Green Plains Inc. (GPRE): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Green Plains Inc. (GPRE) está a la vanguardia de la innovación de energía renovable, transformando el panorama agrícola a través de un modelo de negocio dinámico que combina la producción de biocombustibles sostenible, las soluciones de proteínas y la administración ambiental. Al aprovechar estratégicamente las tecnologías avanzadas, las asociaciones estratégicas y un enfoque integral para la reducción del carbono, la compañía se ha posicionado como un jugador fundamental en el ecosistema de energía renovable, que ofrece soluciones transformadoras que abordan tanto la eficiencia económica como la responsabilidad ecológica.

Green Plains Inc. (GPRE) - Modelo de negocio: asociaciones clave

Asociaciones agrícolas estratégicas con agricultores de maíz

Green Plains Inc. mantiene asociaciones estratégicas con productores de maíz en el medio oeste de los Estados Unidos. A partir de 2023, la compañía procesó aproximadamente 500 millones de bushels de maíz anualmente a través de su red de instalaciones de producción de etanol.

Región de asociación	Volumen de suministro de maíz (bushels)	Duración promedio del contrato
Iowa	150 millones	3-5 años
Nebraska	125 millones	3-5 años
Illinois	100 millones	3-5 años

Proveedores de tecnología y equipos de la industria del etanol

Green Plains colabora con tecnología especializada y proveedores de equipos para mejorar la eficiencia de producción.

• Andritz Inc. - Equipo de bioprocesamiento avanzado
• Honeywell UOP - Tecnologías de producción de etanol
• Emerson Electric - Sistemas de automatización de procesos

Redes de distribución para productos de biocombustibles y proteínas

La compañía ha establecido asociaciones integrales de distribución con múltiples compañías de logística y transporte. En 2023, Green Plains distribuyó aproximadamente 1.200 millones de galones de etanol a través de estas redes.

Socio de distribución	Volumen de distribución anual	Cobertura geográfica
Ferrocarril BNSF	400 millones de galones	Medio Oeste y Costa Oeste
Pacífico sindical	350 millones de galones	Medio oeste y suroeste
Consorcio de camiones del medio oeste	450 millones de galones	Cobertura nacional

Empresas conjuntas con compañías de energía renovable

Green Plains ha iniciado empresas conjuntas estratégicas centradas en tecnologías renovables avanzadas. Las asociaciones actuales incluyen:

• Reg Life Sciences - Desarrollo diesel renovable
• Marquis Energy - Tecnologías de agricultura sostenible
• Solugen Technologies - Innovaciones de captura de carbono

Instituciones financieras que apoyan inversiones sostenibles

La compañía ha asegurado asociaciones con instituciones financieras para apoyar estrategias de inversión sostenible. A partir de 2023, Green Plains ha $ 250 millones en compromisos de financiación verde.

Institución financiera	Monto de la inversión	Área de enfoque
Wells Fargo	$ 100 millones	Proyectos de energía renovable
Banco de América	$ 85 millones	Iniciativas de reducción de carbono
Goldman Sachs	$ 65 millones	Tecnologías de agricultura sostenible

Green Plains Inc. (GPRE) - Modelo de negocio: actividades clave

Producción de etanol y refinación

Green Plains opera 11 instalaciones de producción de etanol con una capacidad de producción anual total de 1.100 millones de galones. La compañía procesó aproximadamente 410 millones de bushels de maíz en 2022 para la producción de etanol.

Métrica de la instalación	Datos 2022
Instalaciones de producción totales	11
Capacidad de producción de etanol anual	1.100 millones de galones
CORRAL procesado	410 millones de bushels

Procesamiento de maíz y productos de valor agregado

La compañía genera flujos de ingresos adicionales a través de subproductos de procesamiento de maíz.

• Producción de granos de destiladores: 3.2 millones de toneladas métricas anualmente
• Producción de aceite de maíz: aproximadamente 190 millones de libras por año
• Capacidad de producción de proteínas: 250,000 toneladas de alimentación animal alta en proteínas

Desarrollo sostenible de biocombustibles

Green Plains invirtió $ 60 millones en tecnologías de captura de carbono y secuestro en 2022. La compañía redujo los puntajes de intensidad de carbono en un 40% en sus instalaciones de producción de etanol.

Producción de proteínas para la nutrición animal

Plains verdes El segmento de proteínas avanzadas 46% de productos de alimentación animal proteína. La producción anual de proteínas alcanza 250,000 toneladas, con mercados que abarcan industrias de ganado y acuicultura.

Reducción de carbono e iniciativas de sostenibilidad ambiental

Métrica de reducción de carbono	Rendimiento 2022
Reducción de la intensidad del carbono	40%
Inversión de captura de carbono	$ 60 millones
Uso de energía renovable	22% del consumo total de energía

Green Plains Inc. (GPRE) - Modelo de negocio: recursos clave

Instalaciones avanzadas de producción de etanol

Green Plains opera 13 instalaciones de producción de etanol en los Estados Unidos con una capacidad de producción anual total de 1.100 millones de galones de etanol. Las instalaciones de producción de la compañía se encuentran en Iowa, Nebraska, Indiana y Michigan.

