410,768 | | | $ | 526,954 | | | $ | 804,127 | | | $ | 1,024,412 | | | Intersegment revenues | — | | | 199 | | | — | | | 513 | | | Total segment revenues | 410,768 | | | 527,153 | | | 804,127 | | | 1,024,925 | | | Agribusiness and energy services | | | | | | | | | Revenues from external customers | 35,456 | | | 25,875 | | | 87,901 | | | 129,932 | | | Intersegment revenues | 4,090 | | | 5,656 | | | 10,250 | | | 11,428 | | | Total segment revenues | 39,546 | | | 31,531 | | | 98,151 | | | 141,360 | | | Revenues including intersegment activity | 450,314 | | | 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Cost of goods sold | | | | | | | | Ethanol production (1) (2) | $ | 306,539 | | | $ | 493,663 | | | $ | 628,170 | | | $ | 997,127 | | | Agribusiness and energy services | 30,745 | | | 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, | | 2026 | | 2025 | | 2026 | | 2025 | | Gross margin | | | | | | | | Ethanol production (1) (2) | $ | 104,229 | | | $ | 33,490 | | | $ | 175,957 | | | $ | 27,798 | | | Agribusiness and energy services | 8,801 | | | 8,080 | | | 25,019 | | | 16,811 | | | $ | 113,030 | | | $ | 41,570 | | | $ | 200,976 | | | $ | 44,609 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | 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 activities | 745 | | | 782 | | | 1,133 | | | 1,536 | | | $ | 23,449 | | | $ | 27,560 | | | $ | 47,086 | | | $ | 49,947 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | 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.
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| Schedule of Restructuring Reserve by Type of Cost |
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 production | | Agribusiness and energy services | | Corporate activities | | Subtotal | | Cost of goods sold | $ | 85 | | | 138 | | | — | | | $ | 223 | | | Selling, general and administrative expenses | 264 | | | 379 | | | 1,653 | | | 2,296 | | | Other, net | — | | | — | | | — | | | — | | | Total restructuring costs | $ | 349 | | | 517 | | | 1,653 | | | $ | 2,519 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2025 | | Ethanol production | | Agribusiness and energy services | | Corporate activities | | Subtotal | | Cost of goods sold | $ | 2,345 | | | 597 | | | — | | | $ | 2,942 | | | Selling, general and administrative expenses | 474 | | | 2,037 | | | 11,994 | | | 14,505 | | | Other, net | — | | | 154 | | | 1,505 | | | 1,659 | | | Total restructuring costs | $ | 2,819 | | | 2,788 | | | 13,499 | | | $ | 19,106 | |
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| Segment Reporting, Reconciliation of Profit (Loss) by Segment to Consolidated |
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 production | | Agribusiness and energy services | | Subtotal | | 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 taxes | | | | | 5,485 | | Net income | | | | | $ | 67,206 |
| | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | Ethanol production | | Agribusiness and energy services | | Subtotal | | 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 taxes | | | | | 2,569 | | Net income | | | | | $ | 100,671 |
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | Ethanol production | | Agribusiness and energy services | | Subtotal | | 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 production | | Agribusiness and energy services | | Subtotal | | 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.
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