Green Plains Inc. announced on May 8 that its nine active ethanol plants ran at full capacity during the first quarter of 2025, marking a record operational performance even as the company continues efforts to improve its overall financial health, reports Ethanol Producer Magazine.
During the company’s earnings call, Michelle Mapes, Chief Legal and Administration Officer, acknowledged past underperformance but emphasized that the company is taking decisive steps to turn things around. “We’re reshaping how we operate from the ground up,” she said, referring to the firm’s adoption of a zero-based budgeting approach. She noted Green Plains has exited non-core businesses and sold off non-strategic assets as part of this transition, achieving $30 million in annualized cost savings toward a $50 million target.
Chris Osowski, Executive Vice President of Operations and Technology, confirmed that operationally the company is strong, with its nine ethanol plants operating at 100% capacity utilization for the quarter. He also reported that operating expenses have dropped by more than three cents per gallon since the previous quarter.
One facility—Green Plains’ 119-million-gallon-per-year plant in Fairmont, Minnesota—remains idle. Taking that into account, total capacity utilization across all assets was 87.7%, a decline from 92.4% during the same period last year. CFO Phil Boggs said utilization is expected to remain in the mid-90% range for the remainder of the year, despite planned maintenance.
Imre Havasi, head of trading and commercial operations, noted that ethanol crush margins are improving heading into the second and third quarters. “We’ve locked in favorable positions for more than half of our second quarter production,” he said, citing the company’s revised hedging strategy.
Despite these operational gains, the company posted a net loss of $72.9 million, or $1.14 per diluted share, compared to a loss of $51.4 million last year. Ethanol sales fell to 195.3 million gallons from 207.9 million gallons, and adjusted EBITDA came in at negative $24.2 million. Revenue was $601.5 million, slightly up from $597.2 million the year prior.