Ubicación	Capacidad de producción anual	Estado
Instalaciones totales	1.100 millones de galones	Múltiples estados

Tecnologías de procesamiento propietarias

Green Plains ha invertido en tecnologías de procesamiento avanzadas que mejoran la eficiencia de producción y la sostenibilidad.

• Tecnología de fraccionamiento de maíz patentado
• Procesos de fermentación avanzados
• Sistemas de destilación de alta eficiencia

Red de cadena de suministro de maíz extensa

La compañía mantiene una sólida cadena de suministro de maíz con capacidades de adquisición en los Estados Unidos del medio oeste.

Adquisición anual de maíz	Región de abastecimiento
Aproximadamente 500 millones de bushels	Medio oeste de los Estados Unidos

Fuerza laboral calificada en el sector de energía renovable

A partir de 2023, Green Plains emplea a aproximadamente 1,100 profesionales en sus instalaciones y oficinas corporativas.

• Ingenieros especializados en bioprocesamiento
• Expertos en la cadena de suministro agrícola
• Especialistas en tecnología de energía renovable

Cartera de propiedad intelectual fuerte

Green Plains ha desarrollado múltiples patentes relacionadas con las tecnologías de producción y procesamiento de etanol.

Categoría de patente	Número de patentes activas
Procesos de producción de etanol	12 patentes activas
Tecnologías de fraccionamiento de maíz	5 patentes activas

Green Plains Inc. (GPRE) - Modelo de negocio: propuestas de valor

Soluciones de biocombustibles renovables y sostenibles

Green Plains Inc. produjo 544 millones de galones de etanol en 2022. La compañía opera 11 instalaciones de producción de etanol con una capacidad de producción anual combinada de 1,1 mil millones de galones. El rendimiento promedio de producción de etanol es de 2.85 galones por bushel de maíz.

Métrico	Valor
Producción total de etanol (2022)	544 millones de galones
Instalaciones de producción totales	11
Capacidad de producción anual	1.100 millones de galones

Productos de proteínas de alimentación animal de alta calidad

Green Plains produce aproximadamente 400,000 toneladas métricas de productos de proteínas anualmente a través de su segmento de bioprocesamiento. La producción de granos de destiladores representa una propuesta de valor clave para los mercados agrícolas.

• Producción de proteínas: 400,000 toneladas métricas por año
• Productos de proteínas clave: granos de destiladores
• Segmento de mercado: industria de alimentos agrícolas

Reducción de las emisiones de carbono a través de tecnologías innovadoras

Green Plains logró un Reducción del 46% en la intensidad del carbono para la producción de etanol en comparación con los combustibles tradicionales a base de petróleo. La tecnología de captura de carbono de la compañía se dirige a las emisiones netas de cero para 2030.

Producción de energía alternativa rentable

El costo de producción de etanol promedió $ 1.85 por galón en 2022. La eficiencia operativa de la compañía permite precios competitivos en mercados de energía alternativos.

Métrico de costo	Valor
Costo de producción de etanol (2022)	$ 1.85 por galón

Liderazgo de sostenibilidad ambiental

Green Plains invirtió $ 85 millones en tecnologías de sostenibilidad en 2022. Las iniciativas ambientales de la compañía se centran en reducir el uso del agua y las emisiones de carbono en las instalaciones de producción.

• Inversión de sostenibilidad: $ 85 millones en 2022
• Áreas de enfoque primario: conservación del agua, reducción de carbono
• Objetivo de emisiones net-cero: 2030

Green Plains Inc. (GPRE) - Modelo de negocios: relaciones con los clientes

Asociaciones agrícolas e industriales a largo plazo

Green Plains Inc. mantiene asociaciones estratégicas con más de 30 cooperativas agrícolas y 15 principales clientes industriales a partir de 2024. La red de asociación de la compañía abarca en 12 estados en el medio oeste de los Estados Unidos.

Tipo de asociación	Número de socios	Valor anual del contrato
Cooperativas agrícolas	32	$ 87.4 millones
Clientes industriales	17	$ 126.3 millones

Soporte técnico y servicios de consulta

Green Plains brinda soporte técnico dedicado a través de un equipo de 42 ingenieros especializados y consultores agrícolas.

• Línea directa de soporte técnico 24/7
• Servicios de consulta en el sitio
• Plataforma de soporte digital

Desarrollo de productos personalizado

La compañía invierte $ 6.2 millones anuales en investigación y desarrollo para productos de etanol y proteínas personalizados.

Categoría de productos	Tasa de personalización	Inversión anual de I + D
Mezclas de etanol	37%	$ 3.7 millones
Productos proteicos	29%	$ 2.5 millones

Plataformas de compromiso digital

Green Plains opera un ecosistema digital integral con 87,000 usuarios registrados en múltiples plataformas.

