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GPRE

Green Plains Inc.

GPRE

Green Plains Inc. • NASDAQ
$10.33 ▲ 3.40% (+0.34)
Market Cap $682.91 M
52w High $12.31
52w Low $3.14
Dividend Yield 0%
P/E -3.62
Volume 736.62K
Outstanding Shares 66.11M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $508.487M ▼ $18.297M ▼ $11.926M ▲ 2.345% ▲ $0.17 ▲ $54.967M ▲
Q2-2025 $552.829M ▼ $69.933M ▲ $-72.238M ▲ -13.067% ▼ $-1.09 ▲ $-208K ▲
Q1-2025 $601.515M ▲ $65.299M ▲ $-72.906M ▼ -12.12% ▼ $-1.14 ▼ $-40.385M ▼
Q4-2024 $584.022M ▼ $47.062M ▲ $-54.935M ▼ -9.406% ▼ $-0.86 ▼ $-19.465M ▼
Q3-2024 $658.735M $22.057M $48.2M 7.317% $0.76 $84.337M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $135.903M ▼ $1.532B ▼ $757.534M ▼ $768.923M ▲
Q2-2025 $152.72M ▲ $1.613B ▼ $872.084M ▲ $735.18M ▼
Q1-2025 $98.61M ▼ $1.667B ▼ $859.384M ▼ $797.507M ▼
Q4-2024 $173.041M ▼ $1.782B ▲ $907.637M ▲ $865.215M ▼
Q3-2024 $227.46M $1.76B $820.993M $925.512M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $0 ▲ $0 ▼ $0 ▲ $0 ▲ $0 ▼ $0 ▼
Q2-2025 $-72.227M ▲ $58.795M ▲ $-11.631M ▲ $-21.047M ▼ $26.117M ▲ $47.652M ▲
Q1-2025 $-72.641M ▼ $-55.041M ▼ $-20.71M ▲ $-7.041M ▼ $-82.792M ▼ $-71.751M ▼
Q4-2024 $-54.666M ▼ $-26.969M ▼ $-27.434M ▼ $11.838M ▲ $-42.565M ▼ $-54.228M ▼
Q3-2024 $48.2M $62.721M $20.889M $-56.744M $26.866M $34.38M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Products And Services Other
Products And Services Other
 $10.00M ▲$30.00M ▲$10.00M ▼$40.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Green Plains’ income statement shows a business still in a transition phase. Sales have been sizable but uneven, rising strongly through 2022 and then pulling back as commodity conditions and the shift away from pure ethanol weigh on results. Gross margins are thin but consistently positive, suggesting the core production process can create value, just not yet at a level that covers all overhead and investment costs. Operating and net results have stayed in the red for several years, although the depth of losses has generally narrowed from the worst periods, indicating gradual operational improvement but not yet a profitable, steady-state model.

Balance Sheet

Balance Sheet The balance sheet looks reasonably solid for a company in the middle of a strategic overhaul. Total assets have held fairly steady, reflecting a sizeable base of plants, technology, and equipment being repurposed toward higher-value products. Debt levels have remained broadly stable rather than surging, while equity has gradually grown, which together suggest a manageable, if not low, leverage profile. Cash has trended down from earlier highs, signaling that the company is drawing on liquidity to fund its strategy and will eventually need its operations and projects to replenish that cash base.

Cash Flow

Cash Flow Cash flow highlights the cost of transformation. Day-to-day operations have recently swung around breakeven cash generation, which is not yet comfortable but better than a consistently heavy cash drain. Free cash flow has been negative for several years, driven by sizable ongoing investment in new technologies, plant upgrades, and growth projects. This pattern is typical of a company building a new business model, but it also means continued execution risk: at some point, these investments need to translate into durable, positive cash flows to sustain the balance sheet without repeated external funding.

Competitive Edge

Competitive Edge Strategically, Green Plains is trying to move from a crowded, commodity ethanol space into a more specialized, technology-driven biorefinery niche. Its ownership of Fluid Quip Technologies and the associated patents gives it proprietary tools that many traditional ethanol peers lack, supporting a potential moat in high-protein feeds, low-carbon sugars, and renewable corn oil. The shift toward lower-carbon, higher-value products aligns well with tightening environmental standards and growing customer demand for sustainable inputs. That said, the company still operates in markets influenced by volatile crop prices, fuel economics, and government policies, and it competes against very large agricultural and energy players, so scale and execution will be critical for its differentiation to hold.

Innovation and R&D

Innovation and R&D Innovation is clearly the centerpiece of Green Plains’ strategy. Its protein concentration technologies, clean sugar platform, and partnership with Shell for fiber conversion are all aimed at extracting more value and lower carbon intensity from each unit of corn. The upcoming carbon capture and sequestration project in Nebraska, and positioning as a feedstock supplier for sustainable aviation fuel, underscore a strong bet on future low-carbon policy and credit frameworks. The opportunity is significant if these technologies scale and attract long-term customers, but the company is taking on meaningful project, regulatory, and commercialization risk as it pushes into new markets that are still developing.

Summary

Overall, Green Plains looks like a classic “in transition” story: financially strained but strategically ambitious. The historical numbers show persistent losses, thin margins, and ongoing cash burn, all tied to heavy investment in new capabilities. At the same time, the company has preserved a workable balance sheet, kept debt from ballooning, and built a distinctive technology and product platform that could meaningfully differentiate it from traditional ethanol producers. The core question going forward is whether its innovations in protein, low-carbon sugars, and carbon capture can mature quickly enough, and at sufficient scale, to turn this investment phase into a period of stable, positive earnings and cash flow in a still-volatile commodity and policy environment.

NEWS

November 13, 2025 · 7:00 AM UTC

Green Plains to Participate in 2025 Stephens Annual Investment Conference

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November 5, 2025 · 6:55 AM UTC

Green Plains Reports Third Quarter 2025 Financial Results

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October 29, 2025 · 8:00 AM UTC

Green Plains to Host Third Quarter 2025 Earnings Conference Call on November 5, 2025

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October 28, 2025 · 4:15 PM UTC

Green Plains Completes $200 Million Convertible Note Exchange and Subscription Transactions

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October 22, 2025 · 8:22 AM UTC

Green Plains Announces $200 Million Convertible Note Exchange and Subscription Transactions

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