Revenue: As of FY2026 Q1, the actual value is USD 445.8 M, missing the estimate of USD 465.5 M.EPS: As of FY2026 Q1, the actual value is USD 0.42.EBIT: As of FY2026 Q1, the actual value is USD 53.34 M.<h3>Consolidated Financial Performance</h3>Green Plains Inc. reported a net income of $33,465 thousand for the three months ended March 31, 2026, an increase from a net loss of -$72,641 thousand in the prior year period. Adjusted EBITDA significantly improved to $71,548 thousand in Q1 2026, compared to -$24,184 thousand in Q1 2025. Interest expense rose to $11,485 thousand in Q1 2026 from $8,913 thousand in Q1 2025. Income tax expense was $2,916 thousand for Q1 2026, up from $106 thousand for Q1 2025.<h4>Cash Flow</h4>Net cash used in operating activities was -$39,501 thousand for the three months ended March 31, 2026, an improvement from -$55,041 thousand in the same period of 2025. Net cash used in investing activities decreased to -$4,448 thousand in Q1 2026 from -$20,710 thousand in Q1 2025. Net cash used in financing activities was -$3,039 thousand for Q1 2026, compared to -$7,041 thousand in Q1 2025.<h3>Segment Performance (Three Months Ended March 31, 2026 vs. 2025)</h3><h4>Ethanol Production Segment</h4><ul><li>Revenues: Total segment revenues decreased to $393,359 thousand in 2026 from $497,772 thousand in 2025.</li><li>Cost of Goods Sold: Decreased to $321,631 thousand in 2026 from $503,464 thousand in 2025, influenced by the recognition of $56,100 thousand in Section 45Z production tax credits.</li><li>Gross Margin: Improved substantially to $71,728 thousand in 2026 from -$5,692 thousand in 2025.</li><li>Operating Income (Loss): Increased significantly to $39,422 thousand in 2026 from an operating loss of -$39,550 thousand in 2025.</li><li>EBITDA: Rose to $63,056 thousand in 2026 from -$19,416 thousand in 2025, including $55,200 thousand of Section 45Z production tax credits net of discounts and other costs.</li><li>Operational Metrics: Ethanol production was 174,196 thousand gallons in 2026, down from 195,328 thousand gallons in 2025, with an average utilization rate of approximately 97% of capacity (compared to 92% in 2025). Distillers grains production was 362 thousand equivalent dried tons in 2026, down from 417 thousand tons in 2025. Ultra-High Protein production was 54 thousand tons in 2026, down from 68 thousand tons in 2025. Renewable corn oil production was 58,476 thousand pounds in 2026, down from 64,263 thousand pounds in 2025. Corn consumed was 58,802 thousand bushels in 2026, down from 66,264 thousand bushels in 2025.</li></ul><h4>Agribusiness and Energy Services Segment</h4><ul><li>Revenues: Total segment revenues decreased to $58,605 thousand in 2026 from $109,829 thousand in 2025, mainly due to ceasing a third-party marketing agreement, partially offset by higher natural gas revenues.</li><li>Cost of Goods Sold: Decreased to $42,387 thousand in 2026 from $101,098 thousand in 2025.</li><li>Gross Margin: Increased to $16,218 thousand in 2026 from $8,731 thousand in 2025.</li><li>Operating Income: Increased to $13,832 thousand in 2026 from $2,433 thousand in 2025, primarily due to higher natural gas trading margins.</li><li>EBITDA: Increased to $14,011 thousand in 2026 from $3,156 thousand in 2025.</li></ul><h4>Corporate Activities</h4>Operating loss from corporate activities improved to -$8,482 thousand in 2026 from -$25,143 thousand in 2025, mainly due to lower personnel costs.<h3>Future Outlook and Strategy</h3>Green Plains Inc. expects to generate between $200 million and $225 million in EBITDA from Section 45Z production tax credits for the year ended December 31, 2026, based on current production outlook, eligible gallons, and price assumptions. The company projects capital spending for maintenance, environmental, health, and safety for the remainder of 2026 to be approximately $15 million to $25 million, which will be funded by cash on hand and operating activities. Additionally, annualized payments for its CCS projects at three Nebraska plants are anticipated to total $17.1 million in 2026.

Green Plains | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 445.8 M