• Aplicación móvil con información sobre el mercado en tiempo real
• Portal de clientes basado en la web
• Sistema de pedidos en línea

Informes de sostenibilidad transparente

La compañía publica informes anuales de sostenibilidad que cubren métricas de impacto ambiental y social.

Métrica de informes	Valor 2024	Cambio año tras año
Reducción de emisiones de carbono	42%	+8%
Conservación del agua	35% de reducción	+6%

Green Plains Inc. (GPRE) - Modelo de negocio: canales

Ventas directas a clientes agrícolas e industriales

Green Plains Inc. opera un equipo de ventas directas dirigido:

• Productores de etanol
• Comerciantes de productos básicos agrícolas
• Compradores de proteínas industriales

Canal de ventas	Contribución anual de ingresos	Número de clientes directos
Ventas directas de etanol	$ 1.2 mil millones	87 clientes industriales
Venta de productos de proteínas	$ 340 millones	62 compradores agrícolas

Plataformas digitales y marketing en línea

Los canales de ventas digitales incluyen:

• Sitio web de la compañía: www.greenPlainsinc.com
• Plataformas de comercio de productos básicos digitales
• Sistemas de adquisiciones en línea

Ferias y conferencias comerciales de la industria

Green Plains participa en:

• Conferencia anual de la Asociación de Combustibles Renovables
• Expo mundial AG
• Conferencia internacional de biomasa

Tipo de evento	Participación anual	Potencios comerciales potenciales
Ferias comerciales nacionales	7 eventos	312 contactos comerciales potenciales
Conferencias agrícolas regionales	12 eventos	215 contactos comerciales potenciales

Redes de distribución estratégica

Los canales de distribución incluyen:

• Redes de transporte ferroviario
• Asociaciones de camiones
• Logística del corredor de grano del medio oeste

Asociaciones de energía agrícola y renovable

Las redes de asociación abarcan:

• Asociaciones de agricultores de maíz
• Consorcios de combustible renovable
• Cooperativas Agrícolas del Medio Oeste

Tipo de asociación	Número de asociaciones activas	Volumen colaborativo anual
Asociaciones agrícolas	42 asociaciones	1.2 millones de bushels
Colaboraciones de energía renovable	18 asociaciones	380 millones de galones de etanol

Green Plains Inc. (GPRE) - Modelo de negocio: segmentos de clientes

Fabricantes de alimentos agrícolas

Green Plains produce 1,2 mil millones de galones de etanol anualmente, generando granos de destiladores como un subproducto de alimentación animal rica en proteínas.

Producto de alimentación	Volumen de producción anual	Cuota de mercado
Granos de destiladores húmedos	3.6 millones de toneladas	8.5%
Granos de destiladores secos	2.1 millones de toneladas	6.2%

Mercados de biocombustibles y energías renovables

Green Plains opera 13 instalaciones de producción de etanol con una capacidad de producción total de 1,2 mil millones de galones por año.

• Producción anual de etanol: 1.200 millones de galones
• Producción total de combustible renovable: 1.500 millones de galones
• Reducción de carbono: 4.5 millones de toneladas métricas anualmente

Industrias de transporte y combustible

Tipo de combustible	Producción anual	Penetración del mercado
Etanol	1.200 millones de galones	10.3%
Diesel renovable	120 millones de galones	3.5%

Empresas de nutrición animal

Green Plains produce productos de alimentación animal alta en proteínas en múltiples instalaciones.

• Producción total de proteínas de alimentación: 5.7 millones de toneladas anuales
• Rango de contenido de proteínas: 25-40%
• Distribución global: 12 países

Defensores de la sostenibilidad ambiental

Métrica de sostenibilidad	Rendimiento anual	Clasificación de la industria
Reducción de emisiones de carbono	4.5 millones de toneladas métricas	Top 5%
Producción de energía renovable	1.500 millones de galones	Top 3

Green Plains Inc. (GPRE) - Modelo de negocio: Estructura de costos

Gastos de adquisición de maíz

En 2023, Green Plains Inc. informó costos de adquisición de maíz de aproximadamente $ 1.2 mil millones. La compañía procesó alrededor de 495 millones de bushels de maíz durante el año fiscal.

Año fiscal	Volumen de adquisición de maíz	Gastos totales de adquisición
2023	495 millones de bushels	$ 1.2 mil millones

Costos de fabricación y producción

Green Plains Inc. incurrió en los gastos de fabricación y producción por un total de $ 356.4 millones en 2023.

• Capacidad de producción de etanol: 1.100 millones de galones anuales
• Costo de producción por galón: aproximadamente $ 1.85
• Gastos operativos totales relacionados con la producción: $ 356.4 millones

Inversiones de investigación y desarrollo

La compañía invirtió $ 18.7 millones en actividades de investigación y desarrollo durante 2023.

Áreas de enfoque de I + D	Monto de la inversión
Biocombustibles avanzados	$ 8.2 millones
Tecnologías de producción de proteínas	$ 6.5 millones
Optimización de procesos	$ 4 millones

Mantenimiento y actualizaciones de las instalaciones

Green Plains asignó $ 42.6 millones para actualizaciones de mantenimiento y infraestructura de las instalaciones en 2023.

• Mantenimiento de la biorrefinería: $ 24.3 millones
• Actualizaciones de infraestructura tecnológica: $ 11.2 millones
• Mejoras de cumplimiento ambiental: $ 7.1 millones

Gastos de logística y distribución

Los costos de logística y distribución de Green Plains Inc. alcanzaron $ 87.5 millones en 2023.

Canal de distribución	Gastos	Porcentaje de costos de logística total
Transporte ferroviario	$ 52.3 millones	59.8%
Transporte de camiones	$ 23.6 millones	27%
Almacenamiento	$ 11.6 millones	13.2%

Green Plains Inc. (GPRE) - Modelo de negocio: flujos de ingresos

Ventas de etanol

Green Plains informó que la producción total de etanol de 1.100 millones de galones en 2023. El precio de venta promedio del etanol fue de $ 2.35 por galón en el cuarto trimestre de 2023. Los ingresos totales de etanol para 2023 fueron de aproximadamente $ 2.59 mil millones.

Métrico	Valor 2023
Producción total de etanol	1.100 millones de galones
Precio promedio de etanol	$ 2.35 por galón
Ingresos totales de etanol	$ 2.59 mil millones

Granos del destilador y productos proteicos

Green Plains produce aproximadamente 4 millones de toneladas métricas de productos de proteínas anualmente. El segmento de proteínas de la compañía generó ingresos de $ 317.5 millones en 2023.

• Producción anual de productos de proteínas: 4 millones de toneladas métricas
• Ingresos del segmento de proteínas: $ 317.5 millones

Comercio de crédito de carbono

Plains verdes generadas $ 48.3 millones en ingresos por crédito de carbono En 2023. La compañía ha participado activamente en los mercados de crédito de carbono a través de su producción de etanol bajo en carbono.

Créditos estándar de combustible renovable

Los créditos de Número de identificación renovable (RIN) generaron $ 112.6 millones en ingresos para Green Plains en 2023. La compañía produjo aproximadamente 450 millones de RIN durante el año.

Métrica de crédito Rin	Valor 2023
Rin Créditos de ingresos	$ 112.6 millones
RIN TOTAL producido	450 millones

Servicios de licencias y consultoría de tecnología

Los servicios de licencias y consultoría de tecnología de Green Plains generaron ingresos de $ 22.1 millones para 2023. La compañía ha desarrollado tecnologías patentadas en producción de etanol y extracción de proteínas.

• Ingresos de licencia tecnológica: $ 22.1 millones
• Áreas de enfoque clave: tecnologías de producción de etanol
• Innovaciones de extracción de proteínas

Green Plains Inc. (GPRE) - Canvas Business Model: Value Propositions

You're looking at the core value Green Plains Inc. (GPRE) delivers across its platform as of late 2025. This isn't just about selling a commodity; it's about selling low-carbon attributes and specialized ingredients.

Low-Carbon Intensity (CI) Biofuel: Ethanol that qualifies for the lucrative 45Z tax credit.

The primary value here is producing ethanol with a significantly reduced carbon footprint, which directly translates to federal tax credits. The recently commissioned carbon capture at the Nebraska facilities is key to achieving the lowest CI scores. Based on preliminary analysis of the 45Z GREET model, corn ethanol with carbon capture and sequestration can reduce its CI score by approximately 32 points. For context, conventional corn-based ethanol already has greenhouse gas emissions that are 46% lower than that of gasoline. Green Plains Inc. is positioning its 287 million gallon Nebraska footprint to be an early mover in this space.

The financial realization of this low-CI fuel is already materializing:

• Year-to-date (through Q3 2025) 45Z production tax credit value recorded as an income tax benefit was $26.5 million.
• Adjusted EBITDA for the third quarter of 2025 included $25.0 million in 45Z production tax credit value net of discounts and other costs.
• The company expects to generate $40 to $50 million of 45Z-related Adjusted EBITDA for Fiscal Year 2025.
• Anticipated 45Z benefit for the fourth quarter of 2025 is another $15 million to $25 million.

Sustainable High-Protein Feed: Ultra-High Protein (UHP) for premium animal and aquaculture diets.

Green Plains Inc. is transforming co-products into high-value protein ingredients, moving beyond standard distillers grains. The company has the capability to produce around 250,000 tons per year of high-quality protein products. This value proposition is seeing rapid commercial growth, especially in international markets.

Here are the shipment projections for these differentiated feed products:

Product Stream	2024 Volume (Tons)	2025 Projected Volume (Tons)	2026 Projected Volume (Tons)
Protein Shipments to South America	20,000	Over 80,000	N/A
Pet Food Protein Sales	60,000	N/A	Over 100,000

The consolidated ethanol crush margin for the third quarter of 2025 was $59.6 million, which includes the value derived from Ultra-High Protein sales.

Renewable Feedstock: Renewable corn oil (RCO) for the growing renewable diesel market.

The biorefining process yields Renewable Corn Oil (RCO), a critical feedstock for the renewable diesel sector. Green Plains Inc. has the capability to produce around 250 million pounds per year of renewable corn oil. This product stream contributes to the consolidated ethanol crush margin, which stood at $59.6 million in Q3 2025.

Decarbonization Solution: Permanent biogenic CO2 sequestration for industrial partners.

The 'Advantage Nebraska' strategy provides a concrete solution for permanent carbon removal. The carbon capture facilities at Central City, Wood River, and York are designed to permanently sequester approximately 800,000 tons of biogenic carbon dioxide annually. The compression equipment is scalable, with overall carbon capture capacity designed to reach up to 1.2 million tons per year. These facilities, representing 287 million gallons of ethanol capacity, began commissioning in the second half of 2025, with York fully operational and the others ramping up capture rates as of Q3 2025. Furthermore, a partnership with Summit Carbon Solutions lays the groundwork for a CO2 network capable of carrying up to 18 million tons of compressed CO2 annually to North Dakota for geologic storage.

Financial Value: Unlocking significant value for shareholders via tax credit monetization.

The successful execution of the carbon capture strategy is directly linked to shareholder value creation through tax credit monetization and improved operating leverage. The company executed its first 45Z clean fuel production tax credit monetization agreement. Management projects that the annualized EBITDA contribution from the decarbonization strategy for the Advantage Nebraska plants alone will be greater than $150 million starting in 2026. This operational excellence is reflected in the Q3 2025 plant utilization rate across nine operating plants, which hit 101%, the highest level reported in over a decade. The company reported net income attributable to Green Plains of $11.9 million, or $0.17 per diluted share, for the third quarter of 2025.

Green Plains Inc. (GPRE) - Canvas Business Model: Customer Relationships

You're looking at how Green Plains Inc. manages its relationships with customers and partners as they push through their biorefinery transformation. It's less about simple transactions now and more about locking in long-term, value-added relationships, especially with the new low-carbon focus.

Strategic Alliances: Deep, long-term joint ventures for next-generation fuels like SAF

The big focus here is on decarbonization, which requires deep, long-term commitments, not just spot sales. Green Plains Inc. is executing its Advantage Nebraska strategy, which is all about reducing carbon intensity (CI) scores. This strategy has seen them commit multiple locations to one of the world's largest carbon capture and sequestration projects. You see the financial commitment in the balance sheet: the carbon equipment liability stood at $117.5 million as of September 30, 2025, up from $82 million at the end of Q2 2025. This liability is expected to convert to debt, bringing total company debt to approximately $500 million. The value creation from this is tied directly to the 45Z clean fuel production tax credit. In Q3 2025 alone, Green Plains Inc. recognized $25 million of 45Z production tax credit value, net of discounts and costs, and they anticipate another $15 million to $25 million of benefit in the fourth quarter of 2025. Also, remember the technology collaboration launched with Shell back in 2024; that signals a commitment to next-generation fuel pathways.

Automated Service: High-volume, transactional sales of ethanol through the new marketing partner

For the core, high-volume product-ethanol-Green Plains Inc. has moved to a more streamlined, almost automated relationship via a major partner. Effective April 23, 2025, Eco-Energy LLC became the exclusive ethanol marketer, taking over all marketing and logistics. This means the relationship is now largely managed through Eco-Energy's platform, which is designed to optimize value and expand market access for Green Plains' low-carbon ethanol. This partnership is expected to be a significant source of efficiency; for instance, it contributed $15 million in savings as part of the company's overall $50 million cost reduction target. To give you a sense of the volume being managed, Green Plains Inc. sold 195.3 million gallons of ethanol during the first quarter of 2025.

Here's a quick look at the scale of the ethanol business being managed:

Metric	Value	Period/Context
Ethanol Sold	195.3 million gallons	Q1 2025
Marketing Partner Start Date	April 23, 2025	Effective Date with Eco-Energy LLC
Marketing Partnership Savings Contribution	$15 million	Part of 2025 Cost Reduction Target

Dedicated Account Management: Direct sales and technical support for UHP and RCO customers

The relationship model shifts dramatically for the value-added ingredients like Ultra-High Protein (UHP) and Renewable Corn Oil (RCO). Here, you see a move away from purely transactional sales toward dedicated account management and strategic partnerships. Management is actively rationalizing the customer base to focus on these strategic partners rather than just any protein sale. They like the focus on a volume around 250,000 tons per year for these specialized products. The growth targets show this dedicated focus:

• Protein shipments to South America are projected to grow from 20,000 tons in 2024 to over 80,000 tons in 2025.
• Pet food protein sales are targeted to grow from 60,000 tons in 2024 to over 100,000 tons by 2026.

This requires a much closer, more technical relationship with the buyers in the animal and aquaculture feed sectors to ensure product specifications are met.

Investor Relations: Transparent communication on the transformation and debt reduction

For shareholders, the relationship is built on transparent communication about the transformation and balance sheet cleanup. A major step was the sale of the Obion, Tennessee plant, which generated proceeds used to fully repay $130.7 million of junior mezzanine debt. Furthermore, Green Plains Inc. refinanced most of its 2027 convertible notes with a new $200 million convertible note due in 2030, using $30 million of that to buy back stock. The result? As of Q3 2025, the company stated it had no significant debt maturities for the next several years. Cash management is also key: as of September 30, 2025, total cash and cash equivalents, and restricted cash, stood at $211.6 million. The transformation also involved aggressive cost-cutting, targeting a full company consolidated Selling, General, and Administrative (SG&A) run rate in the low $90 million range by year-end 2025, a significant drop from the $133 million incurred in 2023.

Digital Platform: Using Sequence™ branding to market novel ingredients

The Sequence™ brand is the face of Green Plains Inc.'s novel ingredient platform, which is definitely a relationship driver for new customer segments. Sequence™ is marketed as the exclusive 60% protein product, a significant upgrade from standard distillers grains. Management noted they 'cracked the code' on the biological formula to make this 60% protein product on the fly, allowing them to increase production due to demand in 2025. The customer base for this is being specifically targeted:

• Domestic pet food applications.
• Exporting product to South America or Southeast Asia for aquaculture applications.

The company is actively increasing sales to these domestic pet and international aqua customers, which are the key growth areas for the Sequence™ branded ingredients.

Finance: draft 13-week cash view by Friday.

Green Plains Inc. (GPRE) - Canvas Business Model: Channels

You're looking at how Green Plains Inc. gets its products-ethanol, Ultra-High Protein, and renewable corn oil-to the customer, and how they manage the flow of inputs like corn. It's a mix of direct handling and third-party reliance.

Third-Party Marketing: Eco-Energy, LLC handles the bulk of fuel ethanol distribution.

The shift in ethanol marketing to Eco-Energy, LLC has been a material event for Green Plains Inc.'s working capital management. During the second quarter of 2025, this transition resulted in over $50 million improvement in working capital.

Direct Sales: Internal sales team for specialized products like Ultra-High Protein.

Green Plains Inc. focuses its internal sales efforts on its higher-value ingredients. The company's total Ultra-High Protein production capacity is 430,000 tons per year, following a partner facility coming online. In Q2 2025, Green Plains Inc. sold one of the largest quantities of its 50% protein product to date, with that volume set for shipment via bulk vessel into South America. Interest is also growing for their 60% Sequence product from international buyers.

Here's a look at the segment sales volumes for the core ethanol product:

Metric	Q3 2025 Volume	Q2 2025 Volume	Q3 2024 Volume
Ethanol Gallons Sold	197.3 million gallons	193.6 million gallons	220.3 million gallons

Pipeline and Rail Logistics: Transportation network for corn, ethanol, and co-products.

Green Plains Inc. maintains a physical network to support its 9 operating biorefineries across Indiana, Illinois, Iowa, Minnesota, and Nebraska. The company's logistics assets are set up to load both railcars and tanker trucks efficiently.

• Biofuel storage facilities network: 32 locations at or near biorefineries.
• Combined biofuel storage capacity: Approximately 32 million gallons.
• Combined fuel terminal storage capacity: Approximately 6.8 million gallons.

The company also has significant grain receiving and storage capacity at each of its 9 biorefineries for input sourcing.

Commodity Trading Desks: Direct agreements with traders for 45Z credit monetization.

Green Plains Inc. uses direct agreements to monetize the Clean Fuel Production Tax Credits (45Z). The company executed an agreement with Freepoint Commodities LLC for credits generated in 2025. The expected total value from this agreement and an associated term sheet for 2025 is between $40 million and $50 million in 45Z-related Adjusted EBITDA, net of discounts and operating expenses. For the third quarter of 2025, the company recorded $25.0 million in 45Z production tax credit value, net of discounts and other costs, within Adjusted EBITDA. Green Plains Inc. is on track for an additional $15 - $25 million of 45Z monetization value in the fourth quarter of 2025.

Export Channels: Shipping protein products to international markets, like South America.

The overall market for ethanol exports is seen as robust by Green Plains Inc.'s leadership. Total ethanol exports are anticipated to exceed 2 billion gallons in 2025, with expected growth in 2026 by probably a couple of hundred million gallons, driven by mandates in Canada, the EU, the U.K., and India. This complements the direct sales channel for protein products to international markets, such as the large volume sale to a customer in South America.

Finance: draft 13-week cash view by Friday.

Green Plains Inc. (GPRE) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Green Plains Inc. (GPRE) as of late 2025, focusing on where the real revenue and strategic value are being captured across their platform.

Fuel Blenders and Refiners: Seeking low-CI ethanol to meet Renewable Fuel Standard (RFS) and state mandates

This segment is the traditional backbone, demanding the low-carbon intensity (CI) ethanol Green Plains Inc. produces. The push for cleaner fuel mandates keeps this segment critical, especially with the 45Z credits now being actively monetized. For the third quarter of 2025, Green Plains Inc. sold 197.3 million gallons of ethanol from its production segment, which is down from the 220.3 million gallons sold in the third quarter of 2024. Looking at the second quarter of 2025, the segment sold 193.6 million gallons.

Animal and Aquaculture Feed Manufacturers: Buyers of high-quality, novel protein ingredients

This is a key growth area for Green Plains Inc., moving beyond commodity distillers grains to higher-value proteins. The goal is to convert more corn into these specialized ingredients. For instance, in the third quarter of 2025, the company produced 71 thousand tons of Ultra-High Protein (dry equivalent). This follows the 66 thousand tons produced in the second quarter of 2025. The strategic focus is clear: Green Plains Inc. plans to increase its pet food protein sales from 60,000 tons sold in 2024 to over 100,000 tons by 2026. Furthermore, they project protein shipments to South America to grow from 20,000 tons in 2024 to over 80,000 tons in 2025.

Renewable Diesel Producers: Customers for low-carbon intensity renewable corn oil feedstock

Renewable corn oil (RCO) is a direct feedstock for the booming renewable diesel market, and Green Plains Inc. is scaling up production to meet this demand. In the third quarter of 2025, the company produced 72.3 million pounds of renewable corn oil. This is an increase from the 65.2 million pounds produced in the second quarter of 2025.

Aviation Industry: Future buyers of Sustainable Aviation Fuel (SAF) from the Blue Blade Energy JV

While the Blue Blade Energy JV is a strategic focus, concrete 2025 sales figures to the aviation industry aren't yet public. What we do know is the underlying strategy supports this: Green Plains Inc. is advancing its decarbonization strategy, which includes the Advantage Nebraska carbon capture and sequestration (CCS) project, expected to capture biogenic CO2 from approximately 275 million gallons of ethanol annually.

Financial Institutions/Commodity Traders: Buyers of the newly generated 45Z tax credits

This segment represents a significant new revenue stream, effectively selling the environmental attributes of their low-CI production. Green Plains Inc. executed an agreement with Freepoint Commodities LLC to sell 2025 Clean Fuel Production Credits (45Z tax credits).

Here's the quick math on the 45Z monetization:

Metric	Value/Range	Reporting Period/Context
Expected 2025 45Z EBITDA (Net)	$40 million to $50 million	Agreement with Freepoint for 2025 credits
Year-to-Date 45Z Value Recorded	$26.5 million	Recorded as income tax benefit as of Q3 2025
Expected Q4 2025 45Z EBITDA (Net)	$15 million to $25 million	Guidance for the fourth quarter
Q3 2025 Adjusted EBITDA Contribution	$25.0 million	Included in Q3 Adjusted EBITDA of $52.6 million

What this estimate hides is that the final proceeds depend on the actual production volumes and the timing of carbon capture system startups at the Nebraska facilities.

The customer base for Green Plains Inc.'s core products as of Q3 2025:

• Ethanol sold: 197.3 million gallons
• Ultra-High Protein produced: 71 thousand tons
• Renewable Corn Oil produced: 72.3 million pounds
• Distillers Grains produced: 417 thousand tons (dry equivalent)

Finance: draft 13-week cash view by Friday.

Green Plains Inc. (GPRE) - Canvas Business Model: Cost Structure

You're looking at the hard numbers that drive Green Plains Inc.'s expenses as of late 2025. Honestly, it's a story of managing commodity risk while aggressively cutting overhead and investing in future carbon revenue streams. Here's the quick math on where the money is going.

Raw Material Costs: The single biggest cost driver remains the purchase of corn feedstock to fuel the nine biorefineries. While a direct dollar amount for corn purchase isn't explicitly stated for Q3 2025, the Cost of Sales for that quarter was $538.6 million. Management noted operational improvements that led to a reduction in operating expenses per gallon by over $0.03 since Q4 2024.

Operating Expenses: Energy, primarily natural gas, and labor are the key variable costs tied to running the platform. The company achieved 101% utilization across its nine operating plants in Q3 2025. Total Operating Expenses reported for the fiscal quarter ending in September of 2025 were $768.92 million.

Debt Servicing: Managing the balance sheet involved significant activity in 2025 to eliminate near-term obligations. Total debt outstanding at September 30, 2025, was $353.4 million, down from $508.2 million at June 30, 2025, following the repayment of junior mezzanine debt. Interest expense in Q3 2025 rose to $47.8 million, which included $35.7 million in nonrecurring interest expense related to extinguishing high-cost junior mezzanine debt.

Capital Expenditures: Investment is heavily focused on the CCS compression and MSC technology upgrades to unlock the 45Z tax credit value. For the full year 2025, plant-related CapEx was anticipated to be in the range of $20 million to $35 million. This figure excludes the remaining balance of approximately $110 million in carbon capture equipment needed for the Nebraska initiatives. Year-to-date CapEx reported in February 2025 was already $95 million.

SG&A Expenses: Green Plains Inc. has been aggressively targeting overhead reduction. The company is on track to exit 2025 with a full company consolidated SG&A annualized run rate in the low $90 million range. Specifically, corporate and trade SG&A expenses are projected to decline to an annualized run rate of $93 million by year-end 2025. This is a significant improvement from the $133 million and $118 million incurred in 2023 and 2024, respectively.

Here's a snapshot of the key expense and balance sheet metrics from the recent reporting period:

Cost/Financial Metric	Amount	Date/Period
Total Operating Expenses	$768.92 million	Quarter ending September 2025
Cost of Sales	$538.6 million	Quarter ending September 2025
Consolidated SG&A Annualized Run Rate Target	$93 million	Exit 2025 Target
Corporate and Trade SG&A Annualized Run Rate Target	Low $40 million area	Exit 2025 Target
Total Debt Outstanding	$353.4 million	September 30, 2025
Total Debt Outstanding	$508.2 million	June 30, 2025
Interest Expense (Including Nonrecurring)	$47.8 million	Q3 2025
Nonrecurring Interest Expense (Mezzanine)	$35.7 million	Q3 2025
Anticipated Plant-Related CapEx (Excluding CCS)	$20 million to $35 million	Full Year 2025 Estimate
Remaining CCS Equipment CapEx (Nebraska)	Approximately $110 million	Estimate

The cost structure is clearly being managed through two lenses: operational discipline and strategic deleveraging. You can see the impact of the reorganization in the SG&A targets.

• Achieved $50 million in annualized cost savings target.
• Corporate and trade SG&A expected to decline to $12-$13 million per quarter by year-end.
• Q3 2025 plant utilization was 101% across nine operating plants.
• Sale of Obion plant proceeds used to repay $130.7 million junior mezzanine debt.

Finance: draft 13-week cash view by Friday.

Green Plains Inc. (GPRE) - Canvas Business Model: Revenue Streams

You're looking at how Green Plains Inc. actually brings in the cash flow, and right now, it's a mix of commodity sales and new, policy-driven income streams. The core business still centers on moving physical product, but the real story for 2025 is the monetization of low-carbon attributes.

Ethanol Sales remain the primary revenue driver, though volumes shift based on operational status. For the third quarter of 2025, consolidated revenues clocked in at $508.5 million. This was generated while selling 197.3 million gallons of ethanol during that quarter.

High-Value Ingredient Sales are a critical component of the crush margin, moving beyond just fuel. You see the physical output from the nine operating plants, which are running at high utilization rates, hitting over 101% capacity in Q3 2025.

• Ultra-High Protein production in Q3 2025 totaled 71 thousand tons (dry equivalent).
• Renewable Corn Oil production for Q3 2025 reached 72.3 million pounds.

The 45Z Tax Credit Monetization is the new, high-margin revenue stream you need to watch closely. Green Plains Inc. has an agreement to monetize these Clean Fuel Production Credits from its Nebraska facilities, projecting between $40 million and $50 million in 2025 Adjusted EBITDA, net of discounts and expenses. The results for the first nine months of 2025 already included $26.5 million of this value recorded as an income tax benefit. Management is guiding for another $15 million to $25 million of benefit in the fourth quarter alone. This is definitely a game-changer for near-term profitability.

RINs Sales revenue is intrinsically linked to the low-carbon intensity of the ethanol produced, which is now being explicitly valued through the 45Z credits. While specific RINs revenue isn't broken out separately from the total revenue, the success of the 45Z monetization proves the market value of the low-carbon profile Green Plains Inc. is achieving, especially with carbon capture systems now operational across its Nebraska platform.

Agribusiness and Energy Services income comes from ancillary activities like grain handling and commodity marketing. You should note that the overall consolidated revenue decline in Q2 2025 was partly due to the company ceasing a third-party ethanol marketing agreement. However, the transition of ethanol marketing to Eco-Energy, LLC in April 2025 improved working capital by over $50 million.

Here's a quick look at the key Q3 2025 operational and financial metrics driving these revenue components:

Metric	Value	Period
Consolidated Revenues	$508.5 million	Q3 2025
Ethanol Gallons Sold	197.3 million gallons	Q3 2025
Consolidated Ethanol Crush Margin	$59.6 million	Q3 2025
Year-to-Date 45Z Tax Credit Value (Net)	$26.5 million	Through Q3 2025
Projected 2025 45Z EBITDA Contribution	$40 million to $50 million	Full Year 2025 Estimate
Projected Q4 2025 45Z Benefit	$15 million to $25 million	Q4 2025 Estimate

Finance: draft 13-week cash view by Friday